Document:

Exhibit 4.2

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

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

                        PROGRAM SUBSCRIPTION AGREEMENT
                             --------------------

                  Units of Limited Liability Company Interest
             Minimum Investment in any FuturesAccess Fund: $10,000

                   Merrill Lynch Alternative Investments LLC
                          Princeton Corporate Campus
                            800 Scudders Mill Road
                                  Section 2G
                         Plainsboro, New Jersey 08536
                        (866) MER-ALTS; (866) 637-2587

     The completed Program Subscription Agreement Signature Page (attached
             hereto) must be delivered to your Financial Advisor.

      A completed Purchase and Exchange Form Signature Page must also be
     delivered to your Financial Advisor in order for your subscription or
                           exchange to be processed.

   If you have any questions about how to complete the Program Subscription
  Agreement Signature Page or the Purchase and Exchange Form Signature Page,
  please contact your Merrill Lynch Financial Advisor or a representative of
 Merrill Lynch Alternative Investments LLC at (866) MER-ALTS; (866) 637-2587.

                              ------------------
          THE FUTURESACCESS FUNDS AVAILABLE THROUGH THE MERRILL LYNCH
        FUTURESACCESS(SM) PROGRAM ARE SPECULATIVE, ILLIQUID INVESTMENTS.
             THE UNITS ARE ONLY SUITABLE FOR A LIMITED PORTION OF
                       THE RISK SEGMENT OF A PORTFOLIO.
                             --------------------

                                Selling Agent:

              Merrill Lynch, Pierce, Fenner & Smith Incorporated
                               -----------------

                      FOR THE USE OF U.S. INVESTORS ONLY

<PAGE>

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM
                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

                        PROGRAM SUBSCRIPTION AGREEMENT
                         For the Use of U.S. Investors

          How to Invest in the Merrill Lynch FuturesAccess(SM) Program
General

Merrill Lynch Alternative Investments LLC ("MLAI") has attempted to minimize
the paperwork normally associated with Investors participating in private
placements in general and in the Merrill Lynch FuturesAccess(SM) Program
("FuturesAccess") in particular. All information which Investors must complete
is included in the Program Subscription Agreement Signature Page and the
Purchase and Exchange Form Signature Page. The Program Subscription Agreement
Signature Page must be completed only once (unless your Financial Advisor
otherwise requests). Acceptance of your Program Subscription Agreement
entitles you to participate in any fund included in FuturesAccess (a
"FuturesAccess Fund"), including any new FuturesAccess Funds added in the
future (subject to availability).

Investors participating in the FuturesAccess Funds through both taxable and
tax-exempt accounts must submit separate Program Subscription Agreement
Signature Pages for each such account (unless your Financial Advisor informs
you otherwise).

When (or any time after) you submit your Program Subscription Agreement
Signature Page, you must also submit a Purchase and Exchange Form Signature
Page selecting the specific FuturesAccess Fund(s) into which you wish to
invest or exchange. Unless your Financial Advisor otherwise requests, there is
no need to submit a Program Subscription Agreement Signature Page for each
FuturesAccess Fund investment or exchange. You need only identify your
selection on a Purchase and Exchange Form Signature Page.

Only the detachable Signature Page to this Program Subscription Agreement and
to the Purchase and Exchange Form need be submitted, not the full Program
Subscription Agreement or Purchase and Exchange Form.

If you have any questions as to how to complete either the Program
Subscription Agreement Signature Page or the Purchase and Exchange Form
Signature Page, or need additional Program Subscription Agreements or Purchase
and Exchange Forms, please contact your Financial Advisor or:

                   Merrill Lynch Alternative Investments LLC
                          Princeton Corporate Campus
                            800 Scudders Mill Road
                                  Section 2G
                         Plainsboro, New Jersey 08536
                         (866) MER-ALTS; (866)637-2587

Your Financial Advisor must countersign both your Program Subscription
Agreement Signature Page and your Purchase and Exchange Form Signature Page.
Give the Signature Pages to your Financial Advisor to send to MLAI.

Steps to investing:

     1.  Read and carefully review this Program Subscription Agreement.

     2.  Complete and detach the Program Subscription Agreement Signature
         Page.

     3.  Give the completed Program Subscription Agreement Signature Page to
         your Financial Advisor. Your Financial Advisor will review and
         countersign this Signature Page and forward it to MLAI.

                                U.S. Investors
                                     -1-
<PAGE>

     4.  Read and carefully review the Part One (A) Confidential Program
         Disclosure Document: FuturesAccessSM Program General Information, the
         Part Two Confidential Program Disclosure Document: Statement of
         Additional Information and the Part One (B) Confidential Program
         Disclosure Document: Trading Advisor Information (collectively, the
         "Confidential Program Disclosure Document"), including the
         description of each FuturesAccess Fund into which you are considering
         investing or exchanging.

     5.  Consult with your Financial Advisor as to which of the FuturesAccess
         Funds are suitable for your portfolio.

     6.  Complete and detach the Purchase and Exchange Form Signature Page
         indicating the FuturesAccess Funds you have selected.

     7.  Give the completed Purchase and Exchange Form Signature Page to your
         Financial Advisor. Your Financial Advisor will review and countersign
         this Signature Page and forward it to MLAI.

     8.  To exchange among FuturesAccess Funds, complete a Purchase and
         Exchange Form Signature Page and submit it to your Financial Advisor
         no less than 45 days before the proposed calendar quarter-end (or
         month-end, in certain cases) for the exchange.

     9.  Your Financial Advisor will inform you of when your Merrill Lynch
         Account will be debited in the amount of your investments in
         FuturesAccess (in the case of subscriptions), as well as of when any
         exchange will be effective.

         -----------------------------------------------------------------------
         The Subscriber may invest in FuturesAccess through taxable accounts
         as well as through IRA and other tax-exempt accounts. Investments by
         the Subscriber and by related tax-exempt as well as taxable accounts
         (including certain investments for the benefit of immediate family
         members of the Subscriber) may be combined for purposes of meeting
         FuturesAccess (but not individual FuturesAccess Fund) minimums. A
         separate Program Subscription Agreement Signature Page must be
         completed for each such account.

         The Subscriber should indicate on the Program Subscription Agreement
         Signature Page as well as on each Purchase and Exchange Form
         Signature Page whether the Subscriber is investing together with any
         related accounts.
         -----------------------------------------------------------------------

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

The detachable Program Subscription Agreement Signature Page attached hereto
should be completed and delivered to your Financial Advisor, together with the
Purchase and Exchange Form Signature Page identifying the FuturesAccess Funds
in which you wish to invest.

The Purchase and Exchange Form is a separate document with its own detachable
Signature Page.

                                U.S. Investors
                                     -2-
<PAGE>

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM
                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

                        PROGRAM SUBSCRIPTION AGREEMENT
                         For the Use of U.S. Investors

This Program Subscription Agreement relates to your participation in
FuturesAccess. A number of different FuturesAccess Funds are included in
FuturesAccess. In addition to the Program Subscription Agreement Signature
Page (attached hereto), you must also submit a Purchase and Exchange Form
Signature Page (attached to the Purchase and Exchange Form) identifying the
particular FuturesAccess Fund(s) into which you wish to invest or exchange.
You must submit a new Purchase and Exchange Form Signature Page each time you
invest or exchange into a new FuturesAccess Fund. Following initial completion
of the Program Subscription Agreement, you need only submit a new Program
Subscription Agreement Signature Page if so requested by your Merrill Lynch
Financial Advisor.

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

This Program Subscription Agreement relates to your subscription to one or
more of the FuturesAccess Funds.

Each Investor must also complete a Purchase and Exchange Form Signature Page
indicating the specific FuturesAccess Fund(s) to which such Investor wishes to
subscribe, and acknowledging receipt of the Confidential Program Disclosure
Document, as well as the FuturesAccess Fund Descriptions and the FuturesAccess
Fund Offering Documents relating to such FuturesAccess Fund(s).

By completing and executing the Program Subscription Agreement Signature Page,
the undersigned (the "Subscriber") is confirming that the Subscriber has the
level of financial sophistication necessary to evaluate the merits and risks
of specialized, non-traditional investments such as the FuturesAccess Funds,
and understands that the speculative and illiquid nature of an investment in
one or more of the FuturesAccess Funds makes such investment appropriate only
for a limited portion of the Subscriber's portfolio.

The Subscriber also understands and agrees that, although MLAI will use its
reasonable efforts to keep the information provided in each Program
Subscription Agreement Signature Page and each Purchase and Exchange Form
Signature Page strictly confidential, one or more FuturesAccess Funds and/or
MLAI may present the Program Subscription Agreement Signature Page as well as
the Purchase and Exchange Form Signature Page and the information provided
therein to such parties as MLAI deems advisable if called upon to establish
the availability under any applicable law of an exemption from registration
for the FuturesAccess Funds' units of limited liability company interest (the
"Units"), or compliance with applicable law by any of the FuturesAccess Funds,
MLAI or any of their respective affiliates, or if such information is or may
be relevant to an issue in any action, suit or proceeding to which any
FuturesAccess Fund, MLAI or any of their respective affiliates are a party or
by which they are or may be bound, or upon the request of any regulatory,
governmental or self-regulatory authority.

Capitalized terms used but not defined herein will have the meaning assigned
to them in the Confidential Program Disclosure Document.

