Document:

exv10w02

 

[ABN-AMRO LOGO]

Exhibit 10.02

ABN AMRO Incorporated

Futures
Client Account
Agreement

 

 

Account Title:  Campbell Fund Trust

Account Number:  84500

Account
Representative: 

Introducing Brokerage Firm (If Applicable):

Approved by ABN AMRO Incorporated (Authorized
Officer):

Thomas A. Kloet

Date:    12-11-98

 

INSTRUCTIONS

As required by regulation, the following forms in
this booklet must be properly completed, signed and approved before
an account can be opened with or carried by ABN AMRO Incorporated.

Please sign the following documents
that correspond to the type of account that is being opened. Note
that the documents must be completed in full, signed and dated in the
appropriate spaces.

	 	 	 
	Individual account	 	Page
	
	
	
	
	
	
	

	Account Application	 	6-7
	Client Agreement	 	8-14
	     Signature	 	12
	Arbitration Agreement	 	14
	Taxpayer Identification Form	 	15
	Acknowledgement of Receipt of
Required Disclosures	 	5,16
	Authorization to Transfer Client
Funds	 	16
	Acknowledgement by Client(s) of
Introducing Brokers (If applicable)	 	18
	Cross Trade Consent Agreement	 	18
	Subordination Agreement	 	18-19
	Risk Disclosure Statement	 	4-5

	 	 	 
	Joint Account	 	 
	
	
	
	
	
	
	

	Account Application	 	6-7
	Client Agreement	 	8-14
	     Signature	 	12
	Arbitration Agreement	 	14
	Taxpayer Identification Form	 	15
	Acknowledgement of Receipt of
Required Disclosures	 	5,16
	Authorization to Transfer Client
Funds	 	16
	Acknowledgement by Client(s) of
Introducing Brokers (If applicable)	 	18
	Cross Trade Consent Agreement	 	18
	Subordination Agreement	 	18-19
	Risk Disclosure Statement	 	4-5

	 	 	 
	Partnership Account

A General Partnership must sign the following:	 	 
	
	
	
	
	
	
	

	Account Application	 	6-7
	Client Agreement	 	8-14
	     Signature	 	12
	Arbitration Agreement	 	14
	Taxpayer Identification Form	 	15
	Acknowledgement of Receipt of
Required Disclosures	 	5,16
	Authorization to Transfer Client
Funds	 	16
	Acknowledgement by Client(s) of
Introducing Brokers (If applicable)	 	18
	Cross Trade Consent Agreement	 	18
	Subordination Agreement	 	18-19
	Risk Disclosure Statement	 	4-5

Please provide a copy of the
Partnership Agreement.

	 	 	 
	Corporate Account	 	 
	
	
	
	
	
	
	

	Account Application	 	6-7
	Client Agreement	 	8-14
	     Signature	 	13
	Corporate Resolution	 	13
	Arbitration Agreement	 	14
	Taxpayer Identification Form	 	15
	Acknowledgement of Receipt of
Required Disclosures	 	5,16
	Authorization to Transfer Client
Funds	 	16
	Acknowledgement by Client(s) of
Introducing Brokers (If applicable)	 	18
	Cross Trade Consent Agreement	 	18
	Subordination Agreement	 	18-19
	Risk Disclosure Statement	 	4-5

Please provide a list of authorized
traders.

	 	 	 
	Trust Account	 	 
	
	
	
	
	
	
	

	Account Application	 	6-7
	Client Agreement	 	8-14
	     Signature	 	12
	Arbitration Agreement	 	14
	Taxpayer Identification Form	 	15
	Acknowledgement of Receipt of
Required Disclosures	 	5,16
	Authorization to Transfer Client
Funds	 	16
	Acknowledgement by Client(s) of
Introducing Brokers (If applicable)	 	18
	Cross Trade Consent Agreement	 	18-19
	Subordination Agreement	 	4-5
	Risk Disclosure Statement	 	

Please provide a copy of the
Trust Agreement

Hedge Account

Please complete and sign all documents
under the appropriate heading for the type of account you wish to
open. In addition, please sign the following:

	 	 	 
	Hedge Account Agreement and
Client Information	 	16

Discretionary or Managed
Accounts

Please complete and sign all documents
under the appropriate heading for the type of account you wish to
open. In addition, please sign the following:

	 	 	 
	Limited Trading Authorization	 	17

Also, include a copy of the
acknowledgement of receipt of current Disclosure Document.

Accounts Utilizing Electronic
Trading Systems

Please complete and sign all documents
under the appropriate heading for the type of account you wish to
open. In addition, please sign the following:

	 	 	 
	Acknowledgement of Receipt of
Risk Disclosures for Electronic Trading	 	19

Page 2

 

	 	 	 	 	 	 
	Table of Contents	 	Page
	Account
Application
	 	6-7
	 	Signature	 	7
	Client Agreement:
	 	8-14
	 	Signatures:
	 	 
	 	 	Individual Account
	 	12
	 	 	Joint Account
	 	12
	 	 	Personal Trust; Keogh
Plan; Pension or Profit Sharing Trust or Plan
	 	12
	 	 	Corporate Account
	 	13
	 	 	Corporate
Resolution
	 	13
	 	 	Partnership
Account (General or Limited)
	 	14
	 	Arbitration
Agreement
	 	14
	 	Taxpayer
Identification Form
	 	15
	 	Acknowledgment
of Receipt of Required Disclosures
	 	5
	 	Hedge
Account Agreement and Client Instructions
	 	16
	 	Authorization
to Transfer Client Funds
	 	16
	 	Limited
Trading Authorization
	 	17
	 	Acknowledgment
by Client(s) of Introducing Brokers
	 	18
	 	Cross
Trade Consent Agreement
	 	18
	 	Subordination
Agreement
	 	18-19
	 	Acknowledgment
of Receipt of Risk Disclosures for Electronic Trading
	 	19
	 	Authorization
to Receive Statements Electronically
	 	20

Page 3

 

RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS

This brief statement does not disclose all of the risks and
other significant aspects of trading in futures and options. In
light of the risks, you should undertake such transactions only
if you understand the nature of the contracts (and contractual
relationships) into which you are entering and the extent of
your exposure to risk. Trading in futures and options is not
suitable for many members of the public. You should carefully
consider whether trading is appropriate for you in light of your
experience, objectives, financial resources and other relevant
circumstances.

Futures

		
	1. 	
    Effect of “Leverage” or “Gearing”

		
	 	
    Transactions in futures carry a high degree of risk. The amount
    of initial margin is small relative to the value of the futures
    contract so that transactions are “leveraged” or
    “geared.” A relatively small market movement will have
    a proportionately larger impact on the funds you have deposited
    or will have to deposit: this may work against you as well as
    for you. You may sustain a total loss of initial margin funds
    and any additional funds deposited with the firm to maintain
    your position. If the market moves against your position or
    margin levels are increased, you may be called upon to pay
    substantial additional funds on short notice to maintain your
    position. If you fail to comply with a request for additional
    funds within the time prescribed, your position may be
    liquidated at a loss and you will be liable for any resulting
    deficit.

		
	2. 	
    Risk-reducing orders or strategies

		
	 	
    The placing of certain orders (e.g. “stop-loss”
    orders, where permitted under local law, or
    “stop-limit” orders) which are intended to limit
    losses to certain amounts may not be effective because market
    conditions may make it impossible to execute such orders.
    Strategies using combinations of positions, such as
    “spread” and “straddle” positions may be as
    risky as taking simple “long” or “short”
    positions.

Options

		
	3. 	
    Variable degree of risk

		
	 	
    Transactions in options carry a high degree of risk. Purchasers
    and sellers of options should familiarize themselves with the
    type of option (i.e. put or call) which they contemplate trading
    and the associated risks. You should calculate the extent to
    which the value of the options must increase for your position
    to become profitable, taking into account the premium and all
    transaction costs. The purchaser of options may offset or
    exercise the options or allow the options to expire. The
    exercise of an option results either in a cash settlement or in
    the purchaser acquiring or delivering the underlying interest.
    If the option is on a future, the purchaser will acquire a
    futures position with associated liabilities for margin (see the
    section on Futures above). If the purchased options expire
    worthless, you will suffer a total loss of your investment which
    will consist of the option premium plus transaction costs. If
    you are contemplating purchasing deep-out-of-the-money options,
    your should be aware that the chance of such options becoming
    profitable ordinarily is remote.
	 
	 	
    Selling (“writing” or “granting”) an option
    generally entails considerably greater risk than purchasing
    options. Although the premium received by the seller is fixed,
    the seller may sustain a loss well in excess of that amount. The
    seller will be liable for additional margin to maintain the
    position if the market moves unfavorably. The seller will also
    be exposed to the risk of the purchaser exercising the option
    and the seller will be obligated to either settle the option in
    cash or acquire or deliver the underlying interest. If the
    option is  on a future, the seller will acquire a position in a
future with associated liabilities for margin (see the section on
Futures above). If the option is “covered” by the seller holding a
    corresponding position in the underlying interest or a future or
    another option, the risk may be reduced. If the option is not
    covered, the risk of loss can be unlimited.
	 
	 	
Certain exchanges in some jurisdictions permit deferred
payment of the option premium, exposing the purchaser to liability
for margin payments not exceeding the amount of the premium. The
purchaser is still subject to the risk of losing the premium and
transaction costs. When the option is exercised or expires, the
purchase is responsible for any unpaid premium outstanding at that
time.

Additional risks common to futures and options

		
	4. 	
    Terms and conditions of contracts

		
	 	
    You should ask the firm with which you deal about the terms and
conditions of the specific futures or options which you are trading
and associated obligations (e.g. the circumstances under which you
may become obligated to make or take delivery of the underlying
interest of a future contract and, in respect of options, expiration
dates and restrictions on the time for exercise). Under certain
circumstances the specifications of outstanding contracts (including
the exercise price of an option) may be modified by the exchange or
clearing house to reflect changes in the underlying interest.

		
	5. 	
    Suspension or restriction of trading and pricing relationships

		
	 	
    Market conditions (e.g. illiquidity) and/or the operation of the
rules of certain markets (e.g. the suspension of trading in any
contract or contract month because of price limits or “circuit
breakers”) may increase the risk of loss by making it difficult
or impossible to effect transactions or liquidate/offset positions.
If you have sold options, this may increase the risk of loss.

Page 4

 

	 	 	 
	 	 	Further, normal pricing relationships between the
underlying interest and the future, and the underlying interest and the
option may not exist. This can occur when, for example, the futures
contract underlying the option is subject to price limits while the
option is not. The absence of an underlying reference price may make
it difficult to judge “fair” value.
	 
	6.	 	Deposited cash and property
	 
	 	 	You should familiarize yourself with the
protections accorded money or other property you deposit for domestic
and foreign transactions, particularly in the event of a firm
insolvency or bankruptcy. The extent to which you may recover your
money or property may be governed by specific legislation or local
rules. In some jurisdictions, property which had been specifically
identifiable as your own will be prorated in the same manner as cash
for purposes of distribution in the event of a shortfall.
	 
	7.	 	Commission and other charges
	 
	 	 	Before you begin a trade, you should obtain a
clear explanation of all commission, fees and other charges for which
you will be liable. These charges will affect your net profit (if
any) or increase your loss.
	 
	8.	 	Transaction in other jurisdictions
	 
	 	 	Transactions on markets in other jurisdictions,
including markets formally linked to a domestic market, may expose
you to additional risk. Such markets may be subject to regulation
which may offer different or diminished investor protection. Before
you trade, you should inquire about any rules relevant to your
particular transactions. Your local regulatory authority will be
unable to compel the enforcement of the rules of regulatory
authorities or markets in other jurisdictions where your transactions
have been effected. You should ask the firm with which you deal for
details about the types of redress available in both your home
jurisdiction and other relevant jurisdictions before you start to
trade.
	 
	9.	 	Currency risks
	 
	 	 	The profit or loss in transactions in foreign
currency-denominated contracts (whether they are traded in your own
or another jurisdiction) will be affected by fluctuations in currency
rates where there is a need to convert from the currency denomination
of the contract to another currency.
	 
	10.	 	Trading facilities
	 
	 	 	Most open-outcry and electronic trading
facilities are supported by computer-based component systems for the
order-routing, execution, matching, registration or clearing of
trades. As with all facilities and systems, they are vulnerable to
temporary disruption or failure. Your ability to recover certain
losses may be subject to limits on liability imposed by the system
provider, the market, the clearing house and/or member firms. Such
limits may vary; you should ask the firm with which you deal for
details in this respect.
	 
	11.	 	Electronic trading
	 
	 	 	Trading on an electronic trading system may
differ not only from trading in an open-outcry market but also from
trading on other electronic trading systems. If you undertake
transactions on an electronic system, you will be exposed to risks
associated with the system including the failure of hardware and
software. The result of any system failure may be that your order is
either not executed according to your instructions or is not executed
at all.
	 
	12.	 	Off-exchange transactions
	 
	 	 	In some jurisdiction, and only then in
restricted circumstances, firms are permitted to effect off-exchange
transactions. The firm with which you deal may be acting as your
counterparty to the transaction. It may be difficult or impossible to
liquidate an existing position, to assess the value, to determine a
fair price or to assess the exposure to risk. For these reasons,
these transactions may involve increased risks. Off-exchange
transactions may be less regulated or subject to a separate
regulatory regime. Before you undertake such transactions, you should
familiarize yourself with applicable rules and attendant risks.
	 

Client hereby acknowledges that it has received,
read and understands the above disclosure statement prescribed by the
Commodity Futures Trading Commission.

