UBS SECURITIES LLC

                                ACCOUNT DOCUMENTS
                                 FOR FUTURES AND
                                OPTIONS CONTRACTS

                                                Campbell Alternative Asset Trust
                                                --------------------------------
                                                Customer Name

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                PLEASE TAKE NOTE OF THE INFORMATION ON THIS PAGE

      The account documents included herewith are provided to you as a
prospective client of UBS Securities LLC ("UBS-S LLC"). They are intended to
apprise you of your rights and responsibilities in your relationship with UBS-S
LLC. You must complete, sign and return these account documents to UBS-S LLC
before an account can be opened in your name. Some of these documents are
required by U.S. regulations and exchange rules, others by UBS-S LLC.

      Also distributed herewith as a separate booklet are Futures and Options
Disclosure Documents which are designed to inform you of some of the risks
involved in trading futures contracts and options thereon. You should carefully
review and understand the Futures and Options Disclosure Documents and retain
them for your records.

OPENING AN ACCOUNT WITH UBS-S LLC REQUIRES THE FOLLOWING:

      o     Complete and sign the NEW ACCOUNT INFORMATION FORM (pages 3-4)

      o     Review and sign the CUSTOMER AGREEMENT (pages 5-19)

      o     Review and check the boxes (as applicable) regarding Customer
            Acknowledgements, Consent to Transfer Funds and Hedging
            Representation (pages 17-18)

      U.S. citizens or residents must complete Form W-9. Customers who are
neither U.S. citizens or residents must complete Form W-8. Forms W-8 and W-9
appear at the end of this packet of Account Documents for Futures and Options
Contracts.

      Customers who have granted discretionary trading authority over their
account to any individual or entity (an "Advisor") must review and sign the
POWER OF ATTORNEY LIMITED TO PURCHASES AND SALES OF FUTURES CONTRACTS (page 20)
and must complete ACKNOWLEDGEMENT OF RECEIPT OF COMMODITY TRADING ADVISOR
DISCLOSURE DOCUMENT (page 21).

      Some accounts require the submission of additional documents (e.g.,
corporations must submit authorizing resolution, partnerships must submit
evidence of authority to trade futures contracts). Any additional, special
purpose forms, if required for your account, may be provided separately and your
Customer Representative will advise you about any further documentation
required.

      When you have completed and/or signed the appropriate documents, return
them to your Customer Representative and make arrangements for the transfer of
funds.


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UBS Securities LLC                                       -----------------------

                            ACCOUNT INFORMATION FORM     -----------------------

<TABLE>
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<S>                                                               <C>
Account Owner ("Customer")                                        Type of Account (Please check each that applies)
Campbell Alternative Asset Trust c/o Campbell and Company Inc.    [_] Corporate     [_] Trust       [_] General Partnership
------------------------------------------------------------------[_] Insurance Co. [_] Omnibus
Principal Business                                                [_] Bank          [_] Mutual Fund
Trading and Investing                                             [_] LLC           [_] Limited Partnership
------------------------------------------------------------------[_] Pension Fund  [X] Other Delaware Business Trust
Tax ID Number                                                     ------------------------------------------------------------------
52-2238521                                                           [_] Hedge (See Section 32 of Customer Agreement) OR
                                                                     [X] Speculative
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                   Street                                            City          State/Country                      Zip Code
Street
Address            210 W. Pennsylvania Ave, Suite 770                Towson        MD                                 21204
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                   Street                                            City          State/Country                      Zip Code
Mailing
Address            210 W. Pennsylvania Ave, Suite 770                Towson        MD                                 21204
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Business Phone (Area Code)                          Facsimile (Area Code)
(410)296-3301                                       (410)842-4707
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                                                 Special Mailing Instructions
                      DUPLICATE                                                        TRIPLICATE
Name                                                               Name
    --------------------------------------------------------           -------------------------------------------------------------
Address                                                            Address
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City           State            Country        Zip Code            City           State           Country               Zip Code
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Attn:                                                              Attn:
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Phone                      Facsimile                               Phone                           Facsimile
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                                       Standing Instruction for Payment of Funds to Customer

[_] Check to Mailing Address
[X] Wire Transfer to Bank  Mercantile Safe Deposit and Trust Companv        Account No.: 6536069
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[_] Other (specify)
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                                               Registrations/Experience/Memberships

Is Customer registered with, employed by or affiliated with a financial services firm, regulator or exchange?   [X] No   [_] Yes
If yes, indicate name and address of firm and position:
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[_] Broker   [_] Management   [_] Administration   [_] Operations   [_] Other

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Previous investment experience ("I") and futures/options on futures trading experience ("F"):

[_] None     [_] Under 1 year     [_] 1 to 3 years     [X] Over 3 years

List all brokerage firms/account numbers currently or previously used:
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</TABLE>


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UBS Securities LLC                                      ------------------------

                            ACCOUNT INFORMATION FORM    ------------------------

<TABLE>
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<S>                                                           <C>                       <C>
Is Customer a member of any commodity exchange?               [X] No                    [_] Yes

If yes, indicate what exchanges:
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Is this account traded under Power of Attorney?

[_] No     [X] Yes    If yes, [_] Limited   [X] Full            Held by: Campbell & Company, Inc.
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Does your Customer Representative have any direct or indirect financial interest in Account?

