EXHIBIT 10.04



                   AMENDED AND RESTATED CUSTOMER AGREEMENT


            THIS AMENDED AND RESTATED  CUSTOMER  AGREEMENT  (this  "Agreement"),
made as of the 1st day of  December,  1997,  by and between  DEAN WITTER  GLOBAL
PERSPECTIVE PORTFOLIO L.P., a Delaware limited partnership (the "Customer"), and
DEAN WITTER REYNOLDS INC., a Delaware corporation ("DWR");


                            W I T N E S S E T H :


            WHEREAS,  the Customer was organized  pursuant to a  Certificate  of
Limited  Partnership  filed in the office of the Secretary of State of the State
of Delaware on November 7, 1991, and a Limited Partnership Agreement dated as of
November 7, 1991, between Demeter Management Corporation, a Delaware corporation
("Demeter"),   acting  as  general  partner  (in  such  capacity,  the  "General
Partner"),  and the limited partners of the Customer to trade, buy, sell, spread
or  otherwise  acquire,  hold,  or dispose of  commodities  (including,  but not
limited,  to  foreign  currencies,   mortgage-backed  securities,  money  market
instruments, financial instruments, and any other securities or items which are,
or may become,  the subject of futures contract  trading),  domestic and foreign
commodity  futures  contracts,  commodity  forward  contracts,  foreign exchange
commitments,  options on physical  commodities  and on futures  contracts,  spot
(cash)   commodities  and  currencies,   and  any  rights   pertaining   thereto
(hereinafter  referred to  collectively  as "futures  interests") and securities
(such as United States Treasury bills) approved by the Commodity Futures Trading
Commission (the "CFTC") for investment of customer  funds,  and to engage in all
activities incident thereto;

            WHEREAS,  the Customer  (which is a commodity  pool) and the General
Partner  (which is a  registered  commodity  pool  operator)  have  entered into
management  agreements  (the  "Management   Agreements")  with  certain  trading
advisors (each, a "Trading Advisor" and collectively,  the "Trading  Advisors"),
which  provide that the Trading  Advisors  have  authority  and  responsibility,
except in certain limited situations,  to direct the investment and reinvestment
of the assets of the Customer in futures  interests under the terms set forth in
the Management Agreements;

            WHEREAS,  the Customer and DWR entered into that certain Amended and
Restated  Customer  Agreement  dated as of  September  1,  1996  (the  "Customer
Agreement"),  whereby  DWR agreed to perform  futures  interests  brokerage  and
certain other services for the Customer; and

            WHEREAS, the Customer and DWR wish to amend and restate the Customer
Agreement to set forth the terms and conditions  upon which DWR will continue to
perform  certain  non-clearing  futures  interests  brokerage  and certain other
services for the Customer;

            NOW, THEREFORE, the parties hereto hereby agree as follows:

            1. Definitions.  All capitalized terms not defined herein shall have
the meaning given to them in the Customer's most recent prospectus as filed with
the  Securities  and  Exchange  Commission  (the  "Prospectus")  relating to the
offering of units of limited partnership  interest of the Customer (the "Units")
and in any amendment or supplement to the Prospectus.

            2.  Duties of DWR.  DWR  agrees to act as a  non-clearing  commodity
broker for the Customer and  introduce the  Customer's  account to Carr Futures,
Inc.  ("CFI") for execution and clearing of futures  interests  transactions  on
behalf of the Customer in accordance with  instructions  provided by the Trading
Advisors,  and the  Customer  agrees to retain DWR as a  non-clearing  commodity
broker for the term of this Agreement.

            DWR agrees to furnish to the Customer as soon as practicable  all of
the  information  from  time to time in its  possession  which  Demeter,  as the
general partner of the Customer,  is required to furnish to the Limited Partners
pursuant to the Limited Partnership Agreement as from time to time in effect and
as required by applicable  law,  rules, or regulations and to perform such other
services for the Customer as are set forth herein and in the Prospectus.

            3.    Obligations and Expenses.

                  (a) Except as otherwise  set forth herein,  the Customer,  and
not DWR,  shall be responsible  for all taxes,  management and incentive fees to
the  Trading  Advisors,  brokerage  commissions  to DWR,  and all  extraordinary
expenses incurred by it. In addition,  the Customer,  and not DWR, shall pay the
charges of CFI for  executing  and clearing  the  Customer's  futures  interests
trades (as described in paragraph 5(b) below).

                  (b)  The  Customer   will  pay  its  ordinary   administrative
expenses, subject to a cap of 0.25% per year of the Customer's average month-end
Net Assets,  including  expenses for services provided by third parties selected
by the General Partner and reimbursement of all out-of-pocket  expenses incurred
by such  persons and by the  General  Partner and its  affiliates  in  providing
services to the Customer.  Such expenses  shall include  legal,  accounting  and
auditing  expenses  (including  expenses  incurred in preparing  reports and tax
information  to Limited  Partners and  regulatory  authorities  and expenses for
specialized administrative services), printing and duplication expenses, mailing
expenses,  and filing fees. The General Partner or its affiliates  shall pay any
ordinary administrative expenses which exceed the cap.

            4. Agreement  Nonexclusive.  DWR shall be free to render services of
the nature to be rendered to the Customer hereunder to other persons or entities
in addition to the  Customer,  and the parties  acknowledge  that DWR may render
such  services  to  additional  entities  similar  in  nature  to the  Customer,
including other partnerships organized with Demeter as their general partner. It
is expressly  understood and agreed that this Agreement is nonexclusive and that
the Customer has no  obligation  to execute any or all of its trades for futures
interests  through  DWR. The parties  acknowledge  that the Customer may utilize
such  other  broker or brokers as  Demeter  may  direct  from time to time.  The
Customer's utilization of an additional commodity broker shall neither terminate
this Agreement nor modify in any regard the respective rights and obligations of
the Customer and DWR hereunder.

            5.  (a)  Compensation  of  DWR.  The  Customer  will  pay  brokerage
commissions to DWR at a roundturn rate (but charged on a half-turn basis) of 80%
of DWR's published  non-member rates for speculative accounts (which covers both
the taking and liquidation of a position),  and  substantially  equivalent rates
for currency forward contract transactions in the forward contract and interbank
markets.

