Document:

Exhibit 10.5

                         FUTURES PORTFOLIO FUND, L.P.

                              ADVISORY AGREEMENT

     This ADVISORY AGREEMENT is entered into as of December __, 1997 by and
among Steben Asset Management, Inc., a Maryland corporation (the "General
Partner"), Futures Portfolio Fund, LP, a Maryland limited partnership (the
"Partnership"), and Campbell and Company, Inc., a Maryland corporation (the
"Advisor"), whose main business address is Court Towers Building, 210 West
Pennsylvania Avenue, Suite 770, Baltimore, Maryland 21204.

                                    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
September 12, 1997, 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.l(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 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 ING Futures and
Options, Inc. or such futures commission merchants as is mutually agreed upon
by the Advisor and the General Partner, (the "FCM"). The Advisor may select
its own executing and/or floor brokers for execution of trades and give-up to
the FCM. 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 made or implemented and shall not make any such proposed material change
without having given the Partnership at least 20 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 ordinarily shall not
be deemed a change in the Advisor's trading

<PAGE>

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 .083% of the Account's Net Assets (as defined in ss.2(b)
below) at the end of the month, (1% annually); and (ii) after the end of each
quarter an incentive fee of 25% of any "Trading Profits" (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 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. 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.

         (ii) If there is a carry-forward loss when the Account is
subsequently transferred from Alpine Fund, L.P. to Futures Portfolio Fund,
L.P., then the carry-forward loss will pass on to the Futures Portfolio Fund,
L.P. and the terms of this agreement shall apply.

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 withdrawal, and shall to the extent feasible give the
Advisor advance written notice of such 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.

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.

                                     -2-
<PAGE>

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. 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, 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 will be [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 or on behalf of 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.

     (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.

                                     -3-
<PAGE>

     (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 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 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 (i) any misrepresentation or
breach of any warranty, covenant or agreement of the Advisor contained in this
Agreement or (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 (in each case under this clause (ii) to
the extent, but only to the extent, that such untrue statement or omission was
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.

     (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 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 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.

                                     -4-
<PAGE>

     (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 Trading Advisor hereunder.
Thereafter, this Agreement shall be renewed automatically for additional
one-year terms unless either the Partnership or the Trading Advisor, upon
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) immediately after receipt by the Trading Advisor from the
General Partner or by the General Partner from the Trader's Advisor of written
notice of termination; or

         (iii) immediately if the Trading Advisor can no longer effectively
implement its or his trading strategy on behalf of the Partnership; or

         (iv) immediately, at the discretion of the General Partner, if any of
the following events shall occur; (1) the Trading Advisor shall become
bankrupt or insolvent; (2) the Trading Advisor shall be unable to use all or
any portion of his or its trading systems, methods, models, strategies, or
formulae as in effect on the date of this Agreement, or as refined or modified
in the future in accordance herewith, for the benefit of the Partnership for
any reason whatsoever; (3) the Trading Advisor's registration with the CFTC as
a commodity trading advisor or the Trading Advisor's membership in the NFA in
such capacity shall expire or shall be revoked, suspended, terminated, not
renewed, or limited, conditioned, restricted, or qualified in any material
respect; (4) the Trading 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; (5) the Partnership, upon receipt of not
less than 20 business days' prior written notice from the Trading Advisor
pursuant to Section 1(h) hereof, shall send written notice to the Trading
Advisor stating that the material change proposed by the Trading 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; (6) the Trading 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 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

                                     -5-
<PAGE>

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. 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 Asset Management, Inc.
     and the General Partner:           11140 Rockville Pike, 4th floor
                                        Rockville, MD 20852
                                        Attention:  Kenneth E. Steben, President

     If to the Advisor:                 At the address on page 1 above.

     (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 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 necessary to conduct the business of the Partnership or 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.

     (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

                                     -6-
<PAGE>

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, all of which together shall constitute one original Agreement.

     (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.                    Campbell and Company, Inc.

By:  /s/ Kenneth E. Steben
     ----------------------------------
         Kenneth E. Steben, President           By:  /s/ Therese Becks
         Steben Asset Management, Inc.               ------------------------

                                                Name:  /s/ Therese Becks
                                                       ----------------------

Steben Asset Management, Inc.                   Title:  CFO
                                                        ---------------------

By:  /s/ Kenneth E. Steben
     ----------------------------------
         Kenneth E. Steben, President
         Steben Asset Management, Inc.

                                     -7-EXHIBIT 10.01

                                                  ACKNOWLEDGEMENT OF SEPARATE
                                                  RISK DISCLOSURE STATEMENTS AND
                                                  CUSTOMER AGREEMENT

MERRILL LYNCH FUTURES INC.

By initialing in the space below I acknowledge I have received prior to the
opening of my account the following separate documents and understand them:

1. Futures Risk Disclosure Statement (detach from this form)

             GEC
       ----------------                                ------------------------
       Customer Initial                                Joint Party initial

2.     Options on Futures Risk Disclosure Statement (delivered under separate
       cover)

             GEC
       ----------------                                ------------------------
       Customer Initial                                Joint Party initial

3. Margin Disclosure Statement (detach from this form)

             GEC
       ----------------                                ------------------------
       Customer Initial                                Joint Party initial

4. Foreign Futures and Foreign Options Risk Disclosure Statement (detach from
this form)

             GEC
       ----------------                                ------------------------
       Customer Initial                                Joint Party initial

I also understand the conditions of this Futures Customer Agreement and and
agree to be bound by them.

George E. Crapple                                                     1/10/89
-------------------------------------------------------------------------------
Customer Signature                                                     Date

George E. Crapple, Vice Chairman,
Millburn Ridgefield Corp., General
Partner, NESTOR PARTNERS
-------------------------------------------------------------------------------
Joint Party Signature                                                  Date

<PAGE>

        NESTOR PARTNERS
-------------------------------------------------------------------------------
                  Corporation, Partnership or Other Entity Name

George E. Crapple
-------------------------------------------------------------------------------
Signature                             Title                            Date

George E. Crapple, Vice Chairman,
Millburn Ridgefield Corp., General
Partner, NESTOR PARTNERS
-------------------------------------------------------------------------------
Authorization to Transfer Funds

You may transfer to or from my regulated futures account to any of my other
accounts such excess funds as may be required to avoid a margin call or for any
other reason not in conflict with the rules and regulations of the Commodity
Exchange Act ("regulated" means any contract covered by the Commodity Exchange
Act at the time of such transaction). Any such transfer shall be in compliance
with the Commodity Exchange Act. It is understood that, within a reasonable time
after making any such transfer, you will confirm the same in writing to the
undersigned.

