Document:

Exhibit 4.1

                          SECOND AMENDED AND RESTATED

                         LIMITED PARTNERSHIP AGREEMENT

                                      OF

                            FUTURES PORTFOLIO FUND

                              LIMITED PARTNERSHIP

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                               TABLE OF CONTENTS

Section                                                                     Page
-------                                                                     ----

1.   NAME; FORMATION                                                           1
2.   OFFICE                                                                    1
3.   BUSINESS                                                                  1
4.   TERM; DISSOLUTION                                                         1
(a)  TERM                                                                      1
(b)  DISSOLUTION                                                               2
5.   FISCAL YEAR                                                               2
6.   GENERAL PARTNER'S NET WORTH                                               2
7.   CAPITAL CONTRIBUTIONS; OFFERING OF                                        2
LIMITED PARTNERSHIP INTERESTS
8.   ALLOCATION OF PROFITS AND LOSSES;
ACCOUNTING; OTHER MATTERS                                                      3
(a)  PARTNERS' ACCOUNTS                                                        3
(b)  ALLOCATIONS                                                               3
(c)  ALLOCATION OF PROFIT AND LOSS                                             4
FOR FEDERAL INCOME TAX PURPOSES
(d)  DEFINITIONS; ACCOUNTING                                                   5
(e)  EXPENSES AND LIMITATIONS                                                  5
(f)  LIMITED LIABILITY OF LIMITED PARTNERS                                     6
(g)  RETURN OF LIMITED PARTNER'S CAPITAL CONTRIBUTION                          7
(h)  DISTRIBUTIONS                                                             7
9.   MANAGEMENT                                                                7
(a)  MANAGEMENT OF THE PARTNERSHIP                                             7
(b)  TRADING DECISIONS BY THE GENERAL PARTNER                                  8
(c)  CUSTOMER AGREEMENTS                                                       8
(d)  ADDITIONAL OBLIGATIONS AND RESPONSIBILITIES                               8
OF THE GENERAL PARTNER
10.  AUDITS; REPORTS TO LIMITED PARTNERS                                      10
11.  TRANSFER; REDEMPTION OF UNITS                                            10
(a)  TRANSFER                                                                 10
(b)  REDEMPTION                                                               10
12.  ADMISSION OF ADDITIONAL PARTNERS                                         11
13.  SPECIAL POWER OF ATTORNEY                                                11
14.  WITHDRAWAL OF PARTNERS                                                   12
(a)  WITHDRAWAL OF A GENERAL PARTNER                                          12
(b)  WITHDRAWAL OF A LIMITED PARTNER                                          12
(c)  REQUIRED WITHDRAWAL OF A LIMITED PARTNER                                 12
15.  NO PERSONAL LIABILITY FOR RETURN OF CAPITAL                              12
16.  INDEMNIFICATION                                                          12
(a)  INDEMNIFICATION BY THE PARTNERSHIP                                       12
(b)  INDEMNIFICATION BY PARTNERS                                              13
(c)  SURVIVAL OF INDEMNITIES                                                  13
17.  AMENDMENTS; MEETINGS; VOTING                                             13
(a)  AMENDMENTS INITIATED BY THE GENERAL PARTNER                              13
(b)  MEETINGS                                                                 14
(c)  AMENDMENTS AND ACTIONS INITIATED                                         14
BY LIMITED PARTNERS
(d)  ACTION WITHOUT MEETING                                                   15
18.  TRADING SUSPENSION                                                       15
19.  GOVERNING LAW                                                            15
20.  MISCELLANEOUS                                                            15

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                          SECOND AMENDED AND RESTATED
                         LIMITED PARTNERSHIP AGREEMENT
                                      OF
                  FUTURES PORTFOLIO FUND LIMITED PARTNERSHIP

     This Second Amended and Restated Limited Partnership Agreement
("Agreement") of Futures Portfolio Fund Limited Partnership (the "Fund"), made
in Rockville, Maryland as of November 1, 1995 by and between Steben & Company
Inc. (the "General Partner"), and the other parties who shall execute this
Agreement, whether in counterpart, by separate instrument, or otherwise, and
hereafter shall be admitted to the Fund as limited partners in accordance with
the provisions hereof and whose names and addresses shall upon such admission
be added to the books and records of the Fund (collectively "Limited
Partners") (the General Partner and Limited Partners may be collectively
referred to herein as "Partners").

