Document:

EXHIBIT 10.01

                   AMENDED AND RESTATED CUSTOMER AGREEMENT

      THIS CUSTOMER AGREEMENT (this "Agreement"), made as of the 16th day of
October, 2000, by and between MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC
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 29, 1994, and a Limited Partnership Agreement dated as of May
27, 1994, as amended, and as further amended and restated as of February 28,
2000, 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, but not limited, to foreign currencies, mortgage-backed securities,
money market instruments, financial instruments, and any other securities or
items which are, or may become, the subject of futures contract trading),
domestic and foreign 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 and
other securities on a limited basis, and to engage in all activities incident
thereto;

      WHEREAS, the Customer (which is a commodity pool) and the General Partner
(which is a registered commodity pool operator) have entered into management
agreements (the "Management Agreements") with certain trading advisors (each, a
"Trading Advisor" and collectively, the "Trading Advisors") which provide that
the Trading Advisors have the 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
Agreements;

      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 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. Except as otherwise set forth herein and in the
      Prospectus, the Customer, and not DWR, shall be responsible for all taxes,
      management and incentive fees to the Trading Advisors, brokerage fees to
      DWR, and all extraordinary expenses incurred by it. DWR shall pay all of
      the offering and ordinary administrative expenses of the Customer
      (including, but not limited to, legal, accounting, and auditing fees,
      printing costs, filing fees, escrow fees, marketing costs and expenses and
      other related expenses) and all charges of MS&Co. and MSIL for executing
      and clearing the Customer's futures interests trades (as described in
      paragraph 5 below), and shall not be reimbursed therefor.

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.    Compensation of DWR. The Customer will pay brokerage fees to DWR at a
      monthly flat-rate. The Customer will pay to DWR a monthly flat-rate fee of
      1/12 of 7.25% of the Customer's Net Assets (a 7.25% annual rate) as of the
      first day of each month. DWR will receive such brokerage fees irrespective
      of the number of trades executed on the Customer's behalf.

      DWR will pay or reimburse the Customer, from brokerage fees received by
it, all charges of MS&Co. and MSIL for executing and clearing trades for the
Customer, including floor brokerage fees, exchange fees, clearinghouse fees, NFA
fees, "give up" fees, any taxes (other than income taxes), any third party
clearing costs incurred by MS&Co. and MSIL, and costs associated with taking
delivery of futures interests. For purposes of clarity, DWR does not pay or
reimburse the Customer for 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.

      From time to time, DWR may increase or decrease brokerage fees to be
charged to the Customer; provided, however, that: (i) notice of such increase is
mailed to each Limited Partner at least five business days prior to the last
date on which a "Request for Redemption" must be received by the General Partner
with respect to the applicable Redemption Date; and (ii) such notice shall
describe the redemption and voting rights of Limited Partners.

      Notwithstanding the foregoing, the Customer's expenses are subject to the
following limits: (a) if the Customer were to pay roundturn brokerage
commissions, the brokerage commissions (excluding transaction fees and costs)
payable by the Customer to DWR shall not exceed 80% of DWR's published
non-member rates for speculative accounts and (b) the aggregate of (i) brokerage
commissions (or fees) payable to DWR, (ii) transaction fees and costs payable by
the Customer, and (iii) net excess interest and compensating balance benefits to
DWR (after crediting the Customer with interest as described in the Prospectus)
shall not exceed 14% annually of the Customer's average month-end Net Assets
during each calendar year.

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 Advisors, 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 at the rate earned by DWR on its U.S. Treasury bill investments
      with customer segregated funds as if 80% of the Customer's average daily
      Net Assets for the month were invested in U.S. Treasury bills at that
      rate. 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 the Customer on or with respect to forward contracts
      and other futures interests but not actually received 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
      with 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, unless such act, omission, conduct, or activity by DWR or its
      affiliates constituted misconduct or negligence.

