Document:

Exhibit 10.5

                          FORM OF CUSTOMER AGREEMENT

      This Customer Agreement ("Agreement") between UBS Securities LLC ("UBS-S
LLC") and ____________________ ("Customer") shall govern the purchase and sale
by UBS-S LLC of certain futures contracts, options thereon and options
contracts for the account and risk of Customer through one or more accounts
carried by UBS-S LLC on behalf and in the name of Customer (collectively, the
"Account"), as more fully described below.

1.    UBS-S LLC'S AUTHORIZATION TO ACT AS BROKER

      Customer authorizes UBS-S LLC, acting through employees and agents
selected by it in its sole discretion, to purchase and sell for the Account
contracts for certain futures contracts, options thereon and options contracts
for which UBS-S LLC has notified Customer that UBS-S LLC is prepared to
execute transactions (collectively, "Contracts") within or outside the United
States of America in accordance with Customer's instructions.

2.    CUSTOMER'S REPRESENTATIONS AND WARRANTIES

      (a) Representations and Warranties. Customer represents and warrants as
follows:

            (i) Authority. Customer has full right, power and authority to
      enter into this Agreement and the Contracts, and the person executing
      this Agreement on behalf of Customer is authorized to do so. This
      Agreement is binding on Customer and enforceable against Customer in
      accordance with its terms;

            (ii) Lawful Agreement. Customer may lawfully establish and open
      the Account for the purpose of effecting purchases and sales of
      Contracts through UBS-S LLC. Transactions entered into pursuant to this
      Agreement will not violate any "Applicable Law" (as defined below) to
      which Customer is subject or any agreement to which Customer is subject
      or a party and the execution, delivery and performance of this Agreement
      by Customer require no action by or in respect of or filing with any
      governmental body, agency or official;

            (iii) Customer's Statements. The statements made to UBS-S LLC by
      Customer regarding Customer's futures trading (including any financial
      statements submitted therewith) are true and correct to the best of
      Customer's knowledge;

            (iv) Interest or Control of Account. If any person or entity has,
      or during the term of this Agreement will have, any interest in the
      Account other than Customer, Customer hereby agrees to so notify UBS-S
      LLC immediately (and no later than within one business day); and

            (v) Designation. If Customer is not a citizen or resident of the
      United States, Customer has been informed by UBS-S LLC of Commodity
      Futures Trading Commission ("CFTC") Regulations concerning the
      designation of a futures commission merchant as the agent of foreign
      brokers, customers of a foreign broker and foreign traders for certain
      purposes as set forth in CFTC Regulation ss.15.05 and concerning

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      special calls for information from futures commission merchants, foreign
      brokers and members of contract markets as set forth in CFTC Regulation
      ss.21.03.

      (b) Notice of Change. Customer shall immediately (and no later than
within one business day) notify UBS-S LLC in writing if any of the
representations contained herein materially change or cease to be true and
correct.

3.       APPLICABLE LAW

      The Account and all transactions and agreements in respect of the
Account shall be subject to the regulations of all applicable Federal, state
and self-regulatory agencies or authorities, including but not limited to: (a)
the provisions of the Commodity Exchange Act, as amended, and any rules,
regulations, orders and interpretations promulgated thereunder by the CFTC;
(b) the constitution, by-laws, rules, regulations, orders and interpretations
of the relevant board of trade, trading facility, market, or exchange and its
clearing house, if any (each, an "exchange") on or subject to the rules of
which such transactions are executed and/or cleared, and any relevant
registered futures association, including, without limitation, the National
Futures Association ("NFA"); and (c) custom and usage of the trade. All such
provisions, rules, regulations, orders, interpretations, constitution,
by-laws, custom and usage, as in effect from time to time, are hereinafter
collectively referred to as "Applicable Law."

4.    RELIANCE ON INSTRUCTIONS

      UBS-S LLC shall be entitled to rely on any instructions, notices and
communications, whether oral or in writing, that it believes to be that of an
individual authorized to act on behalf of Customer, including, but not limited
to, any individual 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
Statute of Frauds or any other similar law, rule or regulation.

5.    ACCEPTANCE OF ORDERS; POSITION LIMITS

      (a) Acceptance of Orders. UBS-S LLC shall have the right to limit the
size of open positions (net or gross) of Customer with respect to the Account
at any time and to refuse acceptance of orders to establish new positions
(whether such refusal or limitation is required by, and whether such refusal
is based on position limits imposed under, Applicable Law). UBS-S LLC shall
immediately notify Customer of its rejection of any order. Unless specified by
Customer, UBS-S LLC may designate the exchange or trading system on which it
will attempt to execute orders.

      (b) Position Limits. Customer shall not, either alone or in combination
with others, violate any position or exercise limit established by or under
Applicable Law. If Customer intends at any time to exceed such position
limits, Customer shall cause to be filed an application with the CFTC or the
relevant exchange requesting authorization for Customer to exceed such
position limits and shall provide UBS-S LLC with a copy of such application
and such other information as UBS-S LLC may reasonably request with respect to
such application. Customer shall indemnify and hold UBS-S LLC harmless from
and against all claims, damages, fines or assessments of any kind whatsoever,
including reasonable attorneys' fees in connection with the

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defense thereof, made and incurred in connection with any violation by
Customer of its obligations under this Section 5(b).

6.    ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS

      With respect to every Contract purchased, sold or cleared for the
Account, Customer shall make, or cause to be made, all applicable original
margin, variation margin, intra-day margin and premium payments, and perform
all other obligations attendant to transactions or positions in such
Contracts, as may be required by Applicable Law or by UBS-S LLC in its sole
and absolute discretion. Requests for margin deposits and/or premium payments
may, at UBS-S LLC's election, be communicated to Customer orally,
telephonically or in writing. Margin requirements established by UBS-S LLC may
exceed the margin requirements set by any exchange on which transactions are
executed or cleared or caused to be executed or cleared by UBS-S LLC or any
agent thereof for Customer and may be changed by UBS-S LLC without prior
notice to Customer. Except as otherwise provided herein, all such margin and
premium payments shall be in the form, as UBS-S LLC permits, of cash in U.S.
dollars, securities of the U.S. Government, or a combination thereof. If at
any time Customer fails timely to deposit or maintain required margin, or
Customer fails timely to make any premium payments, UBS-S LLC may at any time,
without further notice to Customer, close out Customer's open position in
whole or in part and take any action it deems appropriate.

7.    SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL

      All Contracts, cash, securities, and/or other property of Customer,
including all proceeds of all such property such as profits from Account
transactions (collectively, the "Collateral") now or at any future time in the
Account or otherwise held by UBS-S LLC or its affiliates, any exchange through
which trades of the Account are executed and/or positions are held, or any
other entity authorized to act as an agent of UBS-S LLC or Customer, hereby
are pledged to UBS-S LLC and shall be subject to a first priority lien and
security interest in UBS-S LLC's favor to secure any indebtedness or other
amounts at any time owing from Customer to UBS-S LLC, and to secure any and
all other obligations and liabilities of Customer to UBS-S LLC (collectively,
the "Customer's Liabilities"). Customer hereby grants UBS-S LLC the right to
borrow, pledge, repledge, hypothecate, rehypothecate, loan or invest any of
the Collateral without notice to Customer, and without any obligation to pay
or to account to Customer for any interest, income or benefit that may be
derived therefrom. UBS-S LLC shall be under no obligation to deliver to
Customer the identical Collateral in the Account, but shall only be under an
obligation to deliver to Customer Collateral of like or equivalent kind and
amount. The rights of UBS-S LLC set forth above shall be qualified by any
applicable requirements for segregation of customer's property under
Applicable Law.

8.    PAYMENT OBLIGATIONS OF CUSTOMER

      (a) Charges to the Account. With respect to every Contract purchased,
sold or cleared for the Account, Customer shall pay UBS-S LLC upon demand and
UBS-S LLC hereby is authorized to charge Customer's Account for: (i) all
brokerage charges, give-up fees, commissions and service fees as UBS-S LLC may
from time to time charge; (ii) all exchange,

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clearing member, NFA or CFTC fees or charges, fines or penalties; (iii) any
tax imposed on such transactions by any competent taxing authority; (iv) the
amount of any trading losses in the Account; (v) any debit balance or
deficiency in the Account; (vi) interest and service charges on any debit
balances or deficiencies in the Account, any advances or any loan (including
interest on the amount of variation margin 1calls, until satisfaction of such
calls, when the Customer posts U.S. Treasury Bills for original margin
purposes), at the rate customarily charged by UBS-S LLC (which may be at the
prevailing and/or allowable rates according to the laws of the State of
Illinois) from the day any such deficit was incurred to (but not including)
the day of payment (calculated on the basis of a 360 day year and for the
actual number of days elapsed for all deficits, except for those denominated
in foreign currencies for which generally accepted accounting principles
require that the interest rate shall be calculated otherwise), together with
costs and reasonable attorneys' fees incurred in collecting any such deficit;
(vii) all storage and delivery service fees; and (viii) any other amounts owed
by Customer to UBS-S LLC with respect to the Account or any transactions
therein.

      (b) Payment in U.S. Dollars. Any and all payment obligations of
Customer, if not deducted from Customer's Account as permitted hereunder,
shall be made upon demand in immediately available U.S. dollars to UBS-S LLC
or at such other place and at such time and in such manner as UBS-S LLC
notifies Customer. The obligation of Customer to make all payments due
hereunder shall not be discharged or satisfied by any tender, or any recovery
pursuant to any judgment, which is expressed in or converted into any other
currency other than U.S. dollars, except to the extent that such tender or
recovery shall result in the actual receipt by UBS-S LLC of the full amount of
such U.S. dollars expressed to be payable in respect of such amounts. Customer
agrees that its obligations to make payment in U.S. dollars as aforesaid shall
be enforceable as an alternative or additional cause of action for the purpose
of recovery of the amount (if any) by which such actual receipt shall fall
short of the full amount of U.S. dollars expressed to be payable in respect of
such amount due hereunder, and shall not be affected by judgment being
obtained for other sums due hereunder.

      (c) Setoff. Any Collateral may at any time or from time to time without
notice or compliance with any condition precedent (which notice hereby is
expressly waived) be setoff, appropriated and applied by UBS-S LLC against any
and all payment obligations of Customer hereunder including, but not limited
to, any deficit balance or margin deficiency in the Account (or any
sub-account within the Account), in such manner as UBS-S LLC in its discretion
may determine.

      (d) Netting. UBS-S LLC may at any time or from time to time without
notice or compliance with any condition precedent (which notice hereby is
expressly waived) net (i) any Collateral held in or on behalf of the Account
(or any sub-account within the Account) or liabilities or payment obligations
of UBS-S LLC to Customer or the Account (or any sub-account within the
Account) against (ii) any liabilities or payment obligations of Customer
thereunder, including, but not limited to any deficit balance or margin
deficiency in the Account (or any sub-account within the Account), paying to
Customer only the amount by which the aggregate amount of (i) above exceeds
the aggregate amount of (ii) above.

