Document:

B-2889

March 21, 2000

IDS Managed Futures, L.P.
c/o CIS Investments, Inc.
233 South Wacker Drive
Suite 2300
Chicago, IL  60606
Attn: Barbara A. Pflender

                  1.  In  consideration  of your  carrying  accounts  with,  and
entering into foreign exchange transactions with and/or through, our subsidiary,
CIS  Financial  Services,  Inc. (the  "Subsidiary")  for other good and valuable
consideration, the receipt of which is hereby acknowledged,  effective as of the
date of this guarantee,  Cargill,  Incorporated (the  "Guarantor"),  does hereby
unconditionally  guarantee that it will make to you (the "Counterparty") any due
but unpaid  payments within ten (10) New York business days after receipt of the
Counterparty's written demand upon the Subsidiary and the Guarantor,  unless the
Counterparty shall otherwise agree in writing.  All reference herein to "you" or
the  "Counterparty"  are  references  to you and your  successors  and permitted
assigns.  However,  in no event  shall  the  Guarantor's  liability  under  this
guarantee exceed the maximum aggregate amount of U.S.  $3,000,000 (Three Million
United  States  Dollars),  plus  accrued  interest and the  reasonable  costs of
enforcing the  obligations  of the  Guarantor  hereunder,  including  reasonable
attorneys' fees.

                  2. If any obligation of the Subsidiary for which the Guarantor
shall  become  responsible  pursuant  to this  guarantee  shall be  payable in a
currency other than U.S. Dollars, and in a place other than the United States of
America,  the  Guarantor  shall have the right to discharge  such  obligation by
payment to the Counterparty of U.S. Dollars.  Such payment shall be in an amount
converted  into U.S.  Dollars at the spot rate of  exchange  quoted by The Chase
Manhattan Bank, New York in the New York interbank market at 11:00 a.m. New York
time on the day of payment for the sale by the Guarantor of U.S. Dollars against
a purchase by the Guarantor of the currency of the obligation.

                  3. The Guarantor  further agrees that all payments made by the
Subsidiary to the  Counterparty on any obligation  hereby  guaranteed will, when
made, be final and agrees that if any such payment is recovered  from, or repaid
by, the Counterparty in whole or in part as a result of any final court order in
any bankruptcy,  insolvency,  or similar proceeding instituted by or against the
Subsidiary,  or if any such payment is  rescinded  or  otherwise  required to be
restored by any final court order,  this  guarantee  shall  continue to be fully
applicable  to such  obligation  to the same  extent as though  the  payment  so
recovered or repaid had never been originally made on such obligation.  However,
after  taking  into  account  any  such   recovery  from  or  repayment  by  the
Counterparty,  or any such  rescission  or  restoration,  in no event  shall the
guarantee  be  interpreted  to allow the  Counterparty  to recover more from the
Guarantor,  the Subsidiary,  through any combination of the payments from either
or both such parties, than the Subsidiary's total outstanding obligations hereby
guaranteed,  plus accrued  interest and the  reasonable  costs of enforcement as
provided in paragraph 1 hereinabove.

                  4. All sums payable by the Guarantor  hereunder  shall be made
in freely  transferable,  cleared,  and immediately  available funds without any
set-off,   deduction,  or  withholding  (unless  such  set-off,   deduction,  or
withholding  is required  by an  applicable  law,  judicial,  or  administration
decision,  or  practice  of  any  relevant  governmental  authority,  or by  any
combination  thereof)  to such  account as the  Counterparty  shall  indicate in
writing to the Guarantor. If the Guarantor is so required to set-off, deduct, or
withhold,  then the Guarantor shall pay to the Counterparty,  in addition to the
payment to which the Counterparty is otherwise entitled,  such additional amount
as is  necessary  to  ensure  that  the  net  amount  actually  received  by the
Counterparty  (free and clear of any set-off,  deduction,  or withholding)  will
equal the full amount  which the  Counterparty  would have  received had no such
set-off, deduction, or withholding been required.

                  5. The  Guarantor  hereby  waives (i)  promptness,  diligence,
presentment,  demand of payment (except as specified herein),  protest, or order
and (ii) any requirements  that the  Counterparty  exhaust any right or take any
action against the Subsidiary  (except as specified  herein) or any other person
or  entity  before  proceeding  to  exercise  any right or  remedy  against  the
Guarantor.

                  6. The Guarantor hereby agrees that its obligations under this
guarantee shall be unconditional,  irrespective of the validity,  regularity, or
enforceability of the obligations with respect to the Subsidiary, the absence of
any action to enforce the  Subsidiary's  obligations  , any waiver or consent by
the  Counterparty  with  respect  to  any  provisions   thereof,  or  any  other
circumstances which might otherwise constitute a legal or equitable discharge or
defense of the  Guarantor,  except  payment.  This  guarantee  is a guarantee of
payment and not a guarantee of collection.