      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 the defense
of any demands, claims, or lawsuits) actually and reasonably incurred arising
from any act, omission, conduct or activity undertaken by DWR on behalf of the
Customer pursuant to this Agreement, including, without limitation, any demands,
claims or lawsuits initiated by a Limited Partner (or assignee thereof),
provided that (i) 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 (ii) the act, omission, conduct, or activity
that was the basis for such loss, liability, damage, cost, or expense was not
the result of misconduct or negligence. Notwithstanding anything to the contrary
contained in the foregoing, neither DWR nor any of its affiliates shall be
indemnified by the Customer for any losses, liabilities, or expenses arising
from or out of an alleged violation of federal or state securities laws unless
(a) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee, or
(b) such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the particular indemnitee, or (c) a court of
competent jurisdiction approves a settlement of the claims against the
particular indemnitee and finds that indemnification of the settlement and
related costs should be made, provided, with regard to such court approval, the
indemnitee must apprise the court of the position of the SEC, and the positions
of the respective securities administrators of Massachusetts, Missouri,
Tennessee and/or those other states and jurisdictions in which the plaintiffs
claim they were offered or sold Units, 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, and this Section 8. The Customer shall make advances to DWR or
its affiliates hereunder only if: (i) the demand, claim, lawsuit, or legal
action relates to the performance of duties or services by such persons to the
Customer; (ii) such demand, claim, lawsuit, or legal action is not initiated by
a Limited Partner; and (iii) such advances are repaid, with interest at the
legal rate under Delaware law, if the person receiving such advance is
ultimately found not to be entitled to indemnification hereunder.

      DWR shall indemnify, defend and hold harmless the Customer and its
successors or assigns from and against any losses, liabilities, damages, costs,
or expenses (including in connection with the defense or settlement of claims;
provided DWR has approved such settlement) incurred as a result of the
activities of DWR or its affiliates, provided, further, that the act, omission,
conduct, or activity giving rise to the claim for indemnification was the result
of bad faith, misconduct or negligence.

      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 and
performing services for Customer 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
      Prospectus. 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:

               MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
               c/o Demeter Management Corporation
               Two World Trade Center, 62nd Floor
               New York, New York  10048
               Attn: Robert E. Murray
                     President and Chairman

      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.

                                    MORGAN STANLEY DEAN WITTER SPECTRUM
                                    STRATEGIC L.P.

                                    By: DEMETER MANAGEMENT CORPORATION,
                                        General Partner

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

                                    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  Questions & Answers on Flexible
o  LME Risk Warning Notice                        Options Trading at the CBOT

o  Dean Witter Order Presumption for After     o  CME Average Pricing System Disclosure
   Hours Electronic Markets                       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.

MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
--------------------------------------------------------------------------------------------
CUSTOMER NAME(S)

By: DEMETER MANAGEMENT CORPORATION

    By: /s/ Robert E. Murray                       October 16, 2000
-----------------------------------------------    -----------------------------------------
AUTHORIZED SIGNATURE(S)                            DATE

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

</TABLE>EXHIBIT 10.02

                      COMMODITY FUTURES CUSTOMER AGREEMENT
                                     BETWEEN
               MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
                                       AND
                        MORGAN STANLEY & CO. INCORPORATED

      This Commodity Futures Customer Agreement ("Agreement"), dated as of June
6, 2000 between Morgan Stanley & Co. Incorporated ("Morgan Stanley"), Morgan
Stanley Dean Witter Spectrum Strategic L.P. ("Customer"), and acknowledged and
agreed to Dean Witter Reynolds Inc., the non-clearing commodity broker for the
Customer ("DWR"), shall govern the purchase and sale by Morgan Stanley of
commodity futures contracts and options thereon (collectively, "Contracts") for
the account and risk of Customer through one or more accounts carried by Morgan
Stanley on behalf and in the name of Customer (collectively, the "Account").

1. APPLICABLE LAW. The Account and all transactions and agreements in respect of
the Account shall be subject to all applicable Federal, state, exchange,
clearing house and self-regulatory agency rules, regulations and interpretations
and custom and usage of the trade. All such rules, regulations, interpretations,
custom and usage are hereinafter collectively referred to as "Applicable Law."

2. CUSTOMER'S REPRESENTATIONS AND WARRANTIES. Customer represents and warrants
that (a) Customer has full right, power and authority to enter into this
Agreement, and the person executing this Agreement on behalf of Customer is
authorized to do so; (b) this Agreement is binding on Customer and enforceable
against Customer in accordance with its terms; (c) Customer may lawfully
establish and open the Account for the purpose of effecting purchases and sales
of Contracts through Morgan Stanley; (d) transactions entered into pursuant to
this Agreement will not violate any applicable law (including any Applicable
Law) to which Customer is subject or any agreement to which Customer is subject
or a party; and (e) all information provided by Customer in the Account
Application preceding this Agreement (which Application and the information
contained therein hereby is incorporated into this Agreement) is true and
correct and Customer shall immediately (and in no event later than within one
business day) notify Morgan Stanley of any change in such information.

