Document:

EXHIBIT 10.05

                          FOREIGN EXCHANGE AND OPTIONS
                                MASTER AGREEMENT
                                     (FEOMA)

MASTER AGREEMENT dated as of April 30, 2000 by and between Morgan Stanley & Co.
Incorporated, a Delaware corporation, and Dean Witter Cornerstone Fund II L.P.,
a Delaware Limited Liability Company.

DEFINITIONS

Unless otherwise required by the context, the following terms shall have the
following meanings in the Agreement:

"Agreement" has the meaning given to it in Section 2.2.

"American Style Option" means an Option which may be exercised on any Business
Day up to and including the Expiration Time.

"Base Currency", as to a Party, means the Currency agreed to as such in relation
to it in Part VII of the Schedule.

"Business Day" means for purposes of: (i) Section 3.2, a day which is a Local
Banking Day for the applicable Designated Office of the Buyer; (ii) Section 5.1
and the definition of American Style Option, a day which is a Local Banking Day
for the applicable Designated Office of the Seller; (iii) clauses (i), (viii)
and (xii) of the definition of Event of Default, a day which is a Local Banking
Day for the Non-Defaulting Party; (iv) solely in relation to delivery of a
Currency, a day which is a Local Banking Day in relation to that Currency; and
(v) any other provision of the Agreement, a day which is a Local Banking Day for
the applicable Designated Offices of both Parties; provided, however, that
neither Saturday nor Sunday shall be considered a Business Day for any purpose.

"Buyer" means the owner of an Option.

"Call" means an Option entitling, but not obligating (except upon exercise), the
Buyer to purchase from the Seller at the Strike Price a specified quantity of
the Call Currency.

"Call Currency" means the Currency agreed to as such at the time an Option is
entered into, as evidenced in a Confirmation.

"Close-Out Amount" has the meaning given to it in Section 8.1.

"Close-Out Date" means a day on which, pursuant to the provisions of Section
8.1, the Non-Defaulting Party closes out Currency Obligations and/or Options or
such close-out occurs automatically.

"Closing Gain", as to the Non-Defaulting Party, means the difference described
as such in relation to a particular Value Date under the provisions of Section
8.1.

"Closing Loss", as to the Non-Defaulting Party, means the difference described
as such in relation to a particular Value Date under the provisions of Section
8.1.

"Confirmation" means a writing (including telex, facsimile or other electronic
means from which it is possible to produce a hard copy) evidencing an FX
Transaction or an Option, and specifying:

(A) in the case of an FX Transaction, the following information:

            (i) the Parties thereto and the Designated Offices through which
they are respectively acting,

            (ii) the amounts of the Currencies being bought or sold and by which
Party,

            (iii) the Value Date, and

            (iv) any other term generally included in such a writing in
accordance with the practice of the relevant foreign exchange market; and

(B) in the case of an Option, the following information:

            (i) the Parties thereto and the Designated Offices through which
they are respectively acting,

            (ii) whether the Option is a Call or a Put,

            (iii) the Call Currency and the Put Currency that are the subject of
the Option and their respective quantities,

            (iv) which Party is the Seller and which is the Buyer, (v) the
Strike Price,

            (vi) the Premium and the Premium Payment Date, (

            vii) the Expiration Date,

            (viii) the Expiration Time,

            (ix) whether the Option is an American Style Option or a European
Style Option, and

            (x) such other matters, if any, as the Parties may agree.

"Credit Support" has the meaning given to it in Section 8.2.

"Credit Support Document", as to a Party (the "first Party"), means a guaranty,
hypothecation agreement, margin or security agreement or document, or any other
document containing an obligation of a third party ("Credit Support Provider")
or of the first Party in favor of the other Party supporting any obligations of
the first Party under the Agreement.

"Credit Support Provider" has the meaning given to it in the definition of
Credit Support Document.

"Currency" means money denominated in the lawful currency of any country or the
Ecu.

"Currency Obligation" means any obligation of a Party to deliver a Currency
pursuant to an FX Transaction, the application of Section 6.3(a) or (b), or an
exercised Option (except, for the purposes of Section 8.1 only, one that is to
be settled at its In-the-Money Amount under Section 5.5).

"Currency Pair" means the two Currencies which potentially may be exchanged in
connection with an FX Transaction or upon the exercise of an Option, one of
which shall be the Put Currency and the other the Call Currency.

"Custodian" has the meaning given to it in the definition of Insolvency
Proceeding.

"Defaulting Party" has the meaning given to it in the definition of Event of
Default.

"Designated Office(s)", as to a Party, means the office or offices specified in
Part II of the Schedule.

"Effective Date" means the date of this Master Agreement.

"European Style Option" means an Option for which Notice of Exercise may be
given only on the Option's Expiration Date up to and including the Expiration
Time, unless otherwise agreed.

"Event of Default" means the occurrence of any of the following with respect to
a Party (the "Defaulting Party", the other Party being the "Non-Defaulting
Party"):

(i) the Defaulting Party shall (A) default in any payment when due under the
Agreement (including, but not limited to, a Premium payment) to the
Non-Defaulting Party with respect to any Currency Obligation or Option and such
failure shall continue for two (2) Business Days after the Non-Defaulting Party
has given the Defaulting Party written notice of non-payment, or (B) fail to
perform or comply with any other obligation assumed by it under the Agreement
and such failure is continuing thirty (30) days after the Non-Defaulting Party
has given the Defaulting Party written notice thereof;

(ii) the Defaulting Party shall commence a voluntary Insolvency Proceeding or
shall take any corporate action to authorize any such Insolvency Proceeding;

(iii) a governmental authority or self-regulatory organization having
jurisdiction over either the Defaulting Party or its assets in the country of
its organization or principal office (A) shall commence an Insolvency Proceeding
with respect to the Defaulting Party or its assets or (B) shall take any action
under any bankruptcy, insolvency or other similar law or any banking, insurance
or similar law or regulation governing the operation of the Defaulting Party
which may prevent the Defaulting Party from performing its obligations under the
Agreement as and when due;

(iv) an involuntary Insolvency Proceeding shall be commenced with respect to the
Defaulting Party or its assets by a person other than a governmental authority
or self-regulatory organization having jurisdiction over either the Defaulting
Party or its assets in the country of its organization or principal office and
such Insolvency Proceeding (A) results in the appointment of a Custodian or a
judgment of insolvency or bankruptcy or the entry of an order for winding-up,
liquidation, reorganization or other similar relief, or (B) is not dismissed
within five (5) days of its institution or presentation;

(v) the Defaulting Party is bankrupt or insolvent, as defined under any
bankruptcy or insolvency law applicable to it;

(vi) the Defaulting Party fails, or shall otherwise be unable, to pay its debts
as they become due;

(vii) the Defaulting Party or any Custodian acting on behalf of the Defaulting
Party shall disaffirm, disclaim or repudiate any Currency Obligation or Option;

(viii) any representation or warranty made or given or deemed made or given by
the Defaulting Party pursuant to the Agreement or any Credit Support Document
shall prove to have been false or misleading in any material respect as at the
time it was made or given or deemed made or given and one (1) Business Day has
elapsed after the Non-Defaulting Party has given the Defaulting Party written
notice thereof;

(ix) the Defaulting Party consolidates or amalgamates with or merges into or
transfers all or substantially all its assets to another entity and (A) the
creditworthiness of the resulting, surviving or transferee entity is materially
weaker than that of the Defaulting Party prior to such action, or (B) at the
time of such consolidation, amalgamation, merger or transfer the resulting,
surviving or transferee entity fails to assume all the obligations of the
Defaulting Party under the Agreement by operation of law or pursuant to an
agreement satisfactory to the Non-Defaulting Party;

(x) by reason of any default, or event of default or other similar condition or
event, any Specified Indebtedness (being Specified Indebtedness of an amount
which, when expressed in the Currency of the Threshold Amount, is in aggregate
equal to or in excess of the Threshold Amount) of the Defaulting Party or any
Credit Support Provider in relation to it: (A) is not paid on the due date
therefor and remains unpaid after any applicable grace period has elapsed, or
(B) becomes, or becomes capable at any time of being declared, due and payable
under agreements or instruments evidencing such Specified Indebtedness before it
would otherwise have been due and payable;

(xi) the Defaulting Party is in breach of or default under any Specified
Transaction and any applicable grace period has elapsed, and there occurs any
liquidation or early termination of, or acceleration of obligations under, that
Specified Transaction or the Defaulting Party (or any Custodian on its behalf)
disaffirms, disclaims or repudiates the whole or any part of a Specified
Transaction;

(xii) (A) any Credit Support Provider of the Defaulting Party or the Defaulting
Party itself fails to comply with or perform any agreement or obligation to be
complied with or performed by it in accordance with the applicable Credit
Support Document and such failure is continuing after any applicable grace
period has elapsed; (B) any Credit Support Document relating to the Defaulting
Party expires or ceases to be in full force and effect prior to the satisfaction
of all obligations of the Defaulting Party under the Agreement, unless otherwise
agreed in writing by the Non-Defaulting Party; (C) the Defaulting Party or any
Credit Support Provider of the Defaulting Party (or, in either case, any
Custodian acting on its behalf) disaffirms, disclaims or repudiates, in whole or
in part, or challenges the validity of, any Credit Support Document; (D) any
representation or warranty made or given or deemed made or given by any Credit
Support Provider of the Defaulting Party pursuant to any Credit Support Document
shall prove to have been false or misleading in any material respect as at the
time it was made or given or deemed made or given and one (1) Business Day has
elapsed after the Non-Defaulting Party has given the Defaulting Party written
notice thereof; or (E) any event set out in (ii) to (vii) or (ix) to (xi) above
occurs in respect of any Credit Support Provider of the Defaulting Party; or

(xiii) any other condition or event specified in Part IX of the Schedule or in
Section 11.14 if made applicable to the Agreement in Part XI of the Schedule.

"Exercise Date", in respect of any Option, means the day on which a Notice of
Exercise received by the applicable Designated Office of the Seller becomes
effective pursuant to Section 5.1.

"Expiration Date", in respect of any Option, means the date agreed to as such at
the time the Option is entered into, as evidenced in a Confirmation.

"Expiration Time", in respect of any Option, means the latest time on the
Expiration Date on which the Seller must accept a Notice of Exercise as agreed
to at the time the Option is entered into, as evidenced in a Confirmation.

"FX Transaction" means any transaction between the Parties for the purchase by
one Party of an agreed amount in one Currency against the sale by it to the
other of an agreed amount in another Currency, both such amounts either being
deliverable on the same Value Date or, if the Parties have so agreed in Part VI
of the Schedule, being cash-settled in a single Currency, which is or shall
become subject to the Agreement and in respect of which transaction the Parties
have agreed (whether orally, electronically or in writing): the Currencies
involved, the amounts of such Currencies to be purchased and sold, which Party
will purchase which Currency and the Value Date.

"In-the-Money Amount" means (i) in the case of a Call, the excess of the Spot
Price over the Strike Price, multiplied by the aggregate amount of the Call
Currency to be purchased under the Call, where both prices are quoted in terms
of the amount of the Put Currency to be paid for one unit of the Call Currency;
and (ii) in the case of a Put, the excess of the Strike Price over the Spot
Price, multiplied by the aggregate amount of the Put Currency to be sold under
the Put, where both prices are quoted in terms of the amount of the Call
Currency to be paid for one unit of the Put Currency.

"Insolvency Proceeding" means a case or proceeding seeking a judgment of or
arrangement for insolvency, bankruptcy, composition, rehabilitation,
reorganization, administration, winding-up, liquidation or other similar relief
with respect to the Defaulting Party or its debts or assets, or seeking the
appointment of a trustee, receiver, liquidator, conservator, administrator,
custodian or other similar official (each, a "Custodian") of the Defaulting
Party or any substantial part of its assets, under any bankruptcy, insolvency or
other similar law or any banking, insurance or similar law governing the
operation of the Defaulting Party.

"LIBOR", with respect to any Currency and date, means the average rate at which
deposits in the Currency for the relevant amount and time period are offered by
major banks in the London interbank market as of 11:00 a.m. (London time) on
such date, or, if major banks do not offer deposits in such Currency in the
London interbank market on such date, the average rate at which deposits in the
Currency for the relevant amount and time period are offered by major banks in
the relevant foreign exchange market at such time on such date as may be
determined by the Party making the determination.

"Local Banking Day" means (i) for any Currency, a day on which commercial banks
effect deliveries of that Currency in accordance with the market practice of the
relevant foreign exchange market, and (ii) for any Party, a day in the location
of the applicable Designated Office of such Party on which commercial banks in
that location are not authorized or required by law to close.

"Master Agreement" means the terms and conditions set forth in this Master
Agreement, including the Schedule.

"Matched Pair Novation Netting Office(s)", in respect of a Party, means the
Designated Office(s) specified in Part V of the Schedule.

"Non-Defaulting Party" has the meaning given to it in the definition of Event of
Default.

"Notice of Exercise" means telex, telephonic or other electronic notification
(excluding facsimile transmission) providing assurance of receipt, given by the
Buyer prior to or at the Expiration Time, of the exercise of an Option, which
notification shall be irrevocable.

"Novation Netting Office(s)", in respect of a Party, means the Designated
Office(s) specified in Part V of the Schedule.

"Option" means a currency option which is or shall become subject to the
Agreement.

"Parties" means the parties to the Agreement, including their successors and
permitted assigns (but without prejudice to the application of clause (ix) of
the definition of Event of Default); and the term "Party" shall mean whichever
of the Parties is appropriate in the context in which such expression may be
used.

"Premium", in respect of any Option, means the purchase price of the Option as
agreed upon by the Parties, and payable by the Buyer to the Seller thereof.

"Premium Payment Date", in respect of any Option, means the date on which the
Premium is due and payable, as agreed to at the time the Option is entered into,
as evidenced in a Confirmation. "Proceedings" means any suit, action or other
proceedings relating to the Agreement, any FX Transaction or any Option.

"Put" means an Option entitling, but not obligating (except upon exercise), the
Buyer to sell to the Seller at the Strike Price a specified quantity of the Put
Currency.

"Put Currency" means the Currency agreed to as such at the time an Option is
entered into, as evidenced in a Confirmation.

"Schedule" means the Schedule attached to and part of this Master Agreement, as
it may be amended from time to time by agreement of the Parties.

"Seller" means the Party granting an Option.

"Settlement Date" means, in respect of: (i) an American Style Option, the Spot
Date of the Currency Pair on the Exercise Date of such Option, and (ii) a
European Style Option, the Spot Date of the Currency Pair on the Expiration Date
of such Option; and, where market practice in the relevant foreign exchange
market in relation to the two Currencies involved provides for delivery of one
Currency on one date which is a Local Banking Day in relation to that Currency
but not to the other Currency and for delivery of the other Currency on the next
Local Banking Day in relation to that other Currency, "Settlement Date" means
such two (2) Local Banking Days.

"Settlement Netting Office(s)", in respect of a Party, means the Designated
Office(s) specified in Part V of the Schedule.

"Specified Indebtedness" means any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of
borrowed money, other than in respect of deposits received.