            The Customer will pay DWR brokerage commissions for currency forward
contract  transactions  at rates  established  with  reference to the  brokerage
commission rate charged on exchange-traded  currency futures contracts.  DWR may
from time to time  adjust the United  States  dollar  size of  currency  forward
contracts so that the brokerage  commission  rate charged on such contracts will
approximate the rate charged on  exchange-traded  currency futures  contracts of
similar  United  States  dollar  value.  DWR shall also  charge the  Partnership
brokerage commissions for rollovers of forward contract positions.

                  (b) Compensation of CFI. The Customer will pay certain charges
of CFI for  executing  and  clearing  trades for the  Customer  pursuant to that
certain Customer Agreement dated as of December 1, 1997, among the Customer, CFI
and DWR. In  addition,  DWR shall pay CFI certain  charges  with  respect to the
execution  and  clearance of trades for the Customer as agreed from time to time
between DWR and CFI.

                  (c)  Notwithstanding  the  foregoing,  brokerage  commissions,
together with transaction fees and costs including those paid by the Customer to
CFI, with respect to each Trading Advisor's  allocated Net Assets will be capped
at 13/20 of 1% per month (in the case of Trading  Advisors that employ  multiple
trading  systems in  trading on behalf of the  Customer,  the  foregoing  cap is
applied on a per trading system basis) of the Customer's Net Assets allocated to
such  Trading  Advisor  or  trading  system as of the last day of each  month (a
maximum  7.8%  annual  rate).  In  addition,  the  aggregate  of  (i)  brokerage
commissions and transaction fees and costs payable by the Customer, and (ii) net
excess interest and  compensating  balance  benefits to DWR (after crediting the
Customer with interest) shall not exceed 14% annually of the Customer's  average
month-end Net Assets during each calendar year.

                  (d) Any brokerage commissions,  and transaction fees and costs
in excess of such caps shall be borne or paid by DWR or an  affiliate  and shall
not be  reimbursed  by the  Customer.  The  foregoing  caps may not be increased
except as permitted in the Customer's Limited Partnership Agreement,  as amended
from time to time.

            6. Investment Discretion.  The parties recognize that DWR shall have
no  authority  to direct the futures  interests  investments  to be made for the
Customer's  account.  However,  the parties  agree that DWR, and not the Trading
Advisors,  shall  have the  authority  and  responsibility  with  regard  to the
investment,  maintenance,  and management of the Customer's assets that are held
in segregated or secured accounts, as provided in Section 7 hereof.

            7.  Investment  of Customer  Funds.  The Customer  shall deposit its
assets in accounts with DWR. The  Customer's  assets  deposited with DWR will be
segregated  or secured in accordance  with the  Commodity  Exchange Act and CFTC
regulations.  DWR will credit the Customer with interest  income at month-end in
an amount equal to 80% of the Customer's  average daily Net Assets for the month
at a rate equal to the average yield on the 13-week U.S.  Treasury  Bills issued
during  such  month.  All of such  funds  will be  available  for margin for the
Customer's trading.  For the purpose of such interest payments,  Net Assets will
not include  monies due to the Customer on or with respect to forward  contracts
and other futures interests but not actually received by it from banks, brokers,
dealers and other persons. The Customer understands that it will not receive any
other interest  income on its assets and that DWR will receive  interest  income
from CFI, as agreed from time to time by DWR and CFI, on the  Customer's  assets
deposited as margin with CFI. The Customer's funds will either be invested along
with other customer  segregated and secured funds of DWR or held in non-interest
bearing bank accounts.  The Customer's  assets held by DWR may be used solely as
margin for the Customer's trading.

            Ownership of the right to receive interest on the Customer's  assets
pursuant to the preceding paragraph shall be reflected and maintained and may be
transferred only on the books and records of DWR. Any purported transfer of such
ownership  shall not be effective or recognized  until such transfer  shall have
been recorded on the books and records of DWR.

            8. Standard of Liability and Indemnity. Subject to Section 2 hereof,
DWR and its  affiliates  (as defined below) shall not be liable to the Customer,
the  General  Partner or  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 DWR determines, in
good  faith,  to be in the best  interests  of the  Customer,  unless  such act,
omission,  conduct, or activity by DWR or its affiliates  constituted misconduct
or negligence.

            The Customer shall  indemnify,  defend and hold harmless DWR 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 DWR on behalf of the
Customer pursuant to this Agreement, including, without limitation, any demands,
claims  or  lawsuits  initiated  by a Limited  Partner  (or  assignee  thereof),
provided that (i) DWR 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 anything to the contrary
contained  in the  foregoing,  neither  DWR nor any of its  affiliates  shall be
indemnified  by the Customer for any losses,  liabilities,  or expenses  arising
from or out of an alleged  violation of federal or state  securities laws unless
(a)  there  has been a  successful  adjudication  on the  merits  of each  count
involving alleged securities law violations as to the particular indemnitee,  or
(b) such claims have been  dismissed  with prejudice on the merits by a court of
competent  jurisdiction  as to the  particular  indemnitee,  or (c) 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 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 the  Customer  to  which  DWR  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 8. The Customer shall make advances to DWR 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 the
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.

            DWR shall  indemnify,  defend and hold harmless the 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  DWR  has  approved  such  settlement)  incurred  as a  result  of  the
activities of DWR 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.

            The  indemnities  provided in this  Section 8 by the Customer to DWR
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 warranty, covenant, or agreement of DWR contained in this
Agreement  to the  extent  caused  by such  breach.  Likewise,  the  indemnities
provided in this Section 8 by DWR to the Customer and any of 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
warranty,  covenant, or agreement of the Customer contained in this Agreement to
the extent caused by such breach.

            As used in this Section 8, the term  "affiliate"  of DWR 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 DWR; (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 DWR;  (iii)  any  natural  person,  partnership,  corporation,
association,   or  other  legal  entity  directly  or  indirectly   controlling,
controlled  by, or under  common  control  with,  DWR;  or (iv) any  officer  or
director of DWR.  Notwithstanding  the foregoing,  "affiliates"  for purposes of
this Section 8 shall include only those  persons  acting on behalf of DWR within
the scope of the authority of DWR, as set forth in this Agreement.

