Document:

Exhibit 10.1(b)

                             Futures Portfolio Fund
                              Limited Partnership

                             Subscription Agreement

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THE OFFERING OF THESE UNITS OF LIMITED PARTNERSHIP INTEREST ("UNITS") IN
FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP
("THE PARTNERSHIP"), HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
("THE ACT") OR CERTAIN STATE SECURITIES LAWS AND CANNOT BE RESOLD UNLESS THEY
ARE SUBSEQUENTLY REGISTERED UNDER THAT ACT AND SUCH LAWS, OR UNLESS AN
EXEMPTION IS AVAILABLE. THE OFFERING IS DIRECTED TO THOSE INVESTORS CAPABLE OF
EVALUATING THE RISKS AND MERITS OF AN INVESTMENT IN THE PARTNERSHIP (OR WHO
HAVE BEEN ADVISED ACCORDINGLY BY AN INDEPENDENT PURCHASER REPRESENTATIVE) AND
CAN BEAR THE ECONOMIC RISK OF THE PROPOSED INVESTMENT. NO ONE SHOULD INVEST IN
THE UNITS WHO IS NOT PREPARED TO LOSE A SUBSTANTIAL PORTION OF THE INVESTMENT.

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If and when accepted by the General Partner, this Subscription Agreement
("Agreement") shall constitute a binding subscription for Units in Futures
Portfolio Fund, Limited Partnership (the "Partnership"). Each part of this
Agreement must be completed by the Subscriber and by execution thereof
Subscriber acknowledges that the General Partner, the Partnership, and any
participating broker-dealers are relying upon the accuracy and completeness
hereof in complying with their respective obligations under applicable
securities laws.

         THIS SUBSCRIPTION AGREEMENT MUST BE SUBMITTED IN ITS ENTIRETY

February 24, 2004                                                        B Units

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                           SUBSCRIPTION INSTRUCTIONS
                           -------------------------

A.    Completion of Subscription Documents.

      |_|   Subscription Agreement.  Review carefully pages 2 to 8.

      |_|   Accredited Investor Certification / Account Type.  Complete page 9.

      |_|   Questionnaire(s):  Complete as applicable.
                 Individuals including IRA's.  Pages 10 & 11 .
                 Entities(1) (other than Retirement Plans).  Page 12.
                 (See footnote for required documents)
                 Qualified Retirement Plans  Pages 13 & 14.

      |_|   Registration Information.  Complete all information on page 15.

      |_|   Signature Page.  Complete and sign page 16.

      |_|   Forms to be Completed by the Selling Agent and/or Purchaser
            Representative . Complete forms on page 17 as applicable.

      |_|   Existing Limited Partners Only. If you are an existing Limited
            Partner adding to your investment and, if all information
            previously provided remains accurate, you only have to complete the
            single page form entitled "Additional Subscription Request" which
            can be requested from the General Partner at 800-726-3400. If the
            information in your original subscription documents has changed,
            please use this booklet and update the appropriate information. The
            minimum additional investment is $5,000.

B.    Delivery of Subscription Documents. All documents should be sent to your
      broker or investment adviser, or, if directly to the Fund, to the
      attention of Steben & Company, Inc., 2099 Gaither Road, Suite 200,
      Rockville, MD 20850.

C.    Questions. All questions should be directed to your broker or investment
      adviser, or to Steben & Company, Inc., at 2099 Gaither Road, Suite 200,
      Rockville, MD 20850, phone: 800-726-3400.

D.    Payment. Payment for your Units is due at the same time as your
      Subscription Documents. Payment should be made by check payable to
      "Futures Portfolio Fund, L.P."

      INITIAL SUBSCRIPTIONS SHOULD BE AT LEAST $25,000. THE MINIMUM ADDITIONAL
      CONTRIBUTION IS $5,000.

      ____________________

      (1) For Trusts, Partnerships, Qualified Retirement Plans and Estate
      accounts, you may be asked for additional documentation as is deemed
      appropriate. For Corporations, please include evidence of authorization
      to purchase Units, in the form of resolutions or Articles of
      Incorporation and By-Laws.

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                             SUBSCRIPTION AGREEMENT
                             ----------------------

Recognizing that Futures Portfolio Fund, Limited Partnership (the
"Partnership") and Steben & Company, Inc. (the "General Partner") rely on the
information set forth herein, and that all such information shall be continuing
and shall survive the execution of this Subscription Agreement (the
"Agreement"), each of the undersigned subscriber(s) (each a "Subscriber") makes
the following statements which shall constitute declarations, representations
and warranties of the Subscriber. Each Subscriber also agrees to notify the
Partnership and the General Partner if any such statement becomes incomplete or
inaccurate. Terms used in this Subscription Agreement but not defined herein
shall have the meanings assigned to them in the Partnership's Confidential
Offering Memorandum dated February 24, 2004, as may be amended or supplemented
from time to time (the "Memorandum") which includes as an Attachment the
Limited Partnership Agreement of the Partnership (the "LP Agreement").

SUBSCRIBER DECLARATIONS
-----------------------

1.    Application. Subscriber hereby applies for Class B Units of limited
      partnership interest ("Units") in the Partnership to reflect the
      subscription amount set forth under "Registration Information" upon and
      subject to the terms of the Memorandum. Funds in the amount of the
      subscription accompany this Agreement or will be provided in a form
      acceptable to the General Partner.

2.    Memorandum. Subscriber declares that it or its designated representative,
      has carefully read and understands the Memorandum and Subscriber agrees
      to abide by the terms set forth in the Memorandum and the LP Agreement,
      including without limitation, (i) the compensation arrangements, (ii) the
      brokerage agreements, (iii) all other terms of the offering, including
      all risk factors, tax factors, ERISA considerations, and redemption,
      transfer, and other rights, and (iv) all of the powers, duties and
      obligations of the General Partner and its conflicts of interest.
      Subscriber confirms that the Partnership has made available to Subscriber
      the opportunity to ask questions of, and receive answers from, the
      Partnership concerning the Partnership and the terms and conditions of
      this offering, and to obtain any additional information which the
      Partnership had in its possession or was able to acquire without
      unreasonable effort or expense that was necessary to verify the accuracy
      or completeness of the information in the Memorandum.

3.    Legal Requirements. Subscriber declares that all legal requirements
      necessary or appropriate in connection with the purchase of Units have
      been complied with and that each person signing this Subscription
      Agreement has full legal authority, capacity and power to do so. If more
      than one person is signing this Subscription Agreement as Subscriber,
      each undertaking herein shall be a joint and several undertaking of all
      such persons, and the grant of power of attorney to the General Partner
      contained herein shall be a joint and several grant by all such persons.
      Actions of any one joint Subscriber pursuant to this Subscription
      Agreement shall bind all Subscribers.

4.    Reliance on Information Provided. In deciding to invest in the
      Partnership, Subscriber and if applicable, Subscriber's Purchaser
      Representative, have relied solely upon the information in the Memorandum
      and the advice of its Purchaser Representative (if any) and have not
      relied on any other written statement or any oral representation or
      warranty by the Partnership or the General Partner. No such oral
      representations or warranties have been made by the Partnership or the
      General Partner. Subscriber and if applicable, Subscriber's Purchaser
      Representative, have been advised that no person is authorized to give
      any information pertaining to the Partnership or to make any statement
      not contained in the Memorandum, and that any information or statement
      not contained therein must not be relied upon as having been authorized
      by the Partnership.

5.    Purchaser Representative (if applicable).(1) If Subscriber is relying upon
      a Purchaser Representative(s), Subscriber hereby acknowledges that
      Subscriber has had disclosed in writing by Subscriber's Purchaser

_____________________

(1) Your Account Executive or Broker is not a Purchaser's Representative. If
applicable, a separate Purchaser Representative Questionnaire must by completed
for each representative.

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      Representative(s) and on behalf of the Partnership any material
      relationship between the Purchaser Representative(s) or its affiliates
      and the Partnership, the General Partner, or their affiliates, now
      existing or contemplated, or which has existed at any time during the two
      years preceding the date hereof, as well as any compensation received or
      to be received as a result of such relationship. If Subscriber is using a
      Purchaser Representative, a Purchaser Representative Questionnaire (a
      copy of which may be obtained from the General Partner upon request)
      shall be completed and returned to the General Partner with this
      Subscription Agreement.

6.    Subscription Irrevocable. Subscriber understands that this subscription,
      once made, is irrevocable by Subscriber, and that the General Partner
      will advise Subscriber as soon as practicable whether this Subscription
      Agreement, together with all or a portion of the subscription, has been
      accepted or rejected. Any subscriptions may be rejected in whole or in
      part by the General Partner in its sole and absolute discretion. If this
      subscription is rejected, the Partnership shall as soon as practicable
      return any funds transferred by the Subscriber (without interest) along
      with this Subscription Agreement and any other documents delivered by the
      Subscriber. Subscription funds received and accepted by the Partnership
      will be deposited into the Partnership's bank account and will be
      transferred to the Partnership's trading accounts on or after a closing
      date each month.

7.    Payments. Subscriber understands that checks sent to Subscriber's
      registered address set forth under "Registration Information" will
      constitute payment to Subscriber and relieve the Partnership of any
      further obligation to Subscriber with respect to the amounts so paid and
      the Units thereby redeemed, and Subscriber releases the Partnership from
      any further obligation with respect thereto. Subscriber understands that
      the Partnership may impose such procedures as it deems appropriate before
      it will accept any change to the registered address.

8.    No Registration or Qualification. Subscriber understands that the
      offering and sale of Units are intended to be exempt from registration or
      qualification under the Securities Act of 1933, as amended (the "1933
      Act") and any applicable state securities ("blue sky") laws and that the
      Partnership and the offering of the Units have not been approved,
      disapproved, or reviewed by any federal or state agency or commission or
      by any exchange or other self-regulatory organization. Subscriber has a
      substantive and pre-existing relationship with the General Partner or its
      principals, employees, agents or representatives, (including the Selling
      Agents).

