Document:

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                                                                   EXHIBIT 10.01

PAINEWEBBER

                       INSTITUTIONAL FUTURES AND OPTIONS

                             ACCOUNT DOCUMENTATION

                            PAINEWEBBER INCORPORATED
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                        INSTITUTIONAL ACCOUNT DOCUMENTS
                        COMMODITIES, FUTURES AND OPTIONS

<TABLE>
<CAPTION>
      Branch                          Account Number                                 Broker
<S>       <C>          <C>       <C>       <C>       <C>       <C>               <C>       <C>
    T         8            1         3         2         0         0                 Y         A
</TABLE>

                   Full Account Name    Federal Tax I.D. No.

  Campbell Alternative Asset Trust                   52-2238521

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              PLEASE READ THE SEPARATE RISK DISCLOSURE STATEMENTS
                            BEFORE SIGNING THIS FORM
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1.  INTRODUCTION

     In this Agreement, "Customer" means Campbell Alternative Asset Trust.
"PaineWebber" means PaineWebber Incorporated, its successor firms, subsidiaries,
correspondents, affiliates and assigns. "Contracts" mean physical commodities,
commodity futures, financial futures, and options on any of the forgoing.
"Account" means any and all accounts opened or maintained by PaineWebber on
Customer's behalf to trade Contracts. "Property" means all Contracts, securities
and commodities, including but not limited to cash, monies, stocks, options,
bonds, notes, forward contracts, futures contracts, physical commodities,
commodity options, certificates of deposit and other obligations.

     In consideration of PaineWebber's opening and maintaining an Account,
Customer hereby represents and agrees as follows:

2.  CUSTOMER REPRESENTATIONS

     Customer represents and warrants that (i) it is authorized to enter into
transactions in Contracts and to execute this Agreement and perform its
obligations, and has taken all necessary action to authorize such execution and
performance; (ii) it shall enter into such transactions as principal (or, if
agreed in writing in advance of the execution of any transaction on Customer's
behalf by PaineWebber, as agent for a disclosed principal); (iii) each person
signing this Agreement on Customer's behalf is duly authorized to do so on its
behalf (and on behalf of any such disclosed principal) and to bind Customer to
the obligations, representations and warranties under this Agreement; (iv)
Customer has obtained all authorizations of any governmental body required in
connection with this Agreement and such authorizations are in full force and
effect; and (v) the execution, delivery and performance of this Agreement and
any transaction in Contracts entered into by Customer will not violate any law,
ordinance, charter, by-law or rule applicable to it or any agreement by which it
is bound or by which any of its assets are affected. Upon the execution of any
transaction by PaineWebber on Customer's behalf, Customer shall be deemed to
repeat all of the foregoing representations.

3.  APPLICABLE LAW

     Customer agrees to conduct its business with PaineWebber in accordance with
all applicable federal and state laws and regulations. Customer agrees to take
no action placing PaineWebber in violation of any such law or regulation, or in
violation of the rules, regulations or other requirements of the exchanges or
clearing houses on which PaineWebber executes transactions for Customer,
including margin requirements. If Customer itself violates or causes PaineWebber
to violate any such rule, regulation or other

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requirement, or any applicable federal or state law or regulation, Customer
shall indemnify and hold PaineWebber harmless from the consequences.

4.  TRADING RECOMMENDATIONS

     Customer acknowledges that any trading recommendation or information
furnished by PaineWebber is provided without any warranty, representation or
guaranty as to accuracy, completeness, profitability or timeliness and Customer
shall in no way hold PaineWebber responsible for any loss incurred as a result
of PaineWebber's recommendations or suggestions.

     PaineWebber, and its officers, directors, affiliates, stockholders, or
employees may take or hold positions in, or advise other customers concerning
Contracts which are the subject of recommendations or information provided to
Customer, which positions or advice may be inconsistent with recommendations
given to, or positions established by Customer.

5.  COMMISSIONS AND FEES

     Customer understands that PaineWebber charges commissions for the execution
of transactions. Customer shall pay such commissions, as defined in Campbell
Alternative Asset Trust's Prospectus and agreed to by both parties to this
Agreement. Such charges incurred in connection with transactions in the Account,
including, without limitation, any tax, transaction fee, charge, fine, penalty
or other expense imposed by any exchange, clearing house, Self-Regulatory
Organization or governmental body are acknowledged by the Customer.