            9. Term. This Agreement shall continue in effect until terminated by
either party giving not less than 60 days' prior written  notice of  termination
to the other  party.  Any such  termination  by either  party  shall be  without
penalty.

            10.  Complete  Agreement.  This  Agreement  constitutes  the  entire
agreement  between the parties with  respect to the matters  referred to herein,
and no other  agreement,  verbal or  otherwise,  shall be binding as between the
parties  unless in writing and signed by the party against whom  enforcement  is
sought.

            11.  Assignment.  This Agreement may not be assigned by either party
without the express written consent of the other party.

            12.  Amendment.  This  Agreement  may not be  amended  except by the
written  consent of the parties and provided such  amendment is consistent  with
the Limited Partnership Agreement.

            13. Notices.  All notices  required or desired to be delivered under
this  Agreement  shall be in  writing  and  shall be  effective  when  delivered
personally on the day delivered,  or when given by registered or certified mail,
postage prepaid, return receipt requested,  on the day of receipt,  addressed as
follows  (or to such  other  address  as the  party  entitled  to  notice  shall
hereafter designate in accordance with the terms hereof):

            if to the Customer:

                  DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
                  c/o Demeter Management Corporation
                  Two World Trade Center, 62nd Floor
                  New York, New York  10048
                  Attn: Mark J. Hawley
                        President

            if to DWR:

                  DEAN WITTER REYNOLDS INC.
                  Two World Trade Center, 62nd Floor
                  New York, New York  10048
                  Attn: Mark J. Hawley
                        Executive Vice President

            14.  Survival.  The provisions of this  Agreement  shall survive the
termination  of this  Agreement  with respect to any matter  arising  while this
Agreement was in effect.

            15. Headings. Headings of Sections herein are for the convenience of
the parties  only and are not  intended to be a part of or to affect the meaning
or interpretation of this Agreement.

            16.  Incorporation  by  Reference.  The Futures  Customer  Agreement
annexed hereto is hereby incorporated by reference herein and made a part hereof
to the same extent as if such  document  were set forth in full  herein.  If any
provision  of this  Agreement is or at any time  becomes  inconsistent  with the
annexed document, the terms of this Agreement shall control.

<PAGE>

            IN WITNESS  WHEREOF,  this  Agreement  has been  executed for and on
behalf of the undersigned as of the day and year first above written.

                                    DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO
                                    L.P.

                                    By:  Demeter Management Corporation,
                                          General Partner



                                    By:   /s/ Mark J. Hawley
                                          ----------------------------------- 
                                                Mark J. Hawley
                                                President

                                    DEAN WITTER REYNOLDS INC.



                                    By:   /s/ Mark J. Hawley
                                          -----------------------------------
                                                Mark J. Hawley
                                                Executive Vice President

<PAGE>

FUTURES CUSTOMER AGREEMENT

In  consideration  of the acceptance by Dean Witter Reynolds Inc. ("DWR") of one
or more accounts of the  undersigned  ("Customer")  (if more than one account is
carried  by DWR,  all  are  covered  by  this  Agreement  and  are  referred  to
collectively as the "Account") and DWR's  agreement to act as Customer's  broker
for the execution,  clearance  and/or carrying of transactions  for the purchase
and  sale of  commodity  interests,  including  commodities,  commodity  futures
contracts and commodity options, Customer agrees as follows:

1.    APPLICABLE  RULES  AND  REGULATIONS  - The  Account  and each  transaction
      therein  shall be  subject to the terms of this  Agreement  and to (a) all
      applicable  laws  and the  regulations,  rules  and  orders  (collectively
      "regulations") of all regulatory and self-regulatory  organizations having
      jurisdiction  and  (b)  the  constitution,  by-laws,  rules,  regulations,
      orders, resolutions,  interpretations and customs and usages (collectively
      "rules") of the market and any associated  clearing  organization (each an
      "exchange")  on or  subject  to the  rules of which  such  transaction  is
      executed  and/or  cleared.  The  reference  in the  preceding  sentence to
      exchange rules is solely for DWR's  protection and DWR's failure to comply
      therewith  shall not  constitute  a breach of this  Agreement  or  relieve
      Customer of any obligation or  responsibility  under this  Agreement.  DWR
      shall not be  liable to  Customer  as a result of any  action by DWR,  its
      officers,  directors,  employees  or  agents  to  comply  with any rule or
      regulation.

2.    PAYMENTS TO DWR - Customer agrees to pay to DWR immediately on request (a)
      commissions,  fees and service  charges as are in effect from time to time
      together with all applicable  regulatory and self-regulatory  organization
      and exchange fees,  charges and taxes; (b) the amount of any debit balance
      or any other liability that may result from transactions  executed for the
      account;  and (c)  interest  on such  debit  balance or  liability  at the
      prevailing rate charged by DWR at the time such debit balance or liability
      arises and service charges on any such debit balance or liability together
      with any reasonable  costs and attorney's  fees incurred in collecting any
      such debit balance or liability. Customer acknowledges that DWR may charge
      commissions at other rates to other customers.

3.    CUSTOMER'S DUTY TO MAINTAIN  ADEQUATE MARGIN - Customer shall at all times
      and without prior notice or demand from DWR maintain  adequate  margins in
      the account so as continually to meet the original and maintenance  margin
      requirements  established  by  DWR  for  Customer.  DWR  may  change  such
      requirements  from  time  to  time  at  DWR's   discretion.   Such  margin
      requirements  may exceed the margin  requirements  set by any  exchange or
      other regulatory  authority and may vary from DWR's requirements for other
      customers.  Customer  agrees,  when  so  requested,  immediately  to  wire
      transfer  margin funds and to furnish DWR with names of bank  officers for
      immediate verification of such transfers. Customer acknowledges and agrees
      that  DWR may  receive  and  retain  as its own any  interest,  increment,
      profit,  gain or benefit directly or indirectly,  accruing from any of the
      funds DWR receives from Customer.

4.    DELIVERY; OPTION EXERCISE

      (a)   Customer  acknowledges  that the  making or  accepting  of  delivery
            pursuant to a futures  contract may involve a much higher  degree of
            risk than liquidating a position by offset.  DWR has no control over
            and makes no warranty  with respect to grade,  quality or tolerances
            of any commodity delivered in fulfillment of a contract.

