Document:

EXHIBIT 4.1

                           AIS FUTURES FUND IV L.P.

                          SECOND AMENDED AND RESTATED
                         LIMITED PARTNERSHIP AGREEMENT

                        Dated as of September 30, 2000

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            THE UNITS OF LIMITED PARTNERSHIP INTEREST CREATED BY THIS LIMITED
PARTNERSHIP AGREEMENT ARE BEING ACQUIRED FOR INVESTMENT, HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND LAWS OR
AN OPINION OF COUNSEL SATISFACTORY TO THE GENERAL PARTNER THAT SUCH
REGISTRATION IS NOT REQUIRED AND THAT SUCH SALE, TRANSFER, PLEDGE OR
HYPOTHECATION WILL HAVE NO ADVERSE TAX CONSEQUENCES FOR THE PARTNERSHIP OR ANY
OTHER PARTNER. THE SALE OR OTHER TRANSFER OF THESE INTERESTS IS ALSO SUBJECT
TO CERTAIN OTHER RESTRICTIONS SET FORTH IN THIS LIMITED PARTNERSHIP AGREEMENT,
INCLUDING THE REQUIREMENT THAT THE GENERAL PARTNER CONSENT TO SUCH SALE OR
TRANSFER.

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                           AIS FUTURES FUND IV L.P.

                          SECOND AMENDED AND RESTATED
                         LIMITED PARTNERSHIP AGREEMENT

                               TABLE OF CONTENTS
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<S> <C>                                                                                      <C>
1.  FORMATION AND NAME                                                                        A-3

2.  PRINCIPAL PLACE OF BUSINESS                                                               A-3

3.  BUSINESS                                                                                  A-3

4.  DISSOLUTION, FISCAL YEAR AND CERTAIN DEFINITIONS                                          A-4

5.  PRIVATE OFFERING OF UNITS OF LIMITED PARTNERSHIP INTEREST; CAPITAL CONTRIBUTIONS          A-4

6.  ALLOCATION OF PROFITS AND LOSSES                                                          A-5

7.  MANAGEMENT OF THE PARTNERSHIP                                                             A-7

8.  REPORTS TO LIMITED PARTNERS                                                               A-8

9.  ASSIGNABILITY OF UNITS ONLY WITH CONSENT; REDEMPTION OF UNITS; SUSPENSION OF
    TRADING IN CERTAIN EVENTS                                                                 A-9

10. ADMISSION OF ADDITIONAL PARTNERS                                                          A-9

11. BENEFIT PLAN INVESTORS                                                                   A-10

12. SPECIAL POWER OF ATTORNEY                                                                A-10

13. WITHDRAWAL OF A PARTNER                                                                  A-11

14. NO PERSONAL LIABILITY FOR RETURN OF CAPITAL                                              A-11

15. STANDARD OF LIABILITY; INDEMNIFICATION                                                   A-12

16. AMENDMENTS; MEETINGS                                                                     A-13

17. GOVERNING LAW                                                                            A-13

18. MISCELLANY                                                                               A-13
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                           AIS FUTURES FUND IV L.P.

                          SECOND AMENDED AND RESTATED
                         LIMITED PARTNERSHIP AGREEMENT

            This Second Amended and Restated Limited Partnership Agreement
("Limited Partnership Agreement") made as of September 30, 2000, among AIS
Futures Management LLC, a Delaware limited liability company, as general
partner (the "General Partner"), and each other party who shall execute a
counterpart of this Limited Partnership Agreement as a limited partner or who
becomes a party to this Agreement as a limited partner by execution of a
Subscription Agreement and Power of Attorney or other instrument or otherwise
and who is shown on the books and records of the Partnership as a limited
partner (individually, a "Limited Partner" and collectively, "Limited
Partners") (the General Partner and Limited Partners are collectively referred
to herein as "Partners");

                             W I T N E S S E T H:

            WHEREAS, the parties hereto desire to form and continue a limited
partnership for the purpose of trading in commodity interests.

            NOW, THEREFORE, the parties hereto agree as follows:

            1. Formation and Name.

            The parties hereto do hereby form and continue a limited
partnership under the Revised Uniform Limited Partnership Act of the State of
Delaware, as amended and in effect on the date hereof (6 DEL. C. ss. 17-101,
et seq.) (the "Act"). The existing Partners prior to the date hereof have
consented to the amendment and restatement of the Amended and Restated Limited
Partnership Agreement ("Prior Agreement") dated August 11, 1997. This Second
Amended and Restated Limited Partnership Agreement replaces the Prior
Agreement in its entirety. The name of the limited partnership is AIS Futures
Fund IV L.P. (the "Partnership"). The General Partner may change the name of
the Partnership, or cause the Partnership to transact business under such
other name as the General Partner may designate, upon notice to the Limited
Partners. The General Partner shall execute and file a Certificate of Limited
Partnership in accordance with the provisions of the Act and execute, file,
record and publish, as appropriate, such amendments thereto, assumed name
certificates and other documents as are or become necessary or advisable as
determined by the General Partner. Each Limited Partner hereby agrees to
furnish to the General Partner a power of attorney which may be filed with the
Certificate of Limited Partnership and any amendments thereto and such
additional information as is required from him to complete such documents and
to execute and cooperate in the filing, recording or publishing of such
documents, at the request of the General Partner.

            2. Principal Place of Business.

            The principal office of the Partnership shall be in care of the
General Partner, 187 Danbury Road, P.O. Box 806, Wilton, Connecticut 06897, or
such other place as the General Partner may designate from time to time.

            The address of the registered office of the Partnership in the
State of Delaware is c/o The Corporation Trust Company, Corporation Trust
Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, and
the name and address of the registered agent for service of process on the
Partnership in the State of Delaware is The Corporation Trust Company,
Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County,
Delaware 19801.

            The General Partner may change the registered office and
registered agent of the Partnership upon notice to the Limited Partners.

            3. Business.

            The Partnership's business and purpose is to trade, buy, sell or
otherwise acquire, hold or dispose of commodities, commodity futures and
forward contracts, options on any of the foregoing and any rights pertaining

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thereto and to engage in all activities incident thereto. The objective of the
Partnership's business is appreciation of its assets through speculative
trading. The Partnership may engage in such business directly or through
partnerships, joint ventures or similar arrangements.

            4. Dissolution, Fiscal Year and Certain Definitions.

            (a) Term. The Partnership commenced on the day on which the
Certificate of Limited Partnership was filed in the appropriate office in the
State of Delaware pursuant to the provisions of the Act and shall continue for
a period ending on the first to occur of the following:

            (i) December 31, 2026.

            (ii) A decline in the Net Assets (defined below) of the
      Partnership as of the close of business in New York, New York (as
      determined by the General Partner) to $50,000 or less.

            (iii) The withdrawal (including withdrawal after suspension of
      trading), dissolution, bankruptcy or removal of the General Partner as
      described in Paragraph 13 or 16 hereof (unless a new general partner has
      been substituted and the Partnership is continued pursuant to Paragraph
      10 or 16).

            (iv) Any event which shall make unlawful the continued existence
      of the Partnership or requiring termination of the Partnership.

            (b) Dissolution. Upon the first to occur of the above events, the
Partnership shall terminate and be dissolved. Dissolution, payment of
creditors and distribution of the Partnership's assets shall be effected in
accordance with the Act except that the General Partner and each Limited
Partner shall share in the assets of the Partnership pro rata in accordance
with their respective capital accounts, less any amount owing by such Partner
to the Partnership.

            (c) Fiscal Year. The fiscal year of the Partnership shall begin on
January 1 of each year and end on the following December 31.

            (d) Certain Definitions. The Net Assets of the Partnership are its
assets less its liabilities, determined in such manner as the General Partner
may deem fair and reasonable and in a manner consistent with industry
standards. The Net Assets attributable to the Series A Units ("Series A
Assets"), Series B Units, if any ("Series B Assets"), etc. are those assets
identified in the Partnership's books and records as being for the account of
the holders of Series A Units, Series B Units, etc., respectively.

            In determining the Net Assets of a Series of Units, the same
method shall be used as in determining the Net Assets of the Partnership,
except as follows: Only the Series A Assets (in the case of the Series A Net
Asset Value) or the Series B Assets, if any (in the case of the Series B Net
Asset Value), etc. shall be considered as assets of that Series in calculating
the Net Asset Value of the Series. In addition, only the portion of the
Partnership's liabilities that is attributable to the particular Series shall
be considered as liabilities of that Series. Such allocation shall be made by
the General Partner, in consultation with the Partnership's accountants, based
on the following guidelines: (i) common expenses (namely, all direct expenses,
such as the brokerage commissions and administrative expenses) shall be
calculated at least monthly and apportioned among the Series A Assets, Series
B Assets, if any, etc., in the ratio that the Net Assets of each Series bears
to the Partnership's Net Assets; and (ii) Management Fees and Profit Shares
shall be calculated and allocated separately on a monthly basis.

            5. Private Offering of Units of Limited Partnership Interest;
Capital Contributions.

            The Partners' contributions to the capital of the Partnership
shall be as shown in the books and records of the Partnership.

            Interests in the Partnership, other than the general partnership
interest of the General Partner, shall be units of limited partnership
interest ("Units" or, individually, a "Unit"), and the Partnership may, but
need not, issue Units in thousandths of a Unit. Units may be issued in any
number of Series. Initially Series A and Series B Units will be issued. Unless
otherwise indicated, references herein to the "Units" shall refer to all
series of Units.

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            After the commencement of operations by the Partnership, the
General Partner may on behalf of the Partnership admit additional Limited
Partners to the Partnership in compliance with applicable law and may issue
and sell Units to them at not less than the then Net Asset Value for the
relevant Series of Units; provided that such proceeds may be less than said
Net Asset Value per Unit if the newly offered Units' participation in the
Partnership's profits and losses is proportionately reduced. Selling
commissions and organizational and offering charges may be paid from the
proceeds of Unit sales provided that the net proceeds to the Partnership are
not less than the current Net Asset Value for the relevant Series of Units.
The General Partner is authorized to take such action and make such
arrangements for the issue and sale of such Units, if any, as it deems
appropriate.

            All Units subscribed for upon receipt of a check or draft of the
subscriber are issued subject to the collection of the funds represented by
such check or draft. In the event a check or draft of a subscriber for Units
representing payment for Units is returned unpaid, the Partnership shall
cancel the Units issued to such subscriber represented by such returned check
or draft. Any losses or profits sustained by the Partnership in connection
with the Partnership's commodity trading allocable to such canceled Units
shall be deemed an increase or decrease in Net Assets and allocated among the
remaining Partners as described in Paragraph 6. Each subscriber agrees to
reimburse the Partnership for any expense or loss (including any trading loss)
incurred in connection with the issuance and cancellation of any such Units
issued to him.

            The General Partner may decide not to accept any subscriptions for
Units if doing so would cause the Partnership to hold "plan assets" under the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the
Internal Revenue Code of 1986, as amended (the "Code"). In the event the
General Partner makes such a decision, subscriptions which are otherwise
acceptable and which are pending at the same time will be reduced pro rata in
proportion to the amount of each pending subscription. If a subscriber has its
subscription reduced as described above, such subscriber shall be entitled to
rescind its subscription in its entirety.

            6. Allocation of Profits and Losses.

            (a) Capital Accounts and Profit Sharing Accounts. A capital
account shall be established for each Partner. The initial balance of each
capital account shall be the amount initially contributed to the Partnership
with respect to Units allocated to that account. A Profit Sharing Account
shall also be established solely for bookkeeping purposes.

            (b) Allocations; Valuation Dates. As of the close of business (as
determined by the General Partner) on the last day of each month and on each
redemption date, the following determinations and allocations shall be made
with respect to each Series of Units:

            (1) The Net Assets (after all fees and other charges) of such
      Series shall be determined.

            (2) The Profit Sharing Account will be credited with any accrued
      Profit Share. Any Profit Share for such taxable year that has been
      reversed will decrease the Profit Sharing Account.

            (3) The amount of any distribution to a Partner of such Series,
      any amount paid to a Partner of such Series upon redemption of Units of
      such Series and any amount paid to the General Partner on withdrawal of
      its interest in the Partnership shall be charged to the Partner's
      capital account.

            (4) Any remaining increase or decrease in the Net Assets of such
      Series as compared to the last such determination of Net Assets of such
      Series shall be credited or charged to the capital accounts of each
      Partner holding Units of such Series in the ratio that the balance of
      each account bears to the balance of all accounts of such Series.

            (5) The Net Asset Value of a Unit of such Series shall be
      determined.

            Upon request, the General Partner will advise any Limited Partner
of the current Net Asset Value of a Unit for the relevant Series of Units.

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            (c) Allocation of Profit and Loss for Federal Income Tax Purposes.
As of the end of each fiscal year, the Partnership's profit or loss shall be
allocated among the Partners for federal income tax purposes pursuant to the
following subparagraphs.