3.    PAYMENT AND INTEREST OBLIGATIONS.

      (A) COMPENSATION PAYMENTS TO MORGAN STANLEY. Customer shall pay Morgan
Stanley upon demand (a) all floor brokerage charges, give-up fees, contract
market, clearing house, National Futures Association ("NFA") or clearing member
fees or charges; (b) any tax imposed on such transactions by any competent
taxing authority; (c) the amount of any trading losses in the Account; (d) any
debit balance or deficiency in the Account; and (e) any other amounts owed by
Customer to Morgan Stanley with respect to the Account or any transactions
therein. DWR shall pay Morgan Stanley such charges with respect to the execution
and clearing of trades for Customer as DWR and Morgan Stanley shall agree from
time to time.

      (B) PAYMENT OF INTEREST. The Customer's assets deposited with Morgan
Stanley will be segregated or secured in accordance with the Commodity Exchange
Act and regulations of the Commodity Futures Trading Commission ("CFTC") and
will be invested in accord with Morgan Stanley's customary practice for
investment of its futures customer funds. All of Customer's funds will be
available for margin for the Customer's trading. Morgan Stanley shall pay to DWR
at each month-end interest on Customer's funds in its possession as agreed
between Morgan Stanley and DWR from time to time. The Customer understands that
it will not receive any interest income on its assets held by Morgan Stanley
other than that paid by DWR pursuant to the Customer's DWR Customer Agreement.
DWR shall pay Morgan Stanley interest on any debit balances in the Account at
such rates as Morgan Stanley and DWR shall agree from time to time.

      (C) NETTING. The parties agree that all payment obligations of Customer to
Morgan Stanley under this Agreement and all payment obligations of Morgan
Stanley to Customer under this Agreement will be netted against each other to
result in one net payment amount.

4.    CUSTOMER'S EVENTS OF DEFAULT; MORGAN STANLEY'S REMEDIES.

      (A) EVENTS OF DEFAULT. As used herein, each of the following shall be
deemed an "Event of Default": (i) the commencement of a case under any Federal
or state bankruptcy, insolvency or reorganization law, or the filing of a
petition for the appointment of a receiver by or against Customer, an assignment
made by Customer for the benefit of creditors, an admission in writing by
Customer that it is insolvent or is unable to pay its debts when they mature, or
the suspension by the Customer of its usual business or any material portion
thereof; (ii) the issuance of any warrant or order of attachment against the
Account or the levy of a judgment against the Account; (iii) if Customer is an
employee benefit plan, the termination of Customer or the filing by Customer of
a notice of intent to terminate with a governmental agency or body, or the
receipt of a notice of intent to terminate Customer from a governmental agency
or body, or the inability of Customer to pay benefits under the relevant
employment benefit plan when due; (iv) the failure by Customer to deposit or
maintain margins, to pay required premiums, or to make payments required by
Section 3 hereof; (v) the failure by Customer to perform, in any material
respect, its obligations hereunder.

      (B) REMEDIES. Upon the occurrence of an Event of Default or in the event
Morgan Stanley, in its sole and absolute discretion, considers it necessary for
its protection, Morgan Stanley shall have the right, in addition to any other
remedy available to Morgan Stanley at law or in equity, and in addition to any
other action Morgan Stanley may deem appropriate under the circumstances, to
liquidate any or all open Contracts held in or for the Account, sell any or all
of the securities or other property of Customer held by Morgan Stanley and to
apply the proceeds thereof to any amounts owed by Customer to Morgan Stanley,
borrow or buy any options, securities, Contracts or other property for the
Account and cancel any unfilled orders for the purchase or sale of Contracts for
the Account, or take such other or further actions Morgan Stanley, in its
reasonable discretion, deems necessary or appropriate for its protection, all
without demand for margin and without notice or advertisement. Any such action
may be made at the discretion of Morgan Stanley in any commercially reasonable
manner. In the event Morgan Stanley's position would not be jeopardized thereby,
Morgan Stanley will make reasonable efforts under the circumstances to notify
Customer prior to taking any such action. A prior demand or margin call of any
kind from Morgan Stanley or prior notice from Morgan Stanley shall not be
considered a waiver of Morgan Stanley's right to take any action without notice
or demand. In the event Morgan Stanley exercises any remedies available to it
under this Agreement, Customer shall reimburse, compensate and indemnify Morgan
Stanley for any and all costs, losses, penalties, fines, taxes and damages that
Morgan Stanley may incur, including reasonable attorneys' fees incurred in
connection with the exercise of its remedies and the recovery of any such costs,
losses, penalties, fines, taxes and damages.