	 	 	 
	/s/ Theresa D. Livesey

	 	 

	Signature	 	Signature
	 
	Theresa D. Livesey

Chief Financial Officer 

Campbell & Company, Inc.,

Managing Operator

	 	 

	Print Name	 	Print Name
	 
	9/15/98

	 	 

	Date	 	Date

If a partnership, all general
partners must sign. Attach additional page if
necessary.

Page 5

 

	Account Application	—	Please Note: Page 5 Risk Disclosures must be
signed in order to open an account.

The Undersigned is providing the following information
for the purpose of opening one or more accounts at ABN AMRO
Incorporated.

	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Type of Account
Requested:   	 	o	 	Individual	 	o	 	Sole Proprietorship	 	o	 	Joint Account	 	o	 	Partnership
	 	 	þ	 	Commodity Pool	 	o	 	Corporate	 	o	 	Trust/Plan	 	o	 	Limited Liability Company

	General Information	—	Please Print or type:

	 	 	 	 	 
	Campbell Fund Trust

	 	

	Full name	 	Date of birth
	 
	210 W. Pennsylvania Ave
#770

	 	Jan, 1972

	Residence address	 	Date of formation
	 
	Baltimore, MD 21204

	 	Commodity Pool

	City, State, Zip,
Country	 	Nature of business
	 
	
	 	410-296-3301

	 	410-296-3311

	Residence phone	 	Business phone	 	Fax number
	 
	

	Mailing address for notice and account
statements (if different from above)

	    	 	 	 	 	 	 	 	 	 	 
	Citizenship:   	 	þ	 	U.S.	 	o	 	Other   	 	 
	 	

	 	 	 
	Employment
Information

	 	 	 	 	 
	
	 	

	Name of employer	 	Employer’s
business address
	 
	
	 	
	 	

	Occupation	 	Position held	 	Years there

	Second Party Information	—	Please print or type:

	 	 	 	 	 
	
	 	

	Full name	 	Date of birth
	 
	
	 	

	Residence address	 	Date of formation
	 
	
	 	

	City, State, Zip,
Country	 	Nature of business
	 
	
	 	
	 	

	Residence phone	 	Business phone	 	Fax number
	 
	

	Mailing address for notice and account
statements (if different from above)

	    	 	 	 	 	 	 	 	 	 	 
	Citizenship:   	 	o	 	U.S.	 	o	 	Other   	 	 
	 	

	 	 	 
	Employment
Information

	 	 	 	 	 
	
	 	

	Name of employer	 	Employer’s
business address
	 
	
	 	
	 	

	Occupation	 	Position held	 	Years there

	Bank References

	 	 	 
	Mercantile Safe Deposit and
Trust

	 	Nick Richardson

	Name of bank/branch	 	Bank officer
	 
	Two Hopkins Plaza Baltimore MD 21203

	 	410-237-5621

	Address of bank	 	Telephone number

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Type of account(s)	 
	 	þ	 	Checking	 	o	 	Savings	 	o	 	Other	 	                     603459-4

Account number(s)	 	

Account number(s)

Page 6

 

Commodity Trading Information

	 	 	 	 	 
	Type of trading account requested:
	o	Speculative	o	Hedging (Complete Hedge Account Agreement form on
page 16.)
	 
	þ	Futures	þ	Cash / Forward

	 	 	 	 	 	 	 	 	 
	Does any person or entity, other than the
Undersigned or its employees, control, manage or direct the trading
in this
account?	 	þ	Yes	 	o	No
	 	If yes, name such person/entity, state their
relationship to the Undersigned and complete the Limited Trading
Authorization on page 17.	 	 	 	 	 	 
	 	Campbell & Company, Inc.	 	 	 	 	 	 
	 	
	 	 	 	 	 	 
	 	Name and relationship	 	 	 	 	 	 
	If yes, is such person registered as a
Commodity Trading Advisor?	 	þ	Yes	 	o	No
	 	 	If yes, attach acknowledgment of
receipt of current Disclosure Document.	 	 	 	 	 	 
	 	 	If no, attach appropriate exemptive letter.	 	 	 	 	 	 
	Is Client an employee of any commodity
exchange, securities exchange, self regulatory organization,
securities or commodities firm or other financial institution?	 	o	Yes	 	þ	No
	 	 	If yes, attach letter of authorization to maintain
account and name the exchange or firm:	 	 	 	 	 	 
	
	

	 	 	
	 	 	 	 	 	 
	Does any person or entity other than the
client(s) identified on page 6 have a financial interest in this
account?	 	o	Yes	 	þ	No
	Does Client own or lease an exchange
membership?     o Own     o Lease     x Not
Applicable	 	 	 	 	 	 
	 	 	If yes, please specify type of membership and
exchange:	 	 	 	 	 	 
	
	

	 	 	
	 	 	 	 	 	 
	Does Client have an interest in any
other account at ABN AMRO Incorporated?	 	o	Yes	 	þ	No
	 	 	If yes, indicate name and account number:	 	 	 	 	 	 
	
	

	 	 	
	 	 	 	 	 	 
	Has Client previously traded commodity
futures:     þ Yes     o No         
     Has Client
previously traded securities?	 	o	Yes	 	þ	No
	
	
	
	

	 	 	If yes to either of the above, complete the
following information:	 	 	 	 	 	 

	 	 	 	 	 	 	 
	Chicago Corp.	 	 	 	 	 	 
	
	 	
	 	
	 	

	Name of firm.	 	No. Yrs. traded	 	Futures/Securities	 	Open/Closed
	 
	
	 	
	 	
	 	

	Name of firm.	 	No. Yrs. traded	 	Futures/Securities	 	Open/Closed

Confidential Financial Statement

Must be completed by all non-corporate
customers—corporate accounts must submit copies of their
financial statements, preferably audited:

The Undersigned makes the following representations
regarding net worth as of the following date: 6-30-98

	 	 	 	 	 	 	 	 	 	 	 
	 	Assets	 	 	 	 	Liabilities	 	 	 	 
	 	Cash and Cash Equivalent	 	$	2,952,143	 	Notes Payable Secured	 	$	   0   	 
	 	 	 	 	
	 	 	 	 	
	 
	 	Readily Marketable Securities	 	 	 	 	Notes Payable Unsecured	 	 	 	 
	 	 	 	 	
	 	 	 	 	
	 
	 	Real Estate	 	 	 	 	Mortgages	 	 	 	 
	 	 	 	 	
	 	 	 	 	
	 
	 	Other Assets	 	 	 	 	Other	 	 	 	 
	 	 	 	 	
	 	 	 	 	
	 
	 	Total Assets	 	$	 	 	Total Liabilities	 	$	 	 
	 	 	 	 	
	 	 	 	 	
	 
	 	Annual Income	 	$	 	 	Net Worth	 	$	 	 
	 	 	 	 	
	 	 	 	 	
	 

Please list any other contingent liabilities (i.e.
obligations as co-signer, guarantor or known litigation exposure):

The Undersigned represents that the foregoing is
true and correct. In the event of any material change in the
information set forth herein, the undersigned agrees to notify ABN
AMRO Incorporated immediately in writing.

	 	 	 	 	 	 	 
	Signature:	 	/s/ Theresa D. Livesey   9/15/98	 	Signature:	 	 
	 	 	
	 	 	 	

	Print Name:	 	THERESA D. LIVESEY

CHIEF FINANCIAL OFFICER

CAMPBELL & COMPANY, INC.,

Managing Operator	 	Print Name:	 	 
	 	 	
	 	 	 	

	Date:	 	 	 	Date:	 	 
	 	 	
	 	 	 	

Page 7

 

Client Agreement

ABN AMRO Incorporated (“AAI”) agrees to carry one or
more accounts for the undersigned (“Client”) and provide
services to Client in connection with the purchase and sale of cash
commodities (including financial instruments), options on cash
commodities, commodity futures contracts, options on futures
contracts, forward or leverage contracts, exchange of futures for
physicals and any similar instruments which may be purchased or sold
by or through AAI for Client’s account(s) (collectively referred
to as “futures contracts”). In consideration thereof, Client agrees as follows:

1. AUTHORIZATIONS AND REPRESENTATIONS. AAI is
authorized to purchase or sell futures contracts for Client’s
account(s) in accordance with Client’s oral or written instructions.
Client hereby waives any defense that any such instructions were not
in writing as may be required by any law, rule, or regulation. In any
such transaction, AAI may act as agent or principal, as may be
limited by law, rule or regulation. AAI is also authorized in its
discretion, to employ clearing members, carrying brokers and floor
brokers as Client’s agents in connection with the execution,
carrying, clearance, delivery and settlement of any such purchases
and sales of futures contracts. All contracts and transactions
entered into after the close of The Chicago Mercantile Exchange,
Chicago Board of Trade or other applicable futures exchange’s normal
business hours may be considered next business day activity.

At all times and during the term of this Agreement, Client
represents and warrants that Client is duly authorized and empowered
to execute and deliver this Agreement and to effect purchases and
sales of futures contracts through AAI in one or more accounts.
Further, this Agreement constitutes the legal, valid and binding
obligation of Client and is enforceable against Client in accordance
with its terms. Client represents and warrants that, in connection
with any exchange of futures for physical (EFP) transaction: (a) If
Client is the seller of the cash contract(s) then Client is the buyer
of the futures contract(s) being exchanged in the EFP, and Client has
an ownership interest in the contract(s) sufficient to allow the
delivery in satisfaction of Client’s obligations resulting from
the execution of the EFP; and, (b) if Client is the buyer of the cash
contract(s) then Client is the seller of the futures contract(s)
being exchanged in the EFP.

Client further represents that: (a) the
individuals whose signatures are stated below are of sound mind,
legal age and legal competence; (b) no person or entity
other than Client has or will have an interest in Client’s
account(s); (c) regardless of any subsequent determination to
the contrary, Client is suitable to trade futures contracts; and
(d) all information provided in the Client Account Application
portion of this booklet is true, correct and complete as of the date
hereof and Client will promptly notify AAI of any changes in such
information.

Client acknowledges that investment in futures
contracts is speculative, involves a high degree of risk and is
suitable only for persons who can assume risk of loss in excess of their
margin deposit. Client understands that because of the low margin
normally required in trading futures contracts, price changes may
result in significant losses, which may substantially exceed
Client’s investment and margin deposit. Client warrants that
Client is willing and able, financially and otherwise, to assume the
risks of futures trading, and in consideration of AAI carrying the
account(s), Client agrees not to hold AAI responsible for losses
incurred through following its trading recommendations or suggestions
or those of its employees, agents or representatives. Client
recognizes that guarantees of profit or freedom from loss are
impossible in trading futures contracts, acknowledges that Client has
received no such guarantees from AAI or from any of its
representatives, and has not entered into this Agreement in
consideration of or in reliance upon any such guarantees or similar
representations.

2. GOVERNMENTAL, SELF REGULATORY, OR
EXCHANGE RULES. All transactions under this Agreement shall be
subject to the constitution, by-laws, rules, regulations, customs,
usages, rulings and interpretations of the contract market, other
applicable market (and its clearing organization, if any) or self
regulatory organization and to all applicable Federal and state laws
and regulations. AAI shall not be liable to Client as a result of any
action taken by AAI or its agents to comply with any such
construction, by-law, rule, regulation, interpretation, custom or
statute. Client acknowledges that all transactions under this
Agreement are subject to the aforementioned regulatory requirements
and Client shall not thereby be given any independent, legal or
contractual rights with respect to such requirements.

3. MARGINS. Client shall provide to and
maintain with AAI margin in such amounts and in such forms as AAI, in
its discretion, may from time to time determine. Such margin
requirements established by AAI may exceed the margin required by an
exchange. AAI may change margin requirements in its discretion, at
any time, without prior notice. If AAI determines that additional
margin is required, Client agrees to deposit with AAI such additional
margin to meet all margin calls in such mode of transmission as AAI
shall within its discretion designate, within a reasonable time and,
in the absence of extraordinary circumstances, one hour shall be
deemed a reasonable time. Notwithstanding any demand for additional
margin, AAI may at any time proceed in accordance with paragraph 5
below and any failure to proceed shall not be deemed a waiver of any
AAI rights. No previous margin shall establish any precedent. AAI’s
failure, at any time, to call for a deposit of margin shall not
constitute a waiver of AAI’s rights to do so thereafter, nor
shall it create any liability of AAI to Client. AAI shall not be
liable to Client for the loss of any margin deposits which is the
direct or indirect result of the bankruptcy, insolvency, liquidation,
receivership, custodianship, or assignment for the benefit of
creditors of any bank, another clearing broker, exchange, clearing
organization or similar entity.

4. TRANSFER OF FUNDS. All funds,
securities, futures contracts, and other property of Client which
AAI, its parent company or affiliates, may at any time be carrying
for Client (either individually, jointly with others, or as a grantor
of the account of any other person) or which may at any time be in
its possession or control or carried on AAI’s books for any purpose,
including safekeeping, and whether held pursuant to this agreement or
for any other reason, are to be held by AAI as security and subject
to a general lien and right of off-set for liabilities of Client to
AAI, whether or not AAI made advances in connection with such
securities, futures contracts, or other property, and irrespective of
the number of accounts Client may have with AAI. AAI may, in its
discretion, at any time and without notice to Client, apply or
transfer any or all funds or other property of Client interchangeably
between any of Client’s accounts for purposes of margin,
reduction or satisfaction of any net debt balance, or any other
reason which AAI deems appropriate. Within a reasonable time after
such transfer, AAI will confirm the transfer in writing to Client.