                                U.S. Investors
                                      S-1
<PAGE>

I.    Representations, Warranties and Agreements of the Subscriber. As an
inducement to MLAI to accept the Subscriber's Program Subscription Agreement
Signature Page and any Purchase and Exchange Form Signature Page submitted by
the Subscriber, the Subscriber represents and warrants to MLAI and the
applicable FuturesAccess Fund(s) as follows:

A.    Authority and Eligibility

      (1)   If an individual, the Subscriber (including each individual joint
            Subscriber) is at least 21 years old and is legally competent to
            execute and deliver the Program Subscription Agreement Signature
            Page and the Purchase and Exchange Form Signature Page and to
            comply with the terms of this Program Subscription Agreement and
            the Purchase and Exchange Form, as well as to discharge the
            Subscriber's obligations to FuturesAccess.

            If an Entity (e.g., a corporation, partnership, limited liability
            company or trust), the Subscriber is duly authorized and qualified
            to become an Investor. If the Subscriber is a passive investment
            vehicle, the sponsor of the Subscriber either is duly registered
            as a "commodity pool operator" with the Commodity Futures Trading
            Commission and a member in good standing of the National Futures
            Association in such capacity or is exempt from such registration.

      (2)   The person (the "Signatory"; the Subscriber and the Signatory to
            be referred to collectively as the Subscriber, unless the context
            otherwise requires) executing and delivering the Program
            Subscription Agreement Signature Page and any Purchase and
            Exchange Form Signature Page or making an investment or exchange
            into or from any FuturesAccess Fund on behalf of the Subscriber
            has been duly authorized by the Subscriber to do so. The
            Subscriber has full right and power to comply with the terms of
            this Program Subscription Agreement and the Purchase and Exchange
            Form, as well as to discharge its obligations to FuturesAccess,
            including under the General Form of Operating Agreement of the
            FuturesAccess Fund (the "Operating Agreement").

            Entity Subscribers must confirm that they are authorized to invest
            in the FuturesAccess Funds, each of which is a speculative,
            non-traditional investment. Many Entity investors may not, in
            fact, be authorized -- pursuant to their charter documents,
            investment policies or other applicable provisions -- to invest in
            the FuturesAccess Funds.

      (3)   The Subscriber has had substantive business dealings with Merrill
            Lynch and/or a Merrill Lynch Financial Advisor for at least six
            months, and believes that Merrill Lynch and/or the Subscriber's
            Merrill Lynch Financial Advisor should have sufficient information
            to be able to assess the Subscriber's financial position,
            knowledge and sophistication.

      (4)   The Subscriber (and the Subscriber's financial advisors, if any)
            has sufficient knowledge and experience in financial and business
            matters that the Subscriber is capable of evaluating the merits
            and risks of an investment in a FuturesAccess Fund and of making
            an informed investment decision regarding the purchase of the
            Units, and the Subscriber is able to bear the economic risk of a
            speculative investment such as the FuturesAccess Funds, including
            the risk of losing the Subscriber's entire investment. The
            Subscriber understands that investment in the FuturesAccess Funds
            is suitable only for a limited portion of the risk segment of the
            Subscriber's portfolio.

      (5)   The Subscriber (and the Subscriber's financial advisors, if any)
            will (i) receive and carefully review a copy of the Confidential
            Program Disclosure Document, the FuturesAccess Fund Descriptions
            and the FuturesAccess Fund Offering Documents relating to each
            FuturesAccess Fund in which the Subscriber proposes to invest, and
            (ii) carefully evaluate and understand the various risks of such
            investment before submitting a Purchase and Exchange Form
            Signature Page to subscribe to such FuturesAccess Fund. The
            Subscriber will only do so if the Subscriber can afford to bear
            such risks.

                                U.S. Investors
                                     S-2
<PAGE>

      (6)   The Subscriber (and the Subscriber's financial advisors, if any)
            has been furnished with any materials the Subscriber has requested
            relating to any FuturesAccess Fund, its proposed operations, the
            private placement of the Units, the Trading Advisors and any other
            matters related thereto.

      (7)   If the Subscriber is an Entity, the Subscriber was not formed for
            the specific purpose of investing in any FuturesAccess Fund and no
            more than 40% of its assets are invested in any FuturesAccess
            Fund, investors in the Subscriber participate in investments made
            by the Subscriber on a pro rata basis in accordance with each such
            investor's interest in the Subscriber (except as necessary to
            comply with applicable laws or regulations), and the Subscriber's
            assets are not considered to constitute assets of any "employee
            benefit plan" as defined in the Employee Retirement Income
            Security Act of 1974, as amended ("ERISA"), regardless of whether
            such employee benefit plan is subject to ERISA, or any "plan" as
            defined in Section 4975 of the Internal Revenue Code of 1986, as
            amended (the "Code"), regardless of whether such plan is subject
            to Section 4975 of the Code.

      (8)   If the Subscriber is an insurance company using assets of its
            general account to purchase Units, the Subscriber hereby
            represents and warrants that the percentage of such assets used to
            purchase the Units of any FuturesAccess Fund that represents the
            assets of "employee benefit plans" does not exceed the percentage
            indicated on the Program Subscription Agreement Signature Page.

B.    Restrictions on Exchanges and Transfers

      (1)   The Subscriber acknowledges that MLAI is under no obligation to
            maintain the Exchange Privilege of FuturesAccess and that such
            Exchange Privilege may be terminated at any time. The Subscriber
            must not invest in any FuturesAccess Fund in reliance on the
            continuation of the Exchange Privilege.

      (2)   Certain FuturesAccess Funds may be subject to redemption fees
            and/or other liquidity restrictions. In the event that one or more
            FuturesAccess Funds suspend redemptions or the calculation of net
            asset value, the Exchange Privilege with respect to such
            FuturesAccess Fund(s) will also be suspended.

      (3)   The Subscriber acknowledges that: (i) the transfer of the
            Subscriber's Units is subject to restrictions in the Operating
            Agreement and requires the approval of MLAI, which approval may be
            withheld in its sole discretion; (ii) the Units may not be
            transferred to any person that is not an "accredited investor" (as
            defined in Regulation D under the Securities Act of 1933, as
            amended (the "Securities Act")); (iii) investments in the
            FuturesAccess Funds are illiquid; (iv) no market exists for the
            Units, and none is expected to develop; and (v) no FuturesAccess
            Fund will be listed on any exchange or otherwise regularly traded.

C.    Disclosures

      (1)   The Subscriber confirms that none of MLAI, the FuturesAccess
            Funds, the Trading Advisors, the Selling Agent or any associate,
            affiliate, representative or advisor of any of the foregoing,
            guarantees the success of an investment in any FuturesAccess Fund
            or that substantial losses will not be incurred on such
            investment.

      (2)   The Subscriber understands that the Selling Agent is not
            guaranteeing or assuming responsibility for the operation or
            possible liabilities of MLAI, any FuturesAccess Fund or any
            Trading Advisor.

      (3)   The Subscriber understands that MLAI is an indirect subsidiary of
            Merrill Lynch & Co., Inc. ("ML&Co."), as well as an affiliate of
            the Selling Agent. The Subscriber further understands that MLAI
            may assign its interest as Sponsor or Program Manager as described
            in the Operating Agreements of the FuturesAccess Funds.

                                U.S. Investors
                                      S-3
<PAGE>

      (4)   The Subscriber understands that, as disclosed in the Confidential
            Program Disclosure Document, MLPF&S receives substantial brokerage
            commissions from the FuturesAccess Funds. Such brokerage
            commissions were not negotiated at arm's-length.

      (5)   The Subscriber acknowledges and agrees to the investment of the
            FuturesAccess Funds' cash as described under "Interest Income
            Arrangements" in the Part One (A) Confidential Program Disclosure
            Document: FuturesAccessSM Program General Information.

      (6)   The Subscriber acknowledges and understands that Merrill Lynch may
            make the K-1s prepared for the Subscriber in connection with the
            Subscriber's investments in the Program Fund(s) accessible to the
            Subscriber's Merrill Lynch Financial Advisor, and consents to its
            Financial Advisor having access to the Subscriber's K-1s.

D.    Tax Issues

      (1)   The Subscriber confirms, under penalty of perjury, that the
            Subscriber is a U.S. Person, as such term is defined in Section
            7701(a)(30) of the Code, and the Subscriber undertakes to advise
            the FuturesAccess Fund and MLAI promptly in writing if the
            Subscriber is no longer a U.S. Person during the term of the
            Subscriber's investment in the FuturesAccess Fund. The Subscriber
            understands that if at any time it ceases to be a U.S. Person, it
            may be subject to U.S. withholding tax or other consequences as
            well as being required to redeem out of the Program.

      (2)   The Subscriber confirms that, unless otherwise indicated in
            Section 8 of the Program Subscription Agreement Signature Page,
            the Subscriber is not subject to backup withholding. The
            Subscriber understands that the Program will not accept
            subscriptions from the Subscriber if the Subscriber is subject to
            backup withholding.

E.    Accuracy and Updating of Subscriber Information

      (1)   The Subscriber represents that all the information, financial or
            otherwise, which the Subscriber has furnished to MLAI, the Selling
            Agent or the Subscriber's Merrill Lynch Financial Advisor in
            connection with subscribing for Units in any FuturesAccess Fund,
            or which is set forth on the Program Subscription Agreement
            Signature Page and any Purchase and Exchange Form Signature Page,
            including all representations, warranties and agreements contained
            herein, is correct and complete as of the date on which such
            information was furnished, and if there should be any material
            change in such information, the Subscriber will immediately notify
            MLAI and the Selling Agent and furnish such revised or corrected
            information to MLAI.