5.    STANDARD OF LIABILITY AND INDEMNIFICATION.

      (A) Standard of Liability. Morgan Stanley and its affiliates (as defined
below) shall not be liable to Customer, the general partner or the 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 Morgan Stanley determines, in good faith, to be
in the best interest of the Customer, unless such act, omission, conduct, or
activity by Morgan Stanley or its affiliates constituted misconduct or
negligence. Without limiting the foregoing, Morgan Stanley shall have no
responsibility or liability to Customer hereunder (i) in connection with the
performance or non-performance by any contract market, clearing house, clearing
firm or other third party (including floor brokers not selected by Morgan
Stanley and banks) to Morgan Stanley of its obligations in respect of any
Contract or other property of Customer; (ii) as a result of any prediction,
recommendation or advice made or given by a representative of Morgan Stanley
whether or not made or given at the request of Customer; (iii) as a result of
Morgan Stanley's reliance on any instructions, notices and communications that
it believes to be that of an individual authorized to act on behalf of Customer;
(iv) as a result of any delay in the performance or non-performance of any of
Morgan Stanley's obligations hereunder directly or indirectly caused by the
occurrence of any contingency beyond the control of Morgan Stanley including,
but not limited to, the unscheduled closure of an exchange or contract market or
delays in the transmission of orders due to breakdowns or failures of
transmission or communication facilities, execution, and/or trading facilities
or other systems (including, without limitation, GLOBEX, ACCESS, or other
electronic trading systems, facilities or services), it being understood that
Morgan Stanley shall be excused from performance of its obligations hereunder
for such period of time as is reasonably necessary after such occurrence to
remedy the effects therefrom; (v) as a result of any action taken by Morgan
Stanley or its floor brokers to comply with Applicable Law; or (vi) for any acts
or omissions of those neither employed nor supervised by Morgan Stanley. In no
event will Morgan Stanley be liable to Customer for consequential, incidental or
special damages hereunder.

      (B) INDEMNIFICATION BY CUSTOMER. Customer shall indemnify, defend and hold
harmless Morgan Stanley and its affiliates from and against any loss, liability,
damage, cost or expense (including attorneys' and accountants' fees and expenses
incurred in the defense of any demands, claims or lawsuits) actually and
reasonably incurred arising from any act, omission, conduct, or activity
undertaken by Morgan Stanley on behalf of Customer, including, without
limitation, any demands, claims or lawsuits initiated by a limited partner (or
assignee thereof); provided that (i) Morgan Stanley 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 (ii) the act,
omission, conduct or activity that was the basis for such loss, liability,
damage, cost or expense was not the result of misconduct or negligence.
Notwithstanding the foregoing, no indemnification of Morgan Stanley or its
affiliates by Customer shall be permitted for any losses, liabilities or
expenses arising from or out of any alleged violation of federal or state
securities laws unless (i) there has been a successful adjudication on the
merits of each count involving alleged securities law violations as to the
particular indemnitee, or (ii) such claims have been dismissed with prejudice on
the merits by a court of competent jurisdiction as to the particular indemnitee,
or (iii) a court of competent jurisdiction approves a settlement of the claims
against the particular indemnitee and finds that indemnification of the
settlement and related costs should be made, provided with regard to such court
approval, the indemnitee must apprise the court of the position of the SEC and
the positions of the respective securities administrators of Massachusetts,
Missouri, Tennessee and/or those other states and jurisdictions in which the
plaintiffs claim that they were offered or sold Units, 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 Customer to which Morgan Stanley 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, and this Section 5. The Customer shall make
advances to Morgan Stanley or its affiliates hereunder only if: (i) the demand,
claim lawsuit or legal action relates to the performance of duties or services
by such persons to Customer; (ii) such demand, claim lawsuit or legal action is
not initiated by a limited partner; and (iii) such advances are repaid, with
interest at the legal rate under Delaware law, if the person receiving such
advance is ultimately found not to be entitled to indemnification hereunder.

