Document:

efc7-2575_emailex42.htm

    Exhibit
      4.2

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

     

    
 

    

     

    The
      Merrill Lynch
      FuturesAccessSM

     

    U.S.
      Investors                                                                           The
      Merrill Lynch FuturesAccessSM

    Program
      to Access Managed Futures
      Funds

     

     

     

    Subscription
      and Exchange
      Agreement

     

     

     

    SIGNATURE
      REQUIRED

     

    Merrill
      Lynch Alternative Investments
      LLC                     August
      2007

     

    Princeton
      Corporate Campus

    800
      Scudders Mill Road

    Section 2G

    Plainsboro,
      New Jersey 08536

    (866)
      MER-ALTS

    (866)
      637-2587

     

    Merrill
      Lynch, Pierce, Fenner & Smith

    Incorporated

    Selling
      Agent

     

    
      	
              Offerree
                Label Here

            	 	
              THE
                FUTURESACCESS FUNDS AVAILABLE THROUGH THE MERRILL LYNCH FUTURESACCESSSM
                PROGRAM ARE
                SPECULATIVE INVESTMENTS.  THE UNITS ARE ONLY SUITABLE FOR A
                LIMITED PORTION OF THE RISK SEGMENT OF A
                PORTFOLIO.

            

    

     

    THESE
      ARE SPECULATIVE SECURITIES

     

    A
      COMPLETED SUBSCRIPTION AND EXCHANGE AGREEMENT SIGNATURE PAGE (ATTACHED HERETO)
      MUST BE DELIVERED TO YOUR FINANCIAL ADVISOR.

     

    IF
      YOU HAVE ANY QUESTIONS ABOUT HOW TO COMPLETE THE SUBSCRIPTION AND EXCHANGE
      AGREEMENT SIGNATURE PAGE, PLEASE CONTACT YOUR MERRILL LYNCH FINANCIAL ADVISOR
      OR
      A REPRESENTATIVE OF MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC AT (866) MER-ALTS;
      (866) 637-2587.

     

    ONLY
      PERSONS WHO ARE U.S. INVESTORS WHICH ARE “ACCREDITED INVESTORS” MAY INVEST IN
      THE UNITS.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    THE
      MERRILL LYNCH FUTURESACCESSSM
      PROGRAM

    to
      access

    SINGLE-ADVISOR
      MANAGED FUTURES FUNDS

     

    FUTURESACCESS
      PROGRAM SUBSCRIPTION

    AND
      EXCHANGE AGREEMENT

     

    For
      Use by U.S. Investors

     

    How
      to Invest in FuturesAccess

    General

     

    Merrill
      Lynch Alternative Investments LLC (“MLAI”) has attempted to minimize the
      paperwork normally associated with investors (“Investors”) participating in
      private placements in general and in the Merrill Lynch Futures AccessSM Program
      (“FuturesAccess”) in particular.  All information which Investors must
      complete is included in the Signature Page attached to this FuturesAccess
      Program Subscription and Exchange Agreement (“Subscription
      Agreement”).  Acceptance of your Subscription Agreement entitles you
      to participate in any fund included in FuturesAccess (a “FuturesAccess Fund”),
      including any new FuturesAccess Funds added in the future (subject to
      availability).

     

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

     

    Investors
      must submit a new Signature Page each time they wish to invest in or exchange
      into a FuturesAccess Fund.

     

    Only
      the detachable Signature Page attached hereto must be submitted to your
      Financial Advisor, not the full Subscription Agreement.  Your
      Financial Advisor must countersign your Signature Page.  Please give
      the Signature Page to your Financial Advisor to send to
      MLAI.

     

    If
      you
      have any questions as to how to complete the Signature Page or need additional
      Subscription Agreements or Signature Pages, please contact your Financial
      Advisor or:

     

    Merrill
      Lynch Alternative Investments LLC

    Princeton
      Corporate Campus

    800
      Scudders Mill Road

    Section 2G

    Plainsboro,
      New Jersey 08536

    (866)
      MER-ALTS; (866) 637-2587

     

    Steps
      to Investing

     

    
      	
               

            	
              1.

            	
              Read
                and carefully review the Confidential Program Disclosure Document,
                which
                is comprised of the Part One (A) Confidential Program
                Document:  FuturesAccess Program General Information, Part Two
                Confidential Program Disclosure Document:  Statement of
                Additional Information and Part One (B) Confidential Program
                Disclosure Document:  Trading Advisor Information (collectively
                referred to as the “Confidential Program Disclosure Document”) relating to
                the FuturesAccess Fund into which you are considering investing or
                exchanging.  Capitalized terms used herein but not defined shall
                have the meanings assigned to them in the Confidential Program Disclosure
                Document.

            

     

     

    __________________

    U.S.
      Investors

    FuturesAccess
      Program Subscription and Exchange Agreement

     

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              2.

            	
              Read
                and carefully review this Subscription Agreement and the Signature
                Page
                attached hereto.

            

    

     

    
      	
               

            	
              3.

            	
              Consult
                with your Financial Advisor as to which of the FuturesAccess Funds
                (if
                any) are suitable for your
                portfolio.

            

    

     

    
      	
               

            	
              4.

            	
              Complete
                and detach the Signature Page providing the information requested
                and
                indicating the specific FuturesAccess Fund(s) you have
                selected.

            

    

     

    
      	
               

            	
              5.

            	
              Give
                the completed Signature Page to your Financial Advisor.  Your
                Financial Advisor will review and countersign the Signature Page
                and
                forward it to MLAI.

            

    

     

    
      	
               

            	
              6.

            	
              To
                invest in or exchange among FuturesAccess Funds, you must submit
                a
                completed Signature Page to your Financial Advisor no less than 10
                days
                prior to the effective month-end of your investment of
                exchange.  All subscriptions into and exchanges among
                FuturesAccess Funds are subject to the availability of the applicable
                FuturesAccess Fund(s) and to acceptance by
                MLAI.

            

    

     

    
      	
               

            	
              7.

            	
              Your
                Merrill Lynch Account will be debited on or about each monthly closing
                date in the amount of your subscription, which will be invested directly
                in the FuturesAccess Fund(s).  No interest will be payable with
                respect to any such subscriptions.

            

    

     

    
      	
               

            	
              8.

            	
              Your
                Financial Advisor will inform you when your Merrill Lynch Account
                will be
                debited in the amount of your investment, as well as the date when
                any
                exchange will be effective.

            

    

     

    
      	
              The
                subscriber (“Subscriber”) may invest in FuturesAccess through taxable
                accounts as well as through individual retirement accounts (“IRAs”) and
                other tax-exempt accounts.  Investments by the Subscriber and by
                related tax-exempt as well as taxable accounts (including certain
                investments for the benefit of immediate family members of the Subscriber)
                may be combined for purposes of meeting FuturesAccess minimums (see
                “Offering Procedures – Classes of Units” in the Part One
                (A) Confidential Program Disclosure
                Document:  FuturesAccess Program General
                Information).  A separate Signature Page must be completed for
                each such account.  If any of the accounts listed on the
                Signature Page include plans subject to Section 4975 of the Internal
                Revenue Code of 1986, as amended (the “Code”), such as IRAs, or plans that
                are subject to the Employee Retirement Income Security Act of 1974,
                as
                amended (“ERISA”), the Subscriber must represent on the Signature Page
                that the aggregation of such plans with other accounts for any purpose
                relating to FuturesAccess or the Merrill Lynch HedgeAccess® Program
                (“HedgeAccess”) does not result in an act of self-dealing under the
                prohibited transaction provisions of Section 4975 of the Code or
                Section 406 of ERISA.

               

              The
                Subscriber should complete the “Related Accounts” section of the Signature
                Page if the Subscriber wishes to combine related accounts.

               

            

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

    

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

     

    Multiple
      Classes of Units

     

    Four
      Classes of Units are generally offered by the FuturesAccess
      Funds:  Class A, Class C, Class I and Class D.
      Each Class is subject to a different fee structure, and Class I and
      Class D are subject to certain eligibility requirements.  The
      Units of the Trend-Following Fund currently are not divided into
      Classes.

     

    Subscribers
      may choose between Class A Units (upfront sales commission; lower ongoing
      Sponsor Fees) and Class C Units (no upfront sales commission; higher
      ongoing Sponsor Fees).  There is no minimum “Program Investment”
(defined below) required to invest in Class A or Class C Units (other
      than the $10,000 minimum subscription amount required to invest in a particular
      FuturesAccess Fund or FuturesAccess overall).

     

    If
      a
      Subscriber instructs MLAI to combine subscriptions or investments involving
      any
      plan subject to Section 4975 of the Code or the provisions of ERISA, the
      Subscriber is deemed to represent that the aggregation of such plans with other
      accounts for any purpose relating to FuturesAccess or HedgeAccess does not
      result in an act of self-dealing under the prohibited transaction provisions
      of
      Section 4975 of the Code or Section 406 of ERISA.

     

    Prior
      to
      April 1, 2006, an Investor’s class eligibility was determined based on such
      Investor’s aggregate subscriptions (excluding exchanges) in FuturesAccess
      overall as well as, in the case of Class D Units, aggregate subscriptions
      (including exchanges) into a particular FuturesAccess Fund, and redemptions
      were
      not netted against subscriptions for purposes of determining Class I and
      Class D eligibility.  Effective April 1, 2006, an Investor’s
      Class I and Class D eligibility is determined not on the basis of
      aggregate subscriptions, but on the basis of an Investor’s total FuturesAccess
      Investment in FuturesAccess overall as well as, in the case of Class D
      Units, a particular FuturesAccess Fund, and an Investor’s redemptions will
      effectively be netted against such Investor’s subscriptions for purposes of
      determining Class I and Class D eligibility.

     

    An
      Investor’s “FuturesAccess Investment,” determined as of the beginning of each
      month, equals the greater of:

     

    
      	
              ·  

            	
              the
                market value of an Investor’s outstanding Units in FuturesAccess (or a
                particular FuturesAccess Fund, as applicable) based on the most recently
                available Net Asset Values, plus pending subscriptions;
                or

            

    

     

    
      	
              ·  

            	
              an
                Investor’s net subscriptions to FuturesAccess overall (or a particular
                FuturesAccess Fund, as applicable).  Net subscriptions means an
                Investor’s aggregate subscriptions less aggregate redemptions (not
                including pending redemptions).