[_] No       [_] Yes     If yes, describe    N/A
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                                                    Reporting Information

1. List other commodity accounts, if any, maintained at UBS-S LLC by Customer or by any individual authorized to trade for the
Account:
N/A
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2. List name and address of other persons or entities, if any, who or which will have a financial interest of 10% or more in the
Account:
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3. List other commodity accounts at UBS-S LLC, if any, in which Customer or its controlling persons or beneficial owners holds a
financial interest of 10% or more:
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THE UNDERSIGNED CUSTOMER REPRESENTS AND WARRANTS TO UBS SECURITIES LLC THAT THE FOREGOING INFORMATION IS TRUE AND CORRECT. IN THE
EVENT ANY OF THE INFORMATION CONTAINED IN THIS ACCOUNT INFORMATION FORM BECOMES INACCURATE OR CEASES TO BE TRUE, COMPLETE OR
CORRECT, THE CUSTOMER AGREES IMMEDIATELY TO NOTIFY UBS SECURITIES LLC, IN WRITING.

Name: Thomas P. Lloyd                                                    Name: D. Keith Campbell
      ------------------------------------------------------------             -----------------------------------------------------
Title:General Counsel Campbell & Company, Inc., General Partner          Title: Chairman Campbell & Co., Inc., General Partner
      ------------------------------------------------------------              ----------------------------------------------------
Signature: /s/ Thomas P. Lloyd                                           Signature: /s/ D. Keith Campbell
           -------------------------------------------------------                  ------------------------------------------------
Date: 4/10/07                                                            Date:
      ------------------------------------------------------------              ----------------------------------------------------
</TABLE>


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<PAGE>

                               CUSTOMER AGREEMENT

      This Customer Agreement ("Agreement") between UBS Securities LLC ("UBS-S
LLC") and Campbell Alternative Asset Trust ("Customer") shall govern the
purchase and sale by UBS-S LLC of certain futures contracts, options thereon and
options contracts for the account and risk of Customer through one or more
accounts carried by UBS-S LLC on behalf and in the name of Customer
(collectively, the "Account"), as more fully described below.

1. UBS-S LLC'S AUTHORIZATION TO ACT AS BROKER

      Customer authorizes UBS-S LLC, acting through employees and agents
selected by it in its sole discretion, to purchase and sell for the Account
contracts for certain futures contracts, options thereon and options contracts
for which UBS-S LLC has notified Customer that UBS-S LLC is prepared to execute
transactions (collectively, "Contracts") within or outside the United States of
America in accordance with Customer's instructions.

2. CUSTOMER'S REPRESENTATIONS AND WARRANTIES

      (a) Representations and Warranties. Customer represents and warrants as
      follows:

            (i) Authority. Customer has full right, power and authority to enter
      into this Agreement and the Contracts, and the person executing this
      Agreement on behalf of Customer is authorized to do so. This Agreement is
      binding on Customer and enforceable against Customer in accordance with
      its terms;

            (ii) Lawful Agreement. Customer may lawfully establish and open the
      Account for the purpose of effecting purchases and sales of Contracts
      through UBS-S LLC. Transactions entered into pursuant to this Agreement
      will not violate any "Applicable Law" (as defined below) to which Customer
      is subject or any agreement to which Customer is subject or a party and
      the execution, delivery and performance of this Agreement by Customer
      require no action by or in respect of or filing with any governmental
      body, agency or official;

            (iii) Customer's Statements. The statements made to UBS-S LLC by
      Customer regarding Customer's futures trading (including any financial
      statements submitted therewith) are true and correct to the best of
      Customer's knowledge;

            (iv) Interest or Control of Account. If any person or entity has, or
      during the term of this Agreement will have, any interest in the Account
      other than Customer, Customer hereby agrees to so notify UBS-S LLC
      immediately (and no later than within one business day); and

            (v) Designation. If Customer is not a citizen or resident of the
      United States, Customer has been informed by UBS-S LLC of Commodity
      Futures Trading Commission ("CFTC") Regulations concerning the designation
      of a futures commission merchant as the agent of foreign brokers,
      customers of a foreign broker and foreign traders for certain purposes as
      set forth in CFTC Regulation Sec.15.05 and concerning


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      special calls for information from futures commission merchants, foreign
      brokers and members of contract markets as set forth in CFTC Regulation
      Sec.21.03.

      (b) Notice of Change. Customer shall immediately (and no later than within
one business day) notify UBS-S LLC in writing if any of the representations
contained herein materially change or cease to be true and correct.

3. APPLICABLE LAW

      The Account and all transactions and agreements in respect of the Account
shall be subject to the regulations of all applicable Federal, state and
self-regulatory agencies or authorities, including but not limited to: (a) the
provisions of the Commodity Exchange Act, as amended, and any rules,
regulations, orders and interpretations promulgated thereunder by the CFTC; (b)
the constitution, by-laws, rules, regulations, orders and interpretations of the
relevant board of trade, trading facility, market, or exchange and its clearing
house, if any (each, an "exchange") on or subject to the rules of which such
transactions are executed and/or cleared, and any relevant registered futures
association, including, without limitation, the National Futures Association
("NFA"); and (c) custom and usage of the trade. All such provisions, rules,
regulations, orders, interpretations, constitution, by-laws, custom and usage,
as in effect from time to time, are hereinafter collectively referred to as
"Applicable Law."

4. RELIANCE ON INSTRUCTIONS

      UBS-S LLC shall be entitled to rely on any instructions, notices and
communications, whether oral or in writing, that it reasonably believes to be
that of an individual authorized to act on behalf of Customer, including, but
not limited to, any individual identified in writing by Customer as authorized
to act on its behalf, and Customer shall be bound thereby. Customer hereby
waives any defense that any such instruction was not in writing as may be
required by the Statute of Frauds or any other similar law, rule or regulation.

5. ACCEPTANCE OF ORDERS; POSITION LIMITS

      (a) Acceptance of Orders. UBS-S LLC 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 any orders (whether such refusal or limitation
is required by, and whether such refusal is based on position limits imposed
under, Applicable Law). UBS-S LLC shall immediately notify Customer of its
rejection of any order. Unless specified by Customer, UBS-S LLC may designate
the exchange or trading system on which it will attempt to execute orders.