-------------------------------------------------------------------------------
Customer Signature                                                     Date

George E. Crapple, Vice Chairman,
Millburn Ridgefield Corp., GP,
NESTOR PARTNERS                                                       1/10/89
-------------------------------------------------------------------------------
Joint Party Signature                                                  Date

        NESTOR PARTNERS
-------------------------------------------------------------------------------
                  Corporation, Partnership or Other Entity Name

George E. Crapple                                                     1/10/89
-------------------------------------------------------------------------------
Signature                             Title                            Date

George E. Crapple, Vice Chairman,
Millburn Ridgefield Corp., GP
NESTOR PARTNERS

ARBITRATION AGREEMENT

ANY CONTROVERSY ARISING OUT OF OR RELATING TO YOUR ACCOUNT, TO TRANSACTIONS WITH
MERRILL LYNCH PURSUANT TO THIS AGREEMENT OR THE BREACH THEREOF, SHALL BE SETTLED
BY ARBITRATION IN ACCORDANCE WITH THE RULES, THEN IN EFFECT, OF THE NATIONAL
FUTURES ASSOCIATION, THE CONTRACT MARKET UPON WHICH THE TRANSACTION GIVING RISE
TO THE CLAIM WAS EXECUTED OR THE NEW YORK STOCK EXCHANGE, INC., AS YOU MAY
ELECT. IF YOU DO NOT MAKE SUCH ELECTION BY REGISTERED MAIL ADDRESSED TO MERRILL
LYNCH AT ITS MAIN OFFICE WITHIN FORTY-FIVE DAYS AFTER DEMAND BY MERRILL LYNCH
THAT YOU MAKE SUCH ELECTION, THEN MERRILL LYNCH MAY MAKE SUCH ELECTION.

                                       2
<PAGE>

MERRILL LYNCH AGREES TO PAY ANY INCREMENTAL FEES WHICH MAY BE ASSESSED BY THE
FORUM CHOSEN BY YOU FOR THE PROVISION OF A "MIXED PANEL" OF ARBITRATORS, UNLESS
THE ARBITRATORS DETERMINE THAT YOU HAVE ACTED IN BAD FAITH IN INITIATING OR
CONDUCTING THE PROCEEDINGS. JUDGMENT UPON ANY AWARD RENDERED BY THE ARBITRATORS
MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. IN ADDITION NEITHER YOU
NOR MERRILL LYNCH HEREBY WAIVES ANY RIGHT TO ASSERT ANY EQUITABLE REMEDIES WE
MAY HAVE AS AGAINST THE OTHER PRIOR TO THE ELECTION OR COMMENCEMENT OF
ARBITRATION.

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY
IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO
OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING
SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY
EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS
ARBITRATION AGREEMENT BE VOLUNTARY.

BY SIGNING THIS AGREEMENT, YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT
OF LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR
COUNTER-CLAIMS WHICH YOU OR MERRILL LYNCH MAY SUBMIT TO ARBITRATION UNDER THIS
AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO PETITION
THE CFTC TO INSTITUTE REPARATIONS PROCEEDING UNDER SECTION 14 OF THE COMMODITY
EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO
THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF MERRILL
LYNCH INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A VIOLATION
OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION
14 "REPARATIONS" PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE
OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH MERRILL LYNCH. SEE 17
C.F.R. 180.1-180.5

-------------------------------------------------------------------------------
Customer Signature                                                     Date

-------------------------------------------------------------------------------
Joint Party Signature                                                  Date

-------------------------------------------------------------------------------
                  Corporation, Partnership or Other Entity Name

-------------------------------------------------------------------------------
Signature                             Title                            Date

                                       3
<PAGE>

HEDGE AGREEMENT
(To be signed by hedge customers only)

The undersigned represents that all transactions in this account are for hedging
purposes only and shall be entered into solely for the purpose of protecting
against losses which may be incurred in a cash position in a specific commodity,
or with respect to interest rate futures or stock index futures to protect
against losses that may be incurred in an existing securities portfolio.

These transactions are not for speculation. In the event that the undersigned
intends to enter into any transactions in this account for speculative purposes.
I/we shall notify Merrill Lynch in writing prior to the entry of such
transactions.

The undersigned is familiar with all laws, rules and regulations concerning
hedging in such contracts.

-------------------------------------------------------------------------------
Customer Signature                                                     Date

-------------------------------------------------------------------------------
Joint Party Signature                                                  Date

-------------------------------------------------------------------------------
                  Corporation, Partnership or Other Entity Name

-------------------------------------------------------------------------------
Signature                             Title                            Date

CFTC Regulation 190.06 requires that, in the unlikely event of Merrill Lynch's
bankruptcy, you be given the opportunity to give instructions to the bankruptcy
trustee regarding the disposition of your open futures positions. Unless you
indicate a contrary preference in the space provided below, the trustee would be
authorized to liquidate your open positions, without seeking further
instructions from you.

|_|   I would prefer to be contracted by the bankruptcy trustee for instructions
      regarding the disposition of my open futures positions.

                                       4
<PAGE>

                                                                FUTURES CUSTOMER
                                                                AGREEMENT

MERRILL LYNCH FUTURES INC.

In consideration of Merrill Lynch Futures Inc. ("Merrill Lynch") acting as
broker or as principal for the undersigned (hereinafter "you" or "yours" as the
case may be), either directly or through an introduced relationship, you hereby
consent and agree that:

1.    Any and all transactions for your account shall be subject to the
      regulations of all applicable federal, state, and self-regulatory
      agencies, including, but not limited to, the various commodity exchanges
      and the constitution, rules and customs, as the same may be constituted
      from time to time, of the exchange or market (and its clearing house, if
      any) where executed, or to which the transactions relate. You also agree
      not to exceed the position limits set by any federal agency as well as
      limits established by commodity exchanges and boards of trade for your own
      account, acting alone or in concert with others, and to promptly advise
      Merrill Lynch if you are required to file reports of your positions with
      the Commodity Futures Trading Commission or other similar regulatory
      authority.

2.    Any and all commodity futures contracts, options, foreign futures and
      foreign options (hereinafter "commodity futures contracts" and "options"),
      securities, cash or other property now or hereafter held or carried by
      Merrill Lynch or any subsidiary, affiliate or other entity under common
      control either directly or through an introduced relationship thereof for
      you in any accounts in which you have an interest (either individually or
      jointly or otherwise), are to be held by Merrill Lynch as security for the
      payment of any liability of yours to us.

3.    Merrill Lynch shall have the right (in addition to any other right or
      remedy it may have at law, in equity or under this agreement), whenever in
      our discretion we consider it necessary for our protection, or in the
      event that a petition in bankruptcy, or for the appointment of a receiver,
      is filed by or against you, or any similar event, or an attachment is
      levied against your accounts) with us, or in the event of your death,
      incompetency, or disability to:

(A) sell, exercise, offset or otherwise liquidate any or all securities,
commodity futures contracts, options, commodity forward contracts or physical
commodities long in any of your accounts with Merrill Lynch; and/or

(B) buy in, offset or otherwise liquidate any or all securities, commodity
futures contracts, options, commodity forward contracts or physical commodities
short in any of your accounts with Merrill Lynch; and/or

(C) cancel any outstanding orders and/or close out any or all outstanding
contracts and liquidate any of your accounts with Merrill Lynch; and/or

(D) sell or set off and apply any other properly Merrill Lynch may hold for you
(whether held as margin, or for safekeeping or otherwise) or any credit balance
you may have in any of your accounts with Merrill Lynch; and/or

                                       5
<PAGE>

(E) buy or sell securities, commodity futures contracts, options, commodity
forward contracts or physical commodities to enter into and liquidate straddle
or spread positions with respect to any securities, commodity futures contracts,
options, commodity forward contracts or physical commodities long or short in
any of your accounts with Merrill Lynch.