      (2)   The Subscriber agrees that the representations, warranties and
            agreements contained in this Program Subscription Agreement or a
            Purchase and Exchange Form Signature Page, including all
            representations, warranties and agreements contained therein,
            shall be deemed to be repeated as of the date the Subscriber
            purchases Units of any FuturesAccess Fund.

      (3)   The Subscriber agrees that the representations, warranties and
            agreements contained in this Program Subscription Agreement, and
            all other information regarding the Subscriber set forth on the
            Program Subscription Agreement Signature Page, or the relevant
            Purchase and Exchange Form Signature Page(s), and any or all other
            information which the Subscriber discloses to his or her Merrill
            Lynch Financial Advisor, may be used as a defense in any actions
            relating to any FuturesAccess Fund or the offering of its Units,
            and that it is only on the basis of such representations,
            warranties, agreements and other information that MLAI may be
            willing to accept the Subscriber's subscription to any
            FuturesAccess Fund.

                                U.S. Investors
                                     S-4
<PAGE>

F.    Trustees, Agents, Representatives and Nominees

      If the Subscriber is acting as trustee, agent, representative or nominee
      for an investor (a "Beneficial Owner"), the Subscriber understands and
      acknowledges that the representations, warranties and agreements made
      herein are made by the Subscriber (A) with respect to the Subscriber and
      (B) with respect to the Beneficial Owner. The Subscriber further
      represents and warrants that it has all requisite power and authority
      from said Beneficial Owner to execute and deliver the Program
      Subscription Agreement Signature Page and any related Purchase and
      Exchange Form Signature Page as well as to invest in any FuturesAccess
      Fund. The Subscriber also agrees to indemnify each FuturesAccess Fund,
      MLAI and their respective affiliates and agents for any and all costs,
      fees and expenses (including legal fees and disbursements) in connection
      with any damages resulting from any misrepresentation or misstatement of
      the Subscriber contained herein or therein or made by the Subscriber to
      the Subscriber's Merrill Lynch Financial Advisor, or the assertion of
      the Subscriber's lack of proper authorization from the Beneficial Owner
      to execute and deliver the Program Subscription Agreement Signature Page
      or the Purchase and Exchange Form Signature Page or to discharge the
      Subscriber's obligations hereunder or thereunder.

G.    Money Laundering Prevention

      The Subscriber's subscription monies were not derived from activities
      that may contravene United States (federal or state) or international
      anti-money laundering laws and regulations. The Subscriber is not (i) an
      individual, entity or organization named on a United States Office of
      Foreign Assets Control ("OFAC") "watch list" and does not have any
      affiliation with any kind of such individual, (ii) a foreign shell bank,
      (iii) a person or entity resident in or whose subscription funds are
      transferred from or through a jurisdiction identified as non-cooperative
      by the Financial Action Task Force or (iv) a senior foreign political
      figure,(1) an immediate family member(2) or close associate(3) of a
      senior foreign political figure within the meaning of the USA PATRIOT
      Act of 2001.(4) The Subscriber agrees to promptly notify MLAI should it
      become aware of any change in the information set forth in this
      representation. The Subscriber acknowledges that, by law, MLAI may be
      obligated to "freeze the account" of the Subscriber, either by
      prohibiting additional subscriptions, declining any redemption requests
      and/or segregating the assets in the account in compliance with
      governmental regulations, and MLAI may also be required to report such
      action and to disclose the Subscriber's identity to OFAC. The Subscriber
      represents and warrants that all of the information which it has
      provided to the Program in connection with the Subscription Document is
      true and correct, and agrees to provide any information MLAI or its
      agents deem necessary to comply with its anti-money laundering program
      and related responsibilities from time to time. If the Subscriber has
      indicated in these Subscription Documents that it is an intermediary
      subscribing in the Program as a record owner in its capacity as agent,
      representative or nominee on behalf of one or more underlying investors
      ("Underlying Investors"), it agrees that the representations, warranties
      and covenants are made by it on behalf of itself and the Underlying
      Investors.

II.   Further Advice and Assurances. The Subscriber agrees to provide additional
information regarding its investment experience, financial position or
otherwise, to MlAI or the Selling Agent, as they may reasonably request.

---------------------
(1) A "senior foreign political figure" is defined as a senior official in the
executive, legislative, administrative, military or judicial branches of a
non-U.S. government (whether elected or not), a senior official of a major
non-U.S. political party, or a senior executive of a non-U.S. government-owned
corporation. In addition, a "senior foreign political figure" includes any
corporation, business or other entity that has been formed by, or for the
benefit of, a senior foreign political figure.

(2) "Immediate family" of a senior foreign political figure typically includes
the figure's parents, siblings, spouse, children and in-laws.

(3) A "close associate" of a senior foreign political figure is a person who
is widely and publicly known to maintain an unusually close relationship with
the senior foreign political figure, and includes a person who is in a
position to conduct substantial domestic and international financial
transactions on behalf of the senior foreign political figure.

(4) The United States "Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001",
Pub. L. No. 107-56 (2001).

                                U.S. Investors
                                     S-5
<PAGE>

      If the Subscriber is an Entity, MLAI, in its sole discretion, may
      require the Subscriber to submit a copy of its articles of
      incorporation, by-laws, authorizing resolution, partnership agreement,
      trust agreement, operating agreement or other related documents, as the
      case may be. Alternatively, Entities may be required to submit an
      opinion of counsel to the effect that the investment proposed to be made
      in the FuturesAccess Fund(s) by the Subscriber is authorized.

III.  Subscriber Eligibility. THE SUBSCRIBER WILL BE REQUIRED TO INDICATE ON
THE PROGRAM SUBSCRIPTION AGREEMENT SIGNATURE PAGE WHICH OF THE FOLLOWING
REQUIREMENTS THE SUBSCRIBER SATISFIES IN ORDER TO QUALIFY AS AN "ACCREDITED
INVESTOR," AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT.

A.    Accredited Investor Requirements

      Individual Subscribers

      (1)   An individual that has an individual net worth or joint net worth
            with such individual's spouse, in excess of $1,000,000. "Net
            worth" for these purposes means the value of total assets at fair
            market value, including home, home furnishings and automobiles,
            less total liabilities.

                                      or

      (2)   An individual that (i) had individual income (exclusive of any
            income attributable to such individual's spouse) of more than
            $200,000 for each of the past two years or joint income with such
            individual's spouse in excess of $300,000 in each of those years
            and (ii) reasonably expects to reach the same individual income
            level, or the same joint income level, as the case may be, in the
            current year.

      Entity Subscribers

      (3)   A corporation, partnership, limited liability company,
            Massachusetts or similar business trust or tax-exempt organization
            as defined in Section 501(c)(3) of the Code, that (i) has total
            assets in excess of $5,000,000 and (ii) was not formed for the
            specific purpose of investing in the FuturesAccess Fund in
            question.

                                      or

      (4)   A revocable trust which may be amended or revoked at any time by
            the grantors thereof, and of which all of the grantors are
            "accredited investors" under either Section III.B(1) or Section
            III.A(2) above.

                                      or

      (5)   A trust (i) that has total assets in excess of $5,000,000, (ii)
            that was not formed for the specific purpose of investing in the
            FuturesAccess Fund in question and (iii) the investment decisions
            of which are directed by a person who has such knowledge and
            experience in business and financial matters as to be capable of
            evaluating the merits and risks of an investment in such
            FuturesAccess Fund.

                                      or

      (6)   A trust for which a bank or savings and loan association is acting
            as fiduciary in making the investment decision to subscribe to the
            FuturesAccess Fund in question.

                                U.S. Investors
                                     S-6
<PAGE>

                                      or

      (7)   A bank as defined in Section 3(a)(2) of the Securities Act, acting
            in its fiduciary or individual capacity, or a savings and loan
            association or other institution as defined in Section 3(a)(5) of
            the Securities Act.

                                      or

      (8)   An insurance company as defined in Section 2(13) of the Securities
            Act, acting in its individual capacity.

                                      or

      (9)   A broker or dealer registered pursuant to Section 15 of the
            Securities Exchange Act of 1934, as amended.

                                      or

      (10)  An investment company registered under the Investment Company Act
            of 1940, as amended (the "Company Act") or a business development
            company as defined in Section 2(a)(48) of the Company Act.

                                      or

      (11)  A Small Business Investment Company licensed by the U.S. Small
            Business Administration under Section 301(c) or (d) of the Small
            Business Investment Act of 1958.

                                      or

      (12)  A plan established and maintained by a state, its political
            subdivisions, or any agency or instrumentality of a state or its
            political subdivisions, for the benefit of its employees, which
            plan has total assets in excess of $5,000,000.

                                      or

      (13)  A private business development company as defined in Section
            202(a)(22) of the Investment Advisers Act of 1940, as amended.

                                      or

      (14)  An employee benefit plan within the meaning of Title I of ERISA
            where (i) the investment decision with respect to this investment
            is made by a plan fiduciary, as defined in Section 3(21) of ERISA,
            which is either a bank, savings and loan association, insurance
            company or registered investment adviser, (ii) the employee
            benefit plan has assets in excess of $5,000,000 or (iii) the plan
            is a self-directed plan, with investment decisions made solely by
            persons who are "accredited investors," as defined in the
            Securities Act.