            (1) Items of operating income, including, without limitation,
      interest, shall be allocated first to the General Partner to the extent
      of any credits to the Profit Sharing Account (to the extent that there
      are also items of net realized capital gain to be allocated in respect
      of the Profit Sharing Account as described below, the allocation of
      operating income or capital gain shall be made on a pro rata basis). Any
      such items remaining after such priority allocation and all items of
      operating expense, legal, accounting, administrative and Management
      Fees, brokerage and service fees shall be allocated to each Partner by
      allocating such items which accrued during the year among the persons
      who were Partners during such year in the ratio that each such Partner's
      capital account bears to all such Partners' capital accounts at the end
      of such year; provided that, if and to the extent that in determining
      the Net Asset Value of each Series, any such items that were apportioned
      entirely to one Series or were apportioned on a basis other than the
      relative Net Asset Values of the Series, then such items shall first be
      apportioned among the Series on the same basis as they were apportioned
      in determining the Net Asset Values of the respective Series and shall
      then be further allocated among the Partners holding each Series, based
      on their respective book capital accounts (exclusive of such items) at
      the end of the month in which such items accrued.

            (2) Net realized capital gain or loss from the Partnership's
      trading activities shall be allocated separately with respect to each
      Series in the following manner:

            (aa) For the purpose of allocating the Partnership's net realized
      capital gain or loss among the Partners, there shall be established a
      tax allocation account with respect to each outstanding Unit. The
      initial balance of each allocation account shall be the amount paid to
      the Partnership for the Unit. Allocation accounts shall be adjusted as
      of the end of each fiscal year as follows:

                  (i) Each allocation account shall be increased by the amount
            of income allocated to the holder of the Unit with respect to the
            Unit pursuant to subparagraph (c)(1) above and subparagraph (cc)
            below.

                  (ii) Each allocation account shall be decreased by the
            amount of expense or loss allocated to the holder of the Unit with
            respect to the Unit pursuant to subparagraphs (c)(1) above and
            subparagraph (ee) below and by the amount of any distribution the
            holder of the Unit has received with respect to the Unit (other
            than on redemption of Units).

                  (iii) When a Unit is redeemed, the allocation account with
            respect to such Unit shall be eliminated.

            (bb) Net realized capital gain shall be allocated first to the
      General Partner to the extent of any balance in the Profit Sharing
      Account and next to each Partner who has redeemed a Unit during the
      fiscal year up to the excess, if any, of the amount received upon
      redemption of the Unit over the allocation account attributable to the
      redeemed Unit. If the gain to be so allocated to all Partners who have
      redeemed Units during a fiscal year is less than the excess of all such
      amounts received upon redemption over all such allocation accounts, the
      entire capital gain for such fiscal year shall be allocated among all
      such Partners in the ratio that each such Partner's excess bears to the
      aggregate excess of all such Partners who redeemed Units during such
      fiscal year.

            (cc) Net realized capital gain remaining after the allocation
      thereof pursuant to subparagraph (bb) shall be allocated next among all
      Partners whose capital accounts are in excess of their Units' allocation
      accounts (after the adjustments in subparagraph (bb)) in the ratio that
      each such Partner's excess bears to all such Partners' excesses. In the
      event that gain to be allocated pursuant to this subparagraph (cc) is
      greater than the excess of all such Partners' capital accounts over all
      such allocation accounts, the excess will be allocated among all
      Partners in the ratio that each Partner's capital account bears to all
      Partners' capital accounts.

            (dd) Net realized capital loss shall be allocated first to each
      Partner who has redeemed a Unit

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      during the fiscal year up to the excess, if any, of the allocation
      account attributable to the redeemed Unit over the amount received upon
      redemption of the Unit. If the loss to be so allocated to all Partners
      who have redeemed Units during a fiscal year is less than the excess of
      all such allocation accounts over all such amounts received upon
      redemption, the entire capital loss for such fiscal year shall be
      allocated among all such Partners in the ratio that each such Partner's
      excess bears to the aggregate excess of all such Partners who redeemed
      Units during such fiscal year.

            (ee) Net realized capital loss remaining after the allocation
      thereof pursuant to subparagraph (dd) shall be allocated next among all
      Partners whose Units' allocation accounts (after the adjustments in
      subparagraph (dd)) are in excess of their capital accounts in the ratio
      that each such Partner's excess bears to all such Partners' excesses. In
      the event that loss to be allocated pursuant to this subparagraph (ee)
      is greater than the excess of all such allocation accounts over all such
      Partners' capital accounts, the excess loss will be allocated among all
      Partners in the ratio that each Partner's capital account bears to all
      Partners' capital accounts. No losses are allocated to the General
      Partner in respect of credits to the Profit Sharing Account.

            (ff) In the event that a Unit has been assigned with the consent
      of the General Partner, the allocations prescribed by this Paragraph
      6(c) shall be made with respect to such Unit without regard to the
      assignment except that in the year of assignment the allocations
      prescribed by Paragraph 6(c)(1) shall be divided between the assignor
      and the assignee based on the number of whole months each held the
      assigned Unit. For purposes of this Paragraph 6(c), tax allocations
      shall be made to the General Partner's general partnership interest on a
      Unit-equivalent basis.

            (gg) The allocations of profit and loss to the Partners in respect
      of the Units shall not exceed the allocations permitted under Subchapter
      K of the Internal Revenue Code of 1986, as amended (the "Code"), as
      determined by the General Partner, whose determination shall be binding.
      The purpose of the foregoing allocations is to allocate taxable income
      so as nearly as possible to have Limited Partners' tax basis accounts
      equal to their capital accounts as provided by the Code, including
      without limitation a "Qualified Income Offset."

            (3) For the purposes of this Paragraph 6(c), net realized capital
      gain or loss shall include any gain or loss required to be taken into
      account under Section 1256 of the Code.

            (d) Expenses. Operating expenses and all other liabilities of the
Partnership shall be paid by the Partnership and shall accrue to the capital
accounts of the Partners as incurred.

            (e) Limited Liability of Limited Partners. Each Unit, when
purchased in accordance with this Limited Partnership Agreement, shall, except
as otherwise provided by law, be fully paid and nonassessable. Any provisions
of this Limited Partnership Agreement to the contrary notwithstanding, no
Limited Partner shall be liable for Partnership obligations in excess of the
capital contributed by him, plus his share of undistributed profits and assets
(including his obligation, as required by law, under certain circumstances to
return to the Partnership distributions and returns of contributions).

            (f) Return of Limited Partners' Capital Contributions. Except to
the extent that a Limited Partner shall have the right to withdraw capital in
accordance with the terms of this Limited Partnership Agreement, no Limited
Partner shall have any right to demand the return of any capital contribution
or any profits added thereto, except upon termination and dissolution of the
Partnership. In no event shall a Limited Partner be entitled to demand or
receive property other than cash.

            7. Management of the Partnership.

            The General Partner, to the exclusion of all Limited Partners,
shall control, conduct and manage the business of the Partnership. The General
Partner shall have sole discretion in determining what distributions of
profits and income, if any, shall be made to the Partners, shall execute
various documents on behalf of the Partnership and the Partners and supervise
the liquidation of the Partnership if an event causing termination of the
Partnership occurs.

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            The General Partner may, in furtherance of the business of the
Partnership, cause the Partnership to buy, sell, hold, otherwise acquire or
dispose of commodities, commodity futures and commodity forward contracts, and
options on the foregoing traded on exchanges or otherwise. The General Partner
may engage and compensate on behalf of the Partnership, from funds of the
Partnership, and enter into joint ventures or employment, independent
contractor or other agreements on such terms with, such persons, firms or
corporations, including the General Partner and any affiliate of the General
Partner, as the General Partner in its sole judgment shall deem advisable for
the conduct and operation of the business of the Partnership.

            AIS will have complete discretion with respect to the
Partnership's trading decisions in respect of the Partnership's assets. The
General Partner is hereby authorized on behalf of the Partnership: (i) to
enter into customer agreements with commodity brokers; (ii) to cause the
Partnership to pay the brokerage commissions at the rates provided for in the
customer agreements; (iii) to cause the Partnership to pay to the General
Partner a monthly Management Fee (as defined below); and (iv) to cause the
Partnership to pay to the General Partner a Profit Share (as defined below).
Such fees and expenses may be increased by the General Partner upon notice to
the Limited Partners.

            Monthly Management Fees shall equal 1/12 of 2% of Net Assets (a 2%
annual rate). Profit Shares shall equal 20% of any New Trading Profits (as
defined below) in the Net Asset Value of each Unit as of each calendar
year-end.

            New Trading Profit is the net profits, if any, from the General
Partner's commodity trading through the end of the relevant period, after
subtraction of brokerage commissions (including the difference, positive or
negative, in accrued commissions on open positions between the end of such
period and the end of the previous period) and operating expenses. Interest
income is included in New Trading Profit for purposes of calculating the
Profit Share payable to the General Partner. Any trading losses from prior
periods must be recouped before New Trading Profit can again be generated. New
Trading Profit includes open trade equity which may, in fact, never be
realized. New Trading Profit is only recognized to the extent that cumulative
profits exceed the previous period-end high. If any Profit Shares are
allocated to the General Partner, in respect to New Trading Profits earned by
a Limited Partner, and the Limited Partner thereafter incurs trading losses,
the General Partner will nevertheless retain the Profit Shares previously
allocated.

            The General Partner may take such other actions on behalf of the
Partnership as it deems necessary or desirable to manage the business of the
Partnership.

            The General Partner is hereby appointed "tax matters partner" of
the Partnership, and it is agreed and acknowledged that the General Partner
may, in its discretion, determine how to classify any item of income, loss,
gain or deduction of the Partnership and any Profit Share or other allocations
made by any advisory agreement or other business arrangement in which the
Partnership may invest, for federal income tax purposes.

            The General Partner is engaged and may engage in other business
activities and shall not be required to refrain from any other activity
(whether in competition with the Partnership or not) nor forego any profits
from any such activity, whether as general partner, commodity broker,
introducing broker or trading advisor of additional partnerships for
investment in commodity futures contracts or otherwise. Limited Partners may
similarly engage in any such other business activities.

            No person dealing with the General Partner shall be required to
determine its authority to make any undertaking on behalf of the Partnership,
nor to determine any fact or circumstance bearing upon the existence of the
General Partner's authority to bind and act on behalf of the Partnership.

            8. Reports to Limited Partners.

            The General Partner will cause each Partner to receive: (i) within
90 days after the close of each fiscal year, audited financial statements
(including a balance sheet and statement of income) of the Partnership for the
fiscal year then ended; (ii) within 90 days after the close of each fiscal
year, such tax information as is necessary for such Partner to complete his
federal income tax return; and (iii) such other information as the Commodity
Futures Trading Commission may by regulation require.

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            9. Assignability of Units Only with Consent; Redemption of Units;
               Suspension of Trading in Certain Events.

            The Units will be offered privately, and, accordingly, any resales
may be made only in compliance with the restrictions imposed by applicable
securities laws. Each Limited Partner expressly agrees that he will not
assign, transfer or dispose of, by gift, pledge, hypothecation or otherwise,
any of his Units or any part or all of his right, title or interest in the
capital or profits of the Partnership without giving written notice of the
assignment, transfer or disposition to the General Partner, and receiving the
General Partner's consent thereto. Such consent may be withheld in the General
Partner's absolute discretion.

            A Limited Partner may withdraw from the Partnership all or any
part of his capital contributions and undistributed profits, if any (such
withdrawal being herein referred to as a "redemption"), by requiring the
Partnership to redeem any or all of his Units at the Net Asset Value of a Unit
of the relevant Series, calculated as of the close of business in New York,
New York (as determined by the General Partner) on the last day of any month
occurring after the receipt by the General Partner of written notice of
redemption, provided, that: (1) all liabilities, contingent or otherwise
(including liabilities under any advisory agreements, partnership agreements
or other business contracts into which the Partnership may enter) of the
Partnership, except any liability to Partners on account of their capital
contributions, have been paid or there remains property of the Partnership
sufficient to pay them; and (2) the General Partner shall have received at
least ten days' notice of redemption, or such lesser period as shall be
acceptable to the General Partner, in advance of the requested effective date
of redemption. The General Partner may, in its discretion, declare additional
redemption dates upon notice to the Limited Partners. The General Partner may,
but need not, permit redemption of partial Units. Upon redemption, a Partner
shall receive from the Partnership for each whole Unit redeemed an amount
equal to the Net Asset Value of a Unit of the relevant Series, less any amount
owing by such Partner to the Partnership pursuant to Paragraph 15 hereof. If
redemption is requested by any Limited Partner, all amounts owed under
Paragraph 15 by any person who previously owned the Units being redeemed (as
well as by the redeeming party) shall be deducted from the amount paid upon
redemption of such Units. No purported assignee of Units to which the General
Partner has not consented shall be entitled to redemption rights.

            Payment in respect of Units redeemed will be made as promptly as
practicable after the effective date of redemption, except that under special
circumstances, including but not limited to the inability to liquidate
commodity positions due to the operation of daily limits or otherwise as of
such redemption date or default or delay in payments due the Partnership from
commodity brokers, banks, investee partnerships, dealers or other persons, the
Partnership may in turn delay payment to Partners requesting redemption of
Units of the proportionate part of the Net Asset Value of the Units being
redeemed represented by the sums which are the subject of such circumstances.