6.  CONFIRMATIONS

     Verbal reports of the execution of orders made by PaineWebber to Customer
prior to the opening of business on the business day following the execution of
each trade shall be conclusive and deemed ratified if not objected to
immediately. PAINEWEBBER'S STATEMENTS AND CONFIRMATIONS ARE IMPORTANT.
PAINEWEBBER RECOMMENDS THAT CUSTOMER HAVE DUPLICATE STATEMENTS AND CONFIRMATIONS
SENT TO CUSTOMER'S INTERNAL AUDITOR, AND TO ANY PERSON RESPONSIBLE FOR
MONITORING CUSTOMER'S TRADER. CUSTOMER AGREES TO REVIEW ALL STATEMENTS AND
CONFIRMATIONS UPON RECEIPT, AND TO NOTIFY PAINEWEBBER IMMEDIATELY IF CUSTOMER
BELIEVES THERE IS ANY ERROR OR OMISSION OR IF THE WRITTEN REPORT IS NOT
CONSISTENT WITH THE PREVIOUS VERBAL REPORT SO THAT THE DISCREPANCY CAN BE
RECONCILED PROMPTLY. Customer shall be responsible for any failure to so notify
PaineWebber and for any delay in notifying PaineWebber of any error, omission or
discrepancy.

Any such notification should be directed to:

                                PAINEWEBBER INCORPORATED
                                Attention: Manager, Futures Credit Department
                                800 Washington Boulevard
                                Jersey City, New Jersey 07310-1998
                                (201) 318-3000
                                (312) 533-8217 (Fax)

     If Customer fails to make such notification, Customer shall be deemed to
have adopted and ratified any such trade and to have waived any right to have it
removed from the Account. Losses incurred from any delay in notifying
PaineWebber shall be borne by Customer and in any event Customer agrees that
reports of the execution of orders and statements of account will be conclusive
and will be accepted as belonging to Customer if not objected to within two (2)
business days from the date the statement, confirmation or duplicate is
received. If PaineWebber discovers any error or omission, PaineWebber has the
right to correct it and adjust Customer's Account accordingly. If PaineWebber
does so, it will promptly notify Customer, which notification may be in the form
of a written confirmation or statement.

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7.  DELIVERY OR EXERCISE

     In the event Customer undertakes to exercise an option or to accept an
option assignment, or PaineWebber undertakes to sell or deliver, or buy or take
delivery of any Property on behalf of Customer, Customer shall supply
PaineWebber with the instructions and/or Property at the time, in the manner and
under the terms and conditions necessary for PaineWebber to effect such exercise
or delivery. If Customer fails to so supply PaineWebber with same before any
deadline PaineWebber may reasonably set, then, in addition to any other right or
remedy PaineWebber may have, PaineWebber may purchase or borrow for the account
of Customer any Property necessary to make or receive delivery on such terms and
conditions as PaineWebber, in its discretion, may determine. If funds,
documents, or instructions are not received by the time specified, PaineWebber
may, without notice to Customer and upon such terms and by such methods as
PaineWebber may determine in its discretion, (i) exercise or liquidate the
positions of Customer; (ii) make or receive delivery of the positions of
Customer; (iii) make or receive delivery on behalf of Customer; or (iv) allow
Contracts to expire, all for the account and risk of Customer.

8.  POSITION LIMITS

     PaineWebber has the right, at any time and in its discretion, to limit the
number of open positions in Property that may be carried in Customer's Account.
Customer shall not exceed any position limit that may be established by
PaineWebber or by any governmental regulation or the rules of any exchange or
Self-Regulatory Organization, whether Customer is acting alone or in concert
with others. If Customer exceeds any such limit, PaineWebber may, in its
discretion, decline to accept any order, or require that positions in Customer's
Account be transferred to another firm, and liquidate any position that is not
promptly transferred. Customer shall promptly notify PaineWebber of any position
for which Customer is required to file reports under any governmental regulation
or the rules of any exchange or Self-Regulatory Organization, including any
large trader report filed with the Commodity Futures Trading Commission or any
exchange or Self-Regulatory Organization. When and if PaineWebber imposes its
own position limits on Customer, PaineWebber does so for internal reasons, (such
as limiting PaineWebber's own financial exposure). Customer may make its own
determination what limits are appropriate for Customer. Customer agrees not to
look to PaineWebber to enforce it's own self-imposed limits.

9.  FURNISHING INFORMATION

     Upon request, Customer shall promptly furnish PaineWebber with such
documents and information relating to any transaction or position effected or
carried for Customer (including, without limitation, any transaction in physical
commodities in connection with an exchange for physicals transaction on any
exchange) considered necessary by PaineWebber to ensure compliance with any law,
governmental regulation or the rules of any exchange, clearing house or
Self-Regulatory Organization applicable to PaineWebber. PaineWebber may, from
time to time, contact third persons to verify any financial information
furnished to it by Customer.