                                      or

      (15)  An Entity whose equity owners are each "accredited investors,"
            i.e., persons meeting the requirements set forth in any of
            Sections III.A(1)-(14) above.

IV.   Indemnity. The Subscriber agrees to indemnify and hold harmless each
FuturesAccess Fund, MLAI, the Selling Agent and each Investor in respect of
all claims, actions, demands, losses, costs, expenses and damages, whether
involving such parties or third parties, resulting from any inaccuracy in any
of the Subscriber's representations or warranties made to each FuturesAccess
Fund, MLAI, the Selling Agent and the Subscriber's Merrill Lynch Financial
Advisor or from any breach of any of the Subscriber's agreements contained in
this Program Subscription Agreement (including the Program Subscription
Agreement Signature Page) or in any of the Subscriber's Purchase and Exchange
Forms

                                U.S. Investors
                                     S-7
<PAGE>

(including the Purchase and Exchange Form Signature Page), or from any
unsuccessful securities proceeding brought by the Subscriber against any
FuturesAccess Fund, MLAI or the Selling Agent.

V.    Governing Law; Consent To Jurisdiction. THIS PROGRAM SUBSCRIPTION
AGREEMENT AND ANY RELATED PURCHASE AND EXCHANGE FORM SHALL BE GOVERNED BY THE
LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW. THE PARTIES HERETO CONSENT TO THE JURISDICTION OF THE STATE AND FEDERAL
COURTS IN THE CITY, COUNTY AND STATE OF NEW YORK WITH RESPECT TO ANY
PROCEEDING OR CLAIM ARISING HEREUNDER, THEREUNDER OR OTHERWISE IN RESPECT OF
THE PROGRAM.

VI.   Power of Attorney. In connection with the acquisition of Units pursuant
to this Program Subscription Agreement (and the related Program Subscription
Agreement Signature Page) and a Purchase and Exchange Form (and the related
Purchase and Exchange Form Signature Page), the Subscriber does hereby (in
addition to, and not by way of limitation of, the Power of Attorney included
in Section 10.02 of the Operating Agreement) irrevocably constitute and
appoint MLAI and each officer thereof, individually, as the Subscriber's true
and lawful representative and attorney-in-fact, with full power of
substitution, in the Subscriber's name, place and stead: (a) (i) to receive
and pay over to the related FuturesAccess Fund(s) on behalf of the Subscriber,
to the extent set forth in the Operating Agreement, all funds received
hereunder, and (ii) to complete or correct, on behalf of, and at the direction
of, the Subscriber, all documents to be executed by the Subscriber in
connection with the Subscriber's subscription for Units, including, without
limitation, filling in or amending amounts, dates and other pertinent
information; and (b) to execute, acknowledge, swear to, file and record (if
applicable) on the Subscriber's behalf, and in the appropriate public offices
if relevant: (i) the Operating Agreement (including the power of attorney
included therein); (ii) all instruments which MLAI may deem necessary or
appropriate to reflect virtually any amendment, change or modification of the
Operating Agreement or the Certificate of Formation, including of related
FuturesAccess Fund(s); and (iii) all instruments, agreements and documents
which MLAI considers necessary to, or appropriate for, the operation of the
related FuturesAccess Fund(s) as contemplated in the Confidential Program
Disclosure Document and the Operating Agreement.

The Subscriber agrees and acknowledges that MLAI and the other Investors are
relying on the continued validity of the foregoing Power of Attorney, and that
the Power of Attorney granted hereby shall be deemed to be coupled with an
interest, shall be irrevocable, and shall survive and not be affected by the
subsequent death, incapacity, termination, bankruptcy, insolvency or
dissolution of the Subscriber.

VII.  General. The Subscriber understands that this Program Subscription
Agreement (including the Program Subscription Agreement Signature Page), any
Purchase and Exchange Form (including the Purchase and Exchange Form Signature
Page) submitted by the Subscriber, and the representations, warranties,
agreements and other provisions hereof and thereof: (a) shall be binding upon
the Subscriber and the Subscriber's legal representatives, successors and
assigns; (b) shall survive the Subscriber's admission as an Investor; and (c)
may be executed (through the Signature Pages) by the Subscriber and accepted
by any FuturesAccess Fund in one or more counterparts as well as in facsimile,
each of which shall be considered an original and all of which together shall
constitute one instrument.

If any provision of this Program Subscription Agreement (including the Program
Subscription Agreement Signature Page) or any Purchase and Exchange Form
(including the Purchase and Exchange Form Signature Page) submitted by the
Subscriber is determined to be invalid or unenforceable under any applicable
law, then such provision shall be deemed inoperative to the extent, and only
to the extent, of such invalidity or unenforceability and only in the
jurisdiction which reaches such determination. Any such provision shall be
deemed modified to conform with such applicable law. Any provision hereof
which may be held invalid or unenforceable under any applicable law shall not
affect the validity or enforceability of any other provisions hereof, and to
this extent the provisions hereof shall be severable.

You may submit a Purchase and Exchange Form Signature Page together with the
Program Subscription Agreement Signature Page or separately. However, your
subscription cannot be processed until both have been received.

VIII. Legends.

                                U.S. Investors
                                     S-8
<PAGE>

      IN MAKING AN INVESTMENT DECISION, SUBSCRIBERS MUST RELY ON THEIR OWN
      EXAMINATION OF FUTURESACCESS, THE APPLICABLE FUTURESACCESS FUND(S) AND
      THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.
      FUTURESACCESS HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
      SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE
      FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE
      ADEQUACY OF THE CONFIDENTIAL PROGRAM DISCLOSURE DOCUMENT OR THE
      FUTURESACCESS FUND DESCRIPTIONS THEREIN. ANY REPRESENTATION TO THE
      CONTRARY IS A CRIMINAL OFFENSE.

      THE UNITS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
      MAY NOT BE TRANSFERRED OR RESOLD EXCEPT (A) WITH THE PRIOR WRITTEN
      CONSENT OF MLAI, (B) AS PERMITTED UNDER THE SECURITIES ACT AND
      APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR EXEMPTION
      THEREFROM AND (C) AS PERMITTED UNDER THE COMPANY ACT. SUBSCRIBERS SHOULD
      BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF AN INVESTMENT IN
      THE FUTURESACCESS FUNDS FOR AN INDEFINITE PERIOD OF TIME.

      THE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE OR OTHER AGENT OF THE
      INVESTOR) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY
      KIND, THE TAX TREATMENT AND TAX STRUCTURE OF THE TRANSACTION AND ALL
      MATERIALS OF ANY KIND (INCLUDING OPINIONS OR OTHER TAX ANALYSES) THAT
      ARE PROVIDED TO THE INVESTOR RELATING TO SUCH TAX TREATMENT AND TAX
      STRUCTURE.

      For Georgia Investors Only.

      THE UNITS HAVE BEEN ISSUED OR SOLD IN RELIANCE ON PARAGRAPH (13) OF THE
      CODE SECTION 10-5-9 OF THE GEORGIA SECURITIES ACT OF 1973, AND MAY NOT
      BE SOLD OR TRANSFERRED EXCEPT IN A TRANSACTION WHICH IS EXEMPT UNDER
      SUCH ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION UNDER SUCH ACT.

                                U.S. Investors
                                     S-9
<PAGE>

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM
                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

                 PROGRAM SUBSCRIPTION AGREEMENT SIGNATURE PAGE
                         For the Use of U.S. Investors

By executing this Program Subscription Agreement Signature Page, the
Subscriber makes all of the representations, warranties, agreements,
acknowledgements and undertakings set forth in the Program Subscription
Agreement.

An investment in FuturesAccess is suitable only for sophisticated Investors
who have the financial resources and the willingness to accept the risks
inherent in an investment in FuturesAccess, and for whom an investment in
FuturesAccess does not represent a complete investment program. The risks
associated with an investment in FuturesAccess are described in the
Confidential Program Disclosure Document. The Subscriber should carefully read
the Confidential Program Disclosure Document prior to deciding whether to
invest in any FuturesAccess Fund.

The Subscriber hereby makes and affirms all representations, warranties and
agreements set forth on behalf of the Subscriber in the Program Subscription
Agreement.

1     REGISTRATION OF UNITS (Check one):

      Must match the registration of the Merrill Lynch Account specified in
      Section 2(b) below.

<TABLE>
<CAPTION>
       <S>      <C>                                               <C>    <C>
               Individual Subscribers:
      |_|      Individual Ownership                               |_|    Tenants in Common
                  (One signature required below)                            (all tenants must sign and initial below)
      |_|      Joint Tenants with Rights of Survivorship          |_|    Other (please specify):    ________________
                  (all tenants must sign and initial below)
               Entity Subscribers:
      |_|      Trust                                              |_|    Corporation
      |_|      Grantor                                            |_|    Partnership/Limited Liability Company
</TABLE>

                                    |_| Other (please specify): ________________

2     SUBSCRIBER INFORMATION: (Information must match the Merrill Lynch
      Account type specified in Section 1 above.)

      The Subscriber must provide all information exactly as it is to appear
      on the records of FuturesAccess.

