Document:

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                                                                   Exhibit 10.15

                     AMENDED AND RESTATED CUSTOMER AGREEMENT

            THIS CUSTOMER AGREEMENT (this "Agreement"), made as of the 16th day
of October, 2000, by and between MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC
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 April 29, 1994, and a Limited Partnership Agreement dated as of
May 27, 1994, as amended, and as further amended and restated as of February 28,
2000, 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 ("Limited Partners"), 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
other securities on a limited basis, 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 the 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 December 1, 1997 (the "Customer
Agreement"), whereby DWR agreed to perform non-clearing 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 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

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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 Morgan Stanley &
Co. Incorporated ("MS&Co.") and Morgan Stanley & Co. International Limited
("MSIL") for execution and clearing of futures interests transactions on behalf
of the Customer in accordance with instructions provided by the Trading Advisor,
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. Except as otherwise set forth herein
and in the Prospectus, the Customer, and not DWR, shall be responsible for all
taxes, management and incentive fees to the Trading Advisors, brokerage fees to
DWR, and all extraordinary expenses incurred by it. DWR shall pay all of the
offering and ordinary administrative expenses of the Customer (including, but
not limited to, legal, accounting, and auditing fees, printing costs, filing
fees, escrow fees, marketing costs and expenses and other related expenses) and
all charges of MS&Co. and MSIL for executing and clearing the Customer's futures
interests trades (as described in paragraph 5 below), and shall not be
reimbursed therefor.

            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. COMPENSATION OF DWR. The Customer will pay brokerage fees to DWR
at a monthly flat-rate. The Customer will pay to DWR a monthly flat-rate fee of
1/12 of 7.25% of the Customer's Net Assets (a 7.25% annual rate) as of the first
day of each month. DWR will receive such brokerage fees irrespective of the
number of trades executed on the Customer's behalf.

            DWR will pay or reimburse the Customer, from brokerage fees received
by it, all charges of MS&Co. and MSIL for executing and clearing trades for the
Customer, including floor brokerage fees, exchange fees, clearinghouse fees, NFA
fees, "give up" fees, any taxes (other than income taxes), any third party
clearing costs incurred by MS&Co. and MSIL, and costs associated with taking
delivery of futures interests. For purposes of clarity, DWR does not pay or
reimburse the Customer for the mark-up, spread, or other profit of MS&Co.
included as a part of the transaction price on each foreign currency forward
contract trade executed with

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MS&Co. pursuant to the Foreign Exchange and Options Master Agreement between
MS&Co. and the Customer.

            From time to time, DWR may increase or decrease brokerage fees to be
charged to the Customer; PROVIDED, HOWEVER, that: (i) notice of such increase is
mailed to each Limited Partner at least five business days prior to the last
date on which a "Request for Redemption" must be received by the General Partner
with respect to the applicable Redemption Date; and (ii) such notice shall
describe the redemption and voting rights of Limited Partners.

            Notwithstanding the foregoing, the Customer's expenses are subject
to the following limits: (a) if the Customer were to pay roundturn brokerage
commissions, the brokerage commissions (excluding transaction fees and costs)
payable by the Customer to DWR shall not exceed 80% of DWR's published
non-member rates for speculative accounts and (b) the aggregate of (i) brokerage
commissions (or fees) payable to DWR, (ii) transaction fees and costs payable by
the Customer, and (iii) net excess interest and compensating balance benefits to
DWR (after crediting the Customer with interest as described in the Prospectus)
shall not exceed 14% annually of the Customer's average month-end Net Assets
during each calendar year.

            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 at
the rate earned by DWR on its U.S. Treasury bill investments with customer
segregated funds as if 80% of the Customer's average daily Net Assets for the
month were invested in U.S. Treasury bills at that rate. 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 the Customer on or
with respect to forward contracts and other futures interests but not actually
received 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 MS&Co. and MSIL, as agreed from time
to time with MS&Co. and MSIL, on the Customer's assets deposited as margin with
MS&Co. and MSIL. 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

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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

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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 and
performing services for Customer 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 Prospectus.