10.  EMERGENCY ACTIONS

     In addition to any other right or remedy PaineWebber has under this
Agreement, any governmental regulation or the rules of any exchange, clearing
house or Self-Regulatory Organization, PaineWebber is authorized, without notice
to Customer, to take such steps as it, in its discretion, considers necessary or
appropriate in the event any exchange, clearing house, Self-Regulatory
Organization or governmental authority orders emergency or other action. Such
authority may include, without limitation, steps to (i) liquidate Property
carried in the Account of Customer, (ii) enter into straddle or spread
positions, or (iii) transfer Property in any account of Customer at PaineWebber
to another account of Customer at PaineWebber or another futures commission
merchant or broker.

11.  CURRENCY EXCHANGE RATES

     In the event that any transaction is effected on any exchange in a foreign
currency, any profit or loss arising as a result of a fluctuation in the
exchange rate affecting such currency shall be entirely for the account and risk
of Customer. Initial and subsequent deposits for margin purposes shall be made
in United

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States currency, unless PaineWebber requests or specifically agrees with
Customer to accept any such deposit in the currency of some other country, in
which case such deposit shall be made in such currency. When any position is
liquidated, PaineWebber will debit or credit the Account of Customer in United
States currency at the rate of exchange determined by PaineWebber in good faith,
unless Customer shall have given PaineWebber specific written instructions to
make such debit or credit in the foreign currency involved. Certain transactions
in foreign currencies will also be subject to the Subordination Agreement and
Disclosure Relating to Funds Held Outside the United States.

12.  EVENTS BEYOND PAINEWEBBER'S CONTROL

     PaineWebber will not be liable for delays or errors in the transmission or
execution of orders due to (i) the breakdown or failure of transmission or
communication facilities; (ii) government, market or exchange restrictions;
(iii) suspension of trading; (iv) war, strikes, or natural disasters; or (v) for
any other cause beyond PaineWebber's control.

13.  COMMUNICATIONS

     a.  All reports of transactions, statements, notices and other
         communications required or permitted under this Agreement may be
         transmitted to Customer at the address or to any of the telephone,
         telex or telefax numbers specified by Customer in this Agreement, or at
         such other address or number as Customer may specify by written notice
         to PaineWebber. All such reports, statements, notices and other
         communications will be deemed delivered when telephoned, or when
         delivered in person, or when deposited in the United States mail, or
         when dispatched in the case of telex, telefax or other electronic
         transmission.

     b.  PaineWebber may record any telephone conversation between any of its
         employees and Customer. Customer agrees to such recording without
         further notice and waives any and all rights to object to the
         admissibility into evidence of any such recording in any legal
         proceeding. This Agreement shall not obligate PaineWebber to make any
         such recording, to keep any recording it makes, or to make available to
         Customer any such recording.

     c.  Customer acknowledges that all price quotations, trade reports and
         other information are subject to correction, as well as delays in
         reporting.

14.  INDEMNIFICATION, CONTRIBUTION AND REIMBURSEMENT

     a.  Customer agrees to indemnify PaineWebber and its shareholders,
         directors, officers, employees and agents against any liability which
         they may incur with respect to Customer's Account or as a result of
         Customer's violation of any obligation under this Agreement, or of
         Customer's misstatements in connection with Customer's Account. Such
         indemnification shall include, without limitation, legal fees and
         expenses, settlements of claims, interest and any fine imposed by an
         exchange, clearinghouse, Self-Regulatory Organization, or governmental
         body. PaineWebber will remain liable, however, for acts and omissions
         which arise from PaineWebber's breach of this Agreement or violation of
         any law, rule or governmental regulation, except to the extent that
         PaineWebber was acting in good faith or according to Customer's
         instruction.

     b.  If in any circumstance the indemnification provided for in paragraph
         (a) is legally held to be unavailable from Customer, the parties will
         contribute to such liability in proportions appropriate to reflect the
         parties' relative benefits and faults in connection with any act or
         omission.

     c.  Customer agrees to reimburse PaineWebber and its shareholders,
         directors, officers, employees and agents on demand for any cost
         incurred in collecting any sum Customer owes under this Agreement and
         any cost of successfully defending against any claim asserted by
         Customer.

     d.  Any outstanding debit balance in Customer's Account will accrue
         interest, in accordance with PaineWebber's usual custom, at the maximum
         rate permitted by the laws of the State of New York. Any such interest
         unpaid at the end of a calendar month will be added automatically to
         the opening balance in such Customer Account for the next calendar
         month.