W I T N E S S E T H:

     WHEREAS, the Partners have heretofore formed the Fund as a limited
partnership under the State of Maryland, U.S.A., Revised Uniform Limited
Partnership Act (the "Partnership Act"), for the purpose of investing in
commodity interests and securities pursuant to a Limited Partnership Agreement
dated May 1,1995; and

     WHEREAS, the Partners desire to amend and restate the said Limited
Partnership Agreement in its entirety as set forth herein.

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

1.   NAME; FORMATION.

     The name of the Fund is FUTURES PORTFOLIO FUND LIMITED PARTNERSHIP or
such other name, to the extent permitted by the Partnership Act, as the
General Partner shall hereafter designate in writing to the Limited Partners.
The General Partner has heretofore executed and filed in the Office of the
Secretary of State of Maryland a Certificate of Limited Partnership of the
Fund (the "Certificate of Limited Partnership"), and shall execute, fill,
record, and publish as appropriate such amendments to this Agreement, the
Certificate of Limited Partnership, assumed name certificates, and such other
documents as shall be necessary or advisable as determined by the General
Partner. Each Limited Partner shall furnish to the General Partner a power of
attorney which may be filed with the Certificate of Limited Partnership and
any amendments thereto and such additional information as shall be required
from such Limited Partner to complete such documents and to execute and
cooperate in the filing, recording or publishing of such documents at the
request of the General Partner.

2.   OFFICE

     The principal office of the Fund is c/o Steben & Company, Inc., 2099
Gaither Road, Suite 200, Rockville, MD 20850, or such other place as the
General Partner may designate from time to time.

3.   BUSINESS.

     The Fund's business and purpose is to trade, buy, sell and otherwise
acquire, hold, dispose of, and deal in on margin or otherwise (I) obligations
of or guaranteed by any government, debt securities, certificates of deposit,
repurchase and reverse repurchase agreements, money market instruments, and
futures and forward contracts with respect to the foregoing ("securities")
(ii) commodities (including any which are now, or may hereafter be, the
subject of commodities or commodities contract trading), futures contracts,
forward contracts, options on futures contracts and physical commodities, spot
(cash) commodities, currencies, financial instruments, and any rights and
interests pertaining hereto ("commodity interests"), and (iii) securities of
and interests in entities engaged directly or indirectly in the trading,
buying, selling, or acquisition, holding, disposition of or dealing in,
securities or commodity interests (securities and commodity interests are
hereinafter sometimes referred to collectively as "securities and commodity
interests"). The objective of the Fund's business is appreciation of its
assets through the investment and speculative trading of securities and
commodity interests.

4.   TERM; DISSOLUTION.

     (a) TERM. The term of the Fund commenced upon the filing of the
Certificate of Limited Partnership in the Office of the Secretary of State of
Maryland, U.S.A., pursuant to the Partnership Act and shall end upon the first
to

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occur of the following: (i) December 31, 2025; (ii) withdrawal, insolvency,
bankruptcy, dissolution, termination, retirement, death or legal incapacity of
the General Partner (unless the Limited Partners shall elect a successor
general partner pursuant to Section 17(c)); (iii) the Partners terminate and
dissolve the Fund pursuant to Section 17; (iv) a decline In the Net Asset
Value of a Unit of Limited Partnership interest as of the end of any month to
or below $350; or (v) the occurrence of any event which shall make it unlawful
for the existence of the Fund to be continued.

     (b) DISSOLUTION. Upon the occurrence of an event causing the termination
of the Fund, the Fund shall terminate and be dissolved. Dissolution, payment
of creditors, and distribution of the Fund's assets shall be effected as soon
as practicable in accordance with the Partnership Act, except that the General
Partner and each Limited Partner shall share in the assets of the Fund pro
rata in accordance with such Partner's respective capital account, less any
amount owing by such Partner to the Fund.

5.   FISCAL YEAR.

     The fiscal year of the Fund shall begin on January 1 of each year and end
on the following December 31.

6.   GENERAL PARTNER'S NET WORTH.

     The General Partner agrees that at all times, as long as it remains
General Partner of the Fund, it will use its best efforts to maintain its Net
Worth equal to at least the minimum required pursuant to "safe harbor"
guidelines published by the U.S. Internal Revenue Service so as to ensure that
the Fund is classified as a partnership, and not an association taxable as a
corporation, for U.S. federal income tax purposes. Notes and accounts
receivable from and payable to any partnership in which the General Partner
has an interest, interests owned by the General Partner in any other
partnership, secured and unsecured notes of creditworthy obligers (including
notes receivable from the General Partner's "affiliates," as such term is
defined In Regulation S-X of the rules and regulations of the Securities and
Exchange Commission (the "SEC"), and letters of credit shall be included as
assets in calculating Net Worth, and liabilities subordinated to the claims of
general creditors shall be included in calculating Net Worth.

