Document:

Exhibit 4.1

MAN-AHL DIVERSIFIED I L.P.

THIRD AMENDED LIMITED PARTNERSHIP AGREEMENT

DATED AS OF JUNE 5, 2006

THE SECURITIES REPRESENTED BY AND ISSUED PURSUANT TO THIS LIMITED PARTNERSHIP
AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE
TRANSFERRED WITHOUT REGISTRATION UNDER SUCH LAWS OR THE AVAILABILITY OF AN
EXEMPTION FROM REGISTRATION UNDER SUCH LAWS.

<PAGE>

Table of Contents
         ARTICLE I ORGANIZATION..............................................1
         ARTICLE II GENERAL PARTNER..........................................4
         ARTICLE III LIMITS OF LIABILITY OF GENERAL PARTNER..................7
         ARTICLE IV LIMITED PARTNERS.........................................7
         ARTICLE V ACCOUNTING................................................8
         ARTICLE VI PROFIT AND LOSS..........................................9
         ARTICLE VII DISTRIBUTIONS OF PARTNERSHIP INCOME; REDEMPTIONS;
             WITHDRAWALS BY PARTNERS........................................11
         ARTICLE VIII INDEMNIFICATION.......................................13
         ARTICLE IX TERMINATION.............................................14
         ARTICLE X MISCELLANEOUS............................................15

<PAGE>

MAN-AHL DIVERSIFIED I L.P.

THIRD AMENDED LIMITED PARTNERSHIP AGREEMENT

     THIS THIRD AMENDED LIMITED PARTNERSHIP AGREEMENT (this 'Agreement'), is
     made and entered into effective as of the 5th day of June, 2006, between
     the undersigned parties hereto. Each party who executes this Agreement as
     a general partner is hereinafter referred to as a 'General Partner,'
     including Man Investments (USA) Corp., a Delaware corporation and the
     general partner of the Partnership (the 'General Partner'); and all other
     parties which hereafter execute this Agreement, or on whose behalf this
     Agreement is hereafter executed, whether in counterpart, by separate
     instrument, pursuant to power of attorney or otherwise, as limited
     partners are hereinafter referred to as 'Limited Partners.' The General
     Partner and the Limited Partners are hereinafter sometimes collectively
     referred to as 'Partners.'

ARTICLE I
ORGANIZATION

<TABLE>
<CAPTION>
         <S>               <C>
         Section 1.1       Continuation and Name. The parties hereto do hereby continue a limited partnership
                           under the name Man-AHL Diversified I L.P. (the 'Partnership'), under the provisions
                           of the Delaware Revised Uniform Limited Partnership Act, as amended (the
                           'Partnership Act').
         Section 1.2       Purpose. The Partnership's business and purpose is to seek capital appreciation
                           through trading, directly and indirectly, in commodities, futures contracts,
                           forward contracts, swap transactions, options on the foregoing, other derivative
                           instruments and hybrid instruments, and other instruments and investments, in each
                           case of every kind and character, traded on United States and non-United States
                           exchanges and markets (including the over-the-counter markets) [sometimes
                           collectively referred to as 'futures'], and securities including, but not limited
                           to, equity securities, limited partnership interests, general partnership
                           interests, membership interests, fixed-income securities, notes, debentures,
                           convertible securities, depositary receipts, options (including without limitation,
                           listed and over-the-counter options and the writing of options, whether or not
                           covered), rights, warrants, mutual fund shares and other securities (sometime
                           collectively referred to as 'securities'); to engage in such other futures and
                           securities related activities or transactions as determined in good faith by the
                           General Partner from time to time; to lend or borrow funds and securities (in each
                           case, on a secured or unsecured basis and in such amounts and on such terms as
                           determined in good faith by the General Partner from time to time); to establish
                           subsidiaries and to invest in other investment vehicles, including investment
                           vehicles affiliated with the General Partner, in each case as the General Partner
                           may determine in its sole discretion; to open and close accounts with banks,
                           brokers and dealers, including futures commission merchants, introducing brokers,
                           floor brokers and executing brokers; and to conduct such other activities and
                           retain such agents, independent contractors, attorneys, accountants and commodity
                           trading advisors as determined by the General Partner to be necessary, in the best
                           interests of the Partnership, advisable, desirable or incidental to carrying out
                           the purposes of the Partnership. Without limitation of the foregoing, the General
                           Partner initially has appointed Man-AHL (USA) Limited (the 'Trading Advisor') as
                           the trading advisor to the Partnership.
          Section 1.3      Term. The Partnership came into existence on September 29, 1997, the date that the
                           certificate of limited   partnership of the Partnership (the 'Certificate of Limited
                           Partnership') was filed as provided

<PAGE>

                           under the Partnership Act, and shall terminate on December 31, 2037, unless earlier
                           terminated as hereinafter provided or by operation of law.
         Section 1.4       Principal Office. The principal place of business of the Partnership is located at
                           123 N. Wacker Drive, 28th Floor, Chicago, Illinois 60606, or at such other location
                           as may from time to time be determined by the General Partner.
         Section 1.5       Power of Attorney. Each Limited Partner, by the execution of this Agreement,
                           whether in counterpart, by separate instrument, by attorney-in-fact or otherwise,
                           does hereby irrevocably constitute and appoint the General Partner with full power
                           of substitution, as its true and lawful attorney and agent, with full power and
                           authority in its name, place and stead, to admit additional limited partners and
                           general partners to the Partnership, to file, prosecute, defend, settle or
                           compromise any and all actions at law or suits in equity for or on behalf of the
                           Partnership with respect to any claim, demand or liability asserted or threatened
                           by or against the Partnership, and to execute, acknowledge, deliver, file and
                           record on behalf of the Partnership and each Limited Partner in the appropriate
                           public offices: (a) all statements, certificates and other instruments (including,
                           without limitation, all counterparts of this Agreement, all amendments hereto, the
                           Certificate of Limited Partnership and all amendments thereto) which the General
                           Partner deems appropriate to qualify or continue the Partnership as a limited
                           partnership in the jurisdictions in which the Partnership may conduct business or
                           which may be required to be filed by the Partnership or any of the Partners under
                           the laws of any jurisdiction; (b) all instruments which the General Partner deems
                           appropriate to reflect a change in or modification or amendment of the Partnership
                           or this Agreement adopted or effected in accordance with the terms of this
                           Agreement; (c) all conveyances and other instruments which the General Partner
                           deems appropriate to reflect the dissolution and termination of the Partnership;
                           (d) certificates of assumed name; and (e) any trading advisor, brokerage,
                           administrative, selling, cash management, custodial, advisory, subscription and
                           other agreements which the General Partner deems necessary or desirable in
                           connection with the Partnership's business. The Power of Attorney granted herein
                           shall be irrevocable and shall be deemed to be a power coupled with an interest and
                           shall survive the incapacity or death of any Limited Partner. Each Limited Partner
                           hereby agrees to be bound by any representation made by the General Partner and by
                           any successor thereto acting in good faith pursuant to such Power of Attorney, and
                           each Limited Partner hereby waives any and all defenses which may be available to
                           contest, negate or disaffirm the action of the General Partner and any successor
                           thereto taken in good faith under such Power of Attorney. In the event of any
                           conflict between this Agreement and any instrument filed by such attorney pursuant
                           to the Power of Attorney granted in this Section 1.5, this Agreement shall control.
         Section 1.6       Units. As used in this Agreement, the term 'Unit' is defined as an interest in the
                           Partnership acquired upon the making of a capital contribution by the General
                           Partner or a Limited Partner. The General Partner's capital contribution shall be
                           represented by Units of General Partnership Interest, and a Limited Partner's
                           capital contributions shall be represented by Limited Partnership Units. The
                           purchase price of each Limited Partnership Unit shall be the then prevailing Net
                           Asset Value per Limited Partnership Unit (exclusive of upfront selling commissions,
                           if any). When used in this Agreement without qualification, the term 'Unit' shall
                           include both Limited Partnership Units and General Partnership Units, pari passu.
                           The Units may, but need not, be evidenced by certificates.
         Section 1.7       Offerings of Limited Partnership Units. The General Partner shall have the
                           authority to cause the Partnership from time to time, at the expense of the
                           Partnership or otherwise, to offer Limited Partnership Units for sale by means of
                           public or private offerings on a continuous basis or otherwise and, in connection
                           therewith, to cause the Partnership to prepare and file such registration
                           statements, disclosure documents, amendments, selling agreements and other
                           documents and agreements as the General Partner shall deem advisable to offer and
                           qualify the Limited Partnership

                                                      2
<PAGE>

                           Units for sale under the securities, commodities or other applicable laws of the
                           United States and such states of the United States and such non-U.S. countries and
                           jurisdictions as the General Partner shall deem appropriate. The General Partner,
                           its affiliates or third parties may advance funds or incur expenses in connection
                           with any such offering of Limited Partnership Units for which it, its affiliates
                           and such other persons shall be reimbursed by the Partnership, subject to any
                           restrictions to which they may agree or which may be imposed by any applicable law
                           or administrative regulation. In connection with any offering of Limited
                           Partnership Units, the General Partner shall have the unilateral right and the
                           authority, exercisable in its sole discretion upon written notice to the Limited
                           Partners, to amend the provisions of this Agreement in order to amend, modify,
                           liberalize or restrict the terms and conditions upon which existing or additional
                           Limited Partners may make additional capital contributions to the Partnership or
                           may be admitted to the Partnership and the terms and conditions upon which Limited
                           Partners may redeem Limited Partnership Units.
         Section 1.8                 Net Asset Value.
                  (a)      The 'Net Asset Value' of the Partnership shall mean the total assets of the
                           Partnership including all cash, cash equivalents and other securities (each valued
                           at fair market value), less the total liabilities of the Partnership, determined in
                           accordance with U.S. generally accepted accounting principles, consistently applied
                           under the accrual method of accounting. Unless generally accepted accounting
                           principles require otherwise: (i) Net Asset Value shall include any unrealized
                           profit or loss on open futures and securities positions; (ii) all open futures and
                           securities positions and options thereon shall be calculated at their then-market
                           value which means, with respect to open futures positions, the settlement price as
                           determined by the exchange on which the transaction is effected or the most recent
                           appropriate quotation as supplied by the Broker (as hereinafter defined) through
                           which the transaction is effected, except that any United States treasury Bills
                           (not futures contracts therefor) shall be carried at cost plus accrued interest,
                           and means with respect to option contracts the liquidation value thereof. If there
                           are no trades on the date of the calculation due to the operation of the daily
                           price fluctuation limits or due to a closing of the exchange on which the
                           transaction is executed, the contract will be valued at fair market value as
                           determined by the General Partner; (iii) in the case of forward contracts and
                           options thereon traded on the interbank market, forward contracts shall be valued
                           at their settlement price, which shall mean the 'bid' price in the case of a long
                           position and the 'asked' price in the case of a short position at the close of
                           business on the day on which the Net Asset Value is determined as quoted by the
                           Brokers through which such contracts were acquired, and option contracts shall be
                           valued at their liquidation value; (iv) swap agreements shall be valued at fair
                           market value as determined by the swap dealer counterparty; (v) any investment in
                           another investment fund or vehicle shall be valued as reported by such investment
                           fund or vehicle; (vi) all other investments, assets and liabilities and those
                           investments, assets and liabilities the fair market value of which the General
                           Partner determines can not be accurately determined pursuant to any other
                           provisions of this Section 1.8, shall be assigned such fair value as the General
                           Partner may determine in its sole discretion; (vii) brokerage commissions on open
                           futures positions shall be considered accrued in full (i.e., on a round-turn basis)
                           as a liability. Management fees, incentive fees, profit allocations, other fees and
                           expenses shall be accrued at least monthly; (viii) the amount of any distribution
                           made shall be a liability of the Partnership from the day when the distribution is
                           declared until paid; (ix) interest income shall be accrued at least monthly; and
                           (x) any value otherwise than in U.S. dollars shall be converted into U.S. dollars
                           at a prevailing rate (whether official or otherwise) which the General Partner
                           shall in good faith deem appropriate having regard to any premium or discount which
                           it considers may be relevant and to costs of exchange.

                                                      3
<PAGE>

                  (b)      The Net Asset Value per Limited Partnership Unit shall be equal to the Net Asset
                           Value of the Partnership attributable to Limited Partnership Units divided by the
                           number of Limited Partnership Units outstanding.

ARTICLE II
GENERAL PARTNER
         Section 2.1                 Management.
                  (a)      Subject to the limitations of this Agreement, the General Partner shall have full,
                           exclusive and complete control of the management, operations and policies of the
                           Partnership and the Partnership's affairs for the purposes herein stated, and shall
                           make all decisions affecting Partnership affairs including, without limitation, the
                           power to enter into contracts with third parties, including 'affiliates' (as
                           defined in subsection 8.1(c), below) of the General Partner for trading advisory,
                           brokerage, cash management, custodial, banking, accounting, legal, administrative,
                           clearing and consulting services. Subject to the General Partner's fiduciary
                           obligations, such services also may be performed by the General Partner or its
                           affiliates at rates which may exceed the lowest rates that might otherwise be
                           available to the Partnership. The General Partner may take such other actions as it
                           deems in the best interests of the Partnership or necessary or desirable to manage
                           or promote the business of the Partnership, including, but not limited to, the
                           following: (i) to purchase, repurchase, hold, sell (including short selling), loan,
                           possess, transfer, mortgage, borrow, pledge, repledge, acquire, dispose of, and
                           exercise all rights, powers, privileges and other incidents of ownership or
                           possession with respect to, futures and securities; (ii) to enter into swap
                           agreements on behalf of the Partnership; (iii) to borrow money on a secured or
                           unsecured basis from banks, brokers, financial institutions and other persons and
                           to loan cash, securities and other property on a secured or unsecured basis; (iv)
                           to conduct margin accounts with brokers; (v) to open, maintain and close bank,
                           brokerage and custodial accounts; (vi) to sign checks; (vii) to pay or authorize
                           the payment of distributions to the Partners and of the liabilities of the
                           Partnership (including tax liabilities and withholdings); (viii) to apply for,
                           maintain and renew such registrations (governmental or otherwise) as the General
                           Partner may deem necessary or advisable in connection with the conduct of the
                           Partnership's business including, without limitation, registrations under the
                           Securities Exchange Act of 1934, as amended ('1934 Act'); (ix) generally, to act
                           for the Partnership in all matters incidental to the foregoing, including the
                           preparation and filing of all Partnership tax returns and the making of such tax
                           elections and determinations as appear to it appropriate; and (x) to select from
                           time to time one or more partnerships, limited liabilities companies or other
                           trading vehicles for the investment of the Partnership's assets, to cause the
                           Partnership from time to time to become a partner in such partnerships, a member in
                           such limited liability companies or otherwise acquire an interest in such other
                           trading vehicles, and to purchase interests in such partnerships, limited liability
                           companies or other trading vehicles, including partnerships, limited liability
                           companies and other trading vehicles affiliated with the General Partner, as the
                           General Partner may deem necessary or advisable from time to time, and to establish
                           or invest from time to time in such affiliates for the conduct of the business of
                           the Partnership as the General Partner may deem necessary or advisable from time to
                           time. The General Partner shall be the 'tax matters partner' of the Partnership as
                           defined in Section 6231 of the U.S. Internal Revenue Code of 1986, as amended (the
                           'Code'). All Partners hereby consent to such designation and agree to take any
                           further action as may be required by regulation or otherwise to effectuate such
                           designation. The General Partner, in its sole discretion, may cause the Partnership
                           to make, refrain from making and, once having made, revoke the election referred to
                           in Section 754 of the Code or any other election affecting the computation of
                           partnership income required to be made by the Partnership pursuant to

                                                      4
<PAGE>

                           Section 703(b) of the Code, and any similar or different elections provided by U.S.
                           Federal, state or local law or any similar provision enacted in lieu thereof.
                  (b)      To the full extent permitted under the Partnership Act, the General Partner shall
                           have full power to delegate to agents and contracting parties any or all of its
                           management duties, rights and responsibilities with respect to the Partnership
                           under the terms of this Agreement on such terms and conditions as the General
                           Partner may determine in its sole discretion.
         Section 2.2       Other Business.
                  (a)      Nothing contained in this Agreement shall be deemed to preclude the General
                           Partner, its principals, officers, directors, managers, members, shareholders and
                           employees or their respective affiliates, from directly or indirectly purchasing,
                           selling or holding futures and securities, whether as principal, agent, broker or
                           dealer, or engaging in any other futures or securities activities or transactions
                           for the account of any other person or enterprise or for its own account,
                           regardless of whether the Partnership also has purchased or sold such futures or
                           securities or has engaged in similar transactions in futures or securities. The
                           Limited Partners shall not have the right, by reason of their status as such, to
                           participate in any manner in any profits or income earned or derived by or accruing
                           to the General Partner, its principals, officers, directors, managers, members,
                           shareholders and employees or their respective affiliates, from any transaction
                           effected by any such person or from the conduct of any business other than that of
                           the Partnership.
                  (b)      The activities and services of the General Partner under this Agreement are not
                           exclusive, and nothing contained in this Agreement shall be deemed or construed to
                           preclude the General Partner or any of its principals, employees or affiliates from
                           engaging in any other business activities or in any way limit or circumscribe their
                           respective abilities to engage in such other business activities, except as
                           provided by the Partnership Act.
         Section 2.3       Sharing in Profits and Losses. The General Partner shall share in all Partnership
                           income, gains, losses, deductions and credits to the extent of its Units.
         Section 2.4       General Partner's Capital Contributions. Unless the General Partner is otherwise
                           notified by counsel to the Partnership, the General Partner shall make and maintain
                           a capital contribution to the Partnership in an aggregate amount equal to the
                           lesser of (a) 1.01% of the aggregate net capital contributions made to the
                           Partnership by all Partners from time to time (including the General Partner's
                           capital contributions) or (b) $500,000. The General Partner may not make any
                           transfer or withdrawal of its contribution to the Partnership or receive any
                           distribution of any portion of its Units while it is a general partner which would
                           reduce its Book Capital Account to less than its required interest. The General
                           Partner may contribute any greater amount to the Partnership. The General Partner
                           may redeem, or receive a distribution on, any Units which represent capital in
                           excess of its required interest without notice to the Limited Partners.
         Section 2.5       No Personal Liability for Return of Capital. The General Partner shall not be
                           personally liable for the return or repayment of all or any portion of the capital
                           contributions or profits of any Partner (or assignee), it being expressly agreed
                           that any such return or repayment of capital or profits made pursuant to this
                           Agreement shall be made solely from the assets of the Partnership (which shall not
                           include any right of contribution from the General Partner).
         Section 2.6       Fees and Expenses.
                  (a)      Except as otherwise expressly agreed by the General Partner and subject to the
                           provisions of Section 1.6 and Section 1.7 of this Agreement, the Partnership shall
                           be responsible for all costs, liabilities and expenses incurred in connection with
                           the operation of its business, including, without limitation, expenses related to
                           office space, facilities, general communication costs, security systems,
                           recordkeeping, equipment and research, management fees, incentive fees, cash
                           management fees, brokerage commissions, dealer spreads and related transaction fees
                           and expenses, continuing

                                                      5
<PAGE>

                           offering fees and expenses, salaries and employee benefits of personnel of the
                           Partnership and the General Partner, computer time-sharing costs, the costs of
                           dedicated communication facilities, legal, accounting and auditing fees, tax audit
                           costs, tax filing preparation costs, payroll taxes, taxes and assessments, costs
                           related to the preparation, reproduction and mailing of reports to Limited
                           Partners, expenses associated with compliance with applicable laws and regulations,
                           custodial fees and insurance costs. The Partnership also will be obligated to pay
                           all its extraordinary expenses, if any. To the extent that the Partnership
                           establishes or invests in an investment vehicle to implement the Trading Advisor's
                           trading strategies, the Partnership also shall be obligated to pay its pro-rata
                           share of such investment vehicle's organizational, operating and other expenses.
                  (b)      Upon the close of business on the last business day of every calendar month, the
                           Trading Advisor shall be paid a monthly management fee, payable in arrears, in an
                           amount equal to 1/6th of 1% of the Net Asset Value of the Partnership whether or
                           not the Partnership is profitable (approximately 2% annually). The General Partner
                           shall be paid a monthly administrative fee in an amount equal to 1/12th of 1% of
                           the month-end Net Asset Value of the Partnership whether or not the Partnership is
                           profitable (approximately 1% annually). For purposes of calculating the management
                           fee and the administrative fee, Net Asset Value of the Partnership is determined
                           before reduction for the management fee, administrative fee or incentive fee
                           accrued or paid as of such calendar month-end and before giving effect to any
                           subscriptions, distributions or redemptions accrued or paid as of such calendar
                           month-end. In the event that a Limited Partner redeems some or all of its Units or
                           the Partnership is dissolved or terminated as of any date other than the last
                           business day of a calendar month, the management fee and the administrative fee
                           shall be pro-rated based on the ratio that the number of days in the calendar month
                           through the date of such event bears to the total number of days in the calendar
                           month.
                  (c)      (i) Upon the close of business on the last business day of every calendar month,
                           the Partnership shall pay the Trading Advisor an incentive fee equal to 20% of the
                           Net New Appreciation (as that term is defined in subsection 2.6(c)(ii), below), if
                           any, achieved by the Partnership as of the end of such calendar month. The Trading
                           Advisor shall be entitled to retain all incentive fees previously paid to it even
                           if subsequent losses are incurred. However, no subsequent incentive fees shall be
                           paid to the Trading Advisor until the Trading Advisor has again achieved Net New
                           Appreciation for the Partnership.
                           (ii) Net New Appreciation achieved during a calendar month shall mean the excess,
                           if any, of (A) the Net Asset Value of the Partnership as of the end of the calendar
                           month (without reduction for any incentive fees accrued or paid to the Trading
                           Advisor for the calendar month or for any redemptions or distributions effected
                           during or as of the end of such calendar month and without increase for any
                           additional capital contributions effected during or as of the end of such calendar
                           month) over (B) the Net Asset Value of the Partnership as of the end of the most
                           recent prior calendar month for which an incentive fee was accrued or paid with
                           clause (B) reduced by the amount of the incentive fees accrued or paid for such
                           prior calendar month and also reduced by any redemptions or distributions, and
                           increased by any contributions, effected as of or subsequent to the end of such
                           prior calendar month through the first day of the calendar month referred to in
                           clause (A), above. For purposes of calculating the first incentive fee payable to
                           the Trading Advisor, clause (B) means the initial Net Asset Value of the
                           Partnership on the day the Partnership commences trading activities. For purposes
                           of calculating Net New Appreciation, taxes and extraordinary expenses shall be
                           excluded.
                           (iii) In the event that a Limited Partner redeems some or all of its Units as of
                           any date other than the end of a calendar month, such Limited Partner shall pay an
                           incentive fee, if earned, to the Trading Advisor, on the amount of the redemption
                           as though the date of such redemption were the end of the then current calendar
                           month even though the Trading Advisor may not be entitled to an incentive fee

                                                      6
<PAGE>

                           had the Units been held through the end of the calendar month on account of losses
                           incurred subsequent to the redemption. If for any reason the Partnership is
                           dissolved as of a date other than the last day of a calendar month, the incentive
                           fee shall be calculated and paid to the Trading Advisor as if such date were the
                           last day of the then current calendar month.
         Section 2.7       Appointment of Brokers. Subject to applicable law, the General Partner may
                           designate from time to time one or more banks, brokers, dealers, clearing
                           associations, depositories, futures commission merchants, introducing brokers,
                           executing brokers, floor brokers, swap dealers or other financial institutions or
                           persons (each a 'Broker' and collectively the 'Brokers'), including Brokers
                           affiliated with the General Partner, to execute transactions with or on behalf of
                           the Partnership and to perform such other services for the Partnership as such
                           Broker and the General Partner may agree upon from time to time.
         Section 2.8       Withdrawal. Except as provided in Section 7.2, below, the General Partner may not
                           withdraw from the Partnership except upon 30 days' prior written notice to the
                           Limited Partners.

ARTICLE III

LIMITS OF LIABILITY OF GENERAL PARTNER
         Section 3.1       Limits of Liability. Neither the General Partner nor the Trading Advisor shall not
                           be liable to the Partnership or to any of its Partners or their successors or
                           assigns for any act or failure to act taken or omitted by it in good faith and in a
                           manner reasonably believed to be in or not opposed to the best interests of the
                           Partnership if such act or failure to act did not constitute negligence, willful
                           misconduct or a breach of fiduciary obligations.

ARTICLE IV
LIMITED PARTNERS
         Section 4.1       Rights and Obligations. The rights and obligations of the Limited Partners are
                           governed by the provisions of the Partnership Act and by this Agreement. Except as
                           otherwise provided herein, no Limited Partner shall be personally liable for any of
                           the debts of the Partnership or any losses thereof beyond the amount of its capital
                           contribution and profits attributable thereto (if any), whether or not distributed,
                           together with interest thereon, except to the extent expressly provided in the
                           provisions of the Partnership Act. No Limited Partner shall take part in the
                           management of the business of or transact any business for the Partnership, and no
                           Limited Partner shall have power to sign for or to bind the Partnership. No Limited
                           Partner shall be entitled to the return of its contribution except (a) to the
                           extent, if any, that distributions made, or deemed to be made, pursuant to this
                           Agreement, may be considered as such by law, (b) upon dissolution of the
                           Partnership, or (c) upon withdrawal or redemption and then only to the extent
                           provided for in this Agreement. No Limited Partner shall have priority over any
                           other Limited Partner either as to the return of capital contributions or as to
                           profits, losses or distributions.
         Section 4.2       Admission of Additional Limited Partners. Subject to the rights reserved to the
                           General Partner in Section 1.6 and Section 1.7, above, and compliance with
                           applicable laws, the General Partner may, at its option, admit additional Limited
                           Partners to the Partnership and permit additional capital contributions to be made
                           to the Partnership as of the last business day of any calendar month or at such
                           other times as the General Partner may determine.
         Section 4.3       Capital. Subject to the rights reserved to the General Partner in Section 1.6 and
                           Section 1.7, above, and compliance with applicable laws, each Limited Partner shall
                           be required to make a minimum

                                                      7
<PAGE>

                           initial capital contribution to the Partnership equal to $50,000 (exclusive of
                           upfront selling commissions, if any). The General Partner shall have the right to
                           refuse any initial or additional capital contribution in whole or in part for any
                           reason and may, in its sole discretion, waive or increase the amount of such
                           minimum initial capital contribution from time to time.
         Section 4.4       Reinvestment of Profits. The Partners recognize that the profitability of the
                           Partnership depends upon long-term, uninterrupted investment of capital. It is
                           agreed, therefore, that Partnership profits may be automatically reinvested and
                           that distributions of capital and gains, if any, to the Partners will be on a
                           limited basis. Nevertheless, the Limited Partners contemplate the possibility that
                           one or more of their number may elect to realize and withdraw gain, if any, or may
                           desire to withdraw capital, prior to the dissolution of the Partnership pursuant to
                           the redemption provisions of this Agreement.
         Section 4.5       No Transfer Without General Partner's Consent. No Limited Partner shall have the
                           right to assign, pledge or transfer all or some of its Limited Partnership Units
                           without the prior written consent of the General Partner, which consent may be
                           withheld, delayed, conditioned or granted for any reason in the General Partner's
                           sole discretion.