            The General Partner may, upon thirty days' written notice, redeem
all of any Limited Partner's Units as of any month-end. In addition, the
General Partner may require a Limited Partner to withdraw all or a portion of
such Partner's Units if the General Partner considers doing so to be desirable
for the protection of the Partnership.

            10. Admission of Additional Partners.

            Additional or substitute Limited Partners may be admitted to the
Partnership as described in Paragraph 5 and Paragraph 9.

            No Limited Partner shall have any preemptive, preferential or
other right with respect to the issuance or sale of any additional Units.

            Additional or replacement general partners may be admitted to the
Partnership pursuant to a vote of Limited Partners as provided in Paragraph
16. In addition, the General Partner may at any time substitute or add any
affiliate or affiliates of the General Partner as the sole general partner or
as an additional general partner or general partners hereunder without the
consent of the Limited Partners, and upon the merger or consolidation of the
General Partner into, or the transfer by it of all or substantially all of its
assets to, another corporation, such corporation shall without the consent of
the Limited Partners become a substitute general partner hereunder. Each
Limited Partner by becoming party to this Limited Partnership Agreement
consents to such substitution and addition of general partners hereunder.

                                      9
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            11. Benefit Plan Investors.

            (a) Investment in Accordance with Law. Each Limited Partner that
is an "employee benefit plan" as defined in and subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or a "plan" as
defined in Section 4975 of the Code (each such employee benefit plan and plan,
a "Plan"), and each fiduciary thereof who has caused the Plan to become a
Limited Partner (a "Plan Fiduciary") represents and warrants that: (a) the
Plan Fiduciary has considered an investment in the Partnership for such Plan
in light of the risks relating thereto; (b) the Plan Fiduciary has determined
that, in view of such considerations, the investment in the Partnership for
such Plan is consistent with its responsibilities under ERISA; (c) the
investment in the Partnership by the Plan does not violate and is not
otherwise inconsistent with the terms of any legal document constituting the
Plan or any trust agreement entered into thereunder; (d) the Plan's investment
in the Partnership has been duly authorized and approved by all necessary
parties; (e) none of the General Partner, the Commodity Broker, any Selling
Agent, any of their respective affiliates or any of their respective agents or
employees: (i) has investment discretion with respect to the investment of
assets of the Plan used to purchase Units; (ii) has authority or
responsibility to or regularly gives investment advice with respect to the
assets of the Plan used to purchase Units for a fee and pursuant to an
agreement or understanding that such advice will serve as a primary basis for
investment decisions with respect to the Plan and that such advice will be
based on the particular investment needs of the Plan; or (iii) is an employer
maintaining or contributing to the Plan; and (f) the Plan Fiduciary: (i) is
authorized to make, and is responsible for, the decision for the Plan to
invest in the Partnership, including the determination that such investment is
consistent with the requirement imposed by Section 404 of ERISA that Plan
investments be diversified so as to minimize the risks of large losses; (ii)
is independent of the General Partner, the Commodity Broker, any Selling Agent
and any of their respective affiliates; and (iii) is qualified to make such
investment decision. Each Limited Partner that is a Plan further represents
and warrants that: (i) the trustee of the Plan will hold the Plan's Units in
trust; (ii) the Plan Fiduciary consents to the payment of Management Fees and
Profit Shares to the General Partner and has determined that the arrangement
for services and the Management Fees and Profit Shares to be paid to the
General Partner are reasonable and the services to be performed by the General
Partner are appropriate and helpful to the Plan, all within the meaning of
Section 408(b)(2) of ERISA and Section 4975 of the Code; and (iii) the Plan
Fiduciary consents on behalf of the Plan and itself to and authorizes the
operation of the Partnership as described in the Partnership's Offering
Memorandum and herein.

            (b) Disclosures and Restrictions Regarding Benefit Plan Investors.
Each Limited Partner that is a "benefit plan investor" (defined as any Plan,
any other employee benefit plan as defined in but not subject to either ERISA
or the Code and any entity deemed for any purpose of ERISA or Section 4975 of
the Code to hold assets of any employee benefit plan) represents that a
fiduciary has disclosed such Limited Partner's status as a benefit plan
investor by checking the box in question 3 of the Subscription Agreement. Each
Limited Partner that is not a benefit plan investor represents and agrees that
it will notify the General Partner immediately if at a later date such Limited
Partner becomes a benefit plan investor. Notwithstanding anything herein to
the contrary, the General Partner, on behalf of the Partnership, may take any
and all action including, but not limited to, refusing to admit persons as
Limited Partners or refusing to accept additional capital contributions, and
requiring the redemption of the Units of any Limited Partner upon thirty (30)
days' notice to the Limited Partner and otherwise in accordance with Paragraph
9, as may be necessary or desirable in the General Partner's sole discretion
to assure that at all times the aggregate of all capital accounts of all
benefit plan investors with respect to any "class of equity interests in the
Partnership" as determined pursuant to United States Department of Labor
Regulations Section 2510.3-101 do not amount to or exceed twenty-five percent
(25%) of the total capital accounts with respect to each class of equity
interest of all Limited Partners (not including the investments of the General
Partner, any 50% or more shareholder of the General Partner, any advisor to
any such person with respect to the Partnership, and any "affiliates," as such
term is defined in the applicable regulation promulgated under ERISA, of any
such persons) or to otherwise prevent any portion or all of the assets of the
Partnership to be deemed for any purpose of ERISA or Section 4975 of the Code
to be assets of any Plan.

            12. Special Power of Attorney.

            Each Limited Partner by his execution of this Limited Partnership
Agreement does hereby irrevocably constitute and appoint the General Partner
and each of its officers, with full power of substitution, as his true and
lawful attorney-in-fact, in his name, place and stead, to execute,
acknowledge, swear to (and deliver as may be appropriate) on his behalf and
file and record in the appropriate public offices and publish (as may in the
reasonable judgment of the General Partner be advisable or required by law)
all instruments necessary or desirable for the operation of the Partnership as
contemplated hereby. The Power of Attorney granted herein shall be

                                      10
<PAGE>

irrevocable and deemed to be a power coupled with an interest and shall
survive and shall not be affected by the subsequent incapacity, disability or
death of a Limited Partner. In addition to the Power of Attorney granted
hereby, each Limited Partner agrees, upon the request of the General Partner,
to execute a special Power of Attorney to the foregoing effect, in form and
substance satisfactory to the General Partner, on a document separate from
this Limited Partnership Agreement.

            13. Withdrawal of a Partner.

            The Partnership shall terminate and be dissolved upon the
dissolution or bankruptcy of the General Partner. In addition, the General
Partner may voluntarily withdraw from the Partnership at any time on 90 days'
written notice to the Limited Partners in which event the Partnership shall
terminate unless a new general partner has been substituted pursuant to
Paragraph 10 or 16. The death, incompetency, withdrawal, insolvency or
dissolution of a Limited Partner shall not terminate or dissolve the
Partnership, and such Limited Partner, his estate, custodian or personal
representative shall have no right to withdraw or value such Limited Partner's
interest in the Partnership except as provided in Paragraph 9 hereof. Each
Limited Partner expressly waives any right or benefit under applicable law to
receive any value from the Partnership after his withdrawal (including death)
except through redemption of Units as provided herein, and, in the event of
his death, he waives on behalf of himself and his estate, and directs the
legal representative of his estate and any person interested therein to waive,
the furnishing of any inventory, accounting or appraisal of the assets of the
Partnership and any right to an audit or examination of the books of the
Partnership.

            14. No Personal Liability for Return of Capital.

            The General Partner shall not be personally liable for the return
or repayment of all or any portion of the capital or profits of any Partner,
it being expressly agreed that any such return of capital or profits made
pursuant to this Limited Partnership Agreement shall be made solely from the
assets (which shall not include any right of contribution from the General
Partner) of the Partnership.

            15. Standard of Liability; Indemnification.

            (a) Standard of Liability for the General Partner. The General
Partner and its Affiliates, as defined below, shall have no liability to the
Partnership or to any Partner for any loss suffered by the Partnership which
arises out of any action or inaction of the General Partner or its Affiliates
if the General Partner or its Affiliates, in good faith, determined that such
course of conduct was in the best interests of the Partnership and such course
of conduct did not constitute negligence or misconduct of the General Partner
or its Affiliates.

            (b) Indemnification of the General Partner by the Partnership. To
the fullest extent permitted by law, the General Partner and its Affiliates
shall be indemnified by the Partnership against any losses, judgments,
liabilities, expenses and amounts paid in settlement of any claims sustained
by them in connection with the Partnership, provided that the same were not
the result of negligence or misconduct on the part of the General Partner or
its Affiliates.

            Notwithstanding the above, the General Partner and its Affiliates
and any person acting as a Selling Agent for the Units shall not be
indemnified for any losses, liabilities or expenses arising from or out of an
alleged violation of federal or state securities laws unless: (1) there has
been a successful adjudication on the merits of each count involving alleged
securities law violations as to the particular indemnitee; (2) such claims
have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee; or (3) a court of competent
jurisdiction approves a settlement of the claims against a particular
indemnitee.

            In any claim for indemnification for federal or state securities
law violations, the party seeking indemnification shall place before the court
the position of the Securities and Exchange Commission, the Massachusetts
Securities Division and any other applicable regulatory agencies with respect
to the issue of indemnification for securities law violations.

            The Partnership shall not incur the cost of that portion of any
insurance, other than public liability insurance, which insures any party
against any liability the indemnification of which is herein prohibited.

                                      11
<PAGE>

            For the purposes of this Paragraph 15, the term "Affiliates" shall
mean any person performing services on behalf of the Partnership who: (1)
directly or indirectly controls, is controlled by, or is under common control
with the General Partner; or (2) owns or controls 10% or more of the
outstanding voting securities of the General Partner; or (3) is an officer,
manager, member or trustee of the General Partner; or (4) if the General
Partner is an officer, director, partner, manager, member or trustee, is any
company for which the General Partner acts in any such capacity.

            Advances from Partnership funds to the General Partner and its
Affiliates for legal expenses and other costs incurred as a result of any
legal action initiated against the General Partner by a Limited Partner are
prohibited.

            Advances from Partnership funds to the General Partner and its
Affiliates for legal expenses and other costs incurred as a result of a legal
action will be made only if the following three conditions are satisfied: (1)
the legal action relates to the performance of duties or services by the
General Partner or its Affiliates on behalf of the Partnership; (2) the legal
action is initiated by a third party who is not a Limited Partner; and (3) the
General Partner or its Affiliates undertake to repay the advanced funds to the
Partnership, with interest, in cases in which they would not be entitled to
indemnification under the second paragraph of this Paragraph 15(b).

            In no event shall any indemnity or exculpation provided for herein
be more favorable to the General Partner or any Affiliate than that permitted
pursuant to Regulation 950 CMR 13.305 of the State of Massachusetts, or any
successor regulation applicable to the offering of the Units.

            (c) Indemnification of the Partnership by the Partners. In the
event the Partnership is made a party to any claim, dispute or litigation or
otherwise incurs any loss or expense as a result of or in connection with any
Partner's obligations or liabilities unrelated to the Partnership's business,
such Partner shall indemnify and reimburse the Partnership for all loss and
expense incurred, including reasonable attorneys' fees.

            16. Amendments; Meetings.

            (a) Amendments Only With the Consent of the General Partner. This
Limited Partnership Agreement may not be amended without the consent of the
General Partner. If at any time during the term of the Partnership the General
Partner shall deem it necessary or desirable to amend this Limited Partnership
Agreement, the General Partner may proceed to do so, provided that such
amendment shall be effective only if embodied in an instrument approved by the
General Partner and by the holders of more than fifty percent (50%) of the
Units then owned by the Limited Partners (other than the General Partner or
any of its principals or affiliates) or if approved (by similar vote) by the
General Partner and such Limited Partners and if made in accordance with and
to the extent permissible under the Act. In addition, to the extent that an
amendment particularly affects a particular Series of Units, such amendment
must be approved by the holders of more than fifty percent (50%) of the Units
of such Series then owned by Limited Partners (other than the General Partner
or any of its principals or affiliates). The General Partner shall not be
required to notify the Limited Partners prior to taking any such action, but
prompt notice of the taking of any such action without a meeting shall be
given to the Limited Partners who have not consented to such action. Any such
supplemental or amendatory agreement shall be adhered to and have the same
effect from and after its effective date as if the same had originally been
embodied in and formed a part of this Limited Partnership Agreement, provided,
however, that no such supplemental or amendatory agreement shall, without the
consent of all Limited Partners, change or alter this Paragraph 16 or extend
the term of the Partnership or, without the consent of the affected party,
reduce the capital account of any Partner or modify the percentage of profits,
losses or distributions to which any Partner is entitled hereunder. No meeting
procedure or specified notice period is required, mere receipt of an adequate
number of unrevoked written consents being sufficient. In addition, the
General Partner may require Limited Partners to respond in the negative to a
proposed amendment or be deemed to have consented thereto.