      (e) Gross-Up. All payments made by Customer to UBS-S LLC hereunder will
be made without setoff or counterclaim free and clear and without deduction or
withholding for, any

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present or future taxes, levies, assessments or other charges of whatever
nature, now or hereinafter imposed by any jurisdiction or by any agency, state
or other political subdivision or taxing authority thereof or therein, and all
interest, penalties, or similar liabilities with respect thereto
(collectively, "Taxes"). If any Taxes are so levied or imposed, Customer
agrees to pay the full amount of such Taxes, and such additional amounts as
may be necessary so that every net payment of all amounts due hereunder, after
withholding or deduction for or on account of any Taxes, will not be less than
the amount provided for herein. Customer will furnish to UBS-S LLC, within
thirty days after the date the payment of any Taxes is due pursuant to
Applicable Law, certified copies of tax receipts evidencing such payment by
Customer.

9.    DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE

      (a) Instructions. Customer will provide UBS-S LLC with instructions
either to liquidate Contracts previously established by Customer, make or take
delivery under any such Contracts, or exercise options entered into by
Customer, within such time limits as may be specified by UBS-S LLC. UBS-S LLC
shall have no responsibility to take any action on behalf of Customer,
including, without limitation, exercising option Contracts, unless and until
UBS-S LLC receives oral or written instructions reasonably acceptable to UBS-S
LLC indicating the action UBS-S LLC is to take. Any instructions, if given
orally to UBS-S LLC, shall immediately be confirmed in writing by Customer.
Funds sufficient to take delivery pursuant to such Contract or deliverable
grade commodities to make delivery pursuant to such Contract must be delivered
to UBS-S LLC at such time and location as UBS-S LLC may require in connection
with any delivery.

      (b) Allocation Procedures. Short option Contracts may be subject to
exercise at any time. Exercise notices received by UBS-S LLC with respect to
option Contracts sold by Customer may be allocated to Customer pursuant to a
random allocation procedure, and Customer shall be bound by any such
allocation of exercise notices. Such notices may be allocated to Customer
after the close of trading on the day on which such notices have been
allocated to UBS-S LLC by the applicable exchange. In the event of any
allocation to Customer, unless UBS-S LLC has previously received instructions
from Customer, UBS-S LLC's sole responsibility shall be to use commercially
reasonable efforts to notify Customer by telephone of such allocation at any
time before trading commences on the first day on which such option Contracts
are traded on the applicable exchange following the day on which the
applicable contract market has allocated such notices to UBS-S LLC.

      (c) Failure to Provide Instructions. If Customer fails to comply with
any of the foregoing obligations, UBS-S LLC may, in its sole and absolute
discretion, liquidate any open positions, make or receive delivery of any
commodities or instruments, or exercise or allow the expiration of any
options, in such manner and on such terms as UBS-S LLC, in its sole and
absolute discretion, deems necessary or appropriate. Any such action taken
shall be in the sole and absolute discretion of UBS-S LLC and Customer shall
remain fully liable for all costs, losses, expenses, liabilities and damages
(including special, indirect and consequential damages, penalties and fines)
which UBS-S LLC may be required to pay or which it has sustained in connection
with such transactions and for any remaining debit balance in the Account.

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10.   EVENTS OF DEFAULT; UBS-S LLC'S REMEDIES

      (a) Events of Default. As used herein, each of the following shall be
deemed an "Event of Default": (i) the commencement of a case under any
bankruptcy, insolvency or reorganization law or similar law effecting
creditors' rights of any jurisdiction, or the filing of a petition for the
appointment of a receiver by or against Customer, an assignment made by
Customer for the benefit of creditors, an admission in writing by Customer
that it is insolvent or is unable to pay its debts when they mature, or the
suspension by the Customer of its usual business or any material portion
thereof; (ii) the issuance of any warrant or order of attachment against the
Account or the levy of a judgment against the Account; (iii) if Customer is an
employee benefit plan, the termination of Customer or the filing by Customer
of a notice of intent to terminate with the Pension Benefit Guaranty
Corporation (or other similar governmental agency or body of any
jurisdiction), or the receipt of a notice of the Pension Benefit Guaranty
Corporation's (or other similar governmental agency's or body's) intent to
terminate Customer, or the inability of Customer to pay benefits under the
relevant employee benefit plan when due; (iv) the failure by Customer to
deposit or maintain margins, to pay required premiums, or to make payments
required by Section 8 hereof; (v) UBS-S LLC in its sole and absolute
discretion determines that the Collateral in Customer's Account, regardless of
current market quotations, is inadequate to secure the Account and Customer's
obligations to UBS-S LLC hereunder; (vi) the Account shall incur a deficit
balance; (vii) the failure by Customer to perform, in any material respect,
its obligations respecting delivery, exercise or a notice of allocation of
exercise, payment for delivery, or settlement under Contracts held in the
Account (it being understood that any failure to comply with any Applicable
Law shall be deemed material); or (viii) the failure by Customer, in any
material respect, to perform any of its other obligations hereunder (it being
understood that any failure to comply with any Applicable Law shall be deemed
material).

      (b) Remedies. Upon the occurrence of an Event of Default or in the event
UBS-S LLC, in its sole and absolute discretion, considers it necessary for its
protection, UBS-S LLC shall have the right, in addition to any other remedy
available to UBS-S LLC at law or in equity, and in addition to any other
action UBS-S LLC may deem appropriate under the circumstances, to liquidate,
spread or roll-forward any or all open Contracts held in or for the Account,
sell any or all of the securities or other property of Customer held by UBS-S
LLC and its affiliates and to apply the proceeds thereof to any amounts owed
by Customer to UBS-S LLC, borrow or buy any options, securities, Contracts or
other property for the Account and cancel any unfilled orders for the purchase
or sale of Contracts for the Account, or take such other or further actions as
UBS-S LLC, in its reasonable discretion, deems necessary or appropriate for
its protection, all without demand for margin and without notice or
advertisement. In the event UBS-S LLC's position would not be jeopardized
thereby, UBS-S LLC will make reasonable efforts under the circumstances to
notify Customer prior to taking any such action. Any such liquidation, sale,
purchase, borrowing or cancellation shall be made at the discretion of UBS-S
LLC on, through or subject to the rules of an exchange, on other markets, at
public auction or by private transaction, including, without limitation, by an
exchange for physical transaction or similar transaction wherein UBS-S LLC may
act as agent and/or as principal in such transaction. Customer acknowledges
and agrees that a prior demand or margin call of any kind from UBS-S LLC or
prior notice from UBS-S LLC shall not be considered a waiver of UBS-S LLC's
right to take any action without notice or demand. In any transaction
described above, UBS-S LLC may sell any Collateral to itself or its affiliates
or buy any Collateral from itself or its affiliates. UBS-

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S LLC may, to the extent permitted by law, purchase the whole or any part
thereof free from any right of redemption. In all cases, Customer shall remain
liable for and shall pay to UBS-S LLC on demand the amount of any deficiency
in its Account resulting from any such transaction, and Customer shall
reimburse, compensate and indemnify UBS-S LLC for any and all costs, losses,
penalties, fines, taxes and damages which UBS-S LLC may incur, including
reasonable attorneys' fees incurred in connection with the exercise of its
remedies and the recovery of any such costs, losses, penalties, fines, taxes
and damages.

11.   EXCULPATION AND INDEMNIFICATION

      (a) Exculpation. Neither UBS-S LLC nor any of its managing directors,
officers, employees or affiliates shall be liable for any costs, losses,
penalties, fines, Taxes and damages sustained or incurred by Customer other
than as a result of UBS-S LLC's gross negligence or reckless or intentional
misconduct. In no event will UBS-S LLC be liable to Customer for
consequential, incidental or special damages. Without limiting the generality
of the foregoing, neither UBS-S LLC nor any of its managing directors,
officers, employees or affiliates shall have any responsibility or liability
to Customer hereunder for any costs, losses, penalties, fines, Taxes and
damages, including consequential, incidental or special damages, sustained or
incurred by Customer, (i) in connection with the performance or
non-performance by any exchange, clearing firm or other third party (including
other exchange members, banks and floor brokers) to UBS-S LLC of its
obligations in respect of any Contract or other property of Customer; (ii) as
a result of any prediction, recommendation or advice made or given by a
representative of UBS-S LLC whether or not made or given at the request of
Customer; (iii) as a result of any delay in the performance or non-performance
of any of UBS-S LLC's obligations hereunder to the extent that losses arising
therefrom are, directly or indirectly, caused by the occurrence of any
contingency beyond the control of UBS-S LLC including, but not limited to, the
unscheduled closure of an exchange or contract market or delays in the
transmission of orders due to breakdowns or failures of transmission or
communication facilities, execution, and/or trading facilities or other
systems; (iv) as a result of any action taken by UBS-S LLC, its managing
directors, officers, employees, agents (including other clearing firms through
which transactions are effected on behalf of Customer) or floor brokers, to
comply with Applicable Law; or (v) for any acts or omissions of those neither
employed nor supervised by UBS-S LLC. Moreover, UBS-S LLC shall have no
responsibility for compliance by Customer with any law or regulation governing
Customer's conduct as a fiduciary, if applicable.

      (b) Force Majeure and Acts of State. In the event that UBS-S LLC's
performance of any of its obligations and undertakings hereunder shall be
interrupted or delayed by any occurrence not occasioned by the conduct of
either party hereto, whether such occurrence shall be an act of God or the
common enemy or the result of war, riot, fire, flood, civil commotion, acts of
terrorism, sovereign conduct or other acts of State, or the act or conduct of
any person or persons not party or privy hereto, then UBS-S LLC shall be
excused from performance for such period of time as is reasonably necessary
after such occurrence to remedy the effects thereof and neither UBS-S LLC nor
any of its managing directors, officers, employees or affiliates shall be
directly or indirectly responsible for losses occasioned thereby.

      (c) Electronic Trading Systems Waiver. In consideration of UBS-S LLC
making electronic trading systems or services available, in whole or in part,
directly or indirectly,

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Customer agrees that neither UBS-S LLC, the electronic trading systems or
services provided, exchanges whose products may be traded on or through such
electronic trading systems or services, nor any other entities controlling,
controlled by or under common control with such entities, nor their respective
directors, officers, or employees, shall be liable for any losses, damages,
costs or expenses (including, but not limited to, loss of profits, loss of
use, incidental or consequential damages), regardless of the cause, arising
from any fault, delay, omission, inaccuracy or termination of the electronic
trading systems or services, or the inability to enter or cancel orders, or
any other cause in connection with the furnishing, performance, maintenance,
or use of or inability to use all or any part of the electronic trading
systems or services. The foregoing shall apply regardless of whether a claim
arises in contract, tort, negligence, strict liability or otherwise.

