Document:

EXHIBIT 10.02

                               CUSTOMER AGREEMENT

         This Customer Agreement  ("Agreement")  between Warburg Dillon Reed LLC
("WDR LLC") and NESTOR PARTNERS  ("Customer") shall govern the purchase and sale
by WDR LLC of certain  commodity  futures  contracts and options thereon for the
account and risk of Customer  through one or more accounts carried by WDR LLC on
behalf and in the name of Customer (collectively,  the "Account"), as more fully
described below.

1.       WDR LLC'S AUTHORIZATION TO ACT AS BROKER

         Customer  authorizes  WDR LLC,  acting  through  employees  and  agents
selected  by it in its sole  discretion,  to  purchase  and sell for the Account
contracts  for future  delivery of financial  instruments,  foreign  currency or
precious metals and any other  instruments and commodities for which WDR LLC has
notified   Customer   that  WDR  LLC  is   prepared   to  execute   transactions
(collectively,  "Contracts")  within or outside the United  States of America in
accordance with Customer's instructions.

2.       CUSTOMER'S REPRESENTATIONS AND WARRANTIES

         (a) REPRESENTATIONS AND WARRANTIES. Customer represents and warrants as
follows:

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

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

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

                  (iv)  INTEREST OR CONTROL OF ACCOUNT.  If any person or entity
         has, or during the term of this  Agreement  will have,  any interest in
         the Account other than  Customer.  Customer  hereby agrees to so notify
         WDR LLC immediately (and no later than within one business day); and

                  (v)  DESIGNATION.  If Customer is not a citizen or resident of
         the United  States,  Customer has been informed by WDR LLC of Commodity
         Futures  Trading  Commission   ("CFTC")   Regulations   concerning  the
         designation  of a futures  commission  merchant as

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         the agent of foreign brokers, customers of a foreign broker and foreign
         traders for certain  purposes as set forth in CFTC Regulation  ss.15.05
         and concerning  special calls for information  from futures  commission
         merchants, foreign brokers and members of contract markets as set forth
         in CFTC Regulation ss.21.03.

         (b) NOTICE OF CHANGE.  Customer  shall  immediately  (and no later than
within one business day) notify WDR LLC in writing if any of the representations
contained herein materially change or cease to be true and correct.

3.       APPLICABLE LAW

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

         WDR LLC shall be  entitled  to rely on any  instructions,  notices  and
communications,  whether  oral or in writing,  that it believes to be that of an
individual authorized to act on behalf of Customer,  including,  but not limited
to, any individual identified in writing by Customer as authorized to act on its
behalf, and Customer shall be bound thereby.  Customer hereby waives any defense
that any such  instruction  was not in writing as may be required by the Statute
of Frauds or any other similar law, rule or regulation.

5.       ACCEPTANCE OF ORDERS; POSITION LIMITS

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

         (b) POSITION LIMITS. Customer shall not, either alone or in combination
with others,  violate any  position or exercise  limit  established  by or under
Applicable Law. If Customer  intends at any time to exceed such position limits,
Customer  shall cause to be filed an  application  with the CFTC or the relevant
contract market  requesting  authorization  for Customer to exceed such position
limits and shall provide WDR LLC with a copy of such  application and such other
information as WDR LLC may reasonably  request with respect to such application.
Customer  shall  immediately  (and no later than within one business day) notify
WDR LLC of any  positions  for which  Customer is required to file reports under
Applicable  Law,  including any large trader

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reports filed with the CFTC or any contract market. Customer shall indemnify and
hold WDR LLC harmless from and against all claims, damages, fines or assessments
of any kind whatsoever,  including reasonable attorneys' fees in connection with
the defense  thereof,  made and  incurred in  connection  with any  violation by
Customer of its obligations under this Section 5(b).

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

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

7.       SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL

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

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8.       PAYMENT OBLIGATIONS OF CUSTOMER

         (a) CHARGES TO THE ACCOUNT.  With respect to every Contract  purchased,
sold or cleared for the Account,  Customer shall pay WDR LLC upon demand and WDR
LLC hereby is  authorized  to charge  Customer's  Account for: (i) all brokerage
charges,  give-up fees, commissions and service fees as WDR LLC may from time to
time charge;  (ii) all contract  market,  clearing  member.  NFA or CFTC fees or
charges,  fines or penalties;  (iii) any tax imposed on such transactions by any
competent  taxing  authority;  (iv) the  amount  of any  trading  losses  in the
Account;  (v) any debit balance or deficiency in the Account;  (vi) interest and
service  charges  on any such  balance  or  deficiency  or any  loan  (including
interest on the amount of any variation  margin calls),  at the rate customarily
charged  by WDR LLC  (which  may be at the  prevailing  and/or  allowable  rates
according  to the laws of the State of  Illinois)  from the day any such deficit
was incurred to (but not including) the day of payment  (calculated on the basis
of a 360 day year and for the actual  number of days  elapsed for all  deficits,
except for those denominated in foreign  currencies for which generally accepted
accounting  principles  require  that the  interest  rate  shall  be  calculated
otherwise),  together  with costs and  reasonable  attorneys'  fees  incurred in
collecting  any such deficit;  (vii) all storage and delivery  service fees; and
(viii) any other amounts owed by Customer to WDR LLC with respect to the Account
or any transactions therein.

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

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

         (d) GROSS-UP.  All payments made by Customer to WDR LLC hereunder  will
be made without setoff or counterclaim  free and clear and without  deduction or
withholding  for,  any present or future  taxes,  levies,  assessments  or other
charges of whatever nature, now or hereinafter imposed by any jurisdiction or by
any agency, state or other political  subdivision or taxing authority thereof or
therein,  and all  interest,  penalties,  or similar  liabilities  with  respect
thereto (collectively, "Taxes"). If any Taxes are so levied or imposed, Customer
agrees to pay the full amount of such Taxes, and such additional  amounts as may
be  necessary  so that every net  payment of all amounts  due  hereunder,  after
withholding  or  deduction  for or on  account of

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any Taxes is due pursuant to  Applicable  Law  certified  copies of tax receipts
evidencing such payment by Customer.

9.       DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE

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

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

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

10.      EVENTS OF DEFAULT; REMEDIES

         (a) EVENTS OF DEFAULT.  As used herein,  each of the following shall be
deemed  an  "Event  of  Default";  (i)  the  commencement  of a case  under  any
bankruptcy, insolvency or reorganization law or similar law effecting creditors'
rights of any jurisdiction, or the filing of a petition for the appointment of a
receiver by or against Customer,  an assignment made by Customer for the benefit
of  creditors,  an admission  in writing by Customer  that it is insolvent or is
unable to pay its debts when they mature,  or the  suspension by the Customer of
its usual  business or any material  portion  thereof,  (ii) the issuance of any
warrant or order of attachment

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against the  Account or the levy of a judgment  against  the  Account;  (iii) if
Customer is an employee  benefit plan, the termination of Customer or the filing
by Customer of a notice of intent to terminate with the Pension Benefit Guaranty
Corporation (or other similar  governmental agency or body of any jurisdiction),
or the receipt of a notice of the Pension  Benefit  Guaranty  Corporation's  (or
other similar governmental  agency's or body's) intent to terminate Customer, or
the inability of Customer to pay benefits  under the relevant  employee  benefit
plan when due; (iv) the failure by Customer to deposit or maintain  margins,  to
pay required premiums, or to make payments required by Section 8 hereof; (v) WDR
LLC in its sole and  absolute  discretion  determines  that  the  Collateral  in
Customer's  Account,  regardless of current marked quotations,  is inadequate to
secure the account and Customer's  obligations  to WDR LLC  hereunder;  (vi) the
Account shall incur a deficit balance; (vii) the failure by Customer to perform,
in any material  respect,  its obligations  respecting  delivery,  exercise or a
notice of allocation  of exercise,  payment for  delivery,  or settlement  under
Contacts  held in the  Account (it being  understood  that any failure to comply
with any  Applicable  Law shall be deemed  material);  or (viii) the  failure by
Customer,  in any  material  respect,  to perform  any of its other  obligations
hereunder (it being  understood  that any failure to comply with any  Applicable
Law shall be deemed material).

         (b)  REMEDIES.  Upon the  occurrence  of an Event of  Default or in the
event WDR LLC, in its sole and absolute  discretion,  considers it necessary for
its  protection,  WDR LLC shall have the right,  in addition to any other remedy
available  to WDR LLC at law or in equity,  and in addition to any other  action
WDR LLC 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 WDR LLC and to apply the proceeds  thereof to
any amounts  owed by  Customer to WDR LLC borrow or buy any options  securities.
Contracts or other  property for the Account and cancel any unfilled  orders for
the purchase or sale of Contracts for the Account, or take such other or further
actions as WDR LLC, in its reasonable discretion, deems necessary or appropriate
for its  protection,  all  without  demand  for  margin  and  without  notice or
advertisement. In the event WDR LLC's position would not be jeopardized thereby,
WDR LLC will make reasonable  efforts under the circumstances to notify Customer
prior to taking any such action. Any such liquidation, sale, purchase, borrowing
or cancellation shall be made at the discretion of WDR LLC on a contract market,
through a clearing  house,  on other  markets,  at public  auction or by private
transaction. Customer acknowledges and agrees that a prior demand or margin call
of any kind from WDR LLC or prior notice from WDR LLC shall not be  considered a
waiver of WDR LLC's right to take any action  without  notice or demand.  In any
transaction  described  above,  WDR LLC may sell any Collateral to itself or its
affiliates or buy any Collateral from itself or its  affiliates.  WDR LLC may to
the extent  permitted  by law,  purchase the whole or any part thereof free from
any right of  redemption,  in all cases.  Customer  shall remain  liable for and
shall  pay to WDR LLC on demand  the  amount of any  deficiency  in its  Account
resulting from any such  transaction,  and Customer shall reimburse,  compensate
and indemnify WDR LLC for any and all costs, losses, penalties, fines, taxes and
damages which WDR LLC may incur,  including reasonable  attorneys' fees incurred
in  connection  with the  exercise of its  remedies and the recovery of any such
costs, losses, penalties, fines, taxes and damages.