            (b) Amendments and Actions Without the Consent of the Limited
Partners. The General Partner may amend this Limited Partnership Agreement
without the consent of the Limited Partners in order to: (i) clarify any
inaccuracy or ambiguity or reconcile any inconsistency; (ii) add to the
representations, duties or obligations of the General Partner or surrender any
right or power of the General Partner for the benefit of the Limited Partners;
(iii) delete or add any provision from or to this Limited Partnership
Agreement required to be deleted or added by the Staff of the Securities and
Exchange Commission or any other federal agency or any State "Blue Sky"
official or

                                      12
<PAGE>

similar official or in order to opt to be governed by any amendment or
successor statute to the Act; (iv) change the location of the principal place
of business of the Partnership; (v) change this Limited Partnership Agreement
in any manner that is appropriate or necessary to qualify or maintain the
qualification of the Partnership as a limited partnership or a partnership in
which the Limited Partners have limited liability under the laws of any state
or that is appropriate or necessary to ensure that the Partnership will not be
treated as an association taxable as a corporation for federal income tax
purposes; (vi) change this Limited Partnership Agreement in any manner that
does not adversely affect the Limited Partners in any material respect or that
is required or contemplated by other provisions of this Limited Partnership
Agreement or that is required by law; (vii) make any amendment that is
appropriate or necessary, in the opinion of the General Partner, to prevent
the Partnership or the General Partner or its managers or officers from in any
manner being subjected to the provisions of the Investment Company Act of
1940, as amended, the Investment Advisers Act of 1940, as amended (to the
extent any such person is not already so subject); (viii) make any amendment
that is appropriate, in the opinion of the General Partner, to avoid the
assets of the Partnership being treated for any purpose of ERISA or Section
4975 of the Code as assets of any "employee benefit plan" as defined in and
subject to ERISA or of any plan or account subject to Section 4975 of the Code
(or any corresponding provisions of succeeding law) or to avoid the
Partnership's engaging in a prohibited transaction as defined in Section 406
of ERISA or Section 4975(c) of the Code; (ix) amend this Limited Partnership
Agreement so as to effect the allocations anticipated hereby to the maximum
practicable extent if such allocations are effectively altered by any change
in the federal tax law; or (x) make any other amendment similar to the
foregoing.

            (c) Continuation. In the event of a withdrawal of the General
Partner when there is no remaining general partner, the Limited Partners may
unanimously agree in writing to continue the business of the Partnership and
appoint one or more general partners within 90 days of such withdrawal. If
they do not do so, a majority in interest of the Limited Partners may within
90 days thereafter elect to form a new partnership to continue the business of
the Partnership, which new partnership shall be identical to the Partnership,
all the Limited Partners agreeing to be bound by the decision of the majority
in interest on such matter. The remaining general partner or general partners
of the Partnership may elect to continue the business of the Partnership upon
the death, retirement (including the dissolution or admitted or court decreed
insolvency), bankruptcy, removal or insanity of a general partner.

            (d) Meetings. Upon receipt of a written request, signed by Limited
Partners owning at least 10% of the Units then owned by Limited Partners
(other than the General Partner or any of its principals or affiliates) that a
meeting of the Partnership be called to vote upon the possible removal of the
General Partner, the General Partner shall, by written notice to each Limited
Partner mailed within 15 days after such receipt, call a meeting of the
Partnership. Such meeting shall be held at least 30 but not more than 60 days
after the mailing of such notice, and such notice shall specify the date of, a
reasonable place and time for, and the purpose of such meeting. The General
Partner may call a meeting of the Partnership at any time, subject to the
foregoing requirements relating to notice. The General Partner shall have full
power and authority concerning the manner of conducting any meeting of the
Partnership or soliciting consents in writing, including, without limitation,
the determination of the persons entitled to vote, the existence of a quorum,
the conduct of voting, the validity and effect of proxies and the
determination of controversies.

            17. Governing Law.

            The validity and construction of this Limited Partnership
Agreement shall be determined and governed by the laws of the State of
Delaware.

            18. Miscellany.

            (a) Priority among Limited Partners. No Limited Partner shall be
entitled to any priority or preference over any other Limited Partner in
regard to the affairs of the Partnership, except to the extent that Limited
Partners' redemption rights, as described in Paragraph 9, may be deemed to
create any such priority.

            (b) Notices. All notices under this Limited Partnership Agreement
to the General Partner or the Partnership shall be in writing and shall be
effective only upon actual delivery to the General Partner. Notices to Limited
Partners shall be effective if sent by first class mail, postage prepaid,
addressed to the last known address of the party to whom such notice is to be
given, and shall be effective upon the deposit of such notice in the United
States mails.

                                      13
<PAGE>

            (c) Binding Effect. This Limited Partnership Agreement shall inure
to and be binding upon all of the parties and persons indemnified hereunder,
their successors and assigns, custodians, estates, heirs and personal
representatives. For purposes of determining the rights of any Partner
hereunder, the Partnership and the General Partner may rely upon the
Partnership records as to who are Partners, and all Partners agree that their
rights shall be determined and that they shall be bound thereby.

            (d) Captions. Captions in no way define, limit, extend or
describe, nor should they be deemed relevant to the interpretation of, the
scope of this Limited Partnership Agreement nor the effect of any of its
provisions.

            (e) Counterparts. This Limited Partnership Agreement may be
executed in several counterparts (and by power of attorney), and all
counterparts so executed shall constitute one Limited Partnership Agreement,
binding on all the parties hereto, notwithstanding that all of the parties are
not signatories to the original or same counterpart.

                                      14
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this Limited
Partnership Agreement.

General Partner:                 Limited Partners:

AIS FUTURES MANAGEMENT LLC       All Limited Partners now and hereafter
                                 admitted as limited partners of the
                                 Partnership pursuant to Power of Attorney now
By:/s/John R. Hummel             or hereafter executed in favor of and
-------------------              delivered to the General Partner.
John R. Hummel
President
                                 AIS FUTURES MANAGEMENT LLC

                                 By:/s/John R. Hummel
                                 --------------------
                                 John R. Hummel
                                 President

                                      15EXHIBIT 10.1

CA CALYON
   FINANCIAL

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

                                        Futures Account Agreement

<PAGE>

Thank you for your interest in opening a futures trading account with Calyon
Financial Inc.

This package includes the agreements and forms necessary to establish a
futures trading account as well as certain documentation which may, at your
discretion, be completed by you to allow specific types of trading activities.
Included is a set of Disclosure Statements required by different exchanges and
regulators for certain types of activities. You should review these statements
to understand some of the risks of trading and be aware of how your rights in
certain markets might be limited. These Statements should be kept by you and
copies should be distributed to the relevant parties within your organization.

In addition to the attached documents, specific legal and financial
information may be required from you prior to approving a new account.

Employees of banks and brokerage firms will be asked to submit an Employee
Consent Letter.

If your account will be traded by a party other than yourself under a Power of
Attorney, additional documentation will be required prior to the start of
trading.

Hedge clients must be sure to complete the Hedge Election section on page 15
of the Futures Account Agreement.

Encl:    Futures Account Agreement
         Calyon Financial Inc. Disclosure Documents

<PAGE>

                             CALYON FINANCIAL INC.
                           FUTURES ACCOUNT AGREEMENT

In consideration of the acceptance by Calyon Financial Inc. ("Calyon
Financial") of one or more accounts of the undersigned ("Customer") (if more
than one account is at any time opened or reopened with Calyon Financial, all
are covered by this Agreement and are referred to individually and
collectively as the "Account"), and Calyon Financial's agreement to act as
broker, directly or indirectly, or as dealer, for the execution, clearance
and/or carrying of transactions for the purchase and sale of commodity
interests, including commodities, spot and forward contracts, commodity
futures contracts, options on commodity futures contracts, security futures
product contracts, and transactions involving the exchange of futures for cash
commodities or the exchange of futures in connection with cash commodity
transactions, Calyon Financial and Customer agree as follows:

1     APPLICABLE RULES AND REGULATIONS

      The Account and each transaction therein shall be subject to the terms
      of this Agreement and to (a) all applicable laws and the regulations,
      rules and orders (collectively "regulations") of all regulatory and
      self-regulatory organizations having jurisdiction and (b) the
      constitution, by-laws, rules, regulations, orders, resolutions,
      interpretations and customs and usages (collectively "rules") of the
      market and any associated clearing organization or clearing house (each
      an "exchange") on or subject to the rules of which such transaction is
      executed and/or cleared. The reference in the preceding sentence to
      exchange rules is solely for Calyon Financial's protection and Calyon
      Financial's failure to comply therewith shall not constitute a breach of
      this Agreement or relieve Customer of any obligation or responsibility
      under this Agreement. Calyon Financial shall not be liable to Customer
      as a result of any action or omission by Calyon Financial, its officers,
      directors, employees or agents to comply with any exchange rule.

2     PAYMENTS TO CALYON FINANCIAL

      Customer agrees to pay to Calyon Financial immediately on request (a)
      commissions, give-up charges, fees and service charges as are in effect
      from time to time for the Customer, together with all applicable
      regulatory and self-regulatory organization and exchange fees, charges,
      including all such fees, charges or costs assessed against Calyon
      Financial with respect to any equity securities of Customer deposited
      for margin obligations, and taxes; (b) the amount of any debit balance
      or any other liability that may result from transactions executed for
      the Account; and (c) interest on such debit balance or liability at the
      prevailing rate charged by Calyon Financial at the time such debit
      balance or liability arises and service charges on any such debit
      balance or liability together with any reasonable attorneys' fees and
      costs incurred in collecting any such debit balance or liability.
      Customer understands that most of the payment obligations enumerated in
      subsection (a) above are automatically charged against its Account after
      each transaction. Customer acknowledges that Calyon Financial may charge
      commissions at other rates to other customers.

3     CUSTOMER'S DUTY TO MAINTAIN ADEQUATE MARGIN

      Customer shall at all times maintain adequate margin (also known as
      "performance bond") in the Account so as continually to meet the
      original and maintenance margin requirements established by Calyon
      Financial for Customer. Calyon Financial may change such requirements
      from time to time at Calyon Financial's discretion upon notice to
      Customer. Such margin requirements may exceed the margin requirements
      set by any exchange or other regulatory authority and may vary from
      Calyon Financial's requirements for other customers.

                                      1
                                                                      May 2005
<PAGE>

      Customer agrees, when so requested, orally or by written notice, on the
      business day it is received, unless sooner required by Calyon Financial
      for an intraday requirement, to wire transfer (by the Fed wire system to
      the account of Calyon Financial) margin funds, and to furnish Calyon
      Financial with names of bank officers for immediate verification of such
      transfers. Customer acknowledges and agrees that Calyon Financial may
      receive and retain as its own any interest, increment, profit, gain or
      benefit, directly or indirectly, accruing from any of the funds Calyon
      Financial receives from Customer.

4     DELIVERY; OPTION EXERCISE, ASSIGNMENT AND EXPIRATION

      A.    Delivery. If Customer desires to make or take delivery under a
            commodity interest contract, Customer agrees to give Calyon
            Financial timely notice of such intent for open positions maturing
            in a current delivery month according to applicable rules and
            regulations of the exchange or clearing house and Calyon
            Financial's instructions. Sufficient funds to take delivery or the
            necessary delivery documents must be delivered by Customer to
            Calyon Financial according to Calyon Financial's instructions. If
            funds, documents or Customer's intentions with respect to delivery
            are not received, Calyon Financial may, without notice, either
            liquidate Customer's position or make or receive delivery on
            behalf of Customer upon such terms and by such methods as Calyon
            Financial reasonably determines. Customer understands that Calyon
            Financial may, upon prior notice to Customer, establish cut-off
            times for timely notification that may be earlier than the times
            established by the applicable rules and regulations of the
            exchanges or clearing houses to ensure that Calyon Financial
            complies with such rules and regulations. If Customer desires to
            make or take delivery of a security futures product, Customer
            agrees to open a securities account pursuant to Calyon Financial's
            Securities and Options Account Agreement to effect such delivery.

            If, at any time, Customer fails to deliver to Calyon Financial any
            property previously sold by Calyon Financial on Customer's behalf
            in compliance with commodity interest contracts, or Calyon
            Financial shall deem it necessary (whether by reason of the
            requirements of any exchange, clearing house or otherwise) to
            replace any securities, commodity interest contracts, financial
            instruments, or other property previously delivered by Calyon
            Financial for the Account of Customer with other property of like
            or equivalent kind or amount, Customer hereby authorizes Calyon
            Financial to borrow or to buy any property necessary to make
            delivery thereof, or to replace any such property previously
            delivered, or to deliver the same to such other party or to whom
            delivery is to be made. Calyon Financial may subsequently repay
            any borrowing or purchase thereof with property purchased or
            otherwise acquired for the Account of Customer. Customer shall pay
            Calyon Financial for any actual costs, losses and damages from the
            foregoing, including, but not limited to, consequential damages,
            penalties and fines that Calyon Financial may incur or that Calyon
            Financial may sustain from its inability to borrow or buy any such
            property.