"Specified Transaction" means any transaction (including an agreement with
respect thereto) between one Party to the Agreement (or any Credit Support
Provider of such Party) and the other Party to the Agreement (or any Credit
Support Provider of such Party) which is a rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity
linked swap, equity or equity index option, bond option, interest rate option,
foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with
respect to any of these transactions) or any combination of any of the
foregoing.

"Spot Date" means the spot delivery day for the relevant Currency Pair as
generally used by the relevant foreign exchange market.

"Spot Price" means the rate of exchange at the time at which such price is to be
determined for foreign exchange transactions in the relevant Currency Pair for
value on the Spot Date, as determined in good faith: (i) by the Seller, for
purposes of Section 5, and (ii) by the Non-Defaulting Party, for purposes of
Section 8.

"Strike Price", in respect of any Option, means the price at which the Currency
Pair may be exchanged, as agreed to at the time the Option is entered into, as
evidenced in a Confirmation.

"Threshold Amount" means the amount specified as such for each Party in Part
VIII of the Schedule.

"Value Date" means, with respect to any FX Transaction, the Business Day (or
where market practice in the relevant foreign exchange market in relation to the
two Currencies involved provides for delivery of one Currency on one date which
is a Local Banking Day in relation to that Currency but not to the other
Currency and for delivery of the other Currency on the next Local Banking Day in
relation to that other Currency ("Split Settlement") the two (2) Local Banking
Days in accordance with that market practice) agreed by the Parties for delivery
of the Currencies to be purchased and sold pursuant to such FX Transaction, and,
with respect to any Currency Obligation, the Business Day (or, in the case of
Split Settlement, Local Banking Day) upon which the obligation to deliver
Currency pursuant to such Currency Obligation is to be performed.

FX TRANSACTIONS AND OPTIONS

Scope of the Agreement. The Parties (through their respective Designated
Offices) may enter into (i) FX Transactions, for such quantities of such
Currencies, as may be agreed subject to the terms of the Agreement, and (ii)
Options, for such Premiums, with such Expiration Dates, at such Strike Prices
and for the purchase or sale of such quantities of such Currencies, as may be
agreed subject to the terms of the Agreement; provided that neither Party shall
be required to enter into any FX Transaction or Option with the other Party
(other than in connection with an exercised Option). Unless otherwise agreed in
writing by the Parties, each FX Transaction and Option entered into between
Designated Offices of the Parties on or after the Effective Date shall be
governed by the Agreement. Each FX Transaction and Option between any two
Designated Offices of the Parties outstanding on the Effective Date which is
identified in Part I of the Schedule shall also be governed by the Agreement.

Single Agreement. This Master Agreement, the terms agreed between the Parties
with respect to each FX Transaction and Option (and, to the extent recorded in a
Confirmation, each such Confirmation), and all amendments to any of such items
shall together form the agreement between the Parties (the "Agreement") and
shall together constitute a single agreement between the Parties. The Parties
acknowledge that all FX Transactions and Options are entered into in reliance
upon such fact, it being understood that the Parties would not otherwise enter
into any FX Transaction or Option.

Confirmations. FX Transactions and Options shall be promptly confirmed by the
Parties by Confirmations exchanged by mail, telex, facsimile or other electronic
means from which it is possible to produce a hard copy. The failure by a Party
to issue a Confirmation shall not prejudice or invalidate the terms of any FX
Transaction or Option.

Inconsistencies. In the event of any inconsistency between the provisions of the
Schedule and the other provisions of the Agreement, the Schedule will prevail.
In the event of any inconsistency between the terms of a Confirmation and the
other provisions of the Agreement, (i) in the case of an FX Transaction, the
other provisions of the Agreement shall prevail, and the Confirmation shall not
modify the other terms of the Agreement and (ii) in the case of an Option, the
terms of the Confirmation shall prevail, and the other terms of the Agreement
shall be deemed modified with respect to such Option, except for the manner of
confirmation under Section 2.3 and, if applicable, discharge of Options under
Section 4.

OPTION PREMIUM

Payment of Premium. Unless otherwise agreed in writing by the Parties, the Buyer
shall be obligated to pay the Premium related to an Option no later than its
Premium Payment Date.

Late Payment or Non-Payment of Premium. If any Premium is not received on or
before the Premium Payment Date, the Seller may elect: (i) to accept a late
payment of such Premium; (ii) to give written notice of such non-payment and, if
such payment shall not be received within two (2) Business Days of such notice,
treat the related Option as void; or (iii) to give written notice of such
non-payment and, if such payment shall not be received within two (2) Business
Days of such notice, treat such non-payment as an Event of Default under clause
(i) of the definition of Event of Default. If the Seller elects to act under
either clause (i) or (ii) of the preceding sentence, the Buyer shall pay all
out-of-pocket costs and actual damages incurred in connection with such unpaid
or late Premium or void Option, including, without limitation, interest on such
Premium from and including the Premium Payment Date to but excluding the late
payment date in the same Currency as such Premium at overnight LIBOR and any
other losses, costs or expenses incurred by the Seller in connection with such
terminated Option, for the loss of its bargain, its cost of funding, or the loss
incurred as a result of terminating, liquidating, obtaining or re-establishing a
delta hedge or related trading position with respect to such Option.

DISCHARGE AND TERMINATION OF OPTIONS; NETTING OF OPTION PREMIUMS

Discharge and Termination. If agreed in Part V of the Schedule, any Call or any
Put written by a Party will automatically be discharged and terminated, in whole
or in part, as applicable, against a Call or a Put, respectively, written by the
other Party, such discharge and termination to occur automatically upon the
payment in full of the last Premium payable in respect of such Options; provided
that such discharge and termination may only occur in respect of Options:

each being with respect to the same Put Currency and the same Call Currency;

each having the same Expiration Date and Expiration Time;

each being of the same style, i.e. either both being American Style Options or
both being European Style Options;

each having the same Strike Price; each being transacted by the same pair of
Designated Offices of Buyer and Seller; and

neither of which shall have been exercised by delivery of a Notice of Exercise;

and, upon the occurrence of such discharge and termination, neither Party shall
have any further obligation to the other Party in respect of the relevant
Options or, as the case may be, parts thereof so discharged and terminated. Such
discharge and termination shall be effective notwithstanding that either Party
may fail to record such discharge and termination in its books. In the case of a
partial discharge and termination (i.e., where the relevant Options are for
different amounts of the Currency Pair), the remaining portion of the Option
which is partially discharged and terminated shall continue to be an Option for
all purposes of the Agreement, including this Section 4.1.

Netting of Option Premiums. If agreed in Part V of the Schedule and if, on any
date, Premiums would otherwise be payable under the Agreement in the same
Currency between the same respective Designated Offices of the Parties, then, on
such date, each Party's obligation to make payment of any such Premium will be
automatically satisfied and discharged and, if the aggregate Premium(s) that
would otherwise have been payable by such Designated Office of one Party exceeds
the aggregate Premium(s) that would otherwise have been payable by such
Designated Office of the other Party, replaced by an obligation upon the Party
by whom the larger aggregate Premium(s) would have been payable to pay the other
Party the excess of the larger aggregate Premium(s) over the smaller aggregate
Premium(s) and, if the aggregate Premiums are equal, no payment shall be made.

EXERCISE AND SETTLEMENT OF OPTIONS

Exercise of Options. The Buyer may exercise an Option by delivery to the Seller
of a Notice of Exercise. Subject to Section 5.3, if a Notice of Exercise with
respect to an Option has not been received by the Seller prior to or at the
Expiration Time, the Option shall expire and become void and of no effect. Any
Notice of Exercise shall (unless otherwise agreed):

in respect of an American Style Option, (A) if received at or prior to 3:00 p.m.
on a Business Day, be effective upon receipt thereof by the Seller, and (B) if
received after 3:00 p.m. on a Business Day, be effective only as of the opening
of business of the Seller on the first Business Day subsequent to its receipt;
and

in respect of a European Style Option, if received on or, if the parties have so
agreed, before the Expiration Date, prior to or at the Expiration Time, be
effective upon receipt thereof by the Seller.

No Partial Exercise. Unless otherwise agreed by the Parties, an Option may be
exercised only in whole.

Automatic Exercise. Unless otherwise agreed in Part VI of the Schedule or unless
the Seller is otherwise instructed by the Buyer, if an Option has an
In-the-Money Amount at its Expiration Time that equals or exceeds the product of
(x) 1% of the Strike Price (or such other percentage or amount as may have been
agreed by the Parties) and (y) the amount of the Call Currency or Put Currency,
as appropriate, then the Option shall be deemed automatically exercised. In such
case, the Seller may elect to settle such Option either in accordance with
Section 5.4 or by payment to the Buyer on the Settlement Date for such Option of
the In-the-Money Amount, as determined at the Expiration Time or as soon
thereafter as practicable. In the latter case, the sole obligations of the
Parties with respect to settlement of such Option shall be to deliver or receive
the In-the-Money Amount of such Option on the Settlement Date. The Seller shall
notify the Buyer of its election of the method of settlement of an automatically
exercised Option as soon as practicable after the Expiration Time.

Settlement of Exercised Options. An exercised Option shall settle on its
Settlement Date. Subject to Section 5.3 and 5.5, on the Settlement Date, the
Buyer shall pay the Put Currency to the Seller for value on the Settlement Date
and the Seller shall pay the Call Currency to the Buyer for value on the
Settlement Date. An exercised Option shall be treated as an FX Transaction and a
Currency Obligation (except, for the purposes of Section 8.1 only, if it is to
be settled at its In-the-Money Amount), and for this purpose the relevant
Settlement Date shall be treated as the Value Date of the FX Transaction.

Settlement at In-the-Money Amount. An Option shall be settled at its
In-the-Money Amount if so agreed by the Parties at the time such Option is
entered into. In such case, the In-the-Money Amount shall be determined based
upon the Spot Price at the time of exercise or as soon thereafter as
practicable. The sole obligations of the Parties with respect to settlement of
such Option shall be to deliver or receive the In-the-Money Amount of such
Option on the Settlement Date.

SETTLEMENT AND NETTING OF FX TRANSACTIONS

Settlement of FX Transactions. Subject to Sections 6.2 and 6.3, each Party shall
deliver to the other Party the amount of the Currency to be delivered by it
under each Currency Obligation on the Value Date for such Currency Obligation.

Settlement Netting. If, on any date, more than one delivery of a particular
Currency under Currency Obligations is to be made between a pair of Settlement
Netting Offices, then each Party shall aggregate the amounts of such Currency
deliverable by it and only the difference between these aggregate amounts shall
be delivered by the Party owing the larger aggregate amount to the other Party,
and, if the aggregate amounts are equal, no delivery of the Currency shall be
made.

Novation Netting. (e) By Currency. If the Parties enter into an FX Transaction
through a pair of Novation Netting Offices giving rise to a Currency Obligation
for the same Value Date and in the same Currency as a then existing Currency
Obligation between the same pair of Novation Netting Offices, then immediately
upon entering into such FX Transaction, each such Currency Obligation shall
automatically and without further action be individually canceled and
simultaneously replaced by a new Currency Obligation for such Value Date
determined as follows: the amounts of such Currency that would otherwise have
been deliverable by each Party on such Value Date shall be aggregated and the
Party with the larger aggregate amount shall have a new Currency Obligation to
deliver to the other Party the amount of such Currency by which its aggregate
amount exceeds the other Party's aggregate amount, provided that if the
aggregate amounts are equal, no new Currency Obligation shall arise. This
Section 6.3 shall not affect any other Currency Obligation of a Party to deliver
any different Currency on the same Value Date.

By Matched Pair. If the Parties enter into an FX Transaction between a pair of
Matched Pair Novation Netting Offices then the provisions of Section 6.3(a)
shall apply only in respect of Currency Obligations arising by virtue of FX
Transactions entered into between such pair of Matched Pair Novation Netting
Offices and involving the same pair of Currencies and the same Value Date.

General. (f) Inapplicability of Sections 6.2 and 6.3. The provisions of Sections
6.2 and 6.3 shall not apply if a Close-Out Date has occurred or a voluntary or
involuntary Insolvency Proceeding or action of the kind described in clause
(ii), (iii) or (iv) of the definition of Event of Default has occurred without
being dismissed in relation to either Party.

Failure to Record. The provisions of Section 6.3 shall apply notwithstanding
that either Party may fail to record the new Currency Obligation in its books.

Cut-off Date and Time. The provisions of Section 6.3 are subject to any cut-off
date and cut-off time agreed between the applicable Novation Netting Offices and
Matched Pair Novation Netting Offices of the Parties.

REPRESENTATIONS, WARRANTIES AND COVENANTS

Representations and Warranties. Each Party represents and warrants to the other
Party as of the Effective Date and as of the date of each FX Transaction and
each Option that: (i) it has authority to enter into the Agreement (including
such FX Transaction or Option, as the case may be); (ii) the persons entering
into the Agreement (including such FX Transaction or Option, as the case may be)
on its behalf have been duly authorized to do so; (iii) the Agreement (including
such FX Transaction or Option, as the case may be) is binding upon it and
enforceable against it in accordance with its terms (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting
creditors' rights generally and applicable principles of equity) and does not
and will not violate the terms of any agreements to which such Party is bound;
(iv) no Event of Default, or event which, with notice or lapse of time or both,
would constitute an Event of Default, has occurred and is continuing with
respect to it; (v) it acts as principal in entering into each FX Transaction and
Option and exercising each and every Option; and (vi) if the Parties have so
specified in Part XV of the Schedule, it makes the representations and
warranties set forth in such Part XV.

Covenants. Each Party covenants to the other Party that: (i) it will at all
times obtain and comply with the terms of and do all that is necessary to
maintain in full force and effect all authorizations, approvals, licenses and
consents required to enable it lawfully to perform its obligations under the
Agreement; (ii) it will promptly notify the other Party of the occurrence of any
Event of Default with respect to itself or any Credit Support Provider in
relation to it; and (iii) if the Parties have set forth additional covenants in
Part XVI of the Schedule, it makes the covenants set forth in such Part XVI.

CLOSE-OUT AND LIQUIDATION

Manner of Close-Out and Liquidation. (G) Close-Out. If an Event of Default has
occurred and is continuing, then the Non-Defaulting Party shall have the right
to close out all, but not less than all, outstanding Currency Obligations
(including any Currency Obligation which has not been performed and in respect
of which the Value Date is on or precedes the Close-Out Date) and Options,
except to the extent that in the good faith opinion of the Non-Defaulting Party
certain of such Currency Obligations or Options may not be closed out under
applicable law. Such close-out shall be effective upon receipt by the Defaulting
Party of notice that the Non-Defaulting Party is terminating such Currency
Obligations and Options. Notwithstanding the foregoing, unless otherwise agreed
by the Parties in Part X of the Schedule, in the case of an Event of Default in
clause (ii), (iii) or (iv) of the definition thereof with respect to a Party
and, if agreed by the Parties in Part IX of the Schedule, in the case of any
other Event of Default specified and so agreed in Part IX with respect to a
Party, close-out shall be automatic as to all outstanding Currency Obligations
and Options, as of the time immediately preceding the institution of the
relevant Insolvency Proceeding or action. The Non-Defaulting Party shall have
the right to liquidate such closed-out Currency Obligations and Options as
provided below.

