Document:

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                                                                   EXHIBIT 10.43

                                 PROMISSORY NOTE

$250,000.00                              CAMBRIDGE, MASSACHUSETTS
                                         January 3, 2001

     FOR VALUE RECEIVED, the undersigned Paul Hamelin and Martha K. Hamelin
(hereinafter, collectively, "Borrower") hereby promises to pay to the order of
Millennium Pharmaceuticals, Inc., 75 Sidney Street, Cambridge, Massachusetts
02139 (hereinafter called the "Company") the principal amount of TWO HUNDRED
FIFTY THOUSAND DOLLARS ($250,000.00), together with interest on the outstanding
principal balance at a fixed rate of 5.87% annually, in the manner set forth
herein.

     Subject to the terms of this Note regarding acceleration of the repayment
of the principal amount, the principal amount of this Note shall be repayable by
the Borrower in four (4) equal annual instalments on the anniversary of the date
of this note, or if such anniversary is not a business day then on the first
business day thereafter, commencing January 3, 2002 with the final payment of
all principal outstanding hereunder and accrued interest, if any, on January 3,
2005.

     The principal amount remaining from time to time unpaid and outstanding
shall bear interest, both before and after the occurrence of an event of default
and before and after judgement to the date of the repayment in full of the
principal amount, at the rate specified above. Interest at such rate shall
accrue daily and be calculated on the basis of the actual number of days elapsed
in a year of 365 days or 366 days, as the case may be, and shall be payable
annually, in arrears, on the first anniversary of the date of this note
commencing January 3, 2002, or if such anniversary is not a business day then on
the first business day thereafter. Overdue interest shall bear interest at the
same rate, calculated as aforesaid.

     The funds advanced to the Borrower hereunder shall be used by the Borrower
exclusively for the purpose of acquiring the Property (as defined below) and for
no other purpose.

     At the option of the Company all outstanding sums advanced to the Borrower
pursuant to this Note shall become immediately due and payable, without notice
or demand, upon the termination for any reason, including death, of the
Borrower's employment with the Company or any of its subsidiaries. In the event
of such termination, the Company shall have the right to set off any amounts
which the Borrower owes the Company hereunder against any monies which the
Company or any of its subsidiaries may owe to the Borrower, of any nature
whatsoever, including without limitation, any compensation and any severance
owed as an employee of the Company or any of its subsidiaries or any other
benefit owed or held by the Borrower as an employee of the Company or any of its
subsidiaries and the Borrower hereby agrees to and authorize any such setoff.
For purposes of this paragraph and the following two paragraphs only, the term
"Borrower" shall refer only to Paul Hamelin where the context so requires.

     The indebtedness evidenced by this Note is secured by a Mortgage on certain
real estate located at 51 Nutmeg Lane, N. Andover, MA 01845 (the "Property")
which Mortgage will be duly executed and delivered to the Company by the
Borrower upon the Company's request, and the Borrower will obtain any consents
necessary to secure such Mortgage. The Borrower represents, warrants and
covenants that

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there will be no other liens on the Property except as reflected on Schedule 1
hereto. Reference is made to the Mortgage for additional rights of the Company
to accelerate the indebtedness evidenced by this Note. This Note shall become
immediately due and payable, without notice or demand, if the Borrower fails to
execute and deliver such Mortgage as required herein and, in such event, the
Company shall have the right to set off any amounts which the Borrower owes the
Company hereunder against any monies which the Company or any of its
subsidiaries may owe to the Borrower, of any nature whatsoever, including
without limitation, any compensation and any severance owed as an employee of
the Company or any of its subsidiaries or any other benefit owed or held by the
Borrower as an employee of the Company or any of its subsidiaries and the
Borrower hereby agrees to and authorizes any such setoff.

     If the payment of principal on this Note is not paid in accordance with the
terms aforementioned, then this Note shall be deemed to be in default and (i)
the Company shall have the right to set off any amounts which may be due to the
Company hereunder or under the Mortgage from any monies which the Company may
owe to the Borrower at any time, of any nature whatsoever, including without
limitation, any compensation and any severance owed as an employee of the
Company or any of its subsidiaries or any other benefit owed or held by the
Borrower as an employee of the Company or any of its subsidiaries and the
Borrower hereby agrees to and authorize any such setoff and (ii) if suit is
brought to collect this Note and if foreclosure proceedings are instituted with
respect to the Mortgages referred to herein, the Company shall be entitled to
collect, in addition to any principal outstanding hereunder, all costs and
expenses incurred by it in connection with such collection, to include, but not
necessarily be limited to, attorneys' fees and expenses.

     The Borrower shall have the right to prepay the principal of this Note, in
whole or in part, at any time or times, without penalty.

     Presentment, notice of dishonor and protest are hereby waived by the
Borrower. This Note shall be binding upon the Borrower and the Borrower's heirs,
executors, administrators and legal representatives.

     No delay or omission on the part of the Company in exercising any rights
hereunder shall operate as a waiver of such rights or of any other right of the
Company, nor shall any delay, omission or waiver on any one occasion be deemed
as a bar to or waiver of the same or any other right on any future occasion.
This Note may not be changed or terminated orally.

     All rights and obligations hereunder shall be governed by, and construed
and enforced in accordance with, the substantive laws of The Commonwealth of
Massachusetts, and this Note is executed as, and shall have effect of, a sealed
instrument.

     If any provision of this transaction is inconsistent with the laws and
statutes of The Commonwealth of Massachusetts, the rest of the transaction shall
not be affected, and that part that is not in accord with the said laws shall be
adjusted to so comply.

                                       2
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     IN WITNESS WHEREOF, the undersigned have executed this Note as an
instrument under seal this third day of January, 2001.

                                       3
<PAGE>

                                           /s/ PAUL HAMELIN
                                               Paul Hamelin

                                           /s/ MARTHA K. HAMELIN
                                               Martha K. Hamelin

                                       4
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                                   SCHEDULE 1

                              Liens on the Property

                                       5<PAGE>

                                                                   Exhibit 10.12

                     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 SELECT 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 March 21, 1991, as amended, and a Limited Partnership Agreement
dated as of March 21, 1991, 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 June 1, 1998 (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

                                 -2-

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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

                                 -3-

<PAGE>

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

                                 -4-

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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 SELECT 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

                                 -5-

<PAGE>

                  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 SELECT 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

                                 -6-

<PAGE>

FUTURES CUSTOMER AGREEMENT

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

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

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

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

<PAGE>

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;

                                 -2-

<PAGE>

         (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

                                 -3-

<PAGE>

         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

                                 -4-

<PAGE>

         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

                                 -3-

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

                                 -10-

<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           o   Project ATM Customer Information
    Futures and Options (in the                 Statement
    form prescribed by CFTC Regulation
    1.55(c))

o   LME Risk Warning Notice                 o   Questions & Answers on Flexible
                                                Options Trading at the CBOT

o   Dean Witter Order Presumption for       o   CME Average Pricing System
    After Hours ElectronicMarkets               Disclosure Statement

o   NYMEX ACCESSSM Risk Disclosure          o   Special Notice to Foreign
    Statement                                   Brokers 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 SELECT L.P.
-------------------------------------------------------------------------------
CUSTOMER NAME(S)
By:     DEMETER MANAGEMENT CORPORATION

By: /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)

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