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11.      EXCULPATION AND INDEMNIFICATION

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

         (b)  FORCE  MAJEURE  AND ACTS OF  STATE.  In the  event  that WDR LLC's
performance  of any of its  obligations  and  undertakings  hereunder  shall  be
interrupted or delayed by any occurrence not occasioned by the conduct of either
party hereto,  whether such  occurrence  constitutes an act of war, riot,  civil
commotion,  sovereign  action or other act of state or the act or conduct of any
person or persons not party or privy hereto,  then WDR LLC shall be excused from
performance  for such  period  of time as is  reasonably  necessary  after  such
occurrence  to remedy the  effects  thereof  and  neither WDR LLC nor any of its
managing  directors,  officers,  employees  or  affiliates  shall be directly or
indirectly responsible for losses occasioned thereby.

         (c) GLOBEX WAIVER.  In  consideration of WDR LLC making GLOBEX services
available,  in whole or in part,  directly or indirectly,  Customer  agrees that
neither WDR LLC, the Chicago Mercantile Exchange ("CME"),  the Board of Trade of
the City of Chicago ("CBOT"), any other exchange whose products may be traded on
the GLOBEX Joint Venture, L.P. ("JV"), P-M-T Limited Partnership,  Ceres Trading
Limited  Partnership,  GLOBEX  Corporation,  Reuters America Inc., nor any other
entities controlling,  controlled by or under common control with such entities,
nor their respective  directors,  officers, or employees shall be liable for any
losses,  damages,  costs or  expenses  (including  but not  limited  to, loss of
profits,  loss of use, incidental or consequential  damages),  regardless of the
cause,  arising from any fault,  delay,  omission,  inaccuracy or termination of
GLOBEX services,  or the inability to enter or cancel orders, or any other cause
in  connection  with  the  furnishing,  performance,  maintenance  or  use of or
inability  to

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use all or any part of the  GLOBEX  System or any JV,  CME or CBOT  facility  or
service.  The  foregoing  shall apply  regardless  of whether a claim  arises in
contract, tort, negligence strict liability or otherwise.

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

12.      TERMINATION

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

13.      LIQUIDATION OF OFFSETTING POSITIONS

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

14.      REPORTS AND OBJECTIONS

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

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15.      FOREIGN CURRENCY TRANSACTIONS

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

16.      NO RESPONSIBILITY

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

17.      ADVICE

         All advice  communicated  by WDR LLC with respect to any Account opened
by Customer  hereunder is incidental  to the conduct of WDR LLC's  business as a
futures  commission  merchant,  does  not  constitute  an  offer  to sell or the
solicitation of an offer to buy any Contract,  and such advice will not serve as
the primary  basis for any decision by or on behalf of  Customer.  WDR LLC shall
have no discretionary authority,  power or control over any decisions made by or
on behalf of Customer in respect of the Account,  regardless of whether Customer
relies on the advice of WDR LLC in making any such  decision.  Any such  advice,
although  based upon  information  from sources WDR LLC believes to be reliable,
may be incomplete or inaccurate,  may not be verified and may be changed without
notice  to  Customer.  WDR  LLC  makes  no  representation  as to the  accuracy,
completeness, reliability or prudence of any such advice or information or as to
the tax  consequences  of Customer's  futures or options  trading.  WDR LLC is a
separate and independent  corporate entity,  distinct from its affiliates and it
shall  be free to  purchase  and  sell  Contracts  for  any  affiliates  without
limitation  or  restriction.  The  relationship  between WDR LLC and Customer as
described  herein shall not affect any provisions of credit to Customer by Swiss
Bank  Corporation  ("SBC") or any other  subsidiary of SBC.  Moreover,  Customer
acknowledges that WDR LLC and its managing  directors,  officers,  employees and
affiliates may take or hold positions in, or advise other customers  concerning,
contracts  which  are the  subject  of  advice  from  WDR LLC to  Customer.  The
positions and advice of WDR LLC and its managing directors,  officers, employees
and  affiliates  may be  inconsistent  with or contrary to positions of, and the
advice given by, WDR LLC to Customer.

18.      FINANCIAL AND OTHER INFORMATION

         Customer agrees to furnish appropriate  financial statements to WDR LLC
and to inform WDR LLC of any  material  changes  in the  financial  position  of
Customer and to furnish promptly such other information  concerning  Customer as
WDR LLC reasonably requests.  WDR LLC is

                                       9
<PAGE>

authorized from time to time to contact banks, financial institutions and credit
agencies for verification of the financial condition of Customer.

19.      RECORDING

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

20.      ACCOUNTS INTRODUCED BY OTHER BROKERS

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

21.      SEVERABILITY

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

22.      BINDING EFFECT

         This  Agreement  shall be  binding  on and inure to the  benefit of the
parties and their successors. WDR LLC shall have the right to transfer or assign
this Agreement  (and thereby the Account) to any successor  entity or to another
properly  registered futures commission  merchant in its sole discretion without
then  obtaining the consent of Customer and Customer  expressly  consents to any
such transfer and assignment.

23.      ENTIRE AGREEMENT

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

                                       10
<PAGE>

24.      INSTRUCTIONS, NOTICES OR COMMUNICATIONS

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

         (i)      if to WDR LLC:

                  Warburg Dillon Read LLC
                  141 W. Jackson Blvd.
                  Chicago, Illinois 60604
                  Attn:  Commodity Operations Manager

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

         (b) All instructions,  notices or other communications sent, whether by
mail,  telex,  facsimile  transmission or otherwise,  shall be deemed given when
deposited  in the  mail,  or sent by telex or  facsimile  transmission  or other
electronic  means acceptable to the recipient  thereof,  and deemed delivered to
Customer  personally,   whether  actually  received  by  Customer  or  not.  All
instructions,  notices or other  communications  to WDR LLC shall be directed to
WDR LLC's office at the address listed above or such other  addresses as WDR LLC
may hereafter direct to Customer in writing.

25.      RIGHTS AND REMEDIES CUMULATIVE

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

26.      NO WAIVER

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

27.      GOVERNING LAW

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

28.      CONSENT TO JURISDICTION

         Any litigation  between WDR LLC and Customer relating to this Agreement
or  transactions  hereunder  shall  take  place in the  Courts  of the  State of
Illinois  located in Cook

                                       11
<PAGE>

County or in the United  States  District  Court for the  Northern  District  of
Illinois,  and the  parties  agree to  submit  to such  exclusive  jurisdiction.
Customer consents to the service of process by the mailing to Customer of copies
of such court filing by certified  mail to the address of Customer as it appears
on the books and records of WDR LLC, such service to be effective ten days after
mailing.  Customer  hereby  waives  irrevocably  say  immunity to which it might
otherwise be entitled in any  arbitration,  action at law, suit in equity or any
other proceeding arising out of or based on this Agreement or any transaction in
connection herewith.

29.      WAIVER OF JURY TRIAL

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

30.      ACCEPTANCE OF AGREEMENT

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

31.      CUSTOMER ACKNOWLEDGEMENTS

         (a) CUSTOMER HEREBY  ACKNOWLEDGES  THAT IT HAS RECEIVED AND UNDERSTANDS
THE FOLLOWING DISCLOSURE STATEMENTS FURNISHED HEREWITH (check where applicable):

(|X|)    Risk Disclosure Statement for Futures and Options

         (b) (The  following  must be completed by Customers  who will engage in
transactions  for hedging  purposes  only.  Customer  has  indicated  on the New
Account  Information  Form that the  Account is for hedging  purposes.  Customer
represents that it is familiar with CFTC and exchange laws, rules,  regulations,
and advisories concerning hedging. Unless Customer specifically notifies WDR LLC
to the  contrary in writing with respect to any  transaction,  all  transactions
effected for the Account will be bona fide hedging  transactions as described in
Section  4a  of  the  Commodity  Exchange  Act,  as  amended,  and  Rule  1.3(z)
promulgated  thereunder  (a copy of  which  may be  obtained  from  WDR LLC upon
request).  As such,  in accordance  with CFTC Rule 190.06,  Customer may specify
whether,  in the unlikely event of WDR LLC's  bankruptcy,  Customer prefers that
the trustee  liquidate open commodity  contracts in the Account  without seeking
Customer's instructions.  Accordingly, in the event of WDR LLC's bankruptcy, the
trustee should (check one of the following):

(  )     Attempt to contact Customer for instructions  regarding the disposition
         of open contracts to the Amount.

(  )     Liquidate  open  commodity   contracts   without   seeking   Customer's
         instructions.

This instruction may be changed at any time be written notice sent to WDR LLC.

                                       12
<PAGE>

         WITNESSETH,  Customer has executed this Agreement on the date indicated
below.