     The General Partner may maintain its Net Worth at less than the amount
required by the preceding paragraph of this Section 6 so long as the General
Partner obtains an opinion of counsel that such proposed modification will not
adversely affect the classification of the Fund as a partnership for federal
income tax purposes and will not adversely affect the status of the Limited
Partners as limited partners under the Partnership Act.

7.   CAPITAL CONTRIBUTIONS; OFFERING OF UNITS OF LIMITED PARTNERSHIP INTEREST.

     At all times, the net asset value of a Unit of General Partnership
Interest shall be equivalent to the Net Asset Value (as defined in Section
8(d)(2)) of a Unit of Class A Limited Partnership Interest. Except as shall be
provided in this paragraph, the General Partner shall not be required to make
any capital contribution to the Fund. Upon determination and dissolution of
the Fund, the General Partner shall contribute to the Fund the lesser of (I)
any deficit balance in its capital account in the Fund or (ii) the excess of
1.01% of the total capital contributions of the Limited Partners over any
capital previously contributed to the Fund by the General Partner. However, if
the General Partner is advised by legal counsel that, in view of the nature of
the services rendered by the General Partner to the Fund, the General Partner
must maintain a capital account balance in the Fund in order for the Fund to
be treated, for federal income tax purposes, as a partnership and not as an
association taxable as a corporation, the General Partner shall, in lieu of
making the above-described contribution, maintain a capital account balance in
the Fund equal to at least 1% of the total capital account balances of all
Partners. If the General Partner maintains such a capital account balance, the
1% allocation specified in Section 8(b) shall not be made.

     Interests in the Fund, other than the general partnership interest of the
General Partner, shall be evidenced by Units of Limited Partnership Interest
of the Fund ("Units"). Units may be divided into classes: Class A; Class B;
etc. Class A Units were offered pursuant to the initial offering of Units;
Class B and succeeding classes of Units may be offered at the discretion of
the General Partner. The relative rights and obligations of each class of
Units shall be determined by the General Partner in its sole discretion;
provided, however, that no class of Units shall dilute the capital accounts of
existing Limited Partners.

     Units shall be offered for sale pursuant to the Fund's Confidential
Private Offering Memorandum, as amended or supplemented from time to time (the
"Memorandum"). The General Partner on behalf of the Fund shall issue Units to
persons desiring to become Limited Partners, provided that such persons are
determined by the General Partner to be qualified investors and provided their
subscriptions for Units are accepted by the General Partner, which acceptance
the General Partner may withhold in its sole discretion. The minimum
subscription for Units shall be such amount as the

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General Partner may determine from time to time in its sole discretion.
Capital contributions to the Fund shall be made upon execution and
acknowledgment of instruments in form and substance satisfactory to the
General Partner.

     The Fund may at any time and from time to time in the sole discretion of
the General Partner offer for sale Units and fractions of Units in such
offerings, at such prices per Unit, in such minimum amounts, for such periods
of time, and on such terms and conditions as the General Partner shall
determine in its sole discretion. The General Partner shall have the right to
admit additional Limited Partners under terms and conditions as shall be in
the sole discretion of the General Partner.

     In connection with the Fund's offering of Units as described above and in
the Memorandum, the General Partner, on behalf of the Fund, shall take such
action as it in its sole discretion shall deem advisable or necessary.

     All Units subscribed for upon receipt of a check, draft, or other
instrument of a subscriber shall be issued subject to the collection of the
funds represented by such check or draft. In the event that an instrument or a
subscriber for Units representing payment for Units shall be returned unpaid,
the General Partner shall cancel the Units issued to such subscriber
represented by such instrument and, if necessary, shall file an amendment to
the Certificate of Limited Partnership reflecting such cancellation. Any
losses or profits sustained by the Fund in connection with the Fund's business
allocable to such canceled Units shall be deemed an increase or decease in Net
Assets and allocated among the remaining Partners as described in Section 8.
Each Limited Partner agrees to reimburse the Fund for any expense or loss
(including any trading loss) incurred in connection with the issuance and
cancellation of any Units issued to such Partner.

     Capital contributions to the Fund shall he made upon execution,
acknowledgment, and delivery of documents in form and substance satisfactory
to the General Partner. No additional contributions of capital shall be
required of any Limited Partner during the term of the Fund. The aggregate of
all capital contributions shall be available to the Fund to carry on its
business and no interest shall be paid by the Fund on any such contributions.