            

    

     

    Except
      for purposes of determining Class D eligibility in a particular
      FuturesAccess Fund, the purchase and sale of Units in an exchange offset each
      other and have no effect on the amount of an Investor’s net subscriptions to
      FuturesAccess overall.

     

    FuturesAccess
      Investments attributable to certain related accounts may be combined for
      purposes of determining an Investor’s Class I and Class D
      eligibility.  In addition, Investors who participate in HedgeAccess
      (private investment funds that primarily trade securities rather than futures
      and forward contracts) are permitted to aggregate their investments in
      FuturesAccess and HedgeAccess for purposes of determining such Investors’
Class I and Class D eligibility, as well as determining sales
      commissions applicable to their purchases of Class A Units.

     

    There
      is
      no minimum FuturesAccess Investment required to invest in Class A or
      Class C Units (other than the $10,000 minimum investment in any
      FuturesAccess Fund).

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

    

    
 

    New
      Investors whose initial subscription equals or exceeds $5,000,000 will be issued
      Class I Units, where available, in each FuturesAccess Fund in which they
      invest.  If an existing Investor whose FuturesAccess Investment is
      less than $5,000,000 makes an additional subscription which causes such
      Investor’s FuturesAccess Investment to equal or exceed $5,000,000 (including the
      new subscription), the entire new subscription will be invested in Class I
      Units.  The Investor’s existing Units (if any) will not be converted
      from Class A or Class C (as the case may be) to Class I Units,
      but all subsequent subscriptions and exchanges made by such Investor will be
      for
      Class I Units.

     

    Class D
      eligibility is determined on both an individual FuturesAccess Fund and an
      overall FuturesAccess basis.  For Investors whose initial subscription
      to any one FuturesAccess Fund equals or exceeds $5,000,000, the Investor will
      receive Class D Units, where available, in that FuturesAccess
      Fund.  If an Investor, whose FuturesAccess Investment in a particular
      FuturesAccess Fund is less than $5,000,000, makes an additional subscription
      or
      exchange into that FuturesAccess Fund which causes such Investor’s FuturesAccess
      Investment to equal or exceed $5,000,000 (including the new subscription or
      exchange), the entire new subscription or exchange into that FuturesAccess
      Fund
      will be invested in Class D Units.  The Investor’s existing Units
      in that FuturesAccess Fund will not be converted to Class D Units, but all
      subsequent subscriptions or exchanges made by such Investor into the same
      FuturesAccess Fund will be for Class D Units.  However,
      notwithstanding the fact that an Investor’s FuturesAccess Investment in a
      particular FuturesAccess Fund equals or exceeds $5,000,000, if that Investor
      invests or exchanges into another FuturesAccess Fund in which such Investor’s
      FuturesAccess Investment is less than $5,000,000, such Investor will not receive
      Class D Units in such other FuturesAccess Fund (except as described in the
      next paragraph).

     

    New
      Investors whose initial subscription equals or exceeds $15,000,000 will be
      issued Class D Units in each FuturesAccess Fund in which they invest and
      which offers different Classes of Units, irrespective of whether such Investor’s
      FuturesAccess Investments in any one FuturesAccess Fund equals or exceeds
      $5,000,000.  If an existing Investor whose FuturesAccess Investment is
      less than $15,000,000 makes an additional subscription immediately after which
      such Investor’s FuturesAccess Investment equals or exceeds $15,000,000
      (including the new subscription), the entire new subscription will be invested
      in Class D Units.  The Investor’s existing Units will not be
      converted to Class D Units, but all subsequent subscriptions and exchanges
      made by such Investor will be for Class D Units.

     

    Subscriptions
      made to all FuturesAccess Funds are aggregated for purposes of determining
      whether an Investor will receive Class I Units, and for purposes of
      determining whether an Investor’s subscriptions to multiple FuturesAccess Funds
      permit such Investor to receive Class D Units.

     

    Prior
      to
      April 1, 2006, Redemptions were not netted against subscriptions for
      purposes of determining Class I or Class D Unit
      eligibility.  After April 1, 2006, Redemptions are netted against
      subscriptions for purposes of determining Class I or Class D Unit
      eligibility.  For subscriptions effective on or after April 1,
      2006, Class D and Class I eligibility will be determined not on the
      basis of aggregate subscriptions, but on the basis of an Investor’s total
“FuturesAccess Investment” in FuturesAccess overall as well as, in the case of
      Class D Units, a particular FuturesAccess Fund, as described
      above.

     

    Once
      an
      Investor is issued Class I or Class D Units, such Investor will
      continue to be issued Class I or Class D Units (as applicable)
      irrespective of the level of such Investor’s FuturesAccess Investment at any
      future date.  However, if an Investor withdraws entirely from
      FuturesAccess or a particular FuturesAccess Fund and subsequently reinvests,
      such Investor’s Class I and/or Class D Unit eligibility will be
      determined from the date of such reinvestment as if the Investor had never
      previously participated in FuturesAccess or such FuturesAccess
      Fund.

     

    Merrill
      Lynch officers and employees invest in Class I Units without regard to the
      $5,000,000 minimum FuturesAccess Investment requirement.  Such
      exemption from the minimum FuturesAccess Investment requirement will not be
      generally available to other Investors.

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-4

          
            

          

        

        
          
          

        

      

    Certain
      Merrill Lynch clients may invest in Class I Units on different terms than
      those described herein, depending on the type of Merrill Lynch Account held
      by
      such clients.  In addition, FuturesAccess Funds may from time to time
      offer to certain Merrill Lynch clients a customized Class of Units having
      different financial terms than those described herein, provided that doing
      so
      does not have a material adverse effect on existing Investors.  Such
      customized Classes will generally be designated for Investors who are subject
      to
      additional fees on their investments in FuturesAccess Funds depending on the
      type of Merrill Lynch Account held by such Investors, but also may be so
      designated for other reasons.

     

    Although
      the Units of the Trend-Following Fund currently are not divided into Classes,
      amounts subscribed to or redeemed from the Trend-Following Fund will be included
      in the calculation of an Investor’s FuturesAccess Investment in determining such
      Investor’s class eligibility with respect to the other FuturesAccess
      Funds.

     

    Investors
      who are “Qualified Purchasers” (generally, individuals with $5,000,000 and
      entities with $25,000,000 of “Net Investments”) may also participate in
      HedgeAccess, which provides access to “hedge funds” (private investment funds
      which primarily trade securities).  Investors who participate in both
      Programs may aggregate their investments in both Programs toward the minimum
      investment levels established for acquiring Class I and Class D Units
      established for HedgeAccess and vice versa.  In deciding whether to
      aggregate investments, fiduciaries of IRAs and fiduciaries of plans that are
      subject to ERISA must ensure that such combination does not result in an act
      of
      self-dealing under the prohibited transaction provisions of Section 4975 of
      the Code or Section 406 of ERISA.

     

    The
      Exchange Privilege

     

    Subject
      to any restrictions imposed by the various FuturesAccess Funds (either
      temporarily or on an ongoing basis), Investors may generally exchange their
      Units in any FuturesAccess Fund for those of any other FuturesAccess Fund
      (subject to FuturesAccess Fund availability and Investor eligibility) as of
      the
      end of each calendar month on at least 10 days’ prior notice.

     

    Exchanges
      are generally made between Units of the same Class (except as described
      below) at Net Asset Value as of the effective date of the
      exchange.  However, the Units of the Trend-Following Fund currently
      are not divided into Classes, and accordingly, Investors exchanging into the
      Units of the Trend-Following Fund will receive Units of a single
      Class.  Amounts subscribed to or redeemed from the Trend-Following
      Fund will, however, be included in the calculation of an Investor’s
      FuturesAccess Investment in determining such Investor’s Class eligibility
      when exchanging Units of the Trend-Following Fund for Units of the other
      FuturesAccess Funds.

     

    An
      Investor exchanging Class A, Class C or Class I Units in a
      FuturesAccess Fund for Units in another FuturesAccess Fund will generally
      receive Units of the same Class in such other FuturesAccess
      Fund.  However, if an exchange brings an Investor’s FuturesAccess
      Investments in a particular FuturesAccess Fund to or over the $5,000,000
      threshold, the entire exchange will be invested in Class D
      Units.  The Investor’s existing Units in such FuturesAccess Fund will
      not be converted to Class D Units, but all subsequent subscriptions and
      exchanges by such Investor into such FuturesAccess Fund will be for Class D
      Units.

     

    An
      Investor exchanging Class D Units in a FuturesAccess Fund for Units in
      another FuturesAccess Fund will be issued Class I Units in the latter if
      the Investor’s FuturesAccess Investments in the latter FuturesAccess Fund total
      less than $5,000,000 and such Investor’s FuturesAccess Investments in
      FuturesAccess overall do not equal or exceed $15,000,000.  See the
      rules regarding exchanges of Class D Units, discussed in the “Summary —
General Terms of the Classes of Units” in the Part One (A) Confidential
      Program Document:  FuturesAccess Program General
      Information.

     

    The
      same Class of Units may be subject to different brokerage commissions as
      well as different Management and Performance Fees in different FuturesAccess
      Funds.

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-5

          
            

          

        

        
          
          

        

      

    Exchanges
      are permitted into a FuturesAccess Fund in $10,000 minimums.  There
      are no minimum increments in which exchanges must be made.  Exchanges
      into a FuturesAccess Fund may be aggregated with subscriptions into such
      FuturesAccess Fund by the same Investor.  In deciding whether to
      aggregate exchanges and subscriptions, fiduciaries of IRAs and fiduciaries
      of
      plans that are subject to ERISA must ensure that such combination does not
      result in an act of self-dealing under the prohibited transaction provisions
      of
      Section 4975 of the Code or Section 406 of ERISA.

     

    If,
      immediately following an exchange out of a FuturesAccess Fund, an Investor
      would
      have an investment of less than $10,000 in such FuturesAccess Fund, such
      Investor must exchange out of such Investor’s entire investment in such
      FuturesAccess Fund.

     

    No
      sales
      commissions, redemption or exchange charges will be assessed on any
      exchange.  Class A Units acquired in an exchange will be treated
      as if they have been outstanding since the date of their initial issuance for
      purposes of determining the ongoing compensation due to the Selling Agent (which
      begins only in the thirteenth month after Class A Units are
      issued).  Otherwise, an exchange into the Units of a given
      FuturesAccess Fund will be made on the same terms as making a new subscription
      for such Units.  Any accrued Performance Fees will be assessed when an
      Investor exchanges out of a FuturesAccess Fund.