      (d) Indemnification of UBS-S LLC. Customer agrees to indemnify and hold
UBS-S LLC and its managing directors, officers, employees and affiliates
harmless from and against any and all costs (including reasonable attorneys'
fees), losses, penalties, fines, taxes and damages incurred by UBS-S LLC as a
result of any action taken or not taken by UBS-S LLC in reliance upon any
instructions, notices and communications which UBS-S LLC believes to be that
of an individual authorized to act on behalf of Customer, or in connection
with UBS-S LLC's recovery of any such costs, losses, penalties, fines, taxes
and damages.

12.   TERMINATION

      This Agreement may be terminated at any time by Customer or UBS-S LLC by
written notice to the other; provided, however, that any such termination
shall not relieve either party of any obligations in connection with any debit
or credit balance in the Account or other liability or obligation arising or
accruing prior to such termination. In the event of such notice, Customer
shall either close out open positions in the Account or arrange for such open
positions to be transferred to another futures commission merchant. Upon
satisfaction by Customer of all of Customer's Liabilities, UBS-S LLC shall
transfer to another futures commission merchant all Contracts, if any, then
held for the Account, and shall transfer to Customer or to another futures
commission merchant, as Customer may instruct, all cash, securities and other
property held in the Account, whereupon this Agreement shall terminate.

13.   LIQUIDATION OF OFFSETTING POSITIONS

      UBS-S LLC shall liquidate any Contract for which an offsetting order is
entered by Customer, unless Customer instructs UBS-S LLC not to liquidate such
Contract and to maintain the offsetting Contracts as open positions; provided,
that UBS-S LLC shall not be obligated to comply with any such instructions
given by Customer if Customer fails to provide UBS-S LLC with any
representations, documentation or information reasonably requested by UBS-S
LLC or if, in UBS-S LLC's reasonable judgment, any failure to liquidate such
offsetting Contracts against each other would result in a violation of
Applicable Law.

14.   REPORTS AND OBJECTIONS

      (a) All confirmations, purchase and sale notices, correction notices and
account statements (collectively, "Reports") shall be submitted to Customer
and shall be conclusive and

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binding on Customer unless Customer notifies UBS-S LLC 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 Report; provided, that with respect to monthly statements,
Customer may notify UBS-S LLC of any objection thereto within five business
days after receipt of such monthly statement, provided the objection could not
have been raised at the time any prior Report was received by Customer as
provided for above. Any such notice of objection, if given orally to UBS-S
LLC, shall immediately (and in no event later than within one business day) be
confirmed in writing by Customer.

      (b) Customer consents to the electronic delivery of Reports via
facsimile, electronic mail, computer networks (e.g., local area networks,
commercial on-line services and SwisKey, Abacus or any similar online
statement delivery system) or other electronic means agreed upon by Customer
and UBS-S LLC. Customer may revoke its consent at any time upon reasonable
notice to UBS-S LLC.

15.   FOREIGN CURRENCY TRANSACTIONS

      In the event that the Customer directs UBS-S LLC to enter into any
Contract on an exchange on which such transactions are effected in a currency
other than the U.S. dollar, any profit or loss arising as a result of a
fluctuation in the exchange rate affecting such currency will be entirely for
the account and risk of the Customer. All initial and subsequent deposits for
margin purposes, and the return to the Customer of any funds, are expected to
be made in the currency of contract settlement. Should the Customer elect to
deposits funds other than the currency of settlement or instruct UBS-S LLC to
convert funds which are already on deposit in another currency, UBS-S LLC
shall debit or credit the Account of Customer at a rate of exchange determined
by UBS-S LLC in its sole discretion on the basis of the then prevailing market
rate of exchange for such foreign currency. Customer authorizes UBS-S LLC to
deposit Customer funds in depositories located outside of the United States
consistent with the requirements of Applicable Law.

16.   UBS-S LLC'S RESPONSIBILITY

      UBS-S LLC is not acting as a fiduciary, foundation manager, commodity
pool operator, commodity trading advisor or investment adviser in respect of
any Account opened by Customer and UBS-S LLC shall have no responsibility
hereunder for compliance with any law or regulation governing the conduct of
fiduciaries, foundation managers, commodity pool operators, commodity trading
advisors or investment advisers.

17.   ADVICE

      All advice communicated by UBS-S LLC with respect to any Account opened
by Customer hereunder is incidental to the conduct of UBS-S LLC's business as
a futures commission merchant, does not constitute an offer to sell or the
solicitation of an offer to buy any Contract, and such advice will not serve
as the primary basis for any decision by or on behalf of Customer. UBS-S LLC
shall have no discretionary authority, power or control over any decisions
made by or on behalf of Customer in respect of the Account, regardless of
whether Customer relies on the advice of UBS-S LLC in making any such
decision. Any such advice,

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although based upon information from sources UBS-S LLC believes to be
reliable, may be incomplete or inaccurate, may not be verified and may be
changed without notice to Customer. UBS-S LLC makes no representation as to
the accuracy, completeness, reliability or prudence of any such advice or
information or as to the tax consequences of Customer's futures or options
trading. UBS-S LLC is a separate and independent corporate entity, distinct
from its affiliates and it shall be free to purchase and sell Contracts for
any affiliates without limitation or restriction. The relationship between
UBS-S LLC and Customer as described herein shall not affect any provisions of
credit to Customer by UBS AG or any other subsidiary of UBS AG. Moreover,
Customer acknowledges that UBS-S LLC and its managing directors, officers,
employees and affiliates may take or hold positions in, or advise other
customers concerning, contracts which are the subject of advice from UBS-S LLC
to Customer. The positions and advice of UBS-S LLC and its managing directors,
officers, employees and affiliates may be inconsistent with or contrary to
positions of, and the advice given by, UBS-S LLC to Customer.

18.   FINANCIAL AND OTHER INFORMATION

      Customer agrees to furnish appropriate financial statements to UBS-S LLC
and to inform UBS-S LLC of any material changes in the financial position of
Customer and to furnish promptly such other information concerning Customer as
UBS-S LLC reasonably requests. UBS-S LLC is authorized from time to time to
contact banks, financial institutions and credit agencies for verification of
the financial condition of Customer. Customer agrees that UBS-S LLC may, from
time to time, share with its branches, agencies and affiliates, certain
non-public information concerning Customer.

19.   RECORDING

      UBS-S LLC, in its sole and absolute discretion, may record, on tape or
otherwise, any telephone conversation between UBS-S LLC and Customer involving
their respective officers, agents and employees. Customer hereby agrees and
consents to such recording, with or without the use of an automatic tone
warning device, and waives any right Customer may have to object to the use or
admissibility into evidence of such recording in any legal proceeding between
Customer and UBS-S LLC or in any other proceeding to which UBS-S LLC is a
party or in which UBS-S LLC's records are subpoenaed. Customer acknowledges
that UBS-S LLC may erase such recordings after a reasonable period of time.

20.   ACCOUNTS INTRODUCED BY OTHER BROKERS

      If UBS-S LLC is carrying the Account of Customer as executing or
clearing broker by arrangement with another broker through whose courtesy the
Account has been introduced to UBS-S LLC, then, until receipt from Customer of
written notice to the contrary, UBS-S LLC may accept from such other broker,
without inquiry or investigation by UBS-S LLC, (i) orders for the purchase or
sale in the Account of Contracts, and (ii) any other instructions concerning
the Account. UBS-S LLC shall not be responsible or liable for any acts or
omissions of such other broker or its employees.

                                      10
<PAGE>

21.   SEVERABILITY

      If any provision of this Agreement is, or at any time becomes,
inconsistent with any present or future Applicable Law, and if any of these
authorities have jurisdiction over the subject matter of this Agreement, the
inconsistent provision shall be deemed superseded or modified to conform with
such law, rule or regulation but in all other respects, this Agreement shall
continue and remain in full force and effect.

22.   BINDING EFFECT

      This Agreement shall be binding on and inure to the benefit of the
parties and their successors. In accordance with CFTC regulations, UBS-S LLC
may assign Customer's Account(s) and this Agreement to another registered
Futures Commission Merchant ("FCM") by notifying Customer of the date and name
of the intended assignee FCM. Unless Customer objects to the assignment prior
to the scheduled date for the assignment, the assignment will be binding on
Customer. Customer may not assign this Agreement without UBS-S LLC's prior
consent.

23.   ENTIRE AGREEMENT

      This Agreement contains the entire agreement between the parties and
supersedes any prior agreements between the parties as to the subject matter
hereof. No provision of this Agreement shall in any respect be waived,
altered, modified, or amended unless such waiver, alteration, modification or
amendment is signed by the party against whom such waiver, alteration,
modification or amendment is to be enforced.

24.   INSTRUCTIONS, NOTICES OR COMMUNICATIONS

      (a) Except as specifically otherwise provided in this Agreement, all
instructions, notices or other communications may be oral or written. All oral
instructions, unless custom and usage of trade dictate otherwise, shall be
promptly confirmed in writing. All written instructions, notices or other
communications shall be addressed as follows:

          (i)   if to UBS-S LLC:

                UBS Securities LLC
                One North Wacker DriveChicago, IL 60606
                Attn:  ETD Legal Department, 31st Floor

          (ii)  if to Customer at the address as indicated on the New Account
      Information Form.

      (b) All instructions, notices or other communications sent, whether by
mail, telex, facsimile transmission or otherwise, shall be deemed given when
deposited in the mail, or sent by telex or facsimile transmission or other
electronic means acceptable to the recipient thereof, and deemed delivered to
Customer personally, whether actually received by Customer or not. All
instructions, notices or other communications to UBS-S LLC shall be directed
to UBS-S

                                      11
<PAGE>

LLC's office at the address listed above or such other addresses as UBS-S LLC
may hereafter direct to Customer in writing.

25.   RIGHTS AND REMEDIES CUMULATIVE

      All rights and remedies arising under this Agreement as amended and
modified from time to time are cumulative and not exclusive of any rights or
remedies which may be available at law or otherwise.

26.   NO WAIVER

      No failure on the part of UBS-S LLC to exercise, and no delay in
exercising, any contractual right will operate as a waiver thereof, nor will
any single or partial exercise by UBS-S LLC of any right preclude any other or
future exercise thereof or the exercise of any other partial right.

27.   GOVERNING LAW

      THE INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE RIGHTS,
OBLIGATIONS AND REMEDIES OF THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO
PRINCIPLES OF CHOICE OF LAW.

28.   CONSENT TO JURISDICTION

      Any litigation between UBS-S LLC and Customer relating to this Agreement
or transactions hereunder shall take place in the Courts of the State of
Illinois located in Cook County or in the United States District Court for the
Northern District of Illinois, and the parties agree to submit to such
exclusive jurisdiction. Customer consents to the service of process by the
mailing to Customer of copies of such court filing by certified mail to the
address of Customer as it appears on the books and records of UBS-S LLC, such
service to be effective ten days after mailing. Customer hereby waives
irrevocably any immunity to which it might otherwise be entitled in any
arbitration, action at law, suit in equity or any other proceeding arising out
of or based on this Agreement or any transaction in connection herewith.