Any action referred to herein may be taken without demand for margin or
additional margin, notice of sale or purchase, or other notice or advertisement,
and any such sales or purchases may be made at Merrill Lynch's discretion on any
exchange or other market where such business is then usually transacted, and on
any such sale we may be the purchaser for our own account; it being understood
that a prior demand, or call, or prior notice of the time and place of such sale
or purchase shall not be considered a waiver of Merrill Lynch's right to sell or
buy without demand or notice as herein provided; and it being further understood
that you shall at all times be liable for the payment of any debit balance owing
in your account(s) with us upon demand and that you shall be liable for any
deficiency remaining in any such account(s) in the event of the liquidation
thereof in whole or in part by us or by you.

4.    Merrill Lynch has the right whenever in our discretion we consider it
      appropriate to raise or lower the margin requirements for any and all
      securities, commodity futures contracts, options, commodity forward
      contracts or physical commodities. Further, these requirements, once
      established, may apply to existing positions as well as to new positions
      in the contracts affected by such change.

5.    [STRIKE OUT THIS PARAGRAPH IF THIS IS A CORPORATION ACCOUNT] You represent
      that you have reached the age of majority and that you are not an employee
      of, or an employee of a member firm of, any exchange or board of trade,
      and that you are not an employee of a self-regulatory agency, bank, trust
      company or insurance company, and you will promptly notify Merrill Lynch
      if you become so employed.

6.    All communications, whether by mail, telegraph, telephone, messenger or
      otherwise, sent to you at your address as given to us from time to time
      shall constitute personal delivery to you.

7.    As part of this agreement you understand that an investigation may be made
      pertaining to your credit standing and your account. If such investigation
      is conducted, you understand you have the right to make a written request,
      within a reasonable period of time, for a complete and accurate disclosure
      of the nature and scope of such investigation.

8.    You acknowledge Merrill Lynch's right to limit the number of open
      positions which you may maintain or acquire through Merrill Lynch at any
      time.

9.    You acknowledge and agree that Merrill Lynch may receive and retain as its
      own any increment or interest accruing from any of the funds Merrill Lynch
      receives from you. You further agree to pay the brokerage commissions
      (which commissions may be shared by more than one of your agents),
      interest and other charges as Merrill Lynch shall establish from time to
      time for your account (whether or not other customers pay lower
      commissions or charges) and to pay any costs or expenses incurred in
      connection with transactions in your account, including without limitation
      any transfer taxes and any transaction fees imposed by any contract
      market, exchange, clearing organization or other self-regulatory body, in
      the

                                       6
<PAGE>

      event you engage in any transactions  effected in a foreign currency,  you
      acknowledge   and  agree  that  any  profit  or  loss  incurred  from  the
      fluctuation  in the exchange rate of such  currency  shall be for your own
      account.

10.   You hereby agree to pay, indemnify Merrill Lynch against and save Merrill
      Lynch harmless from, any liability, cost or expense (including without
      limitation legal fees and expenses and any fines or penalties imposed by
      any governmental agency, contract market, exchange, clearing organization
      or other self-regulatory body), Merrill Lynch may incur or be subjected to
      with respect to your account or any transaction or position therein.
      Without limiting the generality of the foregoing, you agree to reimburse
      Merrill Lynch on demand for any cost of collection incurred by Merrill
      Lynch in collecting any sums owing by you under this agreement and any
      cost incurred by Merrill Lynch in successfully defending against any
      claims asserted by you, in each case including without limitation legal
      fees, interest and expenses.

11.   This agreement and its terms shall be binding upon your heirs, executors,
      administrators, and assigns.

12.   THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

13.   This agreement shall also inure to the benefit of Merrill Lynch's
      successors, by merger, consolidation or otherwise, and assigns, and
      Merrill Lynch may transfer your account to any such successors or assigns.

14.   This agreement shall continue until signed notice of revocation is
      received by or from you, and in the case of such revocation it shall
      continue effective as to transactions entered into prior thereto. Any
      modifications to this agreement must be in writing and accepted by Merrill
      Lynch in writing and no employee of Merrill Lynch is authorized to make
      any representations contrary to the terms of this agreement.

15.   At least two business days prior to the first notice day in the case of
      long positions in futures or forward contracts, and at least two business
      days prior to the last trading day in the case of short positions in open
      futures or forward contracts or long and short positions in options, you
      agree that you will either give Merrill Lynch instructions to liquidate or
      make or take delivery under such futures or forward contracts, or to
      liquidate, exercise or allow the expiration of such options, and will
      deliver to Merrill Lynch, sufficient funds and/or any documents required
      in connection with exercise or delivery. If such instructions or such
      funds and/or documents, with regard to option transactions, are not
      received by Merrill Lynch prior to the expiration of the option, Merrill
      Lynch may allow such option to expire.

                                       7
<PAGE>

                                                     MANAGED FUTURES ACCOUNT
                                                     LIMITED POWER OF ATTORNEY
                                                     AND ACKNOWLEDGEMENT OF
                                                     AGENT'S DISCLOSURE DOCUMENT

I hereby constitute and appoint THE MILLBURN CORP/MILLBURN RIDGEFIELD CORP.
(whose signature appears below), as my agent and attorney-in-fact ("Agent") to
buy, sell (including short sales) and trade in commodities of every nature, and
contracts relating to same (including commodity futures), on margin or
otherwise, and options on commodities and commodity futures contracts, and
foreign futures contracts and foreign options contracts, in accordance with
their practices and procedures. My agent and attorney-in-fact is authorized to
effect the purchase and sale of U.S. Treasury Bills for purposes of satisfying
margin requirements for my account.

In all such purchases, sales or trades, including U.S. Treasury Bills used to
collateralize accounts, my Agent is authorized to act for me and in my behalf in
the same manner and with the same force and effect as I might or could do with
respect to such purchases, sales or trades, as well as with respect to all other
things necessary or incidental to the furtherance or conduct of such purchases,
sales or trades.

I hereby ratify and confirm any and all transactions made by my Agent or Merrill
Lynch for my account with the knowledge that these transactions may be effected
by grouping orders for my account with others for other accounts and that such
executed orders will subsequently be allocated to me, and agree to indemnify you
and hold you free and harmless of any loss, liability or damage by reason
thereof. Furthermore, I recognize that Merrill Lynch is authorized to distribute
commissions between its financial consultants at its sole discretion.

This power of attorney and authorization shall continue in full force and you
and your successors and assigns shall be relying thereon, until you shall
receive written notice or revocation thereof, signed by me; or in the event of
the termination thereof by my death, or my mental incapacity, judicially
determined, until you shall receive actual notice thereof, and such revocation
or termination shall in no way affect the validity of this power and my
liability under the indemnity herein contained, with reference to any
transaction initiated by my agent and attorney-in-fact, prior to the actual
receipt by you of notice of such revocation or termination, as above provided.

In addition; by providing the information necessary to complete the statements
below as they apply to me, and by initialing them, I acknowledge I have received
the following disclosure document from my Agent as required.

ACKNOWLEDGEMENT OF RECEIPT OF DISCLOSURE DOCUMENT FROM AGENT

I acknowledge that I have received a disclosure document prepared pursuant to
Regulation 4.31 of the Commodity Futures Trading Commission from MILLBURN
RIDGEFIELD CORP., the individual to whom I have given authorization to trade my
Account.