9.    Compliance with Laws. If an Entity, the Subscriber and each of its
      relevant principals and control persons has complied and will continue to
      comply in all material respects with all laws, rules and regulations
      having application to its business, properties, and assets (including, if
      appropriate, the Commodity Exchange Act, as amended ("CEA"), the
      Commodity Futures Trading Commission ("CFTC") Regulations, the National
      Futures Association ("NFA") Rules, United States and non-United States
      securities laws, and state securities laws), and there are no actions,
      suits, proceedings, or investigations pending or, to the knowledge of
      Subscriber, threatened against Subscriber or any of its principals or
      affiliates, at law or in equity or before any governmental department,
      commission, board, bureau, agency, or instrumentality, or any
      self-regulatory organization, or any securities or commodity exchange, in
      which an adverse decision could materially and adversely affect
      Subscriber's ability to conduct its business or to comply with, and
      perform its obligations under, this Subscription Agreement. In that
      regard, if necessary under the CEA or CFTC Regulations, Subscriber is
      registered as a commodity pool operator with the CFTC and is a member of
      the NFA, and such registration and membership, if required, have not
      expired or been revoked, suspended, terminated, or not renewed, or
      limited or qualified in any respect.

10.   Limitations on Transfers. Subscriber understands and agrees that the
      Units may not be offered for sale, sold, pledged, hypothecated,
      transferred, assigned, or otherwise disposed of (each a "Transfer"), and
      will not attempt to Transfer its Units without the prior written consent
      of the General Partner, which consent may be granted or withheld in the
      sole and absolute discretion of the General Partner. Subscriber further
      represents and warrants that it does not have any intention or obligation
      to Transfer all or a portion of its Units. Subscriber understands that
      the Units may not be resold unless subsequently registered pursuant to
      the 1933 Act or unless an exemption from such registration is available,
      and that Subscriber does not have the right to require such registration.
      Subscriber further understands that Rule 144 under the 1933 Act will not
      be available to permit resales of Units and that there is and will be no
      public market for the Units. Subscriber has the ability and willingness
      to accept (i) the illiquid nature of an investment in the Partnership and
      (ii) the risk of loss of all or a substantial portion of its investment
      in the Partnership.

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11.   Suitability. Subscriber represents and warrants that (i) Subscriber meets
      the suitability requirements set forth in the Memorandum, (ii) the
      purchase of Units represents risk capital, (iii) Subscriber is able to
      afford an interest in a speculative venture having the risks and
      objectives of the Units and can for an indefinite period of time bear the
      economic risk of an investment in Units and can sustain a loss of its
      entire investment, (iv) Subscriber is not precluded by law, contract or
      otherwise from purchasing the Units, (v) the Units are being purchased by
      the Subscriber for investment purposes only and not for resale,
      distribution or fractionalization in whole or in part, and (vi)
      Subscriber, either alone or with its financial adviser(s) and/or
      Purchaser Representative is experienced in investments of this kind, and
      is capable of evaluating the merits and risks of this investment.
      Subscriber has the ability and willingness to accept the illiquid nature
      of an investment in the Partnership.

12.   Representations. The information provided under Registration Information
      for the Units and the Accredited Investor Certification and each required
      Questionnaire is true and correct and such documentation is hereby
      incorporated into and made a part of this Subscription Agreement.

13.   Past Performance. Subscriber understands and acknowledges that the tables
      in the Memorandum reflecting past performance should be read only in
      connection with the notes to such tables, and should not be interpreted
      to mean that the Partnership will have similar results or will realize
      any profits whatsoever.

14.   Swap Counterparty Representation. Unless otherwise approved in writing by
      the General Partner, Subscriber represents and warrants that Subscriber
      has not entered and will not enter into a swap, structured note or other
      derivative instrument with a third party, the return from which is based
      in whole or in part on the return of the Partnership.

15.   Insurance Representation. Unless otherwise approved in writing by the
      General Partner, Subscriber represents and warrants that Subscriber has
      not entered and will not enter into a variable annuity or insurance
      policy with a third party, the value of which is based in whole or in
      part on the return of the Partnership.

16.   Disclosure Information. Subscriber understands that the Partnership may
      require other documentation in addition to this Subscription Agreement
      prior to deciding whether to accept this subscription, and Subscriber
      agrees to provide it, if reasonably requested. Subscriber understands
      that the Partnership may provide the General Partner with information
      with respect to the Partnership. Such information may be disclosed by the
      Partnership and the General Partner to such persons and authorities for
      the purpose of satisfying their inspection, fiduciary, reporting, filing
      or other obligations to the Partnership or by the Partnership and the
      General Partner, if requested to disclose such information by regulatory
      officials having jurisdiction, or required by judicial process or
      government action. Without limiting the generality of the foregoing,
      Subscriber acknowledges and agrees that the Partnership or the General
      Partner may voluntarily release confidential information about Subscriber
      and, if applicable, any person on behalf of whom or for which Subscriber
      is investing (including, without limitation, any person for whom or for
      which Subscriber is (i) acting as trustee, agent, representative or
      disclosed nominee, or (ii) an entity investing on behalf of underlying
      investors (including a fund-of-funds) (the persons, entities and
      underlying investors referred to in (i) and (ii) being referred to
      collectively as the "Beneficial Owners"), to regulatory or law
      enforcement authorities under anti-money laundering laws, rules or
      regulations applicable to any one or all of them if any of the foregoing
      determines to do so in their sole discretion.

17.   Taxpayer Certification.

      (a)   U.S. Citizens and Residents. Subscriber, if a U.S. citizen or
            resident, certifies under penalties of perjury, that: (i) the
            number shown on the applicable Informational Questionnaire
            accompanying this Subscription Agreement is Subscriber's correct
            Social Security or taxpayer identification number (or Subscriber is
            waiting for a number to be issued); and (ii) Subscriber is not
            subject to backup withholding because (x) Subscriber is exempt from
            backup withholding, (y) Subscriber has not been notified by the
            Internal Revenue Service ("IRS") that Subscriber is subject to
            backup withholding as a result of a failure to report all interest
            or dividends, or (z) the IRS has notified Subscriber that
            Subscriber is no longer subject to backup withholding. Subscriber
            agrees to strike out the language in (ii) above if Subscriber is
            unable to make this certification.

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      (b)   Non-U.S. Citizens and Residents. If Subscriber has indicated on the
            Registration Information section of this Subscription Agreement
            that Subscriber is not a U.S. citizen or resident, Subscriber
            certifies under penalties of perjury that Subscriber is not a U.S.
            citizen or resident.

      (c)   Withholding Obligations. Subscribers who are (i) not U.S. citizens
            or residents, and (ii) Subscribers who are U.S. citizens or
            residents and who fail to provide their correct Social Security or
            taxpayer identification numbers, could be subject to United States
            withholding tax on a portion of their distributive shares of the
            Partnership's income.

18.   Acceptance of the Limited Partnership Agreement. Subscriber agrees that
      Subscriber shall become a Limited Partner as of the date of entry of
      Subscriber's name as a Limited Partner on the books and records of the
      Partnership and shall be bound by each and every term of the LP
      Agreement.

19.   Power of Attorney. In connection with the Units of the Partnership to be
      acquired pursuant to this Subscription Agreement, Subscriber hereby
      irrevocably constitutes and appoints the General Partner the true and
      lawful attorney-in-fact of Subscriber in Subscriber's name, place and
      stead to make, execute, acknowledge, deliver and file any of the
      following documents: (i) the LP Agreement and all documents permitted to
      be executed thereunder; and (ii) to the extent consistent with the
      provisions of the LP Agreement (a) all amendments and/or restatements of
      the LP Agreement adopted in accordance with the provisions thereof, (b)
      all documents that may be required to effect the dissolution and
      termination of the Partnership pursuant to the LP Agreement and the
      cancellation of the Certificate of Limited Partnership, and (c) otherwise
      to take any such further action as may be necessary in connection with
      any aspect of the operations of the Partnership by giving the General
      Partner full power and authority to do and perform each and every act and
      thing whatever requisite and necessary to be done in and about the
      foregoing as fully as the undersigned might or could do if personally
      present, and by hereby ratifying and confirming all that the General
      Partner shall lawfully do or cause to be done by virtue thereof. This
      foregoing power of attorney is coupled with an interest, is irrevocable
      and shall survive and be unaffected by any subsequent disability, or
      incapacity of Subscriber (or if Subscriber is a corporation, partnership,
      trust, association, limited liability company or other legal entity, by
      the dissolution or termination thereof).

20.   Liability. Subscriber agrees that neither the Partnership, the General
      Partner nor any participating broker-dealers in this offering, nor its or
      their respective affiliates, officers, directors, limited partners or
      employees (collectively, the "Partnership Parties"), shall incur any
      liability (i) in respect of any action taken upon any information
      provided to the Partnership by Subscriber or for relying on any notice,
      consent, request, instructions or other instrument believed, in good
      faith, to be genuine or to be signed by properly authorized persons on
      behalf of Subscriber, including any document transmitted by facsimile, or
      (ii) for adhering to applicable anti-money laundering obligations whether
      now or hereinafter in effect.

21.   Indemnification. Subscriber agrees that it will indemnify and hold
      harmless the Partnership Parties from and against any and all direct and
      consequential loss, damage, liability, cost or expense (including
      reasonable attorneys' and accountants' fees and disbursements, whether
      incurred in an action between the parties hereto or otherwise)
      (collectively, "Losses") which the Partnership Parties, or any one of
      them, may incur by reason of or in connection with this Subscription
      Agreement, including any misrepresentation made by Subscriber or any of
      Subscribers' agents, any breach of any declaration, representation or
      warranty of Subscriber, the failure by Subscriber to fulfill any
      covenants or agreements under this Subscription Agreement, its or their
      reliance on facsimile or other instructions, or the assertion of the
      Subscriber's lack of proper authorization from the Beneficial Owner(s) to
      execute and perform the obligations under this Subscription Agreement.
      Subscriber also agrees that it will indemnify and hold harmless the
      Partnership Parties from and against any and all direct and consequential
      Losses which the Partnership Parties, or any one of them, may incur by
      reason of, or in connection, with the failure by Subscriber to comply
      with any applicable law, rule or regulation having application to the
      Partnership Parties.