ARTICLE V
ACCOUNTING
         Section 5.1       Books of Account; Fiscal Year. Proper books of account shall be kept under the
                           accrual method of accounting, and there shall be entered therein all transactions
                           relating to the Partnership's business in accordance with U.S. generally accepted
                           accounting principles, except as otherwise expressly provided in this Agreement.
                           Each Partner shall have access at reasonable times and at reasonable intervals to
                           all books, records and accounts of the Partnership during normal business hours at
                           the offices of the General Partner. The fiscal year of the Partnership shall end on
                           December 31 of each year unless otherwise required by Section 706(s) of the Code
                           and the Treasury Regulations promulgated thereunder.
         Section 5.2       Valuation. Except as otherwise expressly provided in this Agreement, in determining
                           the accounts of the Partnership for all purposes, the assets and liabilities of the
                           Partnership shall be valued at fair market value in accordance with U.S. generally
                           accepted accounting principles, consistently applied under the accrual method of
                           accounting, and the Partnership may, but shall not be required to, set up reserves
                           against doubtful accounts and contingent, undetermined and unliquidated
                           liabilities.
         Section 5.3       Effect of Accounting Determination. Except with respect to the distributive
                           interest of Partners determined in accordance with the provisions of this
                           Agreement, the accounts of the Partnership, as ascertained and determined at the
                           end of each fiscal year, shall be conclusive upon each Limited Partner, unless it
                           shall make objection to the same in writing, delivered to the Partnership within 20
                           days after receipt by the Limited Partner of a statement of its account as sent to
                           each Limited Partner at the end of each fiscal year. In the absence of such written
                           objection, the accuracy of each account shall not thereafter be questioned by any
                           Limited Partner or by its legal representatives.
         Section 5.4       Annual Reports and Monthly Statements. Each Limited Partner shall be furnished with
                           unaudited monthly financial statements which are expected to be delivered not later
                           than 30 days following the end of the calendar month, audited annual financial
                           statements relating to the operations of the Partnership which are expected to be
                           delivered not later than 90 days following the end of the Partnership's fiscal year
                           and such other reports as are required to be given to Limited Partners by any
                           governmental authority which has jurisdiction over the activities of the
                           Partnership. Limited Partners also may be furnished with any other reports or
                           information which the General Partner, in its discretion, determines to be
                           necessary or appropriate. Appropriate tax information adequate to enable each
                           Limited Partner to complete and file its U.S. Federal income tax return with
                           respect to its

                                                      8
<PAGE>

                           Units, if applicable, is expected to be delivered to each Limited Partner no later
                           than 90 days following the end of each fiscal year.

ARTICLE VI
PROFIT AND LOSS
         Section 6.1       Capital Accounts. The Partnership shall establish for each Partner a capital
                           account for income tax Purposes ('Tax Capital Account') and a capital account for
                           financial accounting purposes ('Book Capital Account'). The initial balance of the
                           Tax Capital Account and the Book Capital Account for each Partner shall be the
                           initial capital contribution made to the Partnership by such Partner and shall be
                           adjusted as provided in this Article VI.
         Section 6.2       Adjustments to Tax Capital Accounts. The initial balance of the Tax Capital Account
                           of each Partner shall be:
                 (a)       increased by: (i) any cash and the fair market value of other property contributed
                           to the Partnership by such Partner in addition to such Partner's original capital
                           contribution; (ii) the distributive share of the Partnership's taxable income of
                           such Partner; and (iii) the distributive share of the Partnership's income of such
                           Partner exempt from U.S. Federal income taxation; and
                 (b)       decreased by: (i) the amount of cash and the adjusted basis of other property
                           distributed to such Partner by the Partnership; (ii) the distributive share of the
                           Partnership's taxable losses of such Partner (including capital losses); and (iii)
                           the distributive share of the Partnership's expenditures of such Partner (including
                           expenditures described in Section 705(a)(2)(B) of the Code).
         Section 6.3       Adjustments to Book Capital Accounts. The initial balance of the Book Capital
                           Account of each Partner shall be:
                 (a)       increased by: (i) any cash and the fair market value of other property contributed
                           to the Partnership by such Partner in addition to such Partner's original capital
                           contribution; and (ii) positive adjustments made to such Partner's Book Capital
                           Account in accordance with Section 6.4, below; and
                  (b)      decreased by: (i) the amount of cash and the fair market value of other property
                           distributed to such Partner by the Partnership (net of liabilities recorded on such
                           property that such Partner is considered under Section 752 of the Code to assume or
                           take subject to); and (ii) negative adjustments made to such Partner's Book Capital
                           Account in accordance with Section 6.4, below.
         Section 6.4       Additional Adjustments to Book Capital Accounts. As of the close of business on (a)
                           the last business day of each calendar month, (b) the first business day of each
                           calendar month, (c) if other than the last business day of a calendar month, the
                           day on which an actual or deemed distribution of any Partnership property is made
                           in cash or in kind or by redemption of any Units or otherwise, and (d) if other
                           than the first business day of a calendar month, the day on which any cash or other
                           property is contributed to the Partnership, the Book Capital Account of each
                           Partner shall be adjusted as follows:
                           (i) the Net Asset Value of the Partnership shall be determined in accordance with
                           Section 1.8, above; and
                           (ii) each Partner's pro rata share of any increase or decrease in the Net Asset
                           Value of the Partnership as compared to the last determination of the Net Asset
                           Value of the Partnership for purposes of this Section 6.4 shall be determined
                           (after adjusting the Partner's Book Capital Account under Section 1.8, above); and
                           (iii) each Partner's pro rata share of such increase or decrease in the Net Asset
                           Value of the Partnership as determined under subsection 6.4(ii), above (less the
                           aggregate amount of the incentive fees charged against the Partner's Book Capital
                           Account under Section 1.8, above), shall be charged or credited to the Book Capital
                           Account of such Partner.

                                                      9
<PAGE>

         Section 6.5       Allocation of Tax Profit and Loss. Subject to Sections 1.6 and 1.7, above, and
                           Section 6.7, below, all items of income, gain, loss and deduction (including items
                           of income or gain which are not subject to U.S. Federal income taxation and
                           expenditures described in Section 705(a)(2)(B) of the Code) shall be allocated
                           among the Partners for each fiscal year of the Partnership as follows:
                  (a)      Ordinary Income and Ordinary Expense (as defined in Section 6.6, below) which
                           properly relate to an Accounting Period (as defined in Section 6.6, below) under
                           the Partnership's method of accounting shall be allocated among all Partners in
                           proportion to the balance in each Partner's Book Capital Account as of the
                           beginning of the Accounting Period in which earned or incurred; and
                  (b)      after all adjustments to Book Capital Accounts under Section 6.4, above, have been
                           made for the fiscal year of the Partnership and after all the allocations under
                           subsection 6.5(a), above, for the fiscal year of the Partnership have been made,
                           the extent to which a Partner's Book Capital Account exceeds its Tax Capital
                           Account ('Positive Disparity') or the extent to which a Partner's Tax Capital
                           Account exceeds its Book Capital Account ('Negative Disparity') shall be
                           determined. Capital Gain and Capital Loss (as defined in Section 6.6, below) shall
                           then be allocated as follows:
                           (i) Capital Gain shall be allocated to each Partner who redeemed all of its Units
                           during such fiscal year to the extent of the Positive Disparity of such Partner in
                           the ratio that such Positive Disparity bears to the total Positive Disparity of all
                           Partners who redeemed all of their Units during such fiscal year. Capital Gain
                           remaining after such allocation shall be allocated to all other Partners to the
                           extent of each such Partner's Positive Disparity in the ratio that such Positive
                           Disparity bears to the total remaining Positive Disparity of all Partners;
                           (ii) Capital Loss shall be allocated to each Partner who redeemed all of its Units
                           during such fiscal year to the extent of the Negative Disparity of such Partner in
                           the ratio that such Negative Disparity bears to the total Negative Disparity of all
                           Partners who redeemed all of their Units during such fiscal year. Capital Loss
                           remaining after such allocation shall be allocated to all other Partners to the
                           extent of such Partner's Negative Disparity in the ratio that such Negative
                           Disparity bears to the total remaining Negative Disparity of all such Partners; and
                           (iii) if after the foregoing allocations under subsections 6.5(b)(i) and
                           6.5(b)(ii), above, there remains Capital Gain or Capital Loss to be allocated, all
                           remaining Net Capital Gain or Net Capital Loss, as the case may be, shall be
                           allocated among all Partners with Units remaining in the ratio that each such
                           Partner's Book Capital Account balance bears to the balance of the Book Capital
                           Accounts of all Partners.
                  (c)      Notwithstanding the foregoing provisions of this Article VI, if any allocation
                           would produce a deficit in the Book Capital Account or Tax Capital Account of any
                           Limited Partner, the portion of such allocation which would create such deficit
                           shall instead be allocated to the Book Capital Account or Tax Capital Account, as
                           applicable, of the General Partner.
         Section 6.6       Definitions. For purposes of this Agreement, the following terms shall have the
                           following meanings:
                  (a)      Accounting Period shall mean a calendar month or any period of shorter duration
                           from the last preceding Accounting Period until any of the dates specified in
                           Section 6.4, above.
                  (b)      Capital Gain or Capital Loss shall mean the gain or loss which would be
                           recognizable by the Partnership under U.S. Federal income tax principles
                           attributable to a capital asset, including the gain or loss attributable to a
                           'section 1256 contract,' as defined by Section 1256 of the Code, and any other
                           asset the recognition of gain or loss of which, under U.S. Federal income tax
                           principles, is not dependent upon the sale or other disposition thereof.
                  (c)      Net Capital Gain shall mean the excess of Capital Gain over Capital Loss.
                  (d)      Net Capital Loss shall mean the excess of Capital Loss over Capital Gain.
                  (e)      Ordinary Income shall mean all items of Partnership income or gain other than
                           Capital Gain.
                  (f)      Ordinary Expense shall mean all items of Partnership loss or expense other than
                           Capita Loss.

                                                      10
<PAGE>

         Section 6.7       Equitable Allocations. The General Partner may make such other or additional
                           allocations of income, gain, loss and deduction among the Units or the Partners as
                           are, in the General Partner's reasonable discretion, equitable in order to
                           eliminate, to the extent possible, any disparities existing between the Book
                           Capital Accounts and Tax Capital Accounts of the Partners and to allocate income,
                           gain, loss and deduction in conformity with U.S. Federal income tax principles
                           among the Partners in accordance with their respective interests in the
                           Partnership.

ARTICLE VII
DISTRIBUTIONS OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY PARTNERS
         Section 7.1       Distributions to Partners. The General Partner shall have sole discretion in
                           determining the amount and frequency of distributions (other than withdrawals or
                           redemptions by Limited Partners) which the Partnership shall make. All
                           distributions shall be made in cash pro rata to the respective Book Capital
                           Accounts of the Partners which hold Units as of the last day of the Accounting
                           Period to which the distribution relates.
         Section 7.2       Redemptions.
                  (a)      Subject to the provisions of this Section 7.2, the rights reserved to the General
                           Partner in Sections 1.6 and 1.7, above, and compliance with applicable laws, a
                           Limited Partner may redeem some or all of its Units as of the last business day of
                           each calendar month. The General Partner must receive ten days' prior written
                           notice (including by facsimile) of a request for redemption. A Limited Partner's
                           redemption will become effective on the last business day of the calendar month
                           during which such Limited Partner shall have given timely notice of redemption. The
                           General Partner may, in its discretion, waive any or all of the foregoing
                           restrictions. The right to redeem Units is contingent upon the Partnership having
                           assets sufficient in the view of the General Partner to discharge its liabilities
                           on the relevant redemption date.
                  (b)      If there are any assets which cannot be properly valued on the redemption date,
                           then each Partner's allocable share of any such assets may be retained in the
                           Partnership until such time when the assets can be properly valued. If there is any
                           pending transaction or claim by or against the Partnership involving or which may
                           affect the Book Capital Account of a redeeming Partner or the obligations of a
                           redeeming Partner which cannot, in the sole judgment and discretion of the General
                           Partner, be then ascertained, the proportionate amount thereof or the proportionate
                           probable loss therefrom may be retained in the Partnership until the same can be
                           resolved or ascertained or until the liquidation of the Partnership, whichever
                           occurs first. In this situation, no amount shall be paid or charged to any such
                           Partner or its legal representatives on account of any transaction or claim until
                           its final liquidation or at such other time as the General Partner shall determine.
                           In the meantime, however, the Partnership may retain from other sums due such
                           Partner or its legal representative an amount which the General Partner reasonably
                           estimates may be sufficient to cover the share of such Partner in any probable loss
                           or liability on account of such transaction or claim.
                  (c)      The Limited Partners hereby acknowledge that the net assets of the Partnership may
                           increase or decrease during the period from the date a Limited Partner gives notice
                           of its intention to redeem and the date on which such redemption is effective and
                           that any such increase or decrease in net assets during such period may affect the
                           balance of the Partners' Book Capital Accounts.
                  (d)      Subject to the provisions of this Article VII, each redeeming Limited Partner shall
                           be paid the amount of its redemption as soon as practicable following the effective
                           date of redemption; provided, however, that the General Partner shall have the
                           right, exercisable from time to time, to postpone the payment and effective date of
                           any redemption for up to three months if the General Partner determines in good
                           faith that the liquidation of Partnership assets or investments required to fund
                           the

                                                      11
<PAGE>

                           redemption would adversely affect the Partnership or the value of the Partners'
                           Units in the Partnership.
                  (e)      The General Partner, acting in its sole discretion, may suspend redemptions of
                           Units if the Partnership's investments are illiquid or if the Partnership's ability
                           to withdraw its capital from any investment vehicle in which it has invested some
                           or all of its assets is restricted due to the conditions of its investment in such
                           vehicle or as necessary to comply with any applicable statute or rule of any
                           governmental authority or self-regulatory organization.
         Section 7.3       Withdrawal of a Limited Partner. The withdrawal of a Limited Partner shall occur in
                           the event of the death, expulsion, dissolution, legal incapacity or bankruptcy of
                           the Limited Partner or upon its request for redemption of all of its Units or if
                           for any other reason it ceases to be a Limited Partner (other than the termination
                           of the Partnership).
         Section 7.4       Timing of Withdrawal. The withdrawal of a Limited Partner shall not occur for
                           purposes of computing the withdrawing Limited Partner's distributive interest
                           pursuant to this Agreement until the last business day of the calendar month in
                           which both (a) such event has taken place and (b) the General Partner has been
                           appropriately informed in writing of such event. For all other purposes of this
                           Agreement, such withdrawal shall be deemed to have occurred on the date upon which
                           notice or knowledge thereof is received at the principal place of business of the
                           Partnership.
         Section  7.5      Distribution on Withdrawal. Upon the withdrawal of a Limited Partner or upon the
                           termination of the Partnership, all in accordance with the terms of this Agreement,
                           each withdrawing Limited Partner, or each Partner, as the case may be, shall be
                           paid its respective distributive interest in cash pro rata in accordance with the
                           respective Book Capital Accounts of the withdrawing Partners.
         Section 7.6       Time and Method of Payment. The distributive interest of any Partner withdrawing
                           pursuant to this Agreement shall be paid by sending a check for the amount to the
                           address specified by the Limited Partner. Subject to certain restrictions, one
                           hundred percent (100%) of the redemption amounts payable will be paid to the
                           redeeming Limited Partner within 30 business days of the redemption date. At the
                           option and expense of the redeeming Limited Partner, such redemption proceeds may
                           be paid by wire transfer to an account designated by the Limited Partner in its
                           request for redemption.
         Section 7.7       Continuance of Partnership. Neither the complete withdrawal nor the partial
                           withdrawal of a Limited Partner, in and of itself, shall terminate or dissolve the
                           Partnership.
         Section 7.8       Rights and Obligations Upon Withdrawal. Upon the complete withdrawal of a Limited
                           Partner, all of its rights in specific Partnership property of every kind
                           whatsoever, including, all books of account, records, and papers of the
                           Partnership, shall immediately and without further assignment, pass to and become
                           vested in the remaining or surviving Partners. The withdrawing Limited Partner and
                           its legal representatives shall have only the right to receive the distributions to
                           withdrawn Limited Partners provided for under this Agreement. A withdrawn Limited
                           Partner or its legal representatives shall have such access to the books and other
                           data of the Partnership to the extent necessary to obtain full information with
                           respect to its distributive interest, but this right continues only until its
                           distributive interest has been determined as provided in this Agreement.
         Section 7.9       Successor Obligations Upon Death or Legal Disability of a Limited Partner. Upon the
                           death or legal disability of a Limited Partner, its interest in the Partnership
                           shall pass to its heirs or legal representatives. Each Limited Partner expressly
                           agrees that in the event of its death it waives on behalf of itself and its estate,
                           and it directs the legal representative of its estate and any person interested
                           therein to waive, the furnishing of any inventory, accounting or appraisal of the
                           assets of the Partnership and any right to an audit or examination of the books of
                           the Partnership.
         Section 7.10      Directed Withdrawal. The General Partner, at any time and for any reason in its
                           sole discretion, may give notice in writing to any Limited Partner requiring that
                           such Limited Partner shall withdraw, in full or in such part as specified in such
                           notice, from the Partnership upon the date specified in the

                                                      12
<PAGE>

                           notice. Upon the date specified as the withdrawal date in such notice, the Limited
                           Partner designated in the notice, if required to withdraw in full, shall be deemed
                           to have withdrawn from the Partnership without any further action either on the
                           part of such Limited Partner or on the part of any other Partner. Thereafter, the
                           interest of the Limited Partner so designated in the notice shall be treated in the
                           same manner as the interest of a withdrawn Limited Partner, and it shall have only
                           the rights of a withdrawn Limited Partner, as provided in this Agreement.

ARTICLE VIII
INDEMNIFICATION
         Section 8.1       Indemnification of the General Partner, the Trading Advisor and their Affiliates.
                  (a)      In any threatened, pending or completed action, arbitration, claim, demand, lawsuit
                           or proceeding (each a 'Proceeding'), to which the General Partner, the Trading
                           Advisor or any of their affiliates was or is a party or is threatened to be made a
                           party by reason of the fact that it is or was the general partner of the
                           Partnership, or is or was the trading advisor of the Partnership, or is or was
                           affiliated with the General Partner or the Trading Advisor, the Partnership shall
                           indemnify, defend and hold harmless the General Partner, the Trading Advisor and
                           their affiliates from and against any loss, liability, damage, cost, expense
                           (including, without limitation, attorneys' and accountants' fees and expenses),
                           judgments and amounts paid in settlement (collectively, 'Losses'), incurred by them
                           if the party claiming indemnification acted in good faith and in a manner it
                           reasonably believed to be in, or not opposed to, the best interests of the
                           Partnership and provided that the omission, act or conduct that was the basis for
                           such Losses did not constitute willful misconduct, negligence or a breach of
                           fiduciary obligations on the part of the General Partner or the Trading Advisor.
                           The termination of any Proceeding by judgment, order or settlement, in and of
                           itself, shall not create a presumption that the General Partner, the Trading
                           Advisor or their affiliates did not act in good faith and in a manner which they
                           reasonably believed to be in or not opposed to the best interests of the
                           Partnership.
                  (b)      The Partnership shall make advances to the General Partner, the Trading Advisor and
                           their affiliates hereunder in connection with a Proceeding only if (i) the
                           Proceeding relates to the performance of duties or services by such persons to the
                           Partnership and (ii) if the person receiving such advance agrees to repay the
                           advance if such person ultimately is found by arbitration pursuant to Section
                           10.11, below of this Agreement not to be entitled to indemnification hereunder.
                  (c)      As used in this Agreement, the term 'affiliate' of the General Partner or the
                           Trading Advisor shall mean the following: (i) any natural person, partnership,
                           corporation, limited liability company, association or other legal entity directly
                           or indirectly owning, controlling or holding with power to vote 10% or more of the
                           outstanding voting securities of the General Partner or the Trading Advisor; (ii)
                           any partnership, corporation, limited liability company, association or other legal
                           entity 10% or more of whose outstanding voting securities are directly or
                           indirectly owned, controlled or held with power to vote by the General Partner or
                           the Trading Advisor; (iii) any natural person, partnership, corporation, limited
                           liability company, association or other legal entity directly or indirectly
                           controlling, controlled by, or under common control with, the General Partner or
                           the Trading Advisor; or (iv) any officer, director, manager or member of the
                           General Partner or the Trading Advisor.
         Section 8.2       Indemnification by Partners. In the event that the Partnership, the General
                           Partner, the Trading Advisor or any of their affiliates is made a party to any
                           Proceeding or otherwise incurs any Losses as a result of, or in connection with (a)
                           any Partner's (or its assignee's) activities, obligations or liabilities unrelated
                           to the Partnership's business or (b) any failure or alleged failure on the part of
                           the Partnership or the General Partner to withhold from income or gains allocated
                           or deemed to be allocated to any Partner (or its assignees), whether or not
                           distributed, any amount with respect to

                                                      13
<PAGE>

                           which U.S. Federal income tax withholding was required or alleged to have been
                           required, such Partner (or its assignees cumulatively) shall indemnify, defend,
                           hold harmless and reimburse the Partnership, the General Partner, the Trading
                           Advisor and their affiliates for such Losses to which they shall become subject.

ARTICLE IX
TERMINATION
         Section 9.1       Dissolution. The Partnership shall terminate and shall immediately be dissolved on
                           December 31, 2037, or earlier: (a) upon the insolvency or bankruptcy of the
                           Partnership; (b) upon the dissolution or other cessation to exist as a legal entity
                           of the General Partner or upon the retirement, removal, adjudication of bankruptcy
                           or insolvency, dissolution or withdrawal of the General Partner unless a successor
                           general partner has been elected by the Limited Partners or admitted by the General
                           Partner or an additional general partner or additional general partners have been
                           admitted by the General Partner prior to the date of any such event and such
                           additional general partner(s) or successor general partner elects to continue the
                           business of the Partnership; (c) at the election of the General Partner, or of all
                           general partners, if there is more than one, upon 60 days' notice to the Limited
                           Partner; or (d) upon the vote of Limited Partners holding a majority-in interest of
                           all outstanding Limited Partnership Units (not including any Limited Partnership
                           Units held by the General Partner). The death, legal disability, incapacity,
                           insolvency, bankruptcy, dissolution or withdrawal of any Limited Partner shall not
                           result in the dissolution or termination of the Partnership.
         Section 9.2       Final Accounting. Upon the dissolution of and failure to reconstitute the
                           Partnership, an accounting shall be made of the accounts of the Partnership and of
                           the Book Capital Account of each Partner, and of the Partnership's assets,
                           liabilities and changes in financial condition from the date of the last previous
                           accounting to the date of such dissolution. The General Partner, or such person or
                           persons designated by it, shall act as liquidating trustee or trustees and
                           immediately proceed to wind up and terminate the business and affairs of the
                           Partnership and liquidate the property and assets of the Partnership. In the event
                           the dissolution is caused by the death, legal disability, incapacity, dissolution,
                           insolvency or bankruptcy of the sole remaining General Partner, the liquidating
                           trustee or trustees shall be designated in accordance with the majority-in-interest
                           of the Limited Partners.
         Section 9.3       Distribution. Upon the winding-up and termination of the business and affairs of
                           the Partnership, its liabilities and obligations to creditors and all expenses
                           incurred in liquidation shall be paid, and its remaining assets shall be
                           distributed pro rata to the Partners in accordance with their respective Book
                           Capital Accounts as determined under Article VI; provided, however, that, in the
                           event of the dissolution or liquidation of the Partnership prior to such time as
                           the Partnership's organizational expenses have been completely amortized, these
                           amounts will be deducted from the Net Asset Value of the Partnership prior to the
                           distribution of each Limited Partner's distributive interest.
         Section 9.4       Use of Firm Name Upon Dissolution. At no time during the operation of the
                           Partnership or upon the termination and dissolution of the Partnership shall any
                           value be placed upon the firm name, or the right to its use, or to the goodwill, if
                           any, attached thereto, either between the Partners or for the purpose of
                           determining any distributive interest of any Partner in accordance with this
                           Agreement. The legal representatives of any deceased Partner shall not have any
                           right to claim such value.
         Section 9.5       Balance Owed by the General Partner. In the event that there is a negative balance
                           in the Book Capital Account of the General Partner upon liquidation after all
                           adjustments to Book Capital Accounts have been made hereunder, whether by reason of
                           losses in liquidating Partnership assets or otherwise, the negative balance shall
                           represent an obligation from the General Partner to the Partnership to be paid in
                           cash by the close of the taxable year in which such liquidation occurs or, if

                                                      14
<PAGE>

                           later, within 90 days after such liquidation, and the amount thereof shall be
                           distributed to creditors of the Partnership or to the Partners with a positive
                           balance in their Book Capital Accounts in accordance with Section 9.3, above.