      (b)   Customer agrees to give DWR timely notice and immediately on request
            to inform DWR if Customer  intends to make or take delivery  under a
            futures contract or to exercise an option contract. If so requested,
            Customer  shall  provide  DWR  with  satisfactory   assurances  that
            Customer can fulfill Customer's  obligation to make or take delivery
            under  any  contract.  Customer  shall  furnish  DWR  with  property
            deliverable  by it under  any  contract  in  accordance  with  DWR's
            instructions.

      (c)   DWR  shall  not have any  obligation  to  exercise  any long  option
            contract  unless  Customer has  furnished  DWR with timely  exercise
            instructions  and  sufficient  initial  margin with  respect to each
            underlying futures contract.

5.    FOREIGN  CURRENCY  - If DWR  enters  into  any  transaction  for  Customer
      effected  in a currency  other than U.S.  dollars:  (a) any profit or loss
      caused by changes in the rate of exchange for such  currency  shall be for
      Customer's  account and risk and (b) unless another currency is designated
      in DWR's confirmation of such transaction, all margin for such transaction
      and the profit or loss on the liquidation of such transaction  shall be in
      U.S. dollars at a rate of exchange  determined by DWR in its discretion on
      the basis of then  prevailing  market  rates of exchange  for such foreign
      currency.

6.    DWR  MAY  LIMIT  POSITIONS  HELD  -  Customer  agrees  that  DWR,  at  its
      discretion,  may limit the number of open  positions  (net or gross) which
      Customer  may  execute,  clear  and/or  carry with or acquire  through it.
      Customer  agrees (a) not to make any trade  which would have the effect of
      exceeding  such limits,  (b) that DWR may require  Customer to reduce open
      positions carried with DWR and (c) that DWR may refuse to accept orders to
      establish new positions. DWR may impose and enforce such limits, reduction
      or refusal whether or not they are required by applicable law, regulations
      or rules.  Customer shall comply with all position  limits  established by
      any  regulatory  or  self-regulatory  organization  or  any  exchange.  In
      addition,  Customer  agrees to notify DWR promptly if customer is required
      to  file  position   reports  with  any   regulatory  or   self-regulatory
      organization or with any exchange.

7.    NO WARRANTY AS TO INFORMATION OR  RECOMMENDATION  - Customer  acknowledges
      that:

      (a)   Any market  recommendations  and  information DWR may communicate to
            Customer,  although  based upon  information  obtained  from sources
            believed by DWR to be reliable, may be incomplete and not subject to
            verification;

      (b)   DWR makes no representation,  warranty or guarantee as to, and shall
            not  be  responsible  for,  the  accuracy  or  completeness  of  any
            information or trading recommendation furnished to Customer;

      (c)   recommendations to Customer as to any particular  transaction at any
            given time may differ  among DWR's  personnel  due to  diversity  in
            analysis of fundamental and technical  factors and may vary from any
            standard  recommendation  made  by  DWR  in its  market  letters  or
            otherwise; and

      (d)   DWR  has no  obligation  or  responsibility  to  update  any  market
            recommendations or information it communicates to Customer.

            Customer   understands   that  DWR  and  its  officers,   directors,
affiliates,  stockholders,   representatives  or  associated  persons  may  have
positions  in and may intend to buy or sell  commodity  interests  which are the
subject of market  recommendations  furnished to  Customer,  and that the market
positions  of  DWR  or  any  such  officer,  director,  affiliate,  stockholder,
representative  or  associated  person  may or may not be  consistent  with  the
recommendations furnished to Customer by DWR.

8.    LIMITS ON DWR DUTIES; LIABILITY - Customer agrees:

      (a)   that DWR has no duty to apprise  Customer of news or of the value of
            any  commodity  interests  or  collateral  pledged  or in any way to
            advise Customer with respect to the market;

      (b)   that the commissions which DWR receives are consideration solely for
            the execution, reporting and carrying of Customer's trades;

      (c)   that if Customer has  authorized any third party or parties to place
            orders or effect  transactions on behalf of Customer in any Account,
            each  such  party has been  selected  by  Customer  based on its own
            evaluation  and  assessment  of such  party and that  such  party is
            solely  the  agent  of  Customer,  and if any such  party  allocates
            commodity interests among its customers,  Customer has reviewed each
            such party's commodity  interest  allocation  system,  has satisfied
            itself that such  allocation  system is fair and will seek  recovery
            solely from such party to recover any damages  sustained by Customer
            as the result of any allocation made by such party; and

      (d)   to waive any and all  claims,  rights  or  causes  of  action  which
            Customer has or may have against DWR or its officers,  employees and
            agents (i) arising in whole or in part, directly or indirectly,  out
            of any act or omission of any person,  whether or not legally deemed
            an agent of DWR, who refers or introduces  Customer to DWR or places
            orders for Customer  and (ii) for any punitive  damages and to limit
            any  claims  arising  out  of  this  Agreement  or  the  Account  to
            Customer's direct out-of-pocket damages.

9.    EXTRAORDINARY  EVENTS - Customer  shall have no claim  against DWR for any
      loss, damage,  liability,  cost,  charge,  expense,  penalty,  fine or tax
      caused  directly  or  indirectly  by (a)  governmental,  court,  exchange,
      regulatory  or  self-regulatory  organization  restrictions,  regulations,
      rules,  decisions or orders, (b) suspension or termination of trading, (c)
      war or  civil  or  labor  disturbance,  (d)  delay  or  inaccuracy  in the
      transmission  or  reporting  of orders  due to a  breakdown  or failure of
      computer  services,  transmission  or  communication  facilities,  (e) the
      failure or delay by any exchange to enforce its rules or to pay to DWR any
      margin due in respect of Customer's  Account,  (f) the failure or delay by
      any bank,  trust  company,  clearing  organization  or other person which,
      pursuant  to  applicable   exchange  rules,  is  holding  Customer  funds,
      securities or other  property to pay or deliver the same to DWR or (g) any
      other cause or causes beyond DWR's control.