22.   Miscellaneous.

      (a)   Entire Agreement. This Agreement and the LP Agreement represent the
            entire agreement of the parties with respect to the subject matter
            hereof and may not be changed or terminated, except in a writing
            signed by Subscriber and the General Partner, or in the case of the
            LP Agreement, in accordance with procedures for amendments as set
            forth therein.

      (b)   No Waiver. No waiver by any party of any breach of any term of this
            Agreement shall be construed as a waiver of any subsequent breach
            of that term or any other term of the same or of a different
            nature.

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      (c)   Binding Agreement. Subscriber understands that this Agreement, upon
            acceptance by the Partnership, shall constitute a binding agreement
            between the Partnership and the Subscriber. This Agreement and the
            rights, powers, and duties set forth herein shall bind and inure to
            the benefit of the heirs, executors, administrators, legal
            representatives, successors, and assigns of the parties hereto.

      (d)   Representations and Warranties Continuing. The understandings,
            declarations, covenants, representations, warranties and
            indemnification obligations of the Subscriber contained in this
            Subscription Agreement are continuous and will survive the
            execution hereof and the purchase of the Units. If at any time any
            event shall occur which could make any of the foregoing incomplete
            or inaccurate, Subscriber shall immediately notify the Partnership
            of the occurrence of such event.

      (e)   Choice of Law. This Subscription Agreement shall be deemed to have
            been made under, and shall be governed by, and construed in
            accordance with, the internal laws of the State of New York
            (excluding the law thereof which requires the application of or
            reference to the law of any other jurisdiction).

      (f)   Legal Capacity. Each person signing this Subscription Agreement has
            the legal authority, capacity and power to do so. If more than one
            person is signing this Subscription Agreement as Subscriber, each
            undertaking herein shall be a joint and several undertaking of all
            such persons, and the foregoing grant of power of attorney to the
            General Partner shall be a joint and several grant by all such
            persons. Actions of any one joint Subscriber pursuant to this
            Subscription Agreement shall bind all Subscribers. A subscription
            in joint names creates a joint tenancy with right of survivorship.

      (g)   Costs. If any legal action or any arbitration or other proceeding
            is brought for the enforcement of the agreement represented by this
            Subscription Agreement or because of an alleged dispute, breach,
            default, or misrepresentation in connection with any of the
            provisions of this Subscription Agreement, the successful or
            prevailing party or parties shall be entitled to recover reasonable
            attorneys' fees and other costs incurred in that action or
            proceeding, in addition to any other relief to which they may be
            entitled.

      (h)   Instructions. Subscriber hereby confirms that the General Partner
            is authorized and instructed to accept and execute any instructions
            in respect of the Units to which this Subscription Agreement
            relates given by Subscriber by facsimile. If instructions are given
            by Subscriber by facsimile, Subscriber undertakes to forward the
            original immediately by post to the General Partner. Subscriber
            hereby indemnifies the Partnership Parties and agrees to keep each
            of them indemnified, against any loss of any nature whatsoever
            arising to each of them as a result of any of them acting on
            facsimile instructions. The Partnership Parties may rely
            conclusively upon and shall incur no liability in respect of any
            action taken upon any notice, consent, request, instructions, or
            other instrument believed, in good faith, to be genuine or to be
            signed by properly authorized persons.

      (i)   Severability. If any provision of this Subscription Agreement is
            invalid or unenforceable under any applicable law, then such
            provision shall be deemed inoperative to the extent that it may
            conflict therewith and 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.

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

      (k)   Additional Documentation. The Regulations of the Commodity Futures
            Trading Commission require that Subscriber be given a copy of the
            Memorandum, as well as certain additional documentation if
            available. Such additional documentation includes: (1) a supplement
            to the Memorandum, which must be given to Subscriber if the
            Memorandum is dated more than nine months prior to the date that
            Subscriber purchases Units; (2) the most current account statement
            for the Partnership, which must be distributed within 30 calendar
            days after the end of each month; and (3) the most current annual
            report for the Fund, which must be distributed within 90 calendar
            days after the end of the Partnership's fiscal year (December 31).
            Subscriber hereby acknowledges receipt of the Memorandum and the
            additional documentation referred to above, if any, prior to any
            direct or indirect solicitation of Subscriber's investment.

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<PAGE>

      (l)   Arbitration. By executing this Subscription Agreement, Subscriber
            waives its right to seek remedies in court, including any right to
            a jury trial. To the fullest extent permitted by law, Subscriber
            agrees that in the event of any dispute between the parties arising
            out of, relating to or in connection with this Agreement or the
            Fund, such dispute shall be resolved exclusively by arbitration to
            be conducted only in the county, city and state of New York in
            accordance with the rules of JAMS/Endispute ("JAMS") applying the
            laws of the State of New York. Disputes shall not be resolved in
            any other forum or venue. The parties agree that such arbitration
            shall be conducted by a retired judge who is experienced in
            resolving disputes regarding the securities business, that
            discovery shall not be permitted except as required by the rules of
            JAMS, that the arbitration award shall not include factual findings
            or conclusions of law, and that no punitive damages shall be
            awarded. The parties understand that any party's right to appeal or
            to seek modification of any ruling or award of the arbitrator is
            severely limited. Any award rendered by the arbitrator shall be
            final and binding, and judgment may be entered on it in any court
            of competent jurisdiction in the city of New York and State of New
            York or as otherwise provided by law.

23.   ERISA Accounts. The following provision is applicable to any Subscriber
      acting on behalf of an "employee benefit plan" as defined in and subject
      to ERISA, or a "plan" as defined in Section 4975 of the Code (a "Plan"),
      which would include, among other types of arrangements, IRAs, Keogh
      plans, corporate pension and profit sharing plans, "simplified employee
      pension plans" and medical benefit plans. Plan fiduciaries or trustees
      must carefully confirm that an investment in the Fund is authorized under
      the operative documents of the Plan. Many Plans may not in fact be
      authorized to invest in a highly leverage, illiquid and speculative
      investment such as the Fund. If the undersigned is acting on behalf of a
      Plan, the individual signing this Subscription Agreement on behalf of the
      subscriber hereby further represents and warrants, as the agent or the
      fiduciary of the Plan responsible for purchasing Units (the "Investment
      Fiduciary"), that: (a) the Investment Fiduciary has considered an
      investment in the Fund in light of the risks relating thereto; (b) the
      Investment Fiduciary has determined that, in view of such considerations,
      an investment in the Fund is consistent with the Investment Fiduciary's
      responsibilities under ERISA or other applicable law; (c) the Plan's
      investment in the Fund does not violate and is not otherwise inconsistent
      with the terms of any legal document constituting the Plan or any trust
      agreement thereunder; (d) the Plan's investment in the Fund has been duly
      authorized and approved by all necessary parties; (e) none of the General
      Partner, the Trading Advisors utilized by the Fund, Carr Futures, Inc.,
      ABN AMRO, Inc., ABN AMRO Bank, N.V., SunTrust Bank, CIS Financial
      Services, Inc., any selling agent retained to sell units, any of their
      respective affiliates or any of their respective agents or employees; (i)
      has investment discretion with respect to the investment of assets of the
      Plan used to purchase the units; (ii) has authority or responsibility to
      or regularly gives investment advice with respect to the assets of the
      Plan used to purchase the units for a fee and pursuant to an agreement or
      understanding that such advice will serve as a primary basis for
      investment decision with respect to the Plan and that such advice will be
      based on the particular investment needs of the Plan; or (iii) is an
      employer maintaining or contributing to the Plan, unless, after taking
      into consideration such relationship, the Investment Fiduciary has
      determined and hereby represents and warrants that the Plan's investments
      in the Fund will not give rise to a non-exempt prohibited transaction
      under ERISA and the Code; (f) the Investment Fiduciary (i) is authorized
      to make, and is responsible for, the decision to invest in the Fund,
      including the determination that such investment is consistent with the
      requirements imposed by Section 404 of ERISA (or other applicable law)
      that plan investments be diversified so as to minimize the risks of large
      losses; (ii) is independent of the General Partner, the Trading Advisors
      utilized by the Fund, Carr Futures, Inc., ABN AMRO, Inc., ABN AMRO Bank,
      N.V., SunTrust Bank, CIS Financial Services, Inc., each selling agent
      retained to sell units and each of their respective affiliates; and (iii)
      is qualified to make such investment decision; and (g) taking into
      account the following factors, and all other factors relating to the
      Fund, the undersigned has concluded that investment in the Fund
      constitutes an appropriate part of the Plan's overall investment program:
      (i) there is a significant risk of the loss of substantial or the
      majority of the Plan's investment; (ii) an investment in the Fund will be
      illiquid, except for certain redemption rights; (iii) the Fund will
      permit the aggregate investments by benefit plan investors to exceed
      twenty-five percent (25%) of any class of equity interest of the Plan, in
      which case the assets of the Fund will be for purposes of ERISA and
      Section 4975 of the Code deemed assets of the Plans on whose behalf
      investments in the Fund are made; and (iv) funds invested in the Fund
      will not be readily available for the payment of employee benefits under
      the Plan. The undersigned further represents and warrants that (a) the
      trustee of the Plan will hold the Plan's units in trust, unless not
      required by ERISA; (b) the Investment Fiduciary consents to the payment
      of fees to the General Partner, the Traders, Carr Futures, Inc., ABN
      AMRO, Inc., SunTrust Bank, and their agents and has determined that the
      arrangement for services by, and the fees to be paid to, the General
      Partner, the Traders, Carr Futures, Inc., ABN AMRO, Inc., SunTrust Bank,
      and their agents are