ARTICLE X
MISCELLANEOUS
         Section 10.1      Notices. All notices or other communications required or permitted to be given
                           pursuant to this Agreement shall be effective only if in writing and shall be
                           considered as properly given or made, if sent by facsimile, if personally
                           delivered, if mailed, postage prepaid, or if telegraphed, by prepaid telegram, and
                           addressed, if to the General Partner, to it at the address of the Partnership, and
                           if to a Limited Partner, to the address of such Limited Partner as reflected in the
                           books and records of the Partnership from time to time. Any Limited Partner may
                           change its address by giving notice in writing to the General Partner stating its
                           new address, and the General Partner may change its address by giving such notice
                           to all Partners. Commencing on the tenth day after the giving of such notice, such
                           newly designated address shall be such Partner's address for the purpose of all
                           notices or other communications required or permitted to be given pursuant to this
                           Agreement.
         Section 10.2      Amendments; Meetings.
                  (a)      The General Partner may amend this Agreement at any time, in its sole discretion,
                           provided amendment does not, in the opinion of the General Partner, adversely
                           affect the Limited Partners. The General Partner also may amend this Agreement as
                           to any other matters with the negative consent of the holders of a
                           majority-in-interest of all outstanding Units (not including any Units held by the
                           General Partner). For purposes of obtaining a negative consent, the General Partner
                           may require responses to be made within a specified time; provided, however, that
                           no amendment shall cause the Partnership to become a general partnership, change
                           the liability of the General Partner or the Limited Partners so as to materially,
                           adversely affect any Partner, directly reduce the Book Capital Account of any
                           Partner, extend the duration of the Partnership or change the provisions of this
                           sentence.
                  (b)      Notwithstanding any provision to the contrary contained in this Agreement, this
                           Agreement also may be amended by the General Partner at any time, in its sole
                           discretion, as to the following matters: (i) to add to the representations, duties
                           or obligations of the General Partner or surrender any right or power granted to
                           the General Partner herein for the benefit of the Limited Partners; (ii) to cure
                           any ambiguity or to correct or supplement any provision in this Agreement which may
                           be inconsistent with any other provision; (iii) to delete from or add any provision
                           to this Agreement required or deemed necessary to be so deleted or added by
                           representatives of the U.S. Securities and Exchange Commission, the Commodity
                           Futures Trading Commission, any state securities commission or any other
                           governmental authority, exchange or self-regulatory organization for the benefit or
                           protection of the Limited Partners; (iv) to effect any amendment authorized by the
                           provisions of Sections 1.6 and 1.7, above; and (v) to amend the provisions of
                           Article VI of this Agreement regarding the allocations of profits and losses for
                           U.S. Federal income tax purposes for any tax year ending after the date of any such
                           amendment or for which a Partnership tax return has not been filed in any manner
                           which the General Partner, in its sole discretion, deems necessary or advisable to
                           comply with the Code and to promote an equitable treatment of all Partners.
                           However, no such amendment shall cause the Partnership to become a general
                           partnership, change the liability of the General Partner or the Limited Partners so
                           as to materially and adversely affect any Partner, change any Partner's share of
                           the profits or losses of the Partnership without the consent of such Partner or
                           extend the duration of the Partnership.

                                                      15
<PAGE>

                  (c)      Upon any amendment of this Agreement, the Certificate of Limited Partnership also
                           shall be amended if necessary to reflect such amendment.
                  (d)      Meetings of the Partnership for purposes of taking any action permitted to be taken
                           by the Limited Partners under this Agreement may be called by the General Partner
                           or by the Limited Partners holding more than 10% of the then outstanding Units (not
                           including any Units held by the General Partner) for any matters for which the
                           Limited Partners may vote as set forth in this Agreement. Any such call shall state
                           the nature of the business to be transacted at the meeting, and no other business
                           shall be conducted at the meeting. The Limited Partners may vote in person or by
                           proxy at any such meeting. In the event that the Partnership is required to comply
                           with Regulation 14A under the 1934 Act or any successor regulation, the foregoing
                           time periods may be altered.
         Section 10.3      Sale or Pledge of Assets; Termination of the Partnership. All or substantially all
                           of the Partnership's assets may be sold or pledged or the Partnership may be
                           dissolved by the affirmative vote of a majority-in-interest of all outstanding
                           Units with the consent of the General Partner at a meeting called and conducted in
                           accordance with Section 10.2, above. However, nothing contained in this Section
                           10.3, Sections 1.6 and 1.7, above, Section 10.4, below, or in any other section of
                           this Agreement shall imply that the Limited Partners have any rights of management
                           or control over the operations of the Partnership.
         Section 10.4      Election or Removal of the General Partner. The General Partner or any successor
                           may be elected or removed from office by the affirmative vote of the holders of one
                           hundred percent (100%) in interest of all outstanding Limited Partnership Units at
                           a meeting called and conducted in accordance with Section 10.2, above. Subject to
                           the rights reserved to the General Partner in Sections 1.6 and 1.7, above, and
                           compliance with all applicable laws, the General Partner, in its sole and absolute
                           discretion, may admit, at its option, one or more additional or substitute (for
                           itself) general partners to the Partnership as of the last business day of any
                           calendar month upon their execution of a counterpart of this Agreement upon 30
                           days' prior written notice to the Partners.
         Section 10.5      Execution. This Agreement may be executed in more than one counterpart with the
                           same effect as if the Partners executing the several counterparts had all executed
                           the same counterpart.
         Section 10.6      Successors in Interest.
                  (a)      Each of the Partners covenants for it, its heirs, executors, administrators,
                           successors, assigns and legal representatives that it will, at any time on demand
                           after its withdrawal from the Partnership, contribute to any of its former Partners
                           its proportionate share of any liability, judgment or cost of any kind (including
                           the reasonable cost of the defense of any suit or action and any sums which may be
                           paid in settlement thereof) that may be incurred by any former Partners on account
                           of any matters or transactions occurring during the time it was a Partner. The
                           amount of such contribution shall not, in the case of a former Limited Partner,
                           exceed the then balance of its Book Capital Account at the time it ceased to be a
                           Limited Partner plus the amount of distributions theretofore made to it, if any,
                           plus interest thereon. Such proportionate share of liability, judgment or cost of
                           any kind shall be determined from this Agreement as it existed at the time such
                           matter or transaction occurred.
                  (b)      Each of the Partners covenants that neither it nor its heirs, executors,
                           administrators, legal representatives, successors or assigns nor any person or
                           persons claiming through or under it, will file a bill for a Partnership accounting
                           or otherwise proceed adversely in any way whatsoever against the other Partners or
                           the Partnership, except in an action for fraud.
                  (c)      This Agreement and all of its terms and provisions shall be binding upon and shall
                           inure to the benefit of the Partners and their respective legal representatives,
                           heirs, successors and assigns. Any person subsequently admitted to the Partnership
                           as a General Partner or Limited Partner shall be subject to all of the provisions
                           of this Agreement as if an original signatory hereto.

                                                      16
<PAGE>

         Section 10.7      Governance. Each of the Partners agrees that if any action shall be taken pursuant
                           to this Agreement by the required percentage-in-interest of the Limited Partnership
                           Units, it will execute any such writing or instrument as may be necessary to carry
                           out and perfect such action notwithstanding that said party may not have assented
                           thereto or may have objected thereto. Partnership action covered within the scope
                           of this clause includes, but is not limited to, the adoption of any Certificate of
                           Limited Partnership or any amendment thereto, any instrument effecting or
                           evidencing the withdrawal of a Partner and any amendment or supplement to this
                           Agreement.
         Section 10.8      Ownership of Partnership Assets. Any assets owned by the Partnership may be
                           registered in the Partnership's name, or in the name of a nominee, or in a 'street
                           name.' Any corporation, Broker, custodian, clearing association, depository or
                           transfer agent called upon to transfer any assets to or from the name of the
                           Partnership shall be entitled to rely upon instructions or assignments signed by
                           the General Partner without inquiry as to the authority of the person signing such
                           instructions or assignments or as to the validity of any transfer to or from the
                           name of the Partnership; provided, however, that any corporation, Broker,
                           custodian, clearing association, depository or transfer agent holding cash or
                           assets of the Partnership shall be expected to comply with any special instructions
                           concerning payment and delivery given to it in writing by the General Partner.
         Section 10.9      Rights of Creditors. A creditor who makes a nonrecourse loan to the Partnership
                           shall not have or acquire at any time, solely as a result of making the loan, any
                           direct or indirect interest in the profits, capital or property of the Partnership,
                           other than as a creditor or secured creditor, as the case may be.
         Section 10.10     Arbitration. All controversies arising in connection with the Partnership's
                           business and between or among the Partners, shall be settled by arbitration, to be
                           held in the City of New York, State of New York, under the then prevailing rules of
                           the National Futures Association, or if no such rules are then obtaining or if
                           jurisdiction is declined, then in accordance with the rules then obtaining of the
                           American Arbitration Association. In any such arbitration, each of the parties
                           hereto agrees to request from the arbitrators that: (a) the authority of the
                           arbitrators shall be limited to construing and enforcing the terms and conditions
                           of the Agreement as expressly set forth herein; (b) the arbitrators shall state the
                           reasons for their award in a written opinion; (c) the arbitrators shall not make
                           any award which shall alter, change, cancel or rescind any provision of this
                           Agreement and that the arbitrators shall not have the authority to award punitive
                           damages; and (d) the arbitrators' award shall be consistent with the provisions of
                           this Agreement. The award of the arbitrators shall be final and binding, and
                           judgment may be confirmed and entered thereon in any court of competent
                           jurisdiction.
         Section 10.11     Investment Representations. By executing this Agreement, each Limited Partner
                           hereby represents and warrants to the General Partner as follows:
                  (a)      it understands that its investment in the Partnership is a 'security' as defined in
                           Section 2(1) of the Securities Act of 1933, as amended (the '1933 Act') which has
                           not been registered under the 1933 Act or any securities law of any state of the
                           United States and that its investment is being made in reliance upon the exemption
                           contained in Section 4(2) of the 1933 Act;
                  (b)      its participation in the Partnership is being made for its own account for
                           investment purposes and with no present intention of reselling or distributing its
                           interest in the Partnership;
                  (c)      it is familiar with the types of transactions and activities in which the
                           Partnership intends to engage and is fully aware that such transactions and
                           activities involve volatility and risk of loss; and
                  (d)      it is fully capable of evaluating the merits and risks associated with an
                           investment in the Partnership, and its net worth is such that it can bear the
                           economic risk of loss of its investment in the Partnership.
         Section 10.12     Assignment. The General Partner shall not assign this Agreement without the consent
                           of each Limited Partner.

                                                      17
<PAGE>

         Section 10.13     Compliance with the Investment Advisers Act of 1940. To the extent that any
                           provision hereof may be construed in a manner inconsistent with the Investment
                           Advisers Act of 1940, it is the express intent of the General Partner and the
                           Limited Partners that such provision be interpreted and applied ab initio so as to
                           comply with the Investment Advisers Act of 1940 in all respects (even if doing so
                           effectively amends the terms of this Agreement).
</TABLE>

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day
and year first written above.

Man Investments (USA) Corp.

By: /s/ John Kelly
John Kelly, Chief Executive Officer and President

The undersigned General Partner hereby executes this Agreement on behalf of
all Limited Partners who are now or hereafter admitted to the Partnership as
limited partners pursuant to powers of attorney now or hereafter executed by
such Limited Partners in favor of the General Partner.

Man Investments (USA) Corp.

General Partner

By: /s/ John Kelly
John Kelly, Chief Executive Officer and PresidentExhibit 10.1

                          E D & F MAN INTERNATIONAL INC

                              NEW ACCOUNT DOCUMENTS

 Two World Financial Center, 27th Floor      One Financial Place, 20th Floor
        New York, NY 10281-2700            440 South LaSalle Street, Chicago,
                                                        IL 60605
             (212) 566-9000                          (312) 663-7500

<PAGE>

                                  INTRODUCTION

To Whom It May Concern:

We endeavor to make opening an account easy, however, the contractual
relationship between the parties and U.S. regulatory requirements make the new
account documentation rather imposing. We have simplified the process by
presenting the documents in two booklets; new account documents and generic
disclosure statements required by various rules and regulations. In reviewing
the documents, please note there may be instances where you have a choice of
documents to complete (e.g. Corporate Certificate/Partnership Authorization), or
an option as to whether to complete a form.

After your review and signatures, the completed new account documents and tear
strip from the disclosure booklet should be returned to E D & F Man
International Inc.

Pursuant to NFA Rule 2-30, Customer Information and Risk Disclosure, we are
required to obtain certain background and financial information about our
clients. Please note that we treat this information as confidential, and it will
not be disclosed to anyone outside of this Company.

We thank you for selecting E D & F Man International Inc, and if you have any
questions in completing the forms, please contact your account opening
specialist at 1-800-775-0029 ext. 9005.

                                                   Thank you,

                                                   E D & F MAN INTERNATIONAL INC

<PAGE>

                                TABLE OF CONTENTS

     DOCUMENT                                                               PAGE

A.    General

      |_|   New Account Worksheet                                           C-1

      |_|   Supplemental Information                                        C-2

      |_|   Customer Agreement                                              C-3

      |_|   Authorization to Transfer Funds                                 C-7

      |_|   Permission to Take Other Side                                   C-7

      |_|   Arbitration Agreement                                           C-8

      |_|   Corporate Certificate/Partnership Authorization                 C-9

      |_|   Confidential Net Worth Statement                                C-10

B.    Tax Notice and Forms

      |_|   Request for Taxpayer Identification Number and
            Certification (Form W-9)                                        T-1

      |_|   Certificate of Foreign Status (Form W-8)                        T-2

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                        NEW ACCOUNT WORKSHEET
                                                    Customer Account Application
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>
                                                   Check Type of Account Requested
|_|  Individual     |_|  Joint Ownership     |_|  Corporate     |_|  Partnership - GP  LP     |_|  Trust   |_|  Pension Plan
|_|  Other ________________
-----------------------------------------------------------------------------------------------------------------------------------
                                                         GENERAL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------

Customer's Name:                                           Social Security #:/Tax I.D. #:
                  ----------------------------------                                     ------------------------------------------
Spouse's Name:                                             # of Dependents:
                ------------------------------------                        -------------------------------------------------------
Address:                                                   Customer's Date of Birth:
          ------------------------------------------                                  ---------------------------------------------
City:                                                      Telephone #:
       ---------------------------------------------                    -----------------------------------------------------------
State:                            Zip:                     Fax #:
        ---------------------           ------------               ----------------------------------------------------------------

Address for account statements if different than above:
                                                           ------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                       EMPLOYMENT INFORMATION (for individual/joint ownership)
-----------------------------------------------------------------------------------------------------------------------------------

Employer's Name:                                           Nature of Business:
                  ----------------------------------                           ----------------------------------------------------
Employer's Address:                                        Years There:
                     -------------------------------                      ---------------------------------------------------------
Telephone #:                                               Position Held:
              --------------------------------------                      ---------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                        FINANCIAL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------

BANKING RELATIONSHIPS:  (Attach copy of most recent financial statement and Confidential Net Worth Statement)

1.     Name of Bank:                                       Address:
                      ---------------------------------              --------------------------------------------------------------
       Bank Contact:                                       Telephone #:
                      ---------------------------------                  ----------------------------------------------------------
       Type of Account:                                    Account #:
                         ------------------------------                ------------------------------------------------------------
2.     Name of Bank:                                       Address:
                      ---------------------------------              --------------------------------------------------------------
       Bank Contact:                                       Telephone #:
                      ---------------------------------                  ----------------------------------------------------------
       Type of Account:                                    Account #:
                       --------------------------------                ------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                    COMMODITY TRADING INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------

Have you previously traded futures/options?       |_|  Yes |_|  No
(If yes, indicate brokerage houses previously or currently used):

Name:  ________________________________________   Location:  ________________________________________   |_| Active  |_|  Inactive

Are you registered with the Commodity Futures Trading Commission/National Futures Association?     |_|  Yes     |_|  No

If yes, so indicate: |_|  FCM    |_|  CPO    |_|  CTA   |_|  IB    |_|  Other
                                                                               ----------------------------------------------------

Are you a member of any commodity futures exchange?          |_|  Yes     |_|  No

If yes, name of exchange(s):
                            -------------------------------------------------------------------------------------------------------

Have you ever been the subject of or initiated litigation, arbitration or any other type of dispute or settlement procedure with
another broker or dealer?

|_|  Yes    |_| No    If yes, please give details:
                                                   --------------------------------------------------------------------------------

Have you ever been the subject of an investigation or proceeding by any commodities or          |_|  Yes     |_|  No
securities or self-regulatory body?

If yes, please give details:
                              -----------------------------------------------------------------------------------------------------

Do you have a financial interest in any other trading account at E D & F Man International      |_|  Yes     |_|  No
Inc, or any of its affiliates?

If yes, indicate name and account #:
                                     ----------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                          MANAGED ACCOUNT
-----------------------------------------------------------------------------------------------------------------------------------

Advisor name and address:
                          ---------------------------------------------------------------------------------------------------------

NOTIONAL AMOUNT UNDER MANAGEMENT:                                 FUNDED LEVEL:
                                   ---------------------------                   --------------------------------------------------

NOTE:  A separate Third Party Managed Account Agreement will have to be completed for each adviser.

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

E D & F MAN INTERNATIONAL INC                                   C-1                                           NEW ACCOUNT WORKSHEET
                                                                                                                          DEC. 1994
<PAGE>

-----------------------------------------------------------------------------------------------------------------------------------
                                                        NEW ACCOUNT WORKSHEET
                                                      Supplemental Information
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                      JOINT ACCOUNT SUPPLEMENTAL INFORMATION (to be completed only if this is a Joint Account)
-----------------------------------------------------------------------------------------------------------------------------------

If joint ownership, check one of the following:    |_|  Joint tenants with right of survivorship        |_|  Tenants-in-common

All tenants must complete a separate "New Account Worksheet".

Name of Trading Account:
                         ----------------------------------------------------------------------------------------------------------

If joint ownership, list name and address of each owner:

Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------
Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                PARTNERSHIP ACCOUNT SUPPLEMENTAL INFORMATION (to be completed only if this is a Partnership Account)
-----------------------------------------------------------------------------------------------------------------------------------

If partnership account, check one of the following:  |_|  General Partnership   |_|  Limited Partnership

If general partnership, list name and address of each general partner:

Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------
Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------

If limited partnership, provide the following           Number of limited partners:
information:                                                                         ----------------------------------------------

Name and address of each general partner:

Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------
Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------

If limited partnership, does the partnership have an offering circular or prospectus or otherwise hold itself out to

the public as soliciting participation interest in the partnership?     |_|  Yes     |_|  No     If yes, submit copy

of most recent prospectus or offering circular.

Is any general partner registered with the Commodity Futures Trading Commission as a Commodity Pool Operator?   |_|  Yes |_|  No

Is futures trading the principal business of the partnership?   |_|  Yes |_|  No  Principal Business/Occupation:
                                                                                                                 ------------------

-----------------------------------------------------------------------------------------------------------------------------------
                    CORPORATE ACCOUNT SUPPLEMENTAL INFORMATION (to be completed if this is a Corporate Account)
-----------------------------------------------------------------------------------------------------------------------------------

Date of incorporation:                    State/Country of incorporation:                  Ownership: |_|  Public     |_|  Private
                        --------------                                     -----------
If subsidiary, list name of ultimate parent and indicate whether public/private:                       |_|  Public     |_|  Private
                                                                                 -------------------
Principal Business/Occupation:
                               ----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                            PENSION PLAN
-----------------------------------------------------------------------------------------------------------------------------------

                                                   (Attach copy of plan document)

Type of plan:       |_|  IRA         |_|  KEOGH           |_|  401K    |_|  Other:
                                                                                   ------------------------------------------------
Trustees:

Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------
Name:                                                   Address:
       ------------------------------------------                ------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
                                                          ACKNOWLEDGEMENT
-----------------------------------------------------------------------------------------------------------------------------------

The Customer represents that the foregoing                       CUSTOMER NAME:  AHL Diversified Trading Co. LP.
information is true and correct, and that the                                    -------------------------------
Customer  will notify  E D & F Man  International  Inc           SIGNATURE:
(the "Company") in writing of any material changes.                         ---------------------------------------------
The Company reserves the right to certify the
accuracy of information contained herein and to                  PRINT NAME & TITLE:  By:  Richard Ewan, Vice Pres.
contact such bankers, brokers and others as it deems                                  -----------------------------
necessary.
                                                                 DATE:
                                                                      ---------------------------------------------------

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

E D & F MAN INTERNATIONAL INC                                   C-2                                           NEW ACCOUNT WORKSHEET
                                                                                                                          DEC. 1994

</TABLE>

<PAGE>

                               CUSTOMER AGREEMENT

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

In consideration of E D & F Man International Inc. (the "Company") carrying and
maintaining one or more accounts (the "Account") of the undersigned customer
("Customer"), as broker for the execution, clearance and/or carrying of
transactions for the purchase and sale of futures contracts, commodities,
forward contracts, options on futures contracts, forward contracts and
commodities and similar interests (collectively "Commodities"), the Customer
hereby agrees with the Company as follows:

(1) Definitions. As used in this Agreement, the following terms shall have the
meanings as indicated:

(a)   "Affiliate" shall mean any corporation, partnership, or other organization
      which controls, is controlled by, or is under common control with the
      Company.

(b)   "Exchange" shall mean any contract market, exchange, board of trade or
      other market on or subject to the Rules of which transactions are effected
      under this Agreement and their respective clearing associations.

(c)   "Regulations" shall mean any rule, regulation, ruling or order (including
      any interpretations thereof) of the Commodity Futures Trading Commission
      ("CFTC") or any other governmental body (federal, state or local) having
      jurisdiction.

(d)   "Property" shall mean property of every kind and nature, real and
      personal, including without limitation cash in any currency, securities,
      Commodities, and any equity in any Account with the Company or any
      affiliate of the Company.

(e)   "Rules" shall mean any provision of the constitution, charter, by-laws,
      rules, regulations, rulings, interpretations and resolutions, as well as
      any custom, usage, practice or procedure, of any Exchange or any
      Self-Regulatory Organization.

(f)   "Self-Regulatory Organization" shall mean any commodity or securities
      self-regulatory organization, including without limitation the National
      Futures Association, the National Association of Securities Dealers, Inc.
      and the Municipal Securities Rulemaking Board.

(2) Applicable Rules. The Account and each transaction therein shall be subject
to this Agreement, all Regulations, and all Rules of the Exchange where executed
and any Self-Regulatory Organization, as any of the foregoing may be modified
from time to time. Customer agrees that the Company shall not be liable to
Customer for any action taken by the Company to comply with any Rules or
Regulations.

(3) Relationship of Parties. Unless the Company indicates otherwise, the Company
is acting solely as broker in any transactions made for the Customer. The
Company shall have no obligations other than to act in accordance with the
instructions of the Customer and to provide the Customer with any information
with respect to any position of the Customer (to the extent explicitly required
by law or by any applicable Rules or Regulations). The Company shall have no
obligation to effect any transaction or (except as directed by the Customer) to
close out any position in any Account.

(4) Trading Recommendations. Customer acknowledges that (a) any trading
recommendations and market or other information communicated to Customer by any
agent or employee of the Company or any affiliate of the Company does not
constitute an offer to sell or the solicitation of an offer to buy any financial
instrument, security, or Commodities; (b) any such recommendations and
information, although based upon information obtained from sources believed by
the Company to be reliable, may be incomplete, may not be verified and may be
changed without notice to Customer; (c) any such recommendations and information
will not serve as the primary basis for Customer's investment or trading
decisions; (d) the Company makes no representation, warranty or guarantee with
respect thereto or with respect to the tax consequences of Customer's
transactions; (e) the Company or one or more of its affiliates (including
employees, officers or directors of any thereof) may have positions in and may
buy or sell Commodities that are the subject of information or recommendations
furnished to Customer, and that the position or transactions of the Company or
any such affiliate may not be consistent with the information or recommendations
furnished to Customer; and (f) the Company has no responsibility for the
recommendation or action of any commodity trading advisor or other party in
connection with Customer's Accounts or any transaction therein, and Customer
retains full

E D & F MAN INTERNATIONAL INC         C-3                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

                         CUSTOMER AGREEMENT (continued)

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

responsibility for all trading decisions with respect to such Accounts.

(5) Commissions and Fees. Customer shall pay such brokerage commission rates (at
the rates in effect at time of liquidation) and such other charges as the
Company and Customer shall agree from time to time (whether or not other
customers pay lower commissions or charges) and shall pay any costs or expenses
incurred in connection with transactions in any Account, including without
limitation any taxes, transaction fees, charges, fines, penalties or other
expenses imposed by any Exchange, Self-Regulatory Organization or governmental
authority. Debit balances in any Account will be charged with interest at a rate
equal to the prime rate as quoted by Chemical Bank from time to time and shall
be paid in full by Customer on demand.

(6) Margins and Premiums. Customer shall at all times pay on demand and
continuously maintain original and variation margin for Customer's Accounts in
such form and amounts as may be required by the Company in its sole discretion,
which requirements may exceed those established by Exchange Rules or for other
clients and may be changed without prior notice to Customer. Once established,
these requirements may apply to existing as well as new positions. Customer
shall also promptly pay the premium required in connection with the purchase of
any options.

(7) Security. (a) As security for the timely payment and performance in full of
all obligations of Customer to the Company or any affiliate of the Company
arising in connection with any Account or transaction effected under this
Agreement, Customer hereby pledges and assigns to the Company and grants the
Company a lien on and security interest in and right of setoff against any and
all of Customer's Property in any Account or otherwise in the custody or control
of the Company or any affiliate of the Company at any time for any purpose
(whether held as margin, for safekeeping or otherwise). Customer will take such
actions and execute and deliver such documents as the Company may reasonably
require from time to time to perfect the lien and security interest granted
hereunder.