      (b) Position Limits. Customer shall not, either alone or in combination
with others, violate any position or exercise limit established by or under
Applicable Law. If Customer intends at any time to exceed such position limits,
Customer shall cause to be filed an application with the CFTC or the relevant
exchange requesting authorization for Customer to exceed such position limits
and shall provide UBS-S LLC with a copy of such application and such other
information as UBS-S LLC may reasonably request with respect to such
application.


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6. ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS

      With respect to every Contract purchased, sold or cleared for the Account,
Customer shall make, or cause to be made, all applicable original margin,
variation 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 UBS-S LLC in its sole and absolute discretion.
Requests for margin deposits and/or premium payments may, at UBS-S LLC's
election, be communicated to Customer orally, telephonically or in writing.
Margin requirements established by UBS-S LLC may exceed the margin requirements
set by any exchange on which transactions are executed or cleared or caused to
be executed or cleared by UBS-S LLC or any agent thereof for Customer and may be
changed by UBS-S LLC without prior notice to Customer. Except as otherwise
provided herein, all such margin and premium payments shall be in the form, as
UBS-S LLC permits, of cash in U.S. dollars, securities of the U.S. Government,
or a combination thereof. If at any time Customer fails timely to deposit or
maintain required margin, or Customer fails timely to make any premium payments,
UBS-S LLC may at any time, without further notice to Customer, close out
Customer's open position in whole or in part and take any action it deems
appropriate.

7. SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL

      All Contracts, cash, securities, and/or other property of Customer,
including all proceeds of all such property such as profits from Account
transactions (collectively, the "Collateral") now or at any future time in the
Account or otherwise held by UBS-S LLC or its affiliates, any exchange through
which trades of the Account are executed and/or positions are held, or any other
entity authorized to act as an agent of UBS-S LLC or Customer, hereby are
pledged to UBS-S LLC and shall be subject to a first priority lien and security
interest in UBS-S LLC's favor to secure any indebtedness or other amounts at any
time owing from Customer to UBS-S LLC, and to secure any and all other
obligations and liabilities of Customer to UBS-S LLC (collectively, the
"Customer's Liabilities"). Customer hereby grants UBS-S LLC the right to borrow,
pledge, repledge, hypothecate, rehypothecate, loan or invest any of the
Collateral 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. UBS-S LLC shall be under no obligation to deliver to Customer the
identical Collateral in the Account, but shall only be under an obligation to
deliver to Customer Collateral of like or equivalent kind and amount. The rights
of UBS-S LLC set forth above shall be qualified by any applicable requirements
for segregation of customer's property under Applicable Law.

8. PAYMENT OBLIGATIONS OF CUSTOMER

      (a) Charges to the Account. With respect to every Contract purchased, sold
or cleared for the Account, Customer shall pay UBS-S LLC upon demand and UBS-S
LLC hereby is authorized to charge Customer's Account for: (i) all brokerage
charges, give-up fees, commissions and service fees as UBS-S LLC may from time
to time charge; (ii) all exchange, clearing member, NFA or CFTC fees or charges,
fines or penalties; (iii) any tax imposed on such transactions by any competent
taxing authority; (iv) the amount of any trading losses in the Account; (v) any
debit balance or deficiency in the Account; (vi) interest and service charges on


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any debit balances or deficiencies in the Account, any advances or any loan
(including interest on the amount of variation margin calls, until satisfaction
of such calls, when the Customer posts U.S. Treasury Bills for original margin
purposes), at the rate customarily charged by UBS-S LLC (which may be at the
prevailing and/or allowable rates according to the laws of the State of
Illinois) from the day any such deficit was incurred to (but not including) the
day of payment (calculated on the basis of a 360 day year and for the actual
number of days elapsed for all deficits, except for those denominated in foreign
currencies for which generally accepted accounting principles require that the
interest rate shall be calculated otherwise), together with costs and reasonable
attorneys' fees incurred in collecting any such deficit; (vii) all storage and
delivery service fees; and (viii) any other amounts owed by Customer to UBS-S
LLC with respect to the Account or any transactions therein.

      (b) Payment in U.S. Dollars. Any and all payment obligations of Customer,
if not deducted from Customer's Account as permitted hereunder, shall be made
upon demand in immediately available U.S. dollars to UBS-S LLC or at such other
place and at such time and in such manner as UBS-S LLC notifies Customer. The
obligation of Customer to make all payments due hereunder shall not be
discharged or satisfied by any tender, or any recovery pursuant to any judgment,
which is expressed in or converted into any other currency other than U.S.
dollars, except to the extent that such tender or recovery shall result in the
actual receipt by UBS-S LLC of the full amount of such U.S. dollars expressed to
be payable in respect of such amounts. Customer agrees that its obligations to
make payment in U.S. dollars as aforesaid shall be enforceable as an alternative
or additional cause of action for the purpose of recovery of the amount (if any)
by which such actual receipt shall fall short of the full amount of U.S. dollars
expressed to be payable in respect of such amount due hereunder, and shall not
be affected by judgment being obtained for other sums due hereunder.

      (c) Setoff. Any Collateral may at any time or from time to time without
notice or compliance with any condition precedent (which notice hereby is
expressly waived) be setoff, appropriated and applied by UBS-S LLC against any
and all payment obligations of Customer hereunder including, but not limited to,
any deficit balance or margin deficiency in the Account (or any sub-account
within the Account), in such manner as UBS-S LLC in its discretion may
determine.