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15.  MARGINS AND PREMIUMS

     With respect to each Contract purchased, sold or cleared for Customer,
Customer shall make, or cause to be made, all applicable original margin,
variation margin and premium payments, and perform all other obligations
attendant to transactions or positions in Contracts, as such payments or
performance may be required by PaineWebber, applicable federal and state law and
regulations, and the rules, regulations and other requirements of the applicable
exchange or clearing house. It is understood and agreed that margins required by
PaineWebber may be higher than the minimum required by various exchanges and may
be increased at any time and from time to time without prior notice to Customer.

16.  SECURITY

     a.  As security for the performance of all of Customer's obligations to
         PaineWebber arising in connection with the Account, transactions and/or
         positions included in this Agreement, Customer hereby pledges, assigns
         and grants PaineWebber a lien on and security interest in all of
         Customer's Property in Customer's accounts at PaineWebber (whether held
         as margin, or for safekeeping or otherwise). Customer shall take such
         actions as PaineWebber reasonably requires to perfect this lien and
         security interest.

     b.  If,

          i.   Customer commences a voluntary case, or an involuntary case is
               commenced against Customer, under any applicable bankruptcy,
               insolvency or other similar law, or a receiver, liquidator,
               trustee, custodian, sequestrator, or other similar official is
               appointed or takes possession of Customer or Customer's property,
               or Customer is insolvent, makes any general assignment for the
               benefit of creditors, or fails generally to pay debts as they
               become due; or

          ii.   Customer takes any corporate, partnership or other action to
                effect a dissolution, liquidation, reorganization, or winding up
                of Customer's affairs; or

          iii.  Customer fails or refuses to pay margin or any other sum as and
                when due or defaults in the performance of any of its other
                obligations under this Agreement; or

     PaineWebber may take any action set forth in Section 11 (Emergency Actions)
and may also take any one or more of the following actions with respect to
Customer's Account:

     A.  sell, exercise, offset, deliver or otherwise liquidate any or all
         Property long;

     B.  buy in, offset, take delivery of, or otherwise liquidate any or all
         Property short;

     C.  buy or sell Property, or enter into and/or liquidate straddle or spread
         positions, in order to liquidate or reduce the risk associated with
         carrying any Property long or short;

     D.  cancel any outstanding order, close out any or all outstanding
         Contracts, close the Account, sell, set off against or otherwise
         dispose of any Property (whether held as margin or otherwise) and
         satisfy any obligation Customer may have to PaineWebber or its agents
         out of any such Property or the proceeds from its sale or other
         disposition; or

     E.  exercise all rights and remedies of a secured party under the Uniform
         Commercial Code and other applicable law.

     Any of these actions may be taken without demand for margin or additional
margin, and without notice to Customer. In all cases, a prior demand, call or
notice of the time or place of sale or purchase shall not be considered a waiver
of PaineWebber's right to sell or to buy without demand, call or notice as
herein provided. Any purchase, sale, offset or liquidation may be made, in
PaineWebber's discretion, either by direct sale or purchase in the same market
and for delivery in the same month, or in another market or another month, or by
spread or straddle transactions, and may be made on any exchange or elsewhere.
PaineWebber will not be liable for any loss incurred or any damage which
Customer suffers because of this action. In the event that the Property which
PaineWebber holds and applies is insufficient for the payment in full of all of
Customer's obligations owing to PaineWebber, Customer shall remain liable for
the deficit upon demand, together with interest thereon and all costs of
collection (including attorney's fees and expenses.)
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17.  TERMINATION

     This Agreement may be terminated by either party hereto in its sole
discretion upon giving ten (10) days notice to the other, except that this
Agreement shall, notwithstanding such notice, remain applicable to any Property
then outstanding and will not relieve either party of any obligation in
connection with any debit balance or credit balance or other liability or
obligation accruing prior to such termination.

18.  TRADING SESSION ACKNOWLEDGMENT

     Customer understands and acknowledges that PaineWebber may provide
brokerage service for the trading of Contracts on various exchanges and at
various times. Customer further acknowledges that this Agreement does not
entitle Customer to participate in any particular trading session unless
qualified in accordance with PaineWebber policy.

19.  GOVERNING LAW

     THIS AGREEMENT AND ITS ENFORCEMENT SHALL BE GOVERNED BY THE LAWS OF THE
UNITED STATES AND THE STATE OF NEW YORK AND ITS PROVISIONS SHALL BE CONTINUOUS,
AND SHALL COVER INDIVIDUALLY AND COLLECTIVELY ALL ACCOUNTS WHICH CUSTOMER MAY
OPEN OR REOPEN WITH PAINEWEBBER TO TRADE CONTRACTS AND EACH AND EVERY
TRANSACTION EFFECTED OR POSITION CARRIED FOR CUSTOMER.