George E. Crapple                                         January 10, 1989
-------------------------------------------          ---------------------------
              Customer Initial                                  Date

                                       8
<PAGE>

George E. Crapple, Vice Chairman,
Millburn Ridgefield Corp/The Millburn Corp.
-------------------------------------------          ---------------------------
            Joint Party Initial                                 Date

ACKNOWLEDGEMENT OF TRADING AUTHORIZATION BY CUSTOMER AND AGENT'S STATEMENT
CONCERNING PROVISION OF DISCLOSURE DOCUMENT

1. I have not been provided with a disclosure document pursuant to Regulation
4.31 of the Commodity Futures Trading Commission by the individual to whom I
have given authorization to trade my account.

-------------------------------------------          ---------------------------
              Customer Initial                                  Date

-------------------------------------------          ---------------------------
            Joint Party Initial                                 Date

2. I, the Agent appointed by the above power of attorney, am not required to
provide

                         with a disclosure document for the following reason(s);
------------------------
   (Name of Customer)

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

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

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

-------------------------------------------          ---------------------------
  (Signature of Person to Whom Customer                         Date
     has given Trading Authorization)

ACKNOWLEDGEMENT OF TRADING AUTHORIZATION GIVEN TO A FAMILY MEMBER

I acknowledge that I have given authorization to trade my account to
_____________________ , who is a member of my family (spouse, parent, child,
grandparent, grandchild, brother, sister, aunt, uncle, nephew, niece or in-law).

-------------------------------------------          ---------------------------
              Customer Initial                                  Date

-------------------------------------------          ---------------------------
            Joint Party Initial                                 Date

I also understand and agree to the terms of the foregoing power of attorney.

                                       9
<PAGE>

            NESTOR PARTNERS
-------------------------------------------
 Complete Name of Account (Print or Type)

George E. Crapple                                         January 10, 1989
-------------------------------------------          ---------------------------
           Customer Signature                                   Date

George E. Crapple, Vice Chairman, Millburn
Ridgefield Corp., General Partner, NESTOR
PARTNERS
-------------------------------------------          ---------------------------
            Joint Party Signature                               Date

-------------------------------------------          ---------------------------
               Agent Signature                                  Date

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

-------------------------------------------          ---------------------------
    Name of Agent's Employer, if any                 Address of Agent's Employer

Amy B. Hirsch                        1-6-89
-------------------------------------------          ---------------------------
Manager Approval                      Date
Amy B. Hirsch
Vice President
Merrill Lynch Futures

                                       10
<PAGE>

                                                              COMMODITY POWER
                                                              OF ATTORNEY LETTER

MERRILL LYNCH FUTURES INC.

                                                   Date: January 10, 1989
                                                         -----------------------
                                                   Account Number:
                                                                   -------------

                                                   NESTOR PARTNERS
                                                   -----------------------------
Dear

We have  received a document  by which you have  granted  trading  authority  or
control over your commodity account number __________  carried by us to Millburn
Ridgefield  Corp.  We are required by exchange  rules to bring the  following to
your attention.

Since the risk factor is high in futures  trading,  only  genuine  "risk"  funds
should be used in such trading.  A person who does not have extra capital he can
afford to lose should not trade in the futures market.  No "safe" trading system
has ever been  devised,  and no one can  guarantee  you profits or freedom  from
loss. In fact, no one can even guarantee to limit the extent of your loss.

Even though you have  granted  authority  to another,  you should keep posted on
what is going on in your  account.  We shall  send you a  confirmation  of every
trade  made for your  account,  and a profit  and  loss  statement  showing  the
financial results of each transaction closed out for your account.  In addition,
we shall send you monthly  statements  showing your account  balance,  the exact
position in your account,  the net profit or loss in all contracts  closed since
the date of your last previous statement, and the net unrealized profit and loss
in all open contracts  figured to the market.  You should carefully review these
statements. If you have any questions, call us.

In  accordance  with Merrill  Lynch  policy,  a controlled  account must have an
initial  deposit of $20,000  and be  maintained  at a minimum of $10,000  equity
regardless of lesser,  applicable margin  requirements.  (In determining minimum
equity,  your open positions,  figured to the market,  and all futures traded at
Merrill Lynch shall be included).

Whenever,  at the close of any  business  day,  the  equity  in your  controlled
account  is below  the  required  minimum,  calculated  with all open  positions
figured to the  settling  price,  we shall  promptly  make  demand on you for an
amount sufficient to restore your equity to no less than $10,000. If such amount
is not promptly  received,  we may liquidate your entire position in commodities
at your risk and without further notice to you.

If, for any reason, you wish to revoke the trading  authorization which you have
given, please bear in mind that you can do so only by a written revocation.

                                       Sincerely yours,

                                       Amy B. Hirsch                      1-6-89
                                       -----------------------------------------
                                       Office Manager's Signature
                                       Amy B. Hirsch
                                       Vice President
                                       Merrill Lynch Futures

                                       11
<PAGE>

INSTRUCTIONS TO CLIENT:  After reading this letter and the statement  following,
kindly sign the enclosed copy to indicate your  understanding  and acceptance of
its terms,  and return it in the envelope  provided,  retaining the original for
your records.

This will confirm that I have received and read a copy of the above  letter,  as
well as the document by which I have given trading  authority over my account to
_____________________  and understand fully the obligations which I have assumed
by executing that  document.  I further  understand  that your Firm is in no way
responsible  for any loss to me occasioned  by the actions of the  individual or
organization  named  above  and that  your Firm  does  not,  by  implication  or
otherwise,  endorse the operating methods of such individual or organization.  I
further  understand that no exchange has  jurisdiction  over a non-member who is
not  employed  by one of its  members  and  that if I give  such  individual  or
organization  authority to exercise any of my rights over my account, I do so at
my own risk.

                                       Date: January 10, 1989
                                             -----------------------------------

                                       George E. Crapple
                                       -----------------------------------------
                                       Customer's Signature

                                       George E. Crapple, Vice Chairman,
                                       -----------------------------------------
                                       (If Joint Account Both Parties Must Sign)
                                       Millburn Ridgefield Corp.,
                                       General Partner, NESTOR PARTNERS

           NOTE: OFFICES ARE TO FORWARD TWO (2) COPIES OF THIS LETTER,
                   AN ORIGINAL AND DUPLICATE, TO THE CUSTOMER.

                                       12
<PAGE>

                        PARTNERSHIP ACCOUNT AUTHORIZATION

TO: MERRILL LYNCH FUTURES INC.,
    NEW YORK, N.Y.

            You are authorized and empowered to open and carry an account on
your books in the name of NESTOR PARTNERS , a partnership for the purchase and
sale (including short sales) of commodity futures, commodity options (on futures
and physicals), foreign futures and foreign options, commodity forward contracts
and physical commodities, including currencies, on margin or otherwise, on
exchanges of which you are members or otherwise. Any of the following persons,
to-wit:

(1) MALCOLM H. WIENER,  HARVEY BEKER, GEORGE E. CRAPPLE,  BARRY A. GOODMAN, JOHN
MATTIA,  STEVE  ELLENBERG
is hereby  authorized  to give  written or verbal  instructions  by telephone or
telegraph or otherwise to you to buy or sell (including  short sales)  commodity
futures,  commodity  options,  foreign  futures and foreign  options,  commodity
forward  contracts,  and physical  commodities,  either for  immediate or future
delivery,  and to borrow money in the name of this  partnership  from or through
you, and to secure payment  therefor with property of this  partnership.  Any of
the persons  above named shall at all times have  authority in every way to bind
and obligate this partnership for the carrying out of any contracts  arrangement
or transaction which he shall, for or on behalf of this partnership,  enter into
or make with or through you. You are authorized to receive from this partnership
checks and drafts drawn upon its funds by any of the persons  above named or any
employee  of  this  partnership  and  apply  the  same  to the  credit  of  this
partnership  or to its account.  You are also  authorized to receive from any of
the persons above named,  or any employee of this  partnership,  stocks,  bonds,
options and other  securities,  as collateral or margin upon the account of this
partnership,  and to accept  instructions from any of the persons above named as
to the delivery of stocks,  bonds,  options and other securities for the account
of this partnership and at his direction to cause certificates of stocks, bonds,
options and other  securities held in said account to be transferred to the name
of any of the persons above named or of this  partnership  in the  discretion of
any of the persons above named.  Delivery to such person of such stocks,  bonds,
options and  securities,  issued as directed by him, shall be deemed delivery to
this  partnership.  Any of the  persons  above  named  shall  have  the  fullest
authority  at all times  with  respect  to any  transaction  deemed by him to be
proper  to make or  enter  into for or on  behalf  of this  partnership  with or
through you. All confirmations, notices and demands upon this partnership may be
delivered by you verbally or in writing or by telephone or by telegraph,  to any
of the persons  above named who severally is authorized to empower any person or
persons  that he deems proper at any time or times to do any and all things that
he is hereinbefore authorized to do.

            We, the  undersigned,  certify  that a correct  list of the partners
comprising said partnership is set forth on the reverse side hereof.

            We further certify that all  transactions  which may be entered into
in said account,  or which may have been entered into, are authorized  under the
articles of partnership of the undersigned.

            In case of the death or withdrawal of any one of said  partners,  or
in case of the  termination  or  dissolution  of said  partnership,  we agree to
notify you promptly and to execute

                                       13
<PAGE>

any  supplementary  authorization  which you may require in such event. If we do
not notify you, we hereby  authorize  you to continue to receive  orders in said
account  which may be given to you by any one of the  persons  above  named then
surviving  and to  execute  the same and treat  all  monies,  futures,  options,
securities  or other  property to the credit of said  account as the property of
the remaining  partners,  subject to their order or the order of any one of them
as the case may be.

            This agreement  shall also inure to the benefit of your  successors,
by merger, consolidation or otherwise, and assigns.

            This  agreement  shall continue until signed notice of revocation is
received  by or  from  you and in case of  such  revocation  it  shall  continue
effective as to transactions entered into prior thereto.

(2) George E. Crapple
    --------------------------------          ----------------------------------
    George E. Crapple, Vice Chairman, Millburn Ridgefield Corp.,
    ----------------------------------------------------------------------------
    General Partner, NESTOR PARTNERS
    --------------------------------          ----------------------------------

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

                                              DATE       January 10, 1989
                                                   -----------------------------

KEY: (1) Insert names of partners and persons authorized to give orders in the
         account as provided in this agreement.

     (2) Every general partner must sign.

                                       14
<PAGE>
>

                        (PLEASE TYPE OR PRINT ALL NAMES)

General Partners of                      NESTOR PARTNERS
                    ------------------------------------------------------------
                                      (NAME OF PARTNERSHIP)
--------------------------------------------------------------------------------

           Millburn Ridgefield Corporation
--------------------------------------------------------------------------------

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

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

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

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

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

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

--------------------------------------------------------------------------------
 (IF THE PARTNERSHIP IS A LIMITED PARTNERSHIP INDICATE THE NAMES OF THE LIMITED
                                 PARTNERS BELOW)

                               Please see attached

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

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

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

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

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

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

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

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

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

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

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

                                       15
<PAGE>

                                                     MANAGED FUTURES ACCOUNT
                                                     LIMITED POWER OF ATTORNEY
                                                     AND ACKNOWLEDGMENT OF
                                                     AGENT'S DISCLOSURE DOCUMENT

I hereby constitute and appoint THE MILLBURN CORP/MILLBURN RIDGEFIELD CORP.
(whose signature appears below), as my agent and attorney-in-fact ("Agent") to
buy, sell (including short sales) and trade in commodities of every nature, and
contracts relating to same (including commodity futures), on margin or
otherwise, and options on commodities and commodity futures contracts, and
foreign futures contracts and foreign options contracts, in accordance with
their practices and procedures. My agent and attorney-in-fact is authorized to
effect the purchase and sale of U.S. Treasury Bills for purposes of satisfying
margin requirements for my account.

In all such purchases, sales or trades, including U.S. Treasury Bills used to
collateralize accounts, my Agent is authorized to act for me and in my behalf in
the same manner and with the same force and effect as I might or could do with
respect to such purchases, sales or trades, as well as with respect to all other
things necessary or incidental to the furtherance or conduct of such purchases,
sales or trades.

I hereby ratify and confirm any and all transactions made by my Agent or Merrill
Lynch for my account with the knowledge that these transactions may be effected
by grouping orders for my account with others for other accounts and that such
executed orders will subsequently be allocated to me, and agree to indemnify you
and hold you free and harmless of any loss, liability or damage by reason
thereof. Furthermore, I recognize that Merrill Lynch is authorized to distribute
commissions between its financial consultants at its sole discretion.

This power of attorney and authorization shall continue in full force and you
and your successors and assigns shall be relying thereon, until you shall
receive written notice or revocation thereof, signed by me; or in the event of
the termination thereof by my death, or my mental incapacity, judicially
determined, until you shall receive actual notice thereof, and such revocation
or termination shall in no way affect the validity of this power and my
liability under the indemnity herein contained, with reference to any
transaction initiated by my agent and attorney-in-fact, prior to the actual
receipt by you of notice of such revocation or termination, as above provided.

In addition; by providing the information necessary to complete the statements
below as they apply to me, and by initialing them, I acknowledge I have received
the following disclosure document from my Agent as required.

ACKNOWLEDGEMENT OF RECEIPT OF DISCLOSURE DOCUMENT FROM AGENT

I acknowledge that I have received a disclosure document prepared pursuant to
Regulation 4.31 of the Commodity Futures Trading Commission from MILLBURN
RIDGEFIELD CORP. , the individual to whom I have given authorization to trade my
Account.

                                       16
<PAGE>

George E. Crapple                                        January 10, 1989
-------------------------------------------          ---------------------------
              Customer Initial                                   Date

George E. Crapple, Vice Chairman,
Millburn Ridgefield Corp/The Millburn Corp.
-------------------------------------------          ---------------------------
            Joint Party Initial                                 Date

ACKNOWLEDGEMENT OF TRADING AUTHORIZATION BY CUSTOMER AND AGENT'S STATEMENT
CONCERNING PROVISION OF DISCLOSURE DOCUMENT

1. I have not been provided with a disclosure document pursuant to Regulation
4.31 of the Commodity Futures Trading Commission by the individual to whom I
have given authorization to trade my account.

-------------------------------------------          ---------------------------
              Customer Initial                                  Date

-------------------------------------------          ---------------------------
            Joint Party Initial                                 Date

2. I, the Agent appointed by the above power of attorney, am not required to
provide ________________ with a disclosure document for the following reason(s):
       (Name of Customer)

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

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

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

-------------------------------------------          ---------------------------
  (Signature of Person to Whom Customer                         Date
     has given Trading Authorization)

ACKNOWLEDGEMENT OF TRADING AUTHORIZATION GIVEN TO A FAMILY MEMBER

I acknowledge that I have given authorization to trade my account to
_________________, who is a member of my family (spouse, parent, child,
grandparent, grandchild, brother, sister, aunt, uncle, nephew, niece or in-law).