(b)   In the event that:

      (i)   Customer commences a voluntary case, or an involuntary case is
            commenced against the Customer, under any applicable bankruptcy,
            insolvency or other similar law now or hereafter in effect, or a
            receiver, liquidator, trustee, custodian, sequestrator, or other
            similar official is appointed or takes possession (before or after
            the commencement of any such voluntary or involuntary case) of
            Customer or any of its property, or Customer is insolvent, makes a
            general assignment for the benefit of creditors, or fails generally
            to pay debts as they become due, or any similar event shall occur;

      (ii)  Customer shall take any corporate or other action to effect a
            dissolution, liquidation, reorganization, winding up of its affair
            or any similar event;

      (iii) Customer shall fail or refuse to pay margin or any other sum as and
            when due pursuant to this Agreement or shall breach or default in
            the performance of any other obligation of Customer under this
            Agreement;

      (iv)  the Company determines, in its sole discretion, with or without
            regard to market quotations, that any collateral or margins
            deposited with it to secure any Account of the Customer is
            inadequate;

      (v)   an attachment is levied against any Account; or

      (vi)  the Company determines, in its sole discretion, that it is necessary
            or appropriate for any other reason; then and in any such event, the
            Company may at its election (but need not) take any one or more of
            the following actions (in addition to any other rights or remedies
            the Company may have at law, in equity, under this Agreement or
            otherwise);

            (A)   sell, exercise, offset or otherwise liquidate any or all
                  securities or Commodities in any Account;

            (B)   buy in, offset or otherwise liquidate any or all securities or
                  Commodities short in any Account;

            (C)   buy or sell securities or Commodities, or enter into and/or

E D & F MAN INTERNATIONAL INC         C-4                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

                         CUSTOMER AGREEMENT (continued)

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

                  liquidate straddle or spread positions, in order to liquidate
                  or reduce the risk associated with carrying any securities or
                  Commodities long or short in any Account;

            (D)   cancel any outstanding orders, close out any or all
                  outstanding contracts, close any Account, sell, setoff against
                  or otherwise dispose of any Property of Customer in any
                  Account or in the custody or control of the Company or any
                  affiliate of the Company (whether held as margin or for
                  safekeeping or otherwise) and satisfy any obligation Customer
                  may have to it (either directly or by way of guarantee or
                  suretyship) out of any such Property or the proceeds from the
                  sale or other disposition thereof; and

            (E)   exercise all rights and remedies of a secured party under the
                  Uniform Commercial Code and under other applicable law.

Any action referred to herein may be taken without (or following any) demand for
margin or additional margin, without notice to Customer (or to the successors or
assigns of Customer) of sale or purchase or other notice or advertisement
(except such notice as may be required by law) whether or not the ownership
interest shall be solely that of Customer or jointly with others (all and each
of which demands, advertisements and/or notices are hereby expressly waived). In
all cases, a prior demand, call or notice of the time or place of sale or
purchase shall not be considered a waiver of the Company's right to sell or to
buy without demand, call or notice as herein provided. Any purchase, sale,
offset or liquidation of securities, Commodities or other Property may be made
in any commercially reasonable manner according to the Company's judgement and
in its sole discretion either by direct sale or purchase in the same market and
for delivery in the same month, or in another market or another month, or by
spread or straddle transactions, and may be made in its sole discretion on any
Exchange or other recognized market or elsewhere it deems appropriate. The
Company will not be liable for any losses incurred or any damages suffered by
Customer in taking any such action, whether or not any such loss or damage is
occasioned by negligence on its part or on the part of any person acting under
its instructions. In the event that the property held and applied by it pursuant
to this Agreement is insufficient for the payment in full of all liabilities of
Customer due to the Company, Customer shall remain liable for and shall promptly
pay the deficit upon demand, together with interest thereon and all costs of
collection (including legal fees and expenses).

(c)   All Property of the Customer in any Account or otherwise in the custody or
      control of the Company or any affiliate of the Company at any time for any
      purpose (whether held as margin, for safekeeping or otherwise) may be
      delivered to third parties in repurchase transactions, and may be pledged,
      repledged, hypothecated or rehypothecated, without notice to Customer and
      without any obligation to pay to Customer, or to account to Customer for
      any interest, income or benefits that derived therefrom, and may be
      deposited in the Company's general bank account and commingled with
      property of any other person, in any manner consistent with applicable
      laws, Rules and Regulations.

(8) Making Delivery; Liquidation Instructions. Customer agrees to give the
Company timely notice immediately if Customer intends to make or take delivery
under a futures contract or to exercise an option contract. If so requested by
the Company, Customer shall satisfy the Company that Customer can fulfill its
obligations to make or take delivery and shall furnish the Company with property
deliverable by Customer under any contract in accordance with the Company's
directions. The Company shall not have any obligation to exercise any long
option contract unless Customer has furnished the Company with timely exercise
instructions and sufficient initial margin with respect to each underlying
futures contract. If the Company sells any property at Customer's direction and
Customer fails for any reason to supply the Company with such property, the
Company may (but shall not be obligated to) borrow or buy for Customer any
property necessary to make such delivery.

(9) Reports of Execution. Customer agrees that reports of execution of orders
sent by the Company to Customer shall be binding and conclusive on Customer
unless, in the case of an oral report, Customer objects at the time the report
is received by Customer or its agent; and in the case of a written report,
Customer objects in writing prior to the

E D & F MAN INTERNATIONAL INC         C-5                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

                         CUSTOMER AGREEMENT (continued)

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

opening of trading on the business day following the day Customer has received
the report. In addition, if after Customer has placed an order with the Company
and has not received a written or verbal confirmation thereof in accordance with
the Company's practice, Customer immediately shall notify the Company thereof.
If Customer fails to notify the Company as set forth in this section, Customer
agrees that Customer conclusively shall be deemed estopped to object and to have
waived any objection to the Company's execution or failure to execute any
transaction. However, nothing contained in this section shall bind either the
Company or Customer with respect to any transaction or price reported in error.

(10) Handling of Orders. The Company may use, in its sole discretion, such
equipment, methods and procedures in connection with the transmission, handling
and processing of orders from Customer as the Company may deem to be advisable.
The Company, for and on behalf of Customer, is authorized and directed in its
sole discretion to select floor brokers and, on markets where the Company is not
a clearing member, clearing brokers which will act as Customer's broker and
agent in the execution, clearing and/or carrying of transactions for Customer,
which brokers may be affiliates of the Company or may be non-affiliated agents,
and the Company shall be responsible only for using good faith and reasonable
care in the initial selection of such brokers. Unless the Company and Customer
have entered into a separate written agreement for "give-ups", the Company in
its sole discretion, may, but shall not be obligated to, accept from other
brokers contracts executed by such brokers on an Exchange for Customer and
proposed to be given-up to the Company for clearance and/or carrying in the
account.

(11) Communications; Recordings. All reports of transactions, statements,
notices and other communications to Customer under this Agreement may be
transmitted to the address, telephone number, or telecopy number, specified by
Customer, or to such other address, telephone number or telecopy number, as the
Customer may hereafter specify by written notice. All such reports, statements,
notices and other communications shall be deemed delivered when telephoned, or
when delivered in person, or when deposited in the United States mail, or when
received by a transmitting agent for telecopy or other electronic transmission,
whether or not actually received by Customer. Customer consents to the
electronic recording of any or all telephone conversations with the Company
(without automatic tone warning devices), and the use of same in any action or
proceeding arising out of this Agreement.

(12) Currency Exchange Rates. If any transaction is effected in a foreign
currency, 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 Customer. All margin deposits shall be made in United States currency, unless
the Company requests any such deposit in the currency of some other country, in
which case such deposit shall be made in such currency. When any position is
liquidated, the Company shall debit or credit the account of Customer in United
States currency at the rate of exchange determined by the Company in its sole
discretion on the basis of the then prevailing money rates for such foreign
currency, unless Customer shall have given the Company specific written
instructions to make such debit or credit in the foreign currency involved.

(13) Funds on Deposit in Non-U.S. Banking Institutions. Funds of Customer
trading on United States contract markets may be held in accounts denominated in
a foreign currency with depositories located outside the United States or its
territories if Customer is domiciled in a foreign country or if the funds are
held in connection with contracts priced and settled in a foreign currency. Such
accounts are subject to the risk that events could occur which would hinder or
prevent the availability of these funds for distribution to Customer. Such
accounts may also be subject to foreign currency exchange rate risks.

Customer authorizes the deposit of funds into such foreign depositories. For
Customer domiciled in the United States, this authorization permits the holding
of funds in regulated accounts offshore only if such funds are used to margin,
guarantee, or secure positions in such contracts or accrue as a result of such
positions.

In order to avoid the possible dilution of other Customer funds, if Customer has
funds held outside the United States, Customer further agrees that its claims
based on such funds will be subordinated in the unlikely event both of the
following conditions are met: (1) Customer's futures commission merchant is
placed in receivership or bankruptcy; and (2) there are insufficient funds
available for distribution denominated in the foreign currency as to which
Customer has a claim to satisfy all claims against those funds.

E D & F MAN INTERNATIONAL INC         C-6                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

                         CUSTOMER AGREEMENT (continued)

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

Customer agrees that if both of the conditions listed above occur, Customer's
claim against the Company's assets attributable to funds held overseas in a
particular foreign currency may be satisfied out of segregated customer funds
held in accounts denominated in dollars or other foreign currencies only after
each customer whose funds are held in dollars or in such other foreign
currencies receives its pro-rata portion of such funds. It is further agreed
that in no event may Customer whose funds are held overseas receive more than
its pro-rata share of the aggregate pool consisting of funds held in dollars,
funds held in the particular foreign currency, and non-segregated assets of the
Company.

(14) Emergency Actions. In addition to any other rights and remedies the Company
may have under this Agreement, any Regulations or any Rules, the Company is
authorized to take such steps as it, in its sole discretion, considers necessary
or appropriate in the event any Exchange, Self-Regulatory Organization or
governmental authority orders emergency or other action, including without
limitation steps to liquidate securities, Commodities or other Property carried
in an Account of the Customer, or transferring any such securities, Commodities
or other Property of the Customer to another firm.

(15) Position Limits. The Company at any time in its sole discretion may limit
the number of positions which Customer may maintain or acquire through the
Company and may decline to accept any orders or exercise notices, require that
positions in Customer's Accounts be transferred to another firm and liquidate
any such positions not so transferred upon demand. Customer agrees not to exceed
any position limits established by the CFTC or any Exchange, whether acting
alone or with others, and to promptly advise the Company if Customer is required
to file any reports on positions.

(16) Customer Representations, Warranties and Agreements. Customer represents
and warrants to and agrees with the Company that:

(a)   Customer has full power and authority to enter into this Agreement and to
      engage in the transactions and perform its obligations hereunder and
      contemplated hereby; the execution, delivery and performance of this
      Agreement by Customer requires no action by or in respect of or filing
      with any governmental body, agency or official and does not and will not
      violate a Customer's charter or by-laws (or other comparable governing
      document) or any law, rule, regulation, judgement, decree, order or
      agreement to which Customer or its property is subject or bound; and
      Customer (i) if a corporation, is duly organized under the laws of its
      jurisdiction of incorporation or (ii) if a partnership, is duly organized
      pursuant to a written partnership agreement and the general partner
      executing this Agreement is duly authorized to do so under the partnership
      agreement;

(b)   Neither Customer nor (if Customer is other than an individual) any
      partner, director, officer or employee of Customer nor any affiliate of
      Customer is a partner, officer, director, or employee of a futures
      commission merchant, introducing broker, Exchange or Self-Regulatory
      Organization or an employee or commissioner of the CFTC, except as
      previously disclosed in writing to the Company;

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

(d)   Customer has furnished true, complete and correct information concerning
      the Account and its financial condition, shall advise the Company of any
      material change in its financial condition and agrees that the Company may
      cause an investigation to be made concerning its credit standing and
      reputation;

(17) CFTC Regulations. Customer is aware that CFTC Regulation ss.1.35(a-2)(2)
requires Customer to create, retain and produce upon the request of the CFTC,
the United States Department of Justice and the applicable exchange
documentation of cash transactions underlying exchanges of futures for cash
commodities or exchanges of futures in connection with cash commodity
transactions and, if Customer effects any such exchange of futures, it will
fully comply with Regulation ss.1.35(a-2)(2). If Customer maintains separate
Accounts in which, pursuant to CFTC Rule 1.46(d)(6), offsetting positions are
not closed out, Customer understands that, if held open, offsetting long and
short positions in the separate Accounts may result in the charging of
additional margins although offsetting positions will result in no additional
market gain or loss. If a foreign person,

E D & F MAN INTERNATIONAL INC         C-7                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

                         CUSTOMER AGREEMENT (continued)

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

Customer acknowledges being informed by the Company that (i) CFTC Regulation
15.05 designates a futures commission merchant ("FCM") such as the Company, as
the agent of foreign brokers, customers of foreign brokers, and foreign traders
for certain purposes, and (ii) CFTC Regulation 21.03 authorizes the CFTC to
request, when unusual market circumstances exist, certain account information
from domestic FCM's as well as foreign brokers and traders.

(18) Extraordinary Events. Customer shall have no claim against the Company or
any of its Affiliates for any loss, damage, liability, cost, charge, expense,
penalty, fine or tax caused directly or indirectly by (a) any law, Regulation,
Rule or court order, (b) suspension or termination of trading, (c) war, civil or
labor disturbance, (d) delay or inaccuracy in the transmission or reporting of
orders due to a breakdown or failure of transmission or communication
facilities, (e) failure or delay for any reason of any broker selected by the
Company on behalf of Customer to fulfill its obligations or to pay in full
amounts owed to the Company in respect to contracts, (f) failure or delay by any
Exchange to enforce its rules or to pay to the Company any margin due in respect
of Customer's account, (g) failure or delay by any entity which, consistent with
Regulations, is holding customer segregated funds, securities or other property,
to pay or deliver same to the Company or (h) any other causes beyond the
Company's control.

(19) Indemnification. Customer hereby agrees to pay, indemnify the Company, its
affiliates and their respective shareholders, directors, officers, employees and
agents against, and hold each of the foregoing harmless from, any liability,
cost or expense (including without limitation legal fees and expenses, amounts
paid in settlement of any claims, interest and any fines or penalties imposed by
any Exchange, Self-Regulatory Organization or governmental agency) any of them
may incur or be subjected to with respect to any Account of Customer or any
transaction or position therein, or as a result of any violation by Customer of
any of its obligations under this Agreement. Customer shall pay on demand any
cost of collection incurred in collecting any sums owing by Customer under this
Agreement and any cost incurred by any of the foregoing in successfully
defending against any claims asserted by Customer, in each case including
without limitation legal fees and expenses.

(20) Introducing Broker. Customer understands that a party who introduces a
customer to an FCM or who places orders on behalf of such customer may be deemed
to be the "agent" of that FCM and in such situation, as a matter of law, such
FCM may be liable to such customer for any acts and/or omissions of such party.
Customer expressly agrees to waive any and all claims, rights or causes of
action which Customer has or may have against the Company and its officers,
employees and agents arising in whole or in part, directly or indirectly, out of
any act or omission of such party.

(21) Automated Trading. The Company, on behalf of Customer, is authorized and
empowered to place orders through one or more electronic automated trading
systems (each a "System") maintained or operated by an Exchange. In
consideration of the Company making one or more Systems, including without
limitation GLOBEX services, available, in whole or in part, directly or
indirectly, to Customer, Customer agrees that neither the Company, any Exchange,
the Chicago Mercantile Exchange ("CME"), the Board of Trade of the City of
Chicago ("CBOT"), any other exchange whose products may be traded on the GLOBEX
System, the GLOBEX Joint Venture, L.P. ("JV"), P-M-T Limited Partnership, Ceres
Trading Limited Partnership, GLOBEX Corporation, Reuters America Inc., 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
services on any System, or the inability to enter, alter, cancel or modify
orders, or any other cause in connection with the furnishing, performance,
maintenance, or use of or capability to use all or any part of a System, the
GLOBEX System, or any JV, CME or CBOT facility or service and Customer agrees
not to assert any claims against any of the foregoing with respect thereto. The
provisions section shall apply regardless of whether Customer's claim arises in
contract, negligence, tort, strict liability, breach of fiduciary obligation or
otherwise.

(22) Jurisdiction, Venue, Waiver of Jury Trial. In any action or proceeding with
respect to this Agreement, which is not subject to arbitration as provided in
the annexed Arbitration Agreement, Customer hereby submits and agrees to the
jurisdiction and venue by the federal, state and local

E D & F MAN INTERNATIONAL INC         C-8                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

                         CUSTOMER AGREEMENT (continued)

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

courts in the Borough of Manhattan, City and State of New York, waives any and
all objections to personal jurisdiction and agrees that process may be served on
Customer in any such action or proceeding by United States registered mail
directed to the Customer at the address referred to in section 11 or in
accordance with the provision of any law or fees applicable to the court in
which such action or proceeding is brought with respect to service of process on
non-residents. The Customer hereby waives trial by jury in any such action or
proceeding under this Agreement.

(23) Termination. This Agreement may be terminated by either party at any time
by written notice to the other, provided, however that any such termination
shall not affect any transactions theretofore entered into and shall not relieve
either party of any obligations in connection with any debit balance or credit
balance or other liability or obligation accruing prior to such termination.

(24) Miscellaneous. (a) No provisions in this Agreement shall in any respect be
waived or amended, except in writing signed by the party charged with such
waiver or amendment, or by written notice delivered by the Company to Customer.
If after such delivery Customer places an order or gives instructions with
respect to the Account, no waiver or amendment of this Agreement may be implied
from any course of dealing between the parties.

(b)   This Agreement and the documents annexed hereto constitute the entire
      agreement between the parties. Customer has not relied on any statements,
      representations, or understandings not set forth therein.

(c)   This Agreement shall be construed in accordance with the laws of the State
      of New York without giving effect to principles of conflicts of law. No
      action, regardless of form, arising out of transactions under this
      Agreement, may be brought by Customer more than one year after the cause
      of action arose. If any term or provision of this Agreement, or the
      application thereof to any person or circumstance, shall be held invalid
      or unenforceable by any court, Exchange, Self-Regulatory Organization,
      arbitrator or arbitration panel, the remainder of this Agreement, or the
      application of such provision to other persons or circumstances, shall not
      be affected thereby.

(d)   This Agreement shall be binding upon and shall inure to the benefit of the
      parties and their respective heirs, personal representatives, successors
      and assigns. This Agreement shall be continuous and shall cover each and
      every account which Customer may open or reopen with the Company and each
      and every transaction effected or position carried by the Company with or
      for Customer.

(e)   No waiver of any breach of or default under any provision of this
      Agreement shall be deemed to constitute a waiver of a breach of or default
      under any other provision of this Agreement or of any other breach of or
      default under the same provision. Any failure on the Company's part to
      exercise any right, privilege or remedy under this Agreement, or
      applicable laws, Regulations or the Rules of any Exchange or
      Self-Regulatory Organization, and any waiver by the Company of the
      exercise of any such right, privilege or remedy at any time or with
      respect to any event, shall not constitute a waiver of its right to
      exercise that or any other right, privilege or remedy at any other time or
      with respect to any other event and shall not give rise to any right,
      privilege or remedy on the part of Customer, it being understood that such
      rights, privileges and remedies are for the Company's protection. Without
      limiting the generality of the foregoing, it is understood that the
      Company's granting Customer an extension of time to meet a demand for
      margin on any occasion or series of occasions shall not entitle Customer
      to any other extensions of time with respect to any other demands for
      margin on any other occasion.

CUSTOMER NAME: AHL Diversified Trading Co. LP
                -----------------------------

SIGNATURE:
           -----------------------------

PRINT NAME & TITLE: By: Richard Ewan
                    ----------------
                    Vice President

DATE:
      -----------------------------------

E D & F MAN INTERNATIONAL INC         C-9                    CUSTOMER AGREEMENT
                                                                      DEC. 1994
<PAGE>

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

                         AUTHORIZATION TO TRANSFER FUNDS
-------------------------------------------------------------------------------

At any time, in the sole discretion of E D & F Man International Inc. (the
"Company"), the Company may, without prior notice to the Customer, apply and/or
transfer any of the monies, commodities, securities or other property of the
Customer interchangeably among any accounts of the Customer with the Company, or
any of its affiliates.

     CUSTOMER NAME:                    AHL Diversified Trading Company L.P.
                                      -----------------------------------------
     By:  E. D. & F Man Investment Products (America) Corp., General Partner
     SIGNATURE:
                                      -----------------------------------------

     PRINT NAME & TITLE:               By:  Richard Ewan, Vice President
                                      -----------------------------------------

     DATE:
                                      -----------------------------------------

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

                          PERMISSION TO TAKE OTHER SIDE
-------------------------------------------------------------------------------

The Customer hereby consents to the taking, directly or indirectly, of the other
side of any order of the Customer by the Company or any of its affiliated
persons (as defined in 17 CFR Section 155.1, as may be amended from time to
time), and/or any floor broker acting on behalf of the Company. The Company is
authorized to give such consent on behalf of the Customer to any such floor
broker.

     CUSTOMER NAME:                    AHL Diversified Trading Company L.P.
                                      -----------------------------------------
     By:  E. D. & F. Man Investment Products (America) Corp., General Partner
     SIGNATURE:
                                      -----------------------------------------

     PRINT NAME & TITLE:               By:  Richard Ewan, Vice President
                                      -----------------------------------------

     DATE:
                                      -----------------------------------------

E D & F MAN INTERNATIONAL INC         C-10                       AUTHORIZATIONS
                                                                      DEC. 1994
<PAGE>

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

                              ARBITRATION AGREEMENT
                                   (optional)
--------------------------------------------------------------------------------

The undersigned Customer agrees that any controversy between the Customer and E
D & F Man International Inc (the "Company") or any of the Company's affiliates,
shareholders, directors, officers, employees or agents (each an "affiliated
person") arising out of or relating to the Customer Agreement executed by the
Customer or any other document or agreement now or hereafter existing that
relates to the Customer accounts with the Company, or any breach of any of them,
or any transactions effected pursuant to them, shall be resolved by binding
arbitration before a forum chosen in accordance with the following procedure. At
such time as the Customer notifies the Company or any affiliated person that the
Customer intends to submit a controversy to arbitration, or at such time as the
Company or any affiliated person notify the Customer that the Company or any
affiliated person intend to submit a controversy to arbitration, the Customer
will have the opportunity to choose a forum from a list of three or more
qualified forums provided by the Company. If the Customer fails to timely select
a forum, the Company or the affiliated person shall have the right to select the
forum. A "qualified forum" is an organization whose procedures for conducting
arbitrations comply with the requirements of Rule 180.2 of the Commodity Futures
Trading Commission ("CFTC").

If the Customer chooses a mixed panel to hear the controversy, the Company or
any affiliated person who are parties to such controversy will pay any
incremental fees which may be assessed by a qualified forum for provision of a
mixed panel, unless the arbitrator(s) hearing the controversy determined that
the Customer has acted in bad faith in initiating or conducting the arbitration.
A "mixed panel" is an arbitration panel composed of one or more persons, a
majority of whom are not members of a contract market or employed by or
otherwise associated with a member of a contract market. Any award rendered in
any arbitration conducted pursuant to this Agreement shall be final and binding
on and enforceable against the Customer in accordance with the laws of the State
of New York, and judgement may be entered on any such award by any court having
jurisdiction thereof.

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

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

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

THE CUSTOMER NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH THE COMPANY
(SEE 17 CFR 180.1-180.5)

      CUSTOMER NAME:                     AHL Diversified Trading Company L.P.
                                        ----------------------------------------
      By: E. D. & F. Man Investment Products (America) Corp., General Partner
      SIGNATURE:
                                        ----------------------------------------
      PRINT NAME & TITLE:                By:  Richard Ewan, Vice President
                                        ----------------------------------------
      DATE:
                                        ----------------------------------------

E D & F MAN INTERNATIONAL INC         C-11                ARBITRATION AGREEMENT
                                                                      DEC. 1994
<PAGE>

                              CORPORATE CERTIFICATE

Gentlemen:

I am the Secretary of ________________________________________, a corporation
organized under the laws of ______________________________ (the "Corporation").
I hereby certify that the following resolutions were duly adopted by the Board
of Directors of the Corporation on _________________________ and are now in full
force and effect:

RESOLVED THAT:

1. The Customer Agreement and related applications, declarations, certificates,
questionnaires and other account documents (collectively, the "Account
Agreements") of E D & F Man International Inc (the "Broker"), in the form
presented at this meeting, be and hereby are approved, subject, however, to such
changes therein as may be approved by the President, any Vice President or such
other designated officer of the Corporation, acting singly, such approval to be
evidenced by the execution of the Account Agreements by any one of the said
officers: that each such officer of the Corporation, acting singly, be and
hereby is authorized, empowered and directed to execute and deliver the
definitive Account Agreements, in the name and on behalf of the Corporation, and
to take all such actions and to execute and deliver all such other agreements,
instruments, or documents which the Broker, in its discretion, may require in
connection with this Corporation's request to open one or more accounts with the
Broker and any transactions involving any such account.