29.   WAIVER OF JURY TRIAL

      Customer hereby waives trial by jury in any action or proceeding arising
out of or relating to this Agreement or any transaction in connection
herewith.

30.   ACCEPTANCE OF AGREEMENT

      This Agreement shall not be deemed to be accepted by UBS-S LLC or become
a binding contract between Customer and UBS-S LLC until approved by a duly
authorized officer of UBS-S LLC in writing.

                                      12
<PAGE>

31.   CUSTOMER ACKNOWLEDGEMENTS (please check boxes below with an "x"  where
      applicable):

| |   (a) RISK DISCLOSURE STATEMENT

      CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED, UNDERSTANDS AND
      CONSENTS TO THE RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS
      FURNISHED HEREWITH INCLUDING DISCLOSURES REGARDING:

            Notice Regarding Average Pricing

            Electronic Trading and Order Routing Systems Disclosure Statement

            UBS-S LLC Special Disclosure Statement

            Cross Trade Consent

            Foreign Futures and Options Direct Order Transmittal Customer
            Disclosure Statement

            LME Guidelines (applicable to customers trading LME contracts)

            Hong Kong Position Limit Notice (applicable to customers trading
            on Hong Kong Exchanges)

| |   (b) CONSENT TO TRANSFER FUNDS

      The undersigned acknowledges that UBS-S LLC may, until it receives a
      written notice of revocation with respect thereto, in its sole and
      absolute discretion and without prior notice to the undersigned,
      transfer any funds, securities, commodities, Contracts or other property
      from any account (segregated, secured or non-regulated) maintained by
      the undersigned to any other account (segregated, secured or
      non-regulated) of the undersigned maintained by UBS-S LLC or any of its
      affiliates. UBS-S LLC will promptly confirm in writing each transfer of
      funds, securities, commodities, Contracts or other property pursuant
      hereto. UBS-S LLC shall not be liable for making or failing to make any
      transfer authorized hereby.

32.   HEDGING REPRESENTATION (The following must be completed by Customers who
will engage in transactions for bona fide hedging purposes only.) Customer has
indicated on the New Account Information Form that the Account is for hedging
purposes. Customer represents that it is familiar with CFTC and exchange
rules, regulations, and advisories concerning hedging. Unless Customer
specifically notifies UBS-S LLC to the contrary in writing with respect to any
transaction, all transactions effected for the Account will be bona fide
hedging transactions as described in Section 4a of the Commodity Exchange Act,
as amended,

                                      13
<PAGE>

and Rule 1.3(z) promulgated thereunder (a copy of which may be obtained from
UBS-S LLC upon request). As such, in accordance with CFTC Rule 190.06,
Customer may specify whether, in the unlikely event of UBS-S LLC's bankruptcy,
Customer prefers that the trustee liquidate open commodity contracts in the
Account without seeking Customer's instructions. Accordingly, in the event of
UBS-S LLC's bankruptcy, the trustee should (check one of the following):

| |   Attempt to contact Customer for instructions regarding the disposition
      of open contracts in the Account.

| |   Liquidate open commodity contracts without seeking Customer's
      instructions.

      This instruction may be changed at any time by written notice sent to
      UBS-S LLC.

      Specify Commodities to be Hedged: ______________________________________

______________________________________________________________________________

______________________________________________________________________________

                                   * * * * *

                         (signature page on next page)

                                      14
<PAGE>

      IN WITNESS WHEREOF, Customer has executed this Agreement on the date
indicated below.

___________________________________
("Customer")

By:___________________________ ________________________ ______________________
   Print Name and Title        Signature                Date

By:___________________________ ________________________ ______________________
   Print Name and Title        Signature                Date

______________________________________________________________________________

ACCEPTED BY UBS SECURITIES LLC

By:___________________________ ________________________ ______________________
   Print Name and Title        Signature                Date

By:___________________________ ________________________ ______________________
   Print Name and Title        Signature                Date

______________________________________________________________________________

                                      15
<PAGE>

               POWER OF ATTORNEY LIMITED TO PURCHASES AND SALES
                             OF FUTURES CONTRACTS

The undersigned hereby authorizes _____________________________ (the
"Advisor") as his/her agent and attorney to buy, sell and trade in commodities
and/or futures contracts and options thereon, whether domestic or foreign, in
accordance with UBS SECURITIES LLC ("UBS-S LLC") terms and conditions for the
undersigned's account and risk and in the undersigned's name through UBS-S LLC
as brokers. The undersigned hereby agrees to indemnify and hold UBS-S LLC
harmless from and to pay UBS-S LLC promptly on demand any and all losses
arising therefrom or debit balance due thereon. The undersigned confirms it
has received a copy of Advisor's Disclosure Document. If not, the undersigned
has attached a written explanation of the reason(s) therefor.

In all such purchases, sales or trades UBS-S LLC is authorized to follow the
instructions of the Advisor in every respect concerning the undersigned's
account with UBS-S LLC; and the Advisor is authorized to act for the
undersigned and on the undersigned's behalf in the same manner and with the
same force and effect as the undersigned might or could do with respect to
such purchases, sales or trades as well as with respect to all other things
necessary or incidental to the furtherance or conduct of such purchases, sales
or trades. The undersigned understands that UBS-S LLC is in no way responsible
for any loss to the undersigned occasioned by the actions of the Advisor and
that UBS-S LLC does not, by implication or otherwise, endorse the operating
methods of the Advisor. The undersigned hereby ratifies and confirms any and
all transactions with UBS-S LLC heretofore or hereafter made by the Advisor
for the undersigned's account.

This authorization and indemnity is in addition to (and in no way limits or
restricts) any rights which UBS-S LLC may have under any other agreement or
agreements between the undersigned and UBS-S LLC. This authorization and
indemnity is a continuing one and shall remain in full force and effect until
revoked by the undersigned by a written notice addressed to UBS-S LLC but such
revocation shall not affect any liability in any resulting transaction
initiated prior to such revocation. This authorization and indemnity shall
inure to the benefit of UBS-S LLC and any successors or assigns.

____________________________________    Signature:_____________________________
(Name of Customer - Please Print)       Date:__________________________________
                                        Name and Title - Please Print

                                       ________________________________________
                                       ________________________________________

                                      16
<PAGE>

                          ACKNOWLEDGEMENT OF RECEIPT
                                      OF
                           COMMODITY TRADING ADVISOR
                              DISCLOSURE DOCUMENT
 (To be completed by Customer if Customer has received a copy of the Advisor's
      Disclosure Document, otherwise Advisor must complete the exemption
                               statement below)

This is to acknowledge that I have received and read a copy of the

____________________________ 20_____ Disclosure Document of

_____________________ describing the trading program pursuant to which

_______________________________will direct my account.

READ AND ACKNOWLEDGED BY:

_________________________________                       _______________________
Customer's Signature                                    Date

_________________________________
Customer's Name

               COMMODITY TRADING ADVISOR REGISTRATION EXEMPTION
     (To be completed by Advisor if Advisor has not provided Customer with
     a disclosure statement. Please provide copy of all exemption letters
                               as appropriate.)

I am not required to provide a disclosure document pursuant to CFTC Regulation
4.31 because (indicate which applies):

(a)   I am not required to register as a commodity trading advisor pursuant to
      Section 4 of the Commodity Exchange Act because:

      (i)   | | during the preceding 12 months I have not furnished commodity
            trading advice to more than 15 persons and I do not hold myself
            out generally to the public as a commodity trading advisor; or

      (ii)  | | I am otherwise exempt from registration as a commodity trading
            advisor pursuant to CFTC Regulation 4.14 or

(b)   | | I am registered as a commodity trading advisor but am exempt from
      providing a disclosure document pursuant to CFTC Regulation 4.7.

_________________________                    ________________________________
Date                                         Signature of Account Controller

                                             _________________________________
                                             Name of Account Controller

                                      17
<PAGE>

                             ACCOUNT TRANSFER FORM

                                                     ________________________
                                                     Date

______________________________________________
Current Broker Name

______________________________________________
Address

______________________________________________
City, State Zip Code

Attn:    Account Transfers

Dear Sir:

Please be advised that I (we) wish to transfer all open positions and/or
equity in account number(s) _______________________________________________
maintained at your firm to UBS SECURITIES LLC, 677 Washington Blvd, Stamford,
CT 06901 effective on the close of business on ___________________________ .
You are hereby directed to immediately transfer all open positions in the
account(s) and to issue a check representing the net available cash to UBS
SECURITIES LLC. In addition, all securities, certificates, warehouse receipts,
etc. are to be transferred immediately.

Please contact UBS SECURITIES LLC's futures client services group at (203)
719-3950 with any questions.

___________________________________
Print Name of Customer

By:________________________________
            Signature

Name:______________________________

Title:_____________________________

                                      18EXHIBIT 10.6

                                       ----------------------------------------
LOGO        UBS     Wealth             This document is for Financial Advisor
OMITTED             Management         use only. Clients who wish to subscribe
                                       must receive "numbered" offering
                                       materials from the Platform's
                                       Administrator. Complete a Client
For Internal Use Only                  Literature Request Form to have offering
                                       materials sent to your client.
                                       ----------------------------------------

UBS Managed Futures LLC
Form of Subscription Agreement

Investors
===============================================================================
Please:

o     Comtplete pages 3 and 4 and return the entire booklet, (with payment),
      to your Financial Advisor.

o     Only fully completed booklets (no faxes, no copies) will be accepted.

o     Do not tear out pages.

o     Retain a copy for your files.

o     Read the Platform Agreement, Schedule 1 and the Privacy Notice on pages
      2 and 6-9.

Have you completed all sections on pages 3 and 4?

Financial Advisors/Branch Managers:

o     Complete page 5 of this booklet.

o     This booklet and the prospective investor's CAI Statement of net worth
      must be received by Alternative Investments US no later than 7 full
      calendar days before the first day of the month in which the investor
      plans to invest.

o     Send completed booklet and CAI Statement (with appropriate supervisory
      signatures) to:

          UBS Financial Services Inc.
          Alternative Investments US
          1285 Avenue of the Americas
          New York, NY 10019
          Attn: Operations - 37th Floor

UBS Financial Services Inc.

<PAGE>

Instructions for Completing the Subscription Agreement
===============================================================================

Prospective investors should read the Confidential Disclosure Document (parts
one and two) and the Platform's Limited Liability Company Agreement, as well
as this booklet prior to subscribing.

Please complete pages 3 and 4 of the Subscription Agreement and promptly
return the entire booklet, (together with payment), to your Financial Advisor.
Retain a copy for your files.