8.   ALLOCATION OF PROFITS AND LOSSES; ACCOUNTING; OTHER MATTERS.

     (a) PARTNERS' ACCOUNTS. A Capital Account shall be maintained for each
     Partner in accordance with the provisions of Section 704(b) of the
     Internal Revenue Code of 1986, as amended (the "Code"), as interpreted by
     regulations promulgated by the United States Department of the Treasury,
     specifically, if valid, paragraph (b)(2)(iv) of Treasury Regulation
     Section 1.704-1, 26 C.F.A., Section 1.704-1(b)(2)(iv). The initial
     balance of each Partner's Capital Account shall be the amount of his
     initial capital contribution to the Fund.

     (b) MONTHLY ALLOCATIONS. As of the close of business (as determined by
     the General Partner) on the last day of each month during each fiscal
     year of the Fund, the following determinations and allocations shall be
     made:

          (1) The Fund's Net Assets (as defined in Section 8(d)(1), but before
          (I) any accrued expenses of the Fund, including, but not limited to,
          legal, accounting, auditing and other expenses, (ii) any management
          fee payable to the General Partner, and (iii) any management or
          incentive fees payable to any trading advisor or advisors or selling
          agents) shall be determined.

          (2) The Fund's accrued expenses shall then be charged against Net
          Assets allocated to that class or classes of Units to which such
          expenses are attributable.

          (3) Accrued management fees payable to the General Partner shall
          then be charged against Net Assets allocated to that class or
          classes of Units to which such fees are attributable.

          (4) Accrued management and incentive fees, if any, payable to any
          trading advisor or advisors or selling agents shall then be charged
          against Net Assets allocated to that class or classes of Units to
          which such fees are attributable.

          (5) Any increase or decrease in Net Assets as compared to the next
          previous determination of Net Assets shall then be credited or
          charged, as the case may be, to each class of Units in the ratio
          that the balance of each class bears to the balance of all classes
          (and within each class to the Capital Accounts of each Partner in
          the ratio that the balance of each Account bears to the balance of
          all Accounts within that class) (except as shall be otherwise
          provided pursuant to the terms of the issuance of any class or
          classes of Units), except that 1% of any increase or decrease in the
          Partnership's Net Assets shall be allocated to the General Partner
          (unless the General Partner maintains the capital account balance
          specified in Section 7).

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          (6) The amount of any distribution to a Partner, any amount paid to
          a Partner on redemption of Units, and any amount paid to the General
          Partner upon withdrawal of its interest in the Fund, shall then be
          charged to that Partner's Capital Account,

     (c) ALLOCATION OF PROFIT AND LOSS FOR FEDERAL INCOME TAX PURPOSES. As of
the end of each fiscal year, the Fund's realized profit or loss shall be
allocated among the Partners pursuant to the following subparagraphs for
federal income tax purposes. Such allocations of profit and loss shall be pro
forma from long-term capital gain and loss, short-term capital gain and loss,
Section 1256 gain and loss, and ordinary gain and loss realized by the Fund,
as those terms are defined in the Code.

          (1) Net realized profit or loss from the Fund's activities shall be
          allocated as follows:

               (aa) For the purpose of allocating the Fund's net realized
               profit or loss among the Partners, there shall be established
               an allocation account with respect to each outstanding Unit.
               The initial balance of each allocation account shall be the
               amount paid to the Fund for the Unit. Allocation accounts shall
               be adjusted as of the end of each fiscal year as follows:

                    (i) Except with respect to the 1% allocation to the
                    General Partner pursuant to Section 8(b)(5), each
                    allocation account shall be increased by the amount of
                    income allocated to the holder of the Unit pursuant to
                    subparagraph (cc) below.

                    (ii) Except with respect to the 1% allocation to the
                    General Partner pursuant to Section 8(b)(5), each
                    allocation account shall be decreased by the amount of
                    expense or loss allocated to the holder of the Unit
                    pursuant to subparagraph (ee) below and by the amount of
                    any distribution the holder of the Unit has received with
                    respect to the Unit (other than on redemption of Units).

                    (iii) The allocation account with respect to a redeemed
                    Unit shall be eliminated.

               (bb) Net realized profit shall be allocated first to each
               Partner who has redeemed a Unit during the fiscal year up to
               the excess, if any, of the amount received upon redemption of
               the Unit over the allocation account as of the date of
               redemption attributable to the redeemed Unit.