                  7. No amendment or waiver of any  provision of this  guarantee
nor consent to any  departure by the Guarantor  therefrom  shall in any event be
effective  unless the same shall be in writing  and signed by the  Counterparty,
and then such  amendment,  waiver or departure  shall be  effective  only in the
specific instance and for the specific purpose for which given.

                  8. No failure on the Counterparty's  part to exercise,  and no
delay in exercising any right hereunder,  shall operate as a waiver thereof; nor
shall any single or partial  exercise of any right hereunder  preclude any other
or further  exercise  thereof or the exercise of any other  right.  The remedies
herein  provided are  cumulative  and not exclusive of any remedies  provided by
law.

                  9.  This  guarantee  constitutes  a  direct,   unsecured,  and
unsubordinated  obligation  of the  Guarantor,  ranking  equally  with all other
unsecured and unsubordinated obligations of the Guarantor.

                  10.   The   Guarantor   shall   be   subrogated   to  all  the
Counterparty's rights against the Subsidiary with respect to any amounts paid by
the Guarantor pursuant to the provisions of this guarantee;  provided,  however,
that the  Guarantor  shall not be entitled to enforce or to receive any payments
arising out of, or based upon,  such right of subrogation  until all amounts due
and payable by the Subsidiary shall have been paid in full.

                  11. The Guarantor hereby represents and warrants that (i) this
guarantee constitutes the legally valid and binding obligation of the Guarantor,
enforceable  against  the  Guarantor  in  accordance  with its terms,  except as
enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium,  or  other  similar  laws or  equitable  principles  relating  to or
limiting  creditor's rights  generally;  and (ii) the execution,  delivery,  and
performance of this guarantee will not violate any provision of any existing law
or  regulation  binding on the  Guarantor,  the  violation of which would have a
material  adverse  effect on the  business,  operations,  assets,  or  financial
condition of the Guarantor.

                  12. This  guarantee  shall  expire on March 21, 2000 or may be
terminated  by  the  Guarantor  at  any  time  by  the  Guarantor   sending  the
Counterparty a written notice of such termination by courier or facsimile,  such
written notice to be effective three (3) New York business days after receipt by
the  Counterparty;   however,  this  guarantee  and  the  Guarantor's  liability
hereunder  shall  survive and  continue in full force and effect with respect to
any  obligation of the  Subsidiary  arising in connection  with any  transaction
entered into, or committed to, between the Counterparty and the Subsidiary prior
to the effective  date of such  expiration or  termination,  whether or not such
transaction  has a settlement  date beyond the effective date of such expiration
or termination.

                  13.  All  notices  and   communications  to  the  Counterparty
respective of this guarantee,  including notices of revocation, shall be sent by
facsimile or couriered to the Counterparty at:

Counterparty Address:  CIS Investments, Inc.     IDS Futures Corporation
                       Co-General Partner        Co-General Partner
                       233 South Wacker Drive    200 AXP Financial Center
                       Suite 2300                Minneapolis, MN  55424
                       Chicago, IL  60606
Contact Name:          Barbara A. Pflender       Marilyn Saxton T22/570
Phone Number:          312/460-4926              612/671-8821
Fax Number:            312/460-4939              612/671-7801

                  Counterparty may, at any time, modify the contact  information
in this paragraph 13 by providing the Guarantor  with advance  written notice of
such modification.

                  14. All notices and  communications  to the  Guarantor
respective  of this  guarantee  shall be sent by facsimile or couriered to the
Guarantor at:

                        Cargill, Incorporated
                        15407 McGinty Road West
                        Wayzata, MN 55391-2399

                        Contact Name:    Carol A. Haydter, Corporate Treasury #3
                        Phone Number:  952/742-2309
                        Fax Number:  952/742-4027

                  Guarantor may, at any time, modify the contact  information in
this paragraph 14 by providing the  Counterparty  with advance written notice of
such modification.

                  15. Any notice or communication  shall be deemed received,  if
by facsimile,  upon receipt of relevant  transmission,  as confirmed by sender's
transmission  report  and a  follow-up  phone call to the  addressee  confirming
receipt of the facsimile.  If by courier,  such notice shall be deemed  received
upon receipt of signed confirmation by courier company.