Liquidation of Currency Obligations. Liquidation of Currency Obligations
terminated by close-out shall be effected as follows:

Calculating Closing Gain or Loss. The Non-Defaulting Party shall calculate in
good faith, with respect to each such terminated Currency Obligation, except to
the extent that in the good faith opinion of the Non-Defaulting Party certain of
such Currency Obligations may not be liquidated as provided herein under
applicable law, as of the Close-Out Date or as soon thereafter as reasonably
practicable, the Closing Gain, or, as appropriate, the Closing Loss, as follows:

for each Currency Obligation calculate a "Close-Out Amount" as follows

in the case of a Currency Obligation whose Value Date is the same as or is later
than the Close-Out Date, the amount of such Currency Obligation; or

in the case of a Currency Obligation whose Value Date precedes the Close-Out
Date, the amount of such Currency Obligation increased, to the extent permitted
by applicable law, by adding interest thereto from and including the Value Date
to but excluding the Close-Out Date at overnight LIBOR; and

for each such amount in a Currency other than the Non-Defaulting Party's Base
Currency, convert such amount into the Non-Defaulting Party's Base Currency at
the rate of exchange at which, at the time of the calculation, the
Non-Defaulting Party can buy such Base Currency with or against the Currency of
the relevant Currency Obligation for delivery (x) if the Value Date of such
Currency Obligation is on or after the Spot Date as of such time of calculation
for the Base Currency, on the Value Date of that Currency Obligation or (y) if
such Value Date precedes such Spot Date, for delivery on such Spot Date (or, in
either case, if such rate of exchange is not available, conversion shall be
accomplished by the Non-Defaulting Party using any commercially reasonable
method); and

determine in relation to each Value Date: (1) the sum of all Close-Out Amounts
relating to Currency Obligations under which the Non-Defaulting Party would
otherwise have been entitled to receive the relevant amount on that Value Date;
and (2) the sum of all Close-Out Amounts relating to Currency Obligations under
which the Non-Defaulting Party would otherwise have been obliged to deliver the
relevant amount to the Defaulting Party on that Value Date; and

if the sum determined under (B)(1) is greater than the sum determined under
(B)(2), the difference shall be the Closing Gain for such Value Date; if the sum
determined under (B)(1) is less than the sum determined under (B)(2), the
difference shall be the Closing Loss for such Value Date.

Determining Present Value. To the extent permitted by applicable law, the
Non-Defaulting Party shall adjust the Closing Gain or Closing Loss for each
Value Date falling after the Close-Out Date to present value by discounting the
Closing Gain or Closing Loss from and including the Value Date to but excluding
the Close-Out Date, at LIBOR with respect to the Non-Defaulting Party's Base
Currency as at the Close-Out Date or at such other rate as may be prescribed by
applicable law.

Netting. The Non-Defaulting Party shall aggregate the following amounts so that
all such amounts are netted into a single liquidated amount payable to or by the
Non-Defaulting Party: (x) the sum of the Closing Gains for all Value Dates
(discounted to present value, where appropriate, in accordance with the
provisions of Section 8.1(b)(ii)) (which for the purposes of the aggregation
shall be a positive figure); and (y) the sum of the Closing Losses for all Value
Dates (discounted to present value, where appropriate, in accordance with the
provisions of Section 8.1(b)(ii)) (which for the purposes of the aggregation
shall be a negative figure).

Liquidation of Options. To liquidate unexercised Options and exercised Options
to be settled at their In-the-Money Amounts that have been terminated by
close-out, the Non-Defaulting Party shall:

Calculating Settlement Amount. Calculate in good faith with respect to each such
terminated Option, except to the extent that in the good faith opinion of the
Non-Defaulting Party certain of such Options may not be liquidated as provided
herein under applicable law, as of the Close-Out Date or as soon as reasonably
practicable thereafter a settlement amount for each Party equal to the aggregate
of:

with respect to each Option purchased by such Party, and which the other Party
has not elected to treat as void pursuant to Section 3.2(ii) for lack of payment
of the Premium, the current market premium for such Option;

with respect to each Option sold by such Party and which such Party has not
elected to treat as void pursuant to Section 3.2(ii) for lack of payment of the
Premium, any unpaid Premium, provided that, if the Close-Out Date occurs before
the Premium Payment Date, such amount shall be discounted from and including the
Premium Payment Date to but excluding the Close-Out Date at a rate equal to
LIBOR on the Close-Out Date and, if the Close-Out Date occurs after the Premium
Payment Date, to the extent permitted by applicable law, the settlement amount
shall include interest on any unpaid Premium from and including the Premium
Payment Date to but excluding the Close-Out Date in the same Currency as such
Premium at overnight LIBOR;

with respect to any exercised Option to be settled at its In-the-Money Amount
(whether or not the Close-Out Date occurs before the Settlement Date for such
Option), any unpaid amount due to such Party in settlement of such Option and,
if the Close-Out Date occurs after the Settlement Date for such Option, to the
extent permitted by applicable law, interest thereon from and including the
applicable Settlement Date to but excluding the Close-Out Date at overnight
LIBOR; and

without duplication, the amount that the Non-Defaulting Party reasonably
determines in good faith, as of the Close-Out Date or as of the earliest date
thereafter that is reasonably practicable, to be its additional losses, costs
and expenses in connection with such terminated Option, for the loss of its
bargain, its cost of funding, or the loss incurred as a result of terminating,
liquidating, obtaining or re-establishing a delta hedge or related trading
position with respect to such Option;

Converting to Base Currency. Convert any settlement amount calculated in
accordance with clause (i) above in a Currency other than the Non-Defaulting
Party's Base Currency into such Base Currency at the Spot Price at which, at the
time of the calculation, the Non-Defaulting Party could enter into a contract in
the foreign exchange market to buy the Non-Defaulting Party's Base Currency in
exchange for such Currency (or, if such Spot Price is not available, conversion
shall be accomplished by the Non-Defaulting Party using any commercially
reasonable method); and

Netting. Net such settlement amounts with respect to each Party so that all such
amounts are netted to a single liquidated amount payable by one Party to the
other Party.

Final Netting. The Non-Defaulting Party shall net (or, if both are payable by
one Party, add) the liquidated amounts payable under Sections 8.1(b) and 8.1(c)
with respect to each Party so that such amounts are netted (or added) to a
single liquidated amount payable by one Party to the other Party as a settlement
payment.

Set-Off Against Credit Support. Where close-out and liquidation occurs in
accordance with Section 8.1, the Non-Defaulting Party shall also be entitled (i)
to set off the net payment calculated in accordance with Section 8.1(d) which
the Non-Defaulting Party owes to the Defaulting Party, if any, against any
credit support or other collateral ("Credit Support") held by the Defaulting
Party pursuant to a Credit Support Document or otherwise (including the
liquidated value of any non-cash Credit Support) in respect of the
Non-Defaulting Party's obligations under the Agreement or (ii) to set off the
net payment calculated in accordance with Section 8.1(d) which the Defaulting
Party owes to the Non-Defaulting Party, if any, against any Credit Support held
by the Non-Defaulting Party (including the liquidated value of any non-cash
Credit Support) in respect of the Defaulting Party's obligations under the
Agreement; provided that, for purposes of either such set-off, any Credit
Support denominated in a Currency other than the Non-Defaulting Party's Base
Currency shall be converted into such Base Currency at the rate specified in
Section 8.1(c)(ii).

Other Foreign Exchange Transactions and Currency Options. Where close-out and
liquidation occurs in accordance with Section 8.1, the Non-Defaulting Party
shall also be entitled to close-out and liquidate, to the extent permitted by
applicable law, any other foreign exchange transaction or currency option
entered into between the Parties which is then outstanding in accordance with
the provisions of Section 8.1, with each obligation of a Party to deliver a
Currency under such a foreign exchange transaction being treated as if it were a
Currency Obligation (including exercised options, provided that cash-settled
options shall be treated analogously to Options to be settled at their
In-the-Money Amount) and each unexercised option being treated as if it were an
Option under the Agreement.

Payment and Late Interest. The net amount payable by one Party to the other
Party pursuant to the provisions of Sections 8.1 and 8.3 above shall be paid by
the close of business on the Business Day following the receipt by the
Defaulting Party of notice of the Non-Defaulting Party's settlement calculation,
with interest at overnight LIBOR from and including the Close-Out Date to but
excluding such Business Day (and converted as required by applicable law into
any other Currency, any costs of conversion to be borne by, and deducted from
any payment to, the Defaulting Party). To the extent permitted by applicable
law, any amounts owed but not paid when due under this Section 8 shall bear
interest at overnight LIBOR (or, if conversion is required by applicable law
into some other Currency, either overnight LIBOR with respect to such other
Currency or such other rate as may be prescribed by such applicable law) for
each day for which such amount remains unpaid. Any addition of interest or
discounting required under this Section 8 shall be calculated on the basis of a
year of such number of days as is customary for transactions involving the
relevant Currency in the relevant foreign exchange market.

Suspension of Obligations. Without prejudice to the foregoing, so long as a
Party shall be in default in payment or performance to the other Party under the
Agreement and the other Party has not exercised its rights under this Section 8,
or, if "Adequate Assurances" is specified as applying to the Agreement in Part
XI of the Schedule, during the pendency of a reasonable request to a Party for
adequate assurances of its ability to perform its obligations under the
Agreement, the other Party may, at its election and without penalty, suspend its
obligation to perform under the Agreement.

Expenses. The Defaulting Party shall reimburse the Non-Defaulting Party in
respect of all out-of-pocket expenses incurred by the Non-Defaulting Party
(including fees and disbursements of counsel, including attorneys who may be
employees of the Non-Defaulting Party) in connection with any reasonable
collection or other enforcement proceedings related to the payments required
under the Agreement.

Reasonable Pre-Estimate. The Parties agree that the amounts recoverable under
this Section 8 are a reasonable pre-estimate of loss and not a penalty. Such
amounts are payable for the loss of bargain and the loss of protection against
future risks and, except as otherwise provided in the Agreement, neither Party
will be entitled to recover any additional damages as a consequence of such
losses.

No Limitation of Other Rights; Set-Off. The Non-Defaulting Party's rights under
this Section 8 shall be in addition to, and not in limitation or exclusion of,
any other rights which the Non-Defaulting Party may have (whether by agreement,
operation of law or otherwise), and, to the extent not prohibited by law, the
Non-Defaulting Party shall have a general right of set-off with respect to all
amounts owed by each Party to the other Party, whether due and payable or not
due and payable (provided that any amount not due and payable at the time of
such set-off shall, if appropriate, be discounted to present value in a
commercially reasonable manner by the Non-Defaulting Party). The Non-Defaulting
Party's rights under this Section 8.8 are subject to Section 8.7.

FORCE MAJEURE, ACT OF STATE, ILLEGALITY AND IMPOSSIBILITY

Force Majeure, Act of State, Illegality and Impossibility. If either Party is
prevented from or hindered or delayed by reason of force majeure or act of state
in the delivery or receipt of any Currency in respect of a Currency Obligation
or Option or if it becomes or, in the good faith judgment of one of the Parties,
may become unlawful or impossible for either Party to make or receive any
payment in respect of a Currency Obligation or Option, then the Party for whom
such performance has been prevented, hindered or delayed or has become illegal
or impossible shall promptly give notice thereof to the other Party and either
Party may, by notice to the other Party, require the close-out and liquidation
of each affected Currency Obligation and Option in accordance with the
provisions of Section 8.1 and, for such purposes, the Party unaffected by such
force majeure, act of state, illegality or impossibility (or, if both Parties
are so affected, whichever Party gave the relevant notice) shall perform the
calculation required under Section 8.1 as if it were the Non-Defaulting Party.
Nothing in this Section 9.1 shall be taken as indicating that the Party treated
as the Defaulting Party for the purpose of calculations required by Section 8.1
has committed any breach or default.

Transfer to Avoid Force Majeure, Act of State, Illegality or Impossibility. If
Section 9.1 becomes applicable, unless prohibited by law, the Party which has
been prevented, hindered or delayed from performing shall, as a condition to its
right to designate a close-out and liquidation of any affected Currency
Obligation or Option, use all reasonable efforts (which will not require such
Party to incur a loss, excluding immaterial, incidental expenses) to transfer as
soon as practicable, and in any event before the earlier to occur of the
expiration date of the affected Options or twenty (20) days after it gives
notice under Section 9.1, all its rights and obligations under the Agreement in
respect of the affected Currency Obligations and Options to another of its
Designated Offices so that such force majeure, act of state, illegality or
impossibility ceases to exist. Any such transfer will be subject to the prior
written consent of the other Party, which consent will not be withheld if such
other Party's policies in effect at such time would permit it to enter into
transactions with the transferee Designated Office on the terms proposed, unless
such transfer would cause the other Party to incur a material tax or other cost.

PARTIES TO RELY ON THEIR OWN EXPERTISE

Each Party will be deemed to represent to the other Party on the date on which
it enters into an FX Transaction or Option that (absent a written agreement
between the Parties that expressly imposes affirmative obligations to the
contrary for that FX Transaction or Option): (i)(A) it is acting for its own
account, and it has made its own independent decisions to enter into that FX
Transaction or Option and as to whether that FX Transaction or Option is
appropriate or proper for it based upon its own judgment and upon advice from
such advisors as it has deemed necessary; (B) it is not relying on any
communication (written or oral) of the other Party as investment advice or as a
recommendation to enter into that FX Transaction or Option, it being understood
that information and explanations related to the terms and conditions of an FX
Transaction or Option shall not be considered investment advice or a
recommendation to enter into that FX Transaction or Option; and (C) it has not
received from the other Party any assurance or guarantee as to the expected
results of that FX Transaction or Option; (ii) it is capable of evaluating and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that FX
Transaction or Option; and (iii) the other Party is not acting as a fiduciary or
an advisor for it in respect of that FX Transaction or Option.

MISCELLANEOUS

Currency Indemnity. The receipt or recovery by either Party (the "first Party")
of any amount in respect of an obligation of the other Party (the "second
Party") in a Currency other than that in which such amount was due, whether
pursuant to a judgment of any court or pursuant to Section 8 or 9, shall
discharge such obligation only to the extent that, on the first day on which the
first Party is open for business immediately following such receipt or recovery,
the first Party shall be able, in accordance with normal banking practice, to
purchase the Currency in which such amount was due with the Currency received or
recovered. If the amount so purchasable shall be less than the original amount
of the Currency in which such amount was due, the second Party shall, as a
separate obligation and notwithstanding any judgment of any court, indemnify the
first Party against any loss sustained by it. The second Party shall in any
event indemnify the first Party against any costs incurred by it in making any
such purchase of Currency.

Assignment. Neither Party may assign, transfer or charge or purport to assign,
transfer or charge its rights or obligations under the Agreement to a third
party without the prior written consent of the other Party and any purported
assignment, transfer or charge in violation of this Section 11.2 shall be void.

Telephonic Recording. The Parties agree that each may electronically record all
telephonic conversations between them and that any such recordings may be
submitted in evidence to any court or in any Proceedings for the purpose of
establishing any matters pertinent to the Agreement.