20.  SEVERABILITY/WAIVER/MODIFICATION

     a.  Each provision herein shall be treated as separate and independent from
         any other provision and will be enforceable notwithstanding the
         inability to enforce any other provision.

     b.  If any provision herein is or should become inconsistent with any
         present or future law, rule or regulation, such provision will be
         deemed to be rescinded or modified in accordance with any such law,
         rule or regulation. In all other respects, this Agreement will continue
         and remain in full force and effect.

     c.  No waiver or breach of, or default under, any provision of this
         Agreement shall constitute a waiver or breach of, or default under, any
         other provision of this Agreement. Any failure on PaineWebber's part to
         exercise any right, privilege or remedy under this Agreement, or under
         applicable laws, governmental regulations or rules, shall not give rise
         to any right, privilege or remedy on the part of Customer, it being
         understood that such rights, privileges and remedies are for
         PaineWebber's protection.

     d.  No material provision of this Agreement shall in any respect be waived,
         altered, modified or amended except in writing, signed by the parties'
         authorized officers, or except as a result of the parties' need to
         comply with any law, rule, or regulation or amendment thereto.

     e.  This Agreement and any document annexed hereto constitute the entire
         agreement between the parties. Customer has not relied on any
         statement, representation, promise or understanding of any kind not
         embodied herein.

OPTIONAL AUTHORIZATIONS

21.  AUTHORIZATION TO CROSS TRANSACTIONS (OPTIONAL)

     Customer authorizes PaineWebber, its affiliates, directors, officers,
employees, agents, and any floor broker acting on PaineWebber's behalf in any
transaction for Customer's Account, to take the other side of Customer's
Contracts, without prior notice to Customer, subject to such Contracts being
executed at prevailing prices in accordance with the Commodity Exchange Act and
all applicable contract market rules.

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22.  OPTIONAL ELECTIONS

     The following provisions, which are fully set forth in this agreement, need
not be entered into to open an Account with PaineWebber. Customer agrees that
Customer's optional elections are as follows (please provide signature and
date):

     AUTHORIZATION TO TRANSFER FUNDS (Agreement Section 23):

                                  NA

                                ------------------------------------------------
                                Authorized Signature    Date

     AUTHORIZATION TO CROSS TRANSACTIONS (Agreement Section 24):

                                  /s/ THERESA D. BECKS          1/2/01

                                ------------------------------------------------
                                Authorized Signature    Date

     ARBITRATION AGREEMENT (Agreement Section 25):

                                  NA

                                ------------------------------------------------
                                Authorized Signature    Date

23.  RULE 190.06(D) ELECTION

     Customer specifies and agrees that in the unlikely event of PaineWebber's
bankruptcy, it prefers that the bankruptcy trustee (check appropriate box):

[ ] Election A -- Liquidate all open contracts without first seeking either of
    Customer's or its advisor's instructions

or

[X] Election B -- Attempt to contact Customer or its advisor for instructions
    with respect to the disposition of all open contracts

24.  ACKNOWLEDGMENT OF RECEIPT OF SEPARATE RISK DISCLOSURE DOCUMENTS

     Customer hereby acknowledges its separate receipt from PaineWebber, its
review and its understanding of each of the following documents prior to the
opening of Customer Account (please provide signature and date):

     RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS

                                  /s/ THERESA D. BECKS          1/2/01

                                ------------------------------------------------
                                Authorized Signature    Date

    SUBORDINATION AGREEMENT AND DISCLOSURE RELATING TO FUNDS HELD OUTSIDE OF THE
    UNITED STATES

                                            /s/ THERESA D. BECKS

                                ________________________________________________
                                                           1/2/01

                                ------------------------------------------------
                                Authorized Signature    Date

     MUTUAL OFFSET SYSTEM DISCLOSURE STATEMENT

                                            /s/ THERESA D. BECKS

                                ________________________________________________
                                                           1/2/01

                                ------------------------------------------------
                                Authorized Signature    Date
[ ]
[X]
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IN WITNESS WHEREOF the undersigned officers who are authorized to enter into and
execute the foregoing Agreement on behalf of Customer, and hereby agree to its
terms and conditions:

Customer Name & Address:     Campbell Alternative Asset Trust
                             C/O Campbell & Company, Inc, Managing Owner
                             210 West Pennsylvania Avenue, Suite 770
                             Towson, MD 21204

<TABLE>
<S>                                                         <C>

By: Theresa D. Becks                                        By:
-----------------------------------------------------       -----------------------------------------------------

Title: Chief Financial Officer
      Campbell & Company, Inc., Managing Owner              Title:
-----------------------------------------------------       -----------------------------------------------------

Date: 1/2/01                                                Date:
-----------------------------------------------------       -----------------------------------------------------
</TABLE>

                                        9<PAGE>   1

                                                                   EXHIBIT 10.03

                        CAMPBELL ALTERNATIVE ASSET TRUST
                                ESCROW AGREEMENT

     This Escrow Agreement is made and entered into as of January 2, 2001 by and
among Mercantile-Safe Deposit & Trust Company, a Maryland bank & trust company,
as escrow agent (the "Escrow Agent"), Campbell Alternative Asset Trust, a
Delaware business trust (the "Trust") and Campbell & Company, Inc., a Maryland
corporation, the managing owner of the Trust ("Campbell" or the "Managing
Owner").