                  16.  This  guarantee  shall be governed  by and  construed  in
accordance with the laws of the State of New York, United States of America. The
Guarantor and  Counterparty  hereby agree that any United  States  Federal court
sitting in the City of New York, Borough of Manhattan shall have jurisdiction to
settle any  disputes  which may arise in  connection  with this  guarantee.  The
Guarantor and  Counterparty  hereby agree to waive any right to trial by jury in
any cause of action arising in connection with, or relating to, this guarantee.

                  17. The  Counterparty  shall not  assign its rights  under the
guarantee,  unless it shall first have given the  Guarantor  five (5) days prior
written notice of such assignment, such notice to be effective upon receipt. Any
additional  costs,  including without  limitation taxes and fees,  associated or
incurred in connection with such assignment shall be borne by the  Counterparty.
The Guarantor shall not assign its obligations  under this guarantee,  unless it
shall first have  obtained  the  Counterparty's  prior  written  consent to such
assignment.  Any additional costs,  including without limitation taxes and fees,
associated or incurred in connection with such assignment  shall be borne by the
Guarantor.

CARGILL, INCORPORATED

By:    /s/ William W. Veazey                By:      /s/ Daryl L. Wikstrom
       ---------------------                         ---------------------
       William W. Veazey                             Daryl L. Wikstrom
       Corporate Vice President                      Assistant Treasurer
       and TreasurerAMENDMENT TO THE IDS MANAGED FUTURES II, L.P.

                      ADVISORY CONTRACT DATED JULY 14, 1987

         John W. Henry &  Company,  Inc.,  a Florida  corporation  ("JWH"),  IDS
Managed Futures II, L.P, a Delaware limited partnership ("the Partnership"), IDS
Futures  Corporation,   a  Minnesota   corporation  ("IDS  Futures"),   and  CIS
Investments, Inc. a Delaware corporation ("CISI"), hereby agree to the following
amendments  (collectively,  the "Amendment") to that certain  Advisory  Contract
dated July 14, 1987, by and among the parties hereto ("the Advisory  Contract"),
as amended (the  Advisory  Contract  and the  aforesaid  amendments  thereto are
hereinafter  referred  to  collectively  as  the  "Agreement").  All  terms  and
conditions of the Agreement shall remain in full force and effect after adoption
of this Amendment  unless  expressly and  specifically  amended hereby,  and all
references  to the  Agreement  shall be deemed  references  to the  Agreement as
amended  hereby.  The  purpose  of this  Amendment  is to extend the term of the
Agreement. Any capitalized terms used herein and not specifically defined herein
shall have the meanings ascribed to such terms in the Agreement.

1. Under Section 6, Terms and Termination,  the first paragraph shall be deleted
and a new first paragraph shall be inserted to replace the deleted paragraph and
shall read as follows:

                  The term of the Agreement as hereby amended shall be deemed to
         have  commenced on the date that the  Agreement  would have expired had
         this Amendment not been executed,  and unless sooner terminated,  shall
         continue in effect  until  December  31,  2002.  This  Agreement  shall
         automatically  renew with respect to JWH on the same terms as set forth
         herein for three additional  twelve-month terms beginning January 1 and
         ending  December  31 unless the  Partnership  shall give to JWH written
         notice that it does not elect to renew the  Agreement  with  respect to
         JWH at  least  45 days  prior to the  termination  of the then  current
         twelve-month   period.   This   renewal   right  shall  be   applicable
         irrespective  of  any  change  in  Advisors  or  any   reallocation  of
         Partnership  assets among Advisors or to other trading  advisors by the
         Partnership.

2.       This Amendment  may be signed in multiple  counterparts,  all of
         which, when taken together shall constitute one document.

3.       The parties  restate and confirm the  accuracy as of the date hereof of
         the  representations  made by each of them in Section 11 and Section 12
         of the Agreement.

4.       This  Amendment  and the  applicable  provisions  of the  Agreement not
         expressly and  specifically  amended  hereby  together  constitute  the
         entire agreement among the parties with respect to the matters referred
         to herein and therein,  and no other  agreement,  verbal or  otherwise,
         shall be binding upon the parties hereto.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of
the 31st day of December, 1999.

IDS MANAGED FUTURES II, L.P.                  JOHN W. HENRY & COMPANY, INC.
CIS INVESTMENTS, INC.
General Partner                               By:      /s/ Verne O. Sedlacek
                                              Its:     President

By: /s/ Barbara A. Pfendler
Its:  Vice President

IDS FUTURES CORPORATION

General Partner

By: /s/ John M. Knight
   Its: Vice President

CIS INVESTMENTS, INC.

By: /s/ Barbara A. Pfendler
Its: Vice President

IDS FUTURES CORPORATION

By: /s/ John M. Knight
Its: Vice President

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