Notices. Unless otherwise agreed, all notices, instructions and other
communications to be given to a Party under the Agreement shall be given to the
address, telex (if confirmed by the appropriate answerback), facsimile
(confirmed if requested) or telephone number and to the individual or department
specified by such Party in Part III of the Schedule. Unless otherwise specified,
any notice, instruction or other communication given in accordance with this
Section 11.4 shall be effective upon receipt.

Termination. Each of the Parties may terminate the Agreement at any time by
seven (7) days' prior written notice to the other Party delivered as prescribed
in Section 11.4, and termination shall be effective at the end of such seventh
day; provided, however, that any such termination shall not affect any
outstanding Currency Obligations or Options, and the provisions of the Agreement
shall continue to apply until all the obligations of each Party to the other
under the Agreement have been fully performed.

Severability. In the event any one or more of the provisions contained in the
Agreement should be held invalid, illegal or unenforceable in any respect under
the law of any jurisdiction, the validity, legality and enforceability of the
remaining provisions contained in the Agreement under the law of such
jurisdiction, and the validity, legality and enforceability of such and any
other provisions under the law of any other jurisdiction shall not in any way be
affected or impaired thereby. The Parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that
of the invalid, illegal or unenforceable provisions.

No Waiver. No indulgence or concession granted by a Party and no omission or
delay on the part of a Party in exercising any right, power or privilege under
the Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or privilege preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.

Master Agreement. Where one of the Parties to the Agreement is domiciled in the
United States, the Parties intend that the Agreement shall be a master
agreement, as referred to in 11 U.S.C. Section 101(53B)(C) and 12 U.S.C. Section
1821(e)(8)(D)(vii).

Time of Essence, Etc. Time shall be of the essence in the Agreement. Unless
otherwise agreed, the times referred to in the Agreement with respect to Options
shall in each case refer to the local time of the relevant Designated Office of
the Seller of the relevant Option.

Headings. Headings in the Agreement are for ease of reference only.

Payments Generally. All payments to be made under the Agreement shall be made in
same day (or immediately available) and freely transferable funds and, unless
otherwise specified, shall be delivered to such office of such bank, and in
favor of such account as shall be specified by the Party entitled to receive
such payment in Part IV of the Schedule or in a notice given in accordance with
Section 11.4.

Amendments. No amendment, modification or waiver of the Agreement will be
effective unless in writing executed by each of the Parties; provided that the
Parties may agree in a Confirmation that complies with Section 2.3 to amend the
Agreement solely with respect to the Option that is the subject of the
Confirmation.

Credit Support. A Credit Support Document between the Parties may apply to
obligations governed by the Agreement. If the Parties have executed a Credit
Support Document, such Credit Support Document shall be subject to the terms of
the Agreement and is hereby incorporated by reference in the Agreement. In the
event of any conflict between a Credit Support Document and the Agreement, the
Agreement shall prevail, except for any provision in such Credit Support
Document in respect of governing law.

Adequate Assurances. If the Parties have so agreed in Part XI of the Schedule,
the failure by a Party to give adequate assurances of its ability to perform any
of its obligations under the Agreement within two (2) Business Days of a written
request to do so when the other Party has reasonable grounds for insecurity
shall be an Event of Default under the Agreement.

Correction of Confirmations. Unless either Party objects to the terms contained
in any Confirmation sent by the other Party or sends a corrected Confirmation
within three (3) Business Days of receipt of such Confirmation, or such shorter
time as may be appropriate given the Value Date of an FX Transaction, the terms
of such Confirmation shall be deemed correct and accepted absent manifest error.
If the Party receiving a Confirmation sends a corrected Confirmation within such
three (3) Business Days, or shorter period, as appropriate, then the Party
receiving such corrected Confirmation shall have three (3) Business Days, or
shorter period, as appropriate, after receipt thereof to object to the terms
contained in such corrected Confirmation.

LAW AND JURISDICTION

Governing Law. The Agreement shall be governed by, and construed in accordance
with, the laws of the jurisdiction set forth in Part XII of the Schedule without
giving effect to conflict of laws principles.

Consent to Jurisdiction. (H) With respect to any Proceedings, each Party
irrevocably (i) submits to the non-exclusive jurisdiction of the courts of the
jurisdiction set forth in Part XIII of the Schedule and (ii) waives any
objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have
jurisdiction over such Party. Nothing in the Agreement precludes either Party
from bringing Proceedings in any other jurisdiction nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

Each Party irrevocably appoints the agent for service of process (if any)
specified with respect to it in Part XIV of the Schedule. If for any reason any
Party's process agent is unable to act as such, such Party will promptly notify
the other Party and within thirty (30) days will appoint a substitute process
agent acceptable to the other Party.

Waiver of Jury Trial. Each Party irrevocably waives any and all right to trial
by jury in any Proceedings.

Waiver of Immunities. Each Party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

                                        MORGAN STANLEY & CO. INCORPORATED

                                        By: /s/ Philip Newcomb
                                           -------------------------------------
                                           Name:  Philip Newcomb
                                           Title:

                                        DEAN WITTER GLOBAL PERSPECTIVE
                                        PORTFOLIO L.P.

                                        By: Demeter Management Corporation

                                            By: /s/ Robert E. Murray
                                               ---------------------------------
                                               Name:  Robert E. Murray
                                               Title: President & Chairman

<PAGE>

                                    SCHEDULE
                                    --------

        Schedule to the International Foreign Exchange and Options Master
             Agreement dated as of April 30, 2000 (the "Agreement")
              between Morgan Stanley & Co. Incorporated ("Party A")
                                       and
                  Dean Witter Global Perspective Portfolio L.P.
                                  ("Party B").

Scope of the Agreement
----------------------

            The Agreement shall apply to all FX Transactions outstanding between
any two Designated Offices of the Parties on the Effective Date.

            The Agreement shall apply to all Currency Options outstanding
between any two Designated Offices of the Parties on the Effective Date.

Designated Offices
------------------

            Each of the following shall be a Designated Office:

            Party A: New York

            Party A is not a multibranch party.

            Party B:  New York

            Party B is not a multibranch party.

            Each Party (the "first Party") that enters into an FX Transaction or
Option through an agency, branch, or office other than its head or home office
represents to the other Party (the "second Party") that, notwithstanding the
place of booking office or jurisdiction of incorporation or organization of the
first Party, the obligations of the first Party are the same as if it had
entered into the FX Transaction or Option through its head or home office. This
representation will be deemed to be repeated by the first Party on each date on
which it enters into an FX Transaction or Option.

Notices
-------

            If sent to Party A:

Address:                     Morgan Stanley & Co. Incorporated
                             1585 Broadway, 4th floor
                             New York, New York 10036
Telephone Number:            (212) 761-2700
Telex Number:                6801048 (Answerback:    FXMS)
Facsimile Number:            (212) 761-0296
SWIFT Number:                MSNYUS33
Name of Individual or Department to whom Notices are to be sent: Foreign
Exchange Trading Department

            If sent to Party B:

Address:                     Party B c/o
                             Morgan Stanley Dean Witter & Co.
                             2 World Trade Center
                             62nd Floor
                             New York, NY 10048
Telephone Number:            212-392-3270
Telex Number:
Facsimile Number:            212-392-1306
SWIFT Number:
Name of Individual or Department to whom Notices are to be sent: Managed Futures

Payment Instructions
--------------------

            [X] Name of Bank and Office, Account Number and Reference with
respect to relevant Currencies:

            In the case of Party A, U.S. dollar payments shall be made to the
following account:

            Bank of New York, New York
            ABA#: 021000018
            For: Morgan Stanley & Co., New York
            Acct. #: 8900010932
            Ref: Chips UID 23-65-84

            In the case of Party B, U.S. dollar payments shall be made to the
following account:

            Citibank N.A.
            ABA#: 021-000089
            For: Dean Witter Reynolds Inc.
            Acct.#: 40611164
            For Further Credit to Managed Futures Fund Margin Transfer
            779-000999-4

            [X] With respect to each Party, as may be set forth in such Standard
Settlement Instructions as may be specified by such Party in a notice given in
accordance with Section 11.4.

Netting
-------

Discharge of Options
--------------------

            Section 4.1 shall apply to Options other than Barrier Options.

Netting of Premiums
-------------------

            Section 4.2 shall apply to Premium payments for Options other than
            Barrier Options.

Settlement Netting Offices
--------------------------

            Each of the following shall be a Settlement Netting Office:

            Party A:  Same as Part II.

            Party B: Same as Part II

            Party A and Party B agree that, notwithstanding Section 6.2 of the
Agreement, obligations to make payments pursuant to FX Transactions shall only
be netted, satisfied and discharged against obligations to make payments arising
out of the same or other FX Transactions between a pair of Settlement Netting
Offices and obligations to make payments pursuant to Options (including
exercised Options) shall only be netted, satisfied and discharged against
obligations to make payments arising out of the same or other Options (including
exercised Options) between a pair of Settlement Netting Offices.

Novation Netting Offices
------------------------

            Each of the following shall be a Novation Netting Office:

            Party A: Same as Part II.

            Party B: Same as Part II.

Matched Pair Novation Netting Offices
-------------------------------------

            Each of the following shall be a Matched Pair Novation Netting
Office:

            Not applicable.

Automatic Exercise of Options; Cash Settlement of FX Transactions

Automatic Exercise of Options
-----------------------------

            Automatic Exercise of certain In-the-money Options pursuant to
Section 5.3 shall apply to Party A as Buyer.

            Automatic Exercise of certain In-the-money Options pursuant to
Section 5.3 shall apply to Party B as Buyer.

Cash Settlement of FX Transactions
----------------------------------

            The following provision shall apply:

            The definition of FX Transaction in Section 1 shall include foreign
exchange transactions for the purchase and sale of one Currency against another
but which shall be settled by the delivery of only one Currency based on the
difference between exchange rates as agreed by the Parties as evidenced in a
Confirmation. Section 6.1 is modified so that only one Currency shall be
delivered for any such FX Transaction in accordance with the formula agreed by
the Parties. Section 8.1(b)(i)(A) is modified so that the Close-Out Amount for
any such FX Transaction for which the cash settlement amount has been fixed on
or before the Close-Out Date pursuant to the terms of such FX Transaction shall
be equal to the Currency Obligation arising therefrom (increased by adding
interest in the manner provided in clause (A)(2) if the Value Date precedes the
Close-Out Date) and for any such FX Transaction for which the cash settlement
amount has not yet been fixed on the Close-Out Date pursuant to the terms of
such FX Transaction, the Close-Out Amount shall be as reasonably determined by
Party A in accordance with market practice.

Base Currency
-------------

            Party A's Base Currency is U.S. Dollars.

            Party B's Base Currency is U.S. Dollars.

Threshold Amount
----------------

            For purposes of clause (x) of the definition of Event of Default:

            Party A's Threshold Amount is U.S.D. $10,000,000.

            Party B's Threshold Amount is U.S.D. $10,000,000.

Additional Events of Default
----------------------------

            Clause (x) of the definition of Event of Default shall be modified
by deleting the words ", or becomes capable at any time of being declared,"
after the words "and remains unpaid after any applicable grace period has
elapsed, or (B) becomes".

            The following provisions which are checked shall constitute Events
of Default:

            [X] (a) occurrence of garnishment or provisional garnishment against
a claim against the Defaulting Party acquired by the Non-Defaulting Party. The
automatic termination provision of Section 8.1 shall not apply to either Party
that is a Defaulting Party in respect of this Event of Default.

            [X] (b) suspension of payment by the Defaulting Party or any Credit
Support Provider in accordance with the Bankruptcy Law or the Corporate
Reorganization Law in Japan. The automatic termination provision of Section 8.1
shall not apply to either Party that is a Defaulting Party in respect of this
Event of Default.

            [X] (c) disqualification of the Defaulting Party or any Credit
Support Provider by any relevant bill clearing house located in Japan. The
automatic termination provision of Section 8.1 shall not apply to either Party
that is a Defaulting Party in respect of this Event of Default.

Automatic Termination

            The Automatic Termination provision of Section 8.1 shall not apply
to Party A as Defaulting Party in respect of clause (ii), (iii) or (iv) of the
definition of Event of Default.

            The Automatic Termination provision of Section 8.1 shall not apply
to Party B as Defaulting Party in respect of clause (ii), (iii) or (iv) of the
definition of Event of Default.

Adequate Assurances
-------------------

            Adequate Assurances under Section 11.14 shall not apply to the
Agreement.

Governing Law
-------------

            In accordance with Section 12.1 of the Agreement, the Agreement
shall be governed by the laws of:

            [X] the State of New York.

            [ ] England and Wales.

            [ ] Japan.

Consent to Jurisdiction
-----------------------

            In accordance with Section 12.2 of the Agreement, each Party
irrevocably submits to the non-exclusive jurisdiction of:

            [X] the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York City.

            [ ] the courts of England.

            [ ] the Tokyo District Court.

Agent for Service of Process
----------------------------

            Party A appoints the following as its agent for service of process
in any Proceedings in the State of New York: Not applicable.

            Party B appoints the following as its agent for service of process
in any Proceedings in the State of New York: Not applicable.

Certain Regulatory Representations
----------------------------------

The following FDICIA representation shall apply:

            1. Party A represents and warrants that it qualifies as a "financial
institution" within the meaning of the Federal Deposit Insurance Corporation
Improvement Act of 1991 ("FDICIA") by virtue of being a:

            [X]  broker or dealer within the meaning of FDICIA;

            [ ]  depository institution within the meaning of FDICIA;

            [X]  futures commission merchant within the meaning of FDICIA;

            [ ]  "financial institution" within the meaning of Regulation EE
                 (see below).

            2. Party B hereby represents and warrants that it qualifies as a
"financial institution" by virtue of being a:

            [ ]  broker or dealer within the meaning of FDICIA;

            [ ]  depository institution within the meaning of FDICIA;

            [ ]  futures commission merchant within the meaning of FDICIA;

            [ ] "financial institution" within the meaning of Regulation EE (see
                below).

            3. A Party representing that it is a "financial institution" as that
term is defined in 12 C.F.R. Section 231.3 of Regulation EE issued by the Board
of Governors of the Federal Reserve System ("Regulation EE") represents that:

               (a) it is willing to enter into "financial contracts" as a
counterparty "on both sides of one or more financial markets" as those terms are
used in Section 231.3 of Regulation EE; and

               (b) during the 15-month period immediately preceding the date it
makes or is deemed to make this representation, it has had on at least one (1)
day during such period, with counterparties that are not its affiliates (as
defined in Section 231.2(b) of Regulation EE) either:

                   (i) one or more financial contracts of a total gross
notional principal amount of $1 billion outstanding; or

                   (ii) total gross mark-to-market positions (aggregated across
counterparties) of $100 million; and

               (c) agrees that it will notify the other Party if it no longer
meets the requirements for status as a financial institution under Regulation
EE.

            4. If both Parties are financial institutions in accordance with the
above, the Parties agree that the Agreement shall be a netting contract, as
defined in 12 U.S.C. Section 4402(14), and each receipt or payment or delivery
obligation under the Agreement shall be a covered contractual payment
entitlement or covered contractual payment obligation, respectively, as defined
in FDICIA.