                                       7
<PAGE>

      reasonable and the services to be performed by such persons are
      appropriate and helpful to the Plan, all within the meaning of Section
      408(b)(2) of ERISA and Section 4975(d)(2) of the Code; (c) that, to the
      extent the Plan is subject to ERISA and for so long as the unitholder
      maintains an interest in the Fund, it will maintain a qualifying ERISA
      fiduciary bond that covers the General Partner and Trading Advisors as a
      named insured in respect of the Plan's assets that are invested in the
      Fund, and (d) the undersigned consents on behalf of the Plan to and
      authorizes the operation of the Fund as described in the Fund's
      Memorandum. The undersigned will notify the General Partner, in writing,
      of (a) any termination, substantial contraction, merger or consolidation
      of the Plan, or transfer of its assets to any other plan; (b) any
      amendment to the Plan or any related instrument which materially affects
      the investments of the Plan or the authority of any fiduciary to
      authorize Plan investments; and (c) any alteration in the identity of any
      fiduciary, including the undersigned, who has the authority to approve
      and monitor Plan investments. The undersigned will, at the request of the
      General Partner, furnish the General Partner with such information as the
      General Partner may reasonably require to establish that the purchase of
      the units by the Plan and the transactions to be entered into by the
      Fund, and the holding of any investment by the Fund, do not violate any
      provision of ERISA or the Code, including, without limitation, those
      provisions relating to "prohibited transactions" by "parties in interest"
      or "disqualified persons" as defined therein.

24.   Party in Interest/Disqualified Person Status. If the subscriber is a Plan
      that is subject to ERISA or the prohibited transaction provisions of the
      Code, the undersigned has determined, after investigating the Plan's
      specific facts and circumstances and hereby represents and warrants, that
      Carr Futures, Inc. and ABN AMRO, Inc. are not (a) an ERISA fiduciaries
      with respect to the Plan or (b) a "parties in interest" (as such term is
      defined in Section 3(14) of ERISA) or a "disqualified person" (as defined
      in Section 4975(e)(2) of the Code) with respect to the Plan for a reason
      other than being a service provider to the Plan (or being an affiliate of
      a Plan service provider). If the subscriber is a Plan that is subject to
      ERISA or the prohibited transaction provisions of the Code, the
      undersigned has determined, after investigating the Plan's specific facts
      and circumstances, and hereby represents and warrants, that CIS Financial
      Services, Inc. and ABN AMRO Bank, N.V. are not "parties in interest" (as
      such term is defined in Section 3(14) of ERISA) or "disqualified persons"
      (as defined in Section 4975(e)(2) of the Code) with respect to the Plan.
      The undersigned agrees and covenants that CIS Financial Services, Inc.
      and ABN AMRO Bank, N.V. will not, while the Plan holds units, become a
      party in interest (as such term is defined in Section 3(14) of ERISA) or
      disqualified person (as such term is defined in Section 4975(e)(2) of the
      Code) with respect to the Plan. The undersigned agrees and covenants that
      Carr Futures, Inc. and ABN AMRO, Inc. will not, while the Plan holds
      units, become a fiduciary to the Plan or a party in interest (as defined
      in Section 3(14) of ERISA) or a "disqualified person" (as defined in
      Section 4975(e)(2) of the Code) with respect to the Plan (other than by
      reason of being a service provider to the Plan or being an affiliate of a
      Plan service provider).

      For these purposes a party in interest generally includes any person
      possessing one of the following relationships with a Plan:

      o     a fiduciary to the Plan (or an affiliate of a Plan fiduciary) (such
            as an advisor to the Plan);

      o     a Plan service provider (e.g. custodian, broker or trustee) (or one
            of its affiliates);

      o     an employer whose employees are covered by the Plan (or one of its
            affiliates);

      o     an employee organization any of whose members are covered by the
            Plan; or

      o     relatives or affiliates of a Plan fiduciary or IRA owner.

      The undersigned agrees to notify the General Partner immediately upon
      becoming aware of any of the foregoing provisions of this provision being
      untrue.

25.   Consent to Jurisdiction. The parties hereto agree that any action or
      proceeding arising directly, indirectly, or otherwise in connection with,
      out of, related to, or from this Agreement, any breach hereof, or any
      transaction covered hereby, shall be resolved, whether by arbitration or
      otherwise, within the County, City, and State of New York. Accordingly,
      the parties consent and submit to the jurisdiction of the federal and
      state courts and any applicable arbitral body located within the County,
      City, and State of New York. The parties further agree that any such
      action or proceeding brought by either party to enforce any right, assert
      any claim, or obtain any relief whatsoever in connection with this
      Agreement shall be brought by such party exclusively in the federal or
      state courts, or if appropriate before any applicable arbitral body,
      located within the County, City, and State of New York.

                                       8
<PAGE>

________________________________________________________________________________
                   PLEASE INDICATE TYPE OF ACCOUNT OWNERSHIP
                   -----------------------------------------

        |_| Individual                    |_| Revocable Trust
        |_| Joint                         |_| Irrevocable Trust
        |_| IRA                           |_| Estate
        |_| Corporation                   |_| Pension Plan
        |_| Partnership                   |_| Other _________________
________________________________________________________________________________

                       ACCREDITED INVESTOR CERTIFICATION
                       ---------------------------------

Subscriber hereby represents and warrants that Subscriber is an Accredited
Investor as defined under Regulation D ("Regulation D") of the Securities Act
of 1933 (the "1933 Act"), as amended because Subscriber is [check applicable
sections]:

   (a)   |_| An individual Subscriber or an Individual Retirement Account
         ("IRA"), or a Keogh Plan covering only self-employed individuals, or a
         self-directed account of a one-member retirement plan, the beneficial
         owner of which has net worth, or joint net worth, with that person's
         spouse at the time of his purchase in excess of $1,000,000.

   (b)   |_| An individual Subscriber or an IRA or a Keogh Plan covering only
         self-employed individuals, or a self-directed account of a one-member
         retirement plan, the beneficial owner of which had an income in excess
         of $200,000 in each of the two most recent years or joint income with
         that person's spouse in excess of $300,000 in each of those years and
         who reasonably expects an income in excess of the same income level in
         the current year.

   (c)   |_| A corporation, Massachusetts or similar business trust, a
         partnership, a limited liability company or an organization described
         in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended,
         not formed for the specific purpose of making this investment, with
         total assets in excess of $5,000,000.

   (d)   |_| An entity in which all of the beneficial owners are Accredited
         Investors under Rule 501 of Regulation D.

   (e)   |_| A trust with total assets in excess of $5,000,000, not formed for
         the specific purpose of making this investment, the investments of
         which are directed by a person with knowledge and financial expertise
         in financial and business matters, as described in Rule 506(b)(2)(ii)
         of Regulation D.

   (f)   |_| A bank, savings and loan association, broker dealer, insurance
         company, investment company, business development company, licensed
         small business investment company or private business development
         company (as such terms are defined under applicable Sections of the
         1933 Act, Securities and Exchange Act of 1934, as amended, the
         Investment Company Act of 1940, as amended, the Investment Advisers
         Act of 1940, as amended or the Small Business Investment Act of 1958).

   (g)   |_| An employee benefit plan within the meaning of the Employee
         Retirement Income Security Act of 1974, as amended ("ERISA") if the
         investment decision 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.

   (h)   |_| An employee benefit plan within the meaning of ERISA or a plan
         established and maintained by a state or its political subdivisions or
         any agency or instrumentality of a state or its political subdivisions
         for the benefit of its employees, in each case with total assets over
         $5,000,000.

   (i)   |_| An employee benefit plan which is completely self-directed and
         whose investment decisions are made by a person who is an Accredited
         Investor. If so, please explain below.

         _______________________________________________________________________

   (j)   |_| Other (please explain).

         _______________________________________________________________________

                                       9
<PAGE>

<TABLE>
<CAPTION>
                     QUESTIONNAIRE FOR INDIVIDUAL SUBSCRIBERS AND IRA's OF ALL TYPES

<S>                                                         <C>
1.   Name of Subscriber: _______________________________    2.  Date of Birth: ____________________
3.   For IRA's:  Name of Custodian: _____________________________      Custodian Tax ID#  _________
4.   Social Security Number:____________________________    5.  Marital Status: ___________________
6.   Place of Birth: ____________________________________   7.  Citizenship:  _____________________
8.   Passport or Driver License #:  _____________________   9.  Occupation:_______________
10.  Employer name and address:  __________________________________________________________________
     ______________________________________________________________________________________________
11.  Nature of Business:  _________________________________________________________________________
12.  Position / Title:  ________________________________   13. Length of Time in Position: ________

     ==============================================================================================
      Are the Units being purchased as joint tenants?    If "Yes," are the husband and wife?
         |_| YES                    |_| NO                     |_| YES         |_| NO

                          Please indicate type of joint account registration:

        |_| Joint Tenants with Right of Survivorship  |_| Tenants in Common  |_| Other __________
     ==============================================================================================

1.   Name of Joint Investor: ___________________________    2.  Date of Birth: ____________________
3.   Social Security Number:____________________________    4.  Marital Status: ___________________
5.   Place of Birth: ____________________________________   6.  Citizenship:  _____________________
7.   Passport or Driver License #:  _____________________   8.  Occupation:_______________
9.   Employer name and address:  __________________________________________________________________
     ______________________________________________________________________________________________
10.  Nature of Business:  _________________________________________________________________________
11.  Position / Title:  ________________________________    12. Length of Time in Position: _______

____________________________________________________________________________________________________

13.   Purchaser Representative(s) (if applicable, this is not your broker): _______________________

14.   Check below the types of investments made by Subscriber(s) during the past 5 years for
      Subscriber(s)' own account, or for the account of a spouse, or for any relative who has the
      same principal residence, or any trust, estate, corporation or organization in which
      Subscriber(s), a spouse or such relative own a majority of the beneficial or equity interests.

|_|  U.S. government and federal agency             |_|  Interests in real estate (e.g., land, buildings,
     securities.                                         cooperative apartments or condominium
                                                         units).
|_|  State and local government securities
     (municipal securities).                        |_|  Interests in REITs or other real estate
                                                         investment entities.
|_|  U.S. stocks.
                                                    |_|  Commodities, commodity futures contracts
|_|  Options on U.S. stocks.                             and/or commodity options (collectively,
                                                         "Commodities") and public or private
|_|  Non-U.S. stocks                                     investment funds investing in Commodities.

|_|  Corporate bonds, debentures and notes.
                                                    |_|  Other investments
|_|  Interests in mutual funds, or unit investment       ___________________________________________
     trusts.                                             ___________________________________________

|_|  Interests in private limited partnerships,
     LLCs or other investment funds.
</TABLE>

                                                 10
<PAGE>

15.   Are you:

      (a)   An individual whose individual net worth, or joint net worth with
            your spouse, exceeds $1,000,000 as of the date hereof (net worth
            includes home and personal property)?