      (C) INDEMNIFICATION BY MORGAN STANLEY. Morgan Stanley shall indemnify,
defend and hold harmless Customer and its successors or assigns from and against
any losses, liabilities, damages, costs or expenses (including in connection
with the defense or settlement of claims; provided Morgan Stanley has approved
such settlement) incurred as a direct result of the activities of Morgan Stanley
or its affiliates, provided, further, that the act, omission, conduct or
activity giving rise to the claim for indemnification was the result of bad
faith, misconduct or negligence of Morgan Stanley or its affiliates.

      (D) LIMITATION ON INDEMNITIES. The indemnities provided in this Section 5
by Customer to Morgan Stanley 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 agreement of Morgan Stanley contained in
this Agreement to the extent caused by such event. Likewise, the indemnities
provided in this Section 5 by Morgan Stanley to Customer and 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
representation, warranty or agreement of Customer contained in this Agreement to
the extent caused by such breach.

      (E) DEFINITION OF "AFFILIATE." As used in this Section 5, the term
"affiliate" of Morgan Stanley 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 Morgan Stanley; (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 Morgan
Stanley; (iii) any natural person, partnership, corporation, association, or
other legal entity directly or indirectly controlling, controlled by, or under
common control with, Morgan Stanley; or (iv) any officer or director of Morgan
Stanley. Notwithstanding the foregoing, "affiliates" for purposes of this
Section 5 shall include only those persons acting on behalf of Morgan Stanley
and performing services for Customer within the scope of the authority of Morgan
Stanley, as set forth in this Agreement.

6.    GENERAL AGREEMENTS.   The parties agree that:

      (A) MORGAN STANLEY'S RESPONSIBILITY. Morgan Stanley is not acting as a
fiduciary, foundation manager, commodity pool operator, commodity trading
advisor or investment adviser in respect of any Account opened by Customer.
Morgan Stanley shall have no responsibility hereunder for compliance with any
law or regulation governing the conduct of fiduciaries, foundation managers,
commodity pool operators, commodity trading advisors or investment advisers.

      Morgan Stanley agrees to furnish to the Customer as soon as practicable
all of the information from time to time in its possession which Customer may be
required to furnish to its limited partners pursuant to its limited partnership
agreement and as otherwise required by Applicable Law. Morgan Stanley shall
disclose such information regarding itself and its affiliates (including,
without limitation, financial statements) as may be required by the Customer for
SEC, CFTC and state blue sky disclosure purposes. Morgan Stanley agrees to
notify the applicable trading advisor for the Customer (each a "Trading
Advisor") immediately upon discovery of any error committed by Morgan Stanley or
any of its agents with respect to a trade for the Customer's account which
Morgan Stanley believes was not executed or cleared in accordance with proper
instructions given by the Customer, its Trading Advisors or any other authorized
agent of Customer. Errors made by floor brokers appointed or selected by Morgan
Stanley shall constitute errors made by Morgan Stanley. However, Morgan Stanley
shall not be responsible for errors committed by the Trading Advisors.

      Morgan Stanley agrees to report to DWR its own errors and the errors of
any Trading Advisor for the Account which Morgan Stanley becomes aware of,
provided that such reporting may be via telephone. Notwithstanding the
foregoing, the failure to comply with such reporting obligation does not
increase Morgan Stanley's liability for its own errors beyond that otherwise
expressly set forth in this Agreement, nor does it make Morgan Stanley in any
way responsible for errors committed by the Trading Advisors.

      Morgan Stanley acknowledges that the other partnerships of which Demeter
Management Corporation (the general partner of Customer) is the general partner,
do not constitute affiliates of the Customer.

      (B) ADVICE. All advice communicated by Morgan Stanley with respect to any
Account opened by Customer hereunder is incidental to the conduct of Morgan
Stanley's business as a futures commission merchant and such advice will not
serve as the primary basis for any decision made by or on behalf of Customer in
respect of the Account, regardless of whether Customer relies on the advice of
Morgan Stanley in making any such decision. Customer acknowledges that Morgan
Stanley and its managing directors, officers, employees and affiliates may take
or hold positions in, or advise other customers concerning, Contracts that are
the subject of advice from Morgan Stanley to Customer. The positions and advice
of Morgan Stanley and its managing directors, officers, employees and affiliates
may be inconsistent with or contrary to positions of, and the advice given by,
Morgan Stanley to Customer.