The following ERISA representation shall apply:

            Each Party represents and warrants that it is not (i) a plan subject
to the fiduciary responsibility part of the Employee Retirement Income Security
Act of 1974, as amended, or subject to Section 4975 of the Internal Revenue Code
of 1986, as amended; (ii) a person acting on behalf of any such plan; or (iii) a
person the assets of whom constitute assets of any such plan.

The following CFTC trade option representation shall not apply:

            Each Party represents and warrants that it is a commercial user of
or a merchant handling the Currencies subject to each Option and was offered or
entered into each Option solely for purposes related to its business as such.

The following CFTC eligible swap participant representation shall apply:

            Each Party represents and warrants that it is an "eligible swap
participant" under, and as defined in, 17 C.F.R. Section 35.1.

Representations and Warranties
------------------------------

            In addition to the representations and warranties set forth in
Section 7.1 and Part XV of this Schedule, each Party hereby represents and
warrants to the other Party on the date hereof and on the date of each FX
Transaction or Option, as the case may be, that: (a) it is a sophisticated
investor able to evaluate and assume the risks associated with transactions in
currencies as contemplated by the Agreement; (b) it is not relying upon any
representations (whether written or oral) of the other Party other than the
representations expressly set forth in the Agreement, this Schedule, any Credit
Support Document or in any Confirmation; (c) its execution and delivery of the
Agreement, and its performance of its obligations hereunder, do not and will not
conflict with any law or regulation of the jurisdiction of its organization or
other law or regulation applicable to it, and do not and will not violate,
constitute a default under, or result in the creation or imposition of any lien
or encumbrance on any of its property or assets under any agreement or
instrument to which it is a party or by which its assets are bound; (d) no
consent, authorization or approval (including exchange control approval) or
other action by, and no notice to or filing with, any person or entity,
including any governmental authority or regulatory body, other than any already
obtained, made or filed and remaining in full force and effect, and the
conditions of which have been duly complied with, is required in connection with
the performance of its obligations under the Agreement; and (e) there are no
actions, proceedings or claims pending or, to the best of its knowledge,
threatened, the adverse determination of which might have a materially adverse
effect on its ability to perform its obligations under, or affect the validity
or enforceability of, the Agreement.

Agreement Superseding
---------------------

            A new Section 11.16 shall be added to the Agreement which shall read
as follows: "The Agreement shall supersede any other agreement between the
Parties with respect to the subject matter hereof."

Barrier Options
---------------

            In connection with any Barrier Options between the Parties, Party B
acknowledges that:

            (a) As part of its business, Party A regularly trades in the foreign
exchange spot, forward, futures and options markets for its own account and for
the accounts of other customers. Such trading may affect spot prices in the
Currency Pair.

            (b) Party A generally hedges its Barrier Option positions by buying
or selling a quantity of the relevant currency, and may adjust (increase or
decrease) its hedge as market conditions change during the life of the Options
and it believes that it is more or less likely that a Barrier will be breached.
Such hedging and de-hedging activity may affect spot prices and may thus affect
the probability of a Barrier being breached.

1998 FX and Currency Option Definitions.
----------------------------------------

            The 1998 FX and Currency Option Definitions as published by ISDA,
EMTA and the Foreign Exchange Committee (the "Definitions") shall be applicable
to each FX Transaction and Option under the Agreement, including any FX
Transaction or Option outstanding on the date hereof, subject to the following:

Definitions:

            1.    The term "Agreement" in Section 2.2 of the Agreement shall
                  include the Agreement as modified and supplemented by this
                  Part.

            2.    The term "FX Transaction" and "Currency Option Transaction" in
                  the Definitions or in a Confirmation shall in all cases by
                  considered references to an "FX Transaction" and "Option"
                  under the Agreement.

            3.    All terms in this Part shall have the meanings given them
                  above or in the Definitions, unless not defined above or in
                  the Definitions, in which case the term shall have the meaning
                  given in the Agreement.

Scope
-----

            1.    Notwithstanding the absence of any reference to the
                  Definitions in a Confirmation, this Part and the Definitions
                  shall be applicable to any FX Transaction or Currency Option
                  Transaction covered by the Agreement; provided that the
                  Parties may agree otherwise for any Transaction as evidenced
                  by a Confirmation that complies with Section 2.3 of the
                  Agreement.

            2.    In the event of any inconsistency between the Definitions and
                  a Confirmation, the terms of the Confirmation shall govern for
                  the purpose of the relevant Transaction. In the event of any
                  inconsistency between the Definitions and the Agreement, the
                  Definitions shall prevail.

Confirmations
-------------

            Notwithstanding Sections 2.4 and 11.12 of the Agreement, in the
event of any inconsistency between the terms of a Confirmation for an FX
Transaction or Currency Option Transaction and the Agreement, the terms of the
Confirmation shall prevail.

Disruption Events
-----------------

            With respect to any Disruption Event that is applicable to an FX
Transaction or Currency Option Transaction pursuant to the Definitions or as
otherwise agreed by the Parties as evidenced by a Confirmation, Section 9 of the
Agreement shall not be applicable in respect of such FX Transaction or Currency
Option Transaction, and the Parties shall be subject to the Disruption Fallbacks
(including but not limited to No Fault Termination) specified as applicable
pursuant to the Definitions or such Confirmation.

Miscellaneous
-------------

            The provisions of Part VI.B of this Schedule relating to cash
settlement of FX Transactions shall apply to Non-Deliverable FX Transactions.

Margin and Security
-------------------

            (a) Party B shall at all times maintain with Dean Witter Reynolds
Inc. (the "Custodian") for and on behalf of Party A cash and securities
acceptable to Party A (together, the "Margin") in order to secure the
obligations of Party B under all open FX Transactions and Options entered into
under the Agreement. The amount of Margin which Party B shall maintain with
Party A shall be determined by Party A in its reasonable judgment (which
determination shall be conclusive in the absence of manifest error), on a risk
adjusted basis, taking into account historical volatility, imputed volatility
and/or such other factors as Party A reasonably deems relevant to this
determination (the "Aggregate Margin Requirement"). On or prior to the date of
the Agreement, Party B shall have established a special pledge account with the
Custodian (the "Account") for the purpose of holding custody of the Margin for
and on behalf of Party A in accordance with the provisions of the Custodian
Account Addendum, dated the date hereof, and the Agreement. Party B's failure to
deposit Margin or to establish the Account as required herein shall be an Event
of Default for all purposes under the Agreement (it being understood that there
shall be no grace period with respect to obligations of Party B pursuant to this
Part XX).

            (b) Whenever such Aggregate Margin Requirement shall exceed the
market value of Margin on deposit with the Custodian in the Account as
determined by Party A at such time in its reasonable judgment and which
determination shall be conclusive in the absence of manifest error (the "Margin
Balance", and the difference between such Aggregate Margin Requirement and the
Margin Balance being the "Shortfall"), then Party B shall deposit immediately
upon Party A's request, additional Margin in an amount at least equal to such
Shortfall.

            (c) In furtherance of the foregoing, as security for the prompt and
complete payment when due and the performance by Party B of all of its
obligations to Party A under the Agreement, Party B hereby grants to Party A a
continuing first priority security interest in and to all of Party B's right,
title and interest in and to the Margin, the Account, all financial assets,
investment property and other property and assets which are deposited from time
to time in, or credited from time to time to, the Account, all security
entitlements in respect thereof, all income and profits thereon, all interest,
dividends and other payments and distributions with respect thereto, and all
proceeds of any of the foregoing (the "Margin Collateral"). As additional
security for the prompt and complete payment when due and the performance by
Party B of all of its obligations to Party A under the Agreement, Party B hereby
grants to Party A and its affiliates a first priority security interest in and
to any property of Party B at any time held by or for the benefit of Party A or
any affiliate of Party A for any purpose, including, without limitation, any
property of Party B held in any account with Party A, any affiliate of Party A
or with the Custodian, any financial assets, investment property and other
property and assets which are deposited from time to time in, or credited from
time to time to, any such account, all security entitlements in respect thereof,
all income and profits thereon, all interest, dividends and other payments and
distributions with respect thereto, and all proceeds of any of the foregoing
(the "Collateral"), to secure all obligations of Party B to Party A. If
Collateral was delivered in connection with a particular agreement between Party
B and Party A or any of its affiliates, then such Collateral shall secure first
the obligations of Party B with respect to such agreement and second all other
obligations of Party B to Party A or any of its affiliates (in such order as
Party A shall determine in its sole discretion). Party A, its affiliates and the
Custodian and Party B hereby each acknowledge and agree that (a) each of Party A
and its affiliates which holds Collateral holds such Collateral for itself and
also as agent and bailee for all other of Party A and its affiliates which are
secured parties hereunder or under any agreement between Party B and Party A or
any of its affiliates and (b) the Custodian which holds Collateral for and on
behalf of Party A holds such Collateral as agent and bailee for Party A and its
affiliates which are secured parties hereunder and under any agreement between
Party B and Party A or any of its affiliates. If an Event of Default hereunder
shall occur, then each of Party A and its affiliates shall be entitled to retain
or sell all Collateral as security for Party B's obligations, even if otherwise
required pursuant to the terms of an agreement or otherwise to deliver any
Collateral to Party B or Party B's order. The parties agree that Party A and its
affiliates shall have the rights and remedies of a secured creditor under the
New York Uniform Commercial Code (the "UCC") and under any other applicable law
or agreement to exercise any right with respect to the Margin Collateral and the
Collateral subject to the security interest granted under the Agreement.
Notwithstanding Section 9-207 of the UCC, each of Party A or any of its
affiliates shall have free and unrestricted use of any Margin Collateral and/or
Collateral which it holds hereunder or with the Custodian, including, without
limitation, the right, from time to time and without notice to Party B, to sell,
pledge, repledge, hypothecate, rehypothecate, assign, invest, use, commingle or
otherwise dispose of, or otherwise use in its business any Margin Collateral
and/or Collateral separately or in common with other securities, commodities or
other property, for the sum due to any of Party A or any of its affiliates or
for a greater sum on terms which may otherwise impair the right of Party B to
redeem such Margin Collateral and/or Collateral, and free from any other right
of claim of any nature whatsoever of Party B, and without retaining possession
and control for delivery a like amount of similar securities, commodities, or
other property.

            (d) Party B represents and warrants that it owns the Margin
Collateral and the Collateral to be pledged and assigned to each of Party A and
its affiliates hereunder and under any other agreement between Party B and Party
A or any of its affiliates, free and clear of any liens, equities, claims
(including, without limitation, participation interests) and transfer
restrictions. Party B covenants and agrees that it will not sell, assign,
transfer, exchange or otherwise dispose of, or grant any option with respect to,
any of the Margin Collateral or the Collateral, nor will it create, incur or
permit to exist any lien on or with respect to any of the Margin Collateral or
the Collateral, any interest therein, or any proceeds thereof, except for the
security interests created under this Agreement or otherwise under any agreement
between Party B and Party A or any of its affiliates. Any purported sale,
assignment, transfer, exchange, disposition, grant or lien of the Margin
Collateral or the Collateral by Party B that is not permitted under the
foregoing sentence shall be null and void and shall constitute an Event of
Default hereunder and under any agreement between Party B and Party A or any of
its affiliates immediately prior to the taking of any such action, if Party A so
deems (it being understood that there shall be no grace period with respect to
obligations of Party B pursuant to this Part XX).

            (e) Party B shall, at its sole expense and as Party A in its sole
discretion may deem necessary or advisable from time to time, undertake all such
action as is necessary, (i) to create, preserve, protect and perfect the
security interests granted under the Agreement, (ii) to enable Party A to
exercise and enforce its rights with respect to such security interests, and
(iii) execute and deliver all documents and instruments in such manner and form
as Party A may require, including without limitation UCC financing statements
and continuation statements. Party B hereby appoints Party A as its true and
lawful attorney-in-fact, including without limitation, to sign and file such
documents and instruments on Party B's behalf and without Party B's signature;
such appointment, being coupled with an interest, shall be irrevocable. Without
limitation on the foregoing, Party B agrees to take such action as Party A in
its sole discretion may deem necessary or advisable in the event of any change
in applicable law, including, without limitation, Article 8 of the UCC and the
Regulations of the Department of the Treasury governing transfers of interests
in U.S. marketable treasury securities in book-entry form.

            (f) The parties hereto agree that each of the Account and any
account in which any Collateral is held or to which any Collateral is credited
(a "Collateral Account") is a "securities account" within the meaning of Article
8 of the UCC and that all property and assets (including, without limitation,
cash) held in or credited to (i) the Account or (ii) any Collateral Account
shall be treated as a "financial asset" for purposes of Article 8 of the UCC.

MORGAN STANLEY & CO. INCORPORATED

By: /s/ Philip Newcomb
   ------------------------------------------
   Name:  Philip Newcomb
   Title:

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

By: Demeter Management Corporation

    By: /s/ Robert E. Murray
       --------------------------------------
       Name:  Robert E. Murray
       Title: President & Chairman
<PAGE>

                           CUSTODIAN ACCOUNT ADDENDUM

This Addendum supplements, forms part of, and is subject in all respects to, the
Foreign Exchange and Options Master Agreement (FEOMA) including the Schedule
thereto (the "Schedule") dated as of April 30, 2000 by and between Morgan
Stanley & Co. Incorporated and Demeter Management Corporation on behalf of Dean
Witter Global Perspective Portfolio L.P. (collectively, the "Agreement"), and is
a part of the Schedule with respect to each party; provided, however, as used
herein, "Pledgor" means Party B and "Secured Party" means Party A (as defined in
the Agreement). Other capitalized terms used herein, unless otherwise defined,
have the meanings specified in the Agreement. With respect to the rights or
obligations of the Secured Party or the Pledgor, in the event of any
inconsistencies between this Addendum and the Agreement, the Agreement will
prevail.

Having appointed Dean Witter Reynolds Inc. (the "Custodian") to hold Margin for
and on behalf of the Secured Party, the Secured Party, the Pledgor and the
Custodian (solely to the extent of the duties it has agreed to undertake and
perform hereunder) agree as follows:

In all respects, the rights of the Secured Party under the Schedule with respect
to Margin shall not be affected by the appointment of a Custodian hereunder. The
provisions of this Addendum in no way diminish or otherwise affect the rights of
the Secured Party under the Agreement.

The Secured Party, by written notice to the Custodian, may exercise all powers,
and exercise any and all rights and remedies permitted under the Schedule as
though the Secured Party was taking such action directly, and the Custodian will
comply with, and be entitled to rely on, all such instructions (including,
without limitation, entitlement orders) as if such instructions were provided by
the parties jointly.