      B.    Option Exercise, Assignment and Expiration. Customer agrees to
            give Calyon Financial timely notice if Customer intends to
            exercise or abandon an option contract according to the rules and
            regulations of the exchanges or clearing houses. Customer
            understands that most exchanges and clearing houses have
            established cut-off times for the tender of exercise or
            abandonment instructions, and that an option will become worthless
            if instructions are not delivered before such expiration time.
            Customer also understands

                                      2
                                                                      May 2005
<PAGE>

            that certain exchanges and clearing houses will automatically
            exercise some "in-the-money" options unless instructed otherwise.
            Customer acknowledges full responsibility for taking action either
            to exercise or to prevent the exercise of an option contract, as
            the case may be, and Calyon Financial is not required to take any
            action with respect to an option contract, including without
            limitation any action to exercise an option prior to its
            expiration date, or to prevent the automatic exercise of an
            option, except upon Customer's express instructions. Customer
            further understands that Calyon Financial may, upon prior notice
            to Customer, establish exercise instruction cut-off times that may
            be earlier than the times established by the applicable rules and
            regulations of the exchanges and clearing houses to ensure that
            Calyon Financial complies with such rules and regulations.

            Customer understands that (a) all short option positions are
            subject to assignment at any time, including positions established
            on the same day that exercises are assigned, and (b) exercised
            assignment notices are allocated in a manner that has been
            approved by the applicable exchange or clearing house from among
            all Calyon Financial customers' short options positions that are
            subject to assignment.

5     FOREIGN CURRENCY

      If Calyon Financial enters into any transaction for Customer effected in
      a currency other than U.S. dollars: (a) any profit or loss caused by
      changes in the rate of exchange for such currency shall be for
      Customer's Account and risk and (b) unless another currency is
      designated in Calyon Financial's confirmation of such transaction, all
      margin for such transaction and the profit or loss on the liquidation of
      such transaction shall be in U.S. dollars at a rate of exchange
      determined by Calyon Financial on the basis of then prevailing market
      rates of exchange for such foreign currency.

6     CALYON FINANCIAL MAY LIMIT POSITIONS HELD

      Customer agrees that Calyon Financial, upon notice to Customer, may
      limit the number of open positions (net or gross) that Customer may
      execute, clear and/or carry with or acquire through it. Customer agrees
      (a) not to make any trade that would have the effect of exceeding such
      limits, (b) that Calyon Financial may require Customer to reduce open
      positions carried with Calyon Financial and (c) that Calyon Financial
      may refuse to accept orders to establish new positions. Calyon Financial
      may impose and enforce such limits, reduction or refusal whether or not
      they are required by applicable law, regulations or rules. Customer
      shall comply with all position limits established by any regulatory or
      self-regulatory organization or any exchange. In addition, Customer
      agrees to notify Calyon Financial promptly if Customer is required to
      file position reports with any regulatory or self-regulatory
      organization or with any exchange.

7     NO WARRANTY AS TO INFORMATION OR RECOMMENDATION

      Customer acknowledges that:

      (a)   Any market recommendations and information Calyon Financial may
            communicate to Customer, although based upon information obtained
            from sources believed by Calyon Financial to be reliable, may be
            incomplete and not subject to verification;

      (b)   Calyon Financial makes no representation, warranty or guarantee as
            to, and shall not be responsible for, the accuracy or completeness
            of any information or trading recommendation furnished to
            customer;

                                      3
                                                                      May 2005
<PAGE>

      (c)   Recommendations to Customer as to any particular transaction at
            any given time may differ among Calyon Financial's personnel due
            to diversity in analysis of fundamental and technical factors and
            may vary from any standard recommendation made by Calyon Financial
            in its research reports or otherwise; and

      (d)   Calyon Financial has no obligation or responsibility to update any
            market recommendations, research or information it communicates to
            Customer.

      Customer understands that Calyon Financial and its officers, directors,
      affiliates, stockholders, representatives or associated persons may have
      positions in and may intend to buy or sell commodity interests that are
      the subject of market recommendations furnished to Customer, and that
      the market positions of Calyon Financial or any such officer, director,
      affiliate, stockholder, representative or associated person may or may
      not be consistent with the recommendations furnished to Customer by
      Calyon Financial.

8     LIMITS ON CALYON FINANCIAL DUTIES; LIABILITY

      Customer agrees:

      (a)   That Calyon Financial has no duty to apprise Customer of news or
            of the value of any commodity interests or collateral pledged or
            in any way to advise Customer with respect to the market;

      (b)   That the commissions, which Calyon Financial receives, are
            consideration solely for the execution, clearing, carrying and
            reporting of Customer's trades;

      (c)   If there is an Account Manager, an Account Manager's Agreement for
            the Account Manager will be provided to Calyon Financial. The
            Account Manager specified therein is authorized to exercise
            discretion and to act on behalf of Customer with respect to the
            Account.

            (1)   Account Manager is duly organized, empowered and authorized
                  to make the representations set forth in Section 17 hereof
                  as if the Account Manager were substituted for the term
                  Customer therein.

            (2)   Account Manager shall direct Customer to take such action in
                  respect of the Account as is required of Customer under this
                  Agreement or under the rules and regulations.

            (3)   Customer agrees that (1) Account Manager is authorized to
                  act on Customer's behalf with respect to the Account,
                  including the authority to select and authorize the payment
                  of executing brokers, and to receive and give
                  communications, instructions and authorizations; and (2) any
                  right of Calyon Financial arising in connection with this
                  Agreement is enforceable against all of Customer's assets,
                  notwithstanding that Account Manager may exercise discretion
                  over less than all of the assets of Customer.

            (4)   Account Manager represents that it has provided to Customer
                  and Customer represents it has received: (1) a disclosure
                  document concerning such Account Manager's trading advice,
                  including, in the event the Account Manager will trade

                                      4
                                                                      May 2005
<PAGE>

                  options, the options strategies to be utilized, or (2) a
                  written statement explaining why Account Manager is not
                  required under applicable law to provide such a disclosure
                  document to Customer; o and

            (5)   Customer acknowledges, understands and agrees that (1) any
                  communication, notice, report, statement, advice or
                  information given to Account Manager by Calyon Financial or
                  received from Account Manager by Calyon Financial in respect
                  of the Account shall be deemed to have been given to, or
                  received from, Customer as the case may be; (2) any
                  decision, instruction or action of, or authorization by,
                  Account Manager in respect of the Account shall be deemed to
                  constitute the decision, instruction, action or
                  authorization of Customer; (3) Customer has carefully
                  examined the provision of the documents by which it has
                  given trading authority or control over the Account to the
                  Account Manager and understands fully the obligations which
                  it has assumed by executing such document; (4) Calyon
                  Financial is in no way responsible for any loss to Customer
                  occasioned by the actions of the Account Manager and Calyon
                  Financial does not by implication or otherwise endorse the
                  operating methods or trading strategies or programs of the
                  Account Manager; and (5) Customer gives the Account Manager
                  authority to exercise Customer's rights over the Account,
                  and does so at its own risk.

      (d)   That Calyon Financial or its shareholders, directors, officers,
            employees, agents, affiliates and controlling persons shall have
            no liability for damages, claims, losses or expenses caused by any
            errors, omissions or delays: (a) of sub-agents employed by Calyon
            Financial, provided that Calyon Financial has used reasonable care
            in their selection; or (b) of Calyon Financial itself, except
            those caused by Calyon Financial's gross negligence or willful
            misconduct.

9     EXTRAORDINARY EVENTS

      Customer agrees that Calyon Financial shall have no liability for
      damages, claims, losses or expenses caused by any errors, omissions or
      delays resulting from an act, condition or cause beyond the reasonable
      control of Calyon Financial, including, but not limited to: war;
      insurrection; riot; strike; act of God; fire; flood; extraordinary
      weather conditions; accident; action of government authority; action of
      exchange, clearing house or clearing organization; communications or
      power failure; equipment or software malfunction (including any
      electronic order routing or direct execution trading system or
      facility); error, omission or delay in the report of transactions;
      prices, exchange rates or other market or transaction information; or
      the insolvency, bankruptcy, receivership, liquidation or other financial
      difficulty of any bank, clearing broker, exchange, market, clearing
      house or clearing organization.

10    INDEMNIFICATION OF CALYON FINANCIAL, CONTRIBUTION AND REIMBURSEMENT

      (a)   To the extent permitted by law, Customer agrees to indemnify and
            hold harmless Calyon Financial and its shareholders, directors,
            officers, employees, agents, affiliates and controlling persons
            against any liability for damages, claims, losses or expenses
            which they may incur as a result, directly or indirectly of: (x)
            Customer's violation of federal or state laws or regulations, or
            of rules of any exchange or self-regulatory organization; (y) any
            other breach of this Agreement by Customer; or (z) Customer's
            failure to timely deliver any security, commodity or other
            property previously sold by Calyon Financial on Customer's

                                      5
                                                                      May 2005
<PAGE>

            behalf. Such damages, claims, losses or expenses shall include
            reasonable legal fees and all expenses, costs of settling claims,
            interest, and fines or penalties imposed by the exchanges, self
            regulatory organization or governmental authority.

      (b)   Customer agrees to reimburse Calyon Financial and its
            shareholders, directors, officers, employees, agents, affiliates
            and controlling persons on demand for any costs incurred in
            collecting any sums Customer owes under this Agreement and any
            costs of successfully defending against claims asserted against
            them by Customer.

11    NOTICES; TRANSMITTALS

      Calyon Financial shall transmit all communications to Customer at
      Customer's address, facsimile or telephone number set forth below or to
      such other address as Customer may hereafter direct in writing. Customer
      shall transmit all communications to Calyon Financial regarding this
      Agreement (except routine inquiries concerning the Account) to 550 West
      Jackson Blvd., Suite 500, Chicago, Illinois 60661-5716; facsimile, (312)
      441-4264, Attention: Legal Department. All payments and deliveries to
      Calyon Financial shall be made as instructed by Calyon Financial from
      time to time and shall be deemed received only when actually received by
      Calyon Financial.

12    CONFIRMATION

      All confirmations, correction notices and account statements
      (collectively, "Statements") shall be submitted to Customer and shall be
      deemed to be accurate unless the Customer notifies Calyon Financial of
      any objection thereto prior to the opening of trading on the contract
      market on which such transaction occurred on the business day following
      the day on which Customer receives such Statement; provided that with
      respect to monthly Statements, Customer may notify Calyon Financial of
      any objection thereto within three business days after receipt of such
      monthly Statement, provided the objection could not have been raised at
      the time the prior Statement, e.g. confirmations and correction notices,
      was received by the Customer as provided for above. Any such notice of
      objection, if given orally, shall be confirmed promptly in writing by
      the Customer. Neither Customer nor Calyon Financial shall be bound by
      any transaction or price reported in error.

13    SECURITY INTEREST

      Customer hereby grants to Calyon Financial a first lien upon and a
      security interest in any and all cash, securities, whether certificated
      or uncertificated, security entitlements, investment property, financial
      assets, foreign currencies, commodity interests, commodity accounts,
      commodity contracts and other property (including securities and
      options) and the proceeds of all of the foregoing (together the
      "Collateral") belonging to Customer or in which Customer may have an
      interest, now or in the future, and held by Calyon Financial or in
      Calyon Financial's control or carried in any of Customer's Accounts, or
      in Customer's accounts carried under other agreements with Calyon
      Financial or its affiliates. Such security interest is granted as
      security for the performance by Customer of its obligations hereunder
      and for the payment of all loans and other liabilities which Customer
      has or may in the future have to Calyon Financial, whether under this
      Agreement or any other agreement between the parties hereto. Customer
      agrees to execute such further instruments, documents, filings and
      agreements as may be requested at any time by Calyon Financial in order
      to perfect and maintain perfected the foregoing lien and security
      interest. Calyon Financial, in its discretion, may liquidate any
      Collateral to satisfy any margin or Account deficiencies or to transfer
      the Collateral to the general ledger account of Calyon

                                      6
                                                                      May 2005
<PAGE>

      Financial. Terms defined in the Uniform Commercial Code, as enacted in
      the State of Illinois, shall for purposes of this paragraph have the
      meanings set forth therein.

      In the event that the provisions of Section 13, which relate to
      Collateral in any account carried by Calyon Financial for Customer other
      than an Account established hereunder, conflict with the agreement under
      which such other account was established, such other agreement between
      Calyon Financial and Customer shall take precedence over the provisions
      of this Section 13.

14    TRANSFER OF FUNDS

      At any time and from time to time, Calyon Financial may transfer from
      one account to another account in which Customer has any interest, such
      excess funds, equities, securities or other property as in Calyon
      Financial's judgment may be required for margin, or to reduce any debit
      balance or to reduce or satisfy any deficits in such other accounts
      except that no such transfer may be made from a segregated account
      subject to the Commodity Exchange Act to another account maintained by
      Customer unless either Customer has authorized such transfer in writing
      or Calyon Financial is effecting such transfer to enforce Calyon
      Financial's security interest pursuant to Section 13. Calyon Financial
      promptly shall confirm all transfers of funds made pursuant hereto to
      Customer in writing.