      (C) RECORDING. Each of Morgan Stanley, the Customer, DWR and their
respective officers, agents and employees, in their sole and absolute
discretion, may record, on tape or otherwise, any telephone conversation between
or among Morgan Stanley, the Customer or DWR with respect to the Account and
transactions therein and each of Morgan Stanley, the Customer and DWR hereby
agrees and consents thereto.

      (D)   ACCEPTANCE OF ORDERS; POSITION LIMITS.

            (i) Morgan Stanley shall have the right to limit the size of open
      positions (net or gross) of Customer with respect to the Account at any
      time and to refuse acceptance of orders to establish new positions,
      whether such refusal or limitation is required by, or based on position
      limits imposed under, Applicable Law. Morgan Stanley shall immediately
      notify Customer of its rejection of any order. Unless specified by
      Customer, Morgan Stanley may designate the exchange or other markets
      (including, without limitation, GLOBEX or ACCESS) on which it will attempt
      to execute orders.

            (ii) Customer shall file or cause to be filed all applications or
      reports required under Applicable Law with the CFTC or the relevant
      contract market or clearing house, and shall provide Morgan Stanley with a
      copy of such applications or reports and such other information as Morgan
      Stanley may reasonably request in connection therewith.

      (E) ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS.
Customer shall make, or cause to be made, all applicable original margin,
intra-day margin and premium payments, and perform all other obligations
attendant to transactions or positions in such Contracts, as may be required by
Applicable Law or by Morgan Stanley. Requests for margin deposits and/or premium
payments may, at Morgan Stanley's election, be communicated to Customer orally,
telephonically or in writing. Customer margin deposits and/or premium payments
shall be made by wire transfer to Morgan Stanley's Customer Segregated Account
and shall be in U.S. dollars unless Morgan Stanley and the Customer specifically
agree otherwise. All Contracts for the Account shall be margined at the
applicable exchange or clearing house minimum rates for speculative accounts.

      (F) SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL. Except to the
extent proscribed by Applicable Law not subject to waiver, all Contracts, cash,
securities, and/or any other property of Customer whatsoever (collectively, the
"Collateral") at any time held by Morgan Stanley or its affiliates, or carried
by others for the Account, hereby are pledged to Morgan Stanley and shall be
subject to a general lien and security interest in Morgan Stanley's favor to
secure any indebtedness or other amounts, obligations and/or liabilities at any
time owing from Customer to Morgan Stanley (collectively, the "Customer's
Liabilities"). Customer hereby grants Morgan Stanley the right to borrow,
pledge, repledge, hypothecate, rehypothecate, loan or invest any of the
Collateral held by Morgan Stanley, including utilizing the Collateral to
purchase United States Government Treasury obligations pursuant to repurchase
agreements or reverse repurchase agreements with any party, in each case without
notice to Customer and without any obligation to pay or to account to Customer
for any interest, income or benefit that may be derived therefrom. The rights of
Morgan Stanley set forth above shall be qualified by any applicable requirements
for segregation of customers' property under Applicable Law. Morgan Stanley
commits to Customer that Morgan Stanley will not issue a Notice of Exclusive
Control under the Control Agreement between Morgan Stanley and DWR unless Morgan
Stanley determines there is a default under this Agreement.

      (G) REPORTS AND OBJECTIONS. All confirmations, purchase and sale notices,
correction notices and account statements (collectively, "Statements") shall be
submitted to Customer and shall be conclusive and binding on Customer unless
Customer notifies Morgan Stanley of any objection thereto prior to the opening
of trading on the contract market on which such transaction occurred on the
business day following the day on which Customer receives such Statement;
provided that, with respect to monthly Statements, Customer may notify Morgan
Stanley of any objection thereto within five business days after receipt of such
monthly Statement, provided the objection could not have been raised at the time
any prior Statement was received by Customer as provided for above. Any such
notice of objection, if given orally to Morgan Stanley, shall immediately (and
no later than within one business day) be confirmed in writing by Customer.

      (H)   DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE.

            (i) Customer will provide Morgan Stanley with instructions either to
      liquidate Contracts previously established by Customer, make or take
      delivery under any such Contracts, or exercise options entered into by
      Customer, within such time limits as may be specified by Morgan Stanley.
      Morgan Stanley shall have no responsibility to take any action on behalf
      of Customer or positions in the Account unless and until Morgan Stanley
      receives oral or written instructions reasonably acceptable to Morgan
      Stanley indicating the action Morgan Stanley is to take. Funds sufficient
      to take delivery pursuant to such Contract or deliverable grade
      commodities to make delivery pursuant to such Contract must be delivered
      to Morgan Stanley at such time as Morgan Stanley may require in connection
      with any delivery.