     

    For
      tax
      purposes, exchanges will be treated as redemptions from the FuturesAccess
      Fund(s) from which Units are exchanged and subscriptions into the FuturesAccess
      Fund(s) into which Units are exchanged.

     

    Units
      acquired in an exchange are indistinguishable from Units acquired with a new
      subscription (except in respect of determining ongoing compensation due in
      respect of Class A Units).  If there is a loss carryforward with
      respect to the Performance Fee calculation for a FuturesAccess Fund out of
      which
      an Investor exchanges, that loss carryforward will be forfeited and will have
      no
      effect on the calculation of the Performance Fee due in respect of the
      FuturesAccess Fund into which such Investor exchanges.

     

    Only
      whole Units will be issued or may be exchanged.  Any dollar amounts
      exchanged which cannot be reinvested into whole Units will be credited to the
      exchanging Investor’s Merrill Lynch Account.

     

    MLAI
      reserves the right to restrict or terminate the Exchange Privilege at any
      time.  See “Restriction, Suspension or Termination of the Exchange
      Privilege,” below.  NO ONE SHOULD INVEST IN FUTURESACCESS IN RELIANCE
      ON THE EXCHANGE PRIVILEGE.

     

    A
      new Signature Page must be submitted for each purchase or exchange, even if
      an
      Investor already owns Units of the FuturesAccess Fund(s) into which the purchase
      or exchange is being made.

     

    ALTHOUGH
      FUTURESACCESS ALLOWS INVESTORS TO REALLOCATE INVESTMENTS THROUGH EXCHANGES
      AMONG
      FUTURESACCESS FUNDS, INVESTORS SHOULD BE AWARE THAT FUTURESACCESS IS NOT
      DESIGNED TO ENCOURAGE FREQUENT EXCHANGES, WHICH MAY DETRACT FROM
      RETURNS.

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-6

          
            

          

        

        
          
          

        

      

    

     

     

    THE
      MERRILL LYNCH FUTURESACCESSSM
      PROGRAM

     

    FUTURESACCESS
      PROGRAM SUBSCRIPTION AND EXCHANGE

    AGREEMENT

     

    For
      Use by U.S. Investors

     

    This
      Subscription Agreement relates to your participation in one or more
      FuturesAccess Funds included in FuturesAccess.  You must identify the
      particular FuturesAccess Funds(s) into which you wish to invest or exchange
      on
      the Signature Page attached hereto.  You must submit a new Signature
      Page each time you wish to invest in or exchange among FuturesAccess
      Funds.

     

    ___________________

    
The
      Subscriber must complete the attached Signature Page indicating the specific
      FuturesAccess Fund(s) to which such Subscriber wishes to subscribe, or into
      which the Subscriber wishes to exchange, and acknowledging receipt of the
      Confidential Program Disclosure Document.

     

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

     

    The
      Subscriber also understands and agrees that, although MLAI will use reasonable
      efforts to keep the information provided in each Signature Page strictly
      confidential, MLAI and/or one or more FuturesAccess Funds and/or MLAI may
      present the Signature Page and the information provided therein to such parties
      as MLAI deems advisable if called upon to establish the availability under
      any
      applicable law of an exemption from registration for the Units, to the extent
      necessary for any of the FuturesAccess Funds, MLAI or any of their respective
      affiliates, to comply with applicable law, if such information is or may be
      relevant to an issue in any action, suit or proceeding to which any
      FuturesAccess Fund, MLAI or any of their respective affiliates is a party or
      by
      which any of the foregoing are or may be bound, or upon the request of any
      regulatory, governmental or self-regulatory authority.

     

    I.           Representations,
      Warranties and Agreements of the Subscriber.  As an inducement to
      MLAI to accept the Subscriber’s Subscription Agreement, the Subscriber
      represents and warrants to MLAI and the applicable FuturesAccess Fund(s) as
      follows:

     

    A.           Authority
      and Eligibility

     

    
      	
               

            	
              (1)

            	
              (a)

            	
              If
                an individual, the Subscriber (including each individual joint Subscriber)
                is at least 21 years old and is legally competent to execute and
                deliver
                the Signature Page and to comply with the terms of this Subscription
                Agreement.

            

    

     

    
      	
               

            	
              (b)

            	
              (i)

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

            

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-7

          
            

          

        

        
          
          

        

      

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

     

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

     

    
      	
               

            	
              (2)

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

            

    

     

    
      	
               

            	
              (3)

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

            

    

     

    
      	
               

            	
              (4)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) has
                (i) received and carefully reviewed a copy of the Confidential
                Program Disclosure Document including the Part One (B) Confidential
                Program Disclosure Document:  Trading Advisor Information
                relating to the Trading Advisors for the FuturesAccess Funds in which
                the
                Subscriber proposes to invest, including without limitation the “Risk
                Factors” section thereof, and (ii) has carefully evaluated and
                understands the various risks of an investment in each FuturesAccess
                Fund,
                including without limitation the limited liquidity of the Units,
                absence
                of regulatory oversight and performance volatility of such FuturesAccess
                Funds, and the Subscriber can afford to bear such
                risks.

            

    

     

    
      	
               

            	
              (5)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) has been
                afforded the opportunity to ask and receive complete and satisfactory
                answers to any questions and to obtain any additional information
                and
                materials the Subscriber has reasonably requested relating to any
                FuturesAccess Fund, its proposed operations, the private placement
                of the
                Units, the Trading Advisors and any other matters related thereto
                including any additional information which MLAI possesses or can
                acquire
                without unreasonable effort or expense that the Subscriber considers
                necessary to verify the accuracy of the information included in the
                Confidential Program Disclosure
                Document.

            

    

     

    
      	
               

            	
              (6)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) has relied
                only on the information contained in the Confidential Program Disclosure
                Document in determining

            

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-8

          
            

          

        

        
          
          

        

      

    

    
 

    whether
      to subscribe for Units in a FuturesAccess Fund or FuturesAccess Funds,
      irrespective of any information the Subscriber may have been furnished as
      described above.

     

    
      	
               

            	
              (7)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) understands
                that any performance information contained in the Confidential Program
                Disclosure Document should not be interpreted to mean that the applicable
                FuturesAccess Fund or Trading Advisor will have similar results in
                the
                future or avoid substantial losses.

            

    

     

    
      	
               

            	
              (8)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) specifically
                recognizes and consents to the conflicts of interest described in
                the
                Confidential Program Disclosure
                Document.

            

    

     

    
      	
               

            	
              (9)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) acknowledges
                that MLAI has established the business terms of each FuturesAccess
                Fund
                without arm’s-length negotiations with any representatives of prospective
                investors, and that no party has represented the investors in establishing
                the terms of any aspect of
                FuturesAccess.

            

    

     

    
      	
               

            	
              (10)

            	
              The
                Subscriber (and the Subscriber’s financial advisors, if any) understands
                and agrees that Units will be redeemed and the FuturesAccess Funds’ fees
                calculated on the basis of estimated numbers (as well as subsequent
                revisions of such numbers), and that no retroactive adjustments will
                be
                made to reflect any differences between estimated and final
                numbers.

            

    

     

    
      	
               

            	
              (11)

            	
              If
                the Subscriber is an entity, the Subscriber was not formed for the
                specific purpose of investing in any FuturesAccess Fund, and no more
                than
                40% of the Subscriber’s assets are invested in any FuturesAccess Fund;
                furthermore, investors in the Subscriber participate in investments
                made
                by the Subscriber on a pro rata basis in accordance with each such
                investor’s interest in the Subscriber (except as necessary to comply with
                applicable laws or regulations).

            

    

     

    
      	
               

            	
              (12)

            	
              (a)

            	
              The
                Subscriber, if not a benefit plan investor, as described below, on
                the
                date this Subscription Agreement is signed, agrees to notify MLAI
                immediately if the Subscriber becomes a benefit plan
                investor.

            

    

     

    
      	
               

            	
              (b)

            	
              (i)

            	
              Benefit
                Plan Investors.  The Signatory has indicated on the Signature
                Page if the Subscriber is “benefit plan investor” and, if so, if the
                Subscriber is a Plan Assets entity, as defined below.  The term
                “benefit plan investor” refers to any “employee benefit plan” as defined
                in, and subject to the fiduciary responsibility provisions of ERISA,
                (ii) any “plan” as defined in and subject to Section 4975 of the
                Code, and (iii) any entity (a “Plan Assets 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 already described benefit plan investors.  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 that have
                elected to be subject to ERISA, bank commingled trust funds, or 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.

            

    

     

    (ii)           If
      the Subscriber has indicated on the Signature Page both that it is a benefit
      plan investor and a Plan Assets Entity, the Subscriber hereby
      represents

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-9

          
            

          

        

        
          
          

        

      

    

     

    and
      warrants that the percentage of the Plan Assets Entity’s equity interests held
      by benefit plan investors does not exceed the percentage set forth on the
      Signature Page.  To ease the administrative burden related to
      monitoring and updating this percentage, MLAI recommends that the Subscriber
      build in some cushion so that the Subscriber will not have to notify the MLAI
      if
      the percentage changes slightly.

     

    (iii)           The
      Subscriber agrees to immediately notify MLAI upon any change to the foregoing
      representations.

     

    
      	
               

            	
              (13)

            	
              If
                the Signatory is, or is acting on behalf of, an “employee benefit plan,”
                as defined in and subject to ERISA, or any “plan,” as defined in and
                subject to Section 4975 of the Code (a “Plan”), or a Plan Assets
                Entity (in which case, the following representations and warranties
                are
                made with respect to each Plan holding an investment in such Plan
                Assets
                Entity), the Signatory, in addition to the other representations
                and
                warranties set forth herein, further represents and warrants as,
                or on
                behalf of, the fiduciary (the “Plan Fiduciary”) of the Plan responsible
                for purchasing Units that:  (a) the Plan Fiduciary has
                considered an investment in the applicable FuturesAccess Fund(s)
                for such
                Plan in light of the risks relating thereto; (b) the Plan Fiduciary
                has determined that, in view of such considerations, the proposed
                investment in such FuturesAccess Fund(s) is consistent with the Plan
                Fiduciary’s responsibilities under ERISA; (c) the Plan’s investment
                in such FuturesAccess Fund(s) 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 such
                FuturesAccess Fund(s) has been duly authorized and approved by all
                necessary parties; (e) none of the “Interested Parties” (as defined
                below):  (i) has investment discretion within respect to
                the investment of assets of the Plan used to purchase Units in such
                FuturesAccess Fund(s); (ii) has authority or responsibility to or
                regularly gives investment advice with respect to the assets of the
                Plan
                used to purchase units in such FuturesAccess Fund(s) for a fee and
                pursuant to an agreement or understanding that such advice will serve
                as a
                primary basis for investment decisions 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; and
                (f) the Plan Fiduciary (i) is authorized to make, and is
                responsible for, the decision to invest in such FuturesAccess Fund(s),
                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 Interested Parties; and (iii) is qualified to make
                such investment decision.  The Signatory will, at the request of
                MLAI, furnish MLAI with such information as MLAI may reasonably require
                to
                establish that the purchase of Units by the Subscriber does 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.  For purposes of
                the foregoing, “Interested Party” means MLAI, the Trading Advisors, the
                Selling Agent, MLIB, each Financial Advisor and any person whom the
                Plan
                Fiduciary knows to be an agent, employee or affiliate of any of the
                foregoing.