-------------------------------------------          ---------------------------
              Customer Initial                                  Date

-------------------------------------------          ---------------------------
            Joint Party Initial                                 Date

                                       17
<PAGE>

I also understand and agree to the terms of the foregoing power of attorney.

             NESTOR PARTNERS
-------------------------------------------
  Complete Name of Account (Print or Type)

George E. Crapple                                         January 10, 1989
-------------------------------------------          ---------------------------
             Customer Signature                                 Date

George E. Crapple, Vice Chairman, Millburn
Ridgefield Corp. General Partner, NESTOR
PARTNERS and as Vice Chairman, The
Millburn Corporation
-------------------------------------------          ---------------------------
            Joint Party Signature                               Date

-------------------------------------------          ---------------------------
              Agent Signature                                   Date

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

-------------------------------------------          ---------------------------
     Name of Agent's Employer, if any                Address of Agent's Employer

Amy B. Hirsch                        1-6-89
-------------------------------------------
Manager Approval                      Date
Amy B. Hirsch
Vice President
Merrill Lynch Futures

                                       18
<PAGE>

MERRILL LYNCH FUTURES INC.

SCHEDULE OF TERMS AND CONDITIONS

The terms used herein shall have the same meaning ascribed to them in the
brokerage agreement (the "Agreement") of which this Schedule is part.

1.    REPRESENTATIONS AND WARRANTIES. The Pool, in consideration of the Clearing
      Broker providing the services set forth herein for and in the name of the
      Pool, represents, warrants and agrees that:

      (a) The Pool is a duly organized, validly existing corporation,
      partnership, trust, syndicate or similar form of enterprise, as the case
      may be, under the laws of the state in which it is so organized;

      (b) Attached hereto as Exhibit A is a true and correct certificate of
      resolution signed by the Secretary of, or person serving in a similar
      capacity with respect to, the Pool to the effect that the authorized
      representative (the "Authorized Representative") who executes the
      Agreement is authorized by the Board of Directors, Managing Partner, Board
      of Trustees or person or persons responsible for the management of the
      Pool to execute and deliver on behalf of the Pool and its stockholders,
      partners, beneficiaries or participants, this Agreement and any other
      agreements the Clearing Broker may require, and to do all other things
      necessary or incidental to the conduct of said account;

      (c) Attached hereto as Exhibit B is a true and correct copy of a letter
      from the CFTC stating that all principals in the Pool have been duly
      registered with the CFTC as commodity pool operators;

      (d) Attached hereto as Exhibit C is a true, correct and verified copy of
      the latest available balance sheet and income statement of the Pool and of
      the Pool operators;

      (e) Attached hereto as Exhibit D is a true, correct copy of the Pool's
      articles of incorporation, partnership agreement or other document
      pursuant to which the Pool was organized;

      (f) Attached hereto as Exhibit E is the form of offering circular,
      pursuant to which the Pool has offered stock or other participating
      interests in its capital (the "Offering Circular");

      (g) Attached hereto as Exhibit F is a true and correct copy of the
      transmittal letter from the Pool to the CFTC under which the Offering
      Circular was transmitted to the CFTC for filing;

      (h) Attached hereto as Exhibit G is a copy of the notification of
      membership letter from the National Futures Association to the Pool;

      (i) Attached hereto as Exhibit H is either (i) a registration statement
      filed by the Pool with the Securities and Exchange Commission (the "SEC")
      relating to participating interests in the Pool or (ii) an opinion of
      counsel for the Pool to the effect that the Pool is exempt from
      registration by the SEC, and stating the basis for such exemption;

                                       19
<PAGE>

      (j) Attached hereto as Exhibit I or included with the opinion of counsel,
      if rendered, referred to in subsection (i) of this Section 1, is an
      opinion of counsel for the Pool to the effect that the Pool has qualified
      the stock or other participating interests in the capital assets of the
      Pool for offering and sale under the applicable securities or Blue Sky
      laws of such states and other jurisdictions in which the failure to have
      obtained such qualification would be in violation of such laws, and;

      (k) The Board of Directors, Managing Partner, Board of Trustees or person
      or persons responsible for the management of the Pool has endeavored to
      assure that the stock or other participating interests in the capital
      assets of the Pool has been and will be sold only to investors meeting the
      investor suitability standards, if any, set forth in the Offering
      Circular.

2.    DUTIES OF CLEARING BROKER. The Pool hereby authorizes the Clearing Broker
      to purchase and sell and sell and purchase commodity futures contracts for
      the Pool's account in accordance with written and oral instruction from
      the Pool and/or the Trading Advisors. The Clearing Broker shall provide
      commodity brokerage services for the Pool's commodity futures contract
      trading account established hereunder pursuant to the customary policies
      and procedures of the Clearing Broker.

3.    INVESTMENT DISCRETION. The parties recognize that the Clearing Broker will
      have no authority with respect to the selection of investments to be made
      for the account of the Pool and shall have no obligation to inquire into
      the reason for or method of determining such investment selection, nor any
      obligation to monitor such investment selections in relation to the Pool's
      trading policies.

4.    MARGIN. The Pool shall deposit with the Clearing Broker sufficient funds
      to meet all applicable initial and maintenance margin requirements. The
      Pool shall maintain adequate margins at all times so as to continuously
      meet the margin requirements established for the Pool's account. The
      Clearing Broker may establish margin requirements in its sole and absolute
      discretion and said requirements may exceed the margin requirements set by
      any commodity exchange or other regulatory authority. The Pool
      acknowledges and agrees that the Clearing Broker may receive and retain as
      its own any increment or interest accruing from any of the funds the
      Clearing Broker receives from the Pool.

      If at any time the Pool's account does not contain the amount of margin
      required, the Clearing Broker may, in its sole and absolute discretion,
      close out the Pool's open positions in whole or in part or take any other
      action it deems necessary to satisfy such margin requirements. Failure of
      the Clearing Broker to act in such circumstances shall not constitute a
      waiver of its right to do so at any time thereafter, nor shall the
      Clearing Broker be subject to any liability to the Pool for its failure to
      so act.

5.    DEFICIT BALANCE. The Pool agrees to pay the amount of any deficit balance
      that may result from transactions executed by the Clearing Broker for the
      Pool's account, together with brokerage commissions (which commissions may
      be shared by more than one of the Pool's agents), interest and service
      charges thereon at the rates customarily charged by the Clearing Broker
      and any expenses incurred by the Clearing Broker, including court costs
      and attorney's fees incurred in collecting any such deficit. All such
      payments shall be made

                                       20
<PAGE>

      within 24 hours following the Pool's receipt of the Clearing Broker's
      request for payment (except as modified with respect to wire, and
      telephone requests for margin funds as herein set forth). In the event the
      Pool engages in any transactions effected in a foreign currency, the Pool
      acknowledges and agrees that any profit or loss incurred from the
      fluctuation in the exchange rate of such currency shall be for the Pool's
      own account.

6.    SECURITY INTEREST. All monies, securities, commodities or other property
      now or at any future time in the Pool's account or held, carried or
      maintained by the Clearing Broker for the Pool are hereby pledged with the
      Clearing Broker and shall be subject to a lien and security interest in
      favor of the Clearing Broker to secure any indebtedness and other
      obligations at any time owing from the Pool to the Clearing Broker. In
      enforcing the lien created hereunder, the Clearing Broker shall, in its
      sole and absolute discretion, determine which securities, commodities or
      other property are to be sold and which commodity futures contracts are to
      be closed.