           (ii) Short option Contracts may be subject to exercise at any time.
      Exercise notices received by Morgan Stanley from the applicable contract
      market with respect to option Contracts sold by Customer may be allocated
      to Customer pursuant to a random allocation procedure, and Customer shall
      be bound by any such allocation of exercise notices. In the event of any
      allocation to Customer, unless Morgan Stanley has previously received
      instructions from Customer, Morgan Stanley's sole responsibility shall be
      to use its best efforts to notify Customer of such allocation.

           (iii) If Customer fails to comply with any of the foregoing
      obligations, Morgan Stanley may, in its sole and absolute discretion,
      liquidate any open positions, make or receive delivery of any commodities
      or instruments, or exercise or allow the expiration of any options, in
      such manner and on such terms as Morgan Stanley, in its sole and absolute
      discretion, deems necessary or appropriate, and Customer shall indemnify
      and hold Morgan Stanley harmless as a result of any action taken or not
      taken by Morgan Stanley in connection therewith or pursuant to Customer's
      instructions.

      (I) FINANCIAL AND OTHER INFORMATION. Customer shall provide to Morgan
Stanley such financial information regarding Customer as Morgan Stanley may from
time to time reasonably request. Customer shall notify Morgan Stanley
immediately (and no later than within one business day) if the financial
condition of Customer changes materially and adversely from that shown in the
most recent financial information theretofore provided to Morgan Stanley. An
investigation may be conducted pertaining to Customer's credit standing and
business.

      (J) CURRENCY EXCHANGE RISK. Customer shall bear all risk and cost in
respect of the conversion of currencies incident to transactions effected on
behalf of Customer pursuant hereto.

7. TERMINATION. This Agreement may be terminated at any time by Customer or
Morgan Stanley upon thirty (30) days by written notice to the other. In the
event of such notice, Customer shall either close out open positions in the
Account or arrange for such open positions to be transferred to another futures
commission merchant. Upon satisfaction by Customer of all of Customer's
Liabilities, Morgan Stanley shall transfer to another futures commission
merchant all Contracts, if any, then held for the Account, and shall transfer to
Customer or to another futures commission merchant, as Customer may instruct,
all cash, securities and other property held in the Account, whereupon this
Agreement shall terminate. Notwithstanding the foregoing, in the event Morgan
Stanley is required by a regulatory authority to transfer the account to another
futures commission merchant or in the event that Morgan Stanley abandons the
Futures Commission Merchant ("FCM") business, then Morgan Stanley shall have the
right to terminate this Agreement by written notice effective the date contained
therein, provided that Morgan Stanley cooperates in the transfer of open
positions to another FCM and that the termination of the Agreement is not made
effective earlier than the completion of the transfer.

8.    MISCELLANEOUS.

      (A) SEVERABILITY. If any provision of this Agreement is, or at any time
becomes, inconsistent with any present or future law, rule or regulation of any
exchange or other market, sovereign government or regulatory body thereof, and
if any of these authorities have jurisdiction over the subject matter of this
Agreement, the inconsistent provision shall be deemed superseded or modified to
conform with such law, rule or regulation but in all other respects, this
Agreement shall continue and remain in full force and effect.

      (B) BINDING EFFECT. This Agreement shall be binding on and inure to the
benefit of the parties and their successors. Morgan Stanley shall have the right
to transfer or assign this Agreement (and thereby the Account) to any successor
entity in its sole and absolute discretion and without obtaining the consent of
Customer.

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

      (D) CURRENCY DENOMINATION. Unless another currency is designated in the
confirmations reporting transactions entered into by Customer, all margin
deposits in connection with such transactions, and a debit or credit in the
Account, shall be stated in United States dollars, and margin requirements,
debits or credits expressed in another currency shall be converted into United
States dollars at a rate of exchange determined by Morgan Stanley, in its sole
and absolute discretion, on the basis of the then prevailing money market rates
of exchange for such foreign currency.

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

           (i)   if to Morgan Stanley:

                        Morgan Stanley & Co. Incorporated
                        One Pierrepont Plaza, 8th Floor
                        Brooklyn, New York 11201
                        Attention:  Commodity Operations Manager

            (ii) if to Customer,  at the address as indicated on the Commodity
            Account Application.