10.   INDEMNIFICATION  OF DWR - Customer  agrees to  indemnify,  defend and hold
      harmless DWR and its  officers,  employees and agents from and against any
      loss,  cost,  claim,  damage  (including any  consequential  cost, loss or
      damage),  liability or expense (including  reasonable attorneys' fees) and
      any fine,  sanction  or  penalty  made or  imposed  by any  regulatory  or
      self-regulatory  authority  or any  exchange  as the  result,  directly or
      indirectly, of:

      (a)   Customer's  failure or refusal to comply with any  provision of this
            Agreement  or perform  any  obligation  on its part to be  performed
            pursuant to this Agreement; and

      (b)   Customer's  failure to timely  deliver any  security,  commodity  or
            other property previously sold by DWR on Customer's behalf.

11    NOTICES;  TRANSMITTALS - DWR shall transmit all communications to Customer
      at  Customer's  address,  telefax  or  telephone  number  set forth in the
      accompanying  Futures  Account  Application  or to such  other  address as
      Customer may  hereafter  direct in writing.  Customer  shall  transmit all
      communications to DWR (except routine inquiries concerning the Account) to
      130 Liberty  Street,  New York, NY 10006,  Attention:  Futures  Compliance
      Officer. All payments and deliveries to DWR shall be made as instructed by
      DWR from  time to time and  shall be deemed  received  only when  actually
      received by DWR.

12.   CONFIRMATION  CONCLUSIVE -  Confirmation  of trades and any other  notices
      sent to  Customer  shall be  conclusive  and  binding on  Customer  unless
      Customer or Customer's  agent notifies DWR to the contrary (a) in the case
      of an oral report, orally at the time received by Customer or its agent or
      (b) in the case of a written report or notice, in writing prior to opening
      of trading on the business day next  following  receipt of the report.  In
      addition,  if  Customer  has not  received a written  confirmation  that a
      commodity  interest  transaction  has been executed  within three business
      days  after  Customer  has  placed  an  order  with  DWR  to  effect  such
      transaction, and has been informed or believes that such order has been or
      should have been  executed,  then  Customer  immediately  shall notify DWR
      thereof.  Absent  such  notice,  Customer  conclusively  shall  be  deemed
      estopped to object and to have waived any such objection to the failure to
      execute or cause to be executed such transaction. Anything in this Section
      12  withstanding,   neither  Customer  nor  DWR  shall  be  bound  by  any
      transaction or price reported in error.

13.   SECURITY  INTEREST - All money and property  ("collateral")  now or at any
      future  time held in  Customer's  Account,  or  otherwise  held by DWR for
      Customer,  is subject to a security  interest in DWR's favor to secure any
      indebtedness at any time owing to it by Customer.  DWR, in its discretion,
      may liquidate any collateral to satisfy any margin or Account deficiencies
      or to transfer the collateral to the general ledger account of DWR.

14.   TRANSFER  OF FUNDS - At any time and from time to time and  without  prior
      notice to Customer,  DWR may transfer from one account to another  account
      in  which  Customer  has  any  interest,   such  excess  funds,  equities,
      securities  or other  property as in DWR's  judgment  may be required  for
      margin,  or to reduce  any debit  balance  or to  reduce  or  satisfy  any
      deficits in such other  accounts  except that no such transfer may be made
      from a segregated account subject to the Commodity Exchange Act to another
      account  maintained by Customer unless either Customer has authorized such
      transfer in writing or DWR is  effecting  such  transfer to enforce  DWR's
      security  interest  pursuant to Section 13. DWR promptly shall confirm all
      transfers of funds made pursuant hereto to Customer in writing.

15.   DWR'S  RIGHT TO  LIQUIDATE  CUSTOMER  POSITIONS - In addition to all other
      rights of DWR set forth in this Agreement:

      (a)   when  directed  or  required  by  a  regulatory  or  self-regulatory
            organization  or  exchange  having  jurisdiction  over  DWR  or  the
            Account;

      (b)   whenever,  in its  discretion,  DWR  considers it necessary  for its
            protection because of margin requirements or otherwise;

      (c)   if  Customer or any  affiliate  of  Customer  repudiates,  violates,
            breaches or fails to perform on a timely basis any term, covenant or
            condition  on its  part to be  performed  under  this  Agreement  or
            another agreement with DWR;

      (d)   if a case in  bankruptcy  is commenced or if a proceeding  under any
            insolvency  or other law for the  protection of creditors or for the
            appointment  of  a  receiver,   liquidator,   trustee,  conservator,
            custodian or similar officer is filed by or against  Customer or any
            affiliate of Customer,  or if Customer or any  affiliate of Customer
            makes or proposes to make any  arrangement  or  composition  for the
            benefit of its creditors,  or if Customer (or any such affiliate) or
            any or all of its  property  is  subject  to any  agreement,  order,
            judgment or decree providing for Customer's dissolution, winding-up,
            liquidation,  merger,  consolidation,   reorganization  or  for  the
            appointment  of  a  receiver,   liquidator,   trustee,  conservator,
            custodian  or similar  officer of Customer,  such  affiliate or such
            property;

      (e)   DWR is informed of Customer's death or mental incapacity; or

      (f)   if an attachment  or similar order is levied  against the Account or
            any  other  account  maintained  by  Customer  or any  affiliate  of
            Customer with DWR;

      DWR shall have the right to (i) satisfy any obligations due DWR out of any
      Customer's property in DWR's custody or control, (ii) liquidate any or all
      of Customer's  commodity  interest  positions,  (iii) cancel any or all of
      Customer's  outstanding  orders,  (iv)  treat  any or  all  of  Customer's
      obligations due DWR as immediately due and payable, (v) sell any or all of
      Customer's  property  in DWR's  custody or  control in such  manner as DWR
      determines to be commercially reasonable, and/or (vi) terminate any or all
      of DWR's obligations for future  performance to Customer,  all without any
      notice to or demand on  Customer.  Any sale  hereunder  may be made in any
      commercially  reasonable manner. Customer agrees that a prior demand, call
      or notice  shall not be  considered a waiver of DWR's right to act without
      demand or notice as herein  provided,  that Customer shall at all times be
      liable for the payment of any debit  balance  owing in each  account  upon
      demand whether occurring upon a liquidation as provided under this Section
      15 or otherwise under this Agreement, and that in all cases Customer shall
      be liable for any  deficiency  remaining  in each  Account in the event of
      liquidation thereof in whole or in part together with interest thereon and
      all costs relating to liquidation  and  collection  (including  reasonable
      attorneys' fees).