      (a)   Subscriber's Name:__________________________________________________

      (b)   Merrill Lynch Account to be Debited:________________________________

      (c)   Name of Merrill Lynch Financial Advisor:____________________________

      (d)   Social Security / Taxpayer ID Number (if Joint Subscribers,
            provide both):______________________________________________________

      (e)   Residence Address (for Individuals):________________________________
                                                           (Street)

________________________________________________________________________________
               (City)                (State)                  (Zip Code)

                                U.S. Investors
                 Program Subscription Agreement Signature Page
                                     SP-1
<PAGE>

      (f)   Principal Place of Business (for Entities):_________________________
                                                              (Street)

________________________________________________________________________________
               (City)                (State)                  (Zip Code)

      (g)   Correspondence Address (if different from above):___________________
                                                                  (Street)

________________________________________________________________________________
               (City)                (State)                  (Zip Code)

      (h)   Telephone Number:___________________________________________________

                                     Business                     Home

      (i)   E-Mail Address:_____________________________________________________

      (j)   In correspondence, please address the Subscriber as: Dear:__________

      (k)   Date of Birth (for Individuals) (if Joint Subscribers, provide
            both):______________________________________________________________

      (l)   Date of Organization (for Entities):________________________________

      (m)   Jurisdiction of Organization (for Entities):________________________

      (n)   Name of Contact Person (for Entities):______________________________

      (o)   Fiscal/Tax Year (for Entities):_____________________________________

3     SOLICITATION INFORMATION: The Subscriber first heard about FuturesAccess
      from:

      |_|      Merrill Lynch Financial Advisor
      |_|      Other (please specify):           __________________________

4     SUBSCRIBER REQUIREMENTS:

      (If joint Subscribers, each must provide the required information and
      initial such information.)

      (a)   The Subscriber is an "accredited investor," because the Subscriber
            satisfies the following requirement, as set forth under Section
            III.A of the Program Subscription Agreement. (See pages S-6 and
            S-7.)

            Please circle which requirement the Subscriber satisfies under
            Section III.B and initial below: (circle only one)

            Individual Subscriber:

            III.A(1) III.A(2)

            ------------------------       ----------------------------------
            (Initial here)                 (Initial here - Joint Subscribers)

             Entity Subscribers:
             III.A(3)  III.A(4)  III.A(5)   III.A(6)   III.A(7)   III.A(8)
             III.A(9)  III.A(10) III.A(11)  III.A(12)  III.A(13)  III.A(14)
             III.A(15) (Please complete Item 4(c), below)

             ------------------------      ----------------------------------
             (Initial here)                (Initial here - Joint Subscribers)

                                U.S. Investors
                 Program Subscription Agreement Signature Page
                                     SP-2
<PAGE>

      (b)   If the Subscriber satisfies the requirements set forth under
            Section III.A(15) above, the Subscriber represents and warrants
            that it has confirmed that each equity owner of the Subscriber is
            an "accredited investor" in its own right, and that MLAI, based
            upon this representation, has a reasonable basis to accept the
            Subscriber as an "accredited investor."

            ------------------------      ------------------------------------
            (Initial here)                (Initial here - Joint Subscribers)

5     SUITABILITY AND NATURE OF INVESTMENT:

      The Subscriber understands that an investment in FuturesAccess is
      speculative, illiquid, long-term, and does not represent a complete
      investment program. The Subscriber confirms that it has (either alone or
      with the Subscriber's financial advisors, if any) sufficient knowledge
      and expertise to be able to evaluate the merits and risks of investing
      in FuturesAccess. The Subscriber has considered the speculative and
      illiquid nature of an investment in FuturesAccess within the context of
      the Subscriber's total portfolio, understands that Units of the
      FuturesAccess Funds are only suitable for a limited portion of the risk
      segment of the Subscriber's overall portfolio, and can bear the various
      risks of such an investment.

            ------------------------      ------------------------------------
            (Initial here)                (Initial here - Joint Subscribers)

6     OTHER INFORMATION:

      Insurance Company General Account: The percentage of assets in such
      account used to purchase Units that represents the assets of "employee
      benefit plans" does not exceed ______%.

      Employee Benefit Plan Assets: Please check the following box if 25% or
      more of any class of the equity securities of the Subscriber is owned by
      a benefit plan organized by an employer or employee organization to
      provide retirement, deferred compensation, medical, death, disability,
      unemployment, vacation or similar benefits to employees (including IRAs,
      KEOGH and 401(k) plans) |_|.

7     RELATED ACCOUNTS:

      PLEASE LIST ANY OTHER ACCOUNTS OF WHICH YOU OR A MEMBER OF YOUR
      IMMEDIATE FAMILY IS THE PRIMARY BENEFICIARY OR BENEFICIAL OWNER AND
      WHICH INVEST IN FUTURESACCESS.

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

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

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

                                U.S. Investors
                 Program Subscription Agreement Signature Page
                                     SP-3
<PAGE>

8     INTERNAL REVENUE CODE CERTIFICATION:

      The Subscriber hereby represents, warrants and certifies as follows:

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

      (a)   Under penalty of perjury, by signature below, the Subscriber
            certifies that the Social Security/Taxpayer ID number set forth
            above is the true, correct and complete Social Security/Taxpayer
            ID number of the Subscriber, and the Subscriber is a taxable
            United States person.

      (b)   Under penalty of perjury, by signature below, the Subscriber
            certifies that the Subscriber is not subject to backup
            withholding, either because the Subscriber is exempt from backup
            withholding, or because (i) the Subscriber has not been notified
            by the Internal Revenue Service that the Subscriber is subject to
            backup withholding, or (ii) the Internal Revenue Service has
            notified the Subscriber that the Subscriber is no longer subject
            to backup withholding.

      (c)   CROSS OUT ITEM (b) ABOVE IF YOU HAVE BEEN NOTIFIED BY THE INTERNAL
            REVENUE SERVICE THAT YOU ARE CURRENTLY SUBJECT TO BACKUP
            WITHHOLDING BECAUSE YOU HAVE FAILED TO REPORT ALL INTEREST AND
            DIVIDENDS ON YOUR TAX RETURN.

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

      The Subscriber agrees to notify MLAI within 30 days of any change in the
      information set forth in this Section 8.

9     SIGNATURE(S):

      By signing below, the Subscriber represents that: (a) if an individual,
      the Subscriber is at least 21 years old and legally competent; (b) if an
      Entity, (i) the Subscriber has been duly formed and is validly existing
      and is in good standing under the laws of the jurisdiction of its
      formation with full power and authority to enter into the transactions
      contemplated by the Confidential Program Disclosure Document, the
      Program Subscription Agreement, each applicable Purchase and Exchange
      Form and each applicable Operating Agreement, including the purchase of
      Units, (ii) based upon a review of the Subscriber's constitutional
      documents and/or based on consultation with counsel or advisors, the
      Subscriber is authorized to invest in FuturesAccess, and (iii) the
      Signatory has been authorized by the Subscriber to execute and deliver
      this Program Subscription Agreement Signature Page and any related
      Purchase and Exchange Form Signature Page submitted or to be submitted
      by the Subscriber; (c) has received and read the offering materials
      related to FuturesAccess and the relevant FuturesAccess Fund(s); (d)
      this Program Subscription Agreement Signature Page and any related
      Purchase and Exchange Form Signature Page have been or will be duly and
      validly authorized, executed and delivered by the Subscriber; and (e)
      this Program Subscription Agreement Signature Page, any related Purchase
      and Exchange Form Signature Page and any related Operating Agreement
      submitted or to be submitted by the Subscriber constitutes or will
      constitute the valid, binding and enforceable agreement of the
      Subscriber.

      --------------------------------------------------------------------------
      The Internal Revenue Service does not require your consent to any
      provision of this document other than the certifications required to
      avoid backup withholding.
      --------------------------------------------------------------------------

<TABLE>
<CAPTION>
      <S>                                                   <C>

                                                            ----------------------------------------------------
                                                            (Signature of Individual Subscriber)

                                                            ----------------------------------------------------
                                                            (Signature of Joint Subscriber, if applicable)
      Dated:
            -----------------------------------------

            -----------------------------------------       ----------------------------------------------------
            Please check the following box if the           (Name of Entity Subscriber)
            Subscriber is a Merrill Lynch officer or
            employee:  |_|
            -----------------------------------------

                                                            By:
                                                               -------------------------------------------------
                                                                Name:
                                                                Title:
</TABLE>

                                    U.S. Investors
                     Program Subscription Agreement Signature Page
                                         SP-4
<PAGE>

10    FINANCIAL ADVISOR ATTESTATION:

      The undersigned Financial Advisor ("FA") hereby certifies that the
      Subscriber is known to and is a client of the undersigned, and has had
      substantive discussions with the undersigned regarding the Subscriber's
      investment objectives. The FA confirms that he/she has a reasonable
      basis for believing (i) that all of the representations made by the
      Subscriber in the Program Subscription Agreement are true and correct,
      and (ii) based on information obtained from the Subscriber concerning
      its investment objectives, other investments, financial situation and
      needs, and any other information known to the FA, that an investment in
      FuturesAccess is suitable for the Subscriber.

<TABLE>
<CAPTION>
      <S>                                             <C>
      ---------------------------------------------   -----------------------------------------------------
          Financial Advisor Production Number                      Financial Advisor Signature
</TABLE>

              FINANCIAL ADVISORS SHOULD RETURN THE COMPLETED AND
 EXECUTED PROGRAM SUBSCRIPTION AGREEMENT SIGNATURE PAGE BY OVERNIGHT MAIL TO:

                   Merrill Lynch Alternative Investments LLC
                       800 Scudders Mill Road Section 2E
                         Plainsboro, New Jersey 08536
                  Phone: (1-800) 765-0995 Fax: (609) 282-0782
                            Attn: Document Control

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

    Subscribers should retain a copy of the Program Subscription Agreement
    as well as a copy of this Program Subscription Agreement Signature Page
                              for their records.