               (cc) Net realized profit remaining after the allocation thereof
               pursuant to subparagraph (bb) above shall be allocated next
               among all Partners whose capital accounts are in excess of the
               Units' allocation accounts (after the adjustments in
               subparagraph (bb) above) in the ratio that each such Partners
               excess bears to all such Partners' excesses. In the event that
               profit to be allocated pursuant to this subparagraph (cc) is
               greater than the excess of all such Partners' capital accounts
               over all such allocation accounts, the excess shall be
               allocated among all Partners in the ratio that each Partner's
               capital account bears to all Partners' capital accounts.

               (dd) Net realized loss shall be allocated first to each Partner
               who has redeemed a Unit during the fiscal year up to the
               excess, if any, of the allocation account as of the date of
               redemption attributable to the redeemed Unit over the amount
               received upon redemption of the Unit.

               (ee) Net realized loss remaining after the allocation thereof
               pursuant to subparagraph (dd) above shall be allocated next
               among all Partners whose Units' allocation accounts are in
               excess of their capital accounts (after the adjustments in
               subparagraph (dd) above) in the ratio that each such Partner's
               excess bears to all such Partners' excesses. In the event that
               loss to be allocated pursuant to this subparagraph (ee) is
               greater than the excess of all such allocation accounts over
               all such Partners' capital accounts, the excess loss shall be
               allocated among all Partners in the ratio that each Partner's
               capital account bears to all Partners' capital accounts.

          (2) The tax allocations prescribed by this Section 8 shall be made
          to each holder of a Unit, whether or not the holder is a substituted
          Limited Partner. In the event that a Unit has been assigned, the
          allocations prescribed by this Section 8(c) shall be made with
          respect to such Unit without regard to the assignment except that in
          the year of assignment the allocations prescribed by this Section
          8(c) shall be divided between the assignor and the assignee based on
          the number of months each held the assigned

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          Unit. For purposes of this Section 8(c), tax allocations shall be
          made to the General Partner's Units of General Partnership Interest
          on a Unit-equivalent basis.

          (3) The allocation of profit and loss for federal income tax
          purposes set forth herein is intended to allocate taxable profit and
          loss among Partners generally in the ratio and to the extent that
          net profit and net loss are allocated to such Partners under Section
          8(b) hereof so as to eliminate, to the extent possible, any
          disparity between a Partner's capital account and his allocation
          account, consistent with the principles set forth in Section 704 of
          the Code.

          (4) For purposes of this Section 8(c), "net realized profit" and
          "net realized loss" means net income and net loss "recognized" for
          federal income tax purposes under the Code.

     (d) DEFINITIONS; ACCOUNTING.

          (1) NET ASSETS. The Fund's "Net Assets" shall mean the total assets
          of the Fund, including all cash and cash equivalents (valued at
          cost), accrued interest and the market value of all open positions
          and all other assets of the Fund, less: (a) the brokerage and floor
          commissions and fees and other transaction costs that would be
          payable with respect to the closing of each open securities and
          commodity interest position; and (b) all accrued but unpaid expenses
          and all other liabilities of the Fund, including, but not limited
          to, organizational expenses, any management or incentive fees
          accrued or payable to the General Partner or to any trading advisor
          or advisors, and any expenses, determined in accordance with the
          principles specified in this Section 8(d)(l) or, where no principle
          is specified, in accordance with U.S. generally accepted accounting
          principles consistently applied under the accrual basis of
          accounting. The market value of a security traded on an exchange
          shall be its closing price or, if applicable, the average of its
          closing bid and asked prices on the date of determination. If the
          exchange on which a security is required to be valued is closed, or
          if a security is not traded on such an exchange, or if a security
          did not trade on such exchange on the date of determination, such
          security shall be valued as if the date of determination were the
          last previous date on which such exchange was open, or on which such
          security traded on such exchange. For this purpose an "exchange"
          shall mean the consolidated exchange. In the absence of a readily
          ascertainable closing price or bid and asked price, the market value
          of a security shall mean its market value as determined by the
          General Partner on a basis consistently applied. The market value of
          a commodity interest traded on a commodity exchange shall mean the
          settlement price on the commodity exchange on which the particular
          commodity interest is traded by the Fund on the close of the day
          with respect to which Net Assets are being determined; provided that
          if a commodity interest could not be liquidated on such day due to
          the operation of daily limits or other rules of the commodity
          exchange upon which that contract is traded or other otherwise, the
          settlement price on the first subsequent day on which the contract
          could be liquidated shall be the market value of such contract for
          such day. The market value of a forward contract, currency contract
          or futures contract traded on a foreign exchange shall mean its
          market value as determined by the General Partner on a basis
          consistently applied. If the General Partner determines that the
          valuation of any security or other property does not fully represent
          market value (whether because of arbitrage activity or otherwise),
          the General Partner shall value such security or other property as
          it reasonably determines and shall set forth the basis of such
          valuation in writing in the Fund's records. All values assigned to
          securities and other assets by the General Partner pursuant to this
          paragraph shall be final and conclusive as to all of the Partners.