16.   CUSTOMER REPRESENTATIONS, WARRANTIES AND AGREEMENTS - Customer represents
      and warrants to and agrees with DWR that:

      (a)   Customer has full power and  authority to enter into this  Agreement
            and to  engage  in the  transactions  and  perform  its  obligations
            hereunder  and  contemplated  hereby and (i) if a  corporation  or a
            limited liability  company,  is duly organized under the laws of the
            jurisdiction   set  forth  in  the   accompanying   Futures  Account
            Application, or (ii) if a partnership, is duly organized pursuant to
            a written  partnership  agreement and the general partner  executing
            this  Agreement is duly  authorized  to do so under the  partnership
            agreement;

      (b)   Neither Customer nor any partner, director, officer, member, manager
            or employee of Customer nor any  affiliate of Customer is a partner,
            director,   officer,  member,  manager  or  employee  of  a  futures
            commission merchant introducing broker,  exchange or self-regulatory
            organization or an employee or commissioner of the Commodity Futures
            Trading Commission (the "CFTC"),  except as previously  disclosed in
            writing to DWR;

      (c)   The accompanying  Futures Account Application and Personal Financial
            Statements,  if  applicable,  (including  any  financial  statements
            furnished in connection  therewith) are true,  correct and complete.
            Except as disclosed on the accompanying  Futures Account Application
            or  otherwise  provided in writing,  (i) Customer is not a commodity
            pool  or  is  exempt  from  registration  under  the  rules  of  the
            Commission,  and (ii)  Customer is acting solely as principal and no
            one other than Customer has any interest in any Account of Customer.
            Customer  hereby  authorizes  DWR to contact  such banks,  financial
            institutions  and credit agencies as DWR shall deem  appropriate for
            verification of the information contained herein.

      (d)   Customer  has  determined  that  trading in  commodity  interests is
            appropriate  for  Customer,  is prudent in all respects and does not
            and will  not  violate  Customer's  charter  or  by-laws  (or  other
            comparable  governing  document)  or  any  law,  rule,   regulation,
            judgment,  decree,  order  or  agreement  to which  Customer  or its
            property is subject or bound;

      (e)   As required by CFTC regulations,  Customer shall create,  retain and
            produce upon request of the applicable  contract market, the CFTC or
            the  United  States   Department  of  Justice   documents  (such  as
            contracts, confirmations, telex printouts, invoices and documents of
            title) with  respect to cash  transactions  underlying  exchanges of
            futures for cash  commodities  or exchange of futures in  connection
            with cash commodity transactions;

      (f)   Customer consents to the electronic recording,  at DWR's discretion,
            of any or all telephone  conversations  with DWR (without  automatic
            tone warning device), the use of same as evidence by either party in
            any action or  proceeding  arising out of the Agreement and in DWR's
            erasure, at its discretion,  of any recording as part of its regular
            procedure for handling of recordings;

      (g)   Absent a separate  written  agreement  between Customer and DWR with
            respect to give-ups, DWR, in its discretion,  may, but shall have no
            obligation  to,  accept  from  other  brokers   commodity   interest
            transactions  executed by such  brokers on an exchange  for Customer
            and proposed to be "given-up" to DWR for clearance  and/or  carrying
            in the Account;

      (h)   DWR, for and on behalf of Customer,  is authorized  and empowered to
            place orders for commodity interest transactions through one or more
            electronic or automated trading systems maintained or operated by or
            under the auspices of an  exchange,  that DWR shall not be liable or
            obligated  to  Customer  for any loss,  damage,  liability,  cost or
            expense (including but not limited to loss of profits,  loss of use,
            incidental  or  consequential  damages)  incurred  or  sustained  by
            Customer  and arising in whole or in part,  directly or  indirectly,
            from any fault,  delay,  omission,  inaccuracy or  termination  of a
            system or DWR's  inability  to  enter,  cancel or modify an order on
            behalf of Customer on or through a system.  The  provisions  of this
            Section 16(h) shall apply  regardless of whether any customer  claim
            arises in contract,  negligence,  tort, strict liability,  breach of
            fiduciary obligations or otherwise; and

      (i)   If Customer is subject to the Financial Institution Reform, Recovery
            and  Enforcement  Act of 1989, the certified  resolutions  set forth
            following  this  Agreement  have been caused to be  reflected in the
            minutes  of  Customer's  Board of  Directors  (or  other  comparable
            governing  body) and this  Agreement  is and shall be,  continuously
            from the date hereof, an official record of Customer.

      Customer agrees to promptly notify DWR in writing if any of the warranties
      and representations  contained in this Section 16 becomes inaccurate or in
      any way ceases to be true, complete and correct.

17.   SUCCESSORS AND ASSIGNS - This Agreement shall inure to the benefit of DWR,
      its  successors  and  assigns,  and shall be  binding  upon  Customer  and
      Customer's executors,  trustees,  administrators,  successors and assigns,
      provided,  however,  that this  Agreement  is not  assignable  by Customer
      without the prior written consent of DWR.

18.   MODIFICATION  OF AGREEMENT BY DWR;  NON-WAIVER  PROVISION - This Agreement
      may only be altered,  modified or amended by mutual written consent of the
      parties,  except  that  if DWR  notifies  Customer  of a  change  in  this
      Agreement and Customer thereafter effects a commodity interest transaction
      in  an  account,  Customer  agrees  that  such  action  by  Customer  will
      constitute  consent by Customer to such  change.  No employee of DWR other
      than DWR's General  Counsel or his or her  designee,  has any authority to
      alter,  modify,  amend or waive in any  respect  any of the  terms of this
      Agreement. The rights and remedies conferred upon DWR shall be cumulative,
      and its forbearance to take any remedial action available to it under this
      Agreement  shall  not  waive  its  right at any time or from  time to time
      thereafter to take such action.

19.   SEVERABILITY - If any term or provision hereof or the application  thereof
      to any  persons or  circumstances  shall to any extent be  contrary to any
      exchange,  government  or  self-regulatory  regulation  or contrary to any
      federal, state or local law or otherwise be invalid or unenforceable,  the
      remainder of this  Agreement or the  application of such term or provision
      to persons or  circumstances  other than those as to which it is contrary,
      invalid or unenforceable, shall not be affected thereby.