            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:

               MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
               c/o Demeter Management Corporation
               Two World Trade Center, 62nd Floor
               New York, New York  10048
               Attn: Robert E. Murray
                     President and Chairman

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            if to DWR:

               DEAN WITTER REYNOLDS INC.
               Two World Trade Center, 62nd Floor
               New York, New York  10048
               Attn: Robert E. Murray
                     Senior 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.

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

                                    MORGAN STANLEY DEAN WITTER SPECTRUM
                                    STRATEGIC L.P.

                                    By:  Demeter Management Corporation,
                                          General Partner

                                    By: /s/ Robert E. Murray
                                       ---------------------------------
                                       Robert E. Murray
                                       President and Chairman

                                    DEAN WITTER REYNOLDS INC.

                                    By: /s/ Robert E. Murray
                                       ----------------------------------------
                                       Robert E. Murray
                                       Senior Vice President

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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.

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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;

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      (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

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      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

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      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

                                      -5-
<PAGE>

      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

                                      -6-
<PAGE>

            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

                                      -7-
<PAGE>

      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

                                      -8-
<PAGE>

            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.

                                      -9-
<PAGE>

      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

                                      -10-
<PAGE>

      consisting of funds held in dollars, funds held in the particular foreign
      currency, and non-segregated assets of DWR.

                                      -11-
<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/ Robert E. Murray
                                            ------------------------------------

AUTHORIZATION TO TRANSFER FUNDS:
(Agreement Paragraph 26)                    X  /s/ Robert E. Murray
                                            ------------------------------------

ACKNOWLEDGEMENT TO SUBORDINATION AGREEMENT
(Agreement Paragraph 27)                    X  /s/ Robert E. Murray
                                            ------------------------------------
                                            (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 for Futures    o Project A(TM) Customer Information
  and Options (in the form prescribed by     Statement
  CFTC Regulation 1.55(c))                 o Questions & Answers on Flexible
o LME Risk Warning Notice                    Options Trading at the CBOT
o Dean Witter Order Presumption for After  o CME Average Pricing System
  Hours Electronic Marke                     Disclosure 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.

MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
--------------------------------------------------------------------------------
CUSTOMER NAME(S)
By:   DEMETER MANAGEMENT CORPORATION

X  /s/ Robert E. Murray                           October 16, 2000
---------------------------------------           ------------------------------
AUTHORIZED SIGNATURE(S)                            DATE

Robert E. Murray, President and Chairman
--------------------------------------------------------------------------------
(IF APPLICABLE, PRINT NAME AND TITLE OF SIGNATORY)<PAGE>

                                                                   EXHIBIT 10.16

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

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

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

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

      3.    PAYMENT AND INTEREST OBLIGATIONS.

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

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

<PAGE>

Stanley other than that paid by DWR pursuant to the Customer's DWR Customer
Agreement. DWR shall pay Morgan Stanley interest on any debit balances in the
Account at such rates as Morgan Stanley and DWR shall agree from time to time.

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

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

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

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

      5.    STANDARD OF LIABILITY AND INDEMNIFICATION.

            (A) Standard of Liability. Morgan Stanley and its affiliates (as
defined below) shall not be liable to Customer, the general partner or the
limited partners, or any of its or their respective successors or assigns, for
any act, omission, conduct, or activity undertaken by or on behalf of the

                                       2
<PAGE>

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

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

                                       3
<PAGE>

repaid, with interest at the legal rate under Delaware law, if the person
receiving such advance is ultimately found not to be entitled to indemnification
hereunder.

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

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

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

      6.    GENERAL AGREEMENTS.   The parties agree that:

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

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

                                       4
<PAGE>

Advisors or any other authorized agent of Customer. Errors made by floor brokers
appointed or selected by Morgan Stanley shall constitute errors made by Morgan
Stanley. However, Morgan Stanley shall not be responsible for errors committed
by the Trading Advisors.