Page 8

 

5.  SECURITY AND
LENDING. Client hereby grants to AAI the right to carry in its
general loan and to pledge, replace, hypothecate, rehypothecate,
invest or loan either separately or with the property of other
clients to either itself as broker or to others, any securities or
other property held by AAI on margin for the account(s) of Client or
as collateral therefor, without notice to Client and without any
obligation to pay to Client, or to account to Client for, any
interest, income, or benefit that may be derived therefrom. AAI shall
at no time be required to deliver to Client the identical property
delivered to or purchased by AAI for any account of Client but only
property of the same kind and amount. The rights of AAI set forth
above shall be qualified by applicable requirements for the
segregation of Client funds and property under the Commodity Exchange
Act, as amended.

Should Client take delivery of commodities through
futures contracts, including cash commodities as previously defined,
AAI is obligated to make full payment for the delivery on 24 hours
notice. If the balance in Client’s account is not adequate to pay for
the delivery, the futures contracts, or evidence of ownership
thereof, become property carried on margin in Client’s account since
they are not fully paid by Client. By signing this Agreement, Client
authorizes AAI to use the commodities, property, warehouse receipts
or evidence of ownership thereof as collateral for a bank loan, the
proceeds of which are used to pay for the futures contracts, or
evidence of ownership thereof, until re-delivery of the futures
contracts and/or
payment in full by Client. This authorization shall apply to all
accounts held by AAI for Client and shall remain in full force until
all accounts are fully paid for by Client and notice of revocation is
received by AAI at its principal place of business.

6.  LIQUIDATION OF ACCOUNTS. In
the event AAI receives notice of Client’s (a) death or
declaration of incompetency, (b) the filing of a petition in
bankruptcy, or a petition for the appointment of a receiver, or the
institution of any insolvency or similar proceeding by or against
Client or its parent company, (c) the filing of an attachment
against any of Client’s accounts carried by AAI,
(d) insufficient margin, failure to deposit funds in a timely
manner or maintain margin or any amount hereunder, or AAI’s
determination that any collateral deposited to protect one or more
accounts of Client is inadequate, regardless of current market
quotations, to secure the account, or (e) any other
circumstances or developments that AAI reasonably believes warrants
action be taken for its protection, AAI is hereby authorized, but is
not required, according to its judgment, and in its discretion, to
take one or more or any portion of the following actions:
(1) to satisfy any obligation Client may have to AAI, either
directly or by way of guarantee or suretyship, out of any of Client’s
funds or property in the custody or control of AAI, (2) to sell
any or all futures contracts, commodities, or securities held or
carried for Client or to purchase any or all futures contracts,
commodities or securities held or carried as a short position for Client, and (3) to cancel any or
all outstanding orders or contracts, or any other commitments made on
behalf of Client. Any of the above actions may be taken without
demand for margin or additional margin, without prior notice of sale,
purchase or other notice or advertisement to Client, its successors,
or assigns, and regardless of whether the ownership interests shall
be solely Client s or held jointly with others. In liquidating
Client’s long or short position AAI may, in its sole discretion,
sell or purchase in the same contract month or initiate new long or
short positions in order to establish a spread or straddle which in
AAI’s judgment may be warranted or may accomplish such
liquidation in an exchange for physical transaction on the Clients
behalf, in AAI’s discretion, in connection with the prompt
liquidation of Client’s account or any part thereof. Any sales
or purchases hereunder may be made according to AAI’s judgment,
and in its discretion, on any exchange or other markets where such
business is then usually transacted, or at public auction or at
private sale, and AAI may purchase the whole or any part thereof free
from any right of redemption. It is understood that, in all cases, a
prior demand or call, or prior notice of the time and place of a sale
or purchase shall not be considered a waiver of AAI’s right to
sell or buy without demand or notice as herein provided. Client shall
at all times be liable for the payment of any debit balance upon
demand by AAI, and in all cases, Client shall be liable for any
deficiency remaining in Client’s account(s) in the event of the
liquidation thereof, in whole or in part, by AAI or by Client. In the
event the proceeds realized pursuant to this authorization are
insufficient for the payment of all the liabilities of Client due to
AAI, Client shall promptly pay, upon demand, the deficit and all
unpaid liabilities, together with interest thereon and all costs of
collection including reasonable attorney’s fees. In the event
AAI incurs expenses, including legal fees with respect to any of the
account(s) of Client, that in any way relate to this Agreement or
AAI’s transactions with Client, Client agrees to be liable
thereof.

7.  DELIVERY MONTH LIQUIDATION
INSTRUCTIONS. Liquidating instructions on open positions maturing
in a current delivery month must be given to AAI at least five
(5) business days prior to the first notice day in the case of long
positions and, in the case of short positions, at least five
(5) business days prior to the last trading day. Client is
prohibited from day trading beginning five (5) business days
prior to the last trading day. Alternatively, sufficient funds to
take delivery or the necessary delivery documents must be delivered
to AAI within the same periods described above. If neither
instructions, funds, nor documents are received, AAI may, without
notice, either liquidate Client’s position or make or receive
delivery on behalf of Client upon such terms and by such methods
which AAI deems feasible. If at any time Client fails to deliver to
AAI any property sold by AAI on Client’s behalf or fails to
deliver property, securities or financial instruments in compliance
with futures contracts, or AAI shall deem it necessary (whether by
reason of the requirements of any exchange, clearing house or
otherwise) to replace any securities, futures contracts, financial
instruments, or other property heretofore delivered by AAI for the
account of Client with other property of like or equivalent kind or
amount, Client authorizes AAI in its judgment to borrow or to buy any
property necessary to make delivery thereof or to replace any such
property previously delivered and to deliver the same to such other
party to whom delivery is to be made. AAI may subsequently repay any
borrowing thereof with property purchased or otherwise acquired for
the account of the Client. Client shall pay AAI for any cost, loss
and damage from the foregoing (including consequential damages,
penalties and fines) which AAI may be required to incur or which AAI
may sustain from its inability to borrow or buy any such
property.

8.  CHARGES. Client shall pay such
brokerage and commission charges as AAI may from time to time charge,
and all other costs and fees arising out of AAI providing services
hereunder. AAI may change its commissions without notice to Client.
Client agrees to be liable to AAI for interest on amounts due from
Client to AAI at the then prevailing interest rate being charged by
AAI or the maximum interest rate allowed by law, whichever is lower.

9.  STATEMENT AND CONFIRMATIONS.
Confirmation of trade statements of the account, margin calls and
other notices sent to Client shall be deemed correct and shall be
conclusive and

 

Page 9

 

binding upon Client unless AAI is notified immediately upon receipt
of confirmation by Client and Client objects in writing within five
(5) days after transmittal to Client. Such written objection on
Client’s part shall be directed to Futures Operations Manager,
ABN AMRO Incorporated, 208 S. LaSalle St., Chicago, Illinois 60604,
and shall be deemed received only if actually delivered by messenger
or overnight carrier. Failure to do so shall be deemed ratification
of all actions taken by AAI or AAI’s agents prior to such
reports being furnished to Client. If Client has requested electronic
delivery of statements and confirmations, Client agrees that absent
an objection as described above, such confirmations and statements
are conclusive and binding and AAI has no duty to verify your access
to such documents.

10. COMMUNICATIONS. Reports,
statements, notices and any other communications may be transmitted
to Client or Client’s agent, at the address previously given,
or to such other address as Client may from time to time designate in
writing to AAI. All communications so sent, whether by mail,
telegraph, facsimile, messenger or otherwise, shall be deemed
delivered when deposited in the United States mail, or when received
by a transmitting agent. Client shall be responsible for notifying
AAI of a change in Client’s address. AAI shall not be
responsible for Client’s failure to receive any written material
from AAI if Client fails to give such notice.

11. COMMUNICATION DELAYS. AAI will not
be responsible for delays in the transmission or execution of orders
due to a breakdown or failure of transmission or communication
facilities, or for any other cause beyond AAI’s reasonable
control or anticipation.

12. CURRENCY FLUCTUATION RISK. Client
shall bear all risk and cost in respect to the conversion of
currencies incurred relative to transactions effected on behalf of
Client pursuant hereto. All initial and subsequent deposits for
margin purposes shall be made in the currency and in such amounts as
AAI may, in its reasonable discretion, require. In no event shall AAI
be required to effect or be responsible for the conversion of funds
in anticipation of changes in prevailing rates of exchange.

With respect to all securities, futures contracts
and other property purchased or sold for Client’s account(s),
Client agrees to pay AAI upon demand: (a) any tax imposed on
such transactions by any competent authority; (b) the amount of
any trading losses in Client’s account(s); (c) any debit
balance or deficiency remaining in Client’s account(s); and
(d) interest on any debit balance remaining
Client’s account(s) at the overnight rate customarily charged by
AAI. In the event that AAI employs counsel or a collection agency to
collect any debit balance which Client owes, Client shall be
responsible for, without limitation, attorneys’ fees, court
costs and any expenses incurred in effecting said collection.

In AAI’s discretion or as required by
applicable law, rule or regulation, transactions in any contract may
be netted or may instead be settled by delivery. Client shall be
required to deposit cash or collateral in Client’s account(s) to
assure due performance by Client of any open contractual commitments.
By Client’s failure to perform, Client authorizes AAI, in its
reasonable discretion, to take whatever steps necessary to ensure
performance. Any loss, cost, expense that AAI may sustain shall be
the full responsibility of Client.

13. TRADING RECOMMENDATIONS. Client
acknowledges that (a) any market recommendations and information
communicated to Client by AAI will not constitute an offer to sell or
the solicitation of an offer to buy any commodity or futures contract;
(b) such recommendation and information, although based upon
information obtained from sources believed by AAI to be reliable, or
such recommendations may be based solely on a broker’s opinion
and that such information may be incomplete and may not be verified,
and (c) AAI makes no representation, warranty or guarantee as to
and shall not be responsible for the accuracy or completeness of any
information or trading recommendation furnished to Client. Client
acknowledges that AAI and/or its officers, directors, affiliates,
stockholders or representatives may have a position in and may intend
to buy or sell futures contracts which are the subject of market
recommendations furnished to Client, and that the market position of
AAI or any such officer, director, affiliate, stockholder or
representative may or may not be consistent with the recommendations
furnished to Client by AAI. Client further acknowledges that should
Client grant trading authority or control over Client’s account
to a third-party (“Trading Agent”), AAI shall in no way be
responsible for reviewing Client’s choice of such Trading Agent
nor make any recommendations with respect thereto unless AAI has
entered into a separate agreement to the contrary. Client understands
that AAI makes no warranties or representations concerning the
Trading Agent, that AAI shall not be responsible for any loss to
Client occasioned by the actions of the Trading Agent and that AAI
does not, by implication or otherwise, endorse or approve of the
operating methods of the Trading Agent. If Client gives Trading Agent
authority to exercise any of its rights over its accounts, Client
understands that Client does so at Client’s own risk.

14. TRADING LIMITATIONS. AAI may, in
its reasonable discretion at any time, limit the number of positions
which Client may maintain or acquire through AAI. Client agrees not
to exceed, in the aggregate, the position limits established by the
Commodity Futures Trading Commission or any contract market, whether
acting alone or with others, whether at AAI or elsewhere, and to
promptly advise AAI if Client is required to file any reports on
positions.

15. OPTIONS TRADING. Client
acknowledges that Client is fully responsible for taking action to
exercise an option contract. AAI is not required to take any action
with respect to an option contract, including, without limitation,
any action to exercise a valuable option prior to its expiration
date, except upon express instructions from Client. Client
understands that exchanges and clearing houses have established
exercise cut-off times for the tender of exercise instructions and
that options will become worthless if instructions are not delivered
before such expiration time. Client also understands that some
exchanges or clearing houses will automatically exercise “in the
money” options unless instructed otherwise. Client further
understands that AAI has established exercise cut-off times which may
be different from the times established by exchanges and clearing
houses. Client understands that (a) all short option positions
are subject to assignment at any time, including positions
established on the same day that exercises are assigned, and
(b) exercise assignment notices are allocated randomly from
among all AAI’s clients’ short option positions which are
subject to exercise.

16. NO WAIVER OR AMENDMENT. No
provision of this Agreement may be waived or amended unless the
waiver or amendment is in writing and signed by both Client and an
authorized officer of AAI. No waiver or amendment of this Agreement
may be implied from any course of dealing between the parties or from
any failure by AAI or its agents to assert its rights under this
Agreement. No oral agreements or instructions to the contrary shall
be recognized or enforceable. This instrument and the attachments

Page 10

 

hereto embody the entire Agreement of the parties,
superseding any and all prior written and oral agreements, and there
are no other terms, conditions or obligations other than those
contained herein.

17.  GOVERNING LAW. This Agreement
and its enforcement shall be governed by the laws of the State of
Illinois without regard to its choice of law principles. Claims
arising under this Agreement by the Client must be brought within one
(1) year from the date of the transaction or other event giving
rise to the Client’s claim.

18.  BINDING EFFECT. This
Agreement shall be continuous and shall cover, individually and
collectively, all accounts of Client at any time opened or reopened
with AAI, irrespective of any change or changes at any time in the
personnel of AAI or its successors, assigns, or affiliates, for any
cause whatsoever. This Agreement, including all authorizations, shall
inure to the benefit of AAI and its affiliates, successors and
assigns, whether by merger, consolidation or otherwise; and shall be
binding upon Client and/or the estate, executor, trustees,
administrators, legal representatives, successors and assigns of
Client. Client hereby ratifies all transactions with AAI effected
prior to the date of this Agreement, and agrees that the rights and
obligations of Client in respect thereto shall be governed by the
terms of this Agreement. In accordance with CFTC Regulations, AAI may
assign the Client’s account(s) and this Agreement to another
registered Futures Commission Merchant (“FCM”) by notifying
the Client of the date and name of the intended assignee FCM. Unless
Client objects to the assignment prior to the scheduled date for the
assignment, the assignment will be binding on the Client. Client may
not assign this Agreement without the AAI’s prior consent.