     Commencing upon the execution of this Agreement, the Escrow Agent shall act
as escrow agent and agrees to receive, hold, deal with and disburse the proceeds
from the sale of Units (the "Proceeds") and any other property at any time held
by the Escrow Agent hereunder in accordance with this Agreement.

     All Proceeds of subscriptions for Units of the Trust shall be deposited in
an escrow account established by the Escrow Agent on behalf of the Trust. All
Proceeds shall be denominated in dollars and deposited in the escrow account by
check or wire transfer, duly made out to Campbell Alternative Asset Trust,
Escrow Account." The Escrow Agent shall promptly notify Campbell of any
discrepancy between the amounts set forth on any statement delivered by Campbell
or the Selling Agents and the sum or sums delivered therewith to the Escrow
Agent. In the event that any checks or other instruments deposited in the escrow
account prove uncollectible, the Escrow Agent shall promptly notify Campbell and
the appropriate Selling Agent and forward such checks or other instruments to
the appropriate Selling Agent.

     Campbell shall deliver to all prospective subscribers interim receipts for
the amount of the Proceeds deposited in this escrow account, reciting the
substance of this Agreement.

     The Escrow Agent, is hereby directed to hold, deal with and dispose of the
aforesaid property and any other property at any time held by the Escrow Agent
hereunder in the following manner subject, however, to the terms and conditions
hereinafter set forth.

     1.  If acceptable subscriptions (as determined by the Managing Owner in its
         discretion) of at least 8,000 Units (constituting cleared funds in the
         aggregate value of at least $8,000,000) have been received at any time
         prior to 270 days from the beginning of the offering period for the
         Units (as described in the Trust's Prospectus, as contained in the
         Trust's Registration Statement on Form S-1 (Registration No. 333-37548)
         (the "Prospectus")) as evidenced by (i) written instructions by the
         Managing Owner, (ii) an affidavit of the Managing Owner and (iii)
         possession in the escrow account of at least $8,000,000 in collected
         funds in payment of such subscriptions, all sums accumulated in this
         escrow account shall be paid over pursuant to the Managing Owner's
         written request. Such affidavit shall set forth the day for such
         payment (the "Closing Date"), which shall not be more than ten business
         days after the close of the initial offering period for the Units.

        The offering will continue after the Closing Date. Subscriptions will be
        deposited in the escrow account until each month-end at which time the
        sums accumulated in this escrow account shall be paid over pursuant to
        the Managing Owner's written request setting forth the date for such
        payment.

     2.  If acceptable subscriptions (as determined by the Managing Owner in its
         discretion) of at least 8,000 Units have not been received prior to 270
         days from the beginning of the offering period, as evidenced by an
         affidavit of the Managing Owner as described above, remittance of all
         funds accumulated in this escrow account shall be made within two
         business days of the termination of the initial offering period, by the
         Escrow Agent directly to the persons on whose behalf such funds were
         deposited, pursuant to the written direction of the Managing Owner, and
         without deductions of any kind or character.

     3.  For the purposes of Paragraphs 1 and 2 above, (i) the offering period
         for the Units shall be deemed to begin on the date that appears on the
         cover page of the Prospectus and (ii) in
<PAGE>   2

         computing the aggregate number of Unit subscriptions, the Managing
         Owner shall not include the initial unit holder's investment for the
         purpose of permitting the formation of the Trust.

     4.  Prior to the delivery, if any, of the escrowed funds to the Trust upon
         sale of the Units, as described above, the Trust shall have no title to
         nor interest in the funds on deposit, and such funds shall under no
         circumstances be subject to the liabilities or indebtedness of the
         Trust.