      (d) Netting. UBS-S LLC may at any time or from time to time without notice
or compliance with any condition precedent (which notice hereby is expressly
waived) net (i) any Collateral held in or on behalf of the Account (or any
sub-account within the Account) or liabilities or payment obligations of UBS-S
LLC to Customer or the Account (or any subaccount within the Account) against
(ii) any liabilities or payment obligations of Customer thereunder, including,
but not limited to any deficit balance or margin deficiency in the Account (or
any sub-account within the Account), paying to Customer only the amount by which
the aggregate amount of (i) above exceeds the aggregate amount of (ii) above.

      (e) Gross-Up. All payments made by Customer to UBS-S LLC hereunder will be
made without setoff or counterclaim free and clear and without deduction or
withholding for, any present or future taxes, levies, assessments or other
charges of whatever nature, now or hereinafter imposed by any jurisdiction or by
any agency, state or other political subdivision or taxing authority thereof or
therein, and all interest, penalties, or similar liabilities with respect


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thereto (collectively, "Taxes"). If any Taxes are so levied or imposed, Customer
agrees to pay the full amount of such Taxes, and such additional amounts as may
be necessary so that every net payment of all amounts due hereunder, after
withholding or deduction for or on account of any Taxes, will not be less than
the amount provided for herein. Customer will furnish to UBS-S LLC, within
thirty days after the date the payment of any Taxes is due pursuant to
Applicable Law, certified copies of tax receipts evidencing such payment by
Customer.

9. DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE

      (a) Instructions. Customer will provide UBS-S LLC 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 UBS-S LLC. UBS-S LLC shall have no
responsibility to take any action on behalf of Customer, including, without
limitation, exercising option Contracts, unless and until UBS-S LLC receives
oral or written instructions reasonably acceptable to UBS-S LLC indicating the
action UBS-S LLC is to take. Any instructions, if given orally to UBS-S LLC,
shall immediately be confirmed in writing by Customer. Funds sufficient to take
delivery pursuant to such Contract or deliverable grade commodities to make
delivery pursuant to such Contract must be delivered to UBS-S LLC at such time
and location as UBS-S LLC may require in connection with any delivery.

      (b) Allocation Procedures. Short option Contracts may be subject to
exercise at any time. Exercise notices received by UBS-S LLC 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. Such notices may be allocated to Customer after the close
of trading on the day on which such notices have been allocated to UBS-S LLC by
the applicable exchange. In the event of any allocation to Customer, unless
UBS-S LLC has previously received instructions from Customer, UBS-S LLC's sole
responsibility shall be to use commercially reasonable efforts to notify
Customer by telephone of such allocation at any time before trading commences on
the first day on which such option Contracts are traded on the applicable
exchange following the day on which the applicable contract market has allocated
such notices to UBS-S LLC.

      (c) Failure to Provide Instructions. If Customer fails to comply with any
of the foregoing obligations, UBS-S LLC 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 UBS-S LLC, in its sole and absolute
discretion, deems necessary or appropriate. Any such action taken shall be in
the sole and absolute discretion of UBS-S LLC and Customer shall remain fully
liable for all costs, losses, expenses, liabilities and damages (including
special, indirect and consequential damages, penalties and fines) which UBS-S
LLC may be required to pay or which it has sustained in connection with such
transactions and for any remaining debit balance in the Account.

10. EVENTS OF DEFAULT; UBS-S LLC'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
bankruptcy, insolvency or


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reorganization law or similar law effecting creditors' rights of any
jurisdiction, 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 the
Pension Benefit Guaranty Corporation (or other similar governmental agency or
body of any jurisdiction), or the receipt of a notice of the Pension Benefit
Guaranty Corporation's (or other similar governmental agency's or body's) intent
to terminate Customer, or the inability of Customer to pay benefits under the
relevant employee 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 8 hereof; (v) UBS-S LLC in its sole and absolute discretion determines
that the Collateral in Customer's Account, regardless of current market
quotations, is inadequate to secure the Account and Customer's obligations to
UBS-S LLC hereunder; (vi) the Account shall incur a deficit balance; (vii) the
failure by Customer to perform, in any material respect, its obligations
respecting delivery, exercise or a notice of allocation of exercise, payment for
delivery, or settlement under Contracts held in the Account (it being understood
that any failure to comply with any Applicable Law shall be deemed material); or
(viii) the failure by Customer, in any material respect, to perform any of its
other obligations hereunder (it being understood that any failure to comply with
any Applicable Law shall be deemed material).

      (b) Remedies. Upon the occurrence of an Event of Default or in the event
UBS-S LLC, in its sole and absolute discretion, considers it necessary for its
protection, UBS-S LLC shall have the right, in addition to any other remedy
available to UBS-S LLC at law or in equity, and in addition to any other action
UBS-S LLC may deem appropriate under the circumstances, to liquidate, spread or
roll-forward 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 UBS-S LLC and its
affiliates and to apply the proceeds thereof to any amounts owed by Customer to
UBS-S LLC, 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 as UBS-S LLC,
in its reasonable discretion, deems necessary or appropriate for its protection,
all without demand for margin and without notice or advertisement. In the event
UBS-S LLC's position would not be jeopardized thereby, UBS-S LLC will make
reasonable efforts under the circumstances to notify Customer prior to taking
any such action. Any such liquidation, sale, purchase, borrowing or cancellation
shall be made at the discretion of UBS-S LLC on, through or subject to the rules
of an exchange, on other markets, at public auction or by private transaction,
including, without limitation, by an exchange for physical transaction or
similar transaction wherein UBS-S LLC may act as agent and/or as principal in
such transaction. Customer acknowledges and agrees that a prior demand or margin
call of any kind from UBS-S LLC or prior notice from UBS-S LLC shall not be
considered a waiver of UBS-S LLC's right to take any action without notice or
demand. In any transaction described above, UBS-S LLC may sell any Collateral to
itself or its affiliates or buy any Collateral from itself or its affiliates.
UBS-S LLC may, to the extent permitted by law, purchase the whole or any part
thereof free from any right of redemption. In all cases, Customer shall remain
liable for and shall pay to UBS-S LLC on demand the amount of any deficiency in
its Account resulting from any such transaction, and Customer shall reimburse,
compensate and indemnify UBS-S LLC for any and all costs, losses,


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penalties, fines, taxes and damages which UBS-S LLC 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.