2. The Secretary be and hereby is authorized, empowered and directed, in the
name and on behalf of the Corporation, to certify to the Broker the names and
signatures of the officers referred to in the preceding resolution and to
certify to the Broker that these resolutions have been duly adopted, are in full
force and effect and are in accordance with the provisions of the charter,
certificate of incorporation, by-laws, resolutions and other organizational
documents of the Corporation and all laws, rules, regulations, court or
government rulings and orders, contracts and agreements which are or may be
binding on the Corporation. I further certify that the following are the names
and signatures of the officers referred to in the preceding resolutions, which
officers have been duly elected and qualified and now hold the respective
offices set forth opposite their names below:

Title                  Full Name                         Signature
-----                  ---------                         ---------

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

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

3. Any officer of the Corporation or any authorized employee of the Corporation,
acting singly, be and hereby is authorized, in the name and on behalf of the
Corporation to take all such actions as may be necessary or appropriate in
connection with any transaction involving any account of the Corporation with
the Broker, including without limitation:

      (A)   To give orders to buy, sell, trade and otherwise deal in commodities
            for immediate delivery or for delivery under the terms of futures,
            forward or option contracts, on margin or otherwise, or appoint one
            or more persons to direct trading on behalf of the Corporation;

      (B)   To deposit with or withdraw from any such account any Property, as
            defined in the Customer Agreement;

      (C)   To pay all commissions, fees or other charges of the Broker and to
            deposit any margins or premiums required by the Broker;

      (D)   To receive and acquiesce in the correctness of notices,
            confirmations, requests, demands and communications of every kind;

      (E)   To settle, compromise, adjust and give releases with respect to any
            and all claims, demands, disputes and controversies; and

      (F)   To make agreements and take any other action relating to any of the
            foregoing matters;

and the Broker shall be entitled to act without further inquiry in accordance
with any instructions, whether oral or written, that may be given by any one of
such persons with respect to any account or transaction of the Corporation.

I further certify that the resolutions set forth above are in accordance with
the charter, certificate of incorporation, by-laws, resolutions and other
organizational documents of the Corporation and all laws, rules, regulations,
court or governmental rulings and orders, contracts and agreements which are or
may be binding on the Corporation.

                                          Very truly yours,

                                          -------------------------------------
                                          Signature of Secretary

(Corporate Seal)

                                          -------------------------------------
                                          Print

                                          -------------------------------------
                                          Date

E D & F MAN INTERNATIONAL INC         C-12                CORPORATE CERTIFICATE
                                                                      DEC. 1994

<PAGE>

                            PARTNERSHIP AUTHORIZATION
                (To Be Completed By General Partnership Accounts)

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

Gentlemen:

The undersigned each hereby certify that we are the general partners of
___________________________________, a partnership organized and existing under
the laws of the State of _________________________ (the "Partnership"), and that
the Partnership is authorized to trade in futures contracts, commodities,
forward contracts, options on futures contracts, forward contracts and
commodities and similar interests, (collectively "Commodities").

The undersigned further certify that any one of us is authorized, in the name
and on behalf of the Partnership and its partners, including, without
limitation:

      (A)   To establish and maintain an account with E D & F Man International
            Inc (the "Company") for the purchase or sale of Commodities for and
            in the name of the Partnership, and, in connection therewith, to
            execute the Customer Agreement and all other related account
            documents which the Company may require;

      (B)   To give orders to buy, sell, trade and otherwise deal in commodities
            for immediate delivery or for delivery under the terms of futures,
            forward or option contracts, or margin or otherwise;

      (C)   To deposit with or withdraw from any such account any Property, as
            defined in the Customer Agreement;

      (D)   To pay all your commissions, fees or other charges and to deposit
            any margins or premiums required by you;

      (E)   To receive and acquiesce in the correctness of notices,
            confirmations, requests, demands and communications of every kind;

      (F)   To settle, compromise, adjust and give releases with respect to any
            and all claims, demands, disputes and controversies; and

      (G)   To make agreements and take any other action relating to any of the
            foregoing matters;

In consideration of the Company maintaining the account(s) of the Partnership,
and agreeing to act as the futures commission merchant for the Partnership, the
undersigned each agree that:

      (1)   the undersigned are jointly and severally liable to the Company for
            any and all obligations arising out of transactions in or relating
            to the account(s) of the Partnership.

      (2)   If there is any change in this authorization or if any of the
            partners withdraw from the Partnership, die or are judicially
            declared incompetent, one of the undersigned will notify the Company
            in writing immediately. Until the Company has actually received such
            written notice, the Company shall be entitled to act in reliance on
            this authorization. The Partnership will indemnify the Company and
            hold it harmless from and against any loss suffered or liability
            incurred in continuing to act in reliance on this authorization
            prior to its actual receipt of such written notice.

      (3)   Upon notice of the withdrawal, death or judicially declared
            incompetence of any of the partners, the Company is authorized in
            regard to the account(s) of the Partnership to take such actions as
            are described in Section 7 of the Customer Agreement executed in the
            name of the Partnership for the purpose of terminating said
            account(s) and satisfying any obligation the Partnership may have to
            it.

      (4)   This Authorization shall be considered a part of the Customer
            Agreement with the Company executed in the name of the Partnership
            and shall cover, individually and collectively, all accounts of the
            Partnership at any time opened or reopened with the Company, and
            shall inure to the benefit of the Company and its successors and
            assigns.

Any and all past transactions between the Partnership and the Company of the
kind provided for by this authorization are hereby ratified and approved.

Dates this ______________________ day of   ___________________________, 19 ___.

General Partners:

-------------------------------------------     --------------------------------
(Name - Please Print)                           (Signature)

-------------------------------------------     --------------------------------
(Name - Please Print)                           (Signature)

-------------------------------------------     --------------------------------
(Name - Please Print)                           (Signature)

-------------------------------------------     --------------------------------
(Name - Please Print)                           (Signature)

E D & F MAN INTERNATIONAL INC         C-13            PARTNERSHIP AUTHORIZATION
                                                                      DEC. 1994
<PAGE>

                       CONFIDENTIAL NET WORTH STATEMENT

     The undersigned makes the following representations regarding Net Worth
as of the _____ day of _________________________, 19 ___.

<TABLE>
<CAPTION>
                          ASSETS                                                 LIABILITIES & NET WORTH

         <S>                             <C>                              <C>
            Current Assets:                                               Current Liabilities:

                    Cash                 $       _____________                Notes Payable within
                                                                                    One Year          $     _____________
             Treasury Securities                 _____________
                                                                            Other     ____________          _____________
              Listed Securities                  _____________
                                                                                Accounts Payable            _____________
         Notes & Accounts Receivable             _____________

                  Inventory                      _____________

             TOTAL CURRENT ASSETS                _____________                    TOTAL CURRENT
                                                                                   LIABILITIES               _____________

            Real Estate & Furniture              _____________                   Long Term Debt              _____________

         Other        _____________                                                Net Worth                 _____________

                                                                     TOTAL LIABILITIES AND NET WORTH
                 TOTAL ASSETS            $                                                                $
                                             =================                                               =================

                                NOTE: Total Assets must equal Total Liabilities and Net Worth

            Annual Income: Source

                               Salary             ____________________

                           Self Employment        ____________________                    (Sales $______________)

                          Investment Income       ____________________

                                Other             ____________________

                                TOTAL          $
                                                  =====================
</TABLE>

                                ACKNOWLEDGEMENT

     The undersigned represents that the foregoing information is true and
correct. In the event of any material change in the financial condition as set
forth herein, the undersigned agrees to notify E D & F Man International Inc
immediately in writing.

                                  CUSTOMER NAME:______________________________
                                      SIGNATURE:______________________________
                             PRINT NAME & TITLE:______________________________
                                           DATE:______________________________

E D & F MAN INTERNATIONAL INC         C-14     CONFIDENTIAL NET WORTH STATEMENT
                                                                      DEC. 1994
<PAGE>

                                  TAX STATUS

                                 INTRODUCTION
------------------------------------------------------------------------------

Under the Federal Income Tax Law, the Customer may be subject to certain
penalties as well as withholding tax if the Customer has not provided E D & F
Man International Inc (the "Company") with the Customer's correct social
security or federal taxpayer identification number by completing the Internal
Revenue Service Form W-9, which appears below. If the Customer has not
provided the Company with the correct number, or a certificate of exemption,
the Customer may be subject to backup withholding of taxable interest,
dividends and certain other payments. Backup withholding is not an additional
tax. Rather, the tax liability of persons subject to backup withholding will
be reduced by the amount of income tax withheld. If withholding results in an
overpayment of taxes, a refund may be obtained.

Customers who are not citizens or residents of the United States must complete
Form W-8 (Certificate of Foreign Status), which appears on page T-2.

<TABLE>
<CAPTION>
----------------------------- --------------------------------------------------------------------- --------------------
<S>                                         <C>                                                     <C>
Form W-9
(Rev. January 1993)                                   Request for Taxpayer                          Give this form to
Department of the Treasury                  Identification Number and Certification                 the requester.  Do
Internal Revenue Service                                                                            NOT send to IRS.
----------------------------- --------------------------------------------------------------------- --------------------
           Name (if joint names, list first and circle the name of the person or entity whose number you enter in Part I
           below.  See Instructions on page 2 if your name has changed).

           -------------------------------------------------------------------------------------------------------------
  Please   Business name (Sole proprietors see instructions on page 2.) (If you are exempt from backup withholding,
  Print    complete this form and enter "EXEMPT" in Part II below).
  or      ---------------------------------------------------------------- ---------------------------------------------
  Type     Address (number and street)                                          List account number(s) here (optional)

          ----------------------------------------------------------------
          City, state, and ZIP code

--------- ------------------------------------------------------------- -------- ---------------------------------------
 Part I               Taxpayer Identification Number (TIN)              Part II          For Payees Exempt From Backup
                                                                                         Withholding (See Exempt
                                                                                         Payees and Payments on page 2)
------------------------------------------ ----------------------------
Enter your TIN in the appropriate box.     Social Security Number
For individuals, this is your social       |_|_|_|_|_|_|_|_|_|                   ---------------------------------------
security number (SSN).  For sole
proprietors, see the instructions on                                             >
page 2.  For other entities, it is your        OR
employer identification number (EIN).
If you do not have a number, see How To                                          ---------------------------------------
Obtain a TIN below.                        Employer Identification               Requester's name and address (optional)
                                           Number

Note:  If the account is in more than      |_|_|_|_|_|_|_|_|_|_|_|
one name, see the chart on page 2 for
guidelines on whose number to enter.
------------------------------------------------------------------------------------------------------------------------
Certification. - Under penalties of perjury, I certify that:
1.  The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be
issued to me), and
2.  I am not subject to backup withholding because:  (a) I am exempt from backup withholding, or (b) I have not been
notified by the Internal Revenue Service that I am subject to backup   withholding as a result of a failure to report
all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding.
Certification instructions. - You must cross out item 2 above if you have been notified by the IRS that you are
currently subject to backup withholding because of underreporting interest or dividends on your tax return.  For real
estate transactions, item 2 does not apply.  For mortgage interest paid, the acquisition or abandonment of secured
property, contributions to an individual retirement arrangement (IRA), and generally payments other than interest and
dividends, you are not required to sign the Certification, but you must provide your correct TIN.  (Also see Signing
the Certification on page 2).
-------------- -------------------------------------------------------- ------------------------------------------------
Sign
Here           Signature                                                Date:
-------------- -------------------------------------------------------- ------------------------------------------------
</TABLE>
Section references are to the Internal Revenue Code.

Purpose of Form. - A person who is required to file an information return with
the IRS must obtain your correct TIN to report income paid to you, real estate
transactions, mortgage interest you paid, the acquisition or abandonment of
secured property, or contributions you made to an IRA. Use Form W-9 to furnish
your correct TIN to the requester (the person asking you to furnish your TIN)
and, when applicable, (1) to certify that the TIN you are furnishing is
correct (or that you are waiting for a number to be issued), (2) to certify
that you are not subject to backup withholding, and (3) to claim exemption
from backup withholding if you are an exempt payee. Furnishing your correct
TIN and making the appropriate certifications will prevent certain payments
from being subject to backup withholding.

Note: If a requester gives you a form other than a W-9 to request your TIN,
you must use the requester's form.

How To Obtain a TIN. - If you do not have a TIN, apply for one immediately, To
apply, get Form SS-5, Application for a Social Security Card (for individuals
from your local office of the Social Security Administration, or Form SS-4,
Application for Employer Identification Number (for businesses and all other
entities), from your local IRS office.

     To complete Form W-9, if you do not have a TIN, write "Applied for" in
the space for the TIN in Part I, sign and date the form, and give it to the
requester. Generally, you will then have 60 days to obtain a TIN and furnish
it to the requester. If the requester does not receive your TIN within 60
days, backup withholding, if applicable, will begin and continue until you
furnish your TIN to the requester. For reportable interest or dividend
payments, the payer must exercise one of the following options concerning
backup withholding during this 60-day period. Under option (1), a payer must
backup withhold on any withdrawals you make from your account after 7 business
days after the requester receives this form back from you. Under option (2),
the payer must backup withhold on any reportable interest or dividend payments
made to your account, regardless of whether you make any withdrawals. The
backup withholding under option (2) must begin no later than 7 business days
after the requester receives this form back. Under option (2), the payer is
required to refund the amounts withheld if your certified TIN is received
within the 60-day period and you were not subject to backup withholding during
that period.

Note: Writing "Applied for" on the form means that you have already applied
for a TIN OR that you intend to apply for one in the near future.

As soon as you receive your TIN, complete another Form W-9, include your TIN,
sign and date the form, and give it to the requester.

What Is Backup Withholding? - Persons making certain payments to you after
1992 are required to withhold and pay to the IRS 31% of such payments under
certain conditions. This is called "backup withholding."

Payments that could be subject to backup withholding include interest,
dividends, broker and barter exchange transactions, rents, royalties, no
employee compensation, and certain payments from fishing boat operators, but
do not include real estate transactions.

If you give the requester your correct TIN, make the appropriate
certifications, and report all your taxable interest and dividends on your tax
return, your payments will not be subject to backup withholding. Payments you
receive will be subject to backup withholding if:

1.  You do not furnish your TIN to the requester, or

2.  The IRS notifies the requester that you furnished an incorrect TIN, or

3. You are notified by the IRS that you are subject to backup withholding
because you failed to report all your interest and dividends on your tax
return (for reportable interest and dividends only), or

4. You do not certify to the requester that you are not subject to backup
withholding under 3 above (for reportable interest and dividend accounts
opened after 1983 only), or

5. You do not certify your TIN. This applies only to reportable interest,
dividend, broker, or barter exchange accounts opened after 1983, or broker
accounts considered inactive in 1983.

Except as explained in 5 above, other reportable payments are subject to
backup withholding only if 1 or 2 above applies. Certain payees and payments
are exempt from backup withholding and information reporting. See Payee and
Payments Exempt Form.

E D & F MAN INTERNATIONAL INC                T-1                    TAX STATUS
                                                                     DEC. 1994

<PAGE>

<TABLE>
<CAPTION>
<S>                                           <C>
Form W-8                                      Certificate of Foreign Status
(Rev. November 1992)
Department of the
Treasury
Internal Revenue
Service
---------- -----------------------------------------------------------------------------------------------------------
            Name of owner (if joint account, also give owner's name.) (See Specific Instructions.)
  Please
  print
  or
  type

           -----------------------------------------------------------------------------------------------------------
            Permanent address (See Specific Instructions.) (Include apt. or suite no.)

           -----------------------------------------------------------------------------------------------------------
            City, province or state, postal code and country

           -----------------------------------------------------------------------------------------------------------
            Current mailing address, if different from permanent address (include apt. or suite no., or P.O. box if
            mail is not delivered to street address.)

           -----------------------------------------------------------------------------------------------------------
            City, town or post office, state, and ZIP code (if foreign address, enter city, province or state,
            postal code, and country.)

--------------------------------- ----- ------------------- ---------------- -------------------- --------------------
List account information here     >     Account number      Account type     Account number       Account type
(Optional, see Specific
Instructions)
--------------------------------- ----- ------------------- ---------------- -------------------- --------------------
Notice of Change in Status. - To notify the payer, mortgage interest recipient, broker, or barter exchange
that you no longer qualify for exemption, click here                                                         > |_|
------------------------------------------------------------------------------------------------------------ ---------
    Please       Certification. - (Check applicable box(es)).  Under penalties of perjury, I certify that:
     Sign
     Here
                 |_|    For INTEREST PAYMENTS, I am not a U.S. citizen or resident (or I am filing for a foreign
                        corporation, partnership, estate, or trust).

                 |_|    For DIVIDENDS, I am not a U.S. citizen or resident (or I am filing for a foreign
                        corporation, partnership, estate, or trust).

                 |_|    For BROKER TRANSACTIONS or BARTER EXCHANGES, I am an exempt foreign person as defined in the
                        instructions below.

                 >
                        -------------------------------------------------------------------- ---- --------------------
                        Signature                                                                 Date
---------------- ------ -------------------------------------------------------------------- ---- --------------------
</TABLE>

General Instructions

(Section references are to the Internal Revenue Code unless otherwise noted.)

Purpose

Use Form W-8 or a substitute form containing a substantially similar statement
to tell the payer, mortgage interest recipient, middleman, broker, or barter
exchange that you are a nonresident alien individual, foreign entity, or
exempt foreign person not subject to certain U.S. information return reporting
or backup withholding rules.

Caution: Form W-8 does not exempt the payee from the 30% (or lower treaty)
non-resident withholding taxes.

Nonresident Alien Individual

For income tax purposes, ..."nonresident alien individual" means an individual
who is neither a U.S. citizen nor resident. Generally, an alien is considered
to be a U.S. resident if:

o The individual was a lawful permanent resident of the United States at any
time during the calendar year, that is, the alien held an immigrant visa (a
"green card"), or

o The individual was physically present in the United States on:

     (1) at least 31 days during the calendar year, and

     (2) 183 days or more during the current year and the 2 preceding calendar
years (counting all the days of physical presence in the current year,
one-third the number of days of presence in the first preceding year, and only
one-sixth of the number of days in the second preceding year).

     See Pub. 519, U.S. Tax Guide for Aliens, for more information on resident
and nonresident alien status.

Note: If you are a nonresident alien individual married to a U.S. citizen or
resident and have made an election under section 6013(g) or (h), you are
treated as a U.S. resident and may not use Form W-8.

Exempt Foreign Person

For purposes of this form, you are an "exempt foreign person" for a calendar
year in which:

     1. You are a nonresident alien individual or a foreign corporation,
partnership, estate, or trust,

     2. You are an individual who has not been, and plans not to be, present
in the United States for a total of 183 days or more during the calendar year,
and

     3. You are neither engaged, nor plan to be engaged during the year, in a
U.S. trade or business that has effectively connected gains from transactions
with a broker or barter exchange.

     If you do not meet the requirements of 2 or 3 above, you may instead
certify on Form 1001, Ownership, Exemption, or Reduced Rate Certificate, that
your country has a tax treaty with the United States that exempts your
transactions from U.S. tax.

Filing Instructions

When To File. - File Form W-8 or substitute form before a payment is made.
Otherwise, the payer may have to withhold and send part of the payment to the
Internal Revenue Service (see Backup Withholding below). This certificate
generally remains in effect for three calendar years. However, the payer may
require you to file a new certificate each time a payment is made to you.

Where To File. - File this form with the payer of the qualifying income who is
the withholding agent (see Withholding Agent on page 2). Keep a copy for your
own records.

Backup Withholding

A U.S. taxpayer identification number or Form W-8 or substitute form must be
given to the payers of certain income. If a taxpayer identification number or
Form W-8 or substitute form is not provided or the wrong taxpayer
identification number is provided, these payers may have to withhold 20% of
each payment or transaction. This is called backup withholding.

Note: On January 1, 1993, the backup withholding rate increases from 20% to
31%.

     Reportable payments subject to backup withholding rules are:

o Interest payments under section 6049(a).

o Dividend payments under sections 6024(a) and 6044.

o Other payments (i.e., royalties and payments from brokers and barter
exchanges) under sections 6041, 6041A, 6045, 6050A, and 6050N.

     If backup withholding occurs, an exempt foreign person who is a
nonresident alien individual may get a refund by filing Form 1040NR, U.S.
Nonresident Alien Income Tax Return, with the Internal Revenue Service Center,
Philadelphia, PA 19255, even if filing the returns is not otherwise required.
(Continued on back)

E D & F MAN INTERNATIONAL INC                T-2                    TAX STATUS
                                                                     DEC. 1994

<PAGE>

U.S. Taxpayer Identification Number

The Internal Revenue law requires that certain income be reported to the
Internal Revenue Service using a U.S. taxpayer identification number (TIN).
This number can be a social security number assigned to individuals by the
Social Security Administration or an employer identification number assigned
to businesses and other entities by the Internal Revenue Service.

     Payments to account holders who are foreign persons (nonresident alien
individuals, foreign corporations, partnerships, estates or trusts) generally
are not subject to U.S. reporting requirements. Also, foreign persons are not
generally required to have a TIN, nor are they subject to any backup
withholding because they do not furnish a TIN to a payer or broker.

     However, foreign persons with income effectively connected with a trade
or business in the United States (income subject to regular (graduated) income
tax), must have a TIN. To apply for a TIN, use Form SS-4, Application for
Employer Identification Number, available from local Internal Revenue Service
offices, or Form SS-5, Application for a Social Security Card, available from
local Social Security Administration offices.

Special Rules

Mortgage Interest. - For purposes of the reporting rules, mortgage interest is
interest paid on a mortgage to a person engaged in a trade or business
originating mortgages in the course of that trade or business. A mortgage
interest recipient is one who receives interest on a mortgage that was
acquired in the course of a trade or business.

     Mortgage interest is not subject to backup withholding rules, but is
subject to reporting requirements under section 6050H. Generally, however, the
reporting requirements do not apply if the payer of record is a nonresident
alien individual who pays interest on a mortgage not secured by real property
in the United States. Use Form W-8 or substitute form to notify the mortgage
interest recipient that the payer is a nonresident alien individual.

Portfolio Interest. - Generally, portfolio interest paid to a nonresident
alien individual or foreign partnership, estate, or trust is not subject to
backup withholding rules. However, if interest is paid on portfolio
investments to a beneficial owner, that is neither a financial institution nor
a member of a clearing organization, Form W-8 or substitute form is required.

     Registered obligations not targeted to foreign markets qualify as
portfolio interest not subject to 30% withholding, but require the filing of
form W-8 or substitute form. See Instructions to Withholding Agents on this
page for reporting rules.

     See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign
Corporations, for registered obligations targeted to foreign markets and when
Form W-8 or substitute form is not required on these payments.

Bearer obligations. - The interest from bearer obligations targeted to foreign
markets is treated as portfolio interest and is not subject to 30%
withholding. Form W-8 or substitute form is not required.

Dividends. - Any distribution or payment of dividends by a U.S. corporation
sent to a foreign address is subject to the 30% (or lower treaty) withholding
rate, but is not subject to backup withholding. Also, there is no backup
withholding on dividend payments made to a foreign person by a foreign
corporation. However, the 30% withholding (or lower treaty) rate applies to
dividend payments made to a foreign person by a foreign corporation if:

o 25% or more of the foreign corporation's gross income for the three
preceding taxable years was effectively connected with a U.S. trade or
business, and

o The corporation was not subject to the branch profits tax because of an
income tax treaty (see section 884(e)).

     If a foreign corporation makes payments to another foreign corporation,
the recipient must be a qualified resident of its country of residence to
benefit from that country's tax treaty.

Broker or Barter Exchanges. - Income from transactions with a broker or barter
exchanges is subject to reporting rules and backup withholding unless Form W-8
or substitute form is filed to notify the broker or barter exchange that you
are an exempt foreign person as defined on page 1.

Specific Instructions

Name of Owner - If Form W-8 is being filed for portfolio interest, enter the
name of the beneficial owner.

U.S. Taxpayer Identification Number. - If you have a U.S. taxpayer
identification number, enter your number in this space (see the discussion
earlier).

Permanent Address. - Enter your complete address in the country where you
reside permanently for income tax purposes.

If you are:         Show the
                    address of:

An individual       Your permanent
                    residence

A partnership or    Principal
corporation         office

An estate or trust  Permanent
                    residence or
                    principal
                    office of any
                    fiduciary

     Also show your current mailing address if it differs from your permanent
address.

Account Information (optional). - If you have more than one account (savings,
certificate of deposit, pension, IRA, etc.) with the same payer, list all
account numbers and types on one Form W-8 or substitute form unless your payer
requires you to file a separate certificate for each account.

     If you have more than one payer, file a separate Form W-8 with each
payer.

Signature. - If only one foreign person owns the account(s) listed on this
form, that foreign person should sign the Form W-8.

     If each owner of a joint account is a foreign person, each should sign a
separate Form W-8.

Notice of Change in Status. - If you become a U.S. citizen or resident after
you have filed Form W-8 or substitute form, or you cease to be an exempt
foreign person, you must notify the payer in writing within 30 days of your
change in status.

     To notify the payer, you may check the box in the space provided on this
form or use the method prescribed by the payer.

     Reporting will then begin on the account(s) listed and backup withholding
may also begin unless you certify to the payer that:

     (1) The U.S. taxpayer identification number you have given is correct,
and

     (2) The Internal Revenue Service has not notified you that you are
subject to backup withholding because you failed to report certain income.

     You may use Form W-9, Request for Taxpayer Identification Number and
Certification, to make these certifications.

     If an account is no longer active, you do not have to notify a payer of
your change in status unless you also have another account with the same payer
that is still active.

False Certificate. - If you file a false certificate when you are not entitled
to the exemption from withholding or reporting, you may be subject to fines
and/or imprisonment under U.S. perjury laws.

Instructions to Withholding Agents

Withholding Agent. - Generally, the person responsible for payment of the
items discussed above to a nonresident alien individual or foreign entity is
the withholding agent (see Pub. 515).

Retention of Statement. - Keep Form W-8 or substitute form in your records for
at least four years following the end of the last calendar year during which
the payment is paid or collected.

Portfolio Interest. - Although registered obligations not targeted to foreign
markets are not subject to 30% withholding, you must file Form 1042S, Foreign
Person's U.S. Source Income Subject to Withholding, to report the interest
payment. Both Form 1042S and a copy of Form W-8 or substitute form must be
attached to Form 1042, Annual Withholding Tax Return for U.S. Source Income of
Foreign Persons.