As used herein, the following terms have the following meaning:

"Advice from the Secured Party" or "Advice" means a written notice sent to the
Pledgor and/or the Custodian or transmitted by a facsimile sending device by any
of those individuals designated by the Secured Party, except that for any of the
following purposes it shall mean notice by telephone to a person designated by
the Pledgor in writing as authorized to receive such advice or, in the event
that no such person is available, to any officer of the Pledgor and confirmed
promptly in writing thereafter: (i) for initial or additional Margin; (ii) that
the Secured Party has issued a Notice of Exercise with respect to an Option ; or
(iii) that the Pledgor has failed to give notice of intent to make payment of
amounts or deliveries as required under Paragraph 5 of this Addendum. With
respect to any covering purchase transaction, the Advice from the Secured Party
shall mean a Confirmation in use by the Secured Party and sent or transmitted to
the Pledgor and/or the Custodian. When used herein the term "Advise" means the
act of sending an Advice from the Secured Party.

The Custodian shall open an account on its books entitled "Special Custody
Account for Morgan Stanley & Co. Incorporated as Pledgee of Morgan Stanley Dean
Witter Strategic Alternatives, L.L.C (referred to herein as the "Special Custody
Account").

The parties hereto agree that all property and assets held in or credited to the
Special Custody Account will be treated as financial assets under Article 8 of
the Uniform Commercial Code as in effect in the State of New York (the "UCC").
The parties hereto further agree that the securities intermediary's
jurisdiction, within the meaning of Section 8-110(e) of the UCC, in respect of
the Special Custody Account and the Margin is the State of New York and agree
that none of them has or will enter into any agreement to the contrary.

Anything in this Addendum notwithstanding, the Custodian hereby agrees to comply
with entitlement orders and other instructions of the Secured Party with respect
to the Special Custody Account and any Margin without further consent of the
Pledgor. The Pledgor hereby consents to such agreement.

The Custodian represents and warrants that it has not, and agrees that it will
not, agree to comply with entitlement orders concerning the Special Custody
Account or any Margin that are originated by any person other than the Secured
Party.

The Pledgor agrees to inform the Custodian in writing that cash and securities
specified by the Pledgor as qualifying as Margin and equal in value to the
Aggregate Margin Requirement are to be identified on the Custodian's books and
records as pledged to the Secured Party. The Custodian will hold the Margin in,
and credit the Margin to, the Special Custody Account, separate and apart from
any other property of the Pledgor that may be held by the Custodian, subject to
the interest therein of the Secured Party as the Pledgee thereof in accordance
with the terms of the Agreement. The Custodian continuously represents that
Margin will not be subject to any other lien, charge, security interest or other
right or claim of the Custodian or any person claiming through the Custodian.
The Custodian will confirm in writing to the Secured Party and the Pledgor all
pledges, releases, substitutions or distributions of Margin permitted under the
Agreement, and will inform the Secured Party upon request of the kind and amount
of Margin pledged to the Secured Party.

In the event that (i) the Secured Party advises the Pledgor in an Advice from
the Secured Party that the Secured Party has exercised an Option sold by the
Pledgor and the Pledgor does not promptly notify the Secured Party by telephone
of the Pledgor's intention to comply with the Notice of Exercise by making
payment or delivery, as the case may be, as required under the terms of such
Option plus payment of applicable commissions or other charges; or (ii) the
Pledgor, having received such Notice of Exercise, fails to make such payment or
delivery, or cause such payment or delivery to be made, then the Secured Party
will immediately notify the Pledgor in an Advice from the Secured Party of such
failure to give telephone notice or failure to make payment or delivery, as
applicable, and may, after transmittal of an Advice from the Secured Party of
its intention to do so and only if the Pledgor does not promptly make payment or
delivery to the Secured Party, direct the Custodian to take any action necessary
to fully satisfy Pledgor's obligations to the Secured Party, including any of
the Secured Party's rights and remedies under Part XX of the Schedule.

With respect to any losses or liabilities, the Custodian shall be protected in
acting pursuant to any instructions from the Pledgor or Advices from the Secured
Party believed by the Custodian in good faith to be genuine and authorized. The
Pledgor agrees to indemnify the Custodian for, and hold it harmless against, any
loss, liability or expense incurred by the Custodian, without negligence or bad
faith on the part of the Custodian, arising out of this Addendum.

The Secured Party shall not be liable for any losses, costs, damages,
liabilities or expenses suffered or incurred by the Pledgor as a result of any
actions taken under this Addendum, or any other action taken or not taken by the
Secured Party hereunder for the Pledgor's account at the Pledgor's direction or
otherwise, except to the extent that such loss, cost, damage, liability or
expense is the result of the Secured Party's own recklessness, willful
misconduct or bad faith.

The Pledgor continuously represents and warrants to the Secured Party that
securities included at any time in the Margin shall be in good deliverable form
(or Custodian shall have the unrestricted power to put such securities into good
deliverable form) in accordance with the requirements of such exchanges as may
be the primary market or markets for such securities. Each of the Pledgor, the
Secured Party and the Custodian continuously represents and warrants that:

it has duly executed and delivered this Addendum, and has all requisite power,
authority and approvals to enter into and perform its obligations hereunder; and

this Addendum is its valid and legally binding obligation, enforceable against
it in accordance with its terms, subject to the effect of bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or
affecting creditors' rights generally and to general equitable principles.

The Secured Party and the Pledgor hereby acknowledge that the Custodian holds
securities and cash as custodian for its customers through sub-custodians,
depositaries and deposit-taking banks which maintain omnibus accounts on behalf
of customers of the Custodian. Securities held in the Special Custody Account
may be held at the Depository Trust Company or other book-entry depository
systems in the account of the Custodian, save that Margin denominated in
currencies other than US Dollars may be held by a sub-custodian for the
Custodian other than in book-entry form. U.S. Treasury securities shall be held
in a Treasury/Reserve Automated Debt Entry System ("TRADES") Participant's
securities account of the Custodian or of the Custodian's sub-custodian for the
account of the Custodian at the Federal Reserve Bank.

A monthly statement will be provided by the Custodian to the Secured Party and
the Pledgor listing all Margin held in the Special Custody Account. The
Custodian will also advise the Secured Party upon request, at any time, of the
kind and amount of Margin pledged to the Secured Party. It is agreed that,
notwithstanding any language to the contrary in Custodian's form of
confirmation, the Custodian holds the Margin as agent of the Secured Party as
pledgee hereunder, not as escrow agent. The Custodian makes no representations
as to the existence, perfection or enforceability of any security interest,
charge, lien or other rights of the Pledgor in or to the Margin.

The Pledgor shall pay the Custodian as compensation for its services pursuant to
this Addendum such compensation as may from time to time be agreed upon in
writing between the Pledgor and the Custodian.

No amendment to this Addendum shall be effective unless in writing and signed by
an authorized officer of each of the Secured Party, the Pledgor, and the
Custodian.

This Addendum may be executed in one or more counterparts, all of which together
shall constitute but one and the same instrument.

Any of the parties hereto may terminate the custodial relationship by notice,
given at least 10 business days prior to the date of such intended termination,
in writing to the other parties hereto; provided, however, that should the
Custodian or the Pledgor seek to terminate, then the Pledgor must designate a
replacement Custodian, which the Secured Party has, in the exercise of its sole
discretion, approved. Custodian agrees to remain as the Custodian until such
time as a replacement Custodian has been approved and such replacement Custodian
has agreed to the terms of its service hereunder and under the Agreement.

Written communications hereunder shall be sent in the manner specified in the
Agreement addressed:

            If to Custodian, to:

                        Dean Witter Reynolds Inc.
                        2 World Trade Center
                        New York, New York 10048
                        Attention:  Robert Murray - Managed Futures Department
                        Phone:      212-392-7404
                        Fax:  212-392-2804

            If to the Pledgor, to:

                        Demeter Management Corporation
                        Morgan Stanley Dean Witter & Co.
                        2 World Trade Center
                        62nd Floor
                        New York, New York 10048
                        Attention: Managed Futures Department
                        Phone:      212-392-3270
                        Fax:  212-392-1306

            If to the Secured Party, to:

                        Morgan Stanley & Co. Incorporated
                        1585 Broadway
                        4th floor
                        New York, New York 10036
                        Attention: Foreign Exchange Trading Desk
                        Phone:      (212) 761-2700
                        Fax:  (212) 761-0296

This Addendum will be governed by the laws of the State of New York applicable
to transactions entered into and to be performed wholly within the State of New
York.

                                        DEMETER MANAGEMENT CORPORATION
                                        on behalf of Dean Witter Global
                                        Perspective Portfolio L.P.

                                        By: /s/ Robert E. Murray
                                           -------------------------------------
                                           Name:  Robert E. Murray
                                           Title: President & Chairman

                                        MORGAN STANLEY & CO. INCORPORATED

                                        By: /s/ Philip Newcomb
                                           -------------------------------------
                                           Name:  Philip Newcomb
                                           Title:

                                        DEAN WITTER REYNOLDS INC.
                                        (for purposes of this Addendum)

                                        By: /s/ Robert E. Murray
                                           -------------------------------------
                                           Name:  Robert E. Murray
                                           Title: Senior Vice PresidentEXHIBIT 10.01

                     AMENDED AND RESTATED CUSTOMER AGREEMENT

            THIS AMENDED AND RESTATED CUSTOMER AGREEMENT (this "Agreement"),
made as of the 19th day of May, 2000, by and between DEAN WITTER MULTI-MARKET
PORTFOLIO L.P., a Delaware limited partnership (the "Customer"), and DEAN WITTER
REYNOLDS INC., a Delaware corporation ("DWR");

                              W I T N E S S E T H :
                               - - - - - - - - - -

            WHEREAS, the Customer was organized pursuant to a Certificate of
Limited Partnership filed in the office of the Secretary of State of the State
of Delaware on April 20, 1988, as amended, and a Limited Partnership Agreement
dated as of April 20, 1988, between Demeter Management Corporation, a Delaware
corporation ("Demeter"), acting as general partner (in such capacity, the
"General Partner"), and the limited partners of the Customer ("Limited
Partners") to trade, buy, sell, spread or otherwise acquire, hold, or dispose of
commodities (including foreign currencies, mortgage-backed securities, money
market instruments, and any other securities or items which are, or may become,
the subject of futures contract trading), commodity futures contracts, commodity
forward contracts, foreign exchange commitments, options on physical commodities
and on futures contracts, spot (cash) commodities and currencies, and any rights
pertaining thereto (hereinafter referred to collectively as "futures interests")
and securities (such as United States Treasury bills) approved by the Commodity
Futures Trading Commission (the "CFTC") for investment of customer funds;

            WHEREAS, the Customer (which is a commodity pool) and the General
Partner (which is a registered commodity pool operator) have entered into a
management agreement (the "Management Agreement") with a certain trading advisor
(the "Trading Advisor"), which provides that the Trading Advisor has authority
and responsibility, except in certain limited situations, to direct the
investment and reinvestment of the assets of the Customer in futures interests
under the terms set forth in the Management Agreement;

            WHEREAS, the Customer and DWR entered into that certain Amended and
Restated Customer Agreement dated as of December 1, 1997 (the "Customer
Agreement"), whereby DWR agreed to perform non-clearing futures interests
brokerage and certain other services for the Customer; and

            WHEREAS, the Customer and DWR wish to amend and restate the Customer
Agreement to set forth the terms and conditions upon which DWR will continue to
perform certain non-clearing futures interests brokerage and certain other
services for the Customer;

            NOW, THEREFORE, the parties hereto hereby agree as follows:

            1. Definitions. All capitalized terms not defined herein shall have
the meaning given to them in the Customer's most recent prospectus as filed with
the Securities and Exchange Commission (the "Prospectus") relating to the
offering of units of limited partnership interest of the Customer (the "Units")
and in any amendment or supplement to the Prospectus.

            2. Duties of DWR. DWR agrees to act as a non-clearing commodity
broker for the Customer and introduce the Customer's account to Morgan Stanley &
Co. Incorporated ("MS & Co.") and Morgan Stanley & Co. International Limited
("MSIL") for execution and clearing of futures interests transactions on behalf
of the Customer in accordance with instructions provided by the Trading Advisor,
and the Customer agrees to retain DWR as a non-clearing commodity broker for the
term of this Agreement.

            DWR agrees to furnish to the Customer as soon as practicable all of
the information from time to time in its possession which Demeter, as the
general partner of the Customer, is required to furnish to the Limited Partners
pursuant to the Limited Partnership Agreement as from time to time in effect and
as required by applicable law, rules, or regulations and to perform such other
services for the Customer as are set forth herein and in the Prospectus.

            3. Obligations and Expenses.

            (a) Except as otherwise set forth herein, the Customer, and not DWR,
shall be responsible for all taxes, management and incentive fees to the Trading
Advisor, brokerage commissions to DWR, and all extraordinary expenses incurred
by it. In addition, the Customer, and not DWR, shall pay the charges of MS & Co.
and MSIL for executing and clearing the Customer's futures interests trades (as
described in paragraph 5(b) below).

            (b) DWR shall pay and not be reimbursed for the Customer's ordinary
administrative expenses. Such expenses shall include legal, accounting and
auditing expenses, printing and mailing expenses, and filing fees incurred in
preparing reports, notices, and tax information to Limited Partners and
regulatory bodies.

            4. Agreement Nonexclusive. DWR shall be free to render services of
the nature to be rendered to the Customer hereunder to other persons or entities
in addition to the Customer, and the parties acknowledge that DWR may render
such services to additional entities similar in nature to the Customer,
including other partnerships organized with Demeter as their general partner. It
is expressly understood and agreed that this Agreement is nonexclusive and that
the Customer has no obligation to execute any or all of its trades for futures
interests through DWR. The parties acknowledge that the Customer may utilize
such other broker or brokers as Demeter may direct from time to time. The
Customer's utilization of an additional commodity broker shall neither terminate
this Agreement nor modify in any regard the respective rights and obligations of
the Customer and DWR hereunder.

            5. (a) Compensation of DWR. The Customer will pay brokerage
commissions to DWR at a roundturn rate (but charged on a half-turn basis) of 80%
of DWR's published non-member rates for speculative accounts (which covers both
the taking and liquidation of a position), and substantially equivalent rates
for currency forward contract transactions in the forward contract and interbank
markets.

            The Customer will pay DWR brokerage commissions for currency forward
contract transactions at rates established with reference to the brokerage
commission rate charged on exchange-traded currency futures contracts. DWR may
from time to time adjust the United States dollar size of currency forward
contracts so that the brokerage commission rate charged on such contracts will
approximate the rate charged on exchange-traded currency futures contracts of
similar United States dollar value. DWR shall also charge the Partnership
brokerage commissions for rollovers of forward contract positions.

            (b) Compensation of MS & Co. and MSIL. The Customer will pay certain
charges of MS & Co. and MSIL for executing and clearing trades for the Customer
pursuant to those certain Customer Agreements dated as of May 1, 2000, among the
Customer, MS & Co. and DWR, and between the Customer and MSIL. In addition, DWR
shall pay MS & Co. certain charges with respect to the execution and clearance
of trades for the Customer as agreed from time to time between DWR and MS & Co.
For purposes of clarity, the mark-up, spread, or other profit of MS & Co.
included as a part of the transaction price on each foreign currency forward
contract trade executed with MS & Co. pursuant to the Foreign Exchange and
Options Master Agreement between MS & Co. and the Customer is separate from the
fees paid to DWR or MS & Co. pursuant to either this Agreement or the Customer
Agreement among the Customer, MS & Co. and DWR.