19.  TERMINATION. This Agreement
shall continue in effect until termination and may be terminated by
Client at any time provided Client has no open commodity positions
and no liabilities held by or owed to AAI and only upon the actual
receipt by AAI of written notice of termination, or at any time
whatsoever by AAI upon notification to Client; provided, however,
that such termination shall not affect any transactions previously
entered into and shall not relieve either party of any obligations
set out in this Agreement nor shall it relieve Client of any
obligations arising out of any debit or credit balance or other
obligation incurred prior to such termination.

20.  INDEMNIFICATION. Client
agrees to indemnify and hold AAI, its affiliates, employees, agents,
successors and assigns, harmless from and against any and all
liabilities, losses, damages, costs and expenses, including
reasonable attorney’s, incurred by AAI arising out of
Client’s failure to fully and timely perform Client’s
duties under this Agreement herein or should any of the
representations and warranties fail to be true and correct. Client
also agrees to pay promptly to AAI all damages, costs and expenses,
including reasonable attorney’s fees, incurred by AAI in the
enforcement of any of the provisions of this Agreement, or in any
transaction effected by AAI on behalf of the Client, or in any
action, claim or demand arising out of this Agreement and any other
Agreements between AAI and Client. AAI shall only be liable for
conduct of its employees which constitutes gross negligence or
willful misconduct.

21.  RECORDING. Client understands
that AAI, in its discretion, may record on tape or otherwise, any
telephone conversation between AAI and Client, al though AAI assumes
no responsibility to do such or to retain such recordings. Client
hereby agrees and consents to such recording and waives any right
Client may have to object to the admissibility into evidence of such
recording in any legal proceeding between Client and AAI or in any
other proceeding to which AAI is a party or in which AAI’s records
are subpoenaed.

22.  REPRESENTATIONS OF AAI. AAI,
including all of its divisions, is not a bank. AAI is a separately
incorporated, wholly-owned, non-bank subsidiary of ABN AMRO
Capital Markets Holding, Inc. which is wholly owned by ABN AMRO
Bank N.V. AAI is solely responsible for its contractual obligations
and commitments. Securities sold, offered or recommended by AAI and
deposits made with AAI, are not insured by the Federal Deposit
Insurance Corporation and are not guaranteed or endorsed by, or an
obligation or responsibility of, ABN AMRO Bank N.V. or any other
affiliated banks or thrift institutions.

23.  TERMS AND HEADINGS. The term
“AAI” shall be deemed to include ABN AMRO
Incorporated, its successors or assigns and affiliates; the term
“Client” shall mean the party or parties executing this
Agreement. The paragraph headings in this Agreement are inserted for
convenience of reference only and are not intended to limit the
applicability or affect the meaning of any of its provisions.

24.  PARTIAL ENFORCEABILITY. If
any provisions herein is or should become inconsistent with
applicable law, rule or regulation, such provision shall be deemed to
be rescinded or modified in accordance with such law, rule or
regulation. The remainder of this Agreement shall continue and remain
in full force and effect.

25.  CONSENT TO JURISDICTION AND
VENUE. Except as provided in the Arbitration Agreement, if
applicable, Client, in order to induce AAI to accept this Agreement,
hereby agrees to the following: (a) any judicial or
administrative action or proceeding arising directly or indirectly
hereunder or in connection with the transactions contemplated hereby,
whether brought by Client or AAI, shall be held within Cook County of
the State of Illinois. Client consents and submits to, and waives any
and all objections Client may have to such venue. Further, Client
agrees to waive and forgo any right Client may have to transfer or
change the venue of any action or proceeding encompassed hereby; and
(b) Client consents and submits to the jurisdiction of any
local, state or federal court located within Cook County of the State
of Illinois in any action or proceeding arising directly or
indirectly hereunder or in connection with any transaction
contemplated hereby, whether brought by Client or AAI.

26.  EXTRAORDINARY EVENTS. AAI
will not be responsible for any losses to Client’s account(s)
whether caused directly or indirectly by government restrictions,
exchange or market rulings, exchange or clearing house failure,
supervision of trading, wars, strikes, delays in the transmission or
orders due to a breakdown or failure of transmission or communication
facilities, systemic or software failure, or to any other cause or
causes beyond its reasonable control or anticipation.

Client has read this Agreement, understands that
it is contractual and agrees to be bound by its terms.

 

Page 11

 

SIGNATURES

INDIVIDUAL ACCOUNT/SOLE
PROPRIETORSHIP

	 	 	 
	
    
    Signature:
    

    	 

    

	
    
    Print Name:
    

    	 

    

	
    
    Date:
    

    	 

    

JOINT ACCOUNT

    
In addition, each of the undersigned
(“Clients”) hereby agree to be jointly and severally
liable on all accounts created by AAI pursuant to this
Agreement. This account shall be a joint with rights of
survivorship unless Clients otherwise notify AAI in writing.
Clients represent, warrant and agree that:

    
(1) Any one of the Clients shall have full
authority (i) to give any instructions with respect to the
account(s), including but not limited to instructions with
respect to buying or selling or withdrawals of excess funds;
(ii) to receive any demands, notices, confirmations,
reports, statements, and other communications of any kind; and
(iii) generally deal with AAI in connection herewith fully and
completely; and

    
(2) AAI shall be under no duty or
obligations to inquire into the purpose or propriety of any
instruction given and shall be under no obligation to see that
application of any funds delivered by Clients in respect of the
account(s).

    
(3) This account shall be an account held in
joint tenancy with rights of survivorship unless Client notifies
AAI otherwise in writing.

	 	 	 
	
    
    Signature:
    

    	 

    

	
    
    Print Name:
    

    	 

    

	
    
    Date:
    

    	 

    

	
    
    Signature:
    

    	 

    

	
    
    Print Name:
    

    	 

    

	
    
    Date:
    

    	 

    

	
    
    Signature:
    

    	 

    

	
    
    Print Name:
    

    	 

    

	
    
    Date:
    

    	 

    

	
    (Attach additional signature blanks if necessary)
    

TRUST ACCOUNT

The undersigned Trustee warrants and represents
that:

    
(1) The Trust is a duly formed and existing
trust under the laws of the state of its formation and the
party(ies) designated as trustee(s) thereof on the Account
Application constitute(s) all of the (the only) proper
trustee(s) thereof;

    
(2) Trading in futures contracts is a proper
purpose of the Trust, and it is within the Trust’s power
and such activity will in no manner contravene the provisions of
the Trust Agreement, any statutes, rules or regulations,
judgments, orders or decrees or agreements to which the Trust is
bound or subject;

    
(3) Person(s) designated in the Account
Application as having authority to act on behalf of the Trust,
shall be duly authorized to execute this Client Agreement and
all related documents on behalf of the Trust and to act for the
Trust in all matters regarding the Trust’s account(s). AAI
may at all times rely on the fact of such authority without any
duty to investigate either the authenticity or extent thereof;
and

    
(4) All of the information contained on the
Account Application is true, correct and complete as of the date
hereof and the Trustee shall promptly notify AAI of any changes
therein.

    
(5) The Trustee, or other person authorized
to act on behalf of the Trust or Plan, agrees to indemnify and
hold harmless AAI, its affiliates, agents, employees, successors
and assigns, from and against any and all liabilities, losses,
damages, costs, and expenses, including reasonable attorneys
fees, incurred by AAI arising out of the actions of Trustee with
respect to the Trust or Plan.

	 	 	 
	 	 	
    /s/ Theresa D. Livesey
    
	
    
    Signature:
    

    	 	
    

	 	 	
    Theresa D. Livesey

 Chief Financial Officer

 Campbell & Company, Inc.,
 Managing Operator
    
	
    
    Print Name:
    

    	 	
    

	 	 	
    9/15/98
    
	
    
    Date:
    

    	 	
    

(Please attach copy of applicable
authorization agreement and/or Trust/Plan document.)

(Attach additional signature blanks if
necessary.)

Attach Declaration of Trust and Trust
Agreement.

Page 12

 

CORPORATE ACCOUNT

Client represents and warrants that:

     (1)  Client is a
corporation duly organized and in good standing under the laws of
the state of its incorporation and every state in which it does
business;

     (2)  Trading in futures
contracts is within the power of Client and such activity will in
no manner contravene the provisions of any corporate resolutions,
by-laws, statutes, rules or regulations, judgments, orders or decrees
or agreements to which Client is bound or subject;

     (3)  Actions of each
authorized person to act for Client shall have been authorized by all
necessary or appropriate corporate action, each such person has full
authority to execute this Client Agreement and all related
documents on behalf of Client and to act for Client in all matters
regarding Client’s account(s) and AAI may at all times rely on the
fact of such authority without any duty to investigate into either
the authenticity or extent thereof; and,

     (4)  Client shall
confirm the matters contained herein by supplying AAI with an executed
copy of resolutions of the board of directors of Client in a form
prescribed by AAI.

     (5)  The Corporation
(please check one):

	 	 	 	 
	 	
	 	has not and will not solicit or accept funds from any person or
entity for speculating or trading in commodity futures contracts or
options on commodity futures contracts.
	 	
	 	is a brokerage firm and is properly registered
with the appropriate regulatory authority.

	 	 	 
	Signature:	 	

	Print Name and Title:	 	

	Date:	 	

	Name of Corporation:	 	

CORPORATE RESOLUTION

The Undersigned, Secretary of
            
            
            
            
            
            
a corporation duly organized and validly existing under the laws
of             
            
             
             
             
     , hereby certifies to ABN AMRO Incorporated
that at a meeting of the
Board of Directors of this Corporation, duly held on the
            
  day of          
             ,
19     , at which a quorum was present and
acting throughout, the following Resolutions were duly adopted and
are still in full force and effect without amendment or modification:

	 	 	 	 
	Resolved:
	 	(a) That the specific officers
designated in section (b) are hereby authorized for and on
behalf of this Corporation to establish and maintain one or more
accounts with ABN AMRO Incorporated for the purpose of purchasing,
investing in, or otherwise acquiring, selling (including short
sales), possessing, transferring, exchanging, pledging of or
realizing upon, and generally dealing in and with any and all forms
of commodities, specifically including, but not limited to, United
States Treasury securities, foreign currencies, precious metals, in
cash, forward and futures transactions.
	

	 	Such officers have been duly elected
or appointed and are hereby empowered to authorize persons to act on
behalf of this Corporation in the trading of the hereinabove
described instruments to the full extent authorized above and to
execute any and all contracts, agreements, acknowledgments, documents
and instruments and take all such actions as may be necessary or
appropriate in order to give full effect to this Resolution.
	

	 	(b) AAI may deal with any and all
of the officers listed below with their stated titles as though they
were dealing with this Corporation directly.
	 
	 	Name:	 	

	 
	 	Title:	 	

	 
	 	Name:	 	

	 
	 	Title:	 	

	 
	 	Name:	 	

	 
	 	Title:	 	

	 	(if additional space is required,
attach a separate sheet)
	

	 	(c) ABN AMRO Incorporated may
conclusively rely upon any certification given in accordance with
these resolutions until it receives written notice of a change in any
of the information recited therein.

I certify that each of the above officers have been duly
elected or appointed and that each officer is now legally holding the
office set opposite his/her name. Further, in the event of any change
in the office or powers of persons hereby authorized, I shall
promptly certify such change in writing to ABN AMRO Incorporated.
Such notification, when received, shall be adequate both to terminate
and substitute authorization of the officers so listed.

I certify that the foregoing resolution is
authorized by the Charter and By-Laws of this Corporation, that no
limitation has been otherwise imposed upon such authority, and that I
have been duly authorized to make this certification on behalf of
this Corporation.

	 	 	 
	Secretary:	 	

	Print Name:	 	

	Date:	 	

(PLEASE ATTACH AUTHORIZED TRADERS
LIST.)

 

Page 13

 

PARTNERSHIP ACCOUNT (GENERAL OR
LIMITED)

The undersigned, constituting all
the general partners in a general or limited partnership known
as:

(the “Partnership”), hereby represent, agree and consent as
follows:

     (1)  The
partnership is a duly organized, validly existing partnership under
the laws of the state(s) in which it was formed and in which it does
business;

     (2)  The
managing general partner(s) or officers of the partnership, as
identified on the Account Application, has the authority to buy, sell
and trade in futures contracts and to borrow money for such purposes
in said account(s) in accordance with the terms and conditions of
this Agreement and related documents. AAI may conclusively presume
that all actions taken, and instructions given, by the said managing
general partner(s) or officers have been properly taken or given
pursuant to the authority vested in said managing general partner(s)
by all of the partners of the partnership. AAI is authorized to
follow the instructions of the said managing general partner(s) in
every respect concerning said account(s), and to make payment of
monies as he (they) may order and direct and send him (them) all
reports, confirmations, statements and notices relating to the
account(s); provided, however, that no payments shall be made by AAI
except in the name of the partnership. The managing general
partner(s) is (are) authorized to execute and deliver on behalf of
the partnership and its members any agreements AAI may require, and
to act for the partnership and its members in every respect
concerning said account(s) and to do all other things necessary or
incidental to the conduct of said account(s), including the
designation of any attorney-in-fact, all as fully and completely as
if he (they) alone were interested in said account(s). If new
partners are admitted to the partnership, Clients shall cause such
new members to adopt and be bound by this Agreement and related
documents.

     (3)  The
Partnership (Please Check)

	 
	 	 	 
	 	  
        	is a Commodity Pool, and
is properly registered with the appropriate regulatory authority
(include applicable pool documents);

	 	 
	 	  
        	is not a Commodity Pool, and appropriate exemptive letter is attached;
	 	 
	 	  
        	consists only of family members
	 	 
	 	  
        	is a
partnership organized for a business purpose other than trading futures contracts on futures contracts and has attached audited financials and/or an
annual report.
	 	 