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

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

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

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

           (D)    ACCEPTANCE OF ORDERS; POSITION LIMITS.

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

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

            (E) ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT
OBLIGATIONS. Customer shall make, or cause to be made, all applicable original
margin, intra-day margin and premium payments, and perform all other obligations
attendant to transactions or positions in such Contracts, as

                                       5
<PAGE>

may be required by Applicable Law or by Morgan Stanley. Requests for margin
deposits and/or premium payments may, at Morgan Stanley's election, be
communicated to Customer orally, telephonically or in writing. Customer margin
deposits and/or premium payments shall be made by wire transfer to Morgan
Stanley's Customer Segregated Account and shall be in U.S. dollars unless Morgan
Stanley and the Customer specifically agree otherwise. All Contracts for the
Account shall be margined at the applicable exchange or clearing house minimum
rates for speculative accounts.

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

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

            (H)   DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE.

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

                  (ii) Short option Contracts may be subject to exercise at any
      time. Exercise notices received by Morgan Stanley from the applicable
      contract market with respect to option

                                       6
<PAGE>

      Contracts sold by Customer may be allocated to Customer pursuant to a
      random allocation procedure, and Customer shall be bound by any such
      allocation of exercise notices. In the event of any allocation to
      Customer, unless Morgan Stanley has previously received instructions from
      Customer, Morgan Stanley's sole responsibility shall be to use its best
      efforts to notify Customer of such allocation.

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

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

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

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

      8.    MISCELLANEOUS.

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

            (B) BINDING EFFECT. This Agreement shall be binding on and inure to
the benefit of the parties and their successors. Morgan Stanley shall have the
right to transfer or assign this Agreement

                                       7
<PAGE>

(and thereby the Account) to any successor entity in its sole and absolute
discretion and without obtaining the consent of Customer.

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

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

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

                  (i)    if to Morgan Stanley:

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

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

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

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

            (H) GOVERNING LAW. THE INTERPRETATION AND ENFORCEMENT OF THIS
AGREEMENT AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CHOICE OF LAW.

            (I) CONSENT TO JURISDICTION. ANY LITIGATION BETWEEN MORGAN STANLEY
AND CUSTOMER RELATING TO THIS AGREEMENT OR TRANSACTIONS HEREUNDER SHALL TAKE
PLACE IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN
OR IN THE UNITED STATES DISTRICT

                                       8
<PAGE>

COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. CUSTOMER CONSENTS TO THE SERVICE OF
PROCESS BY THE MAILING TO CUSTOMER OF COPIES OF SUCH COURT FILING BY CERTIFIED
MAIL TO THE ADDRESS OF CUSTOMER AS IT APPEARS ON THE BOOKS AND RECORDS OF MORGAN
STANLEY, SUCH SERVICE TO BE EFFECTIVE TEN DAYS AFTER MAILING. CUSTOMER HEREBY
WAIVES IRREVOCABLY ANY IMMUNITY TO WHICH IT MIGHT OTHERWISE BE ENTITLED IN ANY
ARBITRATION, ACTION AT LAW, SUIT IN EQUITY OR ANY OTHER PROCEEDING ARISING OUT
OF OR BASED ON THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION HEREWITH.

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

                                       9
<PAGE>

            (K)  CUSTOMER ACKNOWLEDGEMENTS.

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

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

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

                 |_|     LIQUIDATE                      |_|   NOT LIQUIDATE

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

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

MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
("Customer")
      By:  DEMETER MANAGEMENT CORPORATION, GENERAL PARTNER

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

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

MORGAN STANLEY & CO. INCORPORATED

         /s/  W. Thomas Clark             6/6/00
      --------------------------------------------------
      (Signature)                                (Date)

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

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

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

                                       10
<PAGE>

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

                                       11

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