Nestor Partners
-------------------------------------      -------------------------------------
          ("Customer")

     Gregg Buckbinder
     Senior Vice President
     Millburn Ridgefield Corporation

By:  General Partner                       /s/ GREGG BUCKBINDER       3/31/00
     --------------------------------      -------------------------- ----------
          Print Name and Title             Signature                  Date

By:
     --------------------------------      -------------------------- ----------
          Print Name and Title             Signature                  Date

--------------------------------------------------------------------------------
ATTESTED BY:

By:
     --------------------------------      -------------------------- ----------
          Print Name and Title             Signature                  Date

--------------------------------------------------------------------------------
ACCEPTED BY WARBURG DILLON READ LLC

By:                                        /s/ MICHAEL TUMS           1-26-2000
     --------------------------------      -------------------------- ----------
          Print Name and Title             Signature                  Date

By:                                        /s/ DARELL MCCONNEL        1-26-2000
     --------------------------------      -------------------------- ----------
          Print Name and Title             Signature                  Date

                                       13
<PAGE>

                            CONSENT TO TRANSFER FUNDS

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

                                  See attached

<TABLE>
<S>                                                           <C>
Signature:                                                    Signature:
           --------------------------------------------                  --------------------------------------------
Date:                                                         Date:
      -------------------------------------------------             -------------------------------------------------
Name & Title - Please Print                                   Name & Title - Please Print
                            ---------------------------                                   ---------------------------
</TABLE>

                               CROSS TRADE CONSENT

         The undersigned consents to transactions whereby WDR LLC, its officers,
directors,  employees or  subsidiaries  or other  customers of WDR LLC or of the
servicing  floor broker may be from time to time on the opposite  side of orders
for physicals or for purchase or sale of futures  contracts and option contracts
placed for the  undersigned's  Account in  conformity  with  regulations  of the
Commodity Futures Trading  Commission and the by-laws,  rules and regulations of
the  contract  market (and its  clearing  house,  if any) on which such order is
executed.

<TABLE>
<S>                                                           <C>
Signature:  /s/ Gregg Buckbinder                              Signature:
            -------------------------------------------                  --------------------------------------------
Date:       3/31/00                                           Date:
      -------------------------------------------------             -------------------------------------------------
Name & Title - Please Print Gregg Buckbinder,                 Name & Title - Please Print
                            ---------------------------                                   ---------------------------
Senior Vice President, Millburn Ridgefield Corporation
-------------------------------------------------------       --------------------------------------------------------
</TABLE>

                     ACKNOWLEDGE OF SUBORDINATION AGREEMENT

         The  undersigned  acknowledges  that it has received,  understands  and
agrees to the terms of the Commodity  Futures Trading  Commission  Subordination
Agreement  separately  furnished by WDR LLC in the packet of Futures and Options
Disclosure Documents.

<TABLE>
<S>                                                           <C>
Signature:  /s/ Gregg Buckbinder                              Signature:
            -------------------------------------------                  --------------------------------------------
Date:       3/31/00                                           Date:
      -------------------------------------------------             -------------------------------------------------
Name & Title - Please Print Gregg Buckbinder                  Name & Title - Please Print
                            ---------------------------                                   ---------------------------
Senior Vice President, Millburn Ridgefield Corporation
-------------------------------------------------------       -------------------------------------------------------
</TABLE>

                         AGREEMENT TO SHARE INFORMATION

         Warburg  Dillon Read LLC and the branches,  agencies and  affiliates of
Swiss Bank  Corporation  will, from time to time,  share with each other certain
non-public information concerning you. The undersigned  acknowledges that it has
received and understands the information in the Special Disclosure Statement and
agrees to the sharing of information as noted above.

<TABLE>
<S>                                                           <C>
Signature:  /s/ Gregg Buckbinder                              Signature:
            -------------------------------------------                  --------------------------------------------
Date:       3/31/00                                           Date:
      -------------------------------------------------             -------------------------------------------------
Name & Title - Please Print Gregg Buckbinder                  Name & Title - Please Print
                            ---------------------------                                   ---------------------------
Senior Vice President, Millburn Ridgefield Corporation
-------------------------------------------------------       -------------------------------------------------------
</TABLE>

                                       14
<PAGE>

                POWER OF ATTORNEY LIMITED TO PURCHASES AND SALES

                              OF FUTURES CONTRACTS

The undersigned hereby authorizes ___________________ (the "Advisor") as his/her
agent  and  attorney  to buy,  sell,  and  trade in  commodities  and/or  future
contracts and options thereon,  in accordance with Warburg Dillon Read LLC ("WDR
LLC") terms and  conditions  for the  undersigned's  account and risk and in the
undersigned's name through WDR LLC as brokers.  The undersigned hereby agrees to
indemnify  and hold WDR LLC harmless  from and to pay WDR LLC promptly on demand
any  and  all  loans  arising  therefrom  or  debit  balance  due  thereon.  The
undersigned confirm it has received a copy of Advisor's Disclosure Document.  If
not,  the  undersigned  has  attached  a written  explanation  of the  reason(s)
therefor.

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

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

<TABLE>
<S>                                          <C>
                                             Signature:
    -------------------------------------               --------------------------------------------
    (Name of Customer - Please Print)        Date:
                                                   -------------------------------------------------
                                             Name & Title - Please Print
                                                                         ---------------------------

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

                          ACKNOWLEDGE OF CERTAIN RISKS

WDR LLC wishes to apprise you of certain additional risks in connection with the
foregoing Power of Attorney.

Since the risk factor is high in futures  trading,  only  genuine  "risk"  funds
should be used in such trading.  A person who does not have extra capital he can
afford to lose should not trade in the futures market.  No "safe" trading system
has ever been  devised,  and no one can  guarantee  you profits or freedom  from
loss. In fact, no one can even guarantee to limit the extent of your loss.

                                       15
<PAGE>

Even though you have  granted  trading  authority  to  Advisor,  you should keep
posted on the activities in your Account.  WDR LLC shall send you a confirmation
of every trade made for your Account,  and a profit and loss  statement  showing
financial results of the transaction  closed out for your Account.  In addition,
WDR LLC shall send you monthly statements showing your ledger balance, the exact
position in your Account,  the net profit or loss in all contracts  closed since
the date of your last previous  statement and the net unrealized profit and loss
in all open contracts  figured to the market.  You should carefully review these
statements.  The trading authorization over your Account remains in effect until
revoked in writing by you.

         The  undersigned  has examined the provisions of the Power of Authority
by which the  undersigned  has  given  power of  attorney  or  control  over the
undersigned's Account to the Advisor and understands fully the obligations which
the undersigned assumes by executing that Power of Attorney.

<TABLE>
<S>                                          <C>
                                             Signature:
    -------------------------------------               --------------------------------------------
    (Name of Customer - Please Print)        Date:
                                                   -------------------------------------------------
                                             Name & Title - Please Print
                                                                         ---------------------------

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

                          DISCRETIONARY ACCOUNT WAIVER

Gentlemen:

I have carefully  examined the provisions of the documents by which I have given
trading authority or control over my Account to

-------------------------------     --------------------------------------------
          (Name)                                    (Address)

and  understood  fully the  obligations  which I have assumed by executing  that
document.

I understood  that Warburg Dillon Read LLC is in no way responsible for any loss
to me occasioned by the actions of the individuals or  organization  named above
and that Warburg Dillon Read LLC does not, by implication or otherwise,  endorse
the operating methods of such individual or organization.  I further  understand
that the Chicago Board of Trade has no jurisdiction over a non-member who is not
employed by one of its members and that the Chicago  Mercantile  Exchange has no
jurisdiction  over a  non-member  who is not  employed by one of its members and
that if I give to such individual or  organization  authority to exercise any of
my rights over my account I do so at my own risk.

<TABLE>
<S>                                          <C>
                                             Signature:
    -------------------------------------               --------------------------------------------
    (Name of Customer - Please Print)        Date:
                                                   -------------------------------------------------
                                             Name & Title - Please Print
                                                                         ---------------------------

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

                                       16
<PAGE>

                              ACCOUNT TRANSFER FORM

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

-------------------------------------
Current Broker Name

-------------------------------------
Address

-------------------------------------
City, State Zip Code

Attn:    Account Transfers

Dear Sir:

Please be advised that I (we) wish to transfer all open positions  and/or equity
in account number(s) _______________________________________  maintained at your
firm to Warburg Dillon Read LLC, 141 W. Jackson Blvd., Suite 1000,  Chicago,  IL
60604       effective       on      the      close      of      business      on
_____________________________________  whom are hereby  directed to  immediately
transfer all open positions in the account(s) and to issue a check  representing
the _____  available  _________  to Warburg  Dillon Read LLC. In  addition,  all
securities,  certificates,  warehouse  receipts,  etc.  are  to  be  transferred
immediately.

Please  contact  Warburg  Dillon  Read  LLC's  account  transfer  department  at
(312)554-5913 with any questions.