20.   CAPTIONS - All captions used herein are for  convenience  only,  are not a
      part  of  this  Agreement,  and  are  not  to be  used  in  construing  or
      interpreting any aspect of this Agreement.

21.   TERMINATION - This Agreement  shall continue in force until written notice
      of termination is given by Customer or DWR.  Termination shall not relieve
      either party of any liability or obligation incurred prior to such notice.
      Upon giving or receiving  notice of  termination,  Customer  will promptly
      take all action  necessary to transfer all open  positions in each account
      to another futures commission merchant.

22.   ENTIRE AGREEMENT - This Agreement constitutes the entire agreement between
      Customer and DWR with respect to the subject  matter hereof and supersedes
      any prior  agreements  between the parties  with  respect to such  subject
      matter.

23.   GOVERNING LAW; CONSENT TO JURISDICTION -

      (a)   In case of a dispute  between  Customer  and DWR  arising  out of or
            relating  to the  making or  performance  of this  Agreement  or any
            transaction  pursuant to this  Agreement (i) this  Agreement and its
            enforcement  shall be  governed by the laws of the State of New York
            without regard to principles of conflicts of laws, and (ii) Customer
            will bring any legal proceeding  against DWR in, and Customer hereby
            consents in any legal  proceeding by DWR to the jurisdiction of, any
            state or federal court located within the State and City of New York
            in  connection  with  all  legal   proceedings   arising   directly,
            indirectly or otherwise in connection  with,  out of,  related to or
            from Customer's Account, transactions contemplated by this Agreement
            or  the  breach  thereof.  Customer  hereby  waives  all  objections
            Customer,  at any time, may have as to the propriety of the court in
            which any such legal  proceedings  may be  commenced.  Customer also
            agrees that any service of process mailed to Customer at any address
            specified to DWR shall be deemed a proper  service of process on the
            undersigned.

      (b)   Notwithstanding  the provisions of Section 23 (a)(ii),  Customer may
            elect at this time to have all  disputes  described  in this Section
            resolved by arbitration.  To make such election,  Customer must sign
            the Arbitration  Agreement set forth in Section 24.  Notwithstanding
            such election,  any question relating to whether Customer or DWR has
            commenced an arbitration  proceeding in a timely  manner,  whether a
            dispute is within the scope of the Arbitration  Agreement or whether
            a party (other than  Customer or DWR) has  consented to  arbitration
            and all proceedings to compel  arbitration  shall be determined by a
            court as specified in Section 23 (a)(ii).

24.   ARBITRATION  AGREEMENT (OPTIONAL) - Every dispute between Customer and DWR
      arising out of or relating to the making or  performance of this Agreement
      or any  transaction  pursuant  to this  Agreement,  shall  be  settled  by
      arbitration in accordance with the rules,  then in effect, of the National
      Futures Association, the contract market upon which the transaction giving
      rise to the claim was executed,  or the National Association of Securities
      Dealers as Customer may elect.  If Customer does not make such election by
      registered  mail addressed to DWR at 130 Liberty Street,  29th Floor,  New
      York, NY 10006;  Attention:  Deputy General Counsel,  within 45 days after
      demand by DWR that the Customer make such election, then DWR may make such
      election.  DWR agrees to pay any incremental fees which may be assessed by
      a qualified  forum for making  available a "mixed  panel" of  arbitrators,
      unless the  arbitrators  determine that Customer has acted in bad faith in
      initiating or conducting the proceedings. Judgment upon any award rendered
      by  the  arbitrators  may be  entered  in any  court  having  jurisdiction
      thereof.

      IN ADDITION TO FOREIGN  FORUMS,  THREE FORUMS EXIST FOR THE  RESOLUTION OF
      COMMODITY DISPUTES:  CIVIL COURT LITIGATION,  REPARATIONS AT THE COMMODITY
      FUTURES  TRADING  COMMISSION  ("CFTC")  AND  ARBITRATION  CONDUCTED  BY  A
      SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

      THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION
      MAY IN SOME CASES  PROVIDE  MANY  BENEFITS  TO  CUSTOMERS,  INCLUDING  THE
      ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL  RESOLUTION OF DISPUTES WITHOUT
      INCURRING  SUBSTANTIAL  COSTS.  THE  CFTC  REQUIRES,  HOWEVER,  THAT  EACH
      CUSTOMER  INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT
      YOUR CONSENT TO THIS ARBITRATION AGREEMENT BE VOLUNTARY.

      BY SIGNING THIS  AGREEMENT,  YOU (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A
      COURT OF LAW AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS
      OR  COUNTERCLAIMS  WHICH YOU OR DWR MAY SUBMIT TO  ARBITRATION  UNDER THIS
      AGREEMENT.  YOU ARE NOT,  HOWEVER,  WAIVING YOUR RIGHT TO ELECT INSTEAD TO
      PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF
      THE  COMMODITY  EXCHANGE  ACT WITH  RESPECT  TO ANY  DISPUTE  WHICH MAY BE
      ARBITRATED PURSUANT TO THIS AGREEMENT.  IN THE EVENT A DISPUTE ARISES, YOU
      WILL BE NOTIFIED IF DWR INTENDS TO SUBMIT THE DISPUTE TO  ARBITRATION.  IF
      YOU BELIEVE A VIOLATION OF THE  COMMODITY  EXCHANGE ACT IS INVOLVED AND IF
      YOU PREFER TO REQUEST A SECTION 14  "REPARATIONS"  PROCEEDINGS  BEFORE THE
      CFTC,  YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE
      THAT ELECTION.

      YOU NEED NOT AGREE TO THIS  ARBITRATION  AGREEMENT TO OPEN AN ACCOUNT WITH
      DWR. See 17 CFR  180.1-180.5.  ACCEPTANCE  OF THIS  ARBITRATION  AGREEMENT
      REQUIRES A SEPARATE SIGNATURE ON PAGE 8.

25.   CONSENT TO TAKE THE OTHER SIDE OF ORDERS  (OPTIONAL)  - Without  its prior
      notice,  Customer  agrees  that when DWR  executes  sell or buy  orders on
      Customer's  behalf,  DWR,  its  directors,  officers,  employees,  agents,
      affiliates,  and any floor  broker may take the other  side of  Customer's
      transaction  through  any  account  of such  person  subject  to its being
      executed  at  prevailing  prices in  accordance  with and  subject  to the
      limitations  and  conditions,  if any,  contained in applicable  rules and
      regulations.