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

                                U.S. Investors
                 Program Subscription Agreement Signature Page
                                     SP-5

                                                    ----------------------------
                                                          PLACE LABEL HERE
                                                    ----------------------------Exhibit 10.2

                   THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

                               SELLING AGREEMENT

             Private Placement of Limited Liability Company Units

                       Effective as of October 31, 2004

                   MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC
                                    Manager

              MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
                                 Selling Agent

<PAGE>

                   THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

                               SELLING AGREEMENT

                               TABLE OF CONTENTS

Section                                                                    Page
-------                                                                    ----

SECTION 1.  REPRESENTATIONS AND WARRANTIES OF THE MANAGER.....................2

SECTION 2.  OFFERING AND SALE OF UNITS........................................4

SECTION 3.  COVENANTS OF THE MANAGER..........................................7

SECTION 4.  OFFERING MATERIALS................................................7

SECTION 5.  CONDITIONS OF CLOSING.............................................7

SECTION 6.  INDEMNIFICATION AND EXCULPATION...................................8

SECTION 7.  STATUS OF PARTIES................................................10

SECTION 8.  REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY...10

SECTION 9.  TERMINATION......................................................10

SECTION 10.  NOTICES AND AUTHORITY TO ACT....................................10

SECTION 11.  PARTIES.........................................................10

SECTION 12.  GOVERNING LAW...................................................10

SECTION 13.  REQUIREMENTS OF LAW.............................................11

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

APPENDIX:  SCHEDULE OF COMPANIES dated as of October 31, 2004

<PAGE>

                   THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

             Private Placement of Limited Liability Company Units

                               SELLING AGREEMENT

                                                         as of October 31, 2004

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
Merrill Lynch World Headquarters
North Tower
World Financial Center
New York, New York  10080-6106

Dear Sirs:

                  Your affiliate, Merrill Lynch Alternative Investments LLC, a
Delaware limited liability company (referred to herein in its individual
capacity and as manager as the "Manager" or "MLAI"), has caused the formation
of a group of managed futures funds comprising the Merrill Lynch
FuturesAccessSM Program (the "Program") which, at the effective date hereof,
consist of the four limited liability companies formed pursuant to the Limited
Liability Company Act of the State of Delaware (the "DLLCA") and listed in the
Schedule of Companies (the "Schedule") attached hereto as the Appendix. Each
company within the Program is hereinafter referred to as a "FuturesAccess
Fund." It is intended that the terms and conditions of this Selling Agreement
(the "Agreement") shall apply to and be binding upon any company which
subsequently becomes a FuturesAccess Fund (each a "New FuturesAccess Fund")
and, likewise, shall cease to apply to any company which ceases, for whatever
reason, to be a FuturesAccess Fund (each an "Old Futures Access Fund"). It is
hereby agreed therefore that, in the event of any New FuturesAccess Fund or
Old FuturesAccess Fund joining or leaving the Program as the case may be, the
Schedule shall be amended accordingly with the intent and effect that (from
the effective date on which such Schedule is acknowledged and accepted on
behalf of the FuturesAccess Funds specified therein, the Manager and Merrill
Lynch, Pierce, Fenner & Smith Incorporated) any such New FuturesAccess Fund
shall become, and any such Old FuturesAccess Fund shall cease to be, a party
to this Agreement. Upon becoming a party hereto, a New FuturesAccess Fund
shall agree to observe, perform and be bound by all the terms of this
Agreement which are capable of applying to it and which have not been
performed as at that time.

                  The FuturesAccess Funds (hereinafter referred to,
individually, as a "Company," and, collectively, as the "Companies") will
operate as single-advisor managed futures funds to which professional trading
advisors ("Trading Advisors") unaffiliated with MLAI will provide trading
advice on an independent contractor basis.

                                      1
<PAGE>

                  Capitalized terms used herein, unless otherwise indicated,
shall have the meanings attributed to them in the Companies' Part One (A)
Confidential Program Disclosure Document: FuturesAccessSM Program General
Information, Part One (B) Confidential Program Disclosure Document: Trading
Advisor Information and the Part Two Confidential Program Disclosure Document:
Statement of Additional Information, as amended or supplemented from time to
time (collectively, the "Memorandum"). Defined terms used herein shall have
the meaning of both the singular and the plural unless otherwise specified.

                  Section 1. Representations and Warranties of the Manager.
         The Manager represents and warrants to the Selling Agent as follows:

                  (a) Each Company has been formed pursuant to a Certificate
         of Formation (each a "Certificate of Formation") and a Limited
         Liability Company Operating Agreement (each an "Operating Agreement")
         which provide for the subscription for and sale of each Company's
         units of limited liability company interest ("Units") in classes; all
         action required to be taken by the Manager and each Company as a
         condition to the sale of the Units to subscribers who qualify as
         "Accredited Investors" within the meaning of the Securities Act of
         1933, as amended (the "1933 Act") has been, or prior to the Initial
         and each Additional Closing Time (as defined in Section 2 hereof)
         will have been taken, and, upon payment of the consideration therefor
         specified in all accepted FuturesAccess Program Subscription and
         Exchange Agreements and Signature Pages thereto (collectively, the
         "Subscription Agreements"), the Units will constitute valid limited
         liability company interests in a Company.

                  (b) Each Company is a limited liability company duly
         organized pursuant to a Certificate of Formation and the DLLCA and
         validly existing under the laws of the State of Delaware with full
         power and authority to conduct its business and operations, as
         described in its Memorandum; each Company has received (or will
         receive prior to the Initial Closing Time) a certificate of authority
         to do business in the State of New Jersey.

                  (c) The Manager is duly organized and validly existing and
         in good standing as a limited liability company under the laws of the
         State of Delaware and in good standing as a foreign limited liability
         company under the laws of the State of New Jersey and in each other
         jurisdiction in which the nature or conduct of its business requires
         such qualification and the failure to so qualify would materially
         adversely affect the Companies' or the Manager's ability to perform
         its obligations hereunder.

                  (d) Each Company and the Manager have full limited liability
         company power and authority under applicable law to perform their
         respective obligations under an Operating Agreement, an Escrow
         Agreement relating to the offering of the Units (each an "Escrow
         Agreement"), the Customer Agreement ("Customer Agreement") and the
         Advisory Agreement ("Advisory Agreement") relating to the trading of
         commodity interests and this Agreement, as described in the
         Memorandum.

                                      2
<PAGE>

                 (e) The Memorandum as of its date of issue, the Initial
         Closing Time and at each Additional Closing Time will not contain an
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements therein, in light of the
         circumstances under which such statements were made, not misleading.
         This representation and warranty shall not, however, apply to any
         statement or omission in the Memorandum made in reliance upon and in
         conformity with information relating to the Trading Advisors and
         furnished or approved in writing by the Trading Advisors; it being
         acknowledged that each of the Trading Advisors have approved the
         information relating to such party or its principals, as set forth in
         the Memorandum.

                  (f) Since the respective dates as of which information is
         given in the Memorandum., there has not been any material adverse
         change in the condition (financial or otherwise), business or
         prospects of the Manager or the Companies, whether or not arising in
         the ordinary course of business.

                  (g) An Operating Agreement, an Escrow Agreement, a Customer
         Agreement, an Advisory Agreement and this Agreement have each been
         duly and validly authorized, executed and delivered by the Manager on
         behalf of each Company, and each constitutes a valid, binding and
         enforceable agreement of each Company, in accordance with its terms.

                  (h) The execution and delivery of the Operating Agreements,
         the Escrow Agreement, the Customer Agreement, the Advisory Agreement
         and this Agreement, the incurrence of the obligations set forth in
         each of such agreements and the consummation of the transactions
         contemplated therein and in the Memorandum will not constitute a
         breach of, or default under, any instrument by which either the
         Manager or a Company is bound or any order, rule or regulation
         applicable to the Manager or a Company of any court or any
         governmental body or administrative agency having jurisdiction over
         the Manager or a Company.

                  (i) There is not pending, or, to the best of the Manager's
         knowledge, threatened, any action, suit or proceeding before or by
         any court or other governmental body to which the Manager or a
         Company is a party, or to which any of the assets of the Manager or a
         Company is subject, which is not referred to in the Memorandum and
         which might reasonably be expected to result in any material adverse
         change in the condition (financial or otherwise), business or
         prospects of the Manager or the Company.

                  (j) The Manager has all federal and state governmental and
         regulatory approvals and licenses, and has effected all filings and
         registrations with federal and state governmental agencies required
         to conduct its business and to act as described in the Memorandum or
         required to perform its obligations as described under the Operating
         Agreements and this Agreement, and the performance of such
         obligations will not contravene or result in a breach of any
         provision of its certificate of incorporation, by-laws or any
         agreement, order, law or regulation binding upon it.

                                      3
<PAGE>

                  (k) The Companies do not require any federal or state
         governmental or regulatory approvals or licenses, or need to effect
         any filings or registrations with any federal or state governmental
         agencies in order to conduct their business, to act as contemplated
         by the Memorandum and to issue and sell Units (other than filings
         relating solely to the offering of the Units).