     (4)  The
Partnership and its general partners are in compliance with, and
shall remain in compliance with, all laws and regulations applicable
to their activities, including, but not limited to, the Commodity
Exchange Act, as amended, and the rules and regulations promulgated
thereunder and shall not accept any additional partners without
notification to AAI.

	 	 	 
	
    
    Signature:
    

    	 

    

	Print Name:	 

    

	Date:	 

    

	Signature:	 

    

	Print Name:	 

    

	Date:	 

    

	(Attach
additional signature blanks if necessary

A copy of the current Partnership Agreement and
a complete list of all partners, general and limited, and authorized
traders list must accompany this Agreement.

ARBITRATION AGREEMENT

You may voluntarily agree to submit
your disputes with ABN AMRO Incorporated (“AAI”) to
arbitration. If you sign this Arbitration Agreement, you will have
agreed to submit all future disputes with AAI, its employees, agents
and assignees to arbitration if such disputes arise out of or relate
to your account.

If you sign this Arbitration Agreement and a
dispute arises you will have a choice of at least two qualified
arbitration forums. You will be provided with a list of such forums
when you notify AAI that you intend to submit a dispute to
arbitration or when AAI notifies you that AAI intends to submit a
dispute to arbitration.

If a dispute is submitted to arbitration, your will
have the right to have the dispute heard by a mixed panel. A mixed
panel is composed of one or more arbitrators where the single
arbitrator or a majority of the arbitrators are not associated with
any contract market, the members of any contract market, or the
employees of members of any contract market. If the dispute is heard
by a registered futures association, a mixed panel will be composed
of a majority of arbitrators who are not associated with the
registered futures association, its members or the employees of its
members.

If you choose to have a dispute heard by a mixed
panel, AAI will pay any incremental fees which may be assessed by the
arbitration forum for providing a mixed panel, except that you may be
required to pay such fees if the arbitrators in the proceeding decide
that you acted in bad faith initiating or conducting the proceeding.

Three forums exist for the resolution of commodity
disputes: Civil court litigation; reparations at the Commodity
Futures Trading Commission (CFTC); and arbitration conducted by a
self-regulatory or other private organization.

The CFTC recognizes that the opportunity to settle
disputes by arbitration may in some cases provide many benefits to
customers, including the ability to obtain an expeditious and final
resolution of disputes without incurring substantial costs. The CFTC
requires, however, that each customer individually examine the
relative merits of arbitration and that your consent to the
arbitration agreement be voluntary.

By signing this agreement, you: (1) may be
waiving your right to sue in a court of law; and (2) are
agreeing to be bound by arbitration of any claims or counterclaims
which you or AAI may submit to arbitration under this agreement. You
are not, however, waiving your right to elect instead to petition the
CFTC to institute reparations proceedings under Section 14 of
the  Commodity Exchange Act with respect to any dispute which may be
arbitrated pursuant to this Agreement. In the event a dispute arises,
you will be notified if AAI intends to submit the dispute to
arbitration. If you believe a violation of the Commodity Exchange Act
is involved and if you prefer to request a Section 14
“Reparations” proceeding before the CFTC, you have
45 days from the date of such notice in which to make that
election.

You need not sign this Agreement to open an account
with AAI. See 17 CFR 180.1-180.5.

	 	 	 
	Signature:	 	/s/ Theresa D. Livesey
	Signature:	 	THERESA D. LIVESEY
	Print Name:	 	CHIEF FINANCIAL
OFFICER
	 	 	CAMPBELL &
COMPANY, INC.,

Managing Operator
	Dates:	 	9/15/98

Page 14

 

TAXPAYER IDENTIFICATION FORM

BACKUP WITHHOLDING AND TRANSACTIONS REPORTING
REQUIREMENTS COMBINED W-9, W-8, AND 1099-B
CERTIFICATIONS

Unless you complete EITHER the W-9 or the
W-8 Section, i.e. you fail to furnish us with the correct
taxpayer identification number or an exemption certificate as a
“Foreign Person”, AAI, must generally withhold 20% of
withdrawals and payments from your account. If this account is
exempt from REPORTING on Form 1099-B, complete
1099-B section.

	 	 	 	 	 
	
    
    W-9 Section

    	 	
    Part I —
    For United States Citizens, Legal
    Entities or Residents, provide Taxpayer Identification Number.
    For most individual taxpayers the taxpayer identification number
    is the social security number. Notice: For individual,
    joint custodian and sole proprietorship the social security
    number is to be used.

    

    
 Social Security No.

    

    
Or

    

    
 Employee Identification No.

    

    94-6260018
    	 	
    Part II —
    Check the box if you are NOT
    subject to backup withholding under the provisions of
    section 3406(a)(1)(C) of the Internal Revenue Code.

    

    Check
    here    þ
    
	 	 	
	 	 
	

	
    
    1099-B

    	 	
    CERTIFICATE OF EXEMPTION FROM REPORTING OF
    SECURITIES AND COMMODITIES TRANSACTIONS

    

     Please complete this section if this
    account is exempt from the Internal Revenue Service regulations
    which requires that AAI report the account’s Commodity and
    Security transactions on Form 1099-B.

    

    Check category under which exemption is claimed (Foreign
    persons — complete W-8 below)
    
	 	 	
    o Corporation,
    Domestic

    o  Corporation,
    Foreign

    o  Tax Exempt Entity,
    Section 501(a)

    o  Foreign Pension, (see
    W-8 section below)

    o  Individual Retirement
    Plan
    	 	
    o Trusts
    taxed as Corporations

    o  Bank Common Trust

    o  Entity registered
    under Investment Company Act of 1940

    o  Real Estate
    Investment Trust

    o
 Other 

    
	

	
    W-8 Section	 	
    CHECK

HERE  o  IF
    THIS IS THE ACCOUNT OF AN EXEMPT FOREIGN PERSON MEETING EACH OF
    THE FOLLOWING REQUIREMENTS:

    

     1. You are neither a citizen nor a resident of the United
    States

    2. You have not been nor plan to be in the U.S. for a
    period aggregating 183 or more days during the calendar year,
and

    3. You do not expect to engage in trade
    or business in the United States with respect to which any gain
derived from transactions effected by the broker during that calendar
year is effectively connected.

    

    If your mailing address is within the United States, please
provide your non-U.S. address below:

    

Street 
City 
Country 

	

	
    
    Certification

    	 	
    Under the penalties of perjury, I certify that
    the information provided on this form is true, correct, and
    complete for Sections W-9 or W-8 and 1099-B (if applicable).
    
	 	 	
    
 Customer’s
    Signature
 /s/  Theresa D. Livesey
    	 	
    
 Date
 9/15/98
    
	 	 	
	 	

Page 15

 

HEDGE ACCOUNT AGREEMENT AND CLIENT INSTRUCTIONS

Unless specified in writing to the contrary, all
orders for the purchase or sale of futures contracts on Client’s
behalf will represent bona fide hedging transactions and positions as
described in Section 4(a) of the Commodity Exchange Act as
amended and Regulation 1.3 (z) promulgated thereunder.

Client agrees that all transactions and positions
executed or carried in this account will be consistent with these
provisions as presently construed or as amended from time to time. It
is agreed that positions carried in the account will be strictly for
hedge purposes, and not for speculation, and that a separate account
must be used to accommodate non-hedge trades. It is further agreed
that ABN AMRO Incorporated (“AAI”) will rely on the
representation that all trades made in this account are bona fide
hedges and that it shall have no obligation to inquire into or verify
the nature of such trades or incur any liability if, in fact, they may
not be such.

In the event of AAI’s insolvency, open futures
contracts held in Client’s account should be handled in the
following manner.

I prefer, in the event of insolvency, that the
bankruptcy trustee:

     ______ liquidate          
______ not liquidate

open futures positions in my hedge
account without seeking further instructions.

	 	 	 
	SPECIFY
COMMODITIES TO BE HEDGED:	 	

	

	 	 	 
	Signature:	 	

	Print Name:	 	

	Date:	 	

	Signature:	 	

	Print Name:	 	

	Date:	 	

AUTHORIZATION TO TRANSFER CLIENT FUNDS

Until further notice in writing is received by ABN
AMRO Incorporated (“AAI”), AAI is authorized, at any time,
without prior notice to client, to transfer funds, securities, or
other property to, between or among any accounts that the Client has
an interest in, which in AAI’s judgement may be necessary for
margin or to satisfy or reduce any deficit or debit balance in any
such account. Within a reasonable time after such transfer, AAI will
confirm the transfer in writing to Client. This authorization shall
also inure to the benefit of AAI’s successors and assigns, whether by
merger, consolidation or otherwise.

	 	 	 
	Signature:	 	

	Print Name:	 	

	Date:	 	

	Signature:	 	

	Print Name:	 	

	Date:	 	

Page 16

 

LIMITED TRADING AUTHORIZATION

The undersigned (“Client”) hereby
authorizes

Campbell & Company, Inc.

Name

210 W. Pennsylvania Ave #770

Address

Baltimore, MD 21204

  

as the agent and attorney in fact
(“Agent”) of Client in connection with the purchase and
sale of cash commodities (including financial instruments), options
on cash commodities, commodity futures contracts, options on futures
contracts and forward or leverage contracts and any similar
instruments which may be purchased or sold by or through
ABN AMRO Incorporated (“AAI”) on margin or otherwise
in connection with Client's account(s) in accordance with the terms
and conditions of the Client Agreement. Client will indemnify and
hold AAI harmless from any and all losses resulting therefrom or
debit balance due thereon which may occur in Client’s account(s).

In all purchases and sales, AAI is authorized to
follow the instructions of said Agent in every respect concerning
Client’s account(s); and said Agent is authorized to act for
Client and on Client’s behalf in the same manner and with the
same force and effect as Client might or could do with respect to
such purchases and sales, as well as with respect to all other things
incidental to such transactions.

This authorization and indemnification (i) is
in addition to and in no way limits or restricts any rights AAI may
have under the Client Agreement; (ii) is a continuing one and
shall remain in full force and effect until revoked by Client by a
written notice received by AAI, but such revocation shall not affect
any liability in any way resulting from transactions initiated prior
to such revocation; and (iii) shall inure to the benefit of AAI,
its successors and assigns, and shall be binding upon Client and
Client’s successors and assigns.

Since the risk factor is high in futures trading,
only genuine “risk” funds should be used in such trading. A
client who does not have extra capital they can afford to lose should
not trade in the futures market. No “safe” trading system
has ever been devised, and no one can guarantee to limit the extent
of loss.

Client acknowledges that Client has carefully
examined the provisions of the trading authorization by which Client
has given trading authority or control over Client’s Account to
the Agent and understands fully the obligations and risks assumed by
executing this document. Client understands that AAI is in no way
responsible for any loss to Client occasioned by the Agent and that
AAI does not, by implication or otherwise, endorse the operating
methods of the Agent. Client further understands that the Chicago
Board of Trade and the Chicago Mercantile Exchange and all other
exchanges have no jurisdiction over a non-member who is not employed
by one of their members and that if Client grants such an individual
or organization authority to exercise any of its rights over the
account(s), Client does so at its own risk.

APS Disclosure Statement: Your agent may wish to
use the Average Price System (APS) for contracts traded on certain
exchanges. APS will enable a clearing member of the exchange to
confirm to customers an average price when multiple prices are
received on an order or series of orders for the same accounts. For
example, if an order transmitted by an account manager on behalf of
several customers is executed at more than one price, those prices
may averaged and the average may be confirmed to each customer.
Customers will have the choice of participating in APS.

An APS order may be used for futures, options or
combinations transactions. An APS order for futures must be for the
same commodity and month, and for options, it must be for the same
commodity, month, put/call and strike. APS computes the average by
multiplying the price by quantity executed at each price divided by
the total quantity. An APS indicator will appear on the confirmation
and monthly statement. This indicator will notify the customer that
the confirmed price represents an average price or rounded average
price. The average price is not the actual execution price and APS
will calculate the same price for all customers that participate in
the order.

A bunched APS order (an order that represents more
than one customer account) executed at a particular time of day could
be averaged with a bunched APS order executed at a later time
provided that each of the bunched orders is for the same accounts.
Market orders and limited orders partially executed provided that each
bunched order is for the same group of accounts. To illustrate,
suppose that at 10:00 a.m., your agent transmits a bunched order for a
group of accounts to buy 100 APS DEC S&P 500 futures at a
limit price of 376.00; of these, 50 are a executed at 376.00 and the
balance are not filled. Later, at 12:00 p.m., the same agent
transmits a bunched order to buy 100 APS DEC S&P 500 at a price
of 375.00; again, 50 are executed at 375.00 and the balance are not
filled. Because, in this example, both orders are
part of a series for the same group of accounts, the prices on the
two orders illustrated above will be averaged. Also, because the
order was for more than one account, the agent in this example must
rely on pre-existing allocation procedures to determine the
proportions in which each account will share in the partial fill.

Signature: /s/ Theresa D. Livesey

Print Name: THERESA D. LIVESEY

CHIEF FINANCIAL OFFICER

CAMPBELL & COMPANY, INC., MANAGING OPERATOR

Date:

Signature:

Print Name:

Date:

Attach copy of acknowledgment of receipt of
Commodity Trading Advisor’s current Disclosure Document or
applicable exemption letter.