          (2) NET ASSET VALUE. The "Net Asset Value" of a Unit shall mean the
          Net Assets allocated to Capital Accounts represented by Units of
          that class of Limited Partnership Interest divided by the number of
          Units of such class outstanding on the date of calculation. The "Net
          Asset Value" of a class of Units of Limited Partnership Interest
          shall be determined by reference to the ratio that the aggregate
          Capital Accounts of such class as of the beginning of the month
          bears to the aggregate of all Capital Accounts of the Partners as of
          such date.

     (e) EXPENSES AND LIMITATIONS. The General Partner previously paid all of
     the organizational and initial offering expenses of the Fund. The General
     Partner shall be compensated for such payment by receipt of a one percent
     (1%) organization and offering charge for new investments in the Fund,
     unless the General Partner shall elect to waive the charge, in whole or
     in part or in respect to any Partner or class of Units.

          The Fund shall pay all of its expenses, including expenses for
     services provided by the General Partner and its affiliates and by third
     parties selected by the General Partner. Such expenses shall include
     ordinary and extraordinary legal, accounting, auditing, record keeping,
     administration, computer, and clerical expenses (including expenses
     incurred in preparing reports and tax information to Limited Partners and
     regulatory

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     authorities and expenses for specialized administrative services),
     printing and duplication expenses, mailing expenses, costs or researching
     and performing due diligence on advisors for the Fund (including travel
     expenses related to such research and due diligence), the expenses of the
     continuing offering of Units (including Blue Sky fees and solicitation
     and marketing expenses), and filing fees; provided, however, that the
     General Partner shall be obligated to pay the Fund at the end of each
     calendar year an amount equal to any ordinary (but not extraordinary)
     expenses paid or accrued by the Fund to the extent that such ordinary
     expenses exceed one percent (1%) per annum (or a pro rata portion in
     respect of partial years calculated by dividing the actual days of
     operation of the Fund by the actual number of days in such year) of the
     average month-end Net Assets of the Fund.

          As compensation for the General Partner's management of the Fund (as
     described in Section 9(a)), in the discretion of the General Partner, the
     Class A Limited Partners shall pay the General Partner a monthly
     management fee, without regard to the profitability of the Fund, equal to
     a maximum of 1/6 of 1% of the Net Asset Value of the Class A Limited
     Partnership Interests (as defined in Section 8(d)(2)) as of the last day
     of each month (2% per annum), and the other classes of Limited Partners
     shall pay the General Partner such monthly management fee(s) as shall be
     determined by the General Partner in its sole discretion. The management
     fee payable to the General Partner shall be paid by the Fund promptly
     after the end of the applicable month. Upon notice to the affected
     Limited Partners, the General Partner, in its sole discretion, may
     increase the management fee payable to the General Partner hereunder or
     provide for any additional compensation to be payable to the General
     Partner, whether by management fee, incentive fee, brokerage commission
     or otherwise.

          As compensation for the sales efforts of the Fund's selling agents
     (as such term is defined in the Memorandum) and the General Partner, in
     the discretion of the General Partner, the Limited Partners shall pay to
     the General Partner a monthly sales fee, without regard to the
     profitability of the Fund, equal to a maximum of 1/6 of 1% of the Net
     Asset Value of the Class A Limited Partnership Interests (as defined in
     Section 8(d)(2)) as of the last day of each month (2% per annum), and the
     other classes of Limited Partners shall pay the General Partner such
     monthly sales fee as shall be determined by the General Partner in its
     sole discretion. The sales fee payable to the General Partner shall be
     paid by the Fund promptly after the end of the applicable month. The
     General Partner shall pay all or any portion of such sales fee to the
     selling agents as the General Partner shall negotiate with the selling
     agents, and shall retain the excess, if any.

          The Fund also shall pay any taxes and all expenses incurred in
     connection with its trading and investment activities. Such expenses
     shall include but not be limited to all margins, option premiums,
     brokerage, floor, exchange, and clearinghouse commissions and fees, NFA
     fees, other transaction costs and expenses, management fees, incentive
     fees, transmission costs, and related expenses. The Fund also may incur
     extraordinary expenses. There shall be no limitation on the amount of the
     expenses described in this fifth paragraph of Section 8(e) which shall be
     payable by the Fund.