7.    DELIVERY. If, at any time, the Pool shall be unable to deliver to the
      Clearing Broker any security, commodity or other property previously sold
      by the Clearing Broker, on the Pool's behalf, the Pool authorizes the
      Clearing Broker, in the Clearing Broker's sole discretion, to borrow or
      buy and deliver the same, and the Pool shall immediately pay and indemnify
      the Clearing Broker for any and all costs, losses and damages (including
      consequential costs, losses and damages) which it may sustain in making
      such delivery together with any premiums which the Clearing Broker may be
      required to pay and for any and all costs, losses and damages (including
      consequential costs, losses, and damages) which the Clearing Broker may
      sustain from its inability to borrow or buy any such security, commodity
      or other property. In the event the Clearing Broker takes delivery of any
      security or commodity for the Pool's account, the Pool agrees to indemnify
      and hold the Clearing Broker harmless for and against any and all loss it
      may suffer resulting, directly or indirectly, from a decline in value of
      said security or commodity.

8.    COMPLIANCE WITH CERTAIN RULES. All transactions under this Agreement shall
      be subject to the applicable constitution, rules, regulations, customs,
      usages, rulings and interpretations of the exchanges or markets on which
      such transactions are executed for the Pool's account and, where
      applicable, to the provisions of the Commodity Exchange Act, as amended,
      and the rules and regulations promulgated thereunder and to the rules of
      the CFTC and any other applicable governmental statues, rules and
      regulations. The Clearing Broker shall not be liable to the Pool as a
      result of any action by the Clearing Broker or its agents to comply with
      any such constitution, rule, regulation, custom, usage, ruling,
      interpretation, act or statue.

9.    DEFAULT. In the event of (a) dissolution of the Pool; (b) the filing of a
      petition in bankruptcy by or against the Pool; (c) the institution of any
      similar state, federal or other insolvency proceedings by or against the
      Pool; (d) the appointment of a receiver for the Pool of any of the assets
      of the Pool; (e) an attachment being levied against the Pool's account (or
      any of them); (f) a notice of levy with respect to the Pool's account (or
      any of them) being served on either the Clearing Broker or the Pool by any
      competent taxing authority; (g) the Pool failing to meet any margin calls;
      (h) the margin or other collateral deposited to protect the Pool's account
      being determined by the Clearing Broker in its sole and absolute
      discretion, and regardless of current market quotations, to be inadequate
      to secure the account properly; (i) at

                                       21
<PAGE>

      any time the Clearing Broker reasonably and in good faith feeling insecure
      with respect to the sufficiency of the collateral deposited by the Pool;
      or (j) the Pool's account incurring a deficit balance, then the Clearing
      Broker is hereby authorized, in its sole discretion, to sell or cause to
      be sold any or all of the commodity futures contracts, commodities or
      other property of the Pool which may be in the Clearing Broker's
      possession, or which the Clearing Broker may be carrying for the Pool, or
      to buy, or cause to be bought, any commodity futures contracts,
      commodities or other property of which the account or accounts of the Pool
      may be short, or cancel any outstanding orders in order to close out the
      account or accounts of the Pool in whole or in part in order to close out
      any commitment made on behalf of the Pool, all without any liability on
      the part of the Clearing Broker to the Pool or any third party. Such sale,
      purchase, or cancellation may be made according to the Clearing Broker's
      judgment and may be made at its discretion, on the exchange or other
      market where such business is usually transacted, without notice to the
      Pool or the legal representative of the Pool, and without prior tender,
      demand or call of any kind upon the Pool or the legal representative of
      the Pool and the Clearing Broker may purchase the whole or any part
      thereof free from any right of redemption, and the Pool shall remain
      liable for any deficiency, it being understood that a prior tender, demand
      or call of any kind from the Clearing Broker, or prior notice from the
      Clearing Broker, of the time and place of such sale or purchase shall not
      be considered a waiver of the Clearing Broker's right to sell or buy any
      commodity futures contracts, commodities or other property held by the
      Clearing Broker or owned by the Pool, at any time as herein provided or he
      deemed to require any such tender, demand, call or notice on any
      subsequent transaction.

10.   EVENTS BEYOND CONTROL OF THE CLEARING BROKER. The Clearing Broker shall
      not be responsible for any loss or damage caused, directly or indirectly,
      by any events, actions or omissions beyond the control of the Clearing
      Broker, including, without limitation, loss or damage resulting, directly
      or indirectly, from any delays or inaccuracies in the transmission of
      orders or other information due to a breakdown in or failure of any
      transmission or communication facilities.

11.   SEVERABILITY. If any part, term or provision of this Agreement is held by
      any body of competent jurisdiction to be illegal or in conflict with the
      law of any state or any other law, the validity of the remaining portions
      shall not be affected, and the rights and obligations of the parties shall
      be construed and enforced as if this Agreement did not contain the
      particular part, term or provision held to be invalid.

12.   STANDARD OF LIABILITY AND INDEMNITY. The Clearing Broker assumes no
      responsibility hereunder except to render the services required hereby in
      good faith, and it is not responsible hereunder for any action of the Pool
      in following or declining to follow any advice or recommendation given by
      the Trading Advisors. The Clearing Broker, its respective agents,
      employees, officers, directors and affiliates shall not be liable to the
      Pool or any successors or assigns. The Pool shall indemnify the Clearing
      Broker, its respective agents, employees, officers, directors and
      affiliates for all liability incurred in the performance of the services
      required by this Agreement, provided that there has been no judicial
      determination (or an opinion of independent United States counsel for the
      Pool, if no final judgment is entered) that such liability was the result
      of negligence or misconduct and

                                       22
<PAGE>

      that the conduct which was the basis for such  liability was not done in a
      good faith belief that it was in, of not opposed to, the best  interest of
      the Pool.

13.   LEGEND. The Pool hereby agrees to include the following legend in a
      prominent, appropriate location in any amendment of or supplement to the
      Offering Circular (if not included in the Offering Circular as heretofore
      employed):

      "Merrill Lynch Futures Inc. ("Merrill Lynch" or any of its subsidiaries or
      affiliates) acts only as broker or introducing broker for the Pool and as
      such is paid commissions for executing orders on behalf of the Pool.
      Merrill Lynch is not affiliated with the Pool in any way and has not
      reviewed this document or any other statements by the pool or any of its
      employees or agents to determine their accuracy. Merrill Lynch does not
      accept any responsibility for any trading decisions of the Pool, any
      statement in this document, any claims made by any representative of the
      Pool or for any funds not maintained at Merrill Lynch."

14.   COMMODITY POSITIONS OR THE CLEARING BROKER. The Pool understands that the
      Clearing Broker and/or its officers, directors, employees, affiliates,
      agents or other representatives may have positions in or may intend to
      acquire positions in commodities or commodity futures contracts which
      positions may or may not be consistent with the positions held or intended
      to be held by the Pool.

15.   CONFIRMATION. Confirmation of trades, statements of account, margin calls
      and any other notices sent by the Clearing Broker to the Pool shall be
      conclusively deemed accurate and complete if not objected to in writing
      within five (5) days from the date of each such notice.