INDIVIDUAL OR JOINT ACCOUNTS               PARTNERSHIP ACCOUNTS

-------------------------------------      -------------------------------------
Signature of Customer                      Signature of General Partner

-------------------------------------      -------------------------------------
Printed Name                               Printed Name

-------------------------------------      -------------------------------------
Signature of Customer                      Signature of General Partner

-------------------------------------      -------------------------------------
Printed Name                               Printed Name

                                       17
<PAGE>

CORPORATE ACCOUNTS                         TRUST ACCOUNTS

-------------------------------------      -------------------------------------
Account Name                               Account Name

-------------------------------------      -------------------------------------
Signature of Authorized Officer            Signature of Trustee

-------------------------------------      -------------------------------------
Printed Name                               Printed Name

                                       18EXHIBIT 10.03

Global Futures and Options Department
Deutsche Morgan Grenfell Inc.
31 West 52nd Street
New York, New York 10019
Telephone (212) 469-2019
Telefax (212) 469-2029

                          FUTURES AND OPTIONS AGREEMENT
                           FOR INSTITUTIONAL CUSTOMERS

      In  consideration  of the  acceptance  by Deutsche  Morgan  Grenfell  Inc,
(which,  together  with its  affiliates  ("Affiliates")  is referred to as "DMG"
unless otherwise  specified  herein) of one or more accounts for the undersigned
("Customer") (all accounts of the Customer with DMG being collectively  referred
to as the  "Account"),  Customer  agrees  that the  Agreement  shall  govern all
dealings between Customer and DMG relating to transactions that DMG may execute,
clear  and/or  carry on  Customer's  behalf for the  purchase or sale of futures
contracts ("Futures Contract") or options thereon ("Option  Contracts";  Futures
Contracts and Option Contracts collectively being "Contracts").

1.    RELEVANT LAW.

      The  Account  and  every  Contract  executed  and/or  cleared  by  DMG  on
Customer's  behalf  shall be subject to (a) this  Agreement;  (b) the  Commodity
Exchange Act, as amended ("CEA") and all rules,  regulations and interpretations
of the Commodity Futures Trading Commission (the  "Commission");  (c) all rules,
regulations and interpretations of the National Futures Association ("NFA"); and
(d) the  constitution,  by-laws,  rules,  interpretations  and  customs  of each
applicable exchange and clearing  organization (each exchange and clearing house
being  collectively an "Exchange") ((b) through (d) collectively being "Relevant
Law").

2.    MARGIN AND OTHER PAYMENTS.

      (a) Customer  shall deposit and maintain  cash,  acceptable  securities or
other  assets (as  defined in Section  2(d)),  in order to satisfy  initial  and
variation  margin  requirements  and to make any premium  payments in connection
with each Contract,  in the amount,  at the times, and in the manner required by
DMG or Relevant Law. DMG has no obligation to set uniform  margin  requirements,
commissions or other charges.  Furthermore,  margin requirements  imposed by DMG
may  exceed  those of the  relevant  Exchange.  After  providing  Customer  with
reasonable prior notice, DMG, exercising reasonable  discretion,  may change the
margin requirements for any Account or Contract.

      (b)  DMG  will  comply  with  all  applicable  provisions  of the  CEA and
Commission  regulations  relating to the  segregation  and  handling of customer
property  with  respect  to  property  deposited  by  Customer.  Subject to such
provisions  and other  Relevant  Law, all  securities  of Customer  deposited by
Customer with DMG to satisfy margin  requirements  may be transferred or pledged
by DMG to any Exchange or clearing broker to satisfy obligations of customers of

                                      -1-
<PAGE>

DMG.  To the extent  permitted  by  Relevant  Law,  DMG,  exercising  reasonable
discretion, may pledge,  hypothecate,  rehypothecate,  loan or invest any margin
deposited  by Customer  and not  deposited by DMG with an Exchange (or any other
sums paid to DMG under this Agreement) at any time without notice to Customer.

      (c) Except as otherwise agreed by DMG and Customer, DMG is not required to
pay or otherwise  account to Customer for any interest or other income  received
by DMG in connection with margin  deposited by Customer,  PROVIDED THAT Customer
shall  receive  all  interest  or other  distributions  or income on  securities
Customer has deposited with DMG.

      (d) For purposes of this  Section,  acceptable  securities or other assets
shall mean  securities  or other  assets  acceptable  (i) under the rules of the
relevant Exchange and (ii) to DMG in its reasonable discretion. DMG may, subject
to Relevant Law,  determine in its sole  discretion the value of such acceptable
securities  or other assets for purposes of  Customer's  compliance  with margin
requirements.

3.    OTHER PAYMENTS TO DMG.

      Customer  shall pay (i) all  commissions  and  brokerage  charges for each
Contract and Account subject to this Agreement at such times and rates as agreed
upon by Customer and DMG from time to time; (ii) all fees, charges, taxes, fines
and penalties  incurred by DMG or imposed by any  regulatory or  self-regulatory
organization  (including  any  Exchange)  with  respect  to  such  Contracts  or
Accounts;  (iii) any and all  losses,  debit  balances  or  deficiencies  in any
Account;  and (iv) any  interest on any  deficiencies  or debit  balance in such
Account,  and on any funds  advanced  to or  provided on behalf of Customer at a
rate to be  agreed  upon by  Customer  and  DMG.  Such  interest  rate  shall be
confirmed to Customer in writing.

4.    FOREIGN CURRENCY.

      If DMG elects in accept a margin  deposit in a currency  that differs from
the  currency in which the  relevant  Contract  is  denominated  (the  "Contract
Currency"),  DMG shall reasonably  determine Customer's initial and/or variation
margin  requirements  in the other currency based on prevailing  market exchange
rates.  Customer shall pay any additional  amounts  required as a result of such
determination.  Any profit or loss caused by changes in currency  exchange rates
related to any Contract or Account,  or resulting from DMG's compliance with its
obligations  or the  exercise of its rights under this  Agreement,  shall be for
Customer's Account and risk.

5.    OPTION EXERCISE; DELIVERY.

      (a) If  Customer  intends  to make  or take  delivery  under  any  Futures
Contract or to exercise any Option  Contract,  Customer shall give DMG notice in
accordance with DMG's instructions.  It so requested, Customer shall provide DMG
with  assurances  satisfactory  to DMG of  Customer's  ability  to  fulfill  its
obligations  with  respect to  deliveries.  If Customer  intends to make or take
delivery under any Contract,  Customer shall provide DMG with  sufficient  funds
and/or  property,  as the case may be,  at such  time and in such  manner as DMG
shall in its discretion require.

                                      -2-
<PAGE>

      (b) Certain Option Contracts are subject to exercise at any time. Upon the
receipt of an exercise notice for such an Option Contract from an Exchange,  DMG
will allocate such notices in accordance with Relevant Law to customers who have
open short  positions in such Option  Contract  (including  Customer)  after the
close of trading on the day on which such notices have been  allocated to DMG by
the Exchange.  The assignment of any exercise notice to Customer by DMG shall be
final and binding  upon  Customer.  DMG shall use  reasonable  efforts to notify
Customer of any assignment of an exercise notice to Customer.

      (c) Unless  Customer  has  furnished  DMG with  instructions  that clearly
indicate  Customer's  intended  action  regarding the  disposition of a Contract
within the time specified in DMG's instructions, DMG shall not be liable for any
action that it takes or fails to take, including but not limited to the exercise
of or failure to exercise an Option  Contract or the liquidation of any Contract
on any Exchange  (including  those  Exchanges  whose rules provide for automatic
exercise).  If  Customer  has not  furnished  DMG  with  acceptable  and  timely
instructions  in respect of a Contract,  DMG may in its sole discretion take any
steps it considers appropriate, at Customer's cost and risk.

6.    POSITION LIMITS.

      (a) Customer shall comply with all position limits established by Relevant
Law and shall  notify DMG  promptly if Customer is required to file any position
report with any regulatory or self-regulatory  organization or with any Exchange
under  Relevant  Law, and, upon  request,  promptly  provide  copies of any such
reports to DMG.

      (b) Upon reasonable notice to Customer,  DMG may limit the size and number
of open Contracts  (net or gross) that Customer may execute,  clear and/or carry
with it. Such position  limits may be more  restrictive  than the limits imposed
under Relevant Law. Customer shall not place any order, which, if filled,  would
cause  Customer  to exceed such  limits.  Further,  DMG may require  Customer to
liquidate any open positions  carried in Customer's  Account,  and may refuse to
accept any order of Customer establishing a new position in order to comply with
such limits.

7.    ADVICE; NO WARRANTY AS TO INFORMATION, ETC.

      (a) Customer acknowledges and agrees that: (i) Customer and any advisor of
Customer have sole  responsibility  for all decisions for the Account;  (ii) DMG
shall not act as an advisor or fiduciary  with respect to Customer,  any Account
or any action of Customer  in  connection  with an Account or  Contract  and DMG
assumes no  responsibility  for compliance with any law or regulation  governing
the conduct of any such fiduciary or advisor or for Customer's  compliance  with
any law or regulation  governing or affecting  Customer's  activities under this
Agreement;  (iii) DMG makes no representation,  warranty or guarantee as to, and
shall  not  be  liable  or  responsible  for,  the  accuracy,   completeness  or
reliability  of any advice,  recommendation  or other  information  furnished to
Customer;  (iv) recommendations to Customer as to any particular  transaction at
any given time may differ among DMG's  personnel  and may vary from any standard
recommendation  made to others;  and (v) any advice provided by DMG with respect
to a Contract or Account is incidental to DMG's business as a futures commission

                                      -3-
<PAGE>

merchant and such advice  shall not serve as the primary  basis for any decision
by or on behalf of Customer in respect of any Control or Account.