                          |_| YES           |_| NO

      (b)   An individual whose individual income exceeds $200,000 (or whose
            joint income with spouse exceeds $300,000) in each of the last two
            years and who reasonably expects to reach the same income level in
            the current year?

                          |_| YES           |_| NO

16.   List any college or graduate degrees:

      Investor: ________________________________________________________________

      Spouse: __________________________________________________________________

17.   Describe any previous employment or experience in financial and business
      matters generally or the futures markets specifically:

      __________________________________________________________________________

18.   Do you and your spouse (if applicable) make your own investment decisions?

                          |_| YES           |_| NO

      If "No," who does: _______________________________

19.   Are you or your spouse (if applicable) subject to any civil, criminal, or
      other constraint or are you aware of any impediment or other reasons which
      may preclude or limit your participation in any Partnership investment?

                          |_| YES           |_| NO

      If "Yes," please explain ________________________________________________

20.   Provide additional information which would be helpful in evaluating each
      Subscriber's knowledge and experience in financial and business matters.

      __________________________________________________________________________

21.   Please describe the source or sources of the funds used to make this
      investment:

      __________________________________________________________________________

22.   Do you, and your spouse (if applicable), intend to purchase the Units
      solely for your own account?

                          |_| YES           |_| NO

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

      __________________________________________________________________________

                             PLEASE TURN TO PAGE 15

                                       11
<PAGE>

       QUESTIONNAIRE FOR ENTITY SUBSCRIBERS (OTHER THAN RETIREMENT PLANS)

1.    Name of Subscriber: ______________________________________________________

2.    Taxpayer EIN Number: _______________________________

3.    Type of Entity:  |_| Corporation  |_| Trust  |_| Limited Partnership
      |_| LLC  |_| Other

4.    Subscriber's Primary Business: ___________________________________________

5.    Name of Primary Contact/Investor: _____________________ Passport or
      Driver's License#: _______________

6.    Name of Secondary/Investor Contact: ___________________ Passport or
      Driver's License#: _______________

7.    Date and Jurisdiction of Incorporation/Formation: ________________________

8.    Is Subscriber's principal place of business located in the country of its
      formation?      |_| YES   |_| NO

      If "No," state where Subscriber's principal place of business is located:

9.    Do the investments of "employee benefit plan investors" constitute 25% or
      more of Subscriber's net assets?

                    |_| YES        |_| NO

10.   Is Subscriber subject to any regulatory or other constraints not otherwise
      described herein, or is the individual executing this Questionnaire on
      behalf of Subscriber aware of any other impediment which may preclude or
      limit Subscriber's participation in any potential Partnership investment?

                    |_| YES        |_| NO

      If "Yes," give details. __________________________________________________

11.   Was the Subscriber organized for the specific purpose of acquiring Units
      in the Partnership?

                    |_| YES        |_| NO

12.   Do Subscriber's organizational documents permit Subscriber to make this
      investment?

                    |_| YES        |_| NO

13.   Who are the individuals authorized under the Subscriber's organizational
      documents to make or redeem investments on behalf of the Subscriber?

_________________________________        _______________________________________

How many signatures are required to make investments and to redeem investments?
_______

14.   Provide additional information which would be helpful in evaluating
      Subscriber's knowledge and experience in financial and business matters:

15.   Please describe the source or sources of the funds used to make this
      investment:

                             PLEASE TURN TO PAGE 15

                                       12
<PAGE>

             QUESTIONNAIRE FOR RETIREMENT PLANS (OTHER THAN IRAS):

    EMPLOYEE BENEFIT PLANS, KEOGH PLANS AND ERISA COVERED PLANS AND ENTITIES
   WHOSE UNDERLYING ASSETS ARE PLAN ASSETS (COLLECTIVELY, "EMPLOYEE BENEFIT
                               PLAN INVESTORS")

1.    Name of Subscriber: ______________________________________________________

2.    Plan or Custodian Tax ID Number: _________________________________________

3.    Who are the individuals authorized under the Plan's organizational
      documents to make or redeem investments on behalf of the Subscriber?

      ___________________________  Passport or Driver's License#: ______________

      ___________________________  Passport or Driver's License#: ______________

      ___________________________  Passport or Driver's License#: ______________

      How many signatures are required to make investments and to redeem
      investments? _______

4.    Does the Subscriber have assets equal to or in excess of $5,000,000?

                    |_| YES        |_| NO

5.    (a)   Is Subscriber an "employee benefit plan" (an "ERISA Plan") within
            the meaning of Title I of the Employee Retirement Income Security
            Act of 1974 as amended ( "ERISA") with a fiduciary as defined in
            Section 3(21) of ERISA which is a bank, insurance company or
            registered investment adviser (other than an affiliate of the
            General Partner or the Partnership), which fiduciary has discretion
            to decide whether to purchase Units?

                    |_| YES        |_| NO

            If "Yes," please give details: _____________________________________

      (b)   Is Subscriber an employee benefit plan other than an ERISA Plan?

                    |_| YES        |_| NO

            If "Yes," please give details concerning the nature of the plan,
            including whether the individual participant is an "Accredited
            Investor" and the identity of the person or persons making
            investment decisions on behalf of such plan.
            ____________________________________________________________________
            ____________________________________________________________________
            ____________________________________________________________________

      (c)   Is Subscriber an employee benefit plan (other than an IRA or other
            one member plan) that permits participants to direct the investment
            of contributions made to the plan on their behalf?

                    |_| YES        |_| NO

6.    Is Subscriber an insurance company separate account the underlying assets
      of which constitute plan assets?

                    |_| YES        |_| NO

                                      13
<PAGE>

7.    Is the Subscriber the general account of an insurance company the assets
      of which constitute plan assets pursuant to the decision in John Hancock
      Mutual Life Insurance Company v. Harris Trust and Savings Bank, 510 U.S.
      86 (1993)?

                    |_| YES        |_| NO

8.    Provide any additional information which would be helpful to the
      Partnership in evaluating whether Subscriber has sufficient knowledge and
      experience in financial and business matters to evaluate the merits and
      risks of an investment in the Partnership.
      _________________________________________________________________________
      _________________________________________________________________________

9.    The Investment Fiduciary of Subscriber hereby represents and warrants the
      following on behalf of Subscriber:

      (a)   Though a representative of the Partnership may have provided
            Subscriber's Investment Fiduciary with a copy of the Memorandum,
            the Investment Fiduciary, who is independent of the General Partner
            and its affiliates, has studied the Memorandum and has made an
            independent decision to purchase the Units solely on the basis of
            such Memorandum and without reliance on any other information or
            statements as to the appropriateness of this investment for
            Subscriber.

      (b)   All the obligations and requirements of ERISA (or other applicable
            law), including prudence and diversification, with respect to the
            investment of "plan assets" have been considered.

      (c)   Neither the General Partner, nor any of its affiliates: (i) has
            exercised any investment discretion or control with respect to
            Subscriber's purchase of any Units; (ii) have authority,
            responsibility to give, or have given individualized investment
            advice with respect to Subscriber's purchase of any Units; or (iii)
            are employers maintaining or contributing to such Plan.

      (d)   This investment conforms in all respects to the governing documents
            of Subscriber and the Subscriber is authorized to invest in
            commodity pools and managed futures and foreign currency funds,
            such as the Partnership.

      (e)   The person executing this Subscription Agreement on behalf of
            Subscriber is a "fiduciary" of such Plan and trust and/or custodial
            account (within the meaning of Section 3(21)(A) and/or Section
            4975(e)(3) of the Internal Revenue Code of 1986 as amended) and is
            authorized to execute the Subscription Agreement; the execution and
            delivery of the Subscription Agreement with respect to Subscriber
            and trust and/or custodial account have been duly authorized in
            accordance with the provisions of Subscriber's governing documents;
            this investment conforms in all respects to laws applicable to
            Subscriber and conforms to, and is permitted by, Subscriber's
            governing documents; and, in making this investment, Subscriber is
            aware of, and has taken into consideration, among other things,
            risk return factors and the anticipated effect of this investment
            on the diversification, liquidity and cash flow needs of Subscriber
            and the projected effect of the investment in meeting Subscriber's
            funding objectives and has concluded that this investment is a
            prudent one.

      (f)   Subscriber's governing documents do not prohibit the Partnership
            from investing in specific securities, financial instruments or
            issues, including, but not limited to, securities and financial
            instruments which would be deemed to be "employer securities" with
            respect to Subscriber as defined in Section 407 of ERISA.