 

Page 17

 

ACKNOWLEDGMENT BY CLIENT(S) OF INTRODUCING BROKERS

If the account of the undersigned is introduced to
ABN AMRO Incorporated (“AAI”) by another broker and AAI is
carrying it on their books on a “fully disclosed basis”, it
is understood that AAI is employed to perform certain bookkeeping and
operational functions with regard to the undersigned’s account.
This means that AAI is responsible for executing and confirming
transactions effected for the undersigned’s account, segregating
funds in accordance with the rules and regulations promulgated by the
Commodity Futures Trading Commission, and margining the
undersigned’s account as well as mailing statements and reports
of all transactions to the undersigned. AAI is not the parent company
of your brokerage firm nor is your firm empowered to act as agent on
AAI’s behalf. The broker and the firm introducing the account of
the undersigned to AAI are responsible for any advice given to the
undersigned, for entering orders for the undersigned account and
risk, for supervising their sales practices, and for collecting funds
on behalf of AAI by means of checks payable to AAI’s order only.

THE UNDERSIGNED AGREES TO INDEMNIFY AAI AND HOLD
AAI HARMLESS FROM ALL CLAIMS, DAMAGES OR LIABILITY WITH RESPECT TO
THE UNDERSIGNED’S ACCOUNTS ARISING FROM THE CONDUCT OF THE
BROKER OR THE FIRM INTRODUCING THE UNDERSIGNED’S ACCOUNT TO AAI.

	 	 	 
	Name of
Introducing Brokerage firm:	 	

	Signature:	 	

	Print Name:	 	

	Date:	 	

	Signature:	 	

	Print Name:	 	

	Date:	 	

CROSS TRADE CONSENT AGREEMENT

This consent is provided in accordance with
exchange rules regarding cross trade procedures and the execution of
trades in which the floor broker or ABN AMRO Incorporated
(“AAI”) may be directly or indirectly involved as a
principal to the transaction on any exchange that, from time to time,
adopts rules requiring client consent for these transactions.

Client hereby authorizes AAI, its directors,
officers, employees or agents and any floor broker acting on its
behalf in any transaction for Client, without prior notice, to take
the opposite side of Client’s transaction, provided, it is
executed in accordance with applicable exchange and Federal rules and
regulations.

	 	 	 
	Signature:	 	

	Print Name:	 	

	Date:	 	

	Signature:	 	

	Print Name:	 	

	Date:	 	

SUBORDINATION AGREEMENT

Funds of customers trading on United States
contract markets may be held in accounts denominated in a foreign
currency with depositories located outside the United States or its
territories if the customer is domiciled in a foreign country or if
the funds are held in connection with contracts priced and settled in
a foreign currency. Such accounts are subject to the risk that events
could occur which would hinder or prevent the availability of these
funds for distribution to customers. Such accounts also may be
subject to foreign currency exchange rate risks.

By signing the accompanying acknowledgement, the
customer authorized the deposit of funds into such foreign
depositories. For customers domiciled in the United States, this
authorization permits the holding of funds in regulated accounts
offshore only if such funds are used to margin, guarantee, or secure
positions in such contracts or accrue as a result of such positions.

In order to avoid the possible dilution of other
customer funds, a customer who has funds held outside the United
States must further agree that his or her claims based on such funds
will be subordinated as described below in the unlikely event
both of the following conditions are met: (1) the
customer’s futures commission merchant is placed in receivership
or bankruptcy, and (2) there are insufficient funds
available for distribution denominated in the foreign currency as to
which the customer has a claim to satisfy all claims against those
funds.

By signing the accompanying acknowledgement, the
customer agrees that if both the conditions listed above occur, the
customer’s claim against the futures commission merchant’s
assets attributable to funds held overseas in a particular foreign
currency may be satisfied out of segregated customer funds held in
accounts denominated in dollars or other foreign currencies

Page 18

 

only after each customer whose funds are held in
dollars or in such other foreign currencies receives its pro-rata
portion of such funds. It is further agreed that in no event may a
customer whose funds are held overseas receive more than its pro-rata
share of the aggregate pool consisting of funds held in dollars,
funds held in the particular foreign currency, and non-segragated
assets of the futures commission merchant.

ACKNOWLEDGMENT

I HEREBY ACKNOWLEDGE THAT I HAVE RECEIVED A COPY OF
THIS DISCLOSURE STATEMENT AND THAT I HAVE READ AND UNDERSTAND ALL THE
INFORMATION CONTAINED HEREIN.

	 	 	 	 
	9/15/98
	 	/s/ Theresa D. Livesey
	 
	
	 	
	 
	Date
	 	Signature
	 
	 
	 
	 	THERESA D. LIVESEY

CHIEF FINANCIAL OFFICER

CAMPBELL & COMPANY, INC., Managing Operator
	 
	
	 	
	 
	 
	 	Print Name
	 
	 
	 	 
	 
	 
	
	 	
	 
	Date
	 	Signature
	 
	 
	 	 
	 
	 
	 	 	
	 
	 
	 	Print Name
	 

 

ACKNOWLEDGMENT OF RECEIPT OF RISK DISCLOSURES FOR ELECTRONIC
TRADING

By initialing the box next to the description of the risk
disclosure statement below, Client acknowledges the receipt of each
and that Client has reached each of them and understood their
contents;

	 	 	 	 
	GLOBEX Customer Information

            
and Risk Disclosure Statement	 	
	 
	 	 	Initials	 
	NYMEX Customer Information

            
and Risk Disclosure Statement	 	
	 
	 	 	Initials	 
	PROJECT A Customer Information

            
and Risk Disclosure Statement	 	
	 
	 	 	Initials	 

	 	 	 	 	 	 	 
	Signature:	 	
	 	Signature:	 	

	Print Name:	 	
	 	Print Name:	 	

	Date:	 	
	 	Date:	 	

Page 19

 

AUTHORIZATION TO RECEIVE STATEMENTS
ELECTRONICALLY

I hereby request that I receive my daily
confirmations and purchase-and-sale statements by fax transmission
and that you do not mail such statements in hard copy form to me.

I understand that these are the statements and
confirmations referred to in this Agreement. I further understand
that the statements and confirmations will be transmitted to the
facsimile number on my Account Application unless alternate
instructions are provided and that this request is revocable by
written notice to AAI Futures Operations Department only.

Signature

Print Name

Date

 

 

Page 20exv10w03

 

Exhibit 10.03

	Copy Number:	_____________________
	 
	Effective Date:	_____________________
	 
	Number of Units Purchased:	_____________________
	 
	Subscription Amount:	_____________________

 

CAMPBELL TRUST

A DELAWARE BUSINESS TRUST

SUBSCRIPTION AGREEMENT

Campbell Trust

c/o Campbell & Company, Inc.

210 West Pennsylvania Avenue

Suite 770

Towson, Maryland 21204

THE OFFERING OF THESE UNITS OF BENEFICIAL INTEREST (“UNITS”) IN CAMPBELL TRUST,
A DELAWARE BUSINESS TRUST, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (“THE ACT”) OR CERTAIN STATE SECURITIES LAWS AND CANNOT BE RESOLD UNLESS
THEY ARE SUBSEQUENTLY REGISTERED UNDER THAT ACT AND SUCH LAWS, OR UNLESS AN
EXEMPTION IS AVAILABLE. THE UNITS ARE NOT TRANSFERABLE, ASSIGNABLE OR CAPABLE
OF BEING DISPOSED OF IN ANY OTHER WAY EXCEPT IN COMPLIANCE WITH THE
RESTRICTIONS ON TRANSFERABILITY CONTAINED IN THE TRUST CERTIFICATE AND TRUST
AGREEMENT, AND UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THE OFFERING
IS DIRECTED TO THOSE INVESTORS CAPABLE OF EVALUATING THE RISKS AND MERITS OF
THE PROPOSED TRUST PROGRAM (OR WHO HAVE BEEN ADVISED ACCORDINGLY BY AN
INDEPENDENT PURCHASER REPRESENTATIVE) AND CAN BEAR THE ECONOMIC RISK OF THE
PROPOSED INVESTMENT. NO ONE SHOULD INVEST IN THE UNITS WHO IS NOT PREPARED TO
LOSE A SUBSTANTIAL PORTION OF THE INVESTMENT.

If and when accepted by the managing operator, this Subscription Agreement
(“Agreement”) shall constitute a binding subscription for units in Campbell
Trust (the “Trust”). Each part of this Agreement must be completed by the
subscriber and by execution thereof subscriber acknowledges that the managing
operator, the Trust, and any participating broker-dealers are relying upon the
accuracy and completeness hereof in complying with their respective obligations
under applicable securities laws.

 
	 	 
	
	
	January 1, 2003	 

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

	1.	 	Subscription Amount

     The
undersigned subscriber hereby subscribes for $______ of units
($250,000 minimum initial investment, unless the managing operator elects to
accept lesser amounts; $1,000 or more for additional investments; this $1,000
minimum will increase to $25,000 effective February 1, 2003) upon the terms and
conditions specified herein and in the Confidential Private Offering
Memorandum, as amended (“Memorandum”) and the Trust Agreement (Appendix A to
the Memorandum), which are incorporated herein by reference. Subscriber hereby
tenders a check (which must be payable to Campbell Trust) in full payment of
subscriber’s subscription. Payments made by check must be received AT LEAST
FIVE BUSINESS DAYS prior to the last business day of the month, and personal
checks must be received AT LEAST SEVEN BUSINESS DAYS prior to the last business
day of the month. If payment is being made by wire transfer, the Financial
Advisor should contact either his or her firm’s Fund Administration Department
or Campbell & Company’s Fund Administration Department for instructions.

	2.	 	Acceptance of Subscriptions

     It is understood that this subscription is subject to acceptance by the
managing operator. In the event that subscriber’s subscription is not accepted,
subscriber’s subscription payment shall be returned promptly to subscriber, and
this Agreement shall be terminated for all purposes. Subscription funds
received and accepted by the Trust will be held in a separate bank account and
will be released to the Trust for futures and forward trading at a closing each
month. No interest will be paid to subscribers on these funds.

     Confirmation of acceptance will be sent to the subscriber evidencing their
beneficial interest in Campbell Trust.

	3.  	 	Representations and Warranties of Subscriber

	 	(a)	 	Prior to the date of this Agreement, subscriber has received
and subscriber or subscriber’s designated representative has read a
copy of the Memorandum, including the Appendices thereto. The
undersigned is legally competent, and, if executing this
Subscription Agreement on behalf of an entity, is duly authorized,
to execute this Subscription Agreement.
	 
	 	(b)	 	Prior to the date of this Agreement, subscriber has received
and subscriber or subscriber’s designated representative has read a
copy of the Risk Disclosure Statements included in the Memorandum.
	 
	 	(c)	 	Subscriber understands that Campbell & Company, Inc. is both
the managing operator and the trading advisor of the Trust.
Accordingly, the Trust is subject to conflicts of interest as
described in the Memorandum under the captions “Conflicts of
Interest” and “Fiduciary Duty and Remedies of the Managing
Operator.”
	 
	 	(d)	 	Subscriber acknowledges that the managing operator, the Trust
and any participating broker-dealers are relying upon subscriber’s
representations, the Purchaser Suitability Questionnaire, and upon
the information and representations concerning subscriber in this
Agreement. Subscriber affirms that all such information is accurate
and complete and may be relied upon (i) in determining whether
subscriber is qualified to participate in this offering, (ii) for
purposes of determining the availability of an exemption from
registration for the offer and sale of the units, and (iii) as a
defense in any action relating to the Trust or the offering of
units.

      Subscriber hereby authorizes the managing operator to contact his
accountant, __________ at ________ telephone
(     )      
-               and hereby authorizes his
accountant to verify the information and representations contained in this
Agreement.

	 	(e)	 	Subscriber and/or the duly appointed representative(s) has
had the opportunity to ask questions of, and receive answers
concerning the terms and conditions of the offering, and to obtain
information necessary to verify the accuracy of the information
provided. All other information desired in connection with this
offering has been obtained. Subscriber has relied only upon such
information in determining to subscribe for units.

 
	 	 
	
	
	January 1, 2003	Page 2

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

	 	(f)	 	Subscriber is purchasing the units for investment, for
subscriber’s own account, for no other person, and not with a view
to distribution thereof. Subscriber understands the effect of the
limitations on disposition of the units, including subscriber’s
agreement herein that the units will not be resold without
registration under the Securities Act of 1933 (the “1933 Act”) or an
exemption therefrom. Subscriber consents to implementation of such
restrictions on transfer. The Trust will not, and is not obligated
to register the units on subscriber’s behalf.
	 
	 	(g)	 	Subscriber understands that an investment in the Trust
involves a high degree of risk. Subscriber represents that under
subscriber’s present and reasonably foreseeable circumstances,
subscriber can for an indefinite period of time bear the economic
risk of investment in the units and can afford to sustain a complete
loss with respect to the purchase of such units.
	 
	 	(h)	 	If subscriber is not an individual, subscriber represents
that subscriber was not organized for the specific purpose of
acquiring the units offered in the aforementioned offering. If a
corporation, subscriber represents that its governing instruments
permit, and it is duly qualified to make this investment, and that
execution of this Agreement has been duly authorized. If a
partnership, trust, estate, association or other unincorporated
organization, subscriber represents that it has the authority to
make this investment and that its governing instruments or Bylaws
allow such investment.
	 
	 	(i)	 	Subscriber indemnifies and holds harmless the managing
operator, the Trust and any participating broker-dealers in this
offering, any person controlling one or more of these persons, and
anyone acting on their behalf, with respect to the offer and/or sale
of units to subscriber, against all liability, costs and expenses
arising out of or resulting from any misrepresentation, breach of
warranty, or breach of any covenant by subscriber contained herein
with respect to any offer, sale, distribution or other disposition
of the units or any solicitation of any offer to buy, purchase or
otherwise acquire the units subscribed for by subscriber hereunder.
This Agreement, its provisions and the representations and
warranties contained herein shall be binding upon the heirs, legal
representatives, successors and assigns of subscriber.
	 