16.   TERM. This Agreement shall continue in effect for a period of one year
      from the date on which the Pool commences trading in commodity futures
      contracts under this Agreement; provided, however, that this Agreement may
      be terminated at will by the Clearing Broker.

17.   JOINT AND SEVERAL LIABILITY. If the Pool is a partnership, the obligations
      under this Agreement of each general partner of the Pool shall be joint
      and several and shall be for the total liabilities under the Agreement to
      the Clearing Broker.

18.   WAIVER. Subject to Section 8 hereof, no provision of this Agreement shall
      in any respect be waived, altered, modified or amended unless such waiver,
      alteration, modification or amendment be committed to writing and signed
      by the party against whom is asserted such waiver, alteration,
      modification or amendment.

19.   ASSIGNMENTS. This Agreement shall inure to the benefit of the Clearing
      Broker and its successors and assigns and the Pool and its successors and
      assigns; provided, however, that no assignment of this Agreement shall be
      made by the Pool without the prior written consent of the Clearing Broker.

20.   NOTICE. Any notice under the Agreement shall be given or confirmed in
      writing, delivered personally or sent by certified mail, postage prepaid,
      addressed as may be specified hereafter by the parties hereto.

                                       23
<PAGE>

21.   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                       24
<PAGE>

MERRILL LYNCH FUTURES INC.

ARBITRATION AGREEMENT

Any controversy arising out of or relating to the Pool's account, to
transactions with the Clearing Broker for the Pool or to this Agreement or the
breach thereof, shall be settled by arbitration in accordance with the rules,
then in effect, of the National Futures Association, the contract market upon
which the transaction giving rise to the claim was executed or the New York
Stock Exchange, Inc., as the Pool may elect. It the Pool does not make such
election by registered mail addressed to the Clearing Broker at its main office
within forty-five days after demand by the Clearing Broker that the Pool make
such election, then the Clearing Broker may make such election. The Clearing
Broker agrees to pay any Incremental fees which may be assessed by the forum
chosen by the Pool for the provision of a "Mixed Panel" of arbitrators, unless
the arbitrators determine that the Pool has acted in bad faith in initiating or
conducting the proceedings. Judgment upon any award rendered by the arbitrators
may be entered in any court having jurisdiction thereof. In addition, neither
the Pool nor Clearing Broker hereby waives any right to assert any equitable
remedies each may have as against the other prior to the election or
commencement of arbitration.

THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT
LITIGATION, REPARATIONS AT THE COMMODITY FUTURES TRADING COMMISSION (CFTC) AND
ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY
IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO
OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING
SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY
EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS
ARBITRATION AGREEMENT BE VOLUNTARY.

BY SIGNING THIS AGREEMENT, YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT
OF LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR
COUNTERCLAIMS WHICH YOU OR MERRILL LYNCH MAY SUBMIT TO ARBITRATION UNDER THIS
AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO PETITION
THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY
EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO
THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF MERRILL
LYNCH INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A VIOLATION
OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION
14 "REPARATIONS" PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE
OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

                                       25
<PAGE>

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH MERRILL LYNCH. SEE 17
C.F.R. 180.1-180.5.

Name of Commodity Pool:
                        --------------------------------------------------------

By (Signature):
                ----------------------------------------------------------------

Title:
       -------------------------------------------------------------------------

Date:
       -------------------------------------------------------------------------

AUTHORIZATION TO TRANSFER FUNDS

The Clearing Broker may transfer to or from the Pool's regulated commodity
account to any of the Pool's other accounts such excess funds as may be required
to avoid a margin call or for any other reason not in conflict with the rules
and regulations of the Commodity Exchange Act, as amended (the "Commodity
Exchange Act"). Any such transfer shall be in compliance with the Commodity
Exchange Act. (The term "regulated commodity" shall mean any commodity covered
by the Commodity Exchange Act at the time of such transaction.) It is understood
that, within a reasonable time after making any such transfer, the Clearing
Broker will confirm the same in writing to the Pool.

Name of Commodity Pool: NESTOR PARTNERS
                        --------------------------------------------------------

By (Signature): George E. Crapple
                ----------------------------------------------------------------
                George E. Crapple, Vice Chairman, Millburn Ridgefield Corp.

Title: General Partner
       -------------------------------------------------------------------------

Date:  March 27, 1989
       -------------------------------------------------------------------------

                                       26
<PAGE>

BROKERAGE
AGREEMENT FOR
COMMODITY POOLS

MERRILL LYNCH FUTURES INC.

LETTER OF AGREEMENT

In consideration of Merrill Lynch Futures Inc. (the "Clearing Broker") providing
commodity brokerage and certain other services to the undersigned commodity pool
(the "Pool") in connection with the trading of commodity futures, commodity
options, foreign futures and foreign options, forward contracts and physical
commodities (collectively referred to herein as "commodity futures contracts")
and pursuant to the terms and conditions set forth herein and in the schedule of
terms and conditions (the "Schedule of Terms and Conditions") herein, the Pool
agrees to the following:

The Pool hereby authorizes the Clearing Broker to purchase and sell and sell and
purchase commodity futures contracts for the Pool's account in accordance with
written or oral instructions from the Pool and/or certain trading advisors
designated by the Pool (the "Trading Advisors"). The Clearing Broker shall
provide the services described in Item 2 in the Schedule of Terms and Conditions
for the Pool's commodity futures contract trading account which will be
established hereunder.

The Clearing Broker's remuneration for the services provided by it hereunder
will be limited to the standard brokerage fee established or modified from time
to time by the Clearing Broker and communicated to the Pool in accordance with
the customary policies and procedures of the Clearing Broker.

The Pool acknowledges that it has received and understands the Risk Disclosure
Statement furnished the Pool by the Clearing Broker pursuant to Rule 1.55 of the
Commodity Futures Trading Commission (the "CFTC") and the Margin Disclosure
Statement prior to the opening of the Pool's commodity futures contract account
to be established hereunder (detach from this form).

Name of Commodity Pool: NESTOR PARTNERS
                        --------------------------------------------------------

By (Signature): George E. Crapple
                ----------------------------------------------------------------
                George E. Crapple, Vice Chairman, Millburn Ridgefield Corp.

Title: General Partner
       -------------------------------------------------------------------------

Date:  March 27, 1989
       -------------------------------------------------------------------------

                                       27
<PAGE>

The Pool acknowledges that it has received and understands the Options on
Futures Risk Disclosure Statement (delivered under separate cover).

Name of Commodity Pool: NESTOR PARTNERS
                        --------------------------------------------------------

By (Signature): George E. Crapple
                ----------------------------------------------------------------
                George E. Crapple, Vice Chairman, Millburn Ridgefield Corp.

Title: General Partner
       -------------------------------------------------------------------------

Date:  March 27, 1989
       -------------------------------------------------------------------------

The Pool acknowledges that it has received and understands the Foreign Futures
and Foreign Options Risk Disclosure Statement given in connection with a Trading
Authorization (detach from this form).

Name of Commodity Pool: NESTOR PARTNERS
                        --------------------------------------------------------

By (Signature): GEORGE E. CRAPPLE
                ----------------------------------------------------------------
                GEORGE E. CRAPPLE, VICE CHAIRMAN, MILLBURN RIDGEFIELD CORP.

Title: GENERAL PARTNER
       -------------------------------------------------------------------------

Date:  MARCH 27, 1989
       -------------------------------------------------------------------------

                                       28

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