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

      (G) NO WAIVER. No failure on the part of Morgan Stanley to exercise, and
no delay in exercising, any contractual right will operate as a waiver thereof,
nor will any single or partial exercise by Morgan Stanley of any right preclude
any other or future exercise thereof or the exercise of any other partial right.

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

      (I) CONSENT TO JURISDICTION. ANY LITIGATION BETWEEN MORGAN STANLEY AND
CUSTOMER RELATING TO THIS AGREEMENT OR TRANSACTIONS HEREUNDER SHALL TAKE PLACE
IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN OR IN
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. CUSTOMER
CONSENTS TO THE SERVICE OF PROCESS BY THE MAILING TO CUSTOMER OF COPIES OF SUCH
COURT FILING BY CERTIFIED MAIL TO THE ADDRESS OF CUSTOMER AS IT APPEARS ON THE
BOOKS AND RECORDS OF MORGAN STANLEY, SUCH SERVICE TO BE EFFECTIVE TEN DAYS AFTER
MAILING. CUSTOMER HEREBY WAIVES IRREVOCABLY ANY IMMUNITY TO WHICH IT MIGHT
OTHERWISE BE ENTITLED IN ANY ARBITRATION, ACTION AT LAW, SUIT IN EQUITY OR ANY
OTHER PROCEEDING ARISING OUT OF OR BASED ON THIS AGREEMENT OR ANY TRANSACTION IN
CONNECTION HEREWITH.

      (J) WAIVER OF JURY TRIAL. Customer hereby waives a trial by jury in any
action arising out of or relating to this Agreement or any transaction in
connection therewith.

<PAGE>

      (K) CUSTOMER ACKNOWLEDGEMENTS.

            (i) CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND
      UNDERSTANDS THE FOLLOWING DISCLOSURE STATEMENT PRESCRIBED BY THE CFTC AND
      FURNISHED HEREWITH (PLEASE INITIAL):

                    [_]    RISK DISCLOSURE STATEMENT FOR FUTURES OPTIONS
                           (Appendix A to CFTC Rule 1.55(c) transcribed in
                           full on pages 1-3 of Booklet 2 -- Risk
                           Disclosure Statements)

            (ii) IF CUSTOMER HAS INDICATED ON THE COMMODITY FUTURES ACCOUNT
      APPLICATION THAT ORDERS PLACED FOR THE ACCOUNT REPRESENT BONA FIDE HEDGING
      TRANSACTIONS, PLEASE COMPLETE THE FOLLOWING. You should note that CFTC
      Regulation ss.190.06 permits you to specify whether, in the unlikely event
      of Morgan Stanley's bankruptcy, you prefer the bankruptcy trustee to
      liquidate all positions in the Account. Accordingly, Customer hereby
      elects as follows: (PLEASE INITIAL):

                    [_] LIQUIDATE               [_] NOT LIQUIDATE

      IF NEITHER ALTERNATIVE IS INITIALED, CUSTOMER WILL BE DEEMED TO HAVE
ELECTED TO HAVE ALL POSITIONS LIQUIDATED. THIS ELECTION MAY BE CHANGED AT ANY
TIME BY WRITTEN NOTICE.

<PAGE>

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

                             MORGAN STANLEY DEAN WITTER SPECTRUM STRATEGIC L.P.
                             ("Customer")

                             By: DEMETER MANAGEMENT CORPORATION, GENERAL PARTNER

                                 /s/ Robert E. Murray                   5/19/00
                                ------------------------------------------------
                                (Signature)                             (Date)

                                Robert E. Murray, President and Chairman
                                ------------------------------------------------
                                (Name & Title - Please Print)

                             MORGAN STANLEY & CO. INCORPORATED

                                 /s/ W. Thomas Clark                    5/22/00
                                ----------------------------------------------
                                (Signature)                             (Date)

                                W. Thomas Clark, Managing Director
                                ------------------------------------------------
                                (Name & Title - Please Print)

                 ACKNOWLEDGED AND AGREED (AS TO SECTION 3(A) AND (B))
                 DEAN WITTER REYNOLDS INC.

                                 /s/ Robert E. Murray                  5/19/00
                                ------------------------------------------------
                                (Signature)                            (Date)

                                Robert E. Murray, Senior Vice President
                                ------------------------------------------------
                                (Name & Title - Please Print)

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