                                                    o  U.S. GPO:  1992-315-087

                                     T-3
<PAGE>

                   ACKNOWLEDGEMENT OF DISCLOSURE STATEMENTS

The undersigned Customer acknowledges that Customer has received, read and
understood the disclosure statements contained in the Disclosure Booklet which
contains the following disclosure statements:

<TABLE>
<CAPTION>
<S>                           <C>
Important Note:               In addition to your signature below, in accordance with CFTC Rules, kindly acknowledge
                              your receipt of the Risk Disclosure Statement and Options Disclosure Statement by
                              initialing in the space provided.
DISCLOSURE STATEMENT                                          PAGE                      INITIALS
--------------------                                          ----                      --------

Risk Disclosure Statement
(pursuant to CFTC Regulation ss.1.55)                         3                         _________

Part 190 Disclosure Statement for
non-cash margin
(pursuant to CFTC Regulation ss.190.10)                       4                         _________

Options Disclosure Statement including
Addendum thereto
(pursuant to CFTC Regulation ss.33.7)                         5-8

GLOBEX Customer Information and Risk
Disclosure Statement
(pursuant to CME Rule 577)                                    9-12

NYMEX ACCESS Customer Information
and Risk Disclosure Statement
(pursuant to NYMEX Rule 6.22)                                 13-19

CHICAGO BOARD OF TRADE Flexible
Options - Questions and Answers                               20-21

CHICAGO BOARD OF TRADE Project A
Customer Information Statement                                22-23

CHICAGO MERCANTILE EXCHANGE
Average Price System Disclosure                               24-25

CUSTOMER NAME:                  AHL Diversified Trading Company, L.P.
                                -------------------------------------------------------------
By: E. D. & F Man Investment Products (Amer) Corp., General Partner
SIGNATURE:
                                -------------------------------------------------------------

PRINT NAME & TITLE:             By:  Richard Ewan, Vice President
                                -------------------------------------------------------------

DATE:
                                -------------------------------------------------------------
</TABLE>

Please tear off and return this signed acknowledgement and retain the rest of
the booklet for your records and future reference.

                                                                     OCT. 1995
<PAGE>

<TABLE>
<CAPTION>
CUSTOMER ACCOUNT APPLICATION
------------------------------------------------------------------------------------------------------------------------

INDICATE THE TYPE OF ACCOUNT YOU WISH TO OPEN:

<S>              <C>               <C>                             <C>         <C>                <C>
|_| Corporate    |_| Partnership   |_| Limited Liability Company   |_| Trust   |_| Pension Plan   |_| Other ____________
                                                                                                             (describe)

GENERAL INFORMATION

Name of Applicant
                        ------------------------------------------------------------------------------------------------
Account Title
                    ----------------------------------------------------------------------------------------------------
Address
              ----------------------------------------------------------------------------------------------------------
City                                                          State             Zip             Country
              -----------------------------------------------         ---------       ---------            -------------
Mailing Address
                      --------------------------------------------------------------------------------------------------
(For all statements and notices, if different from above)
City                                                          State             Zip             Country
                ---------------------------------------------         ---------       ---------            -------------
Telephone                                                     Tax I.D. Number
                ---------------------------------------------                     --------------------------------------
Banking Relationships

1.     Name of Bank                                           Address
                          -----------------------------------             ----------------------------------------------
       Bank Contact Person                                    Telephone
                                -----------------------------               --------------------------------------------
2.     Name of Bank                                           Address
                          -----------------------------------             ----------------------------------------------
       Bank Contact Person                                    Telephone
                                -----------------------------               --------------------------------------------

FOR CORPORATE ACCOUNTS

Date of Incorporation                                         State/Country of Incorporation
                           ----------------------------------                                  -------------------------
Principal Place of Business                                   Registered Agent
                                -----------------------------                     --------------------------------------
Ownership:  |_|  Public     |_|  Private
If a subsidiary, list ultimate parent and indicate whether public or private
                                                                             -------------------------------------------
Principal business/occupation
                                   -------------------------------------------------------------------------------------

FOR PARTNERSHIP OR LIMITED LIABILITY COMPANY ACCOUNTS ("L.L.C.")
Is this a |_| general partnership, |_| limited partnership or |_| L.L.C.?

List all general partners or managing members:

1.     Name                                                   Address
                 --------------------------------------------            -----------------------------------------------
2.     Name                                                   Address
                 --------------------------------------------            -----------------------------------------------
3.     Name                                                   Address
                 --------------------------------------------            -----------------------------------------------
4.     Name                                                   Address
                 --------------------------------------------            -----------------------------------------------

Principal business/occupation of applicant
                                               -------------------------------------------------------------------------
Does the applicant have an offering circular or prospectus, or otherwise solicit participation?  Yes |_|   No |_|

If yes, please submit a copy of the most recent prospectus or offering circular.

Is any general partner or managing member registered with the Commodity Futures Trading Commission as a Commodity Pool
Operator?  Yes |_|  No |_|

If a limited partnership or L.L.C., how many limited partners or members are there?
                                                                                    ------------------------------------

FOR TRUST ACCOUNTS
1.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------
2.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------
</TABLE>

                                                            1
<PAGE>

<TABLE>
<CAPTION>
CUSTOMER ACCOUNT APPLICATION
-------------------------------------------------------------------------------------------------------------------
<S>               <C>
FOR TRUST ACCOUNTS (continued)
                  -------------------------------------------            -----------------------------------------------
3.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------
4.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------

FOR PENSION PLAN ACCOUNTS

Type of plan:  |_| IRA   |_| Keogh   |_| 401k  |_| Other (specify):
                                                                        ------------------------------------------------
If "Other", are there any employee contributions in the plan?  Yes     No

List Trustee(s):

1.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------
2.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------
3.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------
4.     Trustee                                                Address
                  -------------------------------------------            -----------------------------------------------

CONFIDENTIAL CUSTOMER INFORMATION

1.     Previous futures investment experience?  Yes |_|  No |_|       If yes, how many years?
                                                                                                 -----------------------
       Name                                            Location                                Active?  Yes    No
                  ------------------------------------             ---------------------------
       Name                                            Location                                Active?  Yes    No
                  ------------------------------------             ---------------------------

2.     Are you registered with the Commodity Futures Trading Commission and/or the National Futures
       Association?         Yes      No

       If yes, indicate in what capacity:  |_| FCM  |_| CPO |_| CTA  |_| IB  |_| Other
                                                                                       ---------------------------------
3.     Are you a member of any futures exchange?   Yes |_|  No |_| If yes, which?
                                                                                      ----------------------------------
4.     Have you ever been involved in any litigation or arbitration with another broker or dealer?   Yes |_|    No |_|
       If yes, please give details:
                                    ------------------------------------------------------------------------------------
5.     Have you ever been the subject of an investigation or proceeding by any futures or securities regulatory or self-
       regulatory body?  Yes |_|  No |_| If yes, please give details:
                                                                    ----------------------------------------------------
6.     Do any other person(s) or entities:

       A)    Control the trading of this account?  Yes |_|  No |_| (If yes, please complete the "Discretionary Trading
             Authorization" form)

       B)    Have a financial interest in this account?  Yes |_|  No |_| (If yes, please provide details):
                                                                                                         ---------------
7.     Do you or does this account control or have an interest in the trading of any other commodity account at this firm?
       Yes |_|    No |_|

       If yes, list account numbers and names:
                                                      ------------------------------------------------------------------
       At any other firm?   Yes |_|   No |_| (If yes, give firm name):
                                                                      --------------------------------------------------
8.     Are you?

       A)    Related to any person associated with or employed by E. D. & F. Man International Inc.?    Yes |_|     No |_|

             (If yes, describe briefly:
                                             ---------------------------------------------------------------------------
       B)    Now or within the past three years a member, partner, officer or employee of any brokerage firm,
             commodity or security exchange or regulatory agency?  Yes |_|  No |_|  If yes, describe:
                                                                                                    --------------------
       C)    An NFA or NASD member?  Yes |_|   No |_|  If yes, describe:
                                                                              ------------------------------------------
9.     Are you familiar with and do you understand:

       A)    The leverage provided in futures and options trading?  Yes |_|    No |_|

       B)    The substantial risk of loss in futures and options trading, including the possibility of incurring a
             debit balance in your account?  Yes |_|    No |_|

       C)    E. D. & F. Man International Inc.'s margin policy as set forth in paragraph 3 of the Customer Agreement?
             Yes |_|   No |_|
</TABLE>

                                                             2
<PAGE>

<TABLE>
<CAPTION>
CUSTOMER ACCOUNT APPLICATION
-------------------------------------------------------------------------------------------------------------------

10.     What is your trading objective?  |_| Speculation   |_| Hedging     (If hedging, please complete the "Hedge
        Account Agreement & Instructions" form.)

11.     The undersigned makes the following representations regarding Stockholders' Equity as of the _____ day of
        __________, 19_____:

<S>                                      <C>                  <C>                                   <C>
Assets                                                        Liabilities and Stockholders' Equity
------                                                        ------------------------------------
Current Assets                                                Current Liabilities

    Cash                                 $                        Accounts payable                  $
                                              ---------------                                            ---------------
    Marketable securities                                         Notes payable
                                              ---------------                                            ---------------
    Accounts receivable                                           Current maturities of LT debt
                                              ---------------                                            ---------------
    Inventories                                                   Accrued liabilities
                                              ---------------                                            ---------------
    Prepaid expense                                               Other liabilities
                                              ---------------                                            ---------------
    Other
                                              ---------------

        TOTAL CURRENT ASSETS                                          TOTAL CURRENT LIABILITIES
                                              ---------------                                            ---------------

    Net property, plant & equipment                                 Deferred income taxes
                                              ---------------                                            ---------------
    Other intangibles                                               Long-term debt
                                              ---------------                                            ---------------
    Investments                                                     Other LT liabilities
                                                                                                         ---------------
    Other assets
                                              ---------------

        TOTAL ASSETS                     $                            TOTAL LIABILITIES             $
                                              ---------------                                           ----------------

                                                              Stockholders' Equity
                                                              --------------------
                                                                  Common Stock                      $
                                                                                                        ----------------
                                                                  Additional paid in capital
                                                                                                        ----------------
                                                                  Retained earnings
                                                                                                        ----------------

                                                                  Total stockholders' equity
                                                                                                        ----------------

Note:  Total Assets must equal Total Liabilities and              TOTAL LIABILITIES &
Stockholders' Equity                                              STOCKHOLDERS' EQUITY
                                                                                                        ----------------
</TABLE>

Income Statement
----------------
Revenues
                                    -------------------------
Cost and expenses
                                    -------------------------
Operating income
                                    -------------------------

Other income
                                    -------------------------
Net interest
                                    -------------------------
Income taxes
                                    -------------------------
Net income (Profit/(loss)
                                    -------------------------

Note: In lieu of completing this worksheet, a prepared financial statement may
be attached if one is available.

Customer represents that the foregoing information is true and correct, and
will notify E. D. & F. Man International Inc. ("Company") of any material
changes in writing. The Company reserves the right, but has no duty, to verify
the accuracy of information provided and to contact such bankers, brokers and
others as it deems necessary.

Signature of Customer                        Title               Date
                       ---------------------        ------------      ----------

                                        3
<PAGE>

CUSTOMER AGREEMENT
------------------------------------------------------------------------------

This agreement ("Agreement") sets forth the terms and conditions under which
we, E. D. & F. Man International Inc., will open and maintain one or more
accounts (collectively, the "account") in your name and on your behalf and
otherwise transact business with you. If this account has been introduced to
us, all references to us in this Agreement shall include your broker, and your
broker shall enjoy all benefits and rights hereunder.

1. PARTIES.

You agree that the parties to this Agreement shall consist of us and you. If
this is a joint account (including a community property account), the term
"you" refers to each account holder. Except as disclosed in writing to us, no
person other than you has any interest in the account. If this is a joint
account, each account holder has full authority to act on behalf of the
account and you authorize us to follow the instructions of any account holder
as if such person were the sole account holder. All obligations arising
hereunder are joint and several and may be enforced by us against any or all
account holders. Notwithstanding the foregoing, we may require joint action by
all account holders with respect to any matter concerning the account,
including the giving or cancellation of orders, and the withdrawal of monies,
securities or other property. In the event of the death of either or any of
the joint account holders, the surviving joint account holder(s) shall
immediately give us written notice thereof, and we may, before or after
receiving such notice, take such action, require such papers and inheritance
or estate tax waivers, retain such portion of and/or restrict transactions in
the account as we may deem advisable. The surviving joint account holder(s)
and the estate of the deceased joint account holder shall be jointly and
severally liable to us for any net debit balance or loss in the account in any
way resulting from transactions initiated prior to the receipt by us of the
written notice of the death or incurred in the liquidation of the account or
the adjustment of the interests of the respective parties.

Laws governing joint ownership of property vary from jurisdiction to
jurisdiction. Generally, however, for joint tenants with rights of
survivorship, in the event of the death of either tenant, the entire interest
in the joint account shall be vested in the surviving joint tenant(s) on the
same terms and conditions. For tenants in common, the interest in the tenancy
shall be equal unless specified and in the event of death of either tenant,
the interest in their share of the tenancy shall vest in the decedent's legal
representative. State laws regulating community property vary. Consult your
own legal adviser.

2.  APPLICABLE LAW AND REGULATIONS; MARKETS.

All transactions shall be subject to all applicable law and the rules and
regulations of all federal, state and self-regulatory agencies including, but
not limited to, the Board of Governors of the Federal Reserve System and the
constitution, rules and customs of the exchange or market (and clearing house)
where executed. Unless you provide us with specific instructions, we may use
our discretion in selecting the market in which to place your orders.

3.  DEPOSITS ON TRANSACTIONS.

You agree to maintain, without demand from us, such margin, cash or other
acceptable collateral as we in our discretion require from time to time and
you agree to pay on demand any debit balances in your account. You will make
deposits of such margin or collateral immediately upon our request. You will
provide us with any information we may require for immediate confirmation of
wire transfers.

4.  SECURITY INTEREST AND LIEN.

As security for the payment of all of your obligations and liabilities to us
or any of our affiliates through whom you conduct business, we shall have a
continuing security interest in all property in which you have an interest
held by or through us or any of our affiliates including, but not limited to,
securities, futures contracts, cash commodities, commercial paper, monies, any
after-acquired property and all rights you may have against us or any of our
affiliates. In addition, in order to satisfy any such outstanding liabilities
or obligations, we may, at any time and without prior notice to you, use,
apply or transfer any of such securities or property interchangeably
(including cash and fully-paid securities). In the event of a breach or
default under this Agreement or any other agreement you may have with us or
any of our affiliates, we shall have all rights and remedies available to a
secured creditor under any applicable law in addition to the rights and
remedies provided herein.

5.  DEFAULT.

Should we deem it desirable for our protection, or should we feel insecure, or
should you be in breach of or violate any of the terms of this Agreement, we
are authorized to declare (and without the necessity of a call for additional
capital) you in default under this and any other agreement you may then have
with

                                        4
<PAGE>

CUSTOMER AGREEMENT
------------------------------------------------------------------------------

us or our affiliates, whether heretofore or hereafter entered into. In the
event of default, each of us and our affiliates reserves the right to sell,
without prior notice to you, any and all property in which you have an
interest held by or through us or our affiliates, to buy any or all property
which may have been sold short, to cancel any or all outstanding transactions
and/or to purchase or sell any other property to offset market risk, and to
offset any indebtedness or position you may have, including by means of an
exchange for physicals transaction, after which you shall be liable to us, for
any remaining deficiencies, losses, costs or expenses sustained by us in
connection therewith. Such purchases and/or sales may be effected publicly or
privately without notice or advertisement in such manner as we may in our sole
discretion determine. At any such sale or purchase, we may purchase or sell
the property free of any right of redemption. In addition, we shall have the
right to set off and apply any amount owing from our affiliates to you against
any indebtedness in your account, whether matured or unmatured. You are
unconditionally obligated to pay to us the amount of any debit balance in your
account, however incurred, at the lesser of the highest rate permitted by
applicable law or two percent above the current prime rate as announced from
time to time by the banking institutions with which we normally do business.

6.  FEES AND CHARGES.

You understand that we will charge commissions and other fees for clearing,
execution, custody or any other service furnished to you and you agree to pay
such commissions, fees and interest on monies owed to us at our
then-prevailing rates. You understand further that such commissions, fees and
interest rates may be changed from time to time. You will also be charged a
fee for positions transferred to another broker. We may receive remuneration
for directing orders to a particular broker or dealer or market center for
execution. Such remuneration is considered compensation to us. We may pay a
portion of fees and commissions charged to your Account to third-parties that
have introduced your account to us or serviced your account.

7.  MAKING DELIVERY; LIQUIDATION INSTRUCTIONS.

You agree to give us timely notice if you intend to make or take delivery
under a contract or to exercise any option contract. If so requested by us,
you shall satisfy us that you can fulfill your obligations to make or take
delivery and shall furnish us with property deliverable by you under any
contract in accordance with our directions. We shall not have any obligation
to exercise any long option contract unless you have furnished us with timely
exercise instructions and sufficient initial margin with respect to each
underlying contract. If we sell any property at your direction and you fail
for any reasons to supply us with such property, we may (but shall not be
obligated to) borrow or buy for you any property necessary to make such
delivery. Under no circumstances shall we be obliged to make any payment or
delivery to you except against receipt of payment or delivery by you of monies
or other property requested by us.

8.  CONSENT TO LOAN OR PLEDGE.

Within the limits of applicable law and regulations, you hereby authorize us
to lend either to ourselves or to others any securities or other property held
by us in your margin account together with all attendant rights of ownership,
and to use all such property as collateral for our general loans. Any such
property, together with all attendant rights of ownership, may be pledged,
repledged, hypothecated or rehypothecated either separately or in common with
other such property for any amounts due to us thereon or for a greater sum,
and we shall have no obligation to retain a like amount of similar property in
our possession and control.

9.  REPORTS.

Reports of execution of orders sent by us to you shall be binding and
conclusive on you unless, in the case of a verbal report, you object at the
time the report is received by you or your agent; and in the case of a written
report, you object in writing prior to the opening of trading on the business
day following the day you have received the report. In addition, if after you
have placed an order with us and have not received a written or verbal
confirmation thereof in accordance with our practice, you immediately shall
notify us thereof. If you fail to notify us as set forth in this section, you
agree that you shall be deemed estopped to object and to have waived any
objection to our execution or failure to execute any transaction. Nothing
contained in this section, however; shall bind us with respect to any
transaction or price reported (whether verbal or in writing) in error or
prevent us, upon discovery of any error, or omission, from correcting the
error or omission, and putting the account in the same position it would have
been in if the error or omission had not occurred.

                                        5
<PAGE>

CUSTOMER AGREEMENT
------------------------------------------------------------------------------

10.  WAIVER, ASSIGNMENT AND NOTICES.

Neither our failure to insist at any time upon strict compliance with this
Agreement or with any of the terms hereof nor any continued course of such
conduct on our part shall constitute or be considered a waiver by us of any of
our rights or privileges hereunder. We may assign this Agreement and your
account upon notice to you. Any assignment of your rights and obligations
hereunder or interest in any property held by or through us without obtaining
the prior written consent of an authorized representative of ours shall be
null and void. Notices or other communications, including margin calls,
delivered or mailed, including by facsimile or electronic transmission, to the
address provided by you, shall, until we have received notice in writing of a
different address, be deemed to have been personally delivered to you.

11.  CLEARANCE ACCOUNTS.

If your account is carried by us as clearing agent for an introducing broker,
you agree that your broker and its employees are third-party beneficiaries of
this Agreement and that the terms and conditions hereof shall be applicable to
all matters between or among any of you, your broker and its employees and us
and our employees. Unless we receive from you prior written notice to the
contrary, we may accept from such other broker, without any inquiry or
investigation: (a) orders for the purchase or sale of securities and other
property in your account on margin or otherwise; and (b) any other
instructions concerning your account or the property therein. You understand
and agree that our role is limited to execution, clearing and bookkeeping for
transactions made pursuant to instructions from you or your introducing
broker, and we generally will not inquire into the circumstances surrounding
any transaction for your account. We are not responsible for any acts or
omissions of your introducing broker, including, but not limited to, sales
practices, trading practices or recommendations. You agree to look solely to
such introducing broker for redress of any loss or damage arising out of
circumstances other than our own gross negligence or willful misconduct in the
execution, clearance or bookkeeping of transactions for your account.

12.  INDEMNIFICATION; COSTS OF COLLECTION.

You agree to indemnify and hold harmless each of us, our affiliates and our
respective shareholders, directors, officers, employees and agents from and
against any liability, damage, cost or expense (including, without limitation,
legal fees and expenses, amounts paid in settlement of any claims, interest
and any fines or penalties imposed by any exchange, self-regulatory
organization or governmental agency) any of them may incur or be subjected to
with respect to you or your Account or any transaction or position therein, or
as a result of your violation of any of your representations, agreements or
obligations under this Agreement. You agree to pay and authorize us to charge
you for any direct or indirect costs of collection, defense and enforcing any
of our rights under this Agreement including, but not limited to, interest,
legal fees, court costs and other expenses.

13. FREE CREDIT BALANCES; TRANSFER ARRANGEMENTS.

You hereby direct us to use any free credit balance in your account in
accordance with all applicable rules and regulations and you authorize us, in
our discretion, to transfer any free credit balances and cash in your account
daily to a non-regulated account.

14.  RESTRICTIONS.

You understand that we may restrict or prohibit trading in, or close, your
account.

15.  CREDIT INFORMATION AND INVESTIGATION.

You authorize us and, if applicable, your broker, in our or their discretion,
to make and obtain reports concerning your credit standing and business
conduct.

16.  LEGALLY BINDING.

This Agreement shall be binding upon the parties hereto and their respective
successors and assigns and supersedes any prior agreements between the parties
with respect to the subject matter hereof. You further agree that all
purchases and sales shall be exclusively for your account in accordance with
your oral or written instructions. You hereby waive any and all defenses that
any such instruction was not in writing as may be required by the statute of
frauds or any similar law, rule or regulation.

                                        6
<PAGE>

CUSTOMER AGREEMENT
------------------------------------------------------------------------------

17.  AMENDMENT.

You agree that we may modify the terms of this Agreement at any time upon
prior written notice to you. By continuing to accept services from us, you
will have indicated your acceptance of any such modification. If you do not
accept any such modification, you must notify us thereof in writing and your
account may then be terminated, but you will still be liable thereafter to us
for all remaining liabilities and obligations. Otherwise, this Agreement may
not be waived or modified absent a written instrument signed by an authorized
representative of ours. No oral agreements or instructions purporting to amend
this Agreement will be recognized or enforceable.

18.  SEVERABILITY.

If any provision hereof is or should become or be deemed to be inconsistent
with any present or future law, rule or regulation of any court, arbitral
body, sovereign government or regulatory body having jurisdiction over the
subject matter of this Agreement, such provision shall be deemed to be
rescinded or modified in accordance with any such law, rule or regulation. In
all other respects, this Agreement shall continue to remain in full force and
effect.

19.  EXTRAORDINARY AND OTHER EVENTS.

You shall have no claim against us or any of our affiliates for any loss,
damage, liability, cost, charge, expense, penalty, fine or tax caused directly
or indirectly by: (a) any law, regulation, rule or order; (b) suspension or
termination of trading; (c) war, civil or labor disturbance; (d) delay or
inaccuracy in the transmission or reporting of orders due to a breakdown or
failure of transmission or communication facilities; (e) failure or delay for
any reason of any broker, bank, depository or custodian, to fulfill its
obligations or to pay in full amounts owed to us; (f) failure or delay by any
exchange or clearing house to enforce its rules or to pay to us any amount due
in respect of your account; (g) failure or delay by any entity which,
consistent with applicable regulations, is holding customer segregated funds,
securities or other property, to pay or deliver same to us; or (h) any other
causes beyond our control.

20.  TELEPHONE CONVERSATIONS.

For the protection of both you and us, and as a way of correcting
misunderstandings, you hereby authorize us, at our discretion and without
prior notice to you, to monitor and/or record (with or without tone warning
devices) any or all telephone conversations between you and any of our
employees or agents.

21.  ADDITIONAL RIGHTS AND REMEDIES.

The rights and remedies granted herein to us are in addition to any other
rights and remedies provided to us in any other agreement you may have with
us, and you hereby appoint us as your agent to take any action necessary to
perfect ourselves with respect to the security interest granted to us in this
Agreement.

22.  AUTHORITY.

You represent that this Agreement has been duly authorized and executed by you
and that you have full power and authority to trade futures, physical
commodities, currencies, securities and options on the foregoing and related
instruments. By signing this Agreement on behalf of an entity, you represent
that the entity on whose behalf you are acting is authorized to enter into
this Agreement and that you are duly authorized to sign this Agreement in its
name.

23.  CUSTOMER'S REPRESENTATIONS AND WARRANTIES.

You represent to us that all information supplied by you in connection with
the opening of your account, including the Customer Account Application, is
accurate and complete, and that we are legally entitled to rely on such
information, and you agree to report promptly to us any material change in
such information. You represent to us that you have read and understand all
risk disclosure statements that we have provided to you, and understand that
all transactions effected for your account are at your risk, and that you are
solely liable therefor under all circumstances. You acknowledge that futures
trading is only suitable for persons who are financially able to withstand
losses. Such losses may substantially exceed margins or other funds you have
deposited with us. You agree to inform us immediately if you cease to be
willing or financially able to sustain such losses.