      (g)   Subscriber's proxy voting guidelines do not apply to securities
            held by the Partnership. Subscriber fully understands the tax and
            ERISA considerations (or considerations under other applicable law)
            and risks of an investment in the Units.

      (h)   All of the representations, warrants, covenants and agreements
            contained in the Subscription Agreement are true and correct.

10.   Please describe the source or sources of the funds used to make this
      investment. ______________________________________________________________

      __________________________________________________________________________

                          PLEASE TURN TO THE NEXT PAGE

                                      14
<PAGE>

                  REGISTRATION INFORMATION - ALL SUBSCRIBERS

================================================================================

SUBSCRIBER DETAILS

________________________________________________________________________________
Subscriber Name(s)                                Offering Memorandum Number

________________________________________________________________________________
Address (not P.O. Box)                    City          State            Zip

________________________________________________________________________________
Mailing Address (if different)            City          State            Zip

________________________________________________________________________________
Telephone and Facsimile Numbers                         e-mail

________________________________________________________________________________
Additional contact information, if any

________________________________________________________________________________
Name(s) and title(s) of controlling entities of the Subscriber

================================================================================

================================================================================

FOR IRA, IRA-SEP, OR KEOGH INVESTORS

________________________________________________________________________________
Custodian Name                                     Custodian Account Number

________________________________________________________________________________
Custodian Mailing Address

________________________________________________________________________________

________________________________________________________________________________
Custodian Phone Number

================================================================================

Are you an existing Limited Partner in the Fund?                |_| YES   |_| NO
(if YES, please see Note A, Page 1)

Are you an Employee Benefit Plan Investor?                      |_| YES   |_| NO

Are you a U.S. Citizen or Resident?                             |_| YES   |_| NO

Are you subscribing for Units as a trustee, agent,
representative nominee on behalf of a beneficial owner,
whether a person or entity?                                     |_| YES   |_| NO

Subscriber's State of Residence:  ____________

                                      15
<PAGE>

                                 SIGNATURE PAGE
-------------------------------------------------------------------------------

           ACKNOWLEDGEMENT OF RECEIPT OF CURRENT DISCLOSURE DOCUMENT

I(we) have received a copy of the Confidential Offering Memorandum of the
Futures Portfolio Fund, Limited Partnership dated February 24, 2004,
describing the investment allocation program pursuant to which my(our) account
will be directed, including the Risk Disclosure Statement.

                              |_| YES      |_| NO

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

                            SUBSCRIBER SIGNATURE(S)

__________________________________         _____________________________________
(Name of Subscriber, Trustee,              (Name of Joint Subscriber or Trustee,
Authorized Signatory)                      if applicable)

__________________________________         _____________________________________
(Signature of Subscriber, Trustee,         (Signature of Joint Subscriber or
or Authorized Signatory)                   Trustee, if applicable)

__________________________________         _____________________________________
(Title of Signatory, if applicable)        (Title of Joint Subscriber or
                                           Trustee, if applicable)

Dated:____________________________         Dated: ______________________________

__________________________________         _____________________________________
(Name of Custodian or Trustee(s))          (Name of Additional Custodian or
                                           Trustee(s))

__________________________________         _____________________________________
(Signature of Custodian or Trustee(s))     (Signature of Additional Custodian or
                                           Trustee(s))

Dated:____________________________         Dated: ______________________________

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

                                      16
<PAGE>

                             PAYMENT INSTRUCTIONS
                             --------------------

            Amount of Subscription $_______________________________

Checks must be made payable to: "Futures Portfolio Fund L.P." Checks and an
executed original of this Subscription Agreement should be sent to your
Account Executive or Investment Adviser.

                          If sent directly, then to:
                          --------------------------

                          Futures Portfolio Fund L.P.
                          c/o Steben & Company, Inc.
                         2099 Gaither Road, Suite 200
                              Rockville, MD 20850
                                 800-726-3400

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

                            PURCHASER REPRESENTATIVE

If you are relying upon an adviser ("a Purchaser Representative") such as a
lawyer, accountant or an investment adviser, (other than your Account
Executive or Broker) to advise you in deciding whether to invest in the
Partnership, furnish the Purchaser's Representative's name and information
below. It may be necessary for the Purchaser's Representative to complete a
Questionnaire in connection with this offering.

Name: ______________________________   Profession:  ____________________________

Address: _______________________________________________________________________

Telephone: ________________________

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

           TO BE COMPLETED BY YOUR BROKER/DEALER (ACCOUNT EXECUTIVE)

Broker Name: ____________________________  Broker Dealer: ______________________

Address: _______________________________________________________________________

Telephone: _____________________   Registered Representative # __________

Email address: _________________

I hereby represent that to the best of my knowledge, an investment in Units is
a suitable investment for the Subscriber and I have performed due diligence to
make the foregoing representation. In addition, I have taken reasonable steps
to verify the Subscriber's identity in accordance with the NASD's Customer
Identification Program and the Patriot Act.

Signature: ________________________________

Office Manager Signature (if required): ____________________________________

                                      17Exhibit 10.2

                         FUTURES PORTFOLIO FUND, L.P.

                              ADVISORY AGREEMENT

     This ADVISORY AGREEMENT is entered into as of December 12, 2003 by and
among Steben & Company, Inc., a Maryland corporation (the "General Partner"),
Futures Portfolio Fund, LP, a Maryland limited partnership (the
"Partnership"), and Aspect Capital Limited, a limited liability company
incorporated under the laws of England and Wales (the "Advisor"), whose main
business address is 8th Floor, Nations House, 103 Wigmore Street, London W1U
IQS, United Kingdom.

                                    RECITAL
                                    -------

     The Partnership wishes to retain the Advisor to manage a commodity
trading account of the Partnership (the "Account") that the Partnership will
establish for that purpose; and the General Partner hereby acknowledges
receipt of the Advisor's Commodity Trading Advisor Disclosure Document dated
January 2003, the "Disclosure Document"), as filed with the Commodity Futures
Trading Commission ("CFTC") and the National Futures Association ("NFA").

     NOW THEREFORE, the parties agree as follows:

1.   Advisor's Duties
     ----------------

     (a) The Advisor will trade "commodities" (as defined in ss.1(g) below)
for the Account, pursuant to the terms and conditions of this Agreement.
However, nothing in this Agreement or in the Advisor's activities for the
Partnership shall cause the Advisor to be a partner of, joint venturer with or
have a similar relationship to the General Partner, any other trader for the
Partnership.

     (b) The Advisor will use its best efforts to generate profits for the
Account, but makes no assurance or guarantee that the Account will be
profitable or not incur losses.

     (c) In managing the Account pursuant to this Agreement and all other
accounts which the Advisor manages from time to time, the Advisor will manage
the Account and all such other accounts in a good faith effort to achieve an
equitable treatment of all accounts under management.

     (d) If position limits restrict the number of positions the Advisor may
establish for the Account, it will use its best efforts to allocate
transaction orders equitably between the Account and the other accounts it
manages.

     (e) The Advisor will place orders for the Account through Carr Futures,
Inc. or such futures commission merchants as is mutually agreed upon by the
Advisor and the General Partner, (the "FCM"). In addition, the Advisor may
execute transactions on behalf of the Partnership through such additional
executing brokers as may be selected by the Advisor ("Executing Brokers"). The
Advisor may make and execute all such documents and take all such other
actions necessary or appropriate to execute transactions with Executing
Brokers, including without limitation, contracting on the Partnership's behalf
as agent for the Partnership; provided, however, that the Advisor as soon as
reasonably practical will forward by fax and courier copies of any documents
entered into with Executing Brokers by the Advisor on behalf of the
Partnership. The Advisor is not responsible for the brokerage commission rates
charged to the Partnership by the FCMs which execute commodity transactions
for the Account. All purchases and sales of commodities for the Account shall
be for the account and at the risk of the Partnership. All commissions and
expenses arising from the trading of, or other transactions in the course of
the administration of, the Account shall be charged to the Partnership.

     (f) The Advisor will promptly advise the General Partner of any
occurrence that renders the Disclosure Document materially inaccurate or
materially incomplete, whether as of the date of the Disclosure Document or a
later date. The Advisor will promptly furnish the General Partner with a copy
of any updated or revised version of the Disclosure Document.

     (g) As used in this Agreement, the terms "commodities" and "commodity
transactions" shall mean and include, without limitation, commodities,
commodity futures contracts, commodity options, forward contracts and other
commodity interests.

     (h) The Advisor shall give the Partnership immediate written notice of
any proposed material change in the Advisor's trading systems, methods,
models, strategies, or formulae or the manner in which trading decisions are
to be

<PAGE>

made or implemented and shall not make any such proposed material change
without having given the Partnership at least 10 Business days prior written
notice of such change. The addition and/or deletion of commodity interests
from the Partnership's portfolio managed by the Advisor shall not be deemed a
change in the Advisor's trading systems, methods, models, strategies, or
formulae and prior written notice to the Partnership shall not be required
therefore.

2.   Compensation
     ------------

     (a) The Partnership will pay the Advisor: (i) after the end of each month
a management fee of .[0.167]% of the Account's Net Assets (as defined in
ss.2(b) below) at the end of the month, (2% annually); and (ii) after the end
of each calendar quarter an incentive fee of 20% of any "Trading Profts" (as
defined in ss.2(c) below) generated by the Advisor in the Account during the
quarter. Payment shall be made within 30 days after the month-end for
management fees and within 30 days after each calendar quarter-end for
incentive fees after an invoice has been provided to the Partnership by the
Advisor.

     (b) "Net Assets" are the amount of Partnership funds actually deposited in
the Account maintained with the FCM plus any Notional Funds which may be
allocated to the Advisor increased or decreased by any commodity trading gains
or losses (realized and unrealized) in the Account during the month and any
interest income earned in the Account during the month and decreased by any
accrued but unpaid management or incentive fees from a previous month.