11. EXCULPATION AND INDEMNIFICATION

      (a) Exculpation. Neither UBS-S LLC nor any of its managing directors,
officers, employees or affiliates shall be liable for any costs, losses,
penalties, fines, Taxes and damages sustained or incurred by Customer other than
as a result of UBS-S LLC's gross negligence or reckless or intentional
misconduct. In no event will UBS-S LLC be liable to Customer for consequential,
incidental or special damages. Without limiting the generality of the foregoing,
neither UBS-S LLC nor any of its managing directors, officers, employees or
affiliates shall have any responsibility or liability to Customer hereunder for
any costs, losses, penalties, fines, Taxes and damages, including consequential,
incidental or special damages, sustained or incurred by Customer, (i) in
connection with the performance or non-performance by any exchange, clearing
firm or other third party (including other exchange members, banks and floor
brokers) to UBS-S LLC 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 UBS-S LLC whether or not made or
given at the request of Customer; (iii) as a result of any delay in the
performance or non-performance of any of UBS-S LLC's obligations hereunder to
the extent that losses arising therefrom are, directly or indirectly, caused by
the occurrence of any contingency beyond the control of UBS-S LLC 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; (iv) as a result of any action taken by UBS-S LLC, its
managing directors, officers, employees, agents (including other clearing firms
through which transactions are effected on behalf of Customer) or floor brokers,
to comply with Applicable Law; or (v) for any acts or omissions of those neither
employed nor supervised by UBS-S LLC. Moreover, UBS-S LLC shall have no
responsibility for compliance by Customer with any law or regulation governing
Customer's conduct as a fiduciary, if applicable.

      (b) Force Majeure and Acts of State. In the event that UBS-S LLC's
performance of any of its obligations and undertakings hereunder shall be
interrupted or delayed by any occurrence not occasioned by the conduct of either
party hereto, whether such occurrence shall be an act of God or the common enemy
or the result of war, riot, fire, flood, civil commotion, acts of terrorism,
sovereign conduct or other acts of State, or the act or conduct of any person or
persons not party or privy hereto, then UBS-S LLC shall be excused from
performance for such period of time as is reasonably necessary after such
occurrence to remedy the effects thereof and neither UBS-S LLC nor any of its
managing directors, officers, employees or affiliates shall be directly or
indirectly responsible for losses occasioned thereby.

      (c) Electronic Trading Systems Waiver. In consideration of UBS-S LLC
making electronic trading systems or services available, in whole or in part,
directly or indirectly, Customer agrees that neither UBS-S LLC, the electronic
trading systems or services provided, exchanges whose products may be traded on
or through such electronic trading systems or services, nor any other entities
controlling, controlled by or under common control with such entities, nor their
respective directors, officers, or employees, shall be liable for any losses,


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<PAGE>

damages, costs or expenses (including, but not limited to, loss of profits, loss
of use, incidental or consequential damages), regardless of the cause, arising
from any fault, delay, omission, inaccuracy or termination of the electronic
trading systems or services, or the inability to enter or cancel orders, or any
other cause in connection with the furnishing, performance, maintenance, or use
of or inability to use all or any part of the electronic trading systems or
services. The foregoing shall apply regardless of whether a claim arises in
contract, tort, negligence, strict liability or otherwise.

      (d) Indemnification of UBS-S LLC. Customer agrees to indemnify and hold
UBS-S LLC and its managing directors, officers, employees and affiliates
harmless from and against any and all costs (including reasonable attorneys'
fees), losses, penalties, fines, taxes and damages incurred by UBS-S LLC as a
result of any action taken or not taken by UBS-S LLC in reliance upon any
instructions, notices and communications which UBS-S LLC reasonably believes to
be that of an individual authorized to act on behalf of Customer, or in
connection with UBS-S LLC's recovery of any such costs, losses, penalties,
fines, taxes and damages.

12.      TERMINATION

      This Agreement may be terminated at any time by Customer or UBS-S LLC by
written notice to the other; provided, however, that any such termination shall
not relieve either party of any obligations in connection with any debit or
credit balance in the Account or other liability or obligation arising or
accruing prior to such termination. 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, UBS-S LLC 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.

13. OFFSET OF OFFSETTING POSITIONS

      UBS-S LLC shall offset any Contract for which an offsetting order is
entered by Customer, unless Customer instructs UBS-S LLC not to offset such
Contract and to maintain the offsetting Contracts as open positions; provided,
that UBS-S LLC shall not be obligated to comply with any such instructions given
by Customer if Customer fails to provide UBS-S LLC with any representations,
documentation or information reasonably requested by UBS-S LLC or if, in UBS-S
LLC's reasonable judgment, any failure to liquidate such offsetting Contracts
against each other would result in a violation of Applicable Law.

14. REPORTS AND OBJECTIONS

      (a) All confirmations, purchase and sale notices, correction notices and
account statements (collectively, "Reports") shall be submitted to Customer and
shall be conclusive and binding on Customer unless Customer notifies UBS-S LLC
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 Report; provided, that with respect to monthly
statements, Customer may notify UBS-S LLC of any objection thereto within five


                                       12
<PAGE>

business days after receipt of such monthly statement, provided the objection
could not have been raised at the time any prior Report was received by Customer
as provided for above. Any such notice of objection, if given orally to UBS-S
LLC, shall immediately (and in no event later than within one business day) be
confirmed in writing by Customer.