24.  PENSION ACCOUNTS.

If you are a Keogh Plan, Pension and Profit Sharing Trust, or other employee
benefit plan as defined by Section 3(3) of the Employee Retirement Income
Security Act (Collectively a "Plan"; "ERISA"), the undersigned trustee
("Trustee" ) acknowledges that the establishment of the account and all
transactions

                                        7
<PAGE>

CUSTOMER AGREEMENT
------------------------------------------------------------------------------

executed through the account are subject to certain restrictions under Section
404(a) of ERISA, including the requirement that such transactions be prudent,
that the investments be diversified, and that there are certain transactions
which the Plan is prohibited from entering into under Section 406 of ERISA and
Section 4975 of the Internal Revenue Code ("Code"), regardless of whether such
transactions are prudent; and Trustee further acknowledges that certain
transactions if entered into by the Plan may result in the recognition of
taxable income under Section 511 of the Code. Trustee represents and warrants
that, with respect to each transaction to be executed through the account, the
determination as to whether such transaction complies with the standards of
Section 404 (a) of ERISA, will constitute a transaction prohibited under
Section 406 of ERISA, or Section 4975 of the Code, or will result in the
recognition of taxable income, will be made either by Trustee or by another
person who has been determined by Trustee to be either a fiduciary or an
investment manager properly delegated the authority to make, or to advise the
Plan as to, such determinations. Trustee understands and agrees that the
individual account plan permits participant-directed investments pursuant to
Section 404(c) of ERISA. In no event shall we have any responsibility or
authority to make, or to advise the Plan or Trustee as to, such
determinations. Trustee understands and agrees that we are neither a fiduciary
nor an investment manager with respect to the Plan as defined in Sections
3(21) and 3(38) of ERISA. Nevertheless, if, contrary to the expectations of
the parties, it is ever finally determined that we are a fiduciary or
investment manager, our responsibility and authority in acting in such
capacity shall be limited to performing our obligations as specifically set
forth herein, and Trustee represents and warrants that such allocation of
fiduciary responsibility is authorized under the instrument pursuant to which
you maintained in accordance with Section 402 (c) of ERISA.

By signing this Agreement, Trustee agrees to indemnify us for any liability
which may be imposed on us including, but not limited to, Section 409 of ERISA
or any tax which may be assessed against us under Section 4975 of the Code, or
any other damage or expense which may be suffered by us by reason of your
being subject to the provisions of ERISA, including all costs and expense
(including attorneys' fees) incurred by us in defending against the foregoing.
The foregoing provision shall also apply to any federal or state fiduciary law
governing the investments of employee benefit plans which is supplementary to,
or in lieu of, the specific provisions of ERISA referred to herein.

25.  CURRENCY EXCHANGE RATES.

If any transaction is effected in a foreign currency, any profit or loss
arising as a result of a fluctuation in the exchange rate affecting such
currency will be entirely for your account and risk. All deposits shall be
made in United States currency, unless we request any such deposit in the
currency of some other country, in which case such deposit shall be made in
such currency. When any position is liquidated, we shall debit or credit your
account in United States currency at the rate of exchange determined by us in
our sole discretion on the basis of the then prevailing money rates for such
foreign currency, unless you shall have given us specific written instructions
to make such debit or credit in the foreign currency involved.

26.  FUNDS ON DEPOSIT IN NON-U.S. BANKING INSTITUTIONS.

Funds of customers trading on United States contract markets may be held in
accounts denominated in a foreign currency with depositories located outside
the United States or its territories if you are domiciled in a foreign country
or if the funds are held in connection with contracts priced and settled in a
foreign currency. Such accounts are subject to the risk that events could
occur which would hinder or prevent the availability of these funds for
distribution to you. Such accounts may also be subject to foreign currency
exchange rate risks.

You authorize the deposit of funds into such foreign depositories. For
customers domiciled in the United States, this authorization permits the
holding of funds in regulated accounts offshore only if such funds are used to
margin, guarantee, or secure positions in such contracts or accrue as a result
of such positions.

In order to avoid the possible dilution of other customer funds, if you have
funds held outside the United States, you further agree that your claims based
on such funds will be subordinated in the unlikely event both of the following
conditions are met: (1) Your futures commission merchant is placed in
receivership or bankruptcy; and (2) there are insufficient funds available for
distribution denominated in the foreign currency as to which you have a claim
to satisfy all claims against those funds.

You agree that if both of the conditions listed above occur, your claim
against our assets attributable to

                                        8
<PAGE>

funds held overseas in a particular foreign currency may be satisfied out of
segregated customer funds held in accounts denominated in dollars or other
foreign currencies only after each customer whose funds are held in dollars or
in such other foreign currencies received its pro-rata portion of such funds.
You further agree that in no event may a customer whose funds are held
overseas receive more than its pro-rata share of the aggregate pool consisting
of funds held in dollars, funds held in the particular foreign currency, and
non-segregated assets of the company.

27.  CFTC REGULATIONS.

You are aware that CFTC Regulation 1.35(a-2)(2) requires you to create, retain
and produce upon the request of the CFTC, the United States Department of
Justice and the applicable exchange, documentation of cash transactions
underlying exchanges of futures for cash commodities or exchanges of futures
in connection with cash commodity transactions and, if you effect any such
exchange of futures, you will comply with Regulation 1.35(1-2)(2). If you
maintain separate accounts in which, pursuant to CFTC Regulation 1.46(d)(6),
offsetting positions are not closed out, you understand that, if held open,
offsetting long and short positions in the separate accounts may result in the
charging of additional margins even though offsetting positions will result in
no additional market gain or loss. If you are a non-United States person, you
acknowledge that: (a) CFTC Regulation 15.05 designates us as the agent of
foreign brokers, customers of foreign brokers, and foreign traders for certain
purposes; and (b) CFTC Regulation 21.03 authorizes the CFTC to request, when
unusual market circumstances exist, certain account information from us as
well as foreign brokers and traders.

28.  AUTOMATED TRADING.

We, on behalf of you, are authorized and empowered to place orders through one
or more electronic automated trading systems (each a "System") maintained or
operated by an exchange. In consideration of us making one or more Systems,
including without limitation GLOBEX services, available, in whole or in part,
directly or indirectly, to us, you agree that neither us, any exchange, the
Chicago Mercantile Exchange ("CME"), the Board of Trade of the City of Chicago
("CBOT"), any other exchange whose products may be traded on the GLOBEX
System, the GLOBEX Joint Venture, L.P. ("JV"), P-M-T Limited Partnership,
Ceres Trading Limited Partnership, GLOBEX Corporation, Reuters America Inc.,
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 expense (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 services on any System, or the inability to enter, alter,
cancel or modify orders, or any other cause in connection with the furnishing,
performance, maintenance, or use of or capability to use all or any part of a
System, the GLOBEX System, or any JV CME, or CBOT facility or service and you
agree not to assert any claims against any of the foregoing with respect
thereto. The provisions of this section shall apply regardless of whether your
claim arises in contract, negligence, tort, strict liability, breach of
fiduciary obligation or otherwise.

29.  ONLINE SERVICES.

If we provide you with access to online brokerage service facilities, you
agree to abide by the terms of its service agreement as if the same were set
forth in this Agreement. You further agree that any market data or information
provided to you will not be broadcast, retransmitted or commercially exploited
and you acknowledge that exchanges and markets have a proprietary interest in
this data and information.

30.  GOVERNING LAW; JURISDICTION AND VENUE; SERVICE OF PROCESS; LIMITATION ON
ACTIONS; WAIVER or JURY TRIAL.

In order to induce us to accept this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, you hereby agree to the following:

A.   This Agreement is made, upon acceptance by us, in the State of Illinois,
     and shall be governed by, and the rights and liabilities of the parties
     shall be determined in accordance with, the laws of the State of
     Illinois, without regard to any of its conflicts of laws, principles or
     rules, and by the laws of the United States.

B.   If you have not entered into an arbitration agreement or if arbitration
     is unavailable, all actions or proceedings, whether initiated by you or
     us, with respect to any controversy arising out of or related to this
     agreement, shall be litigated only in courts whose situs IS

                                        9
<PAGE>

CUSTOMER AGREEMENT
------------------------------------------------------------------------------

     in the State of Illinois. You hereby submit to die jurisdiction of the
     United States District Court of the Northern District of Illinois,
     Eastern Division, and any other court of competent jurisdiction whose
     situs is in Chicago, Illinois* If you bring any arbitration (including,
     but not limited to, NFA arbitrations), administrative or reparations
     proceedings against us, you hereby authorize and direct such arbitrators,
     administrative law judges, or judgment officers to hold any such
     proceedings in Chicago, Illinois. You hereby waive any right you may have
     to transfer or change the venue of any litigation you may bring against
     us, or that such litigation is brought in an inconvenient forum or that
     forum is improper.

C.   You agree to accept court service of process by registered or certified
     mail addressed to you at the address you provided in your customer
     application, or to such other addresses as you have supplied to us in
     writing, and such service shall constitute personal service of process.

D.   No judicial, administrative, arbitration or reparations proceeding may be
     commenced by you or us more than one (1) year after any claim arises,
     directly or indirectly, out of this Agreement or the transactions
     contemplated thereby. You hereby waive any statutes of limitation,
     including, but not limited to, the Commodity Exchange Act's and the
     National Futures Association's two (2) year limitation on actions.

E.   You hereby waive any right you may have to a trial by jury.

31.  HEADINGS.

     The headings of the provisions hereof are for descriptive purposes only
     and shall not modify or qualify any of the rights or obligations set
     forth in such provisions.

CUSTOMER AGREEMENT

     I acknowledge that this is a contractual agreement. I have read it
     carefully and, by signing, I agree to be bound by every term and
     condition, including the consents relating to jurisdiction, venue,
     service and limitations on actions set forth in Paragraph 30. No
     modification of this Agreement is valid unless accepted by us in writing
     as provided in Paragraph 17.

<TABLE>
<CAPTION>
<S>                          <C>                              <C>     <C>                          <C>
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
</TABLE>

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE
ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING
MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

                                       10
<PAGE>

<TABLE>
<CAPTION>
SIGNATURE PAGE
-------------------------------------------------------------------------------------------------------------------

ACKNOWLEDGEMENT OF RISK

I hereby acknowledge that I have received, read and understand the CFTC Rule 1.55 Risk Disclosure Statement for
Futures and Options on pages 1 and 2 of the Disclosures Booklet. I also understand that you are relying on me to
familiarize myself with any disclosures in the Disclosure Booklet that are or may become applicable to my trading.

<S>                          <C>                              <C>     <C>                          <C>    <C>
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT AN AUTHORIZED OFFICER MUST SIGN;
IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

AUTHORIZATION TO TRANSFER FUNDS

I authorize you, at any time and without prior notice to me, to transfer any excess funds, equities, securities or
other property which you deem necessary between my Regulated Account (i.e. any account in which there are commodity
interests governed by the Commodity Exchange Act) and any other account(s) held by me with you or any of your
affiliates, in order to reduce or satisfy any margin deficiency or deficit You agree to confirm any such transfer to
me in writing, and such confirmation shall be deemed reasonable notice.

Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------

IF A PARTNERSHIP ACCOUNT; EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN;
IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

PERMISSION TO CROSS TRADES

I hereby consent to you, your "affiliated persons" (as defined in 17 C.F.R. 155 et seq., as amended) or any floor
broker acting on behalf of you or your customers, taking, directly or indirectly, the other side of any order I
place with you, in accordance with the rules of applicable futures exchanges. You are authorized to give my consent
to any such floor broken

Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------

IF A PARTNERSHIP ACCOUNT; EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN;
IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN} IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

CONSENT TO ELECTRONIC TRANSMISSION OF ACCOUNT STATEMENTS (OPTIONAL)

I hereby consent to your sending to me daily confirmation and purchase and sale statements as well as my monthly
account statements (collectively "Statements") relating to my account (s), at no additional cost to me, by
electronic media rather than by hard copy mailing. I may revoke this consent at any time upon written notice to you.

I wish to receive electronic transmission of my Statements via e-mail at:
                                                                          --------------------------------------------

Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                             --------------------------------         ----------------------------        ------------

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT; AN AUTHORIZED OFFICER MUST SIGN;
IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.
</TABLE>

                                                         11
<PAGE>

<TABLE>
<CAPTION>
BACKUP WITHHOLDING AND TRANSACTIONS
REPORTING REQUIREMENTS
-------------------------------------------------------------------------------------------------------------------
<S>                                           <C>
COMBINED W-9, W-8 AND 1099-B CERTIFICATIONS

Name
      -------------------------------------------------------------------------------------------------------------
Account Number (to be entered by E. D. & F. Man International Inc.)
                                                                     ----------------------------------------------
Phone Number with Area Code
                             --------------------------------------------------------------------------------------
Address
         ----------------------------------------------------------------------------------------------------------
City                                                   State                      Zip
     ------------------------------------------------        -------------------      -----------------------------
Unless you complete EITHER the W-9 or the W-8 sections (i.e. you fail to furnish us with the correct taxpayer
identification number or an exemption certificate as a "Foreign Person"), E. D. & F. Man International Inc. must
generally withhold 20% of withdrawals and payments from your account. If this account is exempt from REPORTING on
Form 1099-B, complete the 1099-B section.

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

W-9 SECTION               PART I - For United States citizens, legal         PART II - Check the box if you ARE subject to
                          entities, or residents, provide taxpayer           backup withholding under the provisions of
                          identification number. For most individual         Section 3406(a)(1)(C) of the Internal
                          taxpayers the taxpayer identification number       Revenue Code.
                          is the social security number. NOTICE: For
                          individual, joint, custodian and sole
                          proprietorship the social security number is
                          to be used.
                                                                             Check here   |____|
                          Social Security No.___________________________
                                                      OR

                          Employer Identification No.___________________

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

1099-B                    CERTIFICATE OF EXEMPTION FROM REPORTING OF SECURITIES AND COMMODITIES TRANSACTIONS
                          Please complete this section if this account is exempt from the Internal Revenue Service
                          regulations which require that E. D. & F. Man International Inc. report the Account's
                          commodity and security transactions on Form 1099-B.
                          Check the category under which exemption is claimed (foreign persons - complete W-8 below):

                           |_| Corporation, Domestic                          |_| Trusts taxed as Corporations
                           |_| Corporation, Foreign                           |_| Bank Common Trust
                           |_| Tax Exempt Entity, Section 501 (a)             |_| Entity registered under Investment
                           |_| Foreign Person (see W-8 section below)             Company Act of 1940
                           |_| Individual Retirement Plan                     |_| Real Estate Investment Trust
                                                                              |_| Other ______________________________

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

W-8 SECTION               CHECK HERE |___| IF THIS IS THE ACCOUNT OF AN EXEMPT FOREIGN PERSON MEETING EACH OF THE
                          FOLLOWING REQUIREMENTS:
                          1. You are neither a citizen nor a resident of the United States;
                          2. You  have not been nor  plan to be in the  U.S.  for a period  aggregating  183 or more  days
                             during the calendar year; and
                          3. You do not expect to engage in trade or business in the United  States with  respect to which
                             any gain  derived  from  transactions  effected by the broker  during that  calendar  year is
                             effectively connected.
                          If your mailing address is within the United States, please provide your non-U.S. address below:
                          Street
                                --------------------------------------
                          City                                            Country
                                --------------------------------------            ---------------------------------

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

CERTIFICATION             Under penalties of perjury, I certify that the information provided on this form is true,
                          correct and complete for Sections W-9 or W-8 and 1099-B (if applicable).

                          Signature                                         Date
                                    ----------------------------------          --------------------------------------------
</TABLE>

                                                         12
<PAGE>

CORPORATE RESOLUTIONS
------------------------------------------------------------------------------

I, _______________________________, do hereby certify that I am the duly
elected and acting Secretary of __________________________________ (the
"Corporation"), a corporation validly existing under the laws of
__________________________________, and I do further certify that the
following resolutions were duly adopted by the Board of Directors of the
Corporation in accordance with applicable statutes and the Corporation's
charter and by-laws, and that such resolutions have not been rescinded and are
now in full force and effect.

WHEREAS, the Corporation has full corporate power and authority under its
charter, by-laws and the laws of its domicile to enter into contracts for the
purchase, receipt, sale (including short sale) and delivery of, whether
directly or indirectly through investments in managed investment products or
otherwise, commodity futures contracts, commodities, options on commodity
futures contracts, physical commodities, including foreign futures and
options, forward contracts, securities, equity, debt and related investments
(collectively "Contracts").

NOW THEREFORE, IT IS RESOLVED AS FOLLOWS:

RESOLVED, that it is in the best interest of this Corporation to engage in
trading and otherwise dealing in Contracts; and it is

FURTHER RESOLVED, that the Corporation is hereby authorized to open and
maintain, on margin or otherwise, one or more accounts (the "Account") with E.
D. & F. Man International Inc. and its affiliates (collectively the
"Company"); and it is

FURTHER RESOLVED, that any Agent (as described below) be, and hereby is,
authorized and empowered to give written or verbal instructions to the Company
to buy or sell (including the power to sell "short") Contracts, and at all
times shall have the authority to bind and obligate the Corporation with
respect to any matter which is, in any way, related to the establishment and
maintenance of the Account, including, but not limited to, the authority to
settle, compromise, adjust and give releases; and it is

FURTHER RESOLVED, that, in order to induce the Company to act as broker and/or
dealer on behalf of the Corporation, the opening and maintenance of the
Account with the Company and its successors and assigns and the execution and
delivery of the Risk Disclosure Statement Acknowledgments, Customer Agreements
and any other document related to the opening or maintenance of the Account
(collectively "Agreements") is hereby authorized and the President or any Vice
President of the Corporation or ______________________________________________
_______ (collectively, the "Agents") is hereby directed to execute such
Agreements, and any amendments thereto, by and on behalf of the Corporation and
to deliver the same to the Company, the Corporation hereby ratifying all action
of any of the Agents taken with regard to the Account; and it is

FURTHER RESOLVED, that the Company is authorized to register any securities in
the Account in street name or in such other name as the Company or any of the
Agents should deem advisable and to receive for the Account any and all cash,
checks, securities or other property delivered to it by any person, firm or
corporation for the account of the Corporation; and it is

FURTHER RESOLVED, that the Agents be and each of them hereby is authorized and
empowered to withdraw any and all monies, securities, or other property from
time to time carried in any accounts of the Corporation or to direct the
delivery or payment thereof to any person, firm or corporation designated by
any of the Agents, and

The Company is hereby authorized to follow any and all instructions from each
of the Agents as to the transfer and/or delivery of any such money, securities
or other property and with respect to any transaction on behalf of the
Account; and it is

FURTHER RESOLVED, that it is the intention of the Corporation to give the
Agents, and each of them, the broadest possible power with respect to the
Accounts; and the Corporation agrees to hold the Company harmless against any
and all claims, liabilities or expenses (including attorney's fees) that may
arise by reason of its following any directions, instructions and orders given
to it by any of the Agents in respect of the Account; and it is

FURTHER RESOLVED, that all confirmations of transactions for the Accounts and
all notices shall be delivered by the Company in writing or verbally to
___________________________________, his successor or any other person
designated in his stead, and such person is or will be someone other than a
person authorized to purchase or sell Contracts for or in the name of the
Corporation.

------------------------------------------------        ----------------------
Secretary's Signature                                   Date

(AFFIX CORPORATE SEAL)
                                                          (Continued next page)

                                      13
<PAGE>

CORPORATE RESOLUTIONS
------------------------------------------------------------------------------

In addition, in order to induce the Company to accept the Account in the name
of this Corporation, this Corporation represents, warrants and agrees as
follows:

     (a)  In the event the foregoing resolutions are rescinded or amended at
          any time, or any of the representations and warranties in the
          Customer Agreement cease to be true and correct at any time, the
          Corporation will promptly notify the Company at the address for
          notices set forth in the Customer Agreement.

     (b)  The Corporation has not and will not solicit or accept any monies or
          other property of any kind or nature whatsoever from any person or
          entity for speculating or trading in Contracts.

     (c)  The Corporation agrees to indemnify and hold the Company, its
          successors and assigns harmless against and from any loss, expense,
          damage or liability incurred because any of the above
          representations or warranties shall, at any time, not be true and
          correct or the above Agreements shall not have been fully performed
          by the Corporation.

I hereby certify that each of the following officers has been duly elected and
authorized to execute this Agreement on behalf of the Corporation and that the
signatures are genuine signatures.

President                 Full Name                    Signature
                                    -----------------            ---------------

Vice President            Full Name                    Signature
                                    -----------------            ---------------

------------------------
Title                     Full Name                    Signature
                                    -----------------            ---------------

------------------------
Title                     Full Name                    Signature
                                    -----------------            ---------------

I, in my capacity as Secretary of the Corporation, hereby certify that the
foregoing is a full, true and correct copy of the resolutions duly adopted by
a unanimous vote of the Board of Directors of the Corporation at a meeting at
which all Directors were present and voted; that said resolutions appear in
the minutes of said meeting; and that such resolutions have not been rescinded
or modified and are now in full force and effect.

__________________________________            _______________________________
Secretary's Signature                                Date

(AFFIX CORPORATE SEAL)

                                      14
<PAGE>

PARTNERSHIP OR L.L.C. AUTHORIZATION
------------------------------------------------------------------------------

In consideration of E. D. & F. Man International Inc. and its affiliates (the
"Company") carrying one or more accounts (the "Account") in the name of
_______________________ (the "Client") which is either a duly organized (a)
partnership of which each of the undersigned is a general partner or (b)
limited liability company of which each of the undersigned is a managing
member, the undersigned jointly and severally agree that each of the following
named persons, to wit _____________________, _________________________
_____________________, _________________________ shall have authority on
behalf of the Client account to enter into contracts for the purchase,
receipt, sale (including short sale) and delivery of, whether directly or
indirectly through investments in managed investment products or otherwise,
commodity futures contracts, commodities, options on commodity futures
contracts, physical commodities, including foreign futures and options,
forward contracts, securities, equity, debt and related investments
(collectively "Contracts") on margin or otherwise; to receive on behalf of the
Client account demands, notices, confirmations, reports, statements of account
and communications of every kind, money, securities and property of every
kind, and to dispose of the same; to make on behalf of the Client account
agreements relating to any of the foregoing matters and to terminate or modify
the same or waive any of the provisions thereof; and to deal generally with
the Company on behalf of the Client account as fully and completely as if he
alone were interested in said account. The foregoing enumeration of authority
shall not in any way limit or affect any other authority which any partner may
have.

The undersigned shall be jointly and severally liable to the Company for any
and all obligations arising out of transactions herein authorized and shall
immediately indemnify and hold harmless from and against any and all claims,
losses and liabilities which may arise in connection with the Client's
account, and any and all liability the Company may incur as a result of acting
in accordance with the instructions of the undersigned, including attorneys
fees and costs, and agree (1) that any individual property of any of the
undersigned that is held by the Company is subject to a security interest in
the Company's favor to secure any amounts owing in the Client's account and
(2) that the Company has the right, but not the obligation, to liquidate and
apply the proceeds of such other property to the Client's account.

The undersigned further authorize the Company in the event of death or
retirement of any of the members of Client or the termination of the Client,
to take such proceedings, require such papers, retain such portion of or
restrict transactions in said account as the Company in its sole discretion
may deem advisable to protect it against any liability, penalty or loss. The
Client further agrees that in the event of the death or retirement of any
member of the Client the remaining members will immediately cause the Company
to be notified of such fact.

The authority herein granted is in addition to any other authority given to
the Company by any or all of the undersigned and is a continuing one and shall
remain in full force and effect until the Company shall receive at its offices
written notice of revocation or modification hereof. The Company may terminate
this agreement by written notice to the designated partner or any of the above
partners.

In the case of a general partnership, no partners will be added to or deleted
from the partnership unless the Company is notified at least ten (10) days in
advance of such addition or deletion. Additionally, the undersigned agree and
are fully aware that in the event a new partner is admitted to the
partnership, then such new partner shall not appear on the books and records
of the Company as having any interest in the account of the partnership, nor
shall such partner acquire any interest in the account of the partnership
until all account forms that the Company requests to be executed by such new
partner are executed, received and approved by the Company.

Neither the Company nor any of its employees have engaged in the formation or
operation of the Client nor shall the Company or any of its employees be held
in any way responsible for the operation or management of the Client's
activity other than acting solely as the broker for its account as set forth
in the terms of the Client's customer agreement with the Company. Each
partner, whether a general or limited partner, or member, as applicable, of
the Client is aware of and understands the substantial risks associated with
trading and investing in Contracts. Each of the undersigned affirms that each
of the partners or members have been fully apprised of the risks of trading
Contracts.

Each of the undersigned shall regularly review transaction statements and
month-end statements so as to carefully monitor the activity and status of the
Client's account, and each of the undersigned shall regularly provide such
reports to its respective partners or members. Each of the undersigned will
promptly notify the Company in writing of any change of the Client's status,
material or otherwise.

<TABLE>
<CAPTION>
<S>                                                              <C>
General Partner or Managing Member                               Date
-----------------------------------------------------            -----------------------------------------------------
General Partner or Managing Member                               Date
-----------------------------------------------------            -----------------------------------------------------
General Partner or Managing Member                               Date
-----------------------------------------------------            -----------------------------------------------------
General Partner or Managing Member                               Date
</TABLE>

                                      15
<PAGE>

PENSION PLAN AUTHORIZATION
------------------------------------------------------------------------------
Please be advised that the undersigned hereby consents to and authorizes the
establishment of an account (the "Account") at E. D. & F. Man International
Inc or any of its affiliates (the "Company") for the
________________________________________________________ (the "Pension Plan"),
for the purpose of trading in commodity futures contracts and options thereon,
commodities, options, forward contracts, securities, equity, debt and related
investments (collectively, "Contracts"). The undersigned further represents
and warrants that the Pension Plan (a copy of which is attached hereto)
contemplates and permits, and does not prohibit, the use of Pension Plan funds
in the trading of Contracts. The undersigned has investigated the risk of
trading Contracts, and understands that such trading has a high degree of
risk. The undersigned hereby certifies that in view of the amount of assets of
the Pension Plan and the goals of the Pension Plan, that trading Contracts is
prudent The undersigned hereby represents and certifies that the amount of
Pension Plan funds to be utilized for futures trading represents no more than
one-third of the total amount held in tax qualified retirement funds or ERISA
accounts for the Pension Plan. Further, the undersigned agrees to notify the
Company immediately if, for any reason, the amount of funds so utilized
exceeds one-third of the total amount held in tax qualified retirement funds
or ERISA accounts for the Pension Plan. The undersigned also represents and
warrants he is authorized to make the investment decisions on behalf of die
Pension Plan. Furthermore, the undersigned represents that the Trustee(s) of
the Pension Plan are authorized to sign on behalf of the Pension Plan and that
only one signatory is required to execute any and all documentation which may
be required in order to affect or enter into any investment vehicle.