            

    

     

    
      	
               

            	
              (14)

            	
              If
                the Subscriber is an insurance company using assets of its general
                account
                to purchase Units, the Subscriber hereby represents and warrants
                that none
                of such assets used to purchase the Units of any FuturesAccess Fund
                represent the assets of “employee benefit plans,” or the Subscriber has
                notified MLAI of the percentage of such assets that represents the
                assets
                of “employee benefit plans.”

            

    

     

    
      	
               

            	
              (15)

            	
              The
                Subscriber understands that no federal or state agency or securities
                exchange has reviewed the Confidential Program Disclosure Document
                or the
                private placement of the

            

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-10

          
            

          

        

        
          
          

        

      

    

     

    
Units
      or
      has made any finding or determination as to the fairness of the business terms
      of an investment in any FuturesAccess Fund.

     

    
      	
               

            	
              (16)

            	
              The
                Subscriber is acquiring Units for the Subscriber’s own account, as
                principal, for investment and not with a view to the resale or
                distribution of all or any of such Units, except as described in
                Section F:  Trustees, Agents, Representatives and Nominees,
                below.  The Subscriber understands that, based in part on the
                representations and warranties of the Subscriber, (i) the Units have
                not been and will not be registered under the Securities Act of 1933,
                as
                amended (the “Securities Act”), the securities laws of any state, or the
                securities laws of any other jurisdiction, and (ii) no FuturesAccess
                Fund will be registered under the Investment Company Act of 1940,
                as
                amended (the “Company Act”).

            

    

     

    B.           Program
      Restrictions on Exchanges and Transfers

     

    
      	
               

            	
              (1)

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

            

    

     

    
      	
               

            	
              (2)

            	
              In
                the event that one or more FuturesAccess Funds suspend redemptions
                or the
                calculation of net asset value, the Exchange Privilege with respect
                to
                such FuturesAccess Fund(s) will also be
                suspended.

            

    

     

    
      	
               

            	
              (3)

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

            

    

     

    C.           Disclosures

     

    
      	
               

            	
              (1)

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

            

    

     

    
      	
               

            	
              (2)

            	
              The
                Subscriber understands that the Selling Agent is not guaranteeing
                or
                assuming responsibility for the operation or possible liabilities
                of MLAI,
                any FuturesAccess Fund or any Trading Advisor, and that neither the
                Selling Agent nor MLAI will supervise or participate in any respect
                in the
                management or investment decisions for any FuturesAccess
                Fund.

            

    

     

    
      	
               

            	
              (3)

            	
              The
                Subscriber understands that MLAI is an indirect subsidiary of Merrill
                Lynch & Co., Inc. (“ML&Co.”), as well as an affiliate of the
                Selling Agent which also serves as the commodity broker for each
                FuturesAccess Fund and receives brokerage commissions as well as
                interest
                income (or the equivalent) as a result of acting in such
                capacity.  The Subscriber also understands that MLIB, an
                affiliate of MLAI, may act as a forward currency counterparty for
                each
                FuturesAccess Fund.

            

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-11

          
            

          

        

        
          
          

        

      

    

    

 

    
      	
               

            	
              (4)

            	
              The
                Subscriber understands that, as disclosed in the Confidential Program
                Disclosure Document, MLAI will received a portion of the advisory
                compensation which would otherwise be payable to the relevant Trading
                Advisor in respect of any FuturesAccess
                Fund.

            

    

     

    
      	
               

            	
              (5)

            	
              The
                Subscriber understands that, as disclosed in the Memorandum, MLAI
                and/or
                another Merrill Lynch entity may provide the initial (“seed”) capital to
                enable a FuturesAccess Fund to begin trading before sufficient client
                capital has been raised to meet the minimum capitalization necessary
                for
                the Trading Advisor of such FuturesAccess Fund to implement its investment
                strategy, and will redeem such seed capital (if any) as provided
                in the
                Confidential Program Disclosure Document.  The Subscriber
                further understands that neither the Sponsor nor any other Merrill
                Lynch
                entity is obligated to seed any FuturesAccess Fund, and the Sponsor
                may
                dissolve any FuturesAccess Fund which the Sponsor and/or another
                Merrill
                Lynch entity has seeded at any time, irrespective of whether such
                FuturesAccess Fund has accepted client
                capital.

            

    

     

    
      	
               

            	
              (6)

            	
              The
                Subscriber acknowledges and agrees that:  (i) the relevant
                FuturesAccess Funds may execute trades, including trades executed
                on a
                principal-to-principal basis, with affiliates of MLAI; and (ii) MLAI
                may invest the cash reserves of FuturesAccess Funds in short-term
                investment vehicles or deposit accounts managed or maintained by
                MLAI or
                an affiliate.

            

    

     

    
      	
               

            	
              (7)

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

            

    

     

    D.           Tax
      Issues

     

    
      	
               

            	
              (1)

            	
              The
                Subscriber confirms, under penalty of perjury, that the Subscriber
                is a
                U.S. Person, as the term “U.S. Person” is defined in
                Section 7701(a)(30) of the Code, and the Subscriber undertakes to
                advise the FuturesAccess Fund and MLAI promptly in writing if the
                Subscriber ceases to be a U.S. Person during the term of the Subscriber’s
                investment in a FuturesAccess Fund.  The Subscriber understands
                that if at any time it ceases to be a U.S. Person, it may be subject
                to
                U.S. withholding tax or other consequences as well as being required
                to
                redeem out of the Program.

            

    

     

    
      	
               

            	
              (2)

            	
              The
                Subscriber acknowledges that annual tax information received from
                the
                FuturesAccess Funds may not be received in sufficient time to permit
                the
                Subscriber to incorporate such information into the Subscriber’s own
                annual tax information prior to April 15 of each year; as a result,
                the Subscriber understands that it will likely be required to obtain
                extensions for filing the Subscriber’s U.S. federal, state and local
                income tax returns each year.

            

    

     

    
      	
               

            	
              (3)

            	
              The
                Subscriber confirms that the Subscriber is not subject to backup
                withholding.  The Subscriber understands that the Program will
                not accept subscriptions from the Subscriber if the Subscriber is
                subject
                to backup withholding.

            

    

     

    E.           Accuracy
      and Updating of Subscriber Information

     

    
      	
               

            	
              (1)

            	
              The
                Subscriber represents that all the information, financial or otherwise,
                which the Subscriber has furnished to the applicable FuturesAccess
                Fund(s), the Selling Agent or the Subscriber’s Merrill Lynch Financial
                Advisor in connection with subscribing for
                Units

            

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-12

          
            

          

        

        
          
          

        

      

    in
      any
      such FuturesAccess Fund(s), or which is set forth on the Signature Page,
      including all representations, warranties and agreements contained herein,
      is
      correct and complete as of the date as of which such information was furnished,
      and if there should be any material change in such information, the Subscriber
      will immediately notify MLAI and the Selling Agent and furnish revised or
      corrected information to MLAI.

     

    
      	
               

            	
              (2)

            	
              The
                Subscriber agrees that the representations, warranties and agreements
                contained in this Subscription Agreement (including the Signature
                Page)
                shall be deemed to be repeated as of each date on which the Subscriber
                purchases Units of any FuturesAccess
                Fund.

            

    

     

    
      	
               

            	
              (3)

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

            

    

     

    F.           Trustees,
      Agents, Representatives and Nominees

     

    If
      the
      Subscriber is acting as trustee, agent, representative or nominee for an
      investor (a “Beneficial Owner”), the Subscriber understands and acknowledges
      that the representations, warranties and agreements made herein are made by
      the
      Subscriber (1) with respect to the Subscriber and (2) with respect to
      the Beneficial Owner.  The Subscriber further represents and warrants
      that it has all requisite power and authority from said Beneficial Owner to
      execute and deliver the Signature Page as well as to invest in any FuturesAccess
      Fund(s).  The Subscriber also agrees to indemnify each FuturesAccess
      Fund, MLAI and their respective affiliates and agents for any and all costs,
      fees and expenses (including legal fees and disbursements) in connection with
      any damages resulting from any misrepresentation or misstatement of the
      Subscriber contained herein or in the Signature Page or made by the Subscriber
      to the Subscriber’s Merrill Lynch Financial Advisor, or the assertion of the
      Subscriber’s lack of proper authorization from the Beneficial Owner to execute
      and deliver the Signature Page or to discharge the Subscriber’s obligations
      hereunder or thereunder.

     

    G.           Money
      Laundering Prevention

     

    The
      Subscriber’s subscription monies were not derived from activities that may
      contravene United States (federal or state) or international anti-money
      laundering laws and regulations.  The Subscriber is not (1) an
      individual, entity or organization named on a United States Office of Foreign
      Assets Control (“OFAC”) “watch list” and does not have any affiliation with any
      kind of such individual, (2) a foreign shell bank, (3) a person or
      entity resident in or whose subscription funds are transferred from or through
      a
      jurisdiction identified as non-cooperative by the Financial Action Task Force,
      (4) a senior foreign political figure,1 an immediate family member2
      or close

     

    

      

    

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

       

    

    
      2           “Immediate
        family” of a senior foreign political figure typically includes the figure’s
        parents, siblings, spouse, children and in-laws.