      (b) Customer consents to the electronic delivery of Reports via facsimile,
electronic mail, computer networks (e.g., local area networks, commercial
on-line services and SwisKey, Abacus or any similar online statement delivery
system) or other electronic means agreed upon by Customer and UBS-S LLC.
Customer may revoke its consent at any time upon reasonable notice to UBS-S LLC.

15. FOREIGN CURRENCY TRANSACTIONS

      In the event that the Customer directs UBS-S LLC to enter into any
Contract on an exchange on which such transactions are effected in a currency
other than the U.S. dollar, any profit or loss arising as a result of a
fluctuation in the exchange rate affecting such currency will be entirely for
the account and risk of the Customer. All initial and subsequent deposits for
margin purposes, and the return to the Customer of any funds, are expected to be
made in the currency of contract settlement. Should the Customer elect to
deposits funds other than the currency of settlement or instruct UBS-S LLC to
convert funds which are already on deposit in another currency, UBS-S LLC shall
debit or credit the Account of Customer at a rate of exchange determined by
UBS-S LLC in its sole discretion on the basis of the then prevailing market rate
of exchange for such foreign currency. Customer authorizes UBS-S LLC to deposit
Customer funds in depositories located outside of the United States consistent
with the requirements of Applicable Law.

16. UBS-S LLC'S RESPONSIBILITY

      UBS-S LLC 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 and UBS-S LLC 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.

17. ADVICE

      All advice communicated by UBS-S LLC with respect to any Account opened by
Customer hereunder is incidental to the conduct of UBS-S LLC's business as a
futures commission merchant, does not constitute an offer to sell or the
solicitation of an offer to buy any Contract, and such advice will not serve as
the primary basis for any decision by or on behalf of Customer. UBS-S LLC shall
have no discretionary authority, power or control over any decisions made by or
on behalf of Customer in respect of the Account, regardless of whether Customer
relies on the advice of UBS-S LLC in making any such decision. Any such advice,
although based upon information from sources UBS-S LLC believes to be reliable,
may be incomplete or inaccurate, may not be verified and may be changed without
notice to Customer. UBS-S LLC makes no representation as to the accuracy,
completeness, reliability or prudence of any such advice or information or as to
the tax consequences of Customer's futures or options


                                       13
<PAGE>

trading. UBS-S LLC is a separate and independent corporate entity, distinct from
its affiliates and it shall be free to purchase and sell Contracts for any
affiliates without limitation or restriction. The relationship between UBS-S LLC
and Customer as described herein shall not affect any provisions of credit to
Customer by UBS AG or any other subsidiary of UBS AG. Moreover, Customer
acknowledges that UBS-S LLC and its managing directors, officers, employees and
affiliates may take or hold positions in, or advise other customers concerning,
contracts which are the subject of advice from UBS-S LLC to Customer. The
positions and advice of UBS-S LLC and its managing directors, officers,
employees and affiliates may be inconsistent with or contrary to positions of,
and the advice given by, UBS-S LLC to Customer.

18. FINANCIAL AND OTHER INFORMATION

      Customer agrees to furnish appropriate financial statements to UBS-S LLC
and to inform UBS-S LLC of any material changes in the financial position of
Customer and to furnish promptly such other information concerning Customer as
UBS-S LLC reasonably requests. UBS-S LLC is authorized from time to time to
contact banks, financial institutions and credit agencies for verification of
the financial condition of Customer. Customer agrees that UBS-S LLC may, from
time to time, share with its branches, agencies and affiliates, certain
non-public information concerning Customer.

19. RECORDING

      UBS-S LLC, in its sole and absolute discretion, may record, on tape or
otherwise, any telephone conversation between UBS-S LLC and Customer involving
their respective officers, agents and employees. Customer hereby agrees and
consents to such recording, with or without the use of an automatic tone warning
device, and waives any right Customer may have to object to the use or
admissibility into evidence of such recording in any legal proceeding between
Customer and UBS-S LLC or in any other proceeding to which UBS-S LLC is a party
or in which UBS-S LLC's records are subpoenaed. Customer acknowledges that UBS-S
LLC may erase such recordings after a reasonable period of time.

20. ACCOUNTS INTRODUCED BY OTHER BROKERS

      If UBS-S LLC is carrying the Account of Customer as executing or clearing
broker by arrangement with another broker through whose courtesy the Account has
been introduced to UBS-S LLC, then, until receipt from Customer of written
notice to the contrary, UBS-S LLC may accept from such other broker, without
inquiry or investigation by UBS-S LLC, (i) orders for the purchase or sale in
the Account of Contracts, and (ii) any other instructions concerning the
Account. UBS-S LLC shall not be responsible or liable for any acts or omissions
of such other broker or its employees.

21.      SEVERABILITY

      If any provision of this Agreement is, or at any time becomes,
inconsistent with any present or future Applicable Law, 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.


                                       14
<PAGE>

22. BINDING EFFECT

      This Agreement shall be binding on and inure to the benefit of the parties
and their successors. In accordance with CFTC regulations, UBS-S LLC may assign
Customer's Account(s) and this Agreement to another registered Futures
Commission Merchant ("FCM") by notifying Customer of the date and name of the
intended assignee FCM. Unless Customer objects to the assignment prior to the
scheduled date for the assignment, the assignment will be binding on Customer.
Customer may not assign this Agreement without UBS-S LLC's prior consent.

23. 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.

24. INSTRUCTIONS, NOTICES OR COMMUNICATIONS

      (a) 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 UBS-S LLC:

            UBS Securities LLC
            One North Wacker Drive Chicago, IL 60606
            Attn: ETD Legal Department, 31st Floor

            (ii) if to Customer at the address as indicated on the New Account
      Information Form.