26.   AUTHORIZATION  TO  TRANSFER  FUNDS  (OPTIONAL)  - Without  limiting  other
      provisions  herein,  DWR is  authorized  to transfer  from any  segregated
      account  subject  to the  Commodity  Exchange  Act  carried by DWR for the
      Customer to any other account  carried by DWR for the Customer such amount
      of excess funds as in DWR's judgment may be necessary at any time to avoid
      a  margin  call or to  reduce  a debit  balance  in  said  account.  It is
      understood  that DWR will confirm in writing  each such  transfer of funds
      made pursuant to this  authorization  within a reasonable  time after such
      transfer.

27.   SUBORDINATION  AGREEMENT  (APPLIES  ONLY TO  ACCOUNTS  WITH  FUNDS HELD IN
      FOREIGN  COUNTRIES) - Funds of customers trading on United States contract
      markets may be held in accounts  denominated  in a foreign  currency  with
      depositories  located  outside the United States or its territories if the
      customer  is  domiciled  in a foreign  country or if the funds are held in
      connection with contracts priced and settled in a foreign  currency.  Such
      accounts  are subject to the risk that events  could occur which hinder or
      prevent the  availability  of these funds for  distribution  to customers.
      Such accounts also may be subject to foreign currency exchange rate risks.

      If authorized  below,  Customer  authorizes the deposit of funds into such
      foreign  depositories.  For customers domiciled in the United States, this
      authorization  permits the holding of funds in regulated accounts offshore
      only if such funds are used to margin,  guarantee,  or secure positions in
      such contracts or accrue as a result of such positions.  In order to avoid
      the possible  dilution of other  customer  funds, a customer who has funds
      held  outside the United  States  agrees by accepting  this  subordination
      agreement  that his claims  based on such funds  will be  subordinated  as
      described below in the unlikely event both of the following conditions are
      met: (1) DWR is placed in  receivership  or bankruptcy,  and (2) there are
      insufficient  funds available for distribution  denominated in the foreign
      currency  as to which  the  customer  has a claim to  satisfy  all  claims
      against those funds.

      By initialing the Subordination  Agreement below,  Customer agrees that if
      both of the conditions  listed above occur, its claim against DWR's assets
      attributable to funds held overseas in a particular  foreign  currency may
      be satisfied out of segregated customer funds held in accounts denominated
      in dollars or other  foreign  currencies  only after each  customer  whose
      funds are held in dollars or in such other foreign currencies receives its
      pro-rata  portion of such funds. It is further agreed that in no event may
      a customer  whose funds are held  overseas  receive more than its pro-rata
      share of the aggregate  pool  consisting  of funds held in dollars,  funds
      held in the particular foreign currency, and non-segregated assets of DWR.

<PAGE>




OPTIONAL ELECTIONS

The following  provisions,  which are set forth in this  agreement,  need not be
entered into to open the Account.  Customer  agrees that its optional  elections
are as follows:
                                         SIGNATURE REQUIRED FOR EACH ELECTION
ARBITRATION AGREEMENT:
(Agreement Paragraph 24)
                                       -----------------------------------------

CONSENT TO TAKE THE OTHER 
SIDE OF ORDERS:
(Agreement Paragraph 25)                X /s/ Mark J. Hawley
                                       -----------------------------------------

AUTHORIZATION TO TRANSFER FUNDS:
(Agreement Paragraph 26)
                                       -----------------------------------------

ACKNOWLEDGEMENT TO SUBORDINATION 
AGREEMENT (Agreement Paragraph 27)     X /s/ Mark J. Hawley
                                       -----------------------------------------
                                       (Required  for  accounts holding non-U.S.
                                        currency)

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

HEDGE ELECTION

     Customer confirms that all transactions in the Account will         [ ]
     represent bona fide hedging transactions, as defined by the
     Commodity Futures Trading Commission, unless DWR is notified
     otherwise not later than the time an order is placed for the
     Account [check box if applicable]:

Pursuant to CFTC  Regulation  190.06(d),  Customer  specifies  and agrees,  with
respect to hedging  transactions  in the Account,  that in the unlikely event of
DWR's  bankruptcy,  it prefers that the bankruptcy  trustee  [check  appropriate
box]:

   A.    Liquidate all open contracts without first seeking              [ ]
         instructions either from or on behalf of Customer.

   B.    Attempt to obtain instructions with respect to the              [ ]
         disposition of all open contracts. (IF NEITHER BOX IS
         CHECKED, CUSTOMER SHALL BE DEEMED TO ELECT A)

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

ACKNOWLEDGEMENT  OF RECEIPT OF RISK DISCLOSURE  STATEMENTS 

The undersigned each hereby  acknowledges its separate receipt from DWR, and its
understanding  of each of the  following  documents  prior to the opening of the
account:

 o  Risk Disclosure Statement             o  Project A(TM) Customer  Information
    for Futures and Options                  Statement
    (in the form prescribed by         
    CFTC Regulation 1.55(c))
 o  LME Risk Warning Notice               o  Questions  &  Answers  on  Flexible
                                             Options Trading at the CBOT
 o  Dean Witter Order Presumption         o  CME  bAverage  Pricing  System Dis-
    for After Hours Electronic Markets       closure Statement
 o  NYMEX ACCESS(SM) Risk Disclosure      o  Special  Notice  to Foreign Brokers
    Statement                                 and Foreign Traders
 o  Globex(R) Customer Information and 
    Risk Disclosure Statement

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

REQUIRED SIGNATURES

The undersigned has received, read, understands and agrees to all the provisions
of this Agreement and the separate risk disclosure  statements  enumerated above
and  agrees to  promptly  notify DWR in  writing  if any of the  warranties  and
representations  contained  herein  become  inaccurate or in any way cease to be
true, complete and correct.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
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CUSTOMER NAME(S)
By:   DEMETER MANAGEMENT CORPORATION

By: /s/ Mark J. Hawley                            December 1, 1997
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AUTHORIZED SIGNATURE(S)                            DATE

Mark J. Hawley, President
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(If applicable, print name and title of signatory)