       

    

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-13

          
            

          

        

        
          
          

        

      

    

     

    associate3
      of a senior foreign political figure within
      the meaning of the USA PATRIOT Act of 2001.4  The Subscriber agrees promptly to
      notify MLAI should the Subscriber become aware of any change in the information
      set forth in this representation.  The Subscriber acknowledges that,
      by law, MLAI may be obligated to “freeze the account” of the Subscriber, either
      by prohibiting additional subscriptions, declining any redemption requests
      and/or segregating the assets in the account in compliance with governmental
      regulations, and MLAI may also be required to report such action and to disclose
      the Subscriber’s identity to OFAC. The Subscriber represents and warrants that
      all of the information which it has provided to the Program in connection with
      this Subscription Agreement is true and correct, and agrees to provide any
      information MLAI or its agents deem necessary to comply with MLAI’s anti-money
      laundering program and related responsibilities from time to time.  If
      the Subscriber is an intermediary subscribing to the Program as a record owner
      in its capacity as agent, representative or nominee on behalf of one or more
      underlying investors (“Underlying Investors”), the Subscriber agrees that the
      representations, warranties and covenants are made by it on behalf of itself
      and
      the Underlying Investors.

     

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

     

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

     

    III.           Subscriber
      Eligibility.  THE SUBSCRIBER WILL BE REQUIRED TO
      REPRESENT ON THE SIGNATURE PAGE THAT THE SUBSCRIBER SATISFIES ONE OR MORE OF
      THE
      ELIGIBILITY REQUIREMENTS IN SECTION III.A BELOW AND QUALIFIES AS AN “ACCREDITED
      INVESTOR,” AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT.

     

    A.           Accredited
      Investor Requirements

     

    Individual
      Subscribers

     

    
      	
               

            	
              (1)

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

            

    

     

    or

     

    
      	
               

            	
              (2)

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

            

    

     

    

      

    

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

       

    

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

       

      
         

        __________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

         

        
          
            
            

          

          
            S-14

            
              

            

          

          
            
            

          

        

      

    

     

    Entity
      Subscribers

     

    
      	
               

            	
              (3)

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

            

    

     

    or

     

    
      	
               

            	
              (4)

            	
              A
                revocable trust which may be amended or revoked at any time by the
                grantors thereof, and of which all of the grantors are “Accredited
                Investors” under either Section III.A (l) or Section III.A
                (2) above.

            

    

     

    or

     

    
      	
               

            	
              (5)

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

            

    

     

    or

     

    
      	
               

            	
              (6)

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

            

    

     

    or

     

    
      	
               

            	
              (7)

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

            

    

     

    or

     

    
      	
               

            	
              (8)

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

            

    

     

    or

     

    
      	
               

            	
              (9)

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

            

    

     

    or

     

    
      	
               

            	
              (10)

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

            

    

     

    or

     

    
      	
               

            	
              (11)

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

            

    

     

    or

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-15

          
            

          

        

        
          
          

        

      

    

    
 

    
      	
               

            	
              (12)

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

            

    

     

    or

     

    
      	
               

            	
              (13)

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

            

    

     

    or

     

    
      	
               

            	
              (14)

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

            

    

     

    or

     

    
      	
               

            	
              (15)

            	
              An
                Entity whose equity owners are each “Accredited Investors,” i.e., persons
                meeting the requirements set forth in any of Sections III.A (1)-(14)
                above.

            

    

     

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

     

    V.           Acceptance
      of the Operating Agreement.  The Subscriber agrees
      that on the date designated by MLAI as the date when the Subscriber is admitted
      to a FuturesAccess Fund or FuturesAccess Funds into which the Subscriber is
      investing or exchanging, the Subscriber shall become a Limited Liability Company
      Member in each such FuturesAccess Fund.  The Subscriber hereby agrees
      to each and every term of the Operating Agreement for each such FuturesAccess
      Fund, to be bound by all of the terms and conditions of such Operating
      Agreement(s), and to perform any obligations therein imposed on the
      Subscriber.

     

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

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-16

          
            

          

        

        
          
          

        

      

    the
      Operating Agreement or the Certificate of Formation, including of related
      FuturesAccess Fund(s); and (iii) all instruments, agreements, and documents
      which MLAI considers necessary to, or appropriate for, the operation of the
      related FuturesAccess Fund(s) as contemplated in the Confidential Program
      Disclosure Document and the Operating Agreement.

     

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

     

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

     

    VIII.           General.  The
      Subscriber understands that this Subscription Agreement (including the Signature
      Page) submitted by the Subscriber, and the representations, warranties,
      agreements and other provisions hereof (and thereof) as well as all
      representations and warranties made by the Subscriber to the Subscriber’s
      Merrill Lynch Financial Advisor:  (a) shall be binding upon the
      Subscriber and the Subscriber’s legal representatives, successors and assigns;
      (b) shall survive the Subscriber’s admission as an Investor; and
      (c) may be executed (by executing the Signature Page) by the Subscriber and
      accepted by any FuturesAccess Fund in one or more counterparts as well as in
      facsimile, each of which shall be considered an original and all of which
      together shall constitute one instrument.

     

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

     

    IX.           Legends.

     

    IN
      MAKING
      AN INVESTMENT DECISION, SUBSCRIBERS MUST RELY ON THEIR OWN EXAMINATION OF THE
      PROGRAM, THE APPLICABLE FUTURESACCESS FUND(S) AND THE TERMS OF THE
      OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE PROGRAM HAS NOT BEEN
      RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY
      AUTHORITY. FURTHERMORE, NONE OF THE FOREGOING AUTHORITIES HAS CONFIRMED THE
      ACCURACY OR DETERMINED THE ADEQUACY OF THE CONFIDENTIAL PROGRAM DISCLOSURE
      DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

     

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

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-17

          
            

          

        

        
          
          

        

      

    For
      Georgia Investors Only.

     

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

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-18

          
            

          

        

        
          
          

        

      

    

    
 

    [This
      page intentionally left blank]

     

    
       

      __________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    [This
      page intentionally left blank]

     

     

    __________________

    U.S.
      Investors

    FuturesAccess
      Program Subscription and Exchange Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

     

    Total Merrill, Total Merrill (Design), and
Merrill Lynch FuturesAccess are service marks of Merrill Lynch
& Co., Inc.
©2007
      Merrill Lynch, Pierce, Fenner
& Smith Incorporated.  Printed in the U.S.A. Member, Securities
      Investor

    Protection Corporation (SIPC).

    FUT-P&E-0807efc7-2575_emailex101.htm

    
      Exhibit
        10.1

       

      Institutional

      Futures
        Client

      Account
        Agreement

    

    
 

    

    

    

    
 

    

    

    

    

    

    

    Merrill
      Lynch, Pierce, Fenner & Smith, Inc

    One
      South
      Wacker Drive, Suite 300, Chicago, Illinois 60606

     

    
      
        

        Tel: 312-442-5453

    

     

    
      
        
        

      

      
        
           

        

        
          

        

      

       

       

      _________________________________MERRILL
        LYNCH_________________________________

       

       

    

    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, you 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 to 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.

    
       

      
        
          
          

        

        
          
            2

            Revised
              071205

          

          
            

          

        

         

        
           

          _________________________________MERRILL
            LYNCH_________________________________

           

        

      

       

      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 purchaser
        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 futures 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.

    

    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 pro-rated in the same manner as cash for
      purposes of distribution in the event of a shortfall.

    

    7.    Commission
      and other charges

    Before
      you begin to trade, you should obtain a clear explanation of all commissions,
      fees and other charges for which you will be liable. These charges will affect
      your net profit (if any) or increase your loss.

    

    8.    Transactions
      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, 

    
       

      
        
          
          

        

        
          
            3

            Revised
              071205

          

          
            

          

        

         

        
           

          _________________________________MERRILL
            LYNCH_________________________________

           

        

      

       

    

    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 trading 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
      jurisdictions, 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.

     

    
      
        
        

      

      
        
          4

          Revised
            071205

        

        
          

        

      

      
        
          ______________________________________________MERRILL
            LYNCH  ______________________________________________

        

      

       

    

    Institutional
      Futures Client Account Agreement

    

    Merrill
      Lynch, Pierce, Fenner & Smith Incorporated, with an office at 1 South Wacker
      Drive, Suite 300, Chicago, Illinois, 60606, (“Merrill Lynch”) agrees to carry
      one or more account(s) (“Account”) 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, security futures products,
      forward or leverage contracts, exchange of futures for physicals, and any
      similar instruments which may be purchased or sold by or through Merrill Lynch
      for Client’s Account (collectively referred to as “Futures Contracts”). In
      consideration thereof, Client and Merrill Lynch agree as follows:

    

    1.    AUTHORIZATIONS
      AND ACKNOWLEDGMENTS 

    Merrill
      Lynch is authorized to purchase or sell Futures Contracts for Client’s Account
      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, Merrill Lynch may act
      as
      agent or principal and may charge a mark-up or commission, as notified in
      advance to Client, as may be limited by law, rule or regulation.  All
      contracts and transactions entered into after the close of any applicable
      futures exchange’s normal business hours may be considered next business day
      activity. Merrill Lynch is not acting as a fiduciary, commodity trading advisor,
      investments advisor or commodity pool operator with respect to Client or any
      Futures Contracts or Account and Merrill Lynch shall have no responsibility
      for
      compliance with any law or regulation governing the conduct of any such
      fiduciary or advisor selected by Client or Client’s conduct as a fiduciary, if
      applicable.

    

    2.    APPLICABLE
      LAW 

    All
      transactions under this Agreement shall be subject to the Commodity Exchange
      Act
      and the constitution, rules, regulations, customs, usages, rulings and
      interpretations of the Commodity Futures Trading Commission (“CFTC”), domestic
      or foreign exchange markets, and their clearing houses, if any, where the
      transactions are executed by Merrill Lynch or Merrill Lynch’s agents
      (“Applicable Law”). Merrill Lynch is hereby authorized, in its discretion, to
      employ affiliated and nonaffiliated clearing members, carrying brokers and
      floor
      brokers as Merrill Lynch’s agents or to engage in pre-execution discussions if
      entering orders electronically, in connection with the execution, carrying,
      clearance, delivery and settlement of any such transactions as permitted by
      Applicable Law. Client agrees to provide Merrill Lynch any information necessary
      for Merrill Lynch to respond to any inquiry from any exchange or other
      regulatory agency pursuant to Applicable Law.

    

    Absent
      a
      separate written agreement with Client with respect to give-ups, Merrill Lynch,
      in its discretion, may, but shall not be obligated to, accept from other brokers
      selected by Client, Futures Contracts executed by such brokers which are given
      up to Merrill Lynch for clearing in Client’s Account. If Client has executed
      with other brokers and Merrill Lynch is required to pay such executing brokers
      give up fees, Client agrees that Merrill Lynch may withhold such fees from
      Client’s Account in anticipation of such payment coming due.