15    CALYON FINANCIAL'S RIGHT TO LIQUIDATE CUSTOMER POSITIONS

      In addition to all other rights of Calyon Financial set forth in this
      Agreement:

      (a)   When directed or required by a regulatory or self-regulatory
            organization or exchange having jurisdiction over Calyon Financial
            or the Account;

      (b)   Whenever, in its discretion, Calyon Financial considers it
            necessary for its protection because of margin requirements or
            otherwise;

      (c)   If Customer or any affiliate of Customer repudiates, violates,
            breaches or fails to perform on a timely basis any term, covenant
            or condition on its part to be performed under this Agreement or
            another agreement with Calyon Financial or an affiliate of Calyon
            Financial; and such repudiation, violation, breach, or failure
            continues for (3) business days after notice thereof from Calyon
            Financial or an affiliate of Calyon Financial, except that such
            grace period shall not be applied to a term, covenant, or
            condition that relates to any financial obligations on Customer's
            part, including, but not limited to, the payment of margin or any
            delivery requirements;

      (d)   If a case of bankruptcy is commenced or if a proceeding under any
            insolvency or other law for the protection of creditors or for the
            appointment of a receiver, liquidator, trustee, conservator,
            custodian or similar officer is filed by or against Customer or
            any affiliate of Customer or if Customer or any affiliate of
            Customer makes or proposes to make any arrangement or composition
            for the benefit of its creditors, or if Customer or (any such
            affiliate) or any or all of its property is subject to any
            agreement, order, judgment or decree providing for Customer's
            dissolution, winding-up, liquidation, merger, consolidation,
            reorganization or for the appointment of a receiver, liquidator,
            trustee, conservator, custodian or similar officer of Customer,
            such affiliate or such property;

                                      7
                                                                      May 2005
<PAGE>

      (e)   In the case of a natural person, Calyon Financial is informed of
            Customer's death or mental incapacity; or

      (f)   If an attachment or similar order is levied against the Account or
            any other account maintained by a Customer or any affiliate of
            Customer with Calyon Financial or an affiliate of Calyon
            Financial;

      Calyon Financial shall have the right to (i) satisfy any obligations due
      Calyon Financial out of any Customer's property (also referred to as
      "Collateral") in Calyon Financial's custody or control, (ii) liquidate
      any or all of Customer's commodity interest positions, such liquidation
      shall include transactions involving the exchange of futures for cash
      commodities or the exchange of futures in connection with cash commodity
      transactions (iii) cancel any or all of Customer's outstanding orders,
      (iv) treat any or all of Customer's obligations due Calyon Financial as
      immediately due and payable, (v) sell any or all of Customer's property
      in Calyon Financial's custody or control in such manner as Calyon
      Financial determines to be commercially reasonable, and/or (vi)
      terminate any or all of Calyon Financial's obligations for future
      performance to Customer, all without any notice to or demand on
      Customer, if deemed necessary by Calyon Financial. Any action hereunder
      may be made in any commercially reasonable manner. Customer agrees that
      a prior demand, call or notice shall not be considered a waiver of
      Calyon Financial's right to act without demand or notice as herein
      provided, that Customer shall at all times be liable for the payment of
      any debit balance owing in each Account upon demand whether occurring
      upon a liquidation as provided under this Section 15 or otherwise under
      this Agreement, and that in all cases Customer shall be liable for any
      deficiency remaining in each Account in the event of liquidation thereof
      in whole or in part together with interest thereon and all costs
      relating to liquidation and collection (including reasonable attorneys'
      fees). In the event that the provisions of Section 15, which relate to
      Collateral in any account carried by Calyon Financial for Customer other
      than an Account instituted hereunder, conflict with the agreement under
      which such other account was instituted, such other agreement between
      Calyon Financial and Customer shall take precedence over the provisions
      of this Section 15.

16    CALYON FINANCIAL'S RIGHT TO SET-OFF

      Any amount payable to Calyon Financial by the Customer in the case where
      an event under Section 15 has occurred, will, at the option of Calyon
      Financial, be reduced by its set-off against any amounts payable by
      Calyon Financial or any affiliate of Calyon Financial to Customer under
      this Agreement or any other agreement between Calyon Financial or any
      affiliate of Calyon Financial and Customer, or instrument or undertaking
      in favor of Calyon Financial or an affiliate of Calyon Financial (the
      "Calyon Financial payable amount"). The Calyon Financial payable amount
      will be discharged promptly and in all respects to the extent it is so
      set-off. Calyon Financial will give notice to Customer of any set-off
      effected under this Section 16. If a Customer's obligation to Calyon
      Financial or an affiliate is unascertained, Calyon Financial may, in
      good faith, estimate that obligation and set off any amount owing by
      Calyon Financial or any affiliate to Customer on any account in respect
      of the estimate, which amount will be revised when the obligation is
      ascertained. This Section and Section 15 shall be without prejudice and
      in addition to any right of set-off, combination of accounts, lien or
      other right to which Calyon Financial is at any time otherwise entitled
      whether by operation of law, contract or otherwise. For purposes of this
      Section and Section 15, an "affiliate" of Calyon Financial shall mean:
      Calyon S.A., Calyon Financial SNC, Calyon Financial Pte Ltd., Calyon
      Capital Markets Asia, B.V. (Tokyo Branch), and Altura Markets, A.V.,
      S.A.

                                      8
                                                                      May 2005
<PAGE>

17    CUSTOMER REPRESENTATIONS, WARRANTIES AND AGREEMENTS

      Customer represents and warrants to and agrees with Calyon Financial
      that:

      (a)   Customer has full power and authority to enter into this Agreement
            and to engage in the transactions and perform its obligations
            hereunder and contemplated hereby, and:

            (1)   If Customer is a corporation or partnership, Customer
                  represents and warrants that (a) it is duly organized and in
                  good standing under the laws of the jurisdiction in which it
                  is established and in every state in which it does business;
                  (b) is empowered to enter into and perform this Agreement
                  and to effectuate transactions in commodity interests,
                  financial instruments and foreign currency as contemplated
                  hereby; and (c) no person or entity has any interest in or
                  control of the Account to which this Agreement pertains
                  except as disclosed by Customer to Calyon Financial in
                  writing.

            (2)   If Customer is a trust, Customer represents and warrants
                  that (a) it is a duly formed and existing trust under the
                  laws of the state of its formation or such other laws as are
                  applicable, including ERISA or similar state law, and the
                  party or parties designated as trustee or trustees by
                  Customer to Calyon Financial in writing submitted herewith
                  constitute the only or all of the proper trustees thereof;
                  (b) the trustee or trustees are empowered to enter into and
                  perform this Agreement and to effectuate transactions in
                  commodity interests, financial instruments, and foreign
                  currency as contemplated hereby; (c) the trustee or trustees
                  make the representations set forth in Section 17 hereof as
                  if the term trustee(s) were substituted for the term
                  Customer therein; and (d) no person or entity has any
                  interest in or control of the Account to which this
                  Agreement pertains except as disclosed by Customer to Calyon
                  Financial in writing.

      (b)   To the best of its knowledge, neither Customer nor any partner,
            director, officer, member, manager or employee of Customer nor any
            affiliate of Customer is a partner, director, officer, member,
            manager or employee of a futures commission merchant, introducing
            broker, bank, broker-dealer, exchange or self-regulatory
            organization or an employee or commissioner of the Commodity
            Futures Trading Commission (the "CFTC"), except as previously
            disclosed in writing to Calyon Financial;

      (c)   To help the government fight the funding of terrorism and
            money-laundering activities, U.S. Federal law requires Calyon
            Financial to obtain, verify and record information that identifies
            each and every person for which an account is opened by Calyon
            Financial, whether that person is an individual, association,
            partnership, corporation, trust or other entity.

            Customer will furnish information and documentation as requested
            by Calyon Financial so that Calyon Financial can verify Customer's
            identity as required by U.S. Federal law. Any financial statements
            or information, or identifying information and documentation
            furnished to Calyon Financial are true, correct and complete.
            Customer hereby authorizes Calyon Financial to contact such banks,
            financial institutions and credit agencies as Calyon Financial
            shall deem appropriate for verification of such financial
            statements or other information. Upon the Customer's request,
            Calyon Financial will inform the Customer whether it has obtained
            credit reports, and if so, Calyon Financial will inform the
            Customer of the name and address of the reporting agency that
            furnished those reports.

                                      9
                                                                      May 2005
<PAGE>

            Except as disclosed in writing, (i) Customer is not a commodity
            pool or is exempt from registration under the rules of the CFTC,
            and (ii) Customer is acting solely as principal and no one other
            than Customer has any interest in any Account of Customer.

      (d)   Customer has determined that trading in commodity interests is
            appropriate for Customer, is prudent in all respects and does not
            and will not violate Customer's charter or by-laws (or other
            comparable governing document) or any law, rule, regulation,
            judgment, decree, order or agreement to which Customer or its
            property is subject or bound;

      (e)   As required by CFTC regulations, Customer shall create, retain and
            produce upon request of the applicable contract market, the CFTC
            or other regulatory authority documents (such as contracts,
            confirmations, telex printouts, invoices and documents of title)
            with respect to cash transactions underlying exchanges of futures
            for cash commodities or exchange of futures in connection with
            cash commodity transactions;

      (f)   Customer consents to the electronic recording, at Calyon
            Financial's discretion, of any or all telephone conversations with
            Calyon Financial (without automatic tone warning device), the use
            of same as evidenced by either party in any action or proceeding
            arising out of the Agreement and in Calyon Financial's erasure, at
            its discretion, of any recording as part of its regular procedure
            for handling of recordings;

      (g)   Absent a separate written agreement between Customer and Calyon
            Financial with respect to give-ups, Calyon Financial, in its
            discretion, may, but shall have no obligation to, accept from
            other brokers commodity interest transactions executed by such
            brokers on an exchange for Customer and proposed to be "given-up"
            to Calyon Financial for clearance and/or carrying in the Account;

      (h)   Calyon Financial, for and on behalf of Customer, is authorized and
            empowered to place orders for commodity interest transactions
            through one or more electronic or automated trading or order
            routing systems maintained or operated by or under the auspices of
            an exchange or by Calyon Financial, or any third party vendors,
            that Calyon Financial shall not be liable or obligated to Customer
            for any losses, claims, damages, liabilities, costs or expenses
            (including but not limited to loss of profits, loss of use, direct
            or indirect incidental or consequential damages) incurred or
            sustained by Customer and arising in whole or in part, directly or
            indirectly, from any error, fault, failure, inadequate performance
            or nonperformance, delay, omission, malfunction, inaccuracy or
            termination of an electronic trading system or order routing
            system or Calyon Financial's inability to enter, cancel or modify
            an order on behalf of Customer on or through an electronic trading
            system or order routing system. The provisions of this Section
            17(h) shall apply regardless of whether any customer claim arises
            in contract, negligence, tort, strict liability, breach of
            fiduciary obligations or otherwise; and

      (i)   Calyon Financial shall be entitled to rely on any instructions,
            notices and communications, whether oral or in writing, that it
            reasonably believes to be from an individual authorized to act on
            behalf of Customer, including, but not limited to, any
            individual(s) identified in writing by Customer as authorized to
            act on its behalf, and Customer shall be bound thereby. Customer
            hereby waives any defense that any such instruction was not in
            writing as may be required by the relevant statutes or any other
            similar law, rule or regulation.

                                      10
                                                                      May 2005
<PAGE>

      (j)   If Customer is subject to the Financial Institution Reform,
            Recovery and Enforcement Act of 1989, the certified resolutions
            set forth following this Agreement have been caused to be
            reflected in the minutes of Customer's Board of Directors (or
            other comparable governing body) and this Agreement is and shall
            be, continuously from the date hereof, an official record of
            Customer.

      (k)   Customer is aware of and agrees to be bound by the rules of the
            NASD applicable to the trading of security futures product
            contracts.

      (l)   Customer is aware of and agrees not to violate applicable security
            futures product position limits.

      (m)   Customer acknowledges that Calyon Financial has furnished it with
            a copy of the current Security Futures Risk Disclosure Statement.

      Customer agrees to promptly notify Calyon Financial in writing if any of
      the warranties and representations contained in this Section 17 become
      inaccurate or in any way cease to be true, complete and correct.

18    CALYON FINANCIAL'S REPRESENTATIONS AND WARRANTIES

      Calyon Financial represents and warrants that:

      (a)   Calyon Financial is registered as a futures commission merchant
            with the CFTC and is a member of the National Futures Association.

      (b)   Calyon Financial has all requisite authority, whether arising
            under applicable federal or state laws and rules and regulations,
            or the rules and regulations of any contract market or other
            self-regulatory organization to which Calyon Financial is subject,
            to enter into this Agreement.

      (c)   This Agreement does not violate any applicable law, any judgment,
            order or agreement to which Calyon Financial or any of its
            property is subject or by which it or its property is bound.

      (d)   This Agreement is a valid and binding agreement of Calyon
            Financial enforceable against Calyon Financial in accordance with
            its terms and the person signing and delivering the Agreement is
            duly authorized to do so on behalf of Calyon Financial.

19    SUCCESSORS AND ASSIGNS

      This Agreement shall inure to the benefit of Calyon Financial, its
      successors and assigns, and shall be binding upon Customer and
      Customer's executors, trustees, administrators, successors and assigns,
      provided, however, that this Agreement is not assignable by Customer
      without the prior written consent of Calyon Financial, which consent
      shall not be unreasonably withheld if such assignment is approved in
      accordance with Calyon Financial's credit policies and procedures.