      (b)  Customer  agrees that DMG,  its  officers,  directors,  stockholders,
representatives  or associated persons may have certain conflicts of interest in
connection with the services  contemplated hereby,  including but not limited to
conflicts arising from positions  established for their proprietary  accounts in
Contracts that are the subject of market recommendations  furnished to Customer.
Such  positions or other actions of such persons may not be consistent  with any
recommendations furnished to Customs by DMG.

8.    CUSTOMER REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

      Customer  represents  and  warrants  to DMG  that  as of the  date of this
Agreement and on the date each transaction  relating to a Contract or Account is
entered into under this Agreement:

      (a)   General

            (i) Customer has obtained and will maintain in full force and effect
      any and all necessary governmental or other approvals or authorizations to
      execute and deliver this Agreement, perform its obligations hereunder, and
      effect purchases and sales of Contracts  through DMG.  Customer will, upon
      request by DMG,  deliver evidence of such approvals or  authorizations  to
      DMG.  Customer  is  duly  organized  under  the  laws  of  the  applicable
      jurisdiction and the execution, delivery and performance of this Agreement
      by Customer  have been  authorized  by all  necessary  corporate  or other
      action.

            (ii) This Agreement is valid and binding on Customer, is enforceable
      against  Customer in accordance  with its terms and neither this Agreement
      nor the trading of Contracts  hereunder  violate Relevant Law or any other
      law or regulation governing or affecting Customer's  activities under this
      Agreement or any order or agreement  applicable  to Customer or Customer's
      property.  Any and all  disclosures  required to be made by Customer under
      Relevant  Law or  any  other  law or  regulation  governing  or  affecting
      Customer's  activities  under this Agreement in connection with Customer's
      trading in Contracts have been and will continue to be made.

            (iii)  Customer,  and any other person involved in the management of
      Customer or its Account,  are in compliance  with all Relevant Law and any
      other law or regulation governing or affecting Customer's activities under
      this Agreement,  including but not limited to all applicable  registration
      requirements,  and Customer is acting  solely as  principal  and no person
      other than Customer has any interest in or any control over any Account of
      Customer.

            (iv) Customer agrees to provide  financial and other  information to
      DMG at any time upon its reasonable request,  and represents that any such
      information will be accurate and complete in every material respect.

      (b) 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

                                      -4-
<PAGE>

governing body) and this Agreement is and shall be,  continuously  from the date
hereof, an official record of Customer.

      (c) If Customer is an insured  depository  subject to the Federal  Deposit
Insurance  Act,  Customer  has taken all  action  and  maintained  such  records
required  to  be  taken  or   maintained  by  it  to  effect  and  maintain  the
enforceability of this Agreement pursuant to the Federal Deposit Insurance Act.

      (d) If Customer is subject to the Employee  Retirement Income Security Act
of 1974, as amended ("ERISA"), Customer has executed the ERISA Annex provided by
DMG.

      Customer agrees promptly to notify DMG in writing if any of the warranties
or representations  contained in this Section 8 becomes inaccurate or in any way
cease to be true, complete and correct.  Customer shall also notify DMG promptly
of  any  material  adverse  change  in  the  financial  condition  of  Customer,
regardless of whether Customer has previously  furnished  financial in formation
to DMG.

9.    INDEMNIFICATION; LIMITATION OF LIABILITY.

      (a) Customer  shall  indemnify DMG and its officers,  employees and agents
for any  fine,  sanction,  penalty,  tax,  loss,  liability  or cost,  including
reasonable  attorneys'  fees,  incurred  by DMG that  was  caused,  directly  or
indirectly,  by Customer's refusal or failure (i) to comply with Relevant Law or
any other law or regulation governing or affecting  Customer's  activities under
this  Agreement  or any  provision  of this  Agreement  or (ii) to  perform  any
obligation  required under this Agreement.  In addition,  Customer agrees to pay
any attorneys' fees and expenses incurred by DMG in collecting any amount due by
Customer  under this  Agreement  or in  defending  against any claim  brought by
Customer in any suit,  arbitration or reparations proceeding in which DMG is the
prevailing party.

      (b) Customer  acknowledges  that DMG does not guarantee the performance by
any  Exchange  or other  third  party,  including  any third  party  clearing or
intermediate  broker,  with respect to any Contract and,  accordingly,  Customer
agrees that DMG has no  responsibility  or liability to Customer for any loss or
cost sustained or incurred by Customer due to  Customer's,  an Exchange's or any
other third party's  actions or omissions in connection with any Contract unless
caused solely by DMG's gross negligence or willful breach of this Agreement.

      (c) DMG shall not be liable for the non-performance of any obligation,  or
any fine, sanction,  penalty,  expense,  tax, loss, liability or cost, caused by
any events  outside  the  control of DMG,  including  but not limited to any (i)
action or order of any government, judicial institution,  Exchange or other self
regulatory  organization,  (ii) temporary or permanent suspension or termination
of trading for whatever reason,  (iii) failure or malfunction of transmission or
communication  facilities,  (iv) delay or failure by any Exchange to enforce its
rules or pay or return any amount owed with  respect to any  Contracts  executed
and/or cleared for Customer's Accounts or (v) actions of third party brokers.

                                      -5-
<PAGE>

10.   COMMUNICATION BETWEEN THE PARTIES; CONFIRMATIONS CONCLUSIVE.

      (a) Any order,  instruction or other communication by either party, unless
otherwise specified in this Agreement, may be oral or written.

      (b)  Customer  must  specify  in a  written  notice  to  DMG  the  persons
authorized to place orders or give DMG  instructions on Customer's  behalf.  Any
additions or amendments to this notice must be  communicated to DMG and any oral
communication  of such an addition or  amendment  must be promptly  confirmed by
Customer in writing. DMG will not be bound by such amendments or additions until
written confirmation is received.

      (c) DMG may rely on any order for the  purchase or sale of  Contracts,  or
any  notice  or other  communications  that are  given by  Customer  or that DMG
reasonably  believes to have  originated  from Customer or from  Customer's duly
authorized  agent  and  Customer  shall be bound by any such  order,  notice  or
communication and any action taken or not taken by DMG in reliance thereon.

      (d)  Confirmations of trades and any other similar notices,  including but
not  limited  to  purchase  and  sale  statements,  sent to  Customer  shall  be
conclusive and binding unless  Customer or Customer's  agent notifies DMG to the
contrary,  (i) where a report is made  orally,  orally at the time  received  by
Customer  or its  agent,  or (ii)  where a report or notice  is in  writing,  in
writing prior to the opening of trading on the next day following receipt of the
report on which the relevant Exchange is open for business.  Monthly  statements
of the Account shall be  conclusive  and binding  unless  Customer or Customer's
agent  notifies  DMG to the contrary  within five  business  days of  Customer's
receipt thereof.

      (e) DMG shall  transmit  all  communications  to  Customer  at  Customer's
address, telex, telefax or telephone number or to such other address as Customer
may hereafter direct in writing.  Customer shall transmit all  communications to
DMG to the address,  telex, telefax or telephone number at the beginning of this
Agreement, Attention: Futures Administrator.  All payments and deliveries to DMG
shall be  wired,  mailed  or  otherwise  transmitted  to DMG  pursuant  to DMG's
instructions and shall be deemed received only when actually received by DMG.

11.   SECURITY INTEREST.

      All money, credit balances, Contracts and other property in which Customer
has any ownership interest, now or at any future time held in Customer's Account
or  otherwise  held by DMG for  Customer or any  affiliate  of Customer  and any
amount due to DMG for Customer's Account from any Exchange or clearing broker in
Connection with any Contracts,  and all proceeds thereof,  shall be subject to a
lien and security interest in DMG's favor to secure any indebtedness of Customer
to DMG pursuant to this Agreement or any transactions in Contracts hereunder.

                                      -6-
<PAGE>

12.   DMG'S RIGHT TO LIQUIDATE CUSTOMER POSITIONS.

      (a) In  addition to all other  rights of DMG set forth in this  Agreement,
DMG has the right,  upon the  occurrence  of any of the events  specified in (i)
through (viii) below, to take any or all of the actions specified in subdivision
(b) of this Section:

            (i)  if  DMG  is  so  directed  or  required  by  a  regulatory   or
      self-regulatory  organization or Exchange having  jurisdiction over DMG or
      the Account;

            (ii) if Customer repudiates,  violates, breaches or fails to perform
      on a timely basis any obligation,  term, covenant or condition required to
      be performed by Customer under this Agreement;

            (iii) if  Customer  fails to post the  initial or  variation  margin
      required by this Agreement,  or fails to pay any required  premium or make
      any other payments required under this Agreement or in connection with any
      Contract;

            (iv) if Customer is in breach of or in default under any contract or
      agreement  to which it is a party or by which it or any of its  assets are
      bound;

            (v) if any representation made by Customer or by Customer's Advisor,
      if any, is not accurate or complete,  or ceases to be accurate or complete
      in any material respect;

            (vi) if a voluntary or involuntary case or other proceeding shall be
      commenced  by or against  Customer or any  affiliate  of Customer  seeking
      liquidation,  reorganization or other relief with respect to itself or any
      of its debts under any  bankruptcy,  insolvency or similar law, or seeking
      the  appointment  of  a  trustee,   receiver,   liquidator,   conservator,
      administrator,   custodian  or  other  similar   official  of  it  or  any
      substantial  part  of its  assets,  or if  Customer  or any  affiliate  of
      Customer  enters into or proposes  to enter into any  arrangement  for the
      benefit of any of its creditors, or if Customer (or any such affiliate) or
      any or all of its property is or becomes subject to any agreement,  order,
      judgment or decree that  provides for  Customer's  merger,  consolidation,
      dissolution,  winding-up, liquidation,  reorganization or appointment of a
      trustee, receiver, liquidator,  conservator,  custodian or similar officer
      for Customer,  such affiliate or for Customer's  property,  or if Customer
      shall take any corporate action to authorize any of the foregoing;

            (vii) if the Account, or any other account maintained by Customer or
      an  affiliate  of  Customer  with  DMG  becomes  subject  to any  warrant,
      attachment or similar order; or

            (viii)  if,  after  allowing  Customer  an  opportunity  to  provide
      assurances  acceptable  to  DMG  within  a  reasonable  time  period,  DMG
      reasonably determines such action is necessary for its protection.