    

    3.    MERRILL
      LYNCH
      REPRESENTATIONS 

    Merrill
      Lynch and its managing directors, officers, employees and affiliates may take
      or
      hold positions in or advise other clients concerning contracts which are the
      subject of advice from Merrill Lynch to Client, which positions and advice
      may
      be consistent with or contrary to positions which are the subject of advice
      to
      Client. In addition, Merrill Lynch, its directors, officers, employees, parent
      companies and affiliates may act on the other side of Client’s order by the
      purchase or sale for Client’s Account in which Merrill Lynch or any person
      affiliated with Merrill Lynch has a direct or indirect interest, subject to
      compliance with and the limitations and conditions of Applicable
      Law.

    

    4.    CLIENT
      REPRESENTATIONS 

    Client
      represents and warrants that (a) the individual(s) whose signatures are stated
      below is/are duly authorized and empowered to execute and deliver this Agreement
      and to effect purchases and sales of Futures Contracts through Merrill Lynch
      in
      Client’s Account until such time as Merrill Lynch is notified by 

    
       

      
        
          
          

        

        
          
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    Client
      to
      the contrary; (b) regardless of any subsequent determination to the contrary,
      Client is a sophisticated user of the futures markets and is aware of the risks
      and obligations of Futures Contracts and is fully prepared to assume such risks
      and obligations; (c) 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, regulations, operating agreement,
      partnership agreements, plan documents, trust agreements or any judgments,
      orders or other agreements to which Client is bound; (d) Client is duly
      organized and in good standing under the laws of the jurisdiction in which
      it
      was organized and in all jurisdictions where it is qualified to do business;
      (e)
      Client is acting as principal and not as agent in transactions under this
      Agreement and no person other than Client has or will have an interest in
      Client’s Account except as otherwise disclosed to Merrill Lynch herein; and (f)
      Merrill Lynch is authorized to follow the instructions of the undersigned in
      every respect concerning this Account, including, but not limited to, payment
      of
      monies. With respect to activity in the Account, Merrill Lynch may rely upon
      the
      instructions of the above referenced individuals or any individuals subsequently
      authorized by Client until Client notifies Merrill Lynch to the
      contrary.

    

    If
      Client
      engages in exchange of futures for physical (“EFP”) transactions, Client
      acknowledges and agrees that, in connection with any EFP that (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. Upon request by Merrill Lynch, Client
      agrees to provide documentation sufficient to verify its purchase or sale of
      the
      cash contract.

    

    5.    MODIFICATION  AND
      TERMINATION 

    Whenever
      any statute shall be enacted which shall affect in any manner or be inconsistent
      with any of the provisions hereof, or whenever any rule or regulation shall
      be
      prescribed or promulgated by the CFTC, various commodity exchanges, or other
      agency or body having jurisdiction, which shall affect in any manner or be
      inconsistent with any of the provisions hereof, the provisions of this Agreement
      so affected shall be deemed modified or superseded, as the case may be, by
      such
      statute, rule or regulation, and all other provisions of this Agreement and
      the
      provisions as modified or superseded, shall in all respects continue to be
      in
      full force and effect. Merrill Lynch shall use its best efforts to give notice
      to Client of any material change in conduct under this Agreement required by
      any
      such statute, rule or regulation.

    

    Either
      party may terminate this Agreement at any time by notice to the other. However,
      such termination by Client shall not affect any transaction entered into by
      Client prior to receipt of such notice by Merrill Lynch, or any open commodity
      positions or any liability held by or owed to Merrill Lynch by Client at the
      time of such termination. If Client has outstanding give-up bills owed to other
      brokers at the time of its termination of this Agreement, Merrill Lynch may
      withhold the amount of such fees in order to make such payments.

    

    Other
      than as set forth in the first paragraph above, no provision of this Agreement
      shall in any respects be waived, altered, modified or amended unless such
      waiver, alteration, modification or amendment is in writing and signed by one
      Merrill Lynch’s authorized officers and by one of Client’s authorized
      officers.

    

    6.    ADVICE 

    All
      advice with respect to Futures Contracts transmitted by Merrill Lynch with
      respect to the Account is solely incidental to the conduct of Merrill Lynch’s
      business as a futures commission merchant and such advice will not serve as
      the
      primary basis for any decision by Client. Merrill Lynch shall have no
      discretionary authority, power or control over any decision made by Client
      with
      respect to the Account, whether or not Merrill Lynch’s advice is utilized in
      such decision.

    

    7.    POSITION
      LIMITS

    Client
      acknowledges Merrill Lynch’s right, upon five (5) business days’ notice to
      Client, to limit the number of open positions which Client may maintain or
      acquire through Merrill Lynch at any time. For the avoidance of doubt, as long
      as Client continues to comply with its margin payment obligations under Section
      12, this

    
       

      
        
          
          

        

        
          
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    provision
      shall not limit the ability of Client to implement any decrease or other
      adjustment in the number of open positions within the time frame(s) deemed
      appropriate by Client or to enter into or maintain positions which have the
      effect of reducing Merrill Lynch’s overall exposure to Client. In addition,
      Client agrees it will not exceed contract market position limits without
      appropriate prior approval from the relevant contract market. Client agrees
      that
      it shall not agree with any exchange or contract market to act as a market
      maker
      using Merrill Lynch’s execution or clearing capabilities without the prior
      written approval of Merrill Lynch.

    

    8.    EXTRAORDINARY
      EVENTS AND THIRD PARTY ACTIONS  

    Merrill
      Lynch shall not be liable for breakdown or failure of transmission of
      communication facilities, systems or software, in each case beyond its
      reasonable control, or government restrictions, war or acts of terrorism,
      exchange failures or market rulings or natural disasters. Merrill Lynch shall
      not be liable to Client for any loss, cost, expense or damage to Client with
      respect thereto, except as a result of Merrill Lynch’s negligence, willful
      misconduct or bad faith.

    

    Under
      no
      circumstances shall Merrill Lynch have any responsibility, liability or
      obligation regarding any conduct, act, omission or representation of any
      introducing firm, commodity trading advisor, investment adviser or third party
      vendor selected by Client to give Client research or advice, to electronically
      route orders to Merrill Lynch or to provide like services to
      Client.

    

    9.    SECURITY
      AND
      LENDING

    All
      monies, securities, Futures Contracts or other property which Merrill Lynch
      may
      at any time be carrying for Client or which may at any time be in Merrill
      Lynch’s possession, including safekeeping, in each case solely in connection
      with this Agreement, shall be subject to a general lien, security interest
      and
      right of set-off and recoupment in Merrill Lynch’s favor to discharge all
      obligations of Client to Merrill Lynch in connection with this Agreement,
      irrespective of whether or not Merrill Lynch may have made advances in
      connection with such securities, Futures Contracts or other property, and
      irrespective of the number of accounts Client may have with Merrill Lynch.
      Merrill Lynch may apply or transfer such funds or other property of Client
      between any of Client’s accounts for the purposes of margin or reduction or
      satisfaction of any net debit balance. Client will not cause or allow any of
      the
      collateral held in the Account, whether now owned or hereafter acquired, to
      be
      or become subject to any liens, security interests or encumbrances of any nature
      without the prior written consent of Merrill Lynch, and in no event shall the
      collateral held in Client’s Account be subject to a lien or security interest
      superior to that of Merrill Lynch.

    

    In
      accordance with the terms and limitations of the Commodity Exchange Act
      regarding investment and pledging of Client assets, Client grants to Merrill
      Lynch the right to carry in its general loans, and to pledge, re-pledge,
      hypothecate, re-hypothecate, 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 Merrill Lynch on margin for the Account
      of
      Client or as collateral therefore. 

    

    10.    FEES
      AND COMMISSIONS  

    Client
      shall be charged exchange and regulatory fees as determined by the relevant
      exchange and/or regulator. If Client is a member of any U.S. exchange, Client
      must advise Merrill Lynch accordingly if Client may avail itself of any reduced
      fee at such exchange. In addition, Client must notify Merrill Lynch if it ceases
      to be a member of any such exchange.  Client shall be liable for all
      fees (including any fines) owed to the exchange if Client fails to give such
      notice to Merrill Lynch. Merrill Lynch may pay interest to Client on any
      available margin excess as agreed to from time to time between Merrill Lynch
      and
      Client. Merrill Lynch may charge interest upon Client’s Account in accordance
      with Merrill Lynch’s customary charges, as determined by Merrill Lynch, at the
      time of the acceptance of this Agreement and thereafter. Client agrees to pay
      all such commissions as agreed to from time to time between Merrill Lynch and
      Client.

    

    11.    LIQUIDATION 

    (A)   
      If any of the following events shall occur, Merrill Lynch may proceed in
      accordance with the following paragraph:  (a) Client shall be
      dissolved or in any other way terminated other than a bona fide restructuring
      (with prior notice to Merrill Lynch) that results in a successor entity with
      materially lesser credit 

    
       

      
        
          
          

        

        
          
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      quality
        than the original entity; (b) Client shall fail to timely deposit or maintain
        initial or original margin, or make timely payment of additional or variation
        margin as requested in Section 12 below; (c) Client shall fail to pay the
        premium on any option  purchased by Client; (d) a proceeding under any
        applicable bankruptcy or insolvency law, an assignment for the benefit of
        creditors or an application for a receiver, custodian, conservator,
        administrator, liquidator or trustee shall be filed or applied for, by or
        against Client (or if Client is a trust, its trustee), or an order shall
        be made
        or a resolution shall be passed for the winding up, liquidation or
        administration of Client (or, if Client is a trust, its trustee); (e) the
        property deposited in Client’s Account shall be determined by Merrill Lynch, in
        its commercially reasonable discretion, to be inadequate to secure the Account
        or Client has suffered a material change in its financial condition and is
        unable to provide Merrill Lynch, upon request, with such margin amounts or
        collateral reasonably required by Merrill Lynch in accordance with Section
        12 of
        this Agreement; (f) Client’s Account shall incur a deficit balance which is not
        satisfied in a timely basis; (g) Merrill Lynch shall determine that any material
        representation or warranty made by Client to Merrill Lynch is untrue or
        inaccurate and Client is unable to prove otherwise; (h) if Client is an
        investment company, commodity pool or other form of collective investment
        vehicle, proceedings for the revocation or suspension of any registration
        of any
        public offering of interests in Client or of any person or entity required
        to be
        registered in connection with Client’s activities have been instituted or are
        pending or threatened by any governmental agency or self-regulatory
        organization.