     (c) "Trading Profits" are the sum of (i) the net of all realized profits
and losses on Account commodity positions liquidated during the quarter, plus
(ii) the net of all unrealized profits and losses net of accrued brokerage
commissions on Account commodity positions open as of the quarter-end; minus:
(iii) the net of all unrealized profits and losses on Account commodity
positions open at the end of the previous quarter-end, and (iv) any cumulative
net realized losses (which shall not include incentive fee expenses) from the
Advisor's trading of the Account carried forward from all previous quarters
since the last quarter for which an incentive fee was payable to the Advisor,
and (v) any management fees paid or accrued to the Advisor, and (vi) a
pro-rated portion of the monthly ongoing operational and administrative costs,
fees and expenses of the Partnership ("Ongoing Costs") as set out below, which
pro-rated portion shall be calculated on the basis of assets allocated by the
Partnership to the Advisor at the end of each calendar month. For purposes of
calculating the pro-rated portion pursuant to this clause, the Ongoing Costs
shall be as follows: costs relating to the General Partner shall be 0.167%
per calendar month, (2% annually), costs relating to selling agents or
distributors of the Partnership shall be 0.117% per calendar month (1.4%
annually); and costs relating to the ongoing administrative and offering
expenses for the Partnership shall be 0.079% per calendar month (0.95%
annually). The foregoing rates for costs relating to selling agents and for
administrative and offering expenses shall be compared to the actual costs on
a calendar year annual basis and will be adjusted to the actual rates
incurred, Trading Profits will be calculated solely on the basis of assets
allocated to the Advisor, and incentive fees will not be paid on interest
income earned in the account.

     (d) With regard to the carry-forward loss referred to in ss.2(c)iv)
above:

     (i) If the Partnership withdraws funds from the Account during a period
(whether by reason of redemptions, distributions, reallocations of assets, or
the payment of expenses) when there is such a carry-forward loss, the loss
shall be reduced, at the time of the withdrawal, by the percentage obtained by
dividing the amount of the withdrawal by the Account's Net Assets immediately
before the withdrawal.

3.   Funding of the Account
     ----------------------

     (a) The Partnership may reallocate its assets between the various
advisors managing its accounts and withdraw capital from the Account at any
time. The Partnership shall promptly notify the Advisor, by telephone or
telex, of any such reallocation or withdrawal, and shall to the extent
reasonable practicable give the Advisor advance written notice, such notice
not to be less than 2 business days, of such reallocation or withdrawal. The
Partnership may add capital to the Account at any time with the prior approval
of the Advisor and shall promptly notify the Advisor of any such intended
action.

     (b) The Partnership, and not the Advisor, shall manage the non-commodity
transactions of the Account, such as the purchase of U.S. Treasury bills.

                                     -2-
<PAGE>

4.   Discretionary Trading and Funds Transfer Authorization
     ------------------------------------------------------

     The Partnership hereby authorizes the Advisor to place orders, in the
Advisor's discretion, with the FCM for the execution of commodity transactions
for the Account. The Partnership constitutes and appoints the Advisor as its
attorney-in-fact for such purpose, with full authority to act on the
Partnership's behalf (except that the Advisor shall not have any authority to
withdraw any funds, securities or other property from the Account). Upon the
Advisor's request, the General Partner shall deliver to the Advisor, and renew
when necessary, a Commodity Trading Authorization form to the above effect.

5.   Errors; Account Statements
     --------------------------

     The Advisor shall promptly notify: (a) the Partnership of any error
committed by the Advisor in transmitting Account orders, and (b) the
Partnership and the FCM of any Account transaction that the Advisor believes
was erroneously executed by the FCM provided however that the Partnership
hereby acknowledges and agrees that the Advisor has no responsibility nor
liability for the proper execution of orders by the FCM.  The General Partner
shall instruct the FCM promptly to furnish the Advisor with copies of all
Account confirmations, purchase and sale statements, and monthly account
statements.

6.   Advisor's Representations
     -------------------------

     The Advisor represents that:

     (a) This Agreement has been duly and validly authorized, executed and
delivered on behalf of the Advisor, and when duly executed and delivered by
the Partnership and the General Partner, will be a valid and binding contract
of the Advisor enforceable in accordance with its terms.

     (b) The Disclosure Document is, in all material respects, accurate and
complete as of the date of the Disclosure Document and as of the date of this
Agreement, and as of the latter date there has been no material adverse change
in the Advisor's performance since the date of the Disclosure Document.

7.   General Partner's and Partnership's Representations and Covenants
     -----------------------------------------------------------------

     The General Partner and the Partnership represent that:

     (a) This Agreement has been duly and validly authorized, executed and
delivered and is a valid and binding contract of the General Partner and the
Partnership enforceable in accordance with its terms.

     (b) The Partnership is duly formed and validly existing as a Maryland
limited partnership, United States, with full partnership power to carry out
its obligations under this Agreement and its Agreement of Limited Partnership.

     (c) The private offering memorandum pursuant to which the Partnership's
limited partnership interests are being offered, as amended and supplemented
from time to time, (collectively, the "Memorandum") will not contain any
untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they are made, not misleading, or omit to
state any material information required to be disclosed therein under the
Commodity Exchange Act, as amended (the "CEA"), the Securities Act of 1933, as
amended (the "1933 Act"), and the rules promulgated thereunder; provided,
however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with
information furnished in writing to the General Partner by the Advisor,
including, without limitation, all references to the Advisor and its
affiliates (as defined in ss.8(f) below), controlling persons, shareholders,
partners, directors, officers and employees, as well as to such Advisor's
trading approach and performance history.

     (d) The General Partner is duly formed and validly existing as a Maryland
corporation with full power and authority to carry out its obligations under
this Agreement and is registered with the CFTC as a commodity pool operator
and is a member of the NFA.

     (e) The Partnership will make to the Partnership's limited partners (the
"Limited Partners") all disclosures necessary with respect to the retention of
the Advisor to manage the Account to comply with the CEA, the CFTC's
regulations thereunder, the rules and regulations of the NFA and the
applicable state and federal securities laws and regulations.

                                     -3-
<PAGE>

     (f) There are no actions, suits, proceedings or investigations pending
or, to the knowledge of the Partnership, threatened against the Partnership,
at law or in equity, or before or by any federal, state, municipal or other
governmental department, commission, board, bureau, agency or instrument or
any self-regulatory organization or any commodity exchange.

     (g) The Advisor, either alone or in conjunction with the General Partner
or its affiliates, is not an organizer or promoter of the Partnership.

     (h) All necessary and appropriate actions have been taken by the
Partnership and the General Partner to terminate any other trading managers
that previously managed the portions of the Partnership which are being
committed to the management of the Advisor pursuant to this Agreement.

     (i) The Partnership is not required to be registered as an investment
company under the Investment Company Act of 1940, as amended.

     (j) The offer and sale of the limited partnership interests will be
conducted in accordance with all applicable federal and state laws and
regulations.

     (k) The General Partner will be responsible for compliance with the US
Patriot Act and related anti money laundering regulations with respect to the
Partnership and its Limited Partners.

     (l) The above representations and warranties shall be continuing during
the term of this Agreement and, if at any time, any event has occurred which
would make or tend to make any of the foregoing not true, the General Partner
will promptly notify the Advisor.

8.   Indemnification
     ---------------

     (a) By the Advisor. The Advisor agrees to indemnify and hold harmless
         --------------
each of the Partnership and the General Partner and each affiliate thereof
against any direct loss, claim, damage, charge or liability to which they (or
such affiliate) may become subject under the 1933 Act, the CEA or otherwise,
insofar as such loss, claim, damage, charge or liability (or actions in
respect thereof) arises out of or is based upon any action or omission of the
Advisor that constitutes gross negligence, fraud, willful misconduct or a
breach of this Agreement or an action or omission of the Advisor taken
otherwise than in good faith and in a manner reasonably believed to be in, or
not opposed to, the best interests of the Partnership.

     (b) By the Partnership and the General Partner. The Partnership and the
         ------------------------------------------
General Partner jointly and severally agree to indemnify and hold harmless the
Advisor and each of its affiliates against any direct loss, claim, damage,
charge, or liability to which the undersigned or its controlling persons may
become subject, insofar as such loss, claim, damage, charge or liability (or
actions in respect thereof) arises out of or is based upon: (i) any
misrepresentation or breach of any warranty, covenant or agreement of the
Partnership or the General Partner contained in this Agreement; (ii) any
untrue statement of any material fact contained in the Memorandum, or arises
out of or is based upon the omission to state in the Memorandum, a material
fact required to be stated therein or necessary to make the statements therein
not misleading (excluding in each case under this clause (ii) any untrue
statement or omission made in reliance upon and in conformity with information
furnished and approved by the Advisor for inclusion in the Memorandum),
including liabilities under the 1933 Act and the CEA; (iii) the management of
the Account by the Advisor or the fact that the Advisor acted as a trading
manager of the Partnership if the Advisor acted in good faith and in a manner
which it reasonably believed to be in or not opposed to the best interests of
the Partnership and provided that the Advisor's conduct does not constitute
gross negligence or willful misconduct; (iv) any acts or omissions of the
Partnership, the General Partner or any trading manager to the Partnership
before the Advisor commenced trading for the Partnership; or (v) any act or
omission with respect to the Partnership of any other trading manager of the
Partnership.

     (c) Limitations. None of the indemnifications contained in this Section
         -----------
shall be applicable to default judgments, confessions of judgment or
settlements entered into by any indemnified party claiming indemnification
without the prior consent of the indemnifying party.

     (d) Notice and Defense of Claims. Promptly after receipt by an
         ----------------------------
indemnified party under this section of notice of the commencement of any
action, that party will, if a claim in respect thereof is to be made against
an

                                     -4-
<PAGE>

indemnifying party under this Section, notify the indemnifying party of the
commencement thereof; but the omission to notify the indemnifying party will
not relieve it from any liability which it may have to any indemnified party
under this Section. In case any such action is sought against any indemnified
party and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent
that it may wish, to assume the defense thereof, with counsel satisfactory to
such indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the
indemnifying party will not be liable to such indemnified party under this
section for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation, but shall continue to be liable to the indemnified
party in all other respect as heretofore set forth in this Section.