In addition, the undersigned represents and warrants that, as of the date of
this letter, the beneficiaries of the Pension Plan are over 21 years of age.
The undersigned also warrants that all future beneficiaries of the Pension
Plan shall be bound to the terms of the indemnity provided herein.

The undersigned agrees on behalf of himself and all future beneficiaries to
jointly and severally indemnify, protect and hold the Company and its
directors, officers, shareholders, employees and affiliates harmless from and
against any and all claims, demands, proceedings, suits and actions and all
losses (direct, indirect, contingent, consequential or otherwise), judgments
and amounts incurred or suffered by the Company resulting from any lawsuit,
reparations case, administrative proceeding and/or arbitration arising out of
any claim by the Pension Plan or any beneficiary or any individual or entity
acting on behalf of any beneficiary or grantor that the Pension Plan was
unsuitable for trading Contracts, that the Pension Plan and/or Trustee was not
authorized to trade Contracts, that trading Contracts was not prudent, or that
the undersigned violated any of the provisions of the Pension Plan as a result
of any trading done on behalf of the Account. This indemnity provided for
herein shall survive the termination of the Account or relationship
contemplated herein.

AGREED AND ACCEPTED BY:

TRUSTEE(S):
                                 ----------------------------------------------

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

ADMINISTRATOR OR
CUSTODIAN:
                                 ----------------------------------------------

                                      16
<PAGE>

DISCRETIONARY TRADING AUTHORIZATION/
POWER OF ATTORNEY
------------------------------------------------------------------------------

The undersigned hereby authorizes _______________ as the undersigned's agent
and attorney-in-fact (the "Agent" ), with full power and authority to enter
into contracts for the purchase, receipt, sale (including short sale) and
delivery of, whether directly or indirectly through investments in managed
investment products or otherwise, commodity futures contracts, commodities,
options on commodity futures contracts, physical commodities, including
foreign futures and options, forward contracts, securities, equity, debt and
related investments (collectively "Contracts") on margin or otherwise, in one
or more accounts ("Account") with E. D. & F. Man International Inc. and its
affiliates (the "Company").

In all such transactions, as well as management decisions relating to the
Account, the Company is hereby authorized to follow the instructions of the
Agent; the Agent is authorized to act on behalf of the undersigned in the same
manner and with the same force and effect as the undersigned might or could
with respect to such transactions, the making and taking of deliveries and
with respect to all other things necessary or incidental to the furtherance
and/or conduct of the Account.

The Company shall have no liability for following the instructions of the
Agent, and the undersigned shall never attempt to hold the Company liable for
the Agent's actions or inactions. The undersigned understands that the Company
does not, by implication or otherwise, endorse the operating methods of such
Agent. The undersigned hereby releases the Company from any and all liability
to the undersigned or to anyone claiming through the undersigned with respect
to damage, losses or lost profits sustained or alleged to have been sustained
as a result of the Company following the Agent's instructions or for any
matter arising out of the relationship between the Agent and the undersigned
and shall indemnify the Company from any and all losses, damages, liabilities
and expenses, of any kind or nature whatsoever, arising therefrom. The
undersigned agrees to hold the Company harmless and to indemnify it as to any
expense, damage or liability sustained by it with respect to any and all acts
and practices of the Agent and attorney-in-fact regarding this account,
including all losses arising therefrom and debit balance(s) due thereof.

This authorization is a continuing one and shall remain in full force and
effect until revoked by the undersigned, or an authorized person on his
behalf, by written notice given to the Company, Attention: Director of
Compliance. Such revocation shall become effective only upon the actual
receipt thereof by the Company but shall not affect any liability in any way
resulting from transactions initiated prior to its receipt. This authorization
shall inure to the benefit of the Company, its successors and assigns. The
provisions hereof shall be in addition to and in no way shall it limit or
restrict any right which the Company may have under any agreement with the
undersigned.

In addition, the Company is further authorized and directed to deduct from the
undersigned's account and pay the Agent the amount of all management fees,
incentive fees, advisory fees and/or brokerage commissions to be paid to the
Agent upon the Company's receipt of invoices from the Agent. The undersigned
understands that the Agent is solely responsible for the calculation of such
fees and commissions and that the Company has no responsibility or obligation
to determine or verify the amount or accuracy of such fees and commissions. In
addition, the undersigned acknowledges that it is responsible for the
administrative give up fees incurred in connection with the execution of
orders by various independent floor brokers or executing brokers engaged by
the Agent and the undersigned authorizes the Company to deduct such fees from
the undersigned's account and pay such fees to the appropriate floor brokers
or executing brokers upon receipt of their invoices. The undersigned hereby
agrees to indemnify and hold harmless the Company and its affiliates and
employees from any loss, damage or dispute arising out of or relating to the
calculation and payment of such fees and commissions.

All statements, notices, correspondence and the like generated in this account
shall be sent or given to the Agent at the address shown for this account and
to the undersigned at the address indicated in the Customer's Account
documents, or to such other person or address as the undersigned may hereafter
designate in writing.

The undersigned represents that the undersigned has been provided with a
disclosure document concerning the Agent's advice (if the delivery of such
document is required by law), including any options trading advice or
strategies, which the undersigned has read and understood, or the Agent has
furnished to the undersigned a written statement, receipt of which the
undersigned acknowledges, and which the undersigned has read and understands
and a copy of which has been furnished to the Company, explaining the Agent's
exemption from registration and disclosure document requirements of the United
States Commodity Futures Trading Commission and National Futures Association.

The undersigned understands that there are many strategies that can be used in
trading options, some of which have unlimited risk of loss and could result in
the undersigned sustaining a total loss of all funds in the account and that
the undersigned is liable for any deficit in the account resulting therefrom.
Customer acknowledges that Customer has discussed with the Company and the
Agent the nature and risks of the strategy to be used in connection with
options to be traded for the undersigned's account.

Each of the undersigned hereby agrees to the terms and conditions as set forth
in this Limited Power of Attorney.

<TABLE>
<CAPTION>
<S>                        <C>                                <C>     <C>                          <C>    <C>
Signature of Customer                                         Title                                Date
                           ----------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                           ----------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                           ----------------------------------         ----------------------------        ------------
Signature of Customer                                         Title                                Date
                           ----------------------------------         ----------------------------        ------------
</TABLE>

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE
ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING
MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

                                      17
<PAGE>

<TABLE>
<CAPTION>
LETTER OF AUTOMATIC TERMINATION
-------------------------------------------------------------------------------------------------------------------

In the event my account(s) with E. D. & F. Man International Inc. are closed for any reason, E. D. & F. Man
International Inc. is authorized to consider this my letter of revocation of the limited power of attorney required
by the rules of the various contract markets.

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Letter of Automatic
Termination.

<S>                        <C>                                <C>        <C>                       <C>    <C>
Signature of Customer                                         Title                                Date
                           ----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                           ----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                           ----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                           ----------------------------------            -------------------------        ------------

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN;
IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

ADVISOR'S AGREEMENT
-------------------------------------------------------------------------------------------------------------------
THIRD PARTY LETTER NFA RULE 2-8(E)

The undersigned ("Advisor"), named in the foregoing Discretionary Trading Authorization/Power of Attorney, has read
the Customer Agreement between E. D. & F. Man International Inc. and __________________________________ as Customer
and agrees to abide by all the terms and conditions set forth therein and further agrees to comply with all
applicable laws, rules and regulations.

Please check the applicable statement: Advisor |_| has |_| has not furnished Customer with a disclosure document in
accordance with applicable rules and regulations of the Commodity Futures Trading Commission and the National
Futures Association. If Advisor has provided Customer with a disclosure document, a copy of it must be furnished to
E. D. & F. Man International Inc. If a disclosure document has not been furnished to Customer, please indicate below
the reasons why Advisor is exempt from registration under the Commodity Exchange Act, as amended, and the rules and
regulations promulgated thereunder and is not required to furnish a disclosure document.

_____ a) I have provided advice to 15 or fewer persons during the past 12 months and do not hold myself out
generally to the public as a CTA.

_____ b) I am a (1) dealer, processor, broker or seller in cash market transactions or (2) nonprofit, voluntary
membership, trade association, or farm organization, who provides advice on the sale or purchase of commodities, and
any trading advice is solely incidental to the conduct of my business.

_____ c) I am registered as an associated person and my advice is issued solely in connection with my employment as
an associated person.

_____ d) I am a relative of the account holder. My relationship to the account holder is

_____ e) I (We) am (are) a foreign-based entity, located outside the United States, and I (we) only solicit non-US.
persons.

If Advisor is a corporation, partnership or other type of association, attached is a list of all individuals of such
corporation, partnership or association who may exercise discretion over the Account:_______________________________

ADVISOR'S SIGNATURE  ________________________________     DATE  _________________  SOCIAL SECURITY # _______________

STREET ADDRESS _____________________________________________________________________________________________________

CITY  __________________________________     STATE  _____________ ZIP  ___________  PHONE NUMBER ___________________

CURRENT EMPLOYER  _____________________________________         TITLE ______________________________________________

                                                         18
<PAGE>

HEDGE ACCOUNT AGREEMENT & INSTRUCTIONS
-------------------------------------------------------------------------------------------------------------------

This notification is a continuing one and shall remain in force until canceled in writing by the undersigned.

Commodity Futures Trading Commission Regulation 190.06(d) requires that a commodity broker must provide an
opportunity for each customer to specify when undertaking its first hedging contract whether, in the event of the
commodity broker's bankruptcy, such customer prefers that open commodity contracts held in a hedging account be
liquidated by the Trustee. Accordingly, please indicate below your preference for open contracts in your account if
such an event were to occur.

I prefer that, in the event of E. D. & F. Man International Inc's bankruptcy, the Trustee:

|_|  liquidate

|_|  transfer (to another firm as designated)

all open commodity positions in my hedge account. [Note: If neither box is checked, Customer will be deemed to have
chosen to have all its hedging positions liquidated.]

All positions taken in this account will be bona fide hedging transactions as described in the Commodity Exchange
Act, as amended, and Regulation 1.3(z) promulgated thereunder. Customer agrees that all transactions and positions
executed or carried in this account will be consistent with these provisions as presently construed or as amended
from time to time. It is agreed that positions carried in the account will be strictly for hedge purposes, and not
for speculation, and that a separate account must be used to accommodate non-hedge trades. It is further agreed that
E. D. & F. Man International Inc. will rely on the representation that all trades made in this account are bona fide
hedges and that it shall have no obligation to inquire into or verify the nature of such trades or incur any
liability if, in fact, they may not be such.

Positions and transactions carried for this account in the following commodities are for bona fide hedging
positions:

Commodities or Products: (1) _______________________________   (2) _____________________________

Maximum Annual Requirements: _____________________________________________________________

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Hedge Account Agreement.

Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN;
IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.
</TABLE>

                                                         19
<PAGE>

PERSONAL GUARANTEE
-----------------------------------------------------------------------------

In order to induce E. D. & F. Man International Inc. (the "Company") to enter
into the Customer Agreement with _______________________ ("Customer"), and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the undersigned hereby and, in the case of multiple
guarantors, jointly and severally, personally guarantee(s) the prompt, full
and complete performance of any and all of the duties and obligations of
Customer to the Company and the payment of any and all indebtedness, damages,
costs and expenses due the Company by Customer.

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

This Guarantee shall remain in full force and effect until the termination of
the Customer Agreement between Customer and the Company; provided, however,
that the undersigned shall not be released from his/her obligations hereunder
so long as any claim of the Company against Customer which arises out of, or
relates to, directly or indirectly, said Customer Agreement, is not settled or
discharged in full.

The undersigned hereby expressly waives (a) notice of acceptance of this
Guarantee by the Company, (b) notice of non-performance of Customer of any of
its duties or obligations as set forth in the Customer Agreement, (c) notice
of any modification to the Customer Agreement or any extension of time granted
to the Customer, and (d) all defenses, offsets and counterclaims which the
undersigned may at any time have to any claim of the Company against the
Customer.

The Company may in its discretion proceed against the undersigned, jointly and
severally, to collect any obligation covered by this Guarantee without first
proceeding against Customer or any other guarantor. Upon five days notice by
the Company, the undersigned shall pay any and all indebtedness, damages,
costs and expenses due the Company by Customer and shall perform any and all
duties and obligations of Customer to the Company.

This Guarantee shall be construed pursuant to the laws of the State of
Illinois without regard to any of its conflicts of laws, principles or rules,
and shall inure to the benefit of the Company, its successors and assigns, and
shall be binding on the undersigned and his/their heirs and assigns. The
undersigned cannot assign this Guarantee without the express written consent
of the Company.

Any notice to be given to the undersigned may be sent to the address provided
below, whether by mail, telegraph, messenger or otherwise, and shall be deemed
given to the undersigned personally whether or not actually received.

All actions or proceedings arising with respect to any controversy arising out
of this Guarantee shall be litigated only in courts whose situs is within the
State of Illinois and the undersigned hereby submits to the jurisdiction of
the courts of the State of Illinois and the jurisdiction of the United States
District Court of the Northern District of Illinois, Eastern Division. The
undersigned shall accept court service of process by registered or certified
mail addressed to the address provided below or such other address as the
undersigned has supplied to the Company in writing and such service shall
constitute personal service of such process. The undersigned waives any right
the undersigned may have to transfer or change the venue of any litigation
brought against the undersigned by the Company.

All monies, securities, negotiable instruments, open positions on futures
contracts, option premiums, commodities or other property of any kind or
nature whatsoever, now or at any future time on deposit with the Company in
the undersigned's accounts are hereby pledged with the Company and shall be
subject to a security interest in the Company's favor for the discharge of all
of the undersigned's obligations hereunder, and the Company may, in its
discretion, transfer any of such property from any of the undersigned's
accounts to the account of Customer when in the Company's sole discretion and
judgment such transfer is necessary or appropriate.

Each of the undersigned acknowledge his understanding that the Company has
allowed the Customer to trade his account in reliance upon this Guarantee.

<TABLE>
<CAPTION>
<S>                                                              <C>
-----------------------------------------------------            -----------------------------------------------------
Signature of Guarantor Individually                              Print Guarantor's Name

-----------------------------------------------------            -----------------------------------------------------
Guarantor's Income                                               Guarantor's Net Worth

-----------------------------------------------------            ---------------    ------------------    ------------
Street Address                                                   City               State                 Zip

-----------------------------------------------------            --------------- -- ------------------ -- ------------
Phone Number (including Area Code)                               Social Security Number
</TABLE>

                                      20
<PAGE>

ARBITRATION AGREEMENT
------------------------------------------------------------------------------

(OPTIONAL)

Any controversy between E. D. & F. Man International Inc. ("Broker") and the
Customer arising out or relating to Customer's Account(s) shall be, except as
provided below, resolved by arbitration in accordance with Part 180 of the
regulations promulgated under the Commodity Exchange Act, as amended. If, by
reason of any applicable statute, regulation, exchange rule or otherwise,
other than the Customer's entitlement to commence reparations proceedings
under Section 14 of the Commodity Exchange Act and Part 12 of the Regulations
promulgated thereunder (17 CER. Section 12 et seq.), the Customer's advance
agreement to submit a controversy to arbitration would not be enforceable by
Broken, this provision shall not permit the Customer to enforce Broker's
advance agreement to submit to arbitration. Any award rendered in such
arbitration shall be final and binding on and enforceable in accordance with
the laws of any court having jurisdiction.

At such time that Customer notifies Broker that Customer intends to submit a
claim to arbitration or at such time that Broker notifies Customer of Broker's
intent to submit a claim to arbitration, Customer will have the opportunity to
elect a qualified forum for conducting the proceeding. Within ten business
days after receipt of such notice from Customer or at the time Broker so
notifies Customer, Broker must provide Customer with a list of organizations
whose procedures quality them to conduct arbitration in accordance with Part
180 of the Regulations promulgated under the Commodity Exchange Act, together
with a copy of the rules of each forum listed. One of these organizations will
be the National Futures Association. Customer's failure to select an
organization gives the Broker the right to select an organization.

Broker will pay any incremental fees which may be assessed by a qualified
forum for provision of a mixed panel, unless the arbitrators in a particular
proceeding determine that the Customer has acted in bad faith in initiating or
conducting that proceeding.

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

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

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

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH E. D. & F. MAN
INTERNATIONAL INC. SEE 17 CFR 180.1-180.5.

The Customer is advised that if the Customer seeks reparations under Section
14 of the Commodity Exchange Act and Part 12 of the Regulations promulgated
thereunder and the CFTC declines to institute reparations proceedings, the
claims or grievances will be subjected to this Arbitration Agreement and those
aspects of the claims or grievances that are not subject to the reparations
procedure (i.e. do not constitute a violation of the Commodity Exchange Act or
the rules promulgated thereunder) may be required to be submitted to the
arbitration or other dispute settlement procedure set forth in this
Arbitration Agreement.

Each of the undersigned hereby agrees to the terms and conditions as set forth
in this Arbitration Agreement

<TABLE>
<CAPTION>
<S>                       <C>                                 <C>        <C>                       <C>    <C>
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
</TABLE>

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN} IF A CORPORATE
ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING
MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

                                      21
<PAGE>

<TABLE>
<CAPTION>
TRANSFER AUTHORIZATION
------------------------------------------------------------------------------------------------------------------

<S>                                                                 <C>
Instruction to Transfer Account to E. D. & F. Man International Inc.
                                                                    ----------------------------------------------

Account Number(s) at Delivering Broker
                                        -------------------------------------------------------------------------

Delivering Broker
                              -----------------------------------------------------------------------------------
Main Office Address
                              -----------------------------------------------------------------------------------

(I) (We) direct the transfer of the above account(s) to E. D. & F. Man International Inc., subject to its approval
and compliance with the applicable laws. The Delivering Broker shall deliver to E. D. & F. Man International Inc.
all open positions and securities held for the above account(s), pay E. D. & F. Man International Inc. any net
credit balance, and cancel any outstanding open orders. E. D. & F. Man International Inc. shall notify the
Delivering Broker promptly if the transfer is not approved for any reason. If transfer is approved, E. D. & F. Man
International Inc. shall pay the Delivering Broker any net debit balance.

All parties must sign.

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

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

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

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

E. D. & F. Man International Inc. Account Number(s)
                                                    ------------------------------------------------------------
                                                    ------------------------------------------------------------

CUSTOMER NAME
              ------------------------------------------------------------------------------------------------------

ADDRESS
              ------------------------------------------------------------------------------------------------------
              ------------------------------------------------------------------------------------------------------
              ------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

E D & F MAN

INTERNATIONAL INC

TWO WORLD FINANCIAL CENTER, 27TH FLOOR
NEW YORK, NEW YORK 10281-2700

ONE FINANCIAL PLACE, 20TH FLOOR
440 SOUTH LASALLE STREET, CHICAGO, IL  60605

<PAGE>

DISCRETIONARY TRADING AUTHORIZATION/
POWER OF ATTORNEY
------------------------------------------------------------------------------

The undersigned hereby authorizes MAN-AHL (USA) LIMITED as the undersigned's
agent and attorney-in-fact (the "Agent"), with full power and authority to
enter into contracts for the purchase, receipt, sale (including short sale)
and delivery of, whether directly or indirectly through investments in managed
investment products or otherwise, commodity futures contracts, commodities,
options on commodity futures contracts, physical commodities, including
foreign futures and options, forward contracts, securities, equity, debt and
related investments (collectively "Contracts") on margin or otherwise, in one
or more accounts ("Account") with Man Financial Inc and its affiliates (the
"Company").

In all such transactions, as well as management decisions relating to the
Account, the Company is hereby authorized to follow the instructions of the
Agent; the Agent is authorized to act on behalf of the undersigned in the same
manner and with the same force and effect as the undersigned might or could
with respect to such transactions, the making and taking of deliveries and
with respect to all other things necessary or incidental to the furtherance
and/or conduct of the Account.

The Company shall have no liability for following the instructions of the
Agent, and the undersigned shall never attempt to hold the Company liable for
the Agent's actions or inactions. The undersigned understands that the Company
does not, by implication or otherwise, endorse the operating methods of such
Agent. The undersigned hereby releases the Company from any and all liability
to the undersigned or to anyone claiming through the undersigned with respect
to damage, losses or lost profits sustained or alleged to have been sustained
as a result of the Company following the Agent's instructions or for any
matter arising out of the relationship between the Agent and the undersigned
and shall indemnify the Company from any and all losses, damages, liabilities
and expenses, of any kind or nature whatsoever, arising therefrom. The
undersigned agrees to hold the Company harmless and to indemnify it as to any
expense, damage or liability sustained by it with respect to any and all acts
and practices of the Agent and attorney-in-fact regarding this account,
including all losses arising therefrom and debit balance(s) due thereof.

This authorization is a continuing one and shall remain in full force and
effect until revoked by the undersigned, or an authorized person on his
behalf, by written notice given to the Company, Attention: Director of
Compliance. Such revocation shall become effective only upon the actual
receipt thereof by the Company but shall not affect any liability in any way
resulting from transactions initiated prior to its receipt. This authorization
shall inure to the benefit of the Company, its successors and assigns. The
provisions hereof shall be in addition to and in no way shall it limit or
restrict any right which the Company may have under any agreement with the
undersigned.

In addition, the Company is further authorized and directed to deduct from the
undersigned's account and pay the Agent the amount of all management fees,
incentive fees, advisory fees and/or brokerage commissions to be paid to the
Agent upon the Company's receipt of invoices from the Agent. The undersigned
understands that the Agent is solely responsible for the calculation of such
fees and commissions and that the Company has no responsibility or obligation
to determine or verify the amount or accuracy of such fees and commissions. In
addition, the undersigned acknowledges that it is responsible for the
administrative give-up fees incurred in connection with the execution of
orders by various independent floor brokers or executing brokers engaged by
the Agent and the undersigned authorizes the Company to deduct such fees from
the undersigned's account and pay such fees to the appropriate floor brokers
or executing brokers upon receipt of their invoices. The undersigned hereby
agrees to indemnify and hold harmless the Company and its affiliates and
employees from any loss, damage or dispute arising out of or relating to the
calculation and payment of such fees and commissions.

All statements, notices, correspondence and the like generated in this account
shall be sent or given to the Agent at the address shown for this account and
to the undersigned at the address indicated in the Customer's Account
documents, or to such other person or address as the undersigned may hereafter
designate in writing.

The undersigned represents that the undersigned has been provided with a
disclosure document concerning the Agent's advice (if the delivery of such
document is required by law), including any options trading advice or
strategies, which the undersigned has read and understood, or the Agent has
furnished to the undersigned a written statement, receipt of which the
undersigned acknowledges, and which the undersigned has read and understands
and a copy of which has been furnished to the Company, explaining the Agent's
exemption from registration and disclosure document requirements of the United
States Commodity Futures Trading Commission and National Futures Association.

The undersigned understands that there are many strategies that can be used in
trading options, some of which have unlimited risk of loss and could result in
the undersigned sustaining a total loss of all funds in the account and that
the undersigned is liable for any deficit in the account resulting therefrom.
Customer acknowledges that Customer has discussed with the Company and the
Agent the nature and risks of the strategy to be used in connection with
options to be traded for the undersigned's account.

Each of the undersigned hereby agrees to the terms and conditions as set forth
in this Limited Power of Attorney.

<TABLE>
<CAPTION>
<S>                       <C>                                 <C>        <C>                       <C>    <C>
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
</TABLE>

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE
ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING
MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

                                      23
<PAGE>

LETTER OF AUTOMATIC TERMINATION
------------------------------------------------------------------------------

In the event my account(s) with Man Financial Inc are closed for any reason,
Man Financial Inc is authorized to consider this my letter of revocation of
the limited power of attorney required by the rules of the various contract
markets.

Each of the undersigned hereby agrees to the terms and conditions as set forth
in this Letter of Automatic Termination.

<TABLE>
<CAPTION>
<S>                       <C>                                 <C>        <C>                       <C>    <C>
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
Signature of Customer                                         Title                                Date
                          -----------------------------------            -------------------------        ------------
</TABLE>

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE
ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING
MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

                                      24
<PAGE>

<TABLE>
<CAPTION>
<S>                                 <C>
ADVISOR'S AGREEMENT
THIRD PARTY LETTER NFA RULE 2-8(E)
-------------------------------------------------------------------------------------------------------------------

The undersigned ("Advisor"), named _________________ in the ___________________ Discretionary Trading
Authorization/Power of Attorney has _______ the Customer Agreement between Man Financial Inc and
___________________________________________ as Customer and agrees to abide by all the terms and conditions set
forth thereto and further agrees to comply with all applicable laws, rules and regulations.

Please check the applicable statement: Adviser _______________ has not furnished Customer with a disclosure document
in accordance with applicable rules and regulations of the Commodity Futures Trading Commission and the National
Futures Association. If Advisor has provided Customer with a disclosure document, a copy of it must be furnished to
Man Financial Inc. If a disclosure document has not been furnished to Customer, please indicate below the reasons
why.

______       a)   I have provided advice to 15 or fewer persons during the past 12 months and do not hold myself out
                  generally to the public as a CTA.

______       b)   I am a (1) dealer, processor, broker, or seller in cash market transactions or (2) nonprofit,
                  voluntary membership, trade association, or ______ organization, who provides advice on the sale
                  or purchase of commodities, and any trading advice is solely incidental to the conduct of my
                  business.

______       c)   I am registered as an associated person and my advice issued solely in connection with my
                  employment as an associated person.

______       d)   I am a relative of the account holder.  My relationship to the account holder is ________________.

______       e)   I (We) am (are) a foreign-based entity, located outside the United States, and I (we) only solicit
                  non-U.S. persons.

______       f)   I am operating under a 4.7 exception.

If Advisor is a corporation, partnership or other type of association, attached is a list of all individuals of such
corporation, partnership or association who may exercise discretion over the Account:_______________________________

Advisor's Signature                                       Date                     Social Security #
                     -------------------------------            -----------------                   -----------------

Street Address

City                                         State                Zip              Phone Number
      ----------------------------------            -------------      ----------               ----------------------

Current Employer                                                Title
                  -----------------------------------------           ------------------------------------------------
</TABLE>

                                                         25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}]]