    

    

    In
      each
      event specified above, and subject to notice from Merrill Lynch and one (1)
      business day opportunity for Client to cure such event, Merrill Lynch may
      liquidate Client’s open positions in whole or in part, sell or otherwise dispose
      of, realize, set off or apply any or all of the property represented by an
      entity on or standing to the credit of Client’s Account or held by, to the order
      or under the direction or control of Merrill Lynch or any exchange or clearing
      organization through which transactions on Client’s behalf are executed or
      cleared, buy any property for Client’s Account, and/or cancel any outstanding
      orders and commitments made by Merrill Lynch on Client’s
      behalf.  Without prejudice to the foregoing, Merrill Lynch shall have
      (to the greatest extent permitted by applicable law) all of the rights of a
      secured party with respect to the property referred to above, and any rights,
      powers and remedies provided herein shall operate as a variation and extension
      of any statutory power of sale, application or realization available to Merrill
      Lynch as a secured party.

    

    Any
      such
      liquidation, sale, purchase and/or cancellation may be made at Merrill Lynch’s
      discretion on any exchange or other market or through any clearing organization
      where such business is transacted, at public auction or at private sale, upon
      prior notice to Client if reasonable under the circumstances, without
      advertising the same and without prior tender, demand or call upon Client,
      provided that any private sale must be conducted in a commercially reasonable
      manner. No prior tender, demand or call from Merrill Lynch of the time and
      place
      of such liquidation, sale, purchase and/or cancellation shall be deemed to
      be a
      waiver of Merrill Lynch’s right to liquidate, sell, purchase and/or cancel as
      provided herein.

    

    In
      any
      transaction described above, Merrill Lynch may sell any property to itself
      or
      its affiliates or buy any property from itself or its affiliates in an
      arms-length transaction. Merrill Lynch may, to the extent permitted by law,
      purchase the whole or any part thereof free from any right of
      redemption.  In all cases, Client shall remain liable for, and shall
      pay to Merrill Lynch the amount of, any deficiency in Client’s Account with
      Merrill Lynch resulting from any transaction described herein
      above.

    

    (B)    If
      any of the
      following events shall occur, the Client may proceed in accordance with the
      following paragraph: (i) Merrill Lynch is subject to a “Bankruptcy” (as defined
      below); (ii) Merrill Lynch shall fail to make timely return margin amounts,
      as
      required in section 12 below, after notice from the Client; (iii) any material
      representation or warranty made by Merrill Lynch to Client herein is untrue
      or
      inaccurate at the time given or deemed repeated.

    

    In
      the
      case of each event specified in “(b)” above, and in the case of an event
      described in sub-part (ii) above subject to notice from Client and one (1)
      business day opportunity to cure, Client shall have the right by notice to
      Merrill Lynch to terminate this Agreement with immediate effect, and Merrill
      Lynch will be liable to Client for Client’s “Economic Loss” (as defined below)
      in respect of this Agreement.

    
       

      
        
          
          

        

        
          
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    As
      used
      in the foregoing, “Bankruptcy” shall mean that Merrill Lynch (l) is dissolved
      (other than pursuant to a consolidation, amalgamation or merger); (2) becomes
      insolvent or is unable to pay its debts or fails or admits in writing its
      inability generally to pay its debts as they become due; (3) makes a general
      assignment, arrangement or composition with or for the benefit of its creditors;
      (4) institutes or has instituted against it a proceeding seeking a judgment
      of
      insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
      law or other similar law affecting creditors’ rights, or a petition is presented
      for its winding-up or liquidation, and, in the case of any such proceeding
      or
      petition instituted against it such proceeding or petition (A) results in a
      judgment of insolvency or bankruptcy or the entry of an order for relief or
      the
      making of an order for its winding-up or liquidation or (B) is not dismissed,
      discharged, stayed or restrained in each case within thirty (30) days of the
      institution or presentation thereof; (5) has a resolution passed for its
      winding-up, official management or liquidation (other than pursuant to a
      consolidation, amalgamation or merger); (6) seeks or becomes subject to the
      appointment of an administrator, provisional liquidator, conservator, receiver,
      trustee, custodian or other similar official for it or for all or substantially
      all its assets; (7)  has a secured party take possession of all or
      substantially all its assets or has a distress, execution, attachment,
      sequestration or other legal process levied, enforced or sued on or against
      all
      or substantially all its assets and such secured party maintains possession,
      or
      any such process is not dismissed, discharged, stayed or restrained, in each
      case within thirty (30) days thereafter; (8)  causes or is subject to
      any event with respect to it which, under the applicable laws of any
      jurisdiction, has an analogous effect to any of the events specified in clauses
      (l) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating
      its consent to, approval of, or acquiescence in, any of the foregoing
      acts.

    

    As
      used
      in the foregoing, “Economic Loss” shall mean the amount of Client’s total losses
      and costs in connection with the termination of this Agreement, including any
      loss of bargain or cost of funding, calculated  as of the effective
      date of such termination. Economic Loss shall be determined by Client reasonably
      and in good faith and may (but need not) include the use of reference quotations
      from one or more leading dealers in the market in respect of the cost of
      entering into replacement transactions.

    

    12.    MARGIN  

    Client
      will at all times maintain such margins or collateral for said Account, as
      are
      reasonably required by Merrill Lynch and notified in advance to Client or as
      required by a relevant exchange, and will, not later than the Required Delivery
      Time (as defined below), discharge margin obligations of Client to Merrill
      Lynch. It is further agreed that if Merrill Lynch fails to receive sufficient
      funds to pay for any Futures Contracts and/or initial or variation margin by
      the
      Required Delivery Time, Client shall be deemed in breach of this Agreement
      and
      Merrill Lynch may take the actions set forth in the Liquidation provisions
      stated above. Merrill Lynch will cause any excess margin or collateral held
      by
      it to be returned to Client not later than the Required Delivery Time subject,
      in all cases, to a minimum transfer amount of $250,000 (or its equivalent in
      any
      other currency(ies)).

    

    As
      used
      in the foregoing, “Required Delivery Time” shall mean: (a) close of business on
      the same local business day if demand for delivery is received from the other
      party not later than 10:00 a.m. New York time, and (b) close of business on
      the
      next local business day if demand for delivery is received from the other party
      after 10:00 a.m. New York time.

    

    13.    CURRENCY
      FLUCTUATION RISK/PAYMENT OBLIGATIONS  

    All
      initial and subsequent deposits for margin purposes shall be made in U.S.
      Dollars unless otherwise agreed by Merrill Lynch and Client. By placing an
      order
      for a Futures Contract that settles in a currency other than U.S. dollars,
      Client agrees that Merrill Lynch may convert to the appropriate currency funds
      sufficient to meet the applicable margin requirement at the rate of exchange
      at
      which Merrill Lynch would be able, acting in a commercially reasonable manner
      and in good faith, to purchase the relevant amount of such currency. Client
      understands and agrees that if Client trades in such Futures Contracts, the
      margin for and accruals from such trading may be held in the applicable currency
      outside of the U.S., a money center country or the country of origin of such
      currency and that accounts held outside of the U.S. may not be afforded the
      bankruptcy protections of the U.S. bankruptcy code.

    

    Client
      shall bear all risk and cost in respect to the conversion of currencies incurred
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    effected
      on behalf of Client pursuant hereto. In no event shall Merrill Lynch 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, Client agrees to pay Merrill Lynch promptly upon
      demand, upon expiration or liquidation of any such Futures Contract or other
      property purchased or sold for Client’s Account: (a) any tax imposed on such
      transactions by any competent authority; (b) the amount of any trading losses
      in
      Client’s Account and (c) any debit balance or deficiency remaining in Client’s
      Account.

    

    14.    DELIVERY
      INSTRUCTIONS FOR PHYSICAL SETTLEMENT/OPTIONS EXERCISE

    Client
      understands that, if Client maintains an account for speculation, liquidating
      instructions on open futures positions maturing in a current month must be
      given
      to Merrill Lynch at least three (3) business days prior to the first notice
      day
      or last trading day, whichever is earlier. If Client maintains an account for
      hedging, Client understands that liquidating instructions on open futures
      positions maturing in a current month must be given to Merrill Lynch at least
      one (1) business day prior to the first notice day in the case of long positions
      and, in the case of short positions, at least one (1) business day prior to
      the
      last trading day. Alternatively, sufficient funds to take delivery or necessary
      delivery documents to make delivery must be delivered to Merrill Lynch within
      the same period(s) described above, as applicable. Client understands and
      acknowledges that option positions may be subject to automatic exercise
      procedures. Merrill Lynch will exercise all in-the-money option positions that
      are subject to automatic exercise unless Client advises Merrill Lynch to the
      contrary. If Client fails to comply with any of the foregoing obligations,
      Merrill Lynch may, at its discretion and in any commercially reasonable manner,
      liquidate any open positions, make or receive delivery of any securities,
      commodities or instruments, or exercise or allow the expiration of any
      option.  Client shall remain fully liable for all costs, expenses and
      liabilities incurred by Merrill Lynch in connection with such transactions
      and
      for any remaining debit balance.

    

    In
      the
      event Merrill Lynch has requested from Client instructions, funds or documents
      and none are received by Merrill Lynch within the applicable time frame above
      and such failure continues for one (1) business day after Merrill Lynch provides
      notice of such failure to Client, Merrill Lynch without any further notice
      or
      requests, may either liquidate the Client’s positions, or make or receive
      delivery on Client’s behalf upon such terms and by such methods which Merrill
      Lynch deems to be feasible. In all cases, if any exchange or self-regulatory
      organization requests delivery intention instructions from Merrill Lynch, Client
      shall provide such instructions promptly without regard to the above time
      frames.

    

    In
      the
      case of Merrill Lynch’s inability to deliver any security, commodity or other
      property to the purchaser by reason of failure of Client to supply Merrill
      Lynch
      therewith, then and in such event, Client authorizes Merrill Lynch to borrow
      any
      security, commodity or other property necessary to make delivery thereof. Client
      agrees to be responsible for any premiums which Merrill Lynch may be required
      to
      pay thereon or any cost which Merrill Lynch may sustain by reason of Merrill
      Lynch’s inability to borrow the security, commodity or other property
      sold.