                  (l) Deloitte & Touche LLP are, with respect to the Manager
         and the Companies, independent public accountants within the meaning
         of the 1933 Act and the regulations of the Securities and Exchange
         Commission ("SEC").

                  (m) The offer and sale of the Units in the manner
         contemplated by this Agreement will be exempt from the registration
         requirements of the 1933 Act by reason of Regulation D promulgated
         thereunder.

                  Section 2. Offering and Sale of Units.

                  (a) The Selling Agent is hereby granted the exclusive right
         to distribute Units. Subject to the performance by the Manager of all
         its obligations to be performed hereunder, and to the completeness
         and accuracy in all material respects of all the representations and
         warranties of the Manager contained herein, the Selling Agent hereby
         accepts such agency and agrees on the terms and conditions herein set
         forth to use its best efforts to find acceptable subscribers for the
         Units as of the beginning of each calendar month.

                  It is understood that the Selling Agent's agreement to use
         its best efforts to find acceptable subscribers for the Units shall
         not prevent it from acting as a selling agent or underwriter for the
         securities of other issuers which may be offered or sold during the
         term of this Agreement. The agency of the Selling Agent hereunder
         shall continue until this Agreement is terminated in accordance with
         the provisions of this Section or Section 9.

                  (b) In the event insufficient subscriptions (as described in
         the Memorandum) are received prior to the intended close of the
         initial offering period, all funds received from subscribers shall be
         returned in full, with any interest payable thereon (irrespective of
         amount) and without deduction for any escrow or other fee or expense;
         and thereupon the Selling Agent's duties as agent and this Agreement
         shall terminate without further obligation hereunder on the part of
         the Selling Agent, the Manager or the Company.

                  (c) The Manager shall notify the Selling Agent of the
         aggregate number of Units in each Company for which the Manager has
         received acceptable subscriptions, and payment of the purchase price
         for the Units of such Company may, if the Manager so elects, be made
         at the office of the Manager, Princeton Corporate Campus, 800
         Scudders Mill Road, Section 2G, Plainsboro, New Jersey 08536 or at
         such other place as shall be agreed upon between the Selling Agent
         and the Manager, at 10:00 A.M., New York time, on the fifth full
         business day after the day on which the Manager notifies the Selling
         Agent of the Units for

                                      4
<PAGE>

         which subscriptions have been accepted or such other day and time as
         shall be agreed upon between the Selling Agent and the Manager (the
         "Initial Closing Time").

                  At the Initial Closing Time, all interest earned on
         subscriptions while held in escrow will be credited to the relevant
         FuturesAccess Fund.

                  (d) After the Initial Closing Time, the Manager shall notify
         the Selling Agent of the aggregate value of Units in each Company for
         which the Manager has accepted subscriptions for purchase as of the
         beginning of each month for which sufficient subscriptions (as
         described in the Memorandum) are received (each additional sale of
         Units hereinafter referred to as an "Additional Closing Time").

                  (e) Initial sales commissions of 1.0% - 2.5% of the amount
         of each Company's Class A Unit subscription, and up to 0.50% of each
         Company's Class I and Class D Unit subscription, shall be deducted
         from the subscription amount. No initial sales commissions will be
         paid on a Company's Class C Units.

                  MLAI will pay to the Selling Agent, at no additional cost to
         the Companies or their Members, ongoing compensation on the Units for
         as long as such Units remain outstanding. Such ongoing compensation
         will equal 1.0%, 0.80%, 2.00% and 0.30% per annum of the average
         month-end Net Asset Value per Unit of each Company's Class A, Class
         I, Class C and Class D Units, respectively.

                  Ongoing compensation in respect of each Company's Class A
         Units will begin in the thirteenth month, and in the case of all
         other Units, immediately after their issuance. Units are issued for
         such purposes when they begin to participate in the profits and
         losses of a Company (i.e., when a Company begins to participate in
         the profits and losses of the applicable Company), not when the
         related Subscription Agreements are accepted.

                  (f) The Selling Agent will use its best efforts to find
         eligible persons to purchase the Units as of the intended close of
         the initial offering period (as described in the Memorandum) and
         thereafter on the terms stated herein and in the Memorandum. It is
         understood that the Selling Agent has no commitment with regard to
         the sale of the Units other than to use its commercially reasonable
         efforts. In connection with the offer and sale of the Units, the
         Selling Agent represents that it will not knowingly violate
         applicable laws, and the rules of the National Association of
         Securities Dealers, Commodity Futures Trading Commission ("CFTC"),
         the National Futures Association ("NFA"), the SEC, state securities
         administrators and any other regulatory body. The Selling Agent
         further represents that it has not and will not offer and sell, or
         arrange any commitments to purchase, any Units by any form of general
         solicitation or general advertising (as those terms are used in
         Regulation D promulgated under the 1933 Act) or in any manner
         involving a public offering (within the meaning of

                                      5
<PAGE>

         Section 4(2) of the Securities Act), or offer and sell or otherwise
         negotiate in respect of any security the offering which is or could
         be integrated with the sale of Units in a manner that would require
         registration of the Units under 1933 Act. The Selling Agent shall
         not execute any sales of Units from a discretionary account over
         which it has control without prior written approval of the customer
         in whose name such discretionary account is maintained.

                  The Selling Agent agrees not to recommend the purchase of
         Units to any subscriber unless the Selling Agent shall have
         reasonable grounds to believe, on the basis of information obtained
         from the subscriber concerning, among other things, the subscriber's
         investment objectives, other investments, financial situation and
         needs, that the subscriber is or will be in a financial position
         appropriate to enable the subscriber to realize to a significant
         extent the benefits of a Company, including tax benefits described in
         the Memorandum; the subscriber has a fair-market net worth sufficient
         to sustain the risks inherent in participating in the Companies,
         including loss of investment and lack of liquidity; the Units are
         otherwise a suitable investment for the subscriber; and the
         subscriber is qualified to purchase Units as described in the
         Memorandum.

                  (g) None of the Selling Agent, the Companies or the Manager
         shall, directly or indirectly, pay or award any finder's fees,
         commissions or other compensation to any person engaged by a
         potential investor for investment advice as an inducement to such
         advisor to advise the purchase of Units; provided, however, the
         normal sales commissions payable to a registered broker-dealer or
         other properly licensed person for selling Units shall not be
         prohibited hereby.

                  (h) All payments for subscriptions shall be made by debiting
         subscribers' customer securities accounts maintained with the Selling
         Agent as described in the Memorandum.

                  (i) In connection with the offer and sale of the Units, the
         Manager will not knowingly violate applicable laws and the rules of
         the SEC, the CFTC, the NFA, state securities administrators and any
         other regulatory body.

                  Section 3. Covenants of the Manager.

                  (a) The Manager will notify the Selling Agent immediately
         and confirm such notification in writing of the issuance by the SEC
         or any other federal or state regulatory body of any order or decree
         enjoining the offering or the use of the then current Memorandum or
         of the institution, or notice of the intended institution, of any
         action or proceeding for that purpose.

                  (b) Until termination of this Agreement, the Manager will
         take all necessary regulatory steps, make all necessary ongoing
         regulatory filings and obtain all necessary regulatory approvals to
         maintain the ongoing offering of the Units.

                                      6
<PAGE>

                  (c) If any event relating to or affecting the Manager or a
         Company shall occur as a result of which it is necessary to amend or
         supplement a Company's Memorandum in order to make the Memorandum not
         materially misleading in light of the circumstances existing at the
         time it is delivered to a subscriber, MLAI and the Company will
         forthwith prepare and furnish to the Selling Agent, at the expense of
         MLAI, a reasonable number of copies of an amendment or amendments of,
         or a supplement or supplements to, the Memorandum which will amend or
         supplement the Memorandum so that as amended or supplemented it will
         not contain an untrue statement of a material fact or omit to state a
         material fact necessary in order to make the statements therein, in
         light of the circumstances existing at the time the Memorandum is
         delivered to a subscriber, not misleading.

                  Section 4. Offering Materials. The Manager will ensure the
printing and delivery to the Selling Agent of copies of a reasonable
number of copies of the Memoranda and any supplements or amendments
thereto, and of any supplemental sales materials, as necessary from time
to time.

                  Section 5. Conditions of Closing. The obligations of each of
the parties hereunder are subject to the accuracy of the representations and
warranties of the other parties hereto, to the performance by such other
parties of their respective obligations hereunder and to the following further
conditions:

                  (a) If requested by the Selling Agent, MLAI shall deliver a
         certificate to the effect that: (i) the representations and
         warranties of MLAI contained herein are true and correct with the
         same effect as though expressly made at the Initial Closing Time and
         in respect of the Memorandum as in effect at the Initial Closing
         Time; and (ii) MLAI has performed all covenants and agreements herein
         contained to be performed on its part as of or prior to the Initial
         Closing Time.

                  (b) As of the Initial Closing Time, Sidley Austin Brown &
         Wood LLP, counsel to the Manager, shall deliver to all the parties
         hereto its opinion, in form and substance satisfactory to each of the
         parties hereto.

                  (c) The parties hereto shall have been furnished with such
         additional information, opinions, certificates and documents,
         including supporting documents relating to parties described in the
         Memorandum and letters of representation signed by such parties with
         regard to information relating to them and included in the Memorandum
         as they may reasonably require for the purpose of enabling them to
         pass upon the sale of the Units as herein contemplated and related
         proceedings, in order to evidence the accuracy or completeness of any
         of the representations or warranties or the fulfillment of any of the
         conditions herein contained; and all actions taken by the parties
         hereto in connection with the sale of the Units as herein
         contemplated shall be reasonably satisfactory in form and substance
         to Sidley Austin Brown & Wood LLP.