      (b) In each such instance, DMG may (1) satisfy any obligations due DMG out
of any of Customer's property in DMG's custody or control,  (2) liquidate any or
all of  Customer's  Contracts,  (3) decline to execute any or all of  Customer's
outstanding  orders, (4) make Customer's  obligations to DMG immediately due and
payable, (5) acting in a commercially

                                      -7-
<PAGE>

reasonable  manner,  sell any or all of Customer's  property in DMG's custody or
control and set off and apply any such  property or the  proceeds of the sale of
such  property to satisfy any amounts  owed by Customer to DMG,  (6) set off any
obligations of DMG under this Agreement  against the  obligations of Customer to
DMG hereunder,  (7) set off any cash, Contracts or property held for Customer by
DMG against  amounts owed to DMG by Customer  hereunder,  (8) purchase or borrow
any securities or other property for the Account and/or (9) terminate any or all
of DMG's obligations for future performance to Customer.

      (c) Before  exercising  any rights under Section  12(b),  DMG shall make a
good  faith  attempt  to  notify  Customer,  PROVIDED  THAT  DMG  shall  have no
obligation to make such a good faith attempt if DMG  reasonably  considers  that
its rights or position would be jeopardized by such notice.  Any prior demand or
notice  by DMG  shall  not be a waiver  of any  right of DMG to take any  action
authorized by this Agreement or Relevant Law.

      (d) At all times,  Customer  shall be liable for the  payment of any debit
balance owing in the Account,  whether  occurring upon a liquidation as provided
under this Section or otherwise under this Agreement,  and in all cases Customer
shall be liable for any  deficiency  remaining  in the Account in the event of a
liquidation thereof, in whole or in part, together with interest whereon and all
costs relating to any liquidation or collection including reasonable  attorneys'
fees.

13.   PAYMENT NETTING AND SETOFF.

      Customer hereby  acknowledges  and agrees that DMG has the right to setoff
and apply any amounts,  fees or charges due to it hereunder against amounts held
in any Accounts of Customer subject to this Agreement  PROVIDED THAT any Account
subject to setoff  under  this  Section  is owned  solely by the same  Customer,
pursuant to Section 16(k).

14.   TERMINATION.

      A party wishing to terminate  this  Agreement must provide the other party
with  written  notice of  termination  sent by  certified  mail  specifying  the
effective date of such termination. Any termination under this Section shall not
affect  any  transactions  entered  into  prior  to the  effective  date of such
termination nor will it discharge any liability or obligation incurred by either
party prior to such date. Upon termination under this Section,  DMG shall either
transfer all open positions in Customer's  Account to another futures commission
merchant of Customer's  choice,  if so instructed by Customer,  or liquidate all
such  positions.  DMG will not transfer any of Customer's  property or Contracts
held or controlled by it until Customer satisfies all obligations to DMG arising
under this  Agreement,  including  the  payment of any fees for the  transfer of
Contracts  to another  futures  commission  merchant  upon  termination  of this
Agreement.

15.   GOVERNING LAW; CONSENT TO JURISDICTION.

      (a) In case of a  dispute  between  Customer  and DMG  arising  out of the
making or performance of this Agreement or any  transaction  hereunder,  (I) THE
CONSTRUCTION,  VALIDITY,  PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT SHALL BE
GOVERNED  BY THE  LAWS OF THE  STATE  OF NEW  YORK  (WITHOUT  GIVING  EFFECT  TO
PRINCIPLES OF CONFLICT OF LAWS), and (ii) Customer agrees

                                      -8-
<PAGE>

to bring any legal  proceeding  against DMG in, and Customer  hereby consents in
any legal  proceeding  brought  by DMG in  connection  with or  related  to this
Agreement  or breach  thereof,  the  Account or any  transactions  entered  into
hereunder to the  jurisdiction of, any state or federal court located within the
City of New York.

      (b) Customer  hereby  waives (i) all  objections  Customer may at any time
have as to the jurisdiction of the court in which any such legal proceedings may
be commenced and (ii) any defense of sovereign  immunity or other  immunity from
suit or enforcement, whether before or after judgment. Customer also agrees that
any service of process mailed to Customer at any address  specified to DMG shall
be deemed a proper service of process on the undersigned.

16.   MISCELLANEOUS.

      (a) AVAILABLE  FUNDS.  Customer  agrees that all payments of cash by it to
DMG shall be made in  immediately  available  funds in such currency and to such
bank  account as DMG may from time to time  specify.  If Customer is required by
law to make any deduction or withholding,  Customer shall pay such amount to DMG
as will result in DMG's receiving an amount equal to the full amount which would
have been received had no such deduction or withholding been required.

      (b) CONSENT TO RECORDING.  Customer consents to the electronic  recording,
at  DMG's  sole  discretion,  of any or all  telephone  conversations  with  DMG
(without automatic toning warning device), the use of same as evidence by either
party in any  action  or  proceeding  arising  out of the  Agreement  and  DMG's
erasure,  at its  sole  discretion,  of any  recording  as part  of its  regular
procedure for handling of recordings.

      (c)  GIVE-UPS.   All  transactions   where  third-party   brokers  execute
transactions for customers to be "given-up" to DMG for clearance and/or carrying
shall  be  governed  by  DMG's  separate  Uniform  Brokerage  Execution  Service
("Give-up") Agreement.

      (d) AUTHORITY TO DISCLOSE  INFORMATION.  Customer  hereby  authorizes  and
empowers DMG to disclose any  financial,  credit or business  information it has
obtained,  concerning  Customer to any Affiliate of DMG and  authorizes any such
Affiliate to disclose like  information  to DMG,  PROVIDED THAT the recipient of
any such  information may use the same solely in connection with its business or
financial dealings with Customer. Any such information will be kept confidential
according to the internal policies of DMG and its Affiliates.

      (e) MODIFICATION.  This Agreement may only be altered, modified or amended
by mutual  written  consent of DMG and Customer.  Any  modification,  amendment,
alteration or waiver of this Agreement will not affect any outstanding orders or
transactions  or any legal rights or  obligations  that may have already  arisen
between DMG and Customer.

      (f) CUMULATIVE  RIGHTS; NO WAIVER.  The rights and remedies conferred upon
DMG shall be  cumulative,  and its  forbearance  to exercise any right or remedy
under this Agreement  shall not waive its right to take such action at any later
time, nor shall such forbearance constitute a modification of this Agreement.

                                      -9-
<PAGE>

      (g) SUCCESSORS AND ASSIGNS.  This Agreement  shall inure to the benefit of
DMG, its permitted  successors  and assigns,  and shall be binding upon Customer
and Customer's  successors and assigns,  PROVIDED,  however, that this Agreement
may not be assigned  or  delegated  by either  party  without the prior  written
consent of the other party hereto and any  purported  assignment  or  delegation
without such consent shall be void.

      (h)  SEVERABILITY.  If any  term or  provision  of this  Agreement  or the
application  thereof  to any  persons  or  circumstances  shall to any extent be
inconsistent  with any Relevant  Law or  otherwise be invalid or  unenforceable,
such  inconsistent,  invalid or  unenforceable  provision  shall be deemed to be
superseded  or modified to conform to such  Relevant  Law, but the  remainder of
this  Agreement  and/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.

      (i)  COUNTERPARTS.  This  Agreement  may  be  executed  in any  number  of
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument.

      (j) ENTIRE  AGREEMENT.  This  Agreement,  together with any Annexes hereto
entered into between DMG and Customer,  constitutes the entire agreement between
Customer and DMG with respect to the subject  matter hereof and  supersedes  any
prior agreements between the parties with respect to such subject matter.

      (k)  MULTIPLE  CUSTOMERS.  If the  signatory  of  this  Agreement  has the
authority to enter into the Agreement on behalf of more than one Customer  (each
such Customer being identified on the attached SCHEDULE I), the execution of the
Agreement by such  signatory  shall be  sufficient to bind each such Customer to
the terms of the Agreement to the same extent and with the same force and effect
as if each Customer had executed a separate Agreement.

                                      -10-
<PAGE>

17. ACKNOWLEDGMENT OF RECEIPT OF DISCLOSURE STATEMENTS; HEDGING ELECTION.

      (a) Customer acknowledges and agrees that it has received from DMG and has
read and understood the following document:

|X|  Risk  Disclosure  Statement  For  Futures  and  Options  pursuant  to  CFTC
Regulations  1.55,  30.6,  33.7,  190.10 and  disclosure  pursuant  to CFTC Rule
1.46(e)(1) (and the related bankruptcy election).