     5.  The Escrow Agent shall cause all funds deposited with the Escrow Agent
         pursuant to this Agreement to be maintained and invested as the
         Managing Owner may from time to time direct in bank (including
         Mercantile-Safe Deposit & Trust Company) certificates of deposit,
         savings or money market accounts, short-term securities issued or
         guaranteed by the United States Government in compliance with the Rule
         15c2-4 under the Securities Exchange Act of 1934 (the "Exchange Act"),
         as elaborated upon by the Securities and Exchange Commission in the
         National Association of Securities Dealers, Inc. Notice to Members
         84-7, so that such funds can be readily liquidated so that 100% of the
         funds so deposited can be returned to the person entitled thereto under
         the circumstances described above or below. If the deposit into the
         escrow account is made by Federal Funds wire transfer, the Escrow Agent
         shall invest the funds deposited on the same day as deposited, provided
         that such deposit is received by 10 a.m. New York City Time. If the
         deposit into the escrow account is made by Federal Funds wire transfer
         and received by the Escrow Agent after 10:00 a.m. New York City Time,
         the Escrow Agent shall invest the funds deposited on the next business
         day. If the deposit into the escrow account is made by clearinghouse or
         certified check, the Escrow Agent shall invest the funds deposited on
         the next business day following the receipt of the check. The Escrow
         Agent will incur no liability for any loss suffered so long as the
         Escrow Agent follows such direction, subject to the standard of
         liability set forth below. Whether or not subscriptions are accepted
         and Units are sold, or subscriptions are returned and no Units are
         sold, the Managing Owner shall pay the Escrow Agent fees as set forth
         in Schedule I hereto for the Escrow Agent's services as Escrow Agent on
         the Closing Date, if there is one, or if there is no Closing Date,
         within two business days of the termination of the offering period. The
         Escrow Agent agrees that it shall have no right against the Trust with
         respect thereto.

     6.  Interest earned on funds attributable to accepted subscriptions while
         held in the escrow account shall be allocated to the Trust and not to
         any individual subscriber.

     7.  At any time prior to the initial Closing Date, if any, and subsequent
         Closing Dates, the Managing Owner is authorized to notify the Escrow
         Agent that a subscription agreement of a subscriber has not been
         accepted by the Managing Owner and to direct the Escrow Agent to return
         any funds held in this escrow account for the benefit of such
         subscriber directly to such subscriber. If subscription funds (and
         interest earned thereon, if any) shall be returned to subscribers, due
         to rejection of subscriptions or the non-occurrence of the initial
         Closing Date, the Escrow Agent shall do so to the same source from
         which (i.e., a subscriber or an applicable Selling Agent for credit to
         the account of a subscriber) subscription funds were received.

     All documents, including any instrument necessary for the negotiation or
other transfer of escrow assets deposited simultaneously with the execution of
this Agreement are approved by the parties thereto, other than the Escrow Agent.
The Escrow Agent shall not be obliged to inquire as to the form, manner of
execution or validity of these documents or any document hereafter deposited or
delivered to the Escrow Agent pursuant to the provisions hereof, and the Escrow
Agent shall be entitled to rely on each document received and believed by it to
be genuine, nor shall the Escrow Agent be obliged to inquire as to the identity,
authority or rights of the persons executing the same.

     The Escrow Agent shall be liable under this Agreement only for its failure
to exercise due care in the performance of its duties expressly set forth
herein.

     Campbell agrees to pay to the Escrow Agent, promptly upon demand, the
Escrow Agent's reasonable expenses, judgments, attorney's fees and other
liabilities which the Escrow Agent may incur or sustain by reason of this
Agreement.

                                        2
<PAGE>   3

     In the case of conflicting demands upon the Escrow Agent, the Escrow Agent
may withhold performance of this Agreement until such time as said conflicting
demands shall have been withdrawn or the rights of the respective parties shall
have been settled by court adjudication, arbitration, joint order or otherwise.

     Any notice which the Escrow Agent is required or desires to give hereunder
to any of the undersigned shall be in writing and may be given by mailing the
same to the address of the undersigned (or to such other address as said
undersigned may have theretofore substituted therefore by written notification
to the Escrow Agent), by registered or first class mail, postage prepaid. For
all purposes hereof any notice so mailed shall be as effectual as though served
upon the person of the undersigned to whom it was mailed at the time it is
deposited in the United States mail by the Escrow Agent whether or not such
undersigned thereafter actually received such notice. Notices to the Escrow
Agent shall be in writing and shall not be deemed to be given until actually
received by the Escrow Agent's trust department. Whenever under the terms hereof
the time for giving a notice of performing an act falls upon a Saturday, Sunday
or bank holiday, such time shall be extended to the Escrow Agent's next business
day.

     The Escrow Agent's duties and responsibilities shall be limited to those
expressly set forth in this Escrow Agreement and the Escrow Agent shall not be
subject to, or obligated to recognize, any other agreement between or direction
or instruction of, any or all of the parties hereto even though reference
thereto may be made herein; provided, however, with the Escrow Agent's written
consent, this Escrow Agreement may be amended at any time or times by an
instrument in writing signed by all of the then parties in interest.