     (e) Retention of Separate Counsel. If the indemnified party reasonably
         -----------------------------
determines that its interest is or may be adverse to the indemnifying party's
or that there may be a legal defense available to the indemnified party that
is different from, in addition to or inconsistent with a defense available to
the indemnifying party, the indemnified party may retain its own counsel and
shall be indemnified by the indemnifying party for any expenses reasonably
incurred in investigating or defending the action.

     (f) Advances. Expenses incurred by an indemnified party in defending a
         --------
threatened or asserted claim or a threatened or pending action shall be paid
by the indemnifying party in advance of final disposition or settlement of
such matter, if and to the extent that the person on whose behalf such
expenses are paid shall agree to reimburse the indemnifying party in the event
indemnification is not permitted under this section upon final disposition or
settlement.

     (g) Survival. The provisions of this Section shall survive the
         --------
termination or expiration of this Agreement.

     (h) "Affiliate" means general partner, officer, director, employee, or
shareholder, and any general partner, officer, director, employee or
shareholder of such shareholder.

9.   Term
     ----

     (a) Term and Renewal. This Agreement shall continue in effect for a
         -----------------
period of one year following the end of the month in which the Partnership
shall begin to receive trading advice from the Advisor hereunder. Thereafter,
this Agreement shall be renewed automatically for additional one-year terms
unless either the Partnership or the Advisor, upon 30 days written notice
given prior to the original termination date or any extended termination date,
shall notify the other party of his or its intention not to renew.

     (b) Termination. Notwithstanding Section 6(a) hereof, this Agreement
         -----------
shall terminate:

         (i) immediately if the Partnership shall terminate and be dissolved
in accordance with its Agreement of Limited Partnership or otherwise; or

         (ii) 30 days after the date of written notice of termination by the
Advisor to the General Partner or by the General Partner to the Advisor as the
case may be;

         (iii) immediately if regulatory or other legal restrictions
applicable to the Advisor prohibit the Advisor from trading for the Account;
or

         (iv) immediately, at the discretion of the General Partner, if any of
the following events shall occur; (1) the Advisor shall become bankrupt or
insolvent; (2) the Advisor's registration with the CFTC as a commodity trading
advisor or the Advisor's membership in the NFA in; (2) such capacity
shall expire or shall be revoked, suspended, terminated or not renewed; (3)
the Advisor shall change or violate any of the Trading Policies or any
administrative policy of the Partnership except with the prior written consent
of the Partnership; (4) the Partnership, upon receipt of not less than 20
business days' prior written notice from the Advisor pursuant to Section 1(h)
hereof, shall send written notice to the Advisor stating that the material
change proposed by the Advisor in his or its trading systems, methods, models,
strategies, or formulae or the manner in which trading decisions are to be
made or implemented is unacceptable to the General Partner; (5) the Advisor
shall fail to perform any of its obligations under this Agreement.

10.  Arbitration
     -----------

     The parties agree that all controversies which may arise in connection
with any transaction contemplated by this Agreement or the construction,
performance or breach of this Agreement or any other agreement between the
parties

                                     -5-
<PAGE>

hereto, whether entered into prior, on or subsequent to the effective date of
this Agreement, shall be determined by arbitration, and in accordance with the
rules then obtaining of the NFA, or if no such rules are then in effect, then
the rules then obtaining of the Chicago Board of Trade; provided, however,
that (a) the arbitrator(s) shall be experienced in the matters to be under
dispute, (b) the authority of the arbitrator(s) shall be limited to construing
and enforcing the terms and conditions of this Agreement as expressly set
forth herein, and (c) the arbitrator(s) shall state the reasons for the award
in a written opinion. The award of the arbitrator(s), or a majority of them,
shall be final, and judgment upon the award may be confirmed and entered in
any court, state or federal, having jurisdiction.

11.  Miscellaneous
     -------------

     (a) Complete agreement. This Agreement constitutes the entire agreement
         ------------------
between the parties with respect to the matters referred to herein, and no
other agreement, verbal or otherwise, shall be binding as between the parties
unless it is in writing and signed by the party against whom enforcement is
sought.

     (b) Assignment. This Agreement may not be assigned by either party
         ----------
without the prior written consent of the other party, such consent not to be
unreasonably withheld or delayed. This Agreement shall inure to the benefit of
the parties hereto and their respective successors and assigns.

     (c) Amendment; Waiver. This Agreement may not be amended except by the
         -----------------
written consent of the parties. No waiver of any provision of this Agreement
may be implied from any course of dealing between the parties or from any
failure by a party to assert its rights under this Agreement on any occasion
or series of occasions.

     (d) Severability. If any provision of this Agreement, or the application
         ------------
of any provision to any person or circumstance, shall be held to be
inconsistent with any law, ruling, rule or regulation, the remainder of this
Agreement, or the application of the provision to persons or circumstances
other than those as to which it is held inconsistent, shall not be affected
thereby.

     (e) Notices. All notices required or desired to be delivered under this
         -------
Agreement shall be in writing and shall be effective when delivered personally
on the day delivered, or, when given by registered or certified mail, postage
prepaid, return receipt requested, on the day of receipt, addressed as follows
(or to such other address as the party entitled to notice shall designate):

If to the Partnership              Steben & Company, Inc.
and the General Partner:           2099 Gaither Road Suite 200
                                   Rockville, Maryland USA 20874
                                   Attention: Kenneth E. Steben, President

If to the Advisor:                 Aspect Capital Limited
                                   8th Floor, Nations House
                                   103 Wigmore Street
                                   London W1U 1QS
                                   United Kingdom
                                   Attention: Anthony Todd, Managing Director.

     (f) Survival. The provisions of this Agreement shall survive the
         --------
termination of this Agreement with respect to any matter arising while this
Agreement was in effect.

     (g) Governing Law. This Agreement shall be governed by and construed in
         -------------
accordance with Illinois law (excluding the law thereof which requires the
application of, or reference to, the law of any other jurisdiction).

     (h) Property Right of the Advisor. The Partnership, the General Partner
         -----------------------------
and their employees or agents acknowledge that commodity interest trading
advice provided and trading strategies used by the Advisor are confidential
property rights belonging to it; the Partnership further agrees, unless
authorized in writing by the Advisor, that such advice will not be
disseminated in whole or in part, directly or indirectly, to any of the
Limited Partners, brokers, brokers' customers, employees, agents, officers,
directors or any others, except as required by any applicable law or
regulation. Nothing contained in this Agreement shall require the Advisor to
disclose the confidential or proprietary details of its trading systems or
strategies.

                                     -6-
<PAGE>

     (i) Limit on Liability. Except as otherwise set forth herein, the Advisor
         ------------------
shall not be liable to the Partnership, its partners or any of their
respective successors or permitted assigns except by reason of its acts or
omissions taken or omitted due to bad faith, willful misconduct or gross
negligence or for not having acted in good faith in the reasonable belief that
its actions were taken in, or not opposed to, the best interests of the
Partnership. The foregoing sentence is intended to limit the liability of the
Advisor, and nothing therein shall expressly or impliedly create any
liability, duty or responsibility on the part of any person.

     (j) Agreement Not Exclusive. The Advisor's present business is advising
         -----------------------
with respect to the purchase and sale of commodity interests. The services
provided by the Advisor hereunder are not to be deemed exclusive. The
Partnership and General Partner acknowledge that, subject to the terms of this
Agreement, the Advisor may render advisory, consulting and management services
to other clients for which it may charge fees similar or different from those
charged to the Partnership. The Advisor shall be free to advise others and
manage other accounts during the term of this Agreement and to use the same or
different information, computer programs and trading strategies which it
obtains, produces or utilizes in the performance of services for the
Partnership.

     (k) Right to Approve Offering Materials. The Partnership and the General
         -----------------------------------
Partner each agree that it shall not place any advertisement in any media or
distribute or disseminate any offering materials including, without
limitation, letters, brochures and the Memorandum, which makes any reference
to the Advisor, this Agreement or the transactions or arrangements
contemplated herein without the prior written approval of the Advisor.

     (l) Independent Contractor. This Agreement is not a contract of
         ----------------------
employment, and nothing contained herein shall be construed to create an
exclusive relationship or the relationship of employer or agent and principal
or a joint venture or partnership between the parties hereto, except as
otherwise expressly set forth herein. Each of the Partnership, the General
Partner and the Advisor is an independent contractor and shall be free to
exercise its judgment and discretion with regard to the conduct of its
business except as otherwise limited herein.

     (m) Counterparts. This Agreement may be executed in one or more
         ------------
counterparts, including via facsimile, all of which together shall constitute
one original Agreement. Signatures of representatives of the parties as
received by facsimile machine shall constitute "original" signatures. Any
reproduction of this Agreement by reliable means will be considered an
original of this contract.

     (n) Headings. Headings to sections and subsections in this Agreement are
         --------
for the convenience of the parties and are not a part of or affect the meaning
of this Agreement.

IN WITNESS WHEREOF this Advisory Agreement has been executed for and on behalf
of the undersigned as of the date first above written.

The Partnership:                               The Advisor:

Futures Portfolio Fund, L.P.                   Aspect Capital Limited

By: /s/ Kenneth E. Steben                      By: /s/ Anthony Todd
    ---------------------------------              ----------------------------
        Kenneth E. Steben, President           Anthony Todd, Managing Director
        Steben & Company, Inc.                 Aspect Capital Limited

Steben & Company, Inc.

By: /s/ Kenneth E. Steben
    ---------------------------------
        Kenneth E. Steben, President
        Steben & Company, Inc.

                                     -7-

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