	 	(j)	 	The tables in the Memorandum (See “Past Performance of The
Campbell Trust” and “Additional Performance Information”) reflecting
past performance of the managing operator should be read only in
connection with the notes to such tables, and should not be
interpreted to mean that the Trust will have similar results or will
realize any profits whatsoever. Subscriber understands that the
managing operator receives substantial management fees and may
receive substantial performance fees from the Trust, and subscriber
consents to payment of such fees.
	 
	 	(k)	 	The subscriber does hereby irrevocably constitute and appoint
the managing operator, and its successors and assigns, as the
subscriber’s true and lawful Attorney-in-Fact, with full power of
substitution, in the subscriber’s name, place and stead, to: (i)
file, prosecute, defend, settle or compromise litigation, claims or
arbitrations on behalf of the Trust; (ii) make, execute, sign,
acknowledge, swear to, deliver, record and file any documents or
instruments, which may be considered necessary or desirable by the
managing operator to carry out fully the provisions of the Trust
Agreement; (iii) to execute one or more further Subscription
Agreements on its behalf between the Trust, the managing operator
and any person being admitted by the managing operator to the Trust
as a unitholder (or such other parties as may be appropriate) in
such form and on such
terms and conditions as the managing operator or other person
appointed hereby considers in its, his or her absolute discretion
necessary or appropriate, including reference to the Trust
Agreement and the novation thereof and agreeing and covenanting
with such person on behalf of the subscriber that the subscriber
will from the effective date of such Subscription Agreement or
Agreements comply with and observe the terms of the Trust
Agreement, including, without limitation, those (if any) necessary
or desirable to effect the subscriber’s admission as a unitholder;
and (iv) to perform all other acts contemplated by the Trust
Agreement or as are necessary or convenient to the operation of the
Trust. This Power of Attorney shall be deemed to be coupled with an
interest and shall be irrevocable and survive and not be affected
by the subscriber’s subsequent death, incapacity, disability,
insolvency or dissolution or any delivery by the subscriber of an
assignment of the whole or any portion of the subscriber’s units.

 
	 	 
	
	
	January 1, 2003	Page 3

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

	 	(l)	 	By execution of this Agreement, subscriber certifies under
penalties of perjury that (i) the number shown in this Agreement as
subscriber’s Social Security or Taxpayer Identification Number is
correct, and (ii) that subscriber is not subject to backup
withholding either because subscriber has not been notified by the
IRS that subscriber is subject to backup withholding as a result of
a failure to report all interest or dividends, or because the IRS
has notified subscriber that subscriber is no longer subject to
backup withholding. Subscriber agrees to strike out the language in
(ii) above if subscriber is unable to make this certification.
	 
	 	(m)	 	Benefit Plan Investors. The Memorandum states that the
managing operator may limit investment by “benefit plan investors”
to less than 25% of the total capital of each class of equity
interests of the Trust (not including investments by the managing
operator, certain other persons and their affiliates). To help the
managing operator determine whether investment by the undersigned is
included in the 25% limitation, the undersigned has checked the box
designated — “Employee Benefit Plan” — under the “ENTITY OWNERSHIP”
section of the Execution Page for Subscription by an Entity if the
subscriber is a benefit plan investor. The undersigned, if not a
benefit plan investor, as described below, on the date this
Subscription Agreement is signed, agrees to notify the managing
operator immediately if the undersigned becomes a benefit plan
investor. The term “benefit plan investor” refers to (i) any
“employee benefit plan,” as defined in the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), regardless of
whether it is subject to ERISA, (ii) any plan as defined in Section
4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
regardless of whether it is subject to Section 4975 of the Code, and
(iii) any entity deemed for any purpose of ERISA or Section 4975 of
the Code to hold assets of any such employee benefit plan or plan
due to investments made in such entity by such employee benefit
plans and plans. Benefit plan investors include, but are not limited
to, corporate pension and profit sharing plans, “simplified employee
pension plans,” KEOGH plans for self-employed individuals (including
partners), individual retirement accounts, medical benefit plans,
life insurance plans, church plans, governmental plans, foreign
plans, bank commingled trust funds for such plans and accounts,
insurance company separate accounts for such plans and accounts,
and, under certain circumstances, all or a portion of the general
account of an insurance company.
	 
	 	(n)	 	ERISA Accounts. If the undersigned is acting on behalf of
an “employee benefit plan” as defined in and subject to ERISA, or a
“plan” as defined in Section 4975 of the Code (a “Plan”), the
individual signing this Subscription Agreement on behalf of the
subscriber, hereby further represents and warrants as, or on behalf
of, the fiduciary of the Plan responsible for purchasing units (the
“Plan Fiduciary”) that: (a) the Plan Fiduciary has considered an
investment in the Trust in light of the risks relating thereto; (b)
the Plan Fiduciary has determined that, in view of such
considerations, an investment in the Trust is consistent with the
Plan Fiduciary’s responsibilities under ERISA; (c) the Plan’s
investment in the Trust does not violate and is not otherwise
inconsistent with the terms of any legal document constituting the
Plan or any trust agreement thereunder; (d) the Plan’s investment in
the Trust has been duly authorized and approved by all necessary
parties; (e) none of the managing operator, ABN AMRO Incorporated,
ABN AMRO Bank, N.V., Chicago Branch, Mercantile Safe Deposit & Trust
Company, LaSalle Bank, N.A., any selling agent, any of their
respective affiliates or any of their respective agents or
employees: (i) has investment discretion with respect to the
investment of assets of the Plan used to purchase the units; (ii)
has authority or responsibility to or regularly gives investment
advice with respect to the assets of the Plan used to purchase the
units for a fee and pursuant to an agreement or understanding that
such advice will serve as a primary basis for investment decision
with respect to the Plan and that such advice will be based on the
particular investment needs of the Plan; or (iii) is an employer
maintaining or contributing to the Plan; (f) the Plan Fiduciary (i)
is authorized to make, and is responsible for, the decision to
invest in the Trust, including the determination that such
investment is consistent with the requirement imposed by Section 404
of ERISA that plan investments be diversified so as to minimize the
risks of large losses, (ii) is independent of the managing operator,
ABN AMRO Incorporated, ABN AMRO Bank, N.V., Chicago Branch,
Mercantile Safe Deposit & Trust Company, LaSalle Bank, N.A., each
selling agent and each of their respective affiliates, and (iii) is
qualified to make such investment decision; and (g) taking into
account the following factors, and all other factors relating to the
Trust, the undersigned has concluded that investment in the Trust
constitutes an appropriate part of the Plan’s overall

 
	 	 
	
	
	January 1, 2003	Page 4

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

	 	 	 	investment program: (i) there is a substantial risk of a complete
loss of the Plan’s investment; (ii) an investment in the Trust will
be illiquid, except for certain redemption rights; (iii) the Trust
may permit the aggregate investments by benefit plan investors to
be twenty-five percent (25%) or more of any class of equity
interest of the Trust, in which case the assets of the Trust will
for purposes of ERISA and Section 4975 of the Code be deemed assets
of the Plans on whose behalf investments in the Trust are made; and
(iv) funds invested in the Trust will not be readily available for
the payment of employee benefits under the Plan. The undersigned
further represents and warrants that (a) the trustee of the Plan
will hold the Plan’s units in trust, unless not required by ERISA;
(b) the Plan fiduciary consents to the payment of fees to the
managing operator and has determined that the arrangement for
services by, and the fees to be paid to, the managing operator are
reasonable and the services to be performed by the managing
operator are appropriate and helpful to the Plan, all within the
meaning of Section 408(b)(2) of ERISA and Section 4975(d)(2) of the
Code; and (c) the undersigned consents on behalf of the Plan to and
authorized the operation of the Trust as described in the Trust’s
Confidential Private Offering Memorandum and Disclosure Document.
The undersigned will notify the managing operator, in writing, of
(a) any termination, substantial contraction, merger or
consolidation of the Plan, or transfer of its assets to any other
plan; (b) any amendment to the Plan or any related instrument which
materially affects the investments of the Plan or the authority of
any fiduciary to authorize Plan investment; and (c) any alteration
in the identity of any fiduciary including the undersigned, who has
the authority to approve Plan investments. The undersigned will,
at the request of the managing operator, furnish the managing
operator with such information as the managing operator may
reasonably require to establish that the purchase of the units by
the Plan and the transactions to be entered into by the Trust and
the holding of any investment by the Trust do not violate any
provision of ERISA or the Code, including without limitation, those
provisions relating to “prohibited transactions” by “parties in
interest” or “disqualified persons” as defined therein.
	 
	 	(o)	 	Party in Interest/Disqualified Person Status — Plans Subject
to ERISA.  If the subscriber is a Plan that is subject to ERISA, the
undersigned has determined, after investigating the Plan’s service
providers, that ABN AMRO Bank, N.V., Chicago Branch is not a
fiduciary with respect to the Plan and, other than being a service
provider to the Plan or having a relationship to a service provider
to the Plan, is not otherwise a “party in interest” (as such term is
defined in Section 3(14) of ERISA) or a “disqualified person” (as
such term is defined in Section 4975(e)(2) of the Code) with respect
to the Plan. The undersigned agrees and covenants that ABN AMRO
Bank, N.V., Chicago Branch will not while the Plan holds units
become a fiduciary to the Plan.
	 
	 	(p)	 	Disqualified Person Status — Plans Subject to Section 4975 of
the Code.  If the subscriber is a Plan that is subject to Section
4975 of the Code, but is not subject to ERISA, the undersigned has
determined, after investigating the Plan’s service providers, that
ABN AMRO Bank, N.V., Chicago Branch is not in any respect a
“disqualified person” (as such term is defined in Section 4975(e)(2)
of the Code) with respect to the Plan. The undersigned agrees and
covenants that ABN AMRO Bank, N.V., Chicago Branch will not while
the Plan holds units become a disqualified person with respect to
the Plan.
	 
	 	(q)	 	Insurance Company Accounts.  If the subscriber is using the
assets of an insurance company general account to purchase the
units, the undersigned hereby represents and warrants that the
percentage of such assets used to purchase the units that represents
plan assets does not exceed the following percentage:
	 
	 	 	 	____________________%
	 
	 	 	 	The undersigned agrees to immediately notify the managing operator if the
above number changes.

 
	 	 
	
	
	January 1, 2003	Page 5

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

	4.	 	Acceptance of Trust Agreement

     Subscriber agrees that as of the date of the acceptance of subscriber’s
subscription funds by the Trust, subscriber shall become a unitholder, and
subscriber hereby agrees to each and every term of the Trust Agreement as if
subscriber’s signature were subscribed thereto. By execution of this
Subscription Agreement, and the power of attorney set forth herein, subscriber
agrees that subscriber shall be deemed to have executed the Trust Agreement.

FOR GEORGIA INVESTORS ONLY

     THE UNITS WILL BE SOLD IN RELIANCE ON THE EXEMPTION FROM SECURITIES
REGISTRATION CONTAINED IN PARAGRAPH 13 OF 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 FROM SUCH ACT OR PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER SUCH ACT.

This Agreement shall be governed by the internal laws of the State of Maryland.

 
	 	 
	
	
	January 1, 2003	Page 6

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

 

Executed this
__________ day of __________, ____.

INDIVIDUAL PURCHASERS:

	 	 	 	 	 
	 

Print Name (first)	 	 	 	 

Signature (first)
	 
	 

Print Name (second)	 	 	 	 

Signature (second)
	 
	          If a joint subscription, please indicate:	 	
o     Tenants in Common

o     Joint Tenancy with Right of Survivorship

o     Tenants in Entirety

o     Community Property

ENTITY PURCHASERS:

	 	 	 	 
	By:	 	 
	 	

Print Name of Entity	 	

Signature/Title

     If purchaser is a trust or partnership, please attach a copy of the trust instrument or partnership
agreement or, in lieu of that, an opinion of counsel that the trust or partnership has authority to purchase
units of the partnership. If the purchaser is a corporation, please attach a certified corporate resolution
authorizing signature. If the purchaser is an estate, please attach appropriate authorization documents.

SELECT EITHER “A”
OR “B”:

	 	 	 	 	 
	o	 	
A.
	 	Please debit my
brokerage account $ ____________ for payment of my subscription.
	 
	 	 	 	 	ACCOUNT # ________________________
	 
	o	 	B.
	 	To pay for the
subscription, purchaser herewith encloses the sum of $______ (make check
payable to “Campbell Trust”). Payments made by check must be received AT
LEAST FIVE BUSINESS DAYS prior to the last business day of the month, and
personal checks must be received AT LEAST SEVEN BUSINESS DAYS prior to the
last business day of the month

PURCHASER(S):

	 	 	 
	Taxpayer ID Number or Social Security Number:	 	

	 
	Home Telephone Number:	 	

	 
	Business Telephone Number:	 	

	 
	Fax Number:	 	

	 
	Primary Residence/Location (No P.O. Boxes):	 	

	 
	Previous Residence/Location (If at Primary

Residence/Location for less than five years):	 	

	 
	Mailing Address (If different from

Primary Residence/Location):	 	

	 	 	 

 
	 	 
	
	
	January 1, 2003	Page 7

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

ADDITIONAL INFORMATION FOR IRA & KEOGH/SEP ACCOUNT:

	 	 	 
	Custodian’s Name:	 	

	 
	Custodian’s Mailing Address:	 	

	 	 	 

	 
	Custodian’s Tax ID Number:	 	

	 
	Custodian’s Telephone Number:	 	

TO BE COMPLETED BY THE SELLING AGENT (Account Executive — Please Print):

	 	 	 
	Name:	 	

	 
	Broker/Dealer:	 	

	 
	Address:	 	

	 
	Phone Number:	 	

	 
	Account Executive #:	 	

	 

 
	
Account Executive Signature	 	
Office Manager Signature (if required)

 
	 	 
	
	
	January 1, 2003	Page 8

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

CAMPBELL TRUST

A DELAWARE BUSINESS TRUST

CONFIDENTIAL PURCHASER QUESTIONNAIRE

INVESTORS MUST ANSWER EACH QUESTION UNLESS DIRECTED TO PROCEED TO A LATER

SECTION. INCOMPLETE QUESTIONNAIRES WILL BE RETURNED AND MAY CAUSE DELAYS IN

THE INVESTMENT.