            (c) Notwithstanding the foregoing, brokerage commissions, together
with transaction fees and costs including those paid by the Customer to MS & Co.
and MSIL, with respect to the Trading Advisor's allocated Net Assets will be
capped at 13/20 of 1% per month (in the event the Trading Advisor employs
multiple trading systems in trading on behalf of the Customer, the foregoing cap
is applied on a per trading system basis) of the Customer's Net Assets allocated
to the Trading Advisor or trading system as of the last day of each month (a
maximum 7.8% annual rate). In addition, the aggregate of (i) brokerage
commissions and transaction fees and costs payable by the Customer, and (ii) net
excess interest and compensating balance benefits to DWR (after crediting the
Customer with interest) shall not exceed 14% annually of the Customer's average
month-end Net Assets during each calendar year.

            (d) Any brokerage commissions, and transaction fees and costs in
excess of such caps shall be borne or paid by DWR or an affiliate and shall not
be reimbursed by the Customer. The foregoing caps may not be increased except as
permitted in the Customer's Limited Partnership Agreement, as amended from time
to time.

            6. Investment Discretion. The parties recognize that DWR shall have
no authority to direct the futures interests investments to be made for the
Customer's account. However, the parties agree that DWR, and not the Trading
Advisor, shall have the authority and responsibility with regard to the
investment, maintenance, and management of the Customer's assets that are held
in segregated or secured accounts, as provided in Section 7 hereof.

            7. Investment of Customer Funds. The Customer shall deposit its
assets in accounts with DWR. The Customer's assets deposited with DWR will be
segregated or secured in accordance with the Commodity Exchange Act and CFTC
regulations. DWR will credit the Customer with interest income at month-end in
an amount equal to 80% of the Customer's average daily Net Assets for the month
at a rate equal to the average yield on the 13-week U.S. Treasury Bills issued
during such month. All of such funds will be available for margin for the
Customer's trading. For the purpose of such interest payments, Net Assets will
not include monies due to the Customer on or with respect to forward contracts
and other futures interests but not actually received by it from banks, brokers,
dealers and other persons. The Customer understands that it will not receive any
other interest income on its assets and that DWR will receive interest income
from MS & Co. and MSIL, as agreed from time to time by DWR, MS & Co. and MSIL,
on the Customer's assets deposited as margin with MS & Co. and MSIL. The
Customer's funds will either be invested along with other customer segregated
and secured funds of DWR or held in non-interest bearing bank accounts. The
Customer's assets held by DWR may be used solely as margin for the Customer's
trading.

            Ownership of the right to receive interest on the Customer's assets
pursuant to the preceding paragraph shall be reflected and maintained and may be
transferred only on the books and records of DWR. Any purported transfer of such
ownership shall not be effective or recognized until such transfer shall have
been recorded on the books and records of DWR.

            8. Standard of Liability and Indemnity. Subject to Section 2 hereof,
DWR and its affiliates (as defined below) shall not be liable to the Customer,
the General Partner or Limited Partners, or any of its or their respective
successors or assigns, for any act, omission, conduct, or activity undertaken by
or on behalf of the Customer pursuant to this Agreement which DWR determines, in
good faith, to be in the best interests of the Customer, except that DWR shall
be liable to the Customer, the General Partner, the Limited Partners, and its or
their successors and assigns for, and shall indemnify and defend them and hold
them harmless from and against, any loss, liability, damage, cost, and expense
(including attorneys' and accountants' fees) to which any of them may become
subject arising out of, or based upon, an act, omission, conduct, or activity by
DWR or its affiliates in respect of the Customer which shall be found by a court
of competent jurisdiction upon entry of a final judgment (or, if no final
judgment shall be entered, by a written opinion rendered to the Customer by
independent legal counsel, who shall be other than counsel to the Customer, DWR
or any affiliate thereof) to have constituted bad faith, misconduct, or
negligence and such act, omission, activity, or conduct was not done in good
faith and in the reasonable belief that it was in the best interests of the
Customer.

            The Customer shall indemnify, defend, and hold harmless DWR and its
affiliates from and against any loss, liability, damage, cost, or expense
(including attorneys' and accountants' fees and expenses incurred in defense of
any demands, claims, or lawsuits) actually and reasonably incurred arising from
actions or omissions concerning the business or activities undertaken by or on
behalf of the Customer, including, without limitation, any demands, claims, or
lawsuits initiated by a Limited Partner (or assignee thereof), provided that (1)
DWR has determined, in good faith, that the act, omission, conduct, or activity
giving rise to the claim for indemnification was in the best interests of the
Customer, and (2) a court of competent jurisdiction upon entry of a final
judgment shall find (or, if no final judgment is entered, an opinion is rendered
to the Customer by independent legal counsel, who shall be other than counsel to
the Customer, DWR or any affiliate thereof) to the effect that the act,
omission, activity, or conduct that was the basis for such loss, liability,
damage, cost, or expense was not the result of bad faith, misconduct, or
negligence and was done in good faith and in the reasonable belief that it was
in the best interests of the Customer. Notwithstanding the foregoing, no
indemnification of DWR or its affiliates by the Customer shall be permitted for
losses resulting from liability incurred for violation of federal or state
securities laws. DWR and such affiliates shall be indemnified for settlements
and related expenses of lawsuits alleging securities law violations, and for
expenses incurred in successfully defending such lawsuits, provided that a court
either (1) approves the settlement and finds that indemnification of the
settlement and related costs should be made, or (2) approves indemnification of
litigation costs if a successful defense is made; provided, however, that DWR or
such affiliate, as the case may be, must apprise the court of the position of
the SEC (and, as long as any Limited Partner is a resident of Massachusetts or
Tennessee, the positions of the respective securities administrators of such
states), and, where violations of the securities laws or rules of any state or
other jurisdiction have been alleged, the position (if any) of the securities
administrator of each such state or other jurisdiction whose laws or rules have
allegedly been violated, with respect to indemnification for securities laws
violations before seeking court approval for indemnification. Furthermore, in
any action or proceeding brought by a Limited Partner in the right of the
Customer to which DWR or any affiliate thereof is a party defendant, any such
person shall be indemnified only to the extent and subject to the conditions
specified in the Delaware Revised Uniform Limited Partnership Act, as amended,
or this Section 8. The Customer shall make advances to DWR or its affiliates
hereunder only if: (1) the demand, claim, or lawsuit relates to the performance
of duties or services by such persons to the Customer; (2) such demand, claim,
or lawsuit is not initiated by a Limited Partner; and (3) such advances are
repaid if the person receiving such advance is ultimately found not to be
entitled to indemnification hereunder.

            The indemnities provided in this Section 8 by the Customer to DWR
and its affiliates shall be inapplicable in the event of any losses,
liabilities, damages, costs, or expenses arising out of, or based upon, any
material breach of any warranty, covenant, or agreement of DWR contained in this
Agreement to the extent caused by such breach. Likewise, the indemnities
provided in this Section 8 by DWR to the Customer and any of its successors and
assigns shall be inapplicable in the event of any losses, liabilities, damages,
costs, or expenses arising out of, or based upon, any material breach of any
warranty, covenant, or agreement of the Customer contained in this Agreement to
the extent caused by such breach.

            As used in this Section 8, the term "affiliate" of DWR shall mean:
(i) any natural person, partnership, corporation, 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 DWR; (ii) any partnership,
corporation, 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 DWR; (iii) any natural person, partnership, corporation,
association, or other legal entity directly or indirectly controlling,
controlled by, or under common control with, DWR; or (iv) any officer or
director of DWR. Notwithstanding the foregoing, "affiliates" for purposes of
this Section 8 shall include only those persons acting on behalf of DWR within
the scope of the authority of DWR, as set forth in this Agreement.

            9. Term. This Agreement shall continue in effect until terminated by
either party giving not less than 60 days' prior written notice of termination
to the other party. Any such termination by either party shall be without
penalty.

            10. Complete Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the matters referred to herein,
and no other agreement, verbal or otherwise, shall be binding as between the
parties unless in writing and signed by the party against whom enforcement is
sought.

            11. Assignment. This Agreement may not be assigned by either party
without the express written consent of the other party.

            12. Amendment. This Agreement may not be amended except by the
written consent of the parties and provided such amendment is consistent with
the Limited Partnership Agreement.

            13. Notices. All notices required or desired to be delivered under
this Agreement shall be in writing and shall be effective when delivered
personally on the day delivered, or when given by registered or certified mail,
postage prepaid, return receipt requested, on the day of receipt, addressed as
follows (or to such other address as the party entitled to notice shall
hereafter designate in accordance with the terms hereof):

            if to the Customer:

                  DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
                  c/o Demeter Management Corporation
                  Two World Trade Center, 62nd Floor
                  New York, New York  10048
                  Attn: Robert E. Murray
                        President

            if to DWR:

                  DEAN WITTER REYNOLDS INC.
                  Two World Trade Center, 62nd Floor
                  New York, New York  10048
                  Attn: Robert E. Murray
                        Senior Vice President

            14. Survival. The provisions of this Agreement shall survive the
termination of this Agreement with respect to any matter arising while this
Agreement was in effect.

            15. Headings. Headings of Sections herein are for the convenience of
the parties only and are not intended to be a part of or to affect the meaning
or interpretation of this Agreement.

            16. Incorporation by Reference. The Futures Customer Agreement
annexed hereto is hereby incorporated by reference herein and made a part hereof
to the same extent as if such document were set forth in full herein. If any
provision of this Agreement is or at any time becomes inconsistent with the
annexed document, the terms of this Agreement shall control.

            IN WITNESS WHEREOF, this Agreement has been executed for and on
behalf of the undersigned as of the day and year first above written.

                                    DEAN WITTER MULTI-MARKET PORTFOLIO L.P.

                                    By:   Demeter Management Corporation,
                                          General Partner

                                    By:         /s/ Robert E. Murray
                                       -----------------------------------------
                                                Robert E. Murray
                                                President

                                    DEAN WITTER REYNOLDS INC.

                                    By:         /s/ Robert E. Murray
                                       -----------------------------------------
                                                Robert E. Murray
                                                Senior Vice President

<PAGE>

FUTURES CUSTOMER AGREEMENT

In consideration of the acceptance by Dean Witter Reynolds Inc. ("DWR") of one
or more accounts of the undersigned ("Customer") (if more than one account is
carried by DWR, all are covered by this Agreement and are referred to
collectively as the "Account") and DWR's agreement to act as Customer's broker
for the execution, clearance and/or carrying of transactions for the purchase
and sale of commodity interests, including commodities, commodity futures
contracts and commodity options, Customer agrees as follows:

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

2.    PAYMENTS TO DWR - Customer agrees to pay to DWR immediately on request (a)
      commissions, fees and service charges as are in effect from time to time
      together with all applicable regulatory and self-regulatory organization
      and exchange fees, charges and taxes; (b) the amount of any debit balance
      or any other liability that may result from transactions executed for the
      account; and (c) interest on such debit balance or liability at the
      prevailing rate charged by DWR at the time such debit balance or liability
      arises and service charges on any such debit balance or liability together
      with any reasonable costs and attorney's fees incurred in collecting any
      such debit balance or liability. Customer acknowledges that DWR may charge
      commissions at other rates to other customers.

3.    CUSTOMER'S DUTY TO MAINTAIN ADEQUATE MARGIN - Customer shall at all times
      and without prior notice or demand from DWR maintain adequate margins in
      the account so as continually to meet the original and maintenance margin
      requirements established by DWR for Customer. DWR may change such
      requirements from time to time at DWR's discretion. Such margin
      requirements may exceed the margin requirements set by any exchange or
      other regulatory authority and may vary from DWR's requirements for other
      customers. Customer agrees, when so requested, immediately to wire
      transfer margin funds and to furnish DWR with names of bank officers for
      immediate verification of such transfers. Customer acknowledges and agrees
      that DWR may receive and retain as its own any interest, increment,
      profit, gain or benefit directly or indirectly, accruing from any of the
      funds DWR receives from Customer.

4.    DELIVERY; OPTION EXERCISE

      (a)   Customer acknowledges that the making or accepting of delivery
            pursuant to a futures contract may involve a much higher degree of
            risk than liquidating a position by offset. DWR has no control over
            and makes no warranty with respect to grade, quality or tolerances
            of any commodity delivered in fulfillment of a contract.

      (b)   Customer agrees to give DWR timely notice and immediately on request
            to inform DWR if Customer intends to make or take delivery under a
            futures contract or to exercise an option contract. If so requested,
            Customer shall provide DWR with satisfactory assurances that
            Customer can fulfill Customer's obligation to make or take delivery
            under any contract. Customer shall furnish DWR with property
            deliverable by it under any contract in accordance with DWR's
            instructions.

      (c)   DWR shall not have any obligation to exercise any long option
            contract unless Customer has furnished DWR with timely exercise
            instructions and sufficient initial margin with respect to each
            underlying futures contract.

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

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

7.    NO WARRANTY AS TO INFORMATION OR RECOMMENDATION - Customer acknowledges
      that:

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

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

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

      (d)   DWR has no obligation or responsibility to update any market
            recommendations or information it communicates to Customer.

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

8.    LIMITS ON DWR DUTIES; LIABILITY - Customer agrees:

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

      (b)   that the commissions which DWR receives are consideration solely for
            the execution, reporting and carrying of Customer's trades;

      (c)   that if Customer has authorized any third party or parties to place
            orders or effect transactions on behalf of Customer in any Account,
            each such party has been selected by Customer based on its own
            evaluation and assessment of such party and that such party is
            solely the agent of Customer, and if any such party allocates
            commodity interests among its customers, Customer has reviewed each
            such party's commodity interest allocation system, has satisfied
            itself that such allocation system is fair and will seek recovery
            solely from such party to recover any damages sustained by Customer
            as the result of any allocation made by such party; and

      (d)   to waive any and all claims, rights or causes of action which
            Customer has or may have against DWR or its officers, employees and
            agents (i) arising in whole or in part, directly or indirectly, out
            of any act or omission of any person, whether or not legally deemed
            an agent of DWR, who refers or introduces Customer to DWR or places
            orders for Customer and (ii) for any punitive damages and to limit
            any claims arising out of this Agreement or the Account to
            Customer's direct out-of-pocket damages.

9.    EXTRAORDINARY EVENTS - Customer shall have no claim against DWR for any
      loss, damage, liability, cost, charge, expense, penalty, fine or tax
      caused directly or indirectly by (a) governmental, court, exchange,
      regulatory or self-regulatory organization restrictions, regulations,
      rules, decisions or orders, (b) suspension or termination of trading, (c)
      war or civil or labor disturbance, (d) delay or inaccuracy in the
      transmission or reporting of orders due to a breakdown or failure of
      computer services, transmission or communication facilities, (e) the
      failure or delay by any exchange to enforce its rules or to pay to DWR any
      margin due in respect of Customer's Account, (f) the failure or delay by
      any bank, trust company, clearing organization or other person which,
      pursuant to applicable exchange rules, is holding Customer funds,
      securities or other property to pay or deliver the same to DWR or (g) any
      other cause or causes beyond DWR's control.