Please note that capitalized terms not otherwise defined herein have those
meanings ascribed to such terms in the Confidential Disclosure Document.
Please consult your Financial Advisor or call Alternative Investments US at
800-848-1814 for assistance.
-------------------------------------------------------------------------------

A.    Payment Information:

      o     Indicate payment amount.

      o     Provide your Brokerage Account Number.

      o     Be sure that the funds are drawn on an account that corresponds
            exactly to the name of the investor.
-------------------------------------------------------------------------------

B.    Investor Information:

      o     Include the investor's state of residence or principal place of
            business and Social Security/Tax ID Number.

      o     Provide the investor's mailing address exactly as it should appear
            on address labels.
-------------------------------------------------------------------------------

C.    Investor Type:

      Please indicate the applicable investor type - check only one box.

      NOTE: The Platform will not accept Subscription Agreements from
      charitable remainder trusts.
-------------------------------------------------------------------------------

D.    Accredited Investor Representation:

      Please read Schedule 1 on page 2 and check the appropriate box.
      Generally, an "accredited investor" for the purpose of investing in the
      Platform has a net worth in excess of $1 million for individuals
      (together with spouse) or total assets in excess of $5 million for
      entities.
-------------------------------------------------------------------------------

E.    Client Acknowledgement:

      Please read the acknowledgement (Section E) carefully and initial both
      (b) and (d) on page 3. Please indicate the amount of the placement fee,
      if any, in (c).
-------------------------------------------------------------------------------

F.    Foundations:

      Investors that are "Foundations," as determinded by the Sponsor, should
      read Section F and initial the space provided.
-------------------------------------------------------------------------------

G.    Email Consent:

      Please read Section G and, if you so choose, initial the space provided
      to approve receipt of various Platform materials in electronic form.
-------------------------------------------------------------------------------

H.    Client Signature:

      Please sign the appropriate box on page 4.

================================================================================
Questions? Call 800-848-1814                              For Internal Use Only

                                      1
<PAGE>

UBS Managed Futures LLC
Schedule I

Please refer to the representations below in order to complete section D on
page 3.

ACCREDITED INVESTOR STATUS

The Undersigned must certify that it is an accredited investor under
Regulation D meeting the net worth requirements (rather than the income
requirements). As used herein, "net worth" means the excess of total assets at
fair market value, including home, over total liabilities. For the purpose
of determining "net worth," the principal residence owned by an individual
shall be valued at either (A) cost, including the cost of improvements, net of
current encumbrances upon the property, or (B) the appraised value of the
property as determined by an institutional lender, net of current
encumbrances upon the property.

ACCREDITED INVESTOR STATUS

I.    Individuals, Joint Tenants and IRAs

The Undersigned, either individually or together with the Undersigned's
spouse, has a net worth in excess of $1 million.

II.   Trusts

(a) The trust has total assets in excess of $5 million, it was not formed for
the specific purpose of investing in the Platform, and its investment in the
Platform is directed by a person who has such knowledge and experience in
financial and business matters that he or she is capable of evaluating the
merits and risks of an investment in the Platform.

(b) Each grantor of the trust has the power to revoke the trust and regain
title to the trust assets, and each grantor is an accredited investor.

(c) The trustee of the trust is a "bank" as defined in Section 3(a)(2) of the
Securities Act or a savings and loan association or other institution referred
to in Section 3(a)(5)(A) of the Securities Act.

III.  Retirement Plans

(a) The plan has total assets in excess of $5 million.

(b) Each participant in the plan is an accredited investor.

(c) The plan is participant directed, with investment decisions made solely
by persons who are accredited investors.

(d) Investment decisions for the plan are made by a "plan fiduciary" as
defined in Section 3(21) of ERISA that is a bank, insurance company,
registered investment adviser or savings and loan association.

IV.   Corporations, Partnerships, Limited Liability Companies and Other
      Entities

(a) The Undersigned is a corporation, partnership, limited liability company,
Massachusetts or similar business trust, or an organization described in
Section 501(c)(3) of the Code, not formed for the specific purpose of
investing in the Platform, with total assets in excess of $5 million.

(b) Each shareholder, partner, or other equity owner of the Undersigned, as
the case might be, is an accredited investor.

(c) The Undersigned is a "bank" as defined in Section 3(a)(2) of the
Securities Act or a "savings and loan association" or other institution
referred to in Section 3(a)(5)(a) of the Securities Act, whether acting in its
individual or fiduciary capacity.

(d) The Undersigned is a "broker or dealer" registered pursuant to Section 15
of the Securities Exchange Act of 1934, as amended.

(e) The Undersigned is an "insurance company" as defined in Section 2(13) of
the Securities Act.

(f) The Undersigned is an "investment company" registered under the Investment
Company Act.

(g) The Undersigned is a "small business investment company" licensed by the
U.S. Small Business Administration under Section (301)(c) or (d) of the Small
Business Investment Act of 1958, as amended.

(h) The Undersigned is a "business development company" as defined in Section
2(a)(48) of the Investment Company Act or a "private business development
company" defined in Section 202(a)(22) of the Investment Advisers Act of 1940,
as amended.

================================================================================
Questions? Call 800-848-1814                              For Internal Use Only

                                      2
<PAGE>

UBS Managed Futures LLC           Return entire booklet -- Do not tear out pages
Subscription Agreement           Check only one box in each of sections C and D.
================================================================================

<TABLE>
<CAPTION>

<S>                                                         <C>
A.    UBS Managed Futures LLC (Aspect Series)               Brokerage Account #:

         Payment Amount: $________________________                              (Funds must be currently available)
         (Note: Your account will also be debited for any placement fee, if changed.)
----------------------------------------------------------------------------------------------------------------------------
B.       Investor Information:

         SSN/Tax ID #:                                State: __________________________________           Phone:
                                                      (Investor Residence/Principal Place of Business)
                      Mr._______  Mrs._______  Ms.________ Miss_________  Dr.________    Other_________     Fax:
         Investor
         Address:

                                           Not for Public Use

         Attention
         (Name):

         E-mail:
----------------------------------------------------------------------------------------------------------------------------

C.   Investor Type:                                             D.    Accredited Investor Representation:
     Check only one box.                                              The investor is an "accredited investor"
     No charitable remainder trusts.                                  as described in Schedule I [generally,
                                                                      net worth in excess of $1 million for
                                                                      individuals (together with spouse) or
                                                                      total assets in excess of $5 million for
                                                                      entities]. Please read Schedule I on
                                                                      page 2 and check one appropriate box.

     |_| Individuals/IRAs/Joint Accounts                              |_| (I)
     |_| Revocable Trust                                              |_| (II)a or       |_| (II)b or      |_| (II)c
     |_| Irrevocable Trust                                            |_| (II)a or       |_| (II)c
     |_| Participant Directed Retirement Plan                         |_| (III)c
     |_| Other Retirement Plans                                       |_| (III)a or      |_| (III)b or     |_| (III)d
     |_| Corporations, Partnerships, Limited Liability                |_| (IV)a or       |_| (IV)b or      |_| (IV)c or
     |_| Companies and Other Entities                                 |_| (IV)d or       |_| (IV)e or      |_| (IV)f or
                                                                      |_| (IV)g or       |_| (IV)h
----------------------------------------------------------------------------------------------------------------------------

E.    Client Acknowledgement: By signing below, the investor acknowledges,
      represents and agrees that:

      (a)   It has received, carefully read and will be bound by this Subscription Agreement (including pages 6-9) and the
            Platform's Limited Liability Company Agreement (the "LLC Agreement") (collectively, the "Agreements"), including
            the pre-dispute arbitration clause that appears in Section VI on page 8 hereof and in Section 8.14 of the LLC
            Agreement, and agrees that signing below constitutes the execution and receipt of the Agreements.

      (b)   ____________     ____________    It has received a copy of the Confidential Disclosure Document, has read it and
            Initial          Initial         understands it and is aware of the Platform's limited provisions for
             (If joint both investors        transferability and redemption.
                 must initial)

      (c)   The execution of this Subscription Agreement authorizes UBS Financial Services Inc. or UBS International Inc.,
            as applicable (the "Selling Agent"), to issue a check or wire funds in the amount of the investor's net
            investment and the amount of the placement fee, if any, from the brokerage account specified above to the
            Platform's account for the investor's net investment and to the Selling Agent in satisfaction of the investor's
            placement fee, if any. The placement fee to be charged to the investor will equal ________%.

      (d)   ____________     ____________    It is NOT (A) a non-resident alien or (B) a foreign corporation, foreign
            Initial          Initial         partnership,  foreign trust or foreign estate (as those terms are defined in
             (If joint both investors        the Internal Revenue  Code of 1986, as amended, including income tax
                 must initial)               regulations (the "Code") for purposes of U.S. federal income taxation. It
                                             agrees to notify the Platform within 60 days of the date that it becomes a
            foreign person or entity. It further certifies that (i) its name, U.S. tax identification number, home address
            (in the case of an individual) and business address (in the case of an entity), as they appear in your records,
            are true and correct and (ii) it is not subject to backup withholding because it is exempt from backup
            withholding or it has not been notified by the Internal Revenue Service that it is subject to backup withholding
            as a result of a failure to report all interest or dividends. It understands that these certifications, which
            are made under penalty of perjury, may be disclosed to the Internal Revenue Service by the Platform and that any
            false statement contained in this paragraph could be punished by fine and/or imprisonment.

      (e)   It confirms that with respect to the information maintained by the Selling Agent regarding the investor's
            portfolio held at the Selling Agent, the investment objective and risk profile applicable to that portion of
            such portfolio invested in the Platform are, respectively, "capital appreciation" and "aggressive/speculative."
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

      Please continue on page 4.

================================================================================
Questions? Call 800-848-1814                              For Internal Use Only

                                      3
<PAGE>

UBS Managed Futures LLC
Subscription Agreement            Return entire booklet -- Do not tear out pages
================================================================================

F.    Foundations:
      _________ I am a "Foundation," as determined by the Sponsor, and I
       Initial  acknowledge and represent to the Platform that:

      o     I am a "private foundation" within the meaning of the Code;

      o     I have received and reviewed a copy of the Confidential Disclosure
            Document, including any discussion therein concerning the tax
            aspects of investing in the Platform;

      o     The Selling Agent has not provided me with any advice as to what
            may or may not constitute an investment that could jeopardize the
            carrying out of any of my exempt purposes;

      o     The Selling Agent has not provided me, and does not intend to
            provide me, with any individualized tax or legal advice regarding
            an investment in the Plaftorm; and

      o     The Selling Agent has encouraged me to contact my own financial or
            tax advisor regarding any questions I may have about the impact of
            the Code or other laws with respect to my proposed investment in
            the Platform.
--------------------------------------------------------------------------------

G.    Email Consent:

      By signing below, the investor represents and warrants that it consents
      to the Platform, the Series, the Sponsor, the Trading Advisors or the
      Administrator sending disclosure documents, offering materials,
      statements, reports and other communications regarding the Platform and
      the investor's investment in the Platform (including net asset value
      information and subscription and redemption activity) in electronic
      form.

      Initial__________ Initial __________
      (If joint both investors must initial)
--------------------------------------------------------------------------------

H.    Client Signatures:

      Please sign in the appropriate box below.