                                      7
<PAGE>

                  (d) As of each Additional Closing Time, the parties hereto
         shall have been furnished with such information, opinions and
         certified documents as the Manager and the Selling Agent may deem to
         be necessary or appropriate.

                  If any of the conditions specified in this Section 5 shall
not have been fulfilled when and as required by this Agreement to be
fulfilled, this Agreement and all obligations hereunder may be canceled by any
party hereto by notifying the other parties hereto of such cancellation in
writing or by telegram at any time at or prior to the Initial Closing Time,
and any such cancellation or termination shall be without liability of any
party to any other party except as otherwise provided in Section 6.

                  Section 6. Indemnification and Exculpation.

                  (a) Indemnification by the Manager. The Manager agrees to
         indemnify and hold harmless the Selling Agent and each person, if
         any, who controls the Selling Agent within the meaning of Section 15
         of the 1933 Act, as follows:

                  (i) against any and all loss, liability, claim, damage and
                  expense whatsoever arising out of (A) any breach by the
                  Manager of its representations and warranties or failure of
                  the Manager to comply with any of its agreements contained
                  herein or any act, omission, activity or conduct undertaken
                  in connection with this Agreement by or on behalf of the
                  Manager, except to the extent such loss results from the
                  negligence or willful misconduct of the Selling Agent or (B)
                  any untrue statement or alleged untrue statement of a
                  material fact contained in the Memorandum (or any amendment
                  thereto) or any omission or alleged omission therefrom of a
                  material fact required to be stated therein or necessary in
                  order to make the statements therein not misleading or
                  arising out of any untrue statement or alleged untrue
                  statement of a material fact contained in the Memorandum (or
                  any amendment or supplement thereto) or the omission or
                  alleged omission therefrom of a material fact necessary in
                  order to make the statements therein, in light of the
                  circumstances under which they were made, not misleading,
                  unless such untrue statement or omission or alleged untrue
                  statement or omission was made in reliance upon and in
                  conformity with information relating to the Selling Agent or
                  a Trading Advisor or furnished or approved by the Selling
                  Agent or Trading Advisor as the case may be;

                  (ii) against any and all loss, liability, claim, damage and
                  expense whatsoever with respect to each Company to the
                  extent of the aggregate amount paid in settlement of any
                  litigation, or any investigation or proceeding by any
                  governmental agency or body, commenced or threatened, or of
                  any claim whatsoever based upon any such untrue statement or
                  omission or any such alleged untrue statement or omission
                  (any settlement to be subject to indemnity hereunder only if
                  effected with the written consent of the Manager); and

                                      8
<PAGE>

                  (iii) against any and all expense whatsoever with respect to
                  each Company (including the fees and disbursements of
                  counsel) reasonably incurred in investigating, preparing or
                  defending against litigation, or any investigation or
                  proceeding by any governmental agency or body, commenced or
                  threatened, or any claim whatsoever based upon any such
                  untrue statement or omission, or any such alleged untrue
                  statement or omission, to the extent that any such expense
                  is not paid under clauses (i) or (ii) above.

         In no case shall the Manager be liable under this indemnity agreement
         with respect to any claim made against any indemnified party unless
         the Manager shall be notified in writing of the nature of the claim
         within a reasonable time after the assertion thereof, but failure to
         so notify the Manager shall not relieve the Manager from any
         liability which it may have otherwise than on account of this
         indemnity agreement. The Manager shall be entitled to participate at
         its own expense in the defense or, if it so elects within a
         reasonable time after receipt of such notice, to assume the defense
         of that portion of any suit so brought relating to the Manager's
         indemnification obligations hereunder, which defense shall be
         conducted by counsel chosen by it and satisfactory to the indemnified
         party or parties, defendant or defendants therein. In the event that
         the Manager elects to assume the defense of any such suit and retain
         such counsel, the indemnified party or parties, defendant or
         defendants in the suit, shall bear the fees and expenses of any
         additional counsel thereafter retained by it or them; provided,
         however, that the Manager may, upon the mutual agreement of the
         Manager and the indemnified party or parties, bear the fees and
         expenses of additional counsel retained by an indemnified party if
         the named parties in such suit include both the Manager and the
         indemnified party and representation of both the Manager and the
         indemnified party would be inappropriate due to actual or potential
         differing interests between them or there are defenses available to
         the indemnified party that are or would not be available to the
         Manager. In the event the Manager assumes the defense of the portion
         of a suit relating to the Manager's indemnification obligations
         hereunder, the Manager will not, without the prior written consent of
         the indemnified party, effect any settlement of such suit, unless
         such settlement includes a release of the indemnified party from all
         liability or claims that are the subject of such suit.

                  The Manager agrees to notify the Selling Agent within a
         reasonable time of the assertion of any claim in connection with the
         sale of the Units against it or any of its officers or directors or
         any person who controls the Manager within the meaning of Section 15
         of the 1933 Act.

                  Section 7. Status of Parties. In selling the Units for the
Companies, the Selling Agent is acting solely as an agent for the Companies
and not as a principal. The Selling Agent will use its best efforts to assist
the Companies in obtaining performance by each purchaser whose offer to
purchase Units from a Company has been accepted on behalf of a Company, but
the Selling Agent shall not have any liability to a Company in the event that
any such purchase is not consummated for any reason.

                                      9
<PAGE>

                  Section 8. Representations, Warranties and Agreements to
Survive Delivery. All representations, warranties and agreements contained in
this Agreement or contained in certificates of any party hereto submitted
pursuant hereto shall remain operative and in full force and effect,
regardless of any investigation made by, or on behalf of, the Selling Agent,
the Manager or any person who controls any of the foregoing and shall survive
the Initial and each Additional Closing Time in the form restated and
reaffirmed as of each such closing time.

                  Section 9. Termination. The Manager shall have the right to
terminate this Agreement at any time by giving notice to the Selling Agent,
and the Selling Agent to do so upon 30 calendar days' notice to the Manager.

                  Section 10. Notices and Authority to Act. All communications
hereunder shall be in writing and, if sent to the Selling Agent, shall be
mailed, delivered or telegraphed and confirmed to it at: Merrill Lynch World
Headquarters, North Tower, World Financial Center, New York, New York,
10080-6106; if sent to the Manager or a Company shall be mailed, delivered or
telegraphed and confirmed to it at Princeton Corporate Campus, 800 Scudders
Mill Road, Section 2G, Plainsboro, New Jersey 08536, Attention: Mr. Steven B.
Olgin.

                  Section 11. Parties. This Agreement shall inure to the
benefit of and be binding upon the Selling Agent, the Companies, the Manager
and such parties' respective successors to the extent provided herein. This
Agreement and the conditions and provisions hereof are intended to be and are
for the sole and exclusive benefit of the parties hereto and their respective
successors, assigns and controlling persons and parties indemnified hereunder,
and for the benefit of no other person, firm or corporation. No purchaser of a
Unit shall be considered to be a successor or assign solely on the basis of
such purchase.

                  SECTION 12. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES CREATED HEREBY SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

                  Section 13. Requirements of Law. Whenever in this Agreement
it is stated that a party will take or refrain from taking a particular
action, such party may nevertheless refrain from taking or take such action if
advised by counsel that doing so is required by law or advisable to ensure
compliance with law, and shall not be subject to any liability hereunder for
doing so, although such action shall permit termination of this Agreement by
the other parties hereto.

                                      10
<PAGE>

                  If the foregoing is in accordance with each party's
understanding of its agreement, each party is requested to sign and return to
the Manager a counterpart hereof, whereupon this instrument along with all
counterparts will become a binding agreement among them in accordance with its
terms effective as of the date first above written.

                                  Very truly yours,

                                  Signed for and on behalf of:

                                  ML Appleton FuturesAccess LLC
                                  ML Aspect FuturesAccess LLC
                                  ML Cornerstone FuturesAccess LLC
                                  ML Winton FuturesAccess LLC

                                  By:   Merrill Lynch Alternative Investments
                                        LLC
                                         Manager

                                  By:   /s/ Steven B. Olgin
                                        ------------------------------
                                        Name:   Steven B. Olgin
                                        Title:  Vice President, Chief Operating
                                        Officer and Manager

                                  MERRILL LYNCH ALTERNATIVE
                                  INVESTMENTS LLC

                                  By:   /s/ Steven B. Olgin
                                        ------------------------------
                                        Name:   Steven B. Olgin
                                        Title:  Vice President, Chief Operating
                                        Officer and Manager

Confirmed and accepted as of
the date first above written:

MERRILL LYNCH, PIERCE, FENNER &
SMITH INCORPORATED
      Selling Agent

By:   /s/ Steven B. Olgin
      ---------------------------
      Name:  Steven B. Olgin
      Title: Authorized Signatory

                                      11
<PAGE>

                                                                      APPENDIX

                             SCHEDULE OF COMPANIES
                             ---------------------
                        (Dated as of October 31, 2004)

ML APPLETON FUTURESACCESS LLC

ML ASPECT FUTURESACCESS LLC

ML CORNERSTONE FUTURESACCESS LLC

ML WINTON FUTURESACCESS LLC

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