      (b) All instructions, notices or other communications sent, whether by
mail, telex, facsimile transmission or otherwise, shall be deemed given when
deposited in the mail, or sent by telex or facsimile transmission or other
electronic means acceptable to the recipient thereof, and deemed delivered to
Customer personally, whether actually received by Customer or not. All
instructions, notices or other communications to UBS-S LLC shall be directed to
UBS-S LLC's office at the address listed above or such other addresses as UBS-S
LLC may hereafter direct to Customer in writing.

25. 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.


                                       15
<PAGE>

26. NO WAIVER

      No failure on the part of UBS-S LLC to exercise, and no delay in
exercising, any contractual right will operate as a waiver thereof, nor will any
single or partial exercise by UBS-S LLC of any right preclude any other or
future exercise thereof or the exercise of any other partial right.

27. 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.

28. CONSENT TO JURISDICTION

      The parties agree that any litigation between UBS-S LLC and Customer
relating to this Agreement or transactions hereunder may take place in the
Courts of the State of New York and the United States District Court located in
the Borough of Manhattan in New York City and the parties agree to submit to
such non-exclusive jurisdiction. 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 UBS-S LLC, such
service to be effective ten days after mailing.

      WAIVER OF JURY TRIAL

      Customer hereby waives trial by jury in any action or proceeding arising
out of or relating to this Agreement or any transaction in connection herewith.

29. ACCEPTANCE OF AGREEMENT

      This Agreement shall not be deemed to be accepted by UBS-S LLC or become a
binding contract between Customer and UBS-S LLC until approved by a duly
authorized officer of UBS-S LLC in writing.


                                       16
<PAGE>

31. CUSTOMER ACKNOWLEDGEMENTS (please check box below with an "x"):

[X]   (a) FUTURES AND OPTIONS DISCLOSURE DOCUMENTS

      CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED, UNDERSTANDS AND
      CONSENTS TO THE FUTURES AND OPTIONS DISCLOSURE DOCUMENTS FURNISHED
      HEREWITH INCLUDING DISCLOSURES REGARDING:

            Risk Disclosure Statement for Futures and Options

            Notice Regarding Average Pricing

            Questions and Answers to Address Key Features of CME Rule 553 -
            Average Pricing System

            Electronic Trading and Order Routing Systems Disclosure Statement

            UBS-S LLC Special Disclosure Statement

            Cross Trade Consent

            Non-US Futures and Options Direct Order Transmittal Customer
            Disclosure Statement

            LME Guidelines (applicable to customers trading LME contracts)

            Hong Kong Position Limit Notice (applicable to customers trading on
            Hong Kong Exchanges)

            Non US Trader Disclosure Statement

            Uniform Notification regarding access to Market Data

            CME Disclosure on Payment for Order Flow

            Third Party Vendor Disclosure Statement

[_]   (b) CONSENT TO TRANSFER FUNDS

      The undersigned acknowledges that UBS-S LLC may, until it receives a
      written notice of revocation with respect thereto, in its sole and
      absolute discretion and without prior notice to the undersigned, transfer
      any funds, securities, commodities, Contracts or other property from any
      account (segregated, secured or non-regulated) maintained by the
      undersigned to any other account (segregated, secured or non-regulated) of
      the undersigned maintained by UBS-S LLC or any of its affiliates. UBS-S
      LLC will promptly confirm in writing each transfer of funds, securities,
      commodities, Contracts or


                                       17
<PAGE>

      other property pursuant hereto. UBS-S LLC shall not be liable for making
      or failing to make any transfer authorized hereby.

32. HEDGING REPRESENTATION (The following must be completed by Customers who
will engage in transactions for bona fide hedging purposes only.) Customer has
indicated on the New Account Information Form that the Account is for hedging
purposes. Customer represents that it is familiar with CFTC and exchange rules,
regulations, and advisories concerning hedging. Unless Customer specifically
notifies UBS-S LLC to the contrary in writing with respect to any transaction,
all transactions effected for the Account will be bona fide hedging transactions
as described in Section 4a of the Commodity Exchange Act, as amended, and Rule
1.3(z) promulgated thereunder (a copy of which may be obtained from UBS-S LLC
upon request). As such, in accordance with CFTC Rule 190.06, Customer may
specify whether, in the unlikely event of UBS-S LLC's bankruptcy, Customer
prefers that the trustee liquidate open commodity contracts in the Account
without seeking Customer's instructions. Accordingly, in the event of UBS-S
LLC's bankruptcy, the trustee should (check one of the following):

[_]   Attempt to contact Customer for instructions regarding the disposition of
      open contracts in the Account.

[_]   Liquidate open commodity contracts without seeking Customer's
      instructions.

This instruction may be changed at any time by written notice sent to UBS-S LLC.

Specify Commodities to be Hedged: ______________________________________________

                                   * * * * *

                          (signature page on next page)


                                       18
<PAGE>

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

Campbell Alternative Asset Trust
--------------------------------
("Customer")


By: Thomas P. Lloyd             /s/ Thomas P. Lloyd       4/10/07
    General Counsel             -------------------       -----------------
    Campbell & Company, Inc.,   Signature                 Date
    General Partner
    --------------------------
    Print Name and Title


By: D. Keith Campbell           /s/ D. Keith Campbell
    Chairman, Campbell &        ---------------------     -----------------
    Co., Inc. General Partner   Signature                 Date
    --------------------------
    Print Name and Title

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

ACCEPTED BY UBS SECURITIES LLC


By: Mark L. Psaltis             /s/ Mark L. Psaltis
    Executive Director          -------------------       -----------------
    -------------------------   Signature                 Date
    Print Name and Title