     Units of beneficial interest (the “units”) are being offered in Campbell
Trust (the “Trust”), a Delaware business trust, to a limited number of
accredited investors pursuant to the Trust’s Offering Memorandum.

     Before you may purchase units, the Trust’s managing operator, Campbell &
Company, Inc. (the “managing operator”), must be reasonably satisfied that you
have such knowledge and experience in financial and business matters that you
are capable of evaluating the risks and merits of investing in the Trust. This
questionnaire is designed to enable the managing operator to make that
determination.

     The managing operator will maintain the confidentiality of all information
disclosed by you, except as is necessary to provide such information to a
regulatory body.

     BECAUSE THE MANAGING OPERATOR WILL RELY ON YOUR ANSWERS IN ORDER TO COMPLY
WITH FEDERAL AND STATE LAWS, YOU MUST CAREFULLY ANSWER EACH QUESTION.
PURCHASERS CAN BE HELD LIABLE FOR ANY MISSTATEMENT OR OMISSION IN THIS
QUESTIONNAIRE.

     Please print or type.  Answer every question. Insert “Not Applicable” or
“NA” if a question does not apply to you. Attach separate sheets if the space
given for any answer is insufficient.

	 	 	 	 	 
	Form of Ownership (check one)	 	Purchaser’s Instructions (complete)
	
	 	

	o     Individual

o     Joint Account

o     IRA
	 	Part I (page 10); Part III (page 13); Part

IV (page 14); Part VI (page 15)
	 
	o     Corporation*

o     Partnership*

o     Revocable Trust*

o     Irrevocable Trust*

o     Estate*

o     Keogh/SEP

o     Pension Plan*

o     Tax-Exempt Trust*

o     Taxable Trust*
	 	Part II (page 11); Part III (page 13); Part

IV (page 14); Part VI (page 15)

		
	 	(*Appropriate authorization documents must accompany subscription, i.e.,
trusts, pension, estate, corporate documents.)

 
	 	 
	
	
	January 1, 2003	Page 9

 

     PART I. TO BE COMPLETED BY PURCHASERS WHO ARE INDIVIDUALS

	1.	 	Subscriber’s Name:
_____________________________________________________________________(Age): _________________
	 
	 	 	Joint Subscriber’s Name (if
applicable): ___________________________________________________________________________
	 
	2.	 	Name of Subscriber’s Employer
or Business:
_______________________________________________________________________
	 
	 	 	Nature of Business:
___________________________________________________________________________________________
	 
	 	 	Position/Title:
_______________________________________________________________________________________________
	 
	 	 	Length of Time in Position:
_____________________________________________________________________________________
	 
	 	 	Business Address:
____________________________________________________________________________________________
	 
	 	 	                              _____________________________________________________________________________________________
	 
	3.	 	Do you, and any joint subscriber(s), intend to purchase the units solely for your own account?
	 
	 	 	
o   Yes      
o   No

	 
	 	 	
If not, please indicate who else would have a direct or indirect interest
in the units to be purchased and describe such interest:
 

 

	 
	4.	 	Are you:

	 	(a)	 	An individual whose individual income exceeds $200,000 (or
joint income with spouse exceeds $300,000) in each of the last
two years and who reasonably expects his individual income to
be in excess of $200,000 in the current year?
	 
	 	 	 	oYes                  o   No
	 
	 	(b)	 	An individual whose individual net worth, or joint net worth with your spouse, exceeds $1,000,000 as of the date hereof (net
worth includes home and personal property)?

                        o   Yes               o   No

	 	 	You must be able to answer “Yes” to one of the above questions in order
to subscribe to the Trust.	 

	5.	 	 List any college or graduate
degrees:
________________________________________________________________________
	 
	 	 	
Describe any previous employment or experience in financial and
business matters generally or the futures markets specifically:
 

 

	 

 
	 	 
	
	
	January 1, 2003	Page 10

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

PART I. TO BE COMPLETED BY PURCHASERS WHO ARE INDIVIDUALS – (Continued)

	6.	 	Investment Experience:
	 
	 	 	Describe your previous investment experience:

	 	(a)	 	Frequency of your investments in commodities:

	 	 	 	 	 	 	 
	o   Often	 	
o   Occasionally
	 	o   Seldom
	 	o   Never

	 	(b)	 	Frequency of your investment in marketable securities:

	 	 	 	 	 	 	 
	o   Often	 	
o   Occasionally
	 	o   Seldom
	 	o   Never

	 	(c)	 	Frequency of your investments in securities that are not
readily marketable:

	 	 	 	 	 	 	 
	o   Often	 	
o   Occasionally
	 	o   Seldom
	 	o   Never

	 	(d)	 	Indicate the types of investments in which you have
participated:

		
	 	     o   Limited partnerships investing in commodities.
	 
	 	     o   Limited partnerships investing in other investments.
	 
	 	     o   Private placements of securities sold in reliance
upon the non-public offering exemption from registration under
the Act.
	 
	 	     o   Other investments.

	7.	 	What is the:

	 	(a)	 	Source of Funds for this
Investment: __________________________________________________________________
	 
	 	(b)	 	Reason for Investment:
_____________________________________________________________________________

PART II. TO BE COMPLETED BY PURCHASERS WHICH ARE ENTITIES

	1.	 	Name of
Entity:

 

	 
	2.	 	Nature of Business:

 

	 
	 	 	State of incorporation or
organization:
____________________________________________________________________
	 
	3.	 	Are you:
	 
	 	 	
o   A revocable grantor trust whose grantor is a
person that is:

	 
	 	 	
o (a)   A natural person whose individual net
worth, or joint net worth with spouse, exceeds $1 million
at the time of purchase. (In this instance, the term “net
worth” means the excess of assets at fair market value,
including home and personal property, above total
liabilities, including mortgages and income taxes on
unrealized appreciation of assets.)

	 
	 	 	
o (b)   A natural person who has individual
income of more than $200,000 in each of the two most recent
years, or joint income with that person’s spouse of more
than $300,000, and reasonably expects to reach the same
income level in the current year.

	 
	 	 	
o   A trust (other than an IRA or a revocable grantor
trust) having total assets of more than $5 million, not formed
for the specific purpose of acquiring the units offered
hereby, whose purchase is directed by a person who has such
knowledge and experience in financial and business matters
that he is capable of evaluating the merits and risks of an
investment in the units.

 
	 	 
	
	
	January 1, 2003	Page 11

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

PART II.  TO BE COMPLETED
BY PURCHASERS WHICH ARE ENTITIES – (Continued)

	 	 	 	
o   A bank (as defined in Section 3(a)(2) of the
Securities Act), a savings and loan association, or other
institution (as defined in Section 3(a)(5)(A) of the
Securities Act), acting in an individual or fiduciary
capacity, including as a credit union or other institution
whose account is insured by the National Credit Union
Administration.

	 
	 	 	 	

o   A broker and/or dealer registered under Section
15 of the Securities Exchange Act of 1934, as amended.

	 
	 	 	 	
o   A business development company (as defined in
Section 2(a)(48) of the Investment Company Act of 1940).

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

	 
	 	 	 	
o   A corporation, Massachusetts or similar business
trust, or partnership, not formed for the specific purpose of
acquiring the units offered hereby, with total assets of more
than $5 million.

	 
	 	 	 	
o   One of the following:

	 
	 	 	 	
o   (a)  An employee benefit plan established
and maintained by a state, its political subdivisions, or
any agency or instrumentality of a state or its political
subdivisions, which has total assets of more than $5
million.

	 
	 	 	 	
o   (b)  An employee benefit plan within the
meaning of the Employee Retirement Income Security Action
of 1974 (“ERISA”) whose investment decision is made by a
plan fiduciary (as defined in Section 3(21) of ERISA),
which is a bank, a savings and loan association, an
insurance company, or a registered investment adviser.

	 
	 	 	 	
o   (c)  An employee benefit plan within the
meaning of the ERISA which has total assets of more than $5
million.

	 
	 	 	 	
o   A self-directed employee benefit plan within the
meaning of ERISA, whose investment decisions are made solely
by a person(s) that is:

	 
	 	 	 	
o   (a)  A natural person whose individual net
worth, or joint net worth with spouse, exceeds $1 million
at the time of purchase.

	 
	 	 	 	o   (b)  A natural person whose individual
income of more than $200,000 in each of the two most recent
year, or joint income of more than $300,000 when income of
that person’s spouse is taken into account, and reasonably
expects to reach the same income level in the current year.

	 
	 	 	 	
o   An insurance company (as defined in Section 2(13) of the Securities Act).

	 
	 	 	 	
o   An investment company registered under the Investment Company Act of 1940.

	 
	 	 	 	
o   A tax-exempt organization described in Section
501(c) of the Code with total assets of more than $5 million.

	 
	 	 	 	
o   A Small Business Investment Company (licensed by
the United States Small Business Administration under Section
301(c) or (d) of the Small Business Investment Company Act of
1958).

	 
	 	 	 	
o   Another entity ALL of whose equity owners are
accredited investors meeting one of the foregoing categories.
Type of entity: __________________.

	 
	 	 	 	
       (Please note that a trust may not qualify as an accredited
investor under this definition.) If you check this box, please
duplicate this Questionnaire and have each equity owner complete
and submit such questionnaire with the entity’s subscription
documents.

 
	 	 
	
	
	January 1, 2003	Page 12

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

     PART
III.  TO BE COMPLETED BY ALL PURCHASERS

     To be completed by all subscribers. If an entity, then complete one for
each owner with 25% or more ownership:

Date of Birth:
____________________________________

Place of Birth: ____________________________________

Nationality/Citizenship: _____________________________

Passport # or National ID #: __________________________

(Must be accompanied by a photocopy of the passport or ID, signed by the
individual at the firm who reviewed the document.)

 
	 	 
	
	
	January 1, 2003	Page 13

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

PART IV.  REPRESENTATIONS
(All subscribers must complete)

     I acknowledge that the managing operator will be relying upon the
information I have furnished in this Questionnaire in determining, among other
things, whether there are reasonable grounds to believe that I qualify as an
accredited investor under Rule 501 under the Securities Act or otherwise
qualify as a suitable investor under federal and state securities laws. To the
best of my information and belief, the information I have supplied is complete
and correct, and I represent and warrant to the managing operator as follows:

____(initial)    (1)   The answers to the above questions are complete and
correct and may be relied upon by the managing operator
in determining whether this offering in which I propose
to participate will be exempt from registration under
applicable securities laws.

____(initial)    (2)   Prior to receiving notice of the managing operator’s
acceptance of my subscription, I will notify the managing
operator immediately of any material change in any
information I have furnished in this Questionnaire.

____(initial)    (3)   I personally (or with my Purchaser Representative, if
any) have sufficient knowledge and experience in
financial and business matters to evaluate the merits and
risks of an investment in the Trust.

____(initial)    (4)   I am able to bear the economic risk and lack of liquidity
of an investment in the Trust, and at the present time
could afford a complete loss of such investment;

____(initial)    (5)   After receiving notice of the managing operator’s
acceptance of my subscription, I will immediately advise
the managing operator in writing of any material change
in the information I have supplied in this Questionnaire,
and I will provide at any time any additional information
the managing operator may reasonably request concerning
the information I have supplied in this Questionnaire.

INDIVIDUAL PURCHASERS

	 	 	 
	
Print Name (first)	 	

Signature (first)
	 
	

Print Name (second)	 	

Signature (second)
	 
	Date:
	 	 
	 
	ENTITY PURCHASERS	 	 
	 
	By:
                                    Print Name of Entity	 	

Signature/Title
	 
	Date:
	 	 

PART V.  PURCHASER
REPRESENTATIVE

     If you are relying upon an adviser (“Purchaser Representative”) such as a
lawyer, accountant or other investment adviser to advise you in deciding
whether to invest in the Trust, furnish the Purchaser Representative’s name and
other information below. It may be necessary for the Purchaser Representative
to complete a Questionnaire in connection with this offering.

	Name:	 
	 	

	 
	Profession:
	 	

	 
	Address:
	 	

	 
	Telephone:	( _____ ) ________ - ________________________

 
	 	 
	
	
	January 1, 2003	Page 14

 

CAMPBELL TRUST SUBSCRIPTION AGREEMENT

PART VI.  ACKNOWLEDGEMENT
OF RECEIPT OF DISCLOSURE DOCUMENT

ALL SUBSCRIBERS MUST COMPLETE

Campbell Trust

210 West Pennsylvania Avenue

Suite 770

Towson, Maryland 21204

RE: Acknowledgement of Receipt of the Offering Memorandum of Campbell Trust

Sir/Madam:

     This is to acknowledge that I have received a copy of the Offering
Memorandum of the Campbell Trust dated January 1, 2003 describing the
investment allocation program pursuant to which my account will be directed,
including the Risk Disclosure Statement.

	 	 	 
	 

Print Name (first)	 	
 

Print Name (second)
	 
	 

Signature (first)	 	
 

Signature (second)
	 
	 

Date (first)	 	
 

Date (second)

 
	 	 
	
	
	January 1, 2003	Page 15

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