<TABLE>
<CAPTION>

1. For Individuals, IRAs and Joint Accounts only:
(If joint both investors must initial)
<S>                                                      <C>
----------------------------------------------------     ----------------------------------------------------
Signature                           Date                 Additional Investor Signature          Date
                                                         (e.g., joint account)

----------------------------------------------------     ----------------------------------------------------
Print Name                                               Print Name of Additional
                                                         Investor

2. All Other Investors:

o     For Entities (e.g., corporations, partnerships, limited liability companies), indicate Name of Entity, Date of Entity
      Formation and Authorized Signatory.

o     For Benefit Plans/Trusts (no charitable remainder trusts), indicate names of all Trustees and Person(s) exercising
      investment discretion with respect to Benefit Plan or Trust. If Plan is Participant Directed, Trustee(s) AND
      Participant must sign. If UBS Fiduciary Trust Company is a corporate trustee, it may only execute upon the direction
      of the Named Fiduciary of the Plan.

                                                         ----------------------------------------------------
                                                         Print Name of Entity/Plan or           Date of Entity
                                                         Trust                                  Formation (if
                                                                                                applicable)
----------------------------------------------------     ----------------------------------------------------
By: Authorized Signatory            Date                 Signature                              Date

----------------------------------------------------     ----------------------------------------------------
Print Name                          Title                Print Name                             Title

----------------------------------------------------     ----------------------------------------------------
Signature                           Date                 Signature                              Date

----------------------------------------------------     ----------------------------------------------------
Print Name                          Title                Print Name                             Title
</TABLE>

Make sure you have completed all applicable sections on pages 3 and 4.

================================================================================
Questions? Call 800-848-1814                               For Internal Use Only

                                      4
<PAGE>

FOR FINANCIAL ADVISORS/BRANCH MANAGERS

This page must be completed and signed by the Financial Advisor and Branch
Manager.

The Financial Advisor must complete net worth and suitability documentation to
fulfill suitability obligations to the prospective investor. This entire
booklet and the prospective investor's Client Account Information ("CAI")
Statement of net worth must be received by Alternative Investments US no later
than 7 calendar days prior to the first day of the month in which the investor
plans to invest.

Please send completed booklet and CAI Statement (with appropriate supervisory
signatures) to:

UBS Financial Services Inc.
Alternative Investments US
1285 Avenue of the Americas
New York, New York 10019
Attn: Operations - 37th Floor.
--------------------------------------------------------------------------------
Investor Suitability:

With regard to the proposed investment of the aforementioned client in the
Platform, I, as Financial Advisor to the client, by signing below, certify
that I have:

(1)   informed the client of all pertinent facts relating to the liquidity and
      transferability of the Platform; and

(2)   have reasonable grounds to believe (on the basis of information obtained
      from the client concerning the client's age, investment objectives,
      investment experience, income, net worth, financial situation and needs,
      other investments and any other information known by me, including the
      attached CAI Statement) that:

      (a)   an investment in the Platform is suitable and appropriate for the
            client;

      (b)   the client meets all applicable minimum income, net worth, liquid
            assets and other objective suitability standards;

      (c)   the client can reasonably benefit (including realizing any
            intended tax benefit, if applicable) from the Platform based on
            the client's financial position, overall investment objectives and
            portfolio structure;

      (d)   the client can bear the economic risks of the investment in the
            Platform; and

      (e)   the client appears to have an understanding of:

            (i)   the fundamental risks of the Platform (including that the
                  client may lose his or her entire investment);

            (ii)  the restrictions on the liquidity and transferability of the
                  Platform;

            (iii) the background and qualifications of the Sponsor and Trading
                  Advisors of the Platform; and

            (iv)  the tax consequences with respect to an investment in the
                  Platform.

      (f)   this investment in the Platform does not exceed 10% of the
            client's net worth on the CAI Statement.

Regarding Item 2(b) above, in the event that the client is an entity (such as
a trust or partnership) that does not itself meet the minimum investment
requirements (such as net worth); I have ascertained from the appropriate
parties (such as the client's trustee or general partner) that all of the
client's beneficial owners meet such requirements.

<TABLE>
<CAPTION>

<S>                                                                  <C>
Print Name of Financial Advisor:_________________________________    Account #: ___________________________________________

Financial Advisor Signature: ____________________________________    Placement Fee:             % (0-2%; MUST BE COMPLETED)
                                                                                   ----------------------------------------
                                                                     (Fee will be charged in addition to net investment.)
Date:                                         (MUST BE COMPLETED)
      -----------------------------------------------------------
Note: The CAI Statement that accompanies this form must be           Branch Code/FA #/Division:
dated before or the same day this application is signed.

Financial Advisors must reconcile the information                    Financial Advisor Telephone #:
listed on this application with the client's account
records, including updating the client's net worth,                  Financial Advisor E-mail Address:
objectives and any other relevant information.
----------------------------------------------------------------------------------------------------------------------------

Branch Manager Signature:

I certify that I have reviewed the completed Investor Suitability section
above, the Subscription Agreement and the CAI Statement, and I agree, based
upon the information known to me, with the Financial Advisor's determination
that the investment being subscribed for is suitable and appropriate for the
client.

Print Name of Branch Manager: __________________________________

Branch Manager Signature: ______________________________________     Date:                         (MUST BE COMPLETED)
                                                                           ------------------------------------------------

If the above named account is an IRA of the Selling Agent,           Note: The CAI Statement that accompanies this form must
then the Branch Manager, as a result, also signs as the              be dated before or the same day this application is
custodian of the IRA and accepts and agrees to this                  signed.
subscription.
</TABLE>

================================================================================
Questions? Call 800-848-1814                               For Internal Use Only

                                      5
<PAGE>

Platform Agreement

The undersigned (the "Undersigned") wishes to become an investor in UBS
Managed Futures LLC (the "Platform"), a Delaware limited liability company
organized in segregated series (each a "Series"), which invest substantially
all of their assets in wholly-owned subsidiaries or existing funds (each a
"Trading Fund" the Series into which the Undersigned is subscribing and such
series' Trading Fund are collectively referred to as the "Platform," unless
the context otherwise requires) and to purchase units of limited liability
company interest ("Units") in a particular Series indicated herein upon the
terms and conditions set forth herein and in the Confidential Disclosure
Document of the Platform, as the same may be updated or modified from time to
time (including Parts One and Two, the "Memorandum"), and the Limited
Liability Company Agreement of the Platform, as the same may be amended from
time to time (the "LLC Agreement"). Terms not otherwise defined herein have
the meanings attributed to them in the Memorandum.

Accordingly, the Undersigned agrees as follows:

I. APPLICATION FOR UNITS

(A) The Undersigned agrees to become an investor in the Platform (an
"Investor"), and in connection therewith, subscribes for and agrees to
purchase Units in and to make a capital contribution (a "Capital
Contribution") to the Platform. Payment in good funds for Units (the
"Payment") must be received 7 calendar days prior to the first day of the
month in which the Undersigned plans to invest (the "Closing Date"). The
minimum initial subscription is $10,000, including placement fees, if any. The
Platform may vary the minimum investment from time to time. Payments for Units
may not earn interest.

(B) The Undersigned understands and agrees that UBS Managed Fund Series Inc.
(the "Sponsor") reserves the right to reject this subscription for Units for
any reason or no reason, in whole or in part, and at any time prior to its
acceptance. If the subscription is rejected, the Payment with or without
interest, as applicable, will be returned promptly to the Undersigned and this
Investor Platform Agreement (the "Agreement") shall have no force or effect.
Upon acceptance of this subscription by the Platform, the Undersigned shall
become an Investor in the Plaform.

II. REPRESENTATIONS AND COVENANTS

(A) If an individual, the Undersigned (including each individual joint
Undersigned) is at least 21 years old and is legally competent to execute and
deliver this Agreement and to comply with the terms of this Agreement, as well
as to discharge the Undersigned's obligations to the Platform. If an entity
(e.g., a corporation, partnership, limited liability company or trust), the
Undersigned is duly authorized and qualified to become an Investor.

(B) The person executing and delivering the Agreement on behalf of the
Undersigned (the "Signatory"; the Undersigned and the Signatory to be referred
to collectively as the Undersigned, unless the context otherwise requires) has
been duly authorized by the Undersigned to do so. The Undersigned has full
right and power to comply with the terms of this Agreement, as well as to
discharge its obligations to the Platform, including under the LLC Agreement.

Entity Investors must confirm that they are authorized to invest in the
Platform, which is a speculative, non-traditional investment. Many entity
Investors may not, in fact, be authorized -- pursuant to their charter
documents, investment policies or other applicable provisions -- to invest in
the Platform.

(C) If the Undersigned is an entity, the Undersigned was not formed for the
specific purpose of investing in the Platform and no more than 40% of its
assets are invested in the Platform. Investors in the Undersigned participate
in investments made by the Undersigned on a pro rata basis in accordance with
each such investor's interest in the Undersigned (except as necessary to
comply with applicable laws or regulations).

(D) The Undersigned acknowledges that: (i) the transfer of the Undersigned's
Units is subject to restrictions in the LLC Agreement and requires the consent
of the Sponsor, which consent may be withheld in its sole discretion; provided
that, an Investor may assign or transfer the economic benefits of ownership of
its Units without regard to such consent; (ii) the Units may not be
transferred to any person that is not an "accredited investor" as that term is
used herein; (iii) investments in the Platform are illiquid; (iv) no market
exists for the Units, and none is expected to develop; and (v) Units will not
be listed on any exchange or otherwise regularly traded.

(E) The Undersigned has received, carefully read and understands the LLC
Agreement and the Memorandum outlining, among other things, the organization
and investment objective and policies of, and the risks and expenses of an
investment in, the Platform. The Undersigned acknowledges that in making a
decision to subscribe for Units, the Undersigned has relied solely upon the
Memorandum, the LLC Agreement and independent investigations made by the
Undersigned. The Undersigned's investment in the Units is consistent with the
investment purposes, objectives and cash flow requirements of the Undersigned
and will not adversely affect the Undersigned's overall need for
diversification and liquidity.

The Undersigned has been provided an opportunity to obtain any additional
information concerning the offering, the Platform and all other information to
the extent the Platform, the Sponsor, or UBS Financial Services Inc. or UBS
International Inc., and their affiliates (individually or collectively, as the
case may be, the "Selling Agent"), possesses such information or can acquire
it without unreasonable effort or expense, and has been given the opportunity
to ask questions of, and receive answers from, the Sponsor or the Selling
Agent concerning the terms and conditions of the offering and other matters
pertaining to this investment. In making its decision to purchase the Units,
the Undersigned has relied solely upon its own independent investigations. The
Undersigned is not relying on the Platform, the Sponsor or the Selling Agent,
or any other person or entity with respect to the legal, tax and other
economic considerations involved in this investment other than the
Undersigned's own advisers.