          If the Fund shall be deemed to be an entity separately subject to
     federal, state, local, or foreign income tax (whether or not such tax
     shall be payable or shall have been paid by the Fund or the General
     Partner, although the General Partner shall not he obligated to do so),
     each Limited Partner shall be liable for and shall pay to the Fund or the
     General Partner any income taxes due and payable or paid to such
     jurisdiction, within ten days after the General Partner's request
     therefor, in an amount equal to the ratio by which the Net Asset Value of
     the Limited Partnership Interest(s) held by each Limited Partner shall
     bear to the Net Asset Value of Limited Partnership Interests held by all
     Limited Partners as of the close of business (as determined by the
     General Partner) on the last day or the period for which such tax shall
     have been assessed. Alternatively, if the Fund and/or the General Partner
     shall have paid any such tat out of its/their own funds (although the
     General Partner shall not be obligated to do so), upon a distribution of
     funds to a Limited Partner or a redemption of Units by a Limited Partner,
     all amounts of such taxes may be deducted from the proceeds of such
     distribution or redemption and reimbursed to the Fund and/or the General
     Partner.

          The General Partner shall deposit in a separate trading account with
     one or more registered broker-dealers (which is a member of the National
     Association of Securities Dealers, Inc) and/or registered futures
     commission merchants and/or foreign exchange brokers or dealers, as
     broker(s), such portion of the Fund's assets which the General Partner
     shall determine from time to time and shall maintain the balance in
     interest-bearing accounts to the maximum extent practicable. All interest
     earned on such assets shall be paid to the Fund. Appropriate reserves may
     be created, accrued, and charged against Net Assets for contingent
     liabilities, if any, as of the date any such contingent liability becomes
     known to the General Partner.

     (f) LIMITED LIABILITY OF LIMITED PARTNERS. Each Unit, when issued to a
     Limited Partner, shall

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     be fully paid and non-assessable. A Limited Partner's capital
     contribution shall be subject to the risks of the Fund's business.
     However, except as provided below, the General Partner shall be liable
     for all debts, losses, and other obligations of the Fund to the extent
     that the Fund's assets (which shall include amounts contributed by
     Limited Partners and paid out in distributions, redemptions, or otherwise
     to them, but shall not include any right of contribution from the General
     Partner except to the extent previously made by it in accordance with
     this Agreement) shall be insufficient to discharge such debts, losses,
     and other obligations.

          No Limited Partner shall be liable for the Fund's debts, losses, or
     other obligations in excess of his unredeemed capital contribution and
     undistributed profits if any; provided, however, that if the Fund shall
     be unable to pay its debts, losses, and other obligations, a Limited
     Partner may be required to repay to the Fund amounts which shall have
     been paid to him in compliance with the Partnership Act and this
     Agreement and amounts which shall have been paid to him in violation of
     the Partnership Act or this Agreement by way of redemption, distribution,
     or otherwise together with interest thereon, which shall represent a
     return of capital and which shall be necessary to discharge the Fund's
     liability to creditors who shall have extended credit to the Fund during
     the period the capital contribution shall have been held by the Fund. The
     Fund shall make a claim against a Limited Partner with respect to amounts
     of his capital distributed to him, received by him upon redemption of
     Units, or otherwise paid to him in compliance with the Partnership Act
     and this Agreement to the extent provided by applicable law and only if
     the assets of the Fund (which shall include amounts contributed by
     Limited Partners and paid out in distributions, redemptions, or otherwise
     to them, but shall not include any right of contribution from the General
     Partner except to the extent previously made by it in accordance with
     this Agreement) shall be insufficient to discharge the liabilities of the
     Fund which shall have arisen prior to the payment of such amounts. The
     Fund shall make a claim against a Limited Partner with respect to amounts
     of his capital distributed to him, received by him upon redemption of
     Unit(s), or otherwise paid to him in violation of the Partnership Act or
     this Agreement only as provided by applicable law.

          In addition to the foregoing, Limited Partners may incur liability,
     for which there shall be no limitation thereon (i) if the subscription
     documentation delivered by a Limited Partner in connection with his
     purchase of Units shall contain any misstatements, and (ii) if a Limited
     Partner's check, draft, or other instrument representing payment for his
     Units shall be returned unpaid and such Partner's Units shall be canceled
     by the Fund and losses or expenses shall be incurred as a result thereof
     as provided in Section 7.