                      (Please check box to so acknowledge)

      (b) 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 DMG's bankruptcy,  it prefers that the bankruptcy  trustee (check appropriate
box):

|_| Election A - Liquidate all open contracts without first seeking instructions
either from or on behalf of Customer.

|X| Election B - Attempt to obtain  instructions with respect to the disposition
of all open contracts.

(If neither box is checked, Customer shall be deemed to have elected A.)

The  undersigned  has read,  understands  and agrees to all of the provisions of
this Agreement.

3/9/98
-------------------------
Dated

Customer Name: Nestor Partners     Deutsche Morgan Grenfell, Inc.
               -----------------------------------------------------------------

By:                                By:
    /s/ George E. Crapple          /s/ Michael Communiello; /s/ Barbara A. Russo
    ---------------------          ---------------------------------------------
    Authorized Signature                         Authorized Signature

    George E. Crapple, Vice Chairman
    of Millburn Ridgefield Corporation,    Michael Communiello  Barbara A. Russo
    General Partner                        Director             Vice President
    -----------------------------------    -------------------------------------
            Print Name and Title                  Print Name and Title

411 West Putnam Avenue
---------------------------------------
Address

Greenwich, CT
---------------------------------------
City, State

06830
---------------------------------------
Zip Code

212-332-7300               212-262-1819
------------               ------------
Telephone                  Telefax

                                      -11-
<PAGE>

            SCHEDULE I--INDEPENDENT CUSTOMERS DEEMED TO HAVE ENTERED
                       INTO SEPARATE AGREEMENTS HEREUNDER

<PAGE>

                          DEUTSCHE MORGAN GRENFELL INC.

                RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS

THIS BRIEF  STATEMENT  DOES NOT DISCLOSE ALL OF THE RISKS AND OTHER  SIGNIFICANT
ASPECTS OF TRADING IN FUTURES  AND  OPTIONS.  IN LIGHT OF THE RISKS,  YOU SHOULD
UNDERTAKE SUCH  TRANSACTIONS  ONLY IF YOU UNDERSTAND THE NATURE OF THE CONTRACTS
(AND  CONTRACTUAL  RELATIONS) INTO WHICH YOU ARE ENTERING AND THE EXTENT OF YOUR
EXPOSURE  TO RISK.  TRADING IN FUTURES  AND  OPTIONS  IS NOT  SUITABLE  FOR MANY
MEMBERS  OF THE  PUBLIC.  YOU  SHOULD  CAREFULLY  CONSIDER  WHETHER  TRADING  IS
APPROPRIATE FOR YOU IN LIGHT OF YOUR EXPERIENCE, OBJECTIVES, FINANCIAL RESOURCES
AND OTHER RELEVANT CIRCUMSTANCES.

FUTURES

1.    EFFECT OF "LEVERAGE" OR "GEARING"

Transactions  in  futures  carry a high  degree of risk.  The  amount of initial
margin  is  small  relative  to  the  value  of the  futures  contract  so  that
transactions  are  "leveraged" or "geared." A relatively  small market  movement
will have a  proportionately  larger  impact on the funds you have  deposited or
will have to  deposit;  this may work  against  you as well as for you.  You may
sustain a total loss of initial margin funds and any additional  funds deposited
with the firm to  maintain  your  position.  If the market  moves  against  your
position  or  margin  levels  are  increased,  you  may be  called  upon  to pay
substantial  additional funds on short notice to maintain your position.  If you
fail to comply with a request for additional  funds within the time  prescribed,
your  position  may be  liquidated  at a loss  and you  will be  liable  for any
resulting deficit.

2.    RISK-REDUCING ORDERS OR STRATEGIES

The placing of certain orders (E.G.,  "stop-loss" orders,  where permitted under
local law, or "stop-limn"  orders) which are intended to limit losses to certain
amounts may not be effective because market conditions may make it impossible to
execute  such  orders.  Strategies  using  combinations  of  positions,  such as
"spread" and  "straddle"  positions  may be as risky as taking  simple "long" or
"short" positions.

OPTIONS

3.    VARIABLE DEGREE OF RISK

Transactions  in options carry a high degree of risk.  Purchasers and sellers of
options  should  familiarize  themselves  with the type of option (I.E.,  put or
call)  which they  contemplate  trading  and the  associated  risks.  You should
calculate  the extent to which the value of the options  must  increase for your
position  to  become  profitable,  taking  into  account  the  premium  and  all
transaction costs.

The purchaser of options may offset or exercise the options or allow the options
to expire.  The exercise of an option results either in a cash  settlement or in
the purchaser acquiring or delivering the underlying interest.  If the option is
on a future,  the  purchaser  will acquire a futures  position  with  associated
liabilities  for margin (see the  section on Futures  above).  If the  purchased
options

<PAGE>

expire  worthless,  you will suffer a total loss of your  investment  which will
consist of the option premium plus transaction  costs. If you are  contemplating
purchasing deep-out-of-the-money options, you should be aware that the chance of
such options becoming profitable ordinarily is remote.

Selling  ("writing" or  "granting")  an option  generally  entails  considerably
greater  risk than  purchasing  options.  Although  the premium  received by the
seller is fixed,  the seller may  sustain a loss well in excess of that  amount.
The seller will be liable for additional  margin to maintain the position if the
market  moves  unfavorably.  The seller  will also be exposed to the risk of the
purchaser  exercising  the  option and the seller  will be  obligated  to either
settle the option in cash or to acquire or deliver the underlying  interest.  If
the option is on a future,  the seller will  acquire a position in a future with
associated  liabilities  for margin (see the section on Futures  above).  If the
position is  "covered"  by the seller  holding a  corresponding  position in the
underlying  interest or a future or another option, the risk may be reduced.  If
the option is not covered, the risk of loss can be unlimited.

Certain  exchanges in some  jurisdictions  permit deferred payment of the option
premium,  exposing the purchaser to liability for margin  payments not exceeding
the amount of the premium.  The purchaser is still subject to the risk of losing
the premium and transaction costs. When the option is exercised or expires,  the
purchaser is responsible for any unpaid premium outstanding at that time.

ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS

4.    TERMS AND CONDITIONS OF CONTRACTS

You should ask the firm with  which you deal about the terms and  conditions  of
the specific futures or options which you are trading and associated obligations
(E.G.,  the  circumstances  under which you may become obligated to make or take
delivery of the  underlying  interest of a futures  contract  and, in respect of
options,  expiration  dates and  restrictions  on the time for exercise).  Under
certain circumstances the specifications of outstanding contracts (including the
exercise  price of an option) may be modified by the exchange or clearing  house
to reflect changes in the underlying interest.

5.    SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS

Market  conditions  (E.G.,  illiquidity)  and/or the  operation  of the rules of
certain  markets  (E.G.,  the  suspension of trading in any contract or contract
month  because of price limits or "circuit  breakers")  may increase the risk of
loss  by  making  it  difficult  or   impossible  to  effect   transactions   or
liquidate/offset positions. If you have sold options, this may increase the risk
of loss.

Further,  normal pricing  relationships  between the underlying interest and the
future, and the underlying interest and the option may not exist. This can occur
when,  for example,  the futures  contract  underlying  the option is subject to
price  limits while the option is not.  The absence of an  underlying  reference
price may make it difficult to judge "fair" value.

                                      -2-
<PAGE>

6.    DEPOSITED CASH AND PROPERTY

You should  familiarize  yourself with the  protections  accorded money or other
property you deposit for domestic and foreign transactions,  particularly in the
event of a firm  insolvency or  bankruptcy.  The extent to which you may recover
your money or property may be governed by specified  legislation or local rules.
In some jurisdictions, property which had been specifically identifiable as your
own will be pro-rated in the same manner as cash for purposes of distribution in
the event of a shortfall.

7.    COMMISSION AND OTHER CHARGES

Before  you  begin  to  trade,  you  should  obtain a clear  explanation  of all
commission,  fees and other charges for which you will be liable.  These charges
will affect your net profit (if any) or increases your loss.

8.    TRANSACTIONS IN OTHER JURISDICTIONS

Transactions  on  markets in other  jurisdictions,  including  markets  formally
linked to a domestic market, may expose you to additional risk. Such markets may
be  subject to  regulation  which may offer  different  or  diminished  investor
protection. Before you trade you should inquire about any rules relevant to your
particular  transactions.  Your  local  regulatory  authority  will be unable to
compel the  enforcement  of the rules of  regulatory  authorities  or markets in
other jurisdictions  where your transactions have been effected.  You should ask
the firm with which you deal for details about the types of redress available in
both your home jurisdiction and other relevant jurisdictions before you start to
trade.

9.    CURRENCY RISKS

The profit or Loss in  transactions  in foreign  currency-denominated  contracts
(whether they are traded m your own or another jurisdiction) will be affected by
fluctuations  in  currency  rates  where  there  is a need to  convert  from the
currency denomination of the contract to another currency.

10.   TRADING FACILITIES

Most   open-outcry   and   electronic   trading   facilities  are  supported  by
computer-based  component systems for the  order-routing,  execution,  matching,
registration or clearing of trades. As with all facilities and systems, they are
vulnerable to temporary  disruption or failure.  Your ability to recover certain
losses may be subject to limits on liability imposed by the system provider, the
market, the clearing house and/or member firms. Such limits may vary; you should
ask the firm with which you deal for details in this respect.