20    MODIFICATION OF AGREEMENT; NON-WAIVER PROVISION

      This Agreement may only be altered, modified or amended by mutual
      written consent of the parties. The rights and remedies conferred upon
      the parties shall be cumulative, and its

                                      11
                                                                      May 2005
<PAGE>

      forbearance to take any remedial action available to it under this
      Agreement shall not waive its right at any time or from time to time
      thereafter to take such action.

21    SEVERABILITY

      If any term or provision hereof or the application thereto to any
      persons or circumstances shall to any extent be contrary to any
      exchange, government or self-regulatory regulation or contrary to any
      federal, state or local law or otherwise be invalid or unenforceable,
      the remainder of this Agreement or the application of such term or
      provision to persons or circumstances other than those as to which it is
      contrary, invalid or unenforceable, shall not be affected thereby.

22    CAPTIONS

      All captions used herein are for convenience only, are not a part of
      this Agreement, and are not to be used in construing or interpreting any
      aspect of this Agreement.

23    TERMINATION

      This Agreement shall continue in force until written notice of
      termination is given by Customer or Calyon Financial. Termination shall
      not relieve either party of any liability or obligation incurred prior
      to such notice. Upon giving or receiving notice of termination, Customer
      will promptly take all action necessary to transfer all open positions
      in each Account to another futures commission merchant.

24    ENTIRE AGREEMENT

      This Agreement constitutes the entire agreement between Customer and
      Calyon Financial with respect to the subject matter hereof and
      supersedes any prior agreements between the parties with respect to such
      subject matter.

25    GOVERNING LAW; CONSENT TO JURISDICTION

      (a)   In case of a dispute between Customer and Calyon Financial arising
            out of or relating to the making or performance of this Agreement
            or any transaction pursuant to this Agreement (i) this Agreement
            and its enforcement shall be governed by the laws of the State of
            Illinois without regard to principles of conflicts of laws, and
            (ii) Customer will bring any legal proceeding against Calyon
            Financial in, and Customer hereby consents in any legal proceeding
            by Calyon Financial to the jurisdiction of, any state or federal
            court located within Chicago, Illinois, in connection with all
            legal proceedings arising directly, indirectly or otherwise in
            connection with, out of, related to or from Customer's Account,
            transactions contemplated by this Agreement or the breach thereof.
            Customer hereby waives all objections Customer, at any time, may
            have as to the propriety of the court in which any such legal
            proceedings may be commenced. Customer also agrees that any
            service of process mailed to Customer at any address specified to
            Calyon Financial shall be deemed a proper service of process on
            the undersigned. Customer agrees that venue of all proceedings
            shall be in Chicago, Illinois.

      (b)   Notwithstanding the provisions of Section 25(a)(ii), Customer may
            elect at this time to have all disputes described in this Section
            resolved by arbitration. To make such election, Customer must sign
            the Arbitration Agreement set forth in Section 26. Notwithstanding
            such election, any question relating to whether Customer or Calyon
            Financial has commenced an arbitration proceeding in a timely
            manner, whether a dispute is within the

                                      12
                                                                      May 2005
<PAGE>

            scope of the Arbitration Agreement or whether a party (other than
            Customer or Calyon Financial) has consented to arbitration and all
            proceedings to compel arbitration shall be determined by a court
            as specified in Section 25(a)(ii).

26    ARBITRATION AGREEMENT (OPTIONAL)

      Every dispute between Customer and Calyon Financial arising out of or
      relating to the making or performance of this Agreement or any
      transaction pursuant to this Agreement, 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 National Association of Securities
      Dealers as Customer may elect. If Customer does not make such election
      by registered mail addressed to Calyon Financial at 550 West Jackson
      Blvd., Suite 500, Chicago, Illinois 60661-5716, Attention: Legal
      Department, within 45 days after demand by Calyon Financial that the
      Customer make such election, then Calyon Financial may make such
      election. Calyon Financial agrees to pay any incremental fees which may
      be assessed by a qualified forum for making available a "mixed panel" of
      arbitrators, unless the arbitrators determine that Customer 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.

      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 CALYON FINANCIAL 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 CALYON FINANCIAL 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" PROCEEDINGS BEFORE THE CFTC, YOU
WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

      YOU NEED NOT AGREE TO THIS ARBITRATION AGREEMENT TO OPEN AN ACCOUNT WITH
CALYON FINANCIAL.

See 17 CFR 166.5.

Acceptance of this arbitration agreement requires a separate signature on page
15.

27    CONSENT TO TAKE THE OTHER SIDE OF ORDERS (OPTIONAL)

      Without its prior notice, Customer agrees that when Calyon Financial
      executes sell or buy orders on Customer's behalf, Calyon Financial, its
      directors, officers, employees, agents, affiliates, and

                                      13
                                                                      May 2005
<PAGE>

      any floor broker may take the other side of Customer's transaction
      through any Account of such person subject to its being executed at
      prevailing prices in accordance with and subject to the limitations and
      conditions, if any, contained in applicable rules and regulations.

28    AUTHORIZATION TO TRANSFER FUNDS (OPTIONAL)

      Without limiting other provisions herein, Calyon Financial is authorized
      to transfer from any segregated account subject to the Commodity
      Exchange Act carried by Calyon Financial for the Customer to any other
      account carried by Calyon Financial for the Customer such amount of
      excess funds as in Calyon Financial's judgment may be necessary at any
      time to avoid a margin call or to reduce a debit balance in said
      account. It is understood that Calyon Financial will confirm in writing
      each such transfer of funds made pursuant to this authorization within a
      reasonable time after such transfer.

29    TRANSMISSION OF STATEMENTS (CUSTOMER TO ELECT)

      Customer may elect and consent until further notice to receive
      statements solely by electronic means, including without limitation, by
      electronic mail or facsimile, and not by mail. Customer shall not incur
      any costs or fees in connection with the receipt of such statements by
      electronic transmission.

      By subscribing to electronic document delivery, the Customer understands
      and agrees to the following:

      (a)   Customer has the right to receive daily and monthly statements by
            mail or electronically or a combination thereof.

      (b)   The Customer has the right to request and receive a written
            confirmation of a specific trade and/or monthly statement, even if
            the Customer chooses to receive daily and monthly statements only
            by electronic means.

      (c)   The Customer will not receive any other notice regarding the
            delivery of electronic documents, and the Customer takes sole
            responsibility for promptly notifying Calyon Financial in the
            event that documents fail to be properly delivered electronically.

      (d)   The Customer may terminate the option to receive electronic
            document delivery at any time by notifying Calyon Financial in
            writing.

                                      14
                                                                      May 2005
<PAGE>

OPTIONAL ELECTIONS/ACKNOWLEDGMENTS

The following provisions, which are set forth in this Agreement, need not be
entered into to open the Account. Customer agrees that by its signature or
checking the box (|X|) after each such election below its optional elections
are as follows:

A)       ARBITRATION AGREEMENT:  (Agreement Paragraph 26)
                     (must sign and date) /s/ Brad Stern, 1/23/07
                                          -------------------------------------

B)       CONSENT TO TAKE THE OTHER SIDE OF ORDERS:  (Agreement Paragraph 27) |_|

C)       AUTHORIZATION TO TRANSFER FUNDS:  (Agreement Paragraph 28)          |_|

D)       INSTRUCTIONS TO RECEIVE STATEMENTS:  (Agreement Paragraph 29)

            Customer must complete the following:

            Customer, until further notice, elects delivery by electronic or
            facsimile or mail transmission for each category or a combination
            thereof (check the appropriate box(es)):

                                      Electronic        Facsimile      Mail

           Daily Statements                x               |_|          |_|
                (including confirmations and purchase and sale statements)

           Monthly Statements              x               |_|          |_|

E)       HEDGE ELECTION

            I) Customer confirms that all transactions in the Account will
            represent bona fide hedging transactions, as defined by the
            Commodity Futures Trading Commission, unless Calyon Financial is
            notified otherwise not later than the time an order is placed for
            the Account:  |_|

            II) Pursuant to CFTC Regulation 190.06(d), Customer specifies and
            agrees, with respect to hedging transactions in the Account, that
            in the unlikely event of Calyon Financial's bankruptcy, it prefers
            that the bankruptcy trustee [check appropriate box]:

            A)    Liquidate all open contracts without first seeking
                  instructions either from or on behalf of Customer       |_|

            B)    Attempt to obtain instructions with respect to the
                  disposition of all open contracts.                      |_|
                  (If neither box is checked, Customer shall be deemed to
                  elect A).

                                      15
                                                                      May 2005
<PAGE>

REQUIRED DISCLOSURE/ACKNOWLEDGMENT

The undersigned hereby acknowledges (by checking the box below |X|) its
separate receipt from Calyon Financial of the following documents, and its
understanding of the following required document prior to the opening of the
Account:

      DISCLOSURE DOCUMENTS FOR FUTURES TRADING

      o     Risk Disclosure Statement for Futures and Options                 x

            o     Direct Foreign Order Transmittal

            o     Electronic Trading and Order Routing Systems Disclosure
                  Statement

            o     Questions and Answers to Address Key Features of CME Rule
                  553 - Average Price System

            o     Special Notice to Foreign Brokers and Foreign Traders -
                  Designation of Calyon Financial Inc. as Agent

            o     Position Limit and Large Open Position Reporting
                  Requirements for Options and Futures Traded on The Hong Kong
                  Exchanges

            o     A Guide to the Structure and Market Terminology of the
                  London Metal Exchange

REQUIRED CUSTOMER SIGNATURES

The undersigned has received, read, understands and agrees to all the
provisions of this Agreement, and by checking the applicable boxes or signing
above acknowledges that it has received and understood each such disclosure
statement and/or made such consents or elections, and agrees to promptly
notify Calyon Financial in writing if any of the warranties and
representations contained herein become inaccurate or in any way cease to be
true, complete and correct.

AIS FUTURES FUND IV, L.P.
------------------------------------------------------------------------------
Customer Name(s)

/s/ Brad Stern                                                   1/23/07
------------------------------------------------------------------------------
Authorized Signature(s)                                             (Date)

Bradley C. Stern
------------------------------------------------------------------------------
[If applicable, print name and title of signatory]

CALYON FINANCIAL INC.
Accepted and Agreed:

By:      /s/ Angelique Murphy
         ------------------------
Name:    Angelique Murphy
         ------------------------
Title:   Senior V.P.
         ------------------------
Date:    02/06/07
         ------------------------

                                      16
                                                                      May 2005
<PAGE>

                      SECURITY FUTURES PRODUCT REGULATORY
                       PROTECTIONS AND ACCOUNT ELECTIONS

This disclosure document is furnished to a customer that desires to engage in
the trading of securities futures products pursuant to ss.41.41(b) of the
Commodity Exchange Act and ss.240.15c3-3(o) of the Securities Exchange Act of
1934.

1. Set forth below are descriptions of protections provided by the
requirements set forth (i) under the Securities Exchange Act Rule 15c3-3 and
the Securities Investor Protection Act of 1970 applicable to a securities
account, and (ii) under Section 4d of the Commodity Exchange Act applicable to
a futures account.

      A. Protections for Securities Accounts. Positions in security futures
      products carried in a securities account are covered by SEC rules
      governing the safeguarding of customer funds and securities, which are
      Section 15(c)(3) of the Securities Exchange Act of 1934 and Rule 15c3-3
      thereunder. Calyon Financial Inc. ("Calyon Financial") is required to
      follow these rules as a broker/dealer. These rules prohibit a
      broker/dealer from using customer funds and securities to finance its
      business. As a result, the broker/dealer is required to set aside funds
      equal to the net of all its excess payables to customers over
      receivables from customers. The rules also require a broker/dealer to
      segregate all customer fully paid and excess margin securities carried
      by the broker/dealer for customers.

      The Securities Investor Protection Corporation ("SIPC") also covers
      positions held in securities accounts. SIPC was created in 1970 as a
      non-profit, non-government, membership corporation, funded by member
      broker/dealers. Its primary role is to return funds and securities to
      customers if the broker/dealer holding these assets becomes insolvent.
      SIPC coverage applies to customers of current (and in some cases former)
      SIPC members. Most broker/dealers registered with the SEC are SIPC
      members; those few that are not must disclose this fact to their
      customers. SIPC members must display an official sign showing their
      membership. Calyon Financial is a member of SIPC.

      SIPC coverage is limited to $500,000 per customer, including up to
      $100,000 for cash. For example, if a customer has 1,000 shares of XYZ
      stock valued at $200,000 and $10,000 cash in the account, both the
      security and the cash balance would be protected. However, if the
      customer has shares of stock valued at $500,000 and $100,000 in cash,
      only a total of $500,000 of those assets will be protected.

      For purposes of SIPC coverage, customers are persons who have securities
      or cash on deposit with a SIPC member for the purpose of, or as a result
      of, securities transactions. SIPC does not protect customer funds placed
      with a broker/dealer just to earn interest. Insiders of the
      broker/dealer, such as its owners, officers, and partners, are not
      customers for purposes of SIPC coverage.

      B. Protections for Futures Accounts. If positions in security futures
      products are carried in a futures account, they must be segregated from
      a futures commission merchants' ("FCMs") or brokerage firm's own funds
      and cannot be borrowed or otherwise used for the firm's own purposes
      according to Section 4d of the Commodity Exchange Act and the rules
      thereunder.