By: Tami A. Jensen              /s/ Tami A. Jensen
    Associate Director          -------------------       -----------------
    Legal Department            Signature                 Date
    -------------------------
    Print Name and Title



                                       19
<PAGE>

                POWER OF ATTORNEY LIMITED TO PURCHASES AND SALES
                              OF FUTURES CONTRACTS


The undersigned hereby authorizes Campbell & Company, Inc. (the "Advisor") as
his/her agent and attorney to buy, sell and trade in commodities and/or futures
contracts and options thereon, whether domestic or foreign, in accordance with
UBS SECURITIES LLC ("UBS-S LLC") terms and conditions for the undersigned's
account and risk and in the undersigned's name through UBS-S LLC as brokers. The
undersigned hereby agrees to indemnify and hold UBS-S LLC harmless from and to
pay UBS-S LLC promptly on demand any and all losses arising therefrom or debit
balance due thereon. The undersigned confirms it has received a copy of
Advisor's Disclosure Document. If not, the undersigned has attached a written
explanation of the reason(s) therefor.

In all such purchases, sales or trades UBS-S LLC is authorized to follow the
instructions of the Advisor in every respect concerning the undersigned's
account with UBS-S LLC; and the Advisor is authorized to act for the undersigned
and on the undersigned's behalf in the same manner and with the same force and
effect as the undersigned might or could do with respect to such purchases,
sales or trades as well as with respect to all other things necessary or
incidental to the furtherance or conduct of such purchases, sales or trades. The
undersigned understands that UBS-S LLC is in no way responsible for any loss to
the undersigned occasioned by the actions of the Advisor and that UBS-S LLC does
not, by implication or otherwise, endorse the operating methods of the Advisor.
The undersigned hereby ratifies and confirms any and all transactions with UBS-S
LLC heretofore or hereafter made by the Advisor for the undersigned's account.

This authorization and indemnity is in addition to (and in no way limits or
restricts) any rights which UBS-S LLC may have under any other agreement or
agreements between the undersigned and UBS-S LLC. This authorization and
indemnity is a continuing one and shall remain in full force and effect until
revoked by the undersigned by a written notice addressed to UBS-S LLC but such
revocation shall not affect any liability in any resulting transaction initiated
prior to such revocation. This authorization and indemnity shall inure to the
benefit of UBS-S LLC and any successors or assigns.

<TABLE>
<CAPTION>
Campbell Alternative Asset Trust     Signature: /s/ Thomas P. Lloyd  /s/ D. Keith Campbell
--------------------------------                ------------------------------------------
<S>                                  <C>
(Name of Customer - Please Print)    Date: 4.10.07
                                           -----------------------------------------------
                                     Name and Title - Please Print

                                     Thomas P. Lloyd               D. Keith Campbell
                                     General Counsel               Chairman
                                     Campbell & Company, Inc.,     Campbell & Co., Inc.
                                     General Partner               General Partner
</TABLE>


                                       20
<PAGE>

                           ACKNOWLEDGEMENT OF RECEIPT
                                       OF
                            COMMODITY TRADING ADVISOR
                               DISCLOSURE DOCUMENT

       (To be completed by Customer if Customer has received a copy of the
       Advisor's Disclosure Document, otherwise Advisor must complete the
                           exemption statement below)

This is to acknowledge that I have received and read a copy of the

August 30, 2006 Disclosure Document of
---------------
Campbell & Company, Inc. describing the trading program pursuant to which
------------------------
Campbell & Company. Inc. will direct my account.
------------------------

READ AND ACKNOWLEDGED BY:

/s/ Thomas P. Lloyd   /s/ D. Keith Campbell       4.10.07
-------------------------------------------       -------
Customer's Signature                              Date

Thomas P. Lloyd                     D. Keith Campbell
General Counsel                     Chairman
Campbell & Company, Inc.,           Campbell & Co., Inc.
General Partner                     General Partner
---------------------------------------------------------
Customer's Name

                COMMODITY TRADING ADVISOR REGISTRATION EXEMPTION

     (To be completed by Advisor if Advisor has not provided Customer with a
      disclosure statement. Please provide copy of all exemption letters as
                                  appropriate.)

I am not required to provide a disclosure document pursuant to CFTC Regulation
4.31 because (indicate which applies):

      (a)   I am not required to register as a commodity trading advisor
            pursuant to Section 4 of the Commodity Exchange Act because:

            (i)   [_] during the preceding 12 months I have not furnished
                  commodity trading advice to more than 15 persons and I do not
                  hold myself out generally to the public as a commodity trading
                  advisor; or

            (ii)  [_] I am otherwise exempt from registration as a commodity
                  trading advisor pursuant to CFTC Regulation 4.14

or

      (b)   [_] I am registered as a commodity trading advisor but am exempt
            from providing a disclosure document pursuant to CFTC Regulation
            4.7.

----------------------                          --------------------------------
Date                                            Signature of Account Controller

                                                --------------------------------
                                                Name of Account Controller


                                       21
<PAGE>

                SECURITY FUTURES RISK DISCLOSURE ACKNOWLEDGEMENT

The undersigned acknowledges that it has received and understands the Risk
Disclosure Statement for Security Futures Contracts furnished by UBS Securities
LLC.

Account Name: 97100                   Account Number: 97100
              ---------------------                   ---------------

Signature:/s/ Thomas P. Lloyd         Signature: /s/ D. Keith Campbell
          -------------------------              ------------------------------
Date: 4.11.07                         Date: 4.11.07
      -----------------------------         -----------------------------------
Name: Thomas P. Lloyd                 Name: D. Keith Campbell
      -----------------------------         -----------------------------------
Title: General Counsel                Title: Chairman, Campbell & Company Inc.
       Campbell & Company, Inc.              ----------------------------------
       ----------------------------