10.   INDEMNIFICATION OF DWR - Customer agrees to indemnify, defend and hold
      harmless DWR and its officers, employees and agents from and against any
      loss, cost, claim, damage (including any consequential cost, loss or
      damage), liability or expense (including reasonable attorneys' fees) and
      any fine, sanction or penalty made or imposed by any regulatory or
      self-regulatory authority or any exchange as the result, directly or
      indirectly, of:

      (a)   Customer's failure or refusal to comply with any provision of this
            Agreement or perform any obligation on its part to be performed
            pursuant to this Agreement; and

      (b)   Customer's failure to timely deliver any security, commodity or
            other property previously sold by DWR on Customer's behalf.

11    NOTICES; TRANSMITTALS - DWR shall transmit all communications to Customer
      at Customer's address, telefax or telephone number set forth in the
      accompanying Futures Account Application or to such other address as
      Customer may hereafter direct in writing. Customer shall transmit all
      communications to DWR (except routine inquiries concerning the Account) to
      130 Liberty Street, New York, NY 10006, Attention: Futures Compliance
      Officer. All payments and deliveries to DWR shall be made as instructed by
      DWR from time to time and shall be deemed received only when actually
      received by DWR.

12.   CONFIRMATION CONCLUSIVE - Confirmation of trades and any other notices
      sent to Customer shall be conclusive and binding on Customer unless
      Customer or Customer's agent notifies DWR to the contrary (a) in the case
      of an oral report, orally at the time received by Customer or its agent or
      (b) in the case of a written report or notice, in writing prior to opening
      of trading on the business day next following receipt of the report. In
      addition, if Customer has not received a written confirmation that a
      commodity interest transaction has been executed within three business
      days after Customer has placed an order with DWR to effect such
      transaction, and has been informed or believes that such order has been or
      should have been executed, then Customer immediately shall notify DWR
      thereof. Absent such notice, Customer conclusively shall be deemed
      estopped to object and to have waived any such objection to the failure to
      execute or cause to be executed such transaction. Anything in this Section
      12 withstanding, neither Customer nor DWR shall be bound by any
      transaction or price reported in error.

13.   SECURITY INTEREST - All money and property ("collateral") now or at any
      future time held in Customer's Account, or otherwise held by DWR for
      Customer, is subject to a security interest in DWR's favor to secure any
      indebtedness at any time owing to it by Customer. DWR, in its discretion,
      may liquidate any collateral to satisfy any margin or Account deficiencies
      or to transfer the collateral to the general ledger account of DWR.

14.   TRANSFER OF FUNDS - At any time and from time to time and without prior
      notice to Customer, DWR may transfer from one account to another account
      in which Customer has any interest, such excess funds, equities,
      securities or other property as in DWR's judgment may be required for
      margin, or to reduce any debit balance or to reduce or satisfy any
      deficits in such other accounts except that no such transfer may be made
      from a segregated account subject to the Commodity Exchange Act to another
      account maintained by Customer unless either Customer has authorized such
      transfer in writing or DWR is effecting such transfer to enforce DWR's
      security interest pursuant to Section 13. DWR promptly shall confirm all
      transfers of funds made pursuant hereto to Customer in writing.

15.   DWR'S RIGHT TO LIQUIDATE CUSTOMER POSITIONS - In addition to all other
      rights of DWR set forth in this Agreement:

      (a)   when directed or required by a regulatory or self-regulatory
            organization or exchange having jurisdiction over DWR or the
            Account;

      (b)   whenever, in its discretion, DWR considers it necessary for its
            protection because of margin requirements or otherwise;

      (c)   if Customer or any affiliate of Customer repudiates, violates,
            breaches or fails to perform on a timely basis any term, covenant or
            condition on its part to be performed under this Agreement or
            another agreement with DWR;

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

      (e)   DWR is informed of Customer's death or mental incapacity; or

      (f)   if an attachment or similar order is levied against the Account or
            any other account maintained by Customer or any affiliate of
            Customer with DWR;

      DWR shall have the right to (i) satisfy any obligations due DWR out of any
      Customer's property in DWR's custody or control, (ii) liquidate any or all
      of Customer's commodity interest positions, (iii) cancel any or all of
      Customer's outstanding orders, (iv) treat any or all of Customer's
      obligations due DWR as immediately due and payable, (v) sell any or all of
      Customer's property in DWR's custody or control in such manner as DWR
      determines to be commercially reasonable, and/or (vi) terminate any or all
      of DWR's obligations for future performance to Customer, all without any
      notice to or demand on Customer. Any sale hereunder may be made in any
      commercially reasonable manner. Customer agrees that a prior demand, call
      or notice shall not be considered a waiver of DWR's right to act without
      demand or notice as herein provided, that Customer shall at all times be
      liable for the payment of any debit balance owing in each account upon
      demand whether occurring upon a liquidation as provided under this Section
      15 or otherwise under this Agreement, and that in all cases Customer shall
      be liable for any deficiency remaining in each Account in the event of
      liquidation thereof in whole or in part together with interest thereon and
      all costs relating to liquidation and collection (including reasonable
      attorneys' fees).

16.   CUSTOMER REPRESENTATIONS, WARRANTIES AND AGREEMENTS - Customer represents
      and warrants to and agrees with DWR that:

      (a)   Customer has full power and authority to enter into this Agreement
            and to engage in the transactions and perform its obligations
            hereunder and contemplated hereby and (i) if a corporation or a
            limited liability company, is duly organized under the laws of the
            jurisdiction set forth in the accompanying Futures Account
            Application, 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 any partner, director, officer, member, manager
            or employee of Customer nor any affiliate of Customer is a partner,
            director, officer, member, manager or employee of a futures
            commission merchant introducing broker, exchange or self-regulatory
            organization or an employee or commissioner of the Commodity Futures
            Trading Commission (the "CFTC"), except as previously disclosed in
            writing to DWR;

      (c)   The accompanying Futures Account Application and Personal Financial
            Statements, if applicable, (including any financial statements
            furnished in connection therewith) are true, correct and complete.
            Except as disclosed on the accompanying Futures Account Application
            or otherwise provided in writing, (i) Customer is not a commodity
            pool or is exempt from registration under the rules of the
            Commission, and (ii) Customer is acting solely as principal and no
            one other than Customer has any interest in any Account of Customer.
            Customer hereby authorizes DWR to contact such banks, financial
            institutions and credit agencies as DWR shall deem appropriate for
            verification of the information contained herein.

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

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

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

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

      (h)   DWR, for and on behalf of Customer, is authorized and empowered to
            place orders for commodity interest transactions through one or more
            electronic or automated trading systems maintained or operated by or
            under the auspices of an exchange, that DWR shall not be liable or
            obligated to Customer for any loss, damage, liability, cost or
            expense (including but not limited to loss of profits, loss of use,
            incidental or consequential damages) incurred or sustained by
            Customer and arising in whole or in part, directly or indirectly,
            from any fault, delay, omission, inaccuracy or termination of a
            system or DWR's inability to enter, cancel or modify an order on
            behalf of Customer on or through a system. The provisions of this
            Section 16(h) shall apply regardless of whether any customer claim
            arises in contract, negligence, tort, strict liability, breach of
            fiduciary obligations or otherwise; and

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

      Customer agrees to promptly notify DWR in writing if any of the warranties
      and representations contained in this Section 16 becomes inaccurate or in
      any way ceases to be true, complete and correct.

17.   SUCCESSORS AND ASSIGNS - This Agreement shall inure to the benefit of DWR,
      its successors and assigns, and shall be binding upon Customer and
      Customer's executors, trustees, administrators, successors and assigns,
      provided, however, that this Agreement is not assignable by Customer
      without the prior written consent of DWR.

18.   MODIFICATION OF AGREEMENT BY DWR; NON-WAIVER PROVISION - This Agreement
      may only be altered, modified or amended by mutual written consent of the
      parties, except that if DWR notifies Customer of a change in this
      Agreement and Customer thereafter effects a commodity interest transaction
      in an account, Customer agrees that such action by Customer will
      constitute consent by Customer to such change. No employee of DWR other
      than DWR's General Counsel or his or her designee, has any authority to
      alter, modify, amend or waive in any respect any of the terms of this
      Agreement. The rights and remedies conferred upon DWR shall be cumulative,
      and its forbearance to take any remedial action available to it under this
      Agreement shall not waive its right at any time or from time to time
      thereafter to take such action.

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

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

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

22.   ENTIRE AGREEMENT - This Agreement constitutes the entire agreement between
      Customer and DWR with respect to the subject matter hereof and supersedes
      any prior agreements between the parties with respect to such subject
      matter.

23.   GOVERNING LAW; CONSENT TO JURISDICTION -

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

      (b)   Notwithstanding the provisions of Section 23 (a)(ii), Customer may
            elect at this time to have all disputes described in this Section
            resolved by arbitration. To make such election, Customer must sign
            the Arbitration Agreement set forth in Section 24. Notwithstanding
            such election, any question relating to whether Customer or DWR has
            commenced an arbitration proceeding in a timely manner, whether a
            dispute is within the scope of the Arbitration Agreement or whether
            a party (other than Customer or DWR) has consented to arbitration
            and all proceedings to compel arbitration shall be determined by a
            court as specified in Section 23 (a)(ii).

24.   ARBITRATION AGREEMENT (OPTIONAL) - Every dispute between Customer and DWR
      arising out of or relating to the making or performance of this Agreement
      or any transaction pursuant to this Agreement, shall be settled by
      arbitration in accordance with the rules, then in effect, of the National
      Futures Association, the contract market upon which the transaction giving
      rise to the claim was executed, or the National Association of Securities
      Dealers as Customer may elect. If Customer does not make such election by
      registered mail addressed to DWR at 130 Liberty Street, 29th Floor, New
      York, NY 10006; Attention: Deputy General Counsel, within 45 days after
      demand by DWR that the Customer make such election, then DWR may make such
      election. DWR agrees to pay any incremental fees which may be assessed by
      a qualified forum for making available a "mixed panel" of arbitrators,
      unless the arbitrators determine that Customer has acted in bad faith in
      initiating or conducting the proceedings. Judgment upon any award rendered
      by the arbitrators may be entered in any court having jurisdiction
      thereof.

      IN ADDITION TO FOREIGN FORUMS, 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 DWR 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 DWR INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF
      YOU BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF
      YOU PREFER TO REQUEST A SECTION 14 "REPARATIONS" PROCEEDINGS BEFORE THE
      CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE
      THAT ELECTION.

      YOU NEED NOT AGREE TO THIS ARBITRATION AGREEMENT TO OPEN AN ACCOUNT WITH
      DWR. See 17 CFR 180.1-180.5. ACCEPTANCE OF THIS ARBITRATION AGREEMENT
      REQUIRES A SEPARATE SIGNATURE ON PAGE 8.

25.   CONSENT TO TAKE THE OTHER SIDE OF ORDERS (OPTIONAL) - Without its prior
      notice, Customer agrees that when DWR executes sell or buy orders on
      Customer's behalf, DWR, its directors, officers, employees, agents,
      affiliates, and any floor broker may take the other side of Customer's
      transaction through any account of such person subject to its being
      executed at prevailing prices in accordance with and subject to the
      limitations and conditions, if any, contained in applicable rules and
      regulations.

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

27.   SUBORDINATION AGREEMENT (APPLIES ONLY TO ACCOUNTS WITH FUNDS HELD IN
      FOREIGN COUNTRIES) - 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 the
      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 hinder or
      prevent the availability of these funds for distribution to customers.
      Such accounts also may be subject to foreign currency exchange rate risks.

      If authorized below, Customer authorizes 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, a customer who has funds
      held outside the United States agrees by accepting this subordination
      agreement that his claims based on such funds will be subordinated as
      described below in the unlikely event both of the following conditions are
      met: (1) DWR is placed in receivership or bankruptcy, and (2) there are
      insufficient funds available for distribution denominated in the foreign
      currency as to which the customer has a claim to satisfy all claims
      against those funds.

      By initialing the Subordination Agreement below, Customer agrees that if
      both of the conditions listed above occur, its claim against DWR'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
      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 DWR.

<PAGE>

OPTIONAL ELECTIONS

The following provisions, which are set forth in this agreement, need not be
entered into to open the Account. Customer agrees that its optional elections
are as follows:

<TABLE>
<CAPTION>
<S>                                                 <C>
                                                    SIGNATURE REQUIRED FOR EACH ELECTION
ARBITRATION AGREEMENT:
(Agreement Paragraph 24)
                                                    -----------------------------------------

CONSENT TO TAKE THE OTHER SIDE OF ORDERS:
(Agreement Paragraph 25)                            X     /s/ Robert E. Murray
                                                    -----------------------------------------

AUTHORIZATION TO TRANSFER FUNDS:
(Agreement Paragraph 26)                            X     /s/ Robert E. Murray
                                                    -----------------------------------------

ACKNOWLEDGEMENT TO SUBORDINATION AGREEMENT
(Agreement Paragraph 27)                            X     /s/ Robert E. Murray
                                                    -----------------------------------------
                                                    (Required for accounts holding non-U.S.
                                                    currency)
=============================================================================================

HEDGE ELECTION

      Customer confirms that all transactions in the Account will            [ ]
      represent bona fide hedging transactions, as defined by the
      Commodity Futures Trading Commission, unless DWR is notified
      otherwise not later than the time an order is placed for the
      Account [check box if applicable]:

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

   A.   Liquidate all open contracts without first seeking instructions      [ ]
        either from or on behalf of Customer.

   B.   Attempt to obtain instructions with respect to the disposition of    [ ]
        all open contracts.
        (IF NEITHER BOX IS CHECKED, CUSTOMER SHALL BE DEEMED TO ELECT A)

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

ACKNOWLEDGEMENT OF RECEIPT OF RISK DISCLOSURE STATEMENTS

The undersigned each hereby acknowledges its separate receipt from DWR, and its understanding
of each of the following documents prior to the opening of the account:

o Risk Disclosure Statement for Futures          o Project ATM Customer Information
  and Options (in the form prescribed by           Statement
  CFTC Regulation 1.55(c))

o LME Risk Warning Notice                        o Questions & Answers on Flexible
                                                   Options Trading at the CBOT
o Dean Witter Order Presumption for After
  Hours Electronic Markets                       o CME Average Pricing System Disclosure
                                                   Statement
o NYMEX ACCESSSM Risk Disclosure Statement       o Special Notice to Foreign Brokers and
                                                   Foreign Traders
o Globex(R) Customer Information and Risk
  Disclosure Statement
=============================================================================================

REQUIRED SIGNATURES

The undersigned has received, read, understands and agrees to all the provisions of this
Agreement and the separate risk disclosure statements enumerated above and agrees to promptly
notify DWR in writing if any of the warranties and representations contained herein become
inaccurate or in any way cease to be true, complete and correct.

DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
------------------------------------------------------------------------------------------
CUSTOMER NAME(S)
By: DEMETER MANAGEMENT CORPORATION

By: /s/ Robert E. Murray                           May 19, 2000
--------------------------------------------    ------------------------------------------
AUTHORIZED SIGNATURE(S)                            DATE

Robert E. Murray, President and Chairman
---------------------------------------------------------------------------------------------
(If applicable, print name and title of signatory)

</TABLE>

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