                                      17
                                                                      May 2005
<PAGE>

      Calyon Financial is a registered FCM and is required to follow these
      rules. If the funds are deposited with another entity (e.g., a bank,
      clearing broker, or clearing organization), that entity must acknowledge
      that the funds belong to customers and cannot be used to satisfy the
      FCM's debts. Moreover, although a brokerage firm may carry funds
      belonging to different customers in the same bank or clearing account,
      it may not use the funds of one customer to margin or guarantee the
      transactions of another customer. As a result, the brokerage firm must
      add its own funds to its customers' segregated funds to cover customer
      debits and deficits. Brokerage firms must calculate their segregation
      requirements daily.

      A customer may not be able to recover the full amount of any funds in
      its account if, in the unlikely event, Calyon Financial becomes
      insolvent and has insufficient funds to cover its obligations to all of
      its customers. However, customers with funds in segregation receive
      priority in bankruptcy proceedings. Furthermore, all customers whose
      funds are required to be segregated have the same priority in
      bankruptcy, and there is no ceiling on the amount of funds that must be
      segregated for or can be recovered by a particular customer.

      Please be aware that a futures account, including any contracts that may
      be defined as security futures products that are maintained in that
      account, is not provided with any protections under the Securities
      Investor Protection Act of 1970.

      Calyon Financial is also required to separately maintain funds invested
      in security futures contracts traded on a foreign exchange (foreign
      security futures contract). However, these funds may not receive the
      same protections once they are transferred to a foreign entity (e.g., a
      foreign broker, exchange or clearing organization) to satisfy margin
      requirements for those products.

2. Customer may choose or elect to hold its positions in and margin for
security futures products ("SFPs") in either a securities account or futures
account established and maintained by Calyon Financial.

3. Customer's election of account type for positions in and related margin for
SFPs shall be made by completing the Account Election Form attached and
returning it to Calyon Financial.

4. Customer may not change an election of account type after trading has
commenced in SFPs.

5. The regulatory protections afforded a customer in connection with trading
in security futures products differ depending on whether the positions are
carried in a securities account or a futures account. If positions are carried
in a securities account, Customer will not receive the protections available
for futures accounts. Similarly, if positions are carried in a futures
account, Customer will not receive the protections available for securities
accounts.

                                      18
                                                                      May 2005
<PAGE>

Futures Account Election

|_|   Customer elects to hold positions in and related margin for securities
      futures products in a futures account established by Calyon Financial
      pursuant to Calyon Financial's Futures Account Agreement. [Please note
      if you elect to trade security futures products in a futures account,
      you must also complete account paperwork to open a securities account in
      the event that you take delivery on a security futures product.]

                                      or

Securities Account Election

|_|   Customer elects to hold positions in and related margin for securities
      futures products in a securities account established by Calyon Financial
      pursuant to Calyon Financial's Securities & Options Account Agreement.

      [Please note if you elect to trade security futures products in a
      securities account, you must also complete account paperwork to open a
      securities account.]

AIS FUTURES FUND IV, L.P.
---------------------------------
(Name of Customer)

By:      /s/ Brad Stern
         ---------------------------------
Name:    Brad Stern
         ---------------------------------
Title:   Vice President
         ---------------------------------
Date:    01/23/07
         ---------------------------------

                                      19
                                                                      May 2005
<PAGE>

                           FOR QUEBEC CUSTOMERS ONLY
      ADDENDUM TO THE FUTURES ACCOUNT AGREEMENT OF CALYON FINANCIAL INC.

THIS ADDENDUM ("Addendum") to the Futures Account Agreement ("Futures Account
Agreement") dated ______________ ___, _____ between Calyon Financial Inc.
("Calyon Financial") and ________________________________ ("Customer") is made
as of ________________.
Customer Name

Effective as of the date hereof, Customer and Calyon Financial agree that the
Futures Account Agreement shall be amended in accordance with the following
terms and conditions:

I.    WITH RESPECT TO QUEBEC CUSTOMERS ONLY:

      A.    Section 17 of the Futures Account Agreement is hereby amended to
            add subdivisions (n):

            "Customer represents and warrants to and agrees with Calyon
            Financial that:

            . . .

            (n)   the undersigned has read the following definitions of an
                  "accredited investor" as defined in Multilateral Instrument
                  45-103 or a "sophisticated purchaser" as defined in the
                  Securities Act (Quebec) and certifies that the undersigned
                  is resident in Quebec or is otherwise subject to the laws of
                  Quebec and is purchasing as principal for its own account
                  and not for the benefit of another and is an accredited
                  investor or sophisticated purchaser as indicated below
                  [check one or more] or purchasing as agent or trustee for
                  managed accounts and is an accredited investor as indicated
                  below [check one or more]:

                  1.    |_|   a Canadian financial institution (meaning a
                              bank, loan corporation, trust company, insurance
                              company, treasury branch, credit union or caisse
                              populaire authorized to carry on business in
                              Canada or a province or territory of Canada), or
                              an authorized foreign bank listed in Schedule
                              III of the Bank Act (Canada);

                  2.    |_|   the Business Development Bank of Canada
                              incorporated under the Business Development Bank
                              of Canada Act (Canada);

                  3.    |_|   an association under the Cooperative Credit
                              Associations Act (Canada) located in Canada or a
                              central cooperative credit society for which an
                              order has been made under section 473(1) of that
                              Act An association under the Cooperative Credit
                              Associations Act (Canada) located in Canada or a
                              central cooperative credit society for which an
                              order has been made under section 473(1) of that
                              Act;

                  4.    |_|   a subsidiary of any person or company referred
                              to in paragraphs 1 to 3 above, if the person or
                              company owns all of the voting securities of the
                              subsidiary, except the voting securities
                              required by law to be owned by directors of that
                              subsidiary;

                  5.    |_|   a person or company registered under the
                              securities legislation of a jurisdiction of
                              Canada, as an adviser or dealer, other than a
                              limited

                                      20
                                                                      May 2005
<PAGE>

                              market dealer registered under the Securities
                              Act (Ontario) or the Securities Act
                              (Newfoundland and Labrador);

                  6.    |_|   an individual registered or formerly registered
                              under the securities legislation of a
                              jurisdiction of Canada, as a representative of a
                              person or company referred to in paragraph 5
                              above;

                  7.    |_|   the government of Canada or a jurisdiction of
                              Canada, or any crown corporation, agency or
                              wholly owned entity of the government of Canada
                              or a jurisdiction of Canada;

                  8.    |_|   a municipality, public board or commission in
                              Canada;

                  9.    |_|   any national, federal, state, provincial,
                              territorial or municipal government of or in any
                              foreign jurisdiction, or any agency of that
                              government;

                  10    |_|   a pension fund that is regulated by either the
                              Office of the Superintendent of Financial
                              Institutions (Canada) or a pension commission or
                              similar regulatory authority of a jurisdiction
                              of Canada;

                  11.   |_|   an individual who, either alone or jointly with
                              a spouse, beneficially owns, directly or
                              indirectly, financial assets having an aggregate
                              realizable value that before taxes, but net of
                              any related liabilities, exceeds Cdn$1,000,000;

                  12.   |_|   an individual whose net income before taxes
                              exceeded Cdn$200,000 in each of the two most
                              recent years or whose net income before taxes
                              combined with that of a spouse exceeded
                              Cdn$300,000 in each of the two most recent years
                              and who, in either case, reasonably expects to
                              exceed that net income level in the current
                              year;

                  13.   |_|   a person or company, other than a mutual fund or
                              non-redeemable investment fund, that, either
                              alone or with a spouse, has net assets of at
                              least Cdn$5,000,000, and unless the person or
                              company is an individual, that amount is shown
                              on its most recently prepared financial
                              statements;

                  14.   |_|   a mutual fund or non-redeemable investment fund
                              that, in the local jurisdiction, distributes its
                              securities only to persons or companies that are
                              accredited investors;

                  15.   |_|   a mutual fund or non-redeemable investment fund
                              that, in the local jurisdiction, distributes its
                              securities under one or more prospectuses for
                              which the regulator has issued receipts;

                  16.   |_|   a trust company or trust corporation registered
                              or authorized to carry on business under the
                              Trust and Loan Companies Act (Canada) or under
                              comparable legislation in a jurisdiction of
                              Canada or a foreign jurisdiction, trading as a
                              trustee or agent on behalf of a fully managed
                              account;

                  17.   |_|   a person or company trading as agent on behalf
                              of a fully managed account if that person or
                              company is registered or authorized to carry on
                              business under the securities legislation of a
                              jurisdiction of Canada or a foreign jurisdiction
                              as a portfolio manager or under an equivalent
                              category of adviser or is exempt from
                              registration as a portfolio manager or the
                              equivalent category of adviser;

                  18.   |_|   a registered charity under the Income Tax Act
                              (Canada) that, in regard to the trade, has
                              obtained advice from an eligibility adviser or
                              other adviser registered to provide advice on
                              the securities being traded;

                                      21
                                                                      May 2005
<PAGE>

                  19.   |_|   an entity organized in a foreign jurisdiction
                              that is analogous to any of the entities
                              referred to in paragraphs 1 to 5 and paragraph
                              10 above in form and function;

                  20.   |_|   a person or company in respect of which all of
                              the owners of interests, direct or indirect,
                              legal or beneficial, are persons or companies
                              that are accredited investors;

                  21.   |_|   the Caisse centrale Desjardins du Quebec;

                  22.   |_|   a financial services cooperative within the
                              meaning of an Act Respecting Financial Services
                              Cooperatives (Quebec);

                  23.   |_|   a person designated as a "sophisticated
                              purchaser" by the Quebec Autorite des marches
                              financiers.

      For the purposes of this Addendum, the following definitions apply:

      "financial assets" means cash and securities;

      "mutual fund" includes an issuer of a security that entitles the holder
      to receive on demand, or within a specified period after demand, an
      amount computed by reference to the value of a proportionate interest in
      the whole or in a part of the net assets, including a separate fund or
      trust account, of the issuer of the security;

      "person" includes an individual, corporation, partnership, party, trust,
      fund, association and any other organized group of persons and the
      personal or other legal representative of a person to whom the context
      can apply according to law;

      "related liabilities" means

      (a)   liabilities incurred or assumed for the purpose of financing the
            acquisition or ownership of financial assets, or

      (b)   liabilities that are secured by financial assets.

      "subsidiary" means an issuer that is controlled by another issuer.

      For the purposes of this Addendum, an issuer is affiliated with another
      issuer if:

      (a)   one of them is the subsidiary of the other, or

      (b)   each of them is controlled by the same person or company.

      For the purposes of this Addendum, an issuer is controlled by a person
      or company if,

      (a)   voting securities of the issuer are held, other than by way of
            security only, by or for the benefit of that person, and

      (b)   the voting rights attached to those voting securities are
            entitled, if exercised, to elect a majority of the directors of
            the issuer.

      The undersigned: (a) if an individual, is making the above statement
      based on personal knowledge of his/her financial situation and has
      reviewed personal financial documentation with an accountant, financial
      advisor or other financial professional to

                                      22
                                                                      May 2005
<PAGE>

      determine the above statement is true; or (b) if other than an
      individual, is making the above statement based on a review of its
      financial statements for the most recently completed financial year and
      any interim financial statements prepared since the end of such
      financial year and has undertaken such other review and due diligence
      necessary to determine and certify that it is an "accredited investor"
      as that term is defined in Multilateral Instrument 45-103 "Capital
      Raising Exemptions"; and the undersigned understands that Calyon
      Financial is relying on this certificate as evidence of the Customer's
      status as accredited investor or sophisticated purchaser.

      B.    The parties have requested that this Futures Account Agreement and
            all related documents and agreements be drawn up in the English
            language only. Les parties aux presentes ont demande que la
            presente convention et tous les documents et conventions s'y
            rapportant soient redigees en langue anglaise seulement.

      C.    Except as herein modified or amended, the provisions, conditions
            and terms of the Futures Account Agreement shall remain unchanged
            and in full force and effect.

      D.    In the case of any inconsistency between the provisions of the
            Futures Account Agreement and this Addendum, the provisions of
            this Addendum shall govern and control.

      E.    The capitalized terms used in this Addendum shall have the same
            definitions as set forth in the Futures Account Agreement to the
            extent that such capitalized terms are defined therein and not
            redefined in this Addendum.

CALYON FINANCIAL INC.                      AIS FUTURES FUND IV L.P.
                                           -------------------------------------
                                           (Customer Name)

By:      ______________________________    By:      /s/ John Hummel_____________
Name:    ______________________________    Name:    John Hummel_________________
Title:   ______________________________    Title:   President, AIS Futures
                                                    Management, LLC, its general
                                                    partner
Date:    ______________________________    Date:    ____________________________

                                      23
                                                                      May 2005
<PAGE>

Chicago
Calyon Financial Inc.
550 West Jackson Blvd.
Suite 500
Chicago, Illinois 60661-5716
PHONE: 1-312-762-1000
FAX:  1-312-762-1001

New York
Calyon Financial Inc.
666 Third Avenue
14th Floor
New York, New York 10017
PHONE: 1-646-658-3960
FAX:  1-646-658-3999

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