    

    Notwithstanding
      the foregoing, any time that Client fails to make or take delivery, Client
      agrees that it shall be responsible for any debit, loss, exchange or clearing
      corporation fine or other assessment or penalty levied against Merrill Lynch
      as
      a result of Client’s failed delivery.

    

    15.    VERIFICATION
      OF INFORMATION  

    Federal
      law requires all financial institutions to obtain, verify, and record
      information that identifies each client who opens an account and, therefore,
      in
      order to open an account, Merrill Lynch will request Client’s name, address and,
      for individuals, date of birth, as well as other information necessary to verify
      identity.  Further, Client understands that an investigation may be
      conducted at banks, financial institutions and credit agencies pertaining to
      Client’s identity, credit standing and its business. Client agrees to notify
      Merrill Lynch if the financial information provided to Merrill Lynch by Client
      changes in any material respect.

    
       

      
        
          
          

        

        
          
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    If
      more
      than one person or entity owns an interest in the Account, all such persons
      and
      entities shall execute this Agreement and each shall be deemed to be
      Client.

    

    16.    CONFIRMATIONS
      AND STATEMENTS

    Reports
      of the execution of orders, purchase and sale notices, correction notices and
      statements of Client’s Account shall be conclusive (absent manifest error) if
      not objected to promptly by oral notification upon receipt of such notice or
      statement and in writing in no event later than one (1) business day after
      receipt of such notice or statement by Client. Communications will be sent
      to
      Client via mail, electronic transmission or facsimile at Client’s request, at
      the address of record on the Account application submitted by Client or at
      such
      other address as Client may hereafter give Merrill Lynch in writing. Client
      must
      notify Merrill Lynch if it is not receiving its statements in a timely
      manner.

    

    All
      oral
      objections should be directed to Merrill Lynch’s Futures Operations Division at
      312.442.5555. All subsequent written notices to Merrill Lynch shall be delivered
      to Merrill Lynch, Pierce, Fenner & Smith, Futures Compliance Department,
      World Financial Center, North Tower, 12th Floor,
      New York,
      NY, 10080, facsimile number 212.738.2788.

    

    17.    GOVERNING
      LAW, JURISDICTION, SUCCESSORS AND BINDING EFFECT

    This
      Agreement and its enforcement shall be governed by the laws of the State of
      New
      York without regard to conflicts of law principles. Client submits to the
      non-exclusive jurisdiction of the courts of the State of New York and of the
      Federal Courts in the Southern District of New York with respect to any claim
      arising out of or involving this Agreement. Client agrees that any claim, action
      or proceeding arising under or in any way relating to this Agreement must be
      brought, if at all, within one year of the date of the event(s) giving rise
      thereto. Client and Merrill Lynch hereby waive a trial by jury in any action
      arising out of or relating to this Agreement or any transaction in connection
      therewith.

    

    All
      provisions shall be continuous, and shall cover the Account which Client opens
      with Merrill Lynch, and shall inure to the benefit of Merrill Lynch’s parent
      firm or any successor organization, and shall be binding upon Client, its
      successors and assigns.

    

    In
      accordance with CFTC Regulation 1.65, Merrill Lynch may assign Client’s Account
      and this Agreement to another registered Futures Commission Merchant (“FCM”) by
      notifying Client of the date and name of the intended assignee FCM, which notice
      shall be provided to Client at least ten (10) business days prior to the date
      of
      the intended assignment. Unless Client objects to the assignment prior to the
      scheduled date for the assignment, the assignment will be binding on Client.
      Client may not assign this Agreement without Merrill Lynch’s prior consent,
      which shall not be unreasonably withheld.

    

    18.    HEDGE
      ACCOUNT DESIGNATION 

    If
      this
      Account is designated as a hedge Account in a relevant Merrill Lynch Futures
      Client Account Application, all orders which Client gives for the purchase
      or
      sale of futures or options contracts for Client’s Account will represent bona
      fide hedges in accordance with accepted definitions of hedge transactions as
      that term is defined in Regulation 1.3(z) under the Commodity Exchange Act,
      if
      applicable, and any amendments or interpretations thereto which may be made
      in
      the future by the Commodity Futures Trading Commission. Client acknowledges
      that
      it is required to complete the Hedge Agreement in the Client Account
      Application, Risk Disclosure and Statements Booklet and notify Merrill Lynch
      if
      any transactions in Futures Contracts should no longer be designated as hedged
      Futures Contracts.

    

    19.    INDEMNIFICATION

     Client
      agrees to indemnify and hold Merrill Lynch, its affiliates, employees, agents,
      successors and assigns, harmless from and against any and all liabilities,
      losses, damages, costs and expenses, including reasonable attorney’s fees,
      incurred by Merrill Lynch and arising out of Client’s breach or default of this
      Agreement, Client’s failure to fully and timely perform Client’s duties under
      this Agreement, any actions of any third party selected by Client which affect
      the Account, or should any of Client’s representations and warranties fail to be
      true and correct in any material respect. Client also agrees to pay promptly
      to
      Merrill 

    
       

      
        
          
          

        

        
          11

          
            

          

        

         

        
           

          _________________________________MERRILL
            LYNCH_________________________________

           

        

      

    

     

    Lynch
      all
      reasonable attorney’s fees, incurred by Merrill Lynch in the enforcement of any
      of the provisions of this Agreement or in any action, claim or demand filed
      by
      Client arising out of this Agreement and any other Agreements between Merrill
      Lynch and Client where Merrill Lynch is found not to be liable or responsible.
      Merrill Lynch shall be liable to Client for any breach of this Agreement by
      Merrill Lynch and the conduct of its employees and agents which constitutes
      negligence or willful misconduct.

    

    If
      Client
      is a trust, then specifically, without limiting the generality of the prior
      paragraph, Client agrees to hold harmless and indemnify Merrill Lynch, its
      affiliates, agents, employees, successors and assigns, from and against any
      and
      all claims, losses, damages, costs, and expenses, including reasonable
      attorneys’ fees, incurred by Merrill Lynch arising out of any claim by the trust
      against Merrill Lynch as a result of Merrill Lynch’s compliance with Trustee’s
      instructions.

    

    20.    RECORDING 

    Each
      party understands that the other party, in its discretion, may record on tape
      or
      otherwise, any telephone conversation between the operations, trading and other
      non-legal personnel of the parties, although neither party assumes
      responsibility to do such or to retain such recordings.  Each party
      hereby agrees and consents to such recording and, subject to applicable rules
      of
      evidence and discovery, waives any right it may have to object to the
      admissibility into evidence of such recording in any legal proceeding between
      them or in any other proceeding in which the other party is involved or in
      which
      its records are subpoenaed.

    

    21.    ELIGIBLE
      CONTRACT PARTICIPANT 

    Client
      agrees that it qualifies as an eligible contract participant (“ECP”) as that
      term is defined in Section 1(a)(12) of the Commodity Exchange Act as Client
      is
      one of the following types of entities: (a) bank; (b) insurance company; (c)
      corporation, partnership, trust or limited liability company with total assets
      in excess of 10 million dollars or net worth of 1 million dollars; (d)
      government entity which owns and invests assets in excess of 25 million dollars;
      (e) broker/dealer; (f) futures commission merchant; (g) a regulated commodity
      pool, hedge fund, mutual fund or other collective investment vehicle with
      greater than 5 million dollars in assets, (h) employee benefit plan with assets
      greater than 5 million dollars of (i) a natural person with total assets
      exceeding 10 million dollars.  NOTE:  ECP clients are
      permitted to engage in certain activities pursuant to the Commodity Exchange
      Act. If Client is not one of the above entities, please strike this paragraph
      in
      its entirety.

    

    22.   RECEIPT
      OF
      CLIENT ACKNOWLEDGMENTS 

    By
      checking the boxes below, Client hereby expressly acknowledges and agrees that
      Client has received, read and understood and has retained a copy of the “Risk
      Disclosure Statement for Futures and Options” which includes the disclosures
      required by CFTC Rules 1.55, 30.6, 33.7 and 190.10(c), the specific disclosure
      statements below and other disclosure and risk statements applicable to Client’s
      Account as set forth in this Agreement and the “Client Account Application,
      Disclosure Statements and Notices”. Please check all
      boxes. 

    

    r  Risk
      Disclosure Statement for Futures and
      Options

    r          Authorization
      to Transfer Client Funds

    r          Singapore
      Risk Disclosure Statement

    

    Client
      hereby acknowledges that Client has read and understands all the disclosures
      provided and agrees to be bound by all of the terms contained in this Agreement.
      Client agrees to immediately notify Merrill Lynch of any material changes to
      the
      information contained herein. Merrill Lynch and Client agree that this Agreement
      may be executed in counterparts.

    

    PLEASE
      NOTE:  If this Agreement is executed on behalf of a corporation, a
      copy of a corporate resolution authorizing the signature(s) below must be
      attached. If this Agreement is executed on behalf of a partnership, then the
      signature(s) below is/are that of all of the General Partners and the
      partnership agreement must be attached. If this Agreement is executed on behalf
      of a Trust, 

     

    
      
        
          
          

        

        
          12

          
            

          

        

         

        
           

          _________________________________MERRILL
            LYNCH_________________________________

           

        

         

        the
          Trustee signature block below must be signed and a copy of the trust agreement
          provided. If this Agreement is executed on behalf of a limited liability
          company
          or a non-US limited company, a copy of the operating agreement or a copy
          of a
          resolution authorizing the signature(s) below must be
          attached.  Persons signing this Agreement must provide proof of
          identity. Additional documentation may be requested in accordance with
          applicable anti-money laundering policies.

         

        Please
          indicate your understanding and agreement of these terms by signing
          below.

      

    

    

    _____________________________________________________________________________________

    Account
      Name

     

     

    
      	
              By:

            	
              _____________________________________

            	
              _______________________________________

            	 
	 	
              Authorized
                Signature

            	
              Date

            	 
	 	 	 	 
	 	
              _____________________________________

            	
              _______________________________________

            	 
	 	
              Print
                Name

            	
              Title

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By:

            	
              _____________________________________

            	
              _______________________________________

            	 
	 	
              Authorized
                Signature

            	
              Date

            	 
	 	 	 	 
	 	
              _____________________________________

            	
              _______________________________________

            	 
	 	
              Print
                Name

            	
              Title

            	 

    

     

    
      13

      Revised
        071205

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