     If any property subject hereto is at any time attached, garnished or levied
upon, under any court order, or in case the payment, assignment, transfer,
conveyance or delivery of any such property shall be stayed or enjoined by any
court order or in case an order, judgment or decree shall be made or entered by
any court affecting such property, or any part thereof, then in any of such
events, the Escrow Agent is authorized, in its sole discretion, to rely upon and
comply with any such order, writ, judgment or decree, which it is advised by
legal counsel of its own choosing is binding upon it, and if it complies with
any such order, writ, judgment or decree, it shall not be liable to any of the
parties hereto or to any other person, firm or corporation by reason of such
compliance, even though such order, writ, judgment or decree may be subsequently
reversed, modified, annulled, set aside or vacated.

     This Agreement shall be construed, enforced and administered in accordance
with the laws of the State of Delaware.

     The Managing Owner may remove the Escrow Agent at any time (with or without
cause) by giving at least 15 days written notice thereof. Within 10 days after
giving such notice, the Managing Owner shall appoint a successor escrow agent at
which time the Escrow Agent shall either distribute the funds held in the escrow
account, its fees, costs and expenses or other obligations owed to the Escrow
Agent having been paid by Campbell, as directed by the instructions of the
Managing Owner or hold such funds, pending distribution, until all such fees,
costs and expenses or other obligations are paid by Campbell. If a successor
escrow agent has not been appointed or has not accepted such appointment by the
end of the 10-day period, the Escrow Agent may appeal to a court of competent
jurisdiction for the appointment of a successor escrow agent, or for other
appropriate relief and the costs, expenses and reasonable attorneys fees which
the Escrow Agent incurs in connection with such a proceeding shall be paid by
the Trust.

     The Escrow Agent may resign by giving five days' written notice by
registered or first class mail sent to the undersigned at their respective
addresses herein set forth; and thereafter, subject to the provisions of the
third preceding paragraph hereof, shall deliver all remaining deposits in said
escrow account upon the written and signed order of the Managing Owner. If no
such notice is received by the Escrow Agent within thirty days after mailing
such notice, the Escrow Agent is unconditionally and irrevocably authorized and
empowered to send any and all Proceeds deposited hereunder by registered mail to
the respective subscribers thereof, or at its sole option to deliver such
deposited items to the respective depositors. If the Escrow Agent resigns,
reasonable fees and expenses of the Escrow Agent shall be paid by Campbell.

                                        3
<PAGE>   4

     In the event funds transfer instructions are given (other than in writing
at the time of execution of this Agreement), whether in writing, by telecopier
or otherwise, the Escrow Agent is authorized to seek confirmation of such
instructions by telephone call-back to the person or persons designated on
Schedule II hereto, and the Escrow Agent may rely upon the confirmations of
anyone purporting to be the person or persons so designated. The persons and
telephone numbers for call-backs may be changed only in a writing actually
received and acknowledged by the Escrow Agent. The parties acknowledge that such
security procedure is commercially reasonable.

     Neither this Agreement nor any right or interest hereunder may be assigned
in whole or in part without the prior consent of the other parties.

     This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

                                        4
<PAGE>   5

     Dated at Baltimore, Maryland as of January 2, 2001

                        PARTIES TO THE ESCROW AGREEMENT

<TABLE>
<S>                                                    <C>
MERCANTILE-SAFE DEPOSIT &                              CAMPBELL ALTERNATIVE ASSET TRUST
TRUST COMPANY

                                                       By: CAMPBELL & COMPANY, INC.

                            By: /s/ ROBERT C. BARCLAY                               By: /s/ THERESA D. BECKS
    -------------------------------------------------      -------------------------------------------------

                        Attest: /s/ STEPHEN D. PALMER                             Attest: /s/ LAUREN MASTERS
       ----------------------------------------------         ----------------------------------------------

                                                       CAMPBELL & COMPANY, INC.

                                                                                    By: /s/ THERESA D. BECKS
                                                           -------------------------------------------------

                                                                                  Attest: /s/ LAUREN MASTERS
                                                              ----------------------------------------------
</TABLE>

                                        5
<PAGE>   6

                                   SCHEDULE I

     Mercantile-Safe Deposit & Trust agrees to act as Escrow Agent for Campbell
Alternative Asset Trust for an annual fee of $1,500.00 including any fees on the
M.S.D. & T. Money Market Fund as outlined in the prospectus for that Fund. The
fee is subject to an annual review.
<PAGE>   7

                                  SCHEDULE II

     The escrow Agent is authorized to seek confirmation of instructions by
telephone call-back to the following persons:

        Charlene Heaberlin -- Fund Administration Manager
        Jackie Bonjean -- Fund Administration Assistant
        Terri Becks -- Chief Financial Officer

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