(F) The Undersigned has not reproduced, duplicated or delivered the
Memorandum, the LLC Agreement or this Agreement to any other person, except to
the Undersigned's professional advisers or as instructed by the Sponsor.

(G) The Undersigned has such knowledge and experience in financial and
business matters that the Undersigned is capable of evaluating the merits and
risks of the Undersigned's investment in the Platform and is able to bear such
risks, and has obtained, in the Undersigned's judgment, sufficient information
from the Platform or its authorized representatives to evaluate the merits and
risks of such investment. The Undersigned has evaluated the risks of investing
in the Platform, understands there are substantial risks of loss incidental to
the purchase of Units, and has determined that the Units are a suitable
investment for the Undersigned.

(H) The Undersigned confirms that none of the Sponsor, the Platform, the
Selling Agent or any associate, affiliate, representative or adviser of any of
the foregoing, guarantees the success of an investment in the Platform or that
substantial losses will not be incurred on such investment.

(I) The Undersigned is aware of the limited provisions for transferability and
redemption from the Platform and has read the relevant sections in the
Memorandum or the LLC Agreement. The Undersigned has no need for liquidity in
this investment, can afford a complete loss of the investment in the Units and
can afford to hold the investment for an indefinite period of time.

(J) The Undersigned is acquiring the Units for its own account, for investment
purposes only and not with a view toward distributing or reselling the Units
in whole or in part.

(K) The Undersigned understands the method of compensation under the LLC
Agreement between the Platform and the Sponsor and the method of compensation
between the relevant Trading Advisor and Trading Fund, including the
Performance Fee and its risks, including that:

(1) The Performance Fee may create an incentive for the Trading Advisor to
cause the relevant Trading Fund to make investments that are riskier or more
speculative than would be the case in the absence of a Performance Fee; and

(2) The Trading Advisor may receive increased compensation since the
Performance Fee may be calculated on a basis which includes realized and
unrealized appreciation.

(L) If the Undersigned is a tax-exempt entity, the Undersigned acknowledges
that the Platform may use leverage in connection with its trading activities
and that the Undersigned may incur income tax liability with respect to its
share of net profits from such leveraged transactions to the extent they are
treated as giving rise to "unrelated business taxable income" ("UBTI"). In
addition, if the Undersigned is an IRA, the Undersigned acknowledges that it
may be required to make payments, including estimated payments, and file an
income tax return for any taxable year in which it has UBTI. To file the
return, it may be necessary for the IRA to obtain an Employer Identification
Number.

(M) If the Undersigned 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 and subject to Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code") (each a "Plan"), the fiduciary executing
this Agreement on behalf of the Plan (the "Fiduciary"), which in the case of
an IRA is the individual who established the Plan, represents and warrants to
the Platform that:

(1) The Fiduciary has considered the following with respect to the Plan's
investment in the Platform and has determined that, in review of such
considerations, the purchase of the Units is consistent with the Fiduciary's
responsibilities under ERISA:

(a) The fiduciary investment standards under ERISA in the context of the
Plan's particular circumstances;

(b) The permissibility of an investment in the Platform under the documents
governing the Plan and the Fiduciary; and

(c) The risks associated with an investment in the Platform and the fact that
the Undersigned may be unable to redeem its Units. However, the Platform may
redeem Units at certain times and under certain conditions set forth in the
Memorandum.

(2) The Fiduciary (a) is solely responsible for the decision to invest in the
Platform; (b) is independent of the Platform, the Sponsor, the Selling Agent,
the Trading Advisor, the Clearing Broker, the foreign exchange dealer, the
Financial Advisors facilitating the purchase and each of their affiliates; (c)
is qualified to make such investment decision; and (d) in making such
decision, has not relied on any advice or recommendation of the Sponsor, the
Selling Agent or any of their employees or affiliates.

(3) If UBS Fiduciary Trust Company is the corporate trustee of the Plan, the
Fiduciary has directed UBS Fiduciary Trust Company to execute this Agreement
and the Fiduciary agrees that all of the representations and covenants made
hereunder by the "Undersigned" apply solely to the Fiduciary and the Plan and
not to UBS Fiduciary Trust Company.

(N) The Undersigned understands that:

(1) The Platform and the Sponsor have no financial or operating history;

(2) No federal or state agency has passed upon the Units or made any findings
or determination as to fairness of this investment;

(3) The representations, warranties, agreements, undertakings and
acknowledgments made by the Undersigned in this Agreement will be relied upon
by the Platform, the Sponsor and the Selling Agent in determining the
Undersigned's suitability as a purchaser of Units and the Platform's
compliance with federal and state securities laws, and shall survive the
Undersigned's admission as an Investor;

Questions? Call 800-848-1814                               For Internal Use Only

                                      6
<PAGE>

Platform Agreement

(4) A placement fee of up to 2% of the Capital Contribution may be charged by
the Selling Agent in connection with this investment and only the net amount,
after deduction of the placement fee, will be invested in the Platform;

(5) The Selling Agent's Financial Advisors receive compensation from the
Selling Agent, including compensation based upon assets under management, and
a portion of the placement fee, if applicable;

(6) The Selling Agent is not guaranteeing or assuming responsibility for the
operation or possible liabilities of the Sponsor, the Platform, any Series,
any Trading Advisor or any Trading Fund;

(7) The Sponsor is an indirect subsidiary of UBS AG ("UBS"), as well as an
affiliate of the Selling Agent. The Undersigned further understands that the
Sponsor may transfer its interest as Sponsor as described in the LLC
Agreement; and

(8) As disclosed in the Memorandum, UBS Securities LLC, an affiliate of the
Sponsor, receives substantial brokerage commissions from the Trading Funds.
Such brokerage commissions were not negotiated at arm's-length.

(O) The Undersigned acknowledges and agrees to the investment of the
Platform's cash as described under "Interest Income" in the Part One(A): UBS
Managed Futures LLC General Information of the Memorandum.

(P) The Undersigned acknowledges and understands that the Sponsor may make the
Schedule K-1s prepared for the Undersigned in connection with the
Undersigned's investments in the Platform accessible to the Undersigned's
Financial Advisor, and consents to its Financial Advisor having access to the
Undersigned's Schedule K-1s.

(Q) If the Undersigned is an entity, the person executing and delivering this
Agreement on behalf of the Undersigned will furnish to the Platform a true and
correct copy of any formation documents of the Undersigned, including all
amendments thereto.(1)

(R) All information which the Undersigned has provided to the Platform, the
Sponsor or the Selling Agent concerning the Undersigned, the Undersigned's
status, financial position, knowledge and experience of financial, tax and
business matters, or, in the case of an Undersigned that is an entity, the
knowledge and experience of financial, tax and business matters of the person
making the investment decision on behalf of such entity, is correct and
complete as of the date set forth herein and if there should be any material
change in such information, the Undersigned will immediately notify the
Sponsor and the Selling Agent and furnish such revised or corrected
information to the Sponsor.

(S) The Undersigned understands that the value of the Units and redemptions
under the LLC Agreement, and the performance of the Platform, may be based on
unaudited and, in some cases, estimated valuations of the Platform's
investments and that any valuation provided in the Undersigned's account
statement may be an unaudited, estimated value.

(T) If the Undersigned is a foundation, as determined by the Sponsor, the
Undersigned acknowledges that its directors and officers have carefully
considered the Platform in light of the Undersigned's investment policies,
objectives and risk tolerances. This includes a review of the Memorandum.
Effective as of the date hereof, the Undersigned's directors have voted
unanimously to make an allocation through the Platform in the amount set forth
herein to managed futures. While the Sponsor, a Financial Advisor, the Selling
Agent or their affiliates may have introduced the Undersigned to the Platform
as part of an overall investment recommendation, the directors of the
Undersigned recognize that they are acting as fiduciaries for the Undersigned
in choosing to make such an investment and thus bear ultimate responsibility
for the suitability of the decision. As such, the directors and officers of
the Undersigned acknowledge that they have considered the liquidity,
transparency, tax situation and other risks and considerations detailed in the
Memorandum and the LLC Agreement and concur that the allocation to managed
futures through the Platform is a suitable investment decision for the
Undersigned.

(U) The Undersigned agrees that the representations, warranties and agreements
contained in this Agreement shall be deemed to be repeated as of the date the
Undersigned purchases Units of any Series.

(V) The Undersigned agrees that the representations, warranties and agreements
contained in this Agreement, and all other information regarding the
Undersigned set forth herein and any or all other information which the
Undersigned discloses to his or her Financial Advisor, may be used as a
defense in any actions relating to the Platform or the offering of its Units,
and that it is only on the basis of such representations, warranties,
agreements and other information that the Sponsor may be willing to accept the
Undersigned's subscription to the Platform.

(W) The Undersigned's subscription monies were not derived from activities
that may contravene U.S. (federal or state) or international anti-money
laundering laws and regulations. The Undersigned is not (i) an individual,
entity or organization named on a United States Office of Foreign Assets
Control ("OFAC") "watch list" and does not have any affiliation with any kind
of such individual, (ii) a foreign shell bank, (iii) a person or entity
resident in or whose subscription funds are transferred from or through a
jurisdiction identified as non-cooperative by the Financial Action Task Force
or (iv) a senior foreign political figure,3 an immediate family member4 or
close associate5 of a senior foreign political figure within the meaning of
the USA PATRIOT Act of 2001, as amended.6 The Undersigned agrees to promptly,
notify the Sponsor should it become aware of any change in the information set
forth in this representation. The Undersigned acknowledges that, by law, the
Sponsor may be obligated to "freeze the account" of the Undersigned, either by
prohibiting additional subscriptions, declining any redemption requests and/or
segregating the assets in the account in compliance with governmental
regulations, and the Sponsor may also be required to report such action and to
disclose the Undersigned's identity to OFAC. The Undersigned represents and
warrants that all of the information which it has provided to the Platform in
connection with this Agreement is true and correct, and agrees to provide any
information the Sponsor or its agents deem necessary to comply with its
anti-money laundering program and related responsibilities from time to time.
If the Undersigned has indicated in this Agreement that it is an intermediary
subscribing in the Platform as a record owner in its capacity as agent,
representative or nominee on behalf of one or more underlying investors
("Underlying Investors"), it agrees that the representations, warranties and
covenants are made by it on behalf of itself and the Underlying Investors.

III. GENERAL

(A) The Undersigned agrees to indemnify and hold harmless the Platform, the
Sponsor, each principal and officer of the Sponsor, the Selling Agent, and
each of their affiliates, and each other person, if any, who controls, is
controlled by, or is under common control with, any of the foregoing, within
the meaning of Section 15 of the Securities Act of 1933, as amended (the
"Securities Act"), against any and all loss, liability, claim, damage and
expense whatsoever (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) arising
out of or based upon (i) any false representation or warranty made by the
Undersigned, or breach or failure by the Undersigned to comply with any
covenant or agreement made by the Undersigned, in this Agreement or in any
other document furnished by the Undersigned to any of the foregoing in
connection with this transaction or (ii) any action for securities law
violations instituted by the Undersigned which is finally resolved by judgment
against the Undersigned.