11.   ELECTRONIC TRADING

Trading on an electronic  trading  system may differ not only from trading in an
open-outcry market but also from trading on other electronic trading systems. If
you undertake  transactions on an electronic trading system, you will be exposed
to risks  associated  with the system  including  the  failure of  hardware  and
software.  The result of any system

                                      -3-
<PAGE>

failure  may be that  your  order  is  either  not  executed  according  to your
instructions or is not executed at all.

12.   OFF-EXCHANGE TRANSACTIONS

In some  jurisdictions,  and only then in  restricted  circumstances,  firms are
permitted to effect off-exchange transactions.  The firm with which you deal may
be  acting as your  counterparty  to the  transaction.  It may be  difficult  or
impossible to liquidate an existing position,  to assess the value, to determine
a fair  price or to  assess  the  exposure  to risk.  For these  reasons,  these
transactions may involve increased risks.  Off-exchange transactions may be less
regulated or subject to a separate regulatory regime.  Before you undertake such
transactions,   you  should  familiarize  yourself  with  applicable  rules  and
attendant risks.

                             DISCLOSURE PURSUANT TO
                      COMMODITY FUTURES TRADING COMMISSION
                                 RULE 1.46(E)(1)

If you  maintain  separate  accounts  in which,  pursuant to  Commodity  Futures
Trading Commission rule 1.46(d)(6),  offsetting positions are not closed out, we
hereby advise you that, if held open, offsetting long and short positions in the
separate  accounts may result in the charging of additional fees and commissions
and the payment of additional margin,  although offsetting positions will result
in no additional market gain or loss.

Date: 3/9/98
      ------

Signature of Customer: /s/ George E. Crapple
                       -----------------------------
                       George E. Crapple
                       Vice Chairman
                       The Millburn Ridgefield Corp.

                                      -4-
<PAGE>

Global Futures and Options Department
Deutsche Morgan Grenfell Inc.
31 West 52nd Street
New York, New York 10019
Telephone (212) 469-2019
Telefax (212) 469-2029

                         AUTHORIZATION TO TRANSFER FUNDS

      This  authorization  to transfer  funds relates to the Futures and Options
Agreement for Institutional  Customers (the "Customer  Agreement")  entered into
between  Deutsche  Morgan  Grenfell  Inc.  and  the  customer  identified  below
("Customer").

      Customer  should sign below if Customer  (i)  maintains  one or more other
accounts  (such as a  securities,  cash or margin  account) at  Deutsche  Morgan
Grenfell Inc. or any of its affiliates  (collectively,  "DMG") and (ii) wants to
permit DMG to  transfer  funds from such  accounts  without  obtaining  specific
instructions in each case.

      Without  limiting or  modifying  the general  provisions  of the  Customer
Agreement,  Customer hereby specifically authorizes DMG, until further notice in
writing,  to  transfer  any excess  funds from  Customer's  regulated  commodity
account,  whether a segregated  account or a secured  account,  (i) to any other
account that Customer maintains with DMG that in DMG's judgment may be necessary
to avoid a margin  call or to reduce a debit  balance in such  other  account or
(ii) to DMG in order to satisfy any  obligation  of  Customer  to DMG.  DMG will
notify  customer of any  transfer of funds made  pursuant to this  authorization
within a reasonable time after each transfer.

3/9/98                                      Nestor Partners
----------                                  ------------------------------------
Date:                                       Customer Name:

                                            /s/ George E. Crapple
                                            ------------------------------------
                                            By:    George E. Crapple
                                            Title: Vice Chairman
                                                   The Millburn Ridgefield Corp.

<PAGE>

                AUTHORIZATION TO TAKE OTHER SIDE OF TRANSACTIONS

      All  capitalized  terms  employed  herein but not  defined  shall have the
meanings  assigned  in the  Futures  and  Options  Agreement  for  Institutional
Customers.

      Customer  authorizes DMG and each of its directors,  officers,  employees,
agents and any floor  broker  acting on  Customer's  behalf in any  transaction,
without  prior  notice  to  Customer,  to 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 the Commodity  Exchange Act and the rules
and regulations promulgated thereunder, and applicable Exchange rules.

3/9/98                                      Nestor Partners
---------                                   ------------------------------------
Date:                                       Customer Name:

                                            /s/ George E. Crapple
                                            ------------------------------------
                                            By:    George E. Crapple
                                            Title: Vice Chairman
                                                   The Millburn Ridgefield Corp.

<PAGE>

NOTICE

                           TRADES ON NON-U.S. MARKETS

      All  capitalized  terms  employed  herein but not  defined  shall have the
meanings  assigned  in the  Futures  and  Options  Agreement  for  Institutional
Customers between DMG and Customer.

      If  Customer is a bank,  insurer,  pension  plan  fiduciary  or  financial
institution,  Customer may communicate  orders for Contracts  listed on non-U.S.
Exchanges  directly  with  DMG  or,  if DMG so  authorizes,  directly  with  the
appropriate   foreign   Affiliate  of  DMG,  subject  to  any  restrictions  and
instructions DMG may impose.  Any order placed directly with a foreign Affiliate
or with DMG for  execution on a non-U.S.  Exchange  will be executed and cleared
through DMG's omnibus accounts with the appropriate  Affiliate,  and not through
an account with such Affiliate in the name of Customer.  Customer shall remain a
customer of DMG,  rather than a customer of any foreign  Affiliate  of DMG,  and
shall pay all  commissions,  margin  requirements,  charges  and any other  fees
required in  connection  with such  transactions  directly to DMG and not to any
Affiliate of DMG.  Notwithstanding  the foregoing,  Customer may be requested or
permitted  to provide its DMG Account  number to such a foreign  Affiliate  when
placing  any  such  order,  in  order  to  permit   appropriate   allocation  of
transactions to such Account.

<PAGE>

Global Futures and Options Department
Deutsche Morgan Grenfell Inc.
31 West 52nd Street
New York, New York 10019
Telephone (212) 469-2019
Telefax (212) 469-2029

                        ELECTRONIC TRADING AUTHORIZATION

      This  addendum  modifies and amends the Futures and Options  Agreement for
Institutional  Customers (the "Agreement")  entered into between Deutsche Morgan
Grenfell  Inc.   ("DMG")  and  the  customer   executing  this   acknowledgement
("Customer").

      1.  Customer  may from time to time  submit  orders  to DMG for  execution
through the GLOBEX System (as defined under the rules of the Chicago  Mercantile
Exchange  ("CME")),  and/or the NYMEX  ACCESS  System,  operated by the New York
Mercantile Exchange ("NYMEX"), and/or the Project A System (as defined under the
rules of the Chicago  Board of Trade  ("CBOT")  (the  GLOBEX,  NYMEX  ACCESS and
Project A Systems  collectively the "Systems").  Any and all orders submitted by
Customer  to DMG for  execution  through  the  Systems  will be  subject  to and
governed by the terms said  conditions  of the  Agreement to the same extent and
with the same force and effect as other  transactions  entered  into by Customer
under the Agreement.

      2. Customer  acknowledges  that it has received,  read and understands the
GLOBEX  Customer  Information and Risk  Disclosure  Statement,  the NYMEX ACCESS
Customer  Information and Risk  Disclosure  Statement and the Project A Customer
Information  Statement (the "Risk Disclosure  Statements")  prepared by the CME,
NYMEX and CBOT,  respectively,  and  further  acknowledges  and agrees  that any
transactions entered into by the Customer through the Systems will be subject to
the requirements  and  restrictions set forth in the Risk Disclosure  Statements
and in the  Rules of the CME and  NYMEX and  CBOT,  respectively.  In  addition,
without  limitation of the foregoing,  all transactions  executed for Customer's
Accounts  through the NYMEX ACCESS System shall be subject to the  limitation Of
liability included in NYMEX Rule 6.26.

      3. In consideration of DMG making GLOBEX services  available,  in whole or
in part, directly or indirectly, to Customer,  Customer agrees that neither DMG,
the CME,  the Globex  Joint  Venture,  L.P.  ("JV"),  any other  exchange  whose
products may be traded on the GLOBEX System, P-M-T Limited  Partnership,  GLOBEX
Corporation,   Reuters  America,   Inc.  nor  any  other  entities  controlling,
controlled by or under common control with such entities,  nor their  respective
directors, officers or employees, shall be liable for any losses, damages, costs
or expenses  (including,  but not  limited  to,  loss of  profits,  loss of use,
incidental or consequential damages),  regardless of the cause, arising from any
fault,  delay,  omission,  inaccuracy or termination of GLOBEX services,  or the
inability to enter or cancel orders,  or any other cause in connection  with the
furnishing,  performance,  maintenance  or use of or inability to use all or any
part of the GLOBEX  System or any JV or CME facility or service.  The  foregoing
shall apply regardless of whether a claim arises in contract,  tort, negligence,
strict liability or otherwise.

<PAGE>

      4. As modified and amended by the Addendum,  the Agreement shall remain in
full force and effect. In the event of any conflict or inconsistency between the
provisions of this Addendum and the  provisions of the Agreement with respect to
the subject matter hereof, the provisions of this Addendum shall and control.

Nestor Partners
---------------------------------------------------
Customer Name:

/s/ George E. Crapple
---------------------------------------------------
By:    George E. Crapple
Title: Vice Chairman, The Millburn Ridgefield Corp.

3/9/98
---------------------------------------------------
Dated:

                                      -2-

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