(B) The Undersigned hereby appoints the Sponsor as its true and lawful
representative and attorney-in-fact, in its name, place and stead to make,
execute, sign, acknowledge, swear to and file:

(i) Any corporate certificate, business certificate, fictitious name
certificate, or amendment thereto, or other instrument or document of any kind
necessary or desirable to accomplish the business, purpose and objective of
the Platform, or required by any applicable federal, state, local or foreign
law;

(ii) The LLC Agreement and any amendment duly approved as provided therein;
and

(iii) Any and all instruments, certificates and other documents which may be
deemed necessary or desirable to effect the winding-up and termination of the
Platform.

This power of attorney is coupled with an interest, is irrevocable, and shall
survive and shall not be affected by the subsequent death, disability,
incompetency, termination, bankruptcy, insolvency or dissolution of the
Undersigned; provided, however, that this power of attorney will terminate
upon the substitution of another Investor for all of the Undersigned's
investment in the Platform or upon the withdrawal of the Undersigned from the
Platform pursuant to any periodic redemption or otherwise. The Undersigned
hereby waives any and all defenses which may be available to contest, negate
or disaffirm the actions of the Sponsor taken in good faith under such power
of attorney.

(C) If any provision of this Agreement is invalid or unenforceable under any
applicable law, then such provision shall be deemed inoperative to the extent
that it may conflict therewith and shall be deemed modified to conform with
such applicable law. Any provision hereof which may be held invalid or
unenforceable under any applicable law shall not affect the validity or
enforceability of any other provisions hereof, and to this extent the
provisions hereof shall be severable.

(D) The Undersigned certifies that it is not required to be registered as a
futures commission merchant, introducing broker, commodity pool operator,
commodity trading advisor or leveraged transaction merchant nor is it an
investment pool required to be operated by a registered commodity pool
operator.(2)

(E) The Undersigned agrees that if it is a participant-directed defined
contribution plan, an employee benefit plan qualified under ERISA that is both
voluntary and contributory, or a "charitable remainder trust" within the
meaning of Section 664 of the Code, the Undersigned will contact the Sponsor
and will be required to provide additional documentation.

IV. TRUSTEE, AGENT, REPRESENTATIVE OR NOMINEE

If the Undersigned is acting as trustee, agent, representative or nominee for,
or will enter into a swap, structured note or other derivative instrument, the
return from which is based in whole or in part on the return of the Platform
(a "Swap") with a third party (a "Third Party"), the Undersigned will notify
the Sponsor that it is acting in such capacity and the Undersigned understands
and acknowledges that the representations, warranties and agreements made
herein are made by the Undersigned (A) with respect to the Undersigned and (B)
with respect to the Third Party. The Undersigned further represents and
warrants that (i) it has all requisite power and authority from said Third
Party to execute and perform the obligations under this Agreement and (ii)
with respect to a Third Party entering into a Swap: (a) the Third Party is
authorized under its constituent documents and applicable law to enter into
the Swap and would also be so authorized to invest directly in the Platform;
(b) the Third Party has received and reviewed a copy of the Memorandum and the
LLC Agreement; (c) the Third Party acknowledges that the Platform and its
affiliates are not responsible for the legality, suitability or tax
consequences of the Swap and that the Undersigned is not an agent of the
Platform; and (d) the Third Party is an "eligible swap participant" under the
Commodity Futures Trading Commission rules, and an "accredited investor" as
that term is used herein. The Undersigned agrees to indemnify the Platform,
the Sponsor, the Selling Agent, and each of their affiliates, and their
officers and agents for any and all costs, fees and expenses (including legal
fees and disbursements) in connection with any damages resulting from the
Undersigned's or the Third Party's misrepresentation or misstatement contained
herein, or the Undersigned's lack of proper authorization from the Third Party
to enter into this Agreement or perform the obligations hereunder. Nothing
herein constitutes an agreement or statement by the Platform or Selling Agent
as to the legality of a Swap or the suitability of a Swap for the Third Party.

Questions? Call 800-848-1814                               For Internal Use Only

                                      7
<PAGE>

Platform Agreement

V. ADDITIONAL INFORMATION

The Sponsor or the Administrator may request from the Undersigned such
additional information as it may deem necessary to evaluate the eligibility of
the Undersigned to acquire Units, and may request from time to time such
information as it may deem necessary to determine the eligibility of the
Undersigned to hold Units or to enable the Sponsor to determine the Platform's
compliance with applicable regulatory requirements or its tax status, and the
Undersigned agrees to provide such information as may reasonably be requested.

VI. DISPUTE RESOLUTION

The Undersigned, the Sponsor, the Selling Agent and the Platform (the
"Parties") hereby agree that the Parties shall submit all controversies
arising among them in connection with the Platform or its businesses or
concerning any transaction, dispute or the construction, performance or breach
of this or any other agreement, whether entered into prior to, on or
subsequent to the date hereof to arbitration in accordance with the provisions
set forth below and understand that:

Arbitration is final and binding on the Parties.

The Parties are waiving their rights to seek remedies in court, including the
right to jury trial.

Pre-arbitration discovery generally is more limited than and different from
court proceedings.

The arbitrator's award is not required to include factual findings or legal
reasoning, and a Party's right to appeal or to seek modification of rulings by
arbitrators is strictly limited.

A panel of arbitrators will typically include a minority of arbitrators who
were or are affiliated with the securities industry.

Controversies shall be determined by arbitration before, and only before, an
arbitration panel convened by The New York Stock Exchange, Inc. ("NYSE") or
the National Association of Securities Dealers, Inc. (the "NASD"). The Parties
may also select any other national securities exchange's arbitration forum
upon which the Sponsor is legally required to arbitrate the controversy. Such
arbitration shall be governed by the rules of the organization convening the
panel. Judgment on any award of any such arbitration may be entered in the
Supreme Court of the State of New York or in any other court having
jurisdiction of the Party or Parties against whom such award is rendered. Each
Party agrees that the determination of the arbitrators shall be binding and
conclusive upon them.

No Party shall bring a putative or certified class action to arbitration, nor
seek to enforce any pre-dispute arbitration agreement against any Party who
has initiated in court a putative class action; or who is a member of a
putative class who has not opted out of the class with respect to any claims
encompassed by the putative class action unless and until: (A) the class
certification is denied; or (B) the class is decertified; or (C) the Party is
excluded from the class by court. The forbearance to enforce an agreement to
arbitrate shall not constitute a waiver of any rights under this Agreement
except to the extent stated herein.

VII. MISCELLANEOUS

All information provided in this Agreement will be treated confidentially by
the Platform, the Sponsor and the Selling Agent. However, the Platform, the
Sponsor or the Selling Agent may present this Agreement and the information
provided herein to such parties as deemed advisable if (A) called upon to
establish that the offer and sale of the Units is exempt from registration
under applicable law or (B) the information is relevant to an issue in any
action, suit or proceeding to which the Platform, the Sponsor, the Selling
Agent or their affiliates are party or by which they are or may be bound. The
Undersigned understands that this Agreement and the representations,
warranties, agreements and other provisions hereof: (a) shall be binding upon
the Undersigned and the Undersigned's legal representatives, successors and
assigns and (b) shall survive the Undersigned's admission as an Investor.

This Agreement may be executed through the use of separate signature pages or
in any number of counterparts. Each counterpart shall, for all purposes,
constitute one agreement binding on all the parties, notwithstanding that all
parties do not execute the same counterpart.

IX. LEGENDS

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION
OF THE PLATFORM AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS
INVOLVED. THE PLATFORM HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING
AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THE
MEMORANDUM OR THE TRADING ADVISOR DESCRIPTIONS THEREIN. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.

THE UNITS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY
NOT BE TRANSFERRED OR RESOLD EXCEPT (A) WITH THE PRIOR WRITTEN CONSENT OF THE
SPONSOR; PROVIDED THAT AN INVESTOR MAY ASSIGN OR TRANSFER THE ECONOMIC
BENEFITS OF OWNERSHIP OF ITS UNITS WITHOUT REGARD TO SUCH CONSENT, (B) AS
PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS
PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM AND (C) AS PERMITTED UNDER THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT").
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF AN
INVESTMENT IN THE PLATFORM FOR AN INDEFINITE PERIOD OF TIME.

THE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE OR OTHER AGENT OF THE
INVESTOR) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND,
THE TAX TREATMENT AND TAX STRUCTURE OF THE TRANSACTION AND ALL MATERIALS OF
ANY KIND (INCLUDING OPINIONS OR OTHER TAX ANALYSES) THAT ARE PROVIDED TO THE
INVESTOR RELATING TO SUCH TAX TREATMENT AND TAX STRUCTURE.

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

Notes:

1 If the Undersigned is a municipality, it must furnish a copy of its
organizational documents, including any amendments thereto, and any statutes,
rules or regulations governing the investment activities of the municipality
to the Sponsor prior to investing in the Platform.

2 If the Undersigned cannot make this certification, the Sponsor will ask the
Undersigned for confirmation regarding its registered status.

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

4 "Immediate family" of a senior foreign political figure typically includes
the figure's parents, siblings, spouse, children and in-laws.

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

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

Questions? Call 800-848-1814                               For Internal Use Only

                                      8
<PAGE>

Privacy Notice

This notice describes the privacy policy of the UBS Managed Futures LLC (the
"Platform"). The Platform is committed to protecting the personal information
that it collects about individuals who are prospective, former or current
investors. The Platform collects personal information for business purposes to
process requests and transactions and to provide customer service. "Personal
Information" is obtained from the following sources:

o     Subscription Agreements and other forms, which may include your name(s),
      address, social security number or tax identification number;

o     Written and electronic correspondence, including telephone contacts; and

o     Transaction history, including information about Platform transactions
      and balances in your accounts with UBS Financial Services Inc. or UBS
      International Inc. or their affiliates or other Platform holdings and
      any affiliation with UBS AG and its subsidiaries.

The Platform limits access to Personal Information to those employees who need
to know that information in order to process transactions and service
accounts. Employees are required to maintain and protect the confidentiality
of Personal Information. The Platform maintains physical, electronic and
procedural safeguards to protect Personal Information.

The Platform may share Personal Information described above with its
affiliates for business purposes, such as to facilitate the servicing of
accounts. The Platform may share the Personal Information described above for
business purposes with a non-affiliated third party only if the entity is
under contract to perform transaction processing, servicing or maintaining
investor accounts on behalf of the Platform. The Platform may also disclose
Personal Information to regulatory authorities or otherwise as permitted by
law.

The Platform endeavors to keep its customer files complete and accurate. The
Platform should be notified if any information needs to be corrected or
updated.

LOGO        UBS     Wealth
OMITTED             Management

(C)2006 UBS Financial Services Inc. All
Rights Reserved o Member SIPC
UBS Financial Services Inc. is a service mark of UBS AG.

www.ubs.com/financialservicesinc

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