     (g) RETURN OF LIMITED PARTNER'S CAPITAL CONTRIBUTION. Except to the
     extent that a Limited Partner shall have the right to withdraw capital
     through redemption of Units in accordance with the terms of this
     Agreement, no Limited Partner shall have any right to demand the return
     of such Limited Partner's capital contribution or any profits added
     thereto except, to the extent available, upon dissolution and termination
     of the Fund. In no event shall a Limited Partner be entitled to demand or
     receive property other than cash. No Partner shall have the right to
     bring an action for partition against the Fund.

     (h) DISTRIBUTIONS. The General Partner shall have sole discretion in
     determining what distributions (other than on redemption of Units), if
     any, the Fund will make to its Partners; provided, however, that no
     Partner shall receive a distribution to the extent that, after giving
     effect to the distribution, all liabilities of the Fund (other than
     liabilities to Partners on account of their Fund interests) shall exceed
     the fair market value of the Fund's assets. All distributions shall be
     pro rata within each class of Units in accordance with the respective
     Capital Accounts of the Partners, but may be non-pro rata as among
     classes of Units.

          If, pursuant to applicable law, the Fund shall have been required to
     pay or withhold tax on certain income of the Fund allocable to a Limited
     Partner and the Fund and/or the General Partner shall have paid out of
     its/their own funds such tax in accordance with Sections 8(e) or 9(f)
     (although the General Partner shall not be obligated to do so), upon a
     distribution to such Limited Partner all amounts of such taxes may be
     deducted from the amount of such distribution and reimbursed to the Fund
     and/or the General Partner.

9.   MANAGEMENT.

     (a) MANAGEMENT OF THE FUND. Except as may be otherwise specifically
     provided herein, the General Partner, to the exclusion of all Limited
     Partners, shall conduct and manage the business of the Fund, including,
     without limitation, the investment of the funds of the Fund. No Limited
     Partner shall have the power to transact any business for, represent, act
     for, sign for, or bind the General Partner or the Fund. Except as may be
     specifically provided otherwise in this Agreement, no Partner, in his
     capacity as such, shall be entitled to any salary, draw, or other
     compensation from the Fund. Each Limited Partner hereby undertakes to
     furnish to the General Partner such additional information as may be
     determined by the General Partner to be required or appropriate for the
     Fund to open and maintain an account or accounts with securities and
     commodity interest

7

<PAGE>

     brokerage firms for the purpose of investing in or trading securities and
     commodity interests.

          In addition to and not in limitation of any rights and powers
     conferred by law or provisions of this Agreement, and except as limited,
     restricted, or prohibited by the express provisions of this Agreement,
     the General Partner shall have and may exercise, for and on behalf of the
     Fund and all Limited Partners, all powers and rights necessary, proper,
     convenient, and advisable to effectuate and carry out the purposes,
     business, and objectives of the Fund and shall have and possess the same
     rights and powers as any general partner in a partnership without limited
     partners formed under the laws of the State of Maryland, U.S.A.

     (b) APPOINTMENT OF TRADING ADVISORS. The General Partner shall have
     complete discretion, at any time and from time to time, to allocate all
     or any portion of the Fund's Net Assets to the management, directly or
     indirectly (by means of managed accounts, pool investments, or
     otherwise), of one or more trading advisors and to reserve the right to
     withdraw Net Assets, in whole or in part, from such trading advisors. The
     General Partner shall have complete discretion, at any time and from time
     to time, to leverage the trading of any one or more such trading
     advisors, through "notional" funding or borrowing of funds or otherwise.
     Such trading advisor(s) shall make trading decisions in respect of such
     portion of the Fund's Net Assets allocated to such advisor(s), directly
     or indirectly, by the General Partner and shall have complete trading
     discretion for such Net Assets; provided, however, that the General
     Partner may override any trading instructions which the General Partner,
     in its discretion, determines to be in violation of any of the Fund's
     trading policies then in effect or as and to the extent necessary or
     appropriate to ensure compliance with applicable rules and regulations
     (including the "plan asset" regulations promulgated under the Employee
     Retirement Income Security Act of 1974, as amended) or as and to the
     extent necessary to fund distributions or redemptions, to pay the Fund's
     expenses, or to effect the allocation or reallocation of the Fund's Net
     Assets among the trading advisors for the Fund; and provided, further,
     that the General Partner may make trading decisions at any time at which
     a trading advisor for the Fund shall become incapacitated or some other
     emergency shall arise as a result of which such trading advisor shall be
     unable or unwilling to act and the General Partner shall not have
     retained a successor trading advisor.

          The General Partner shall negotiate and, on behalf of the Fund,
     enter into a management agreement with each trading advisor or a
     subscription agreement and limited partnership agreement with any
     investment pool managed or advised by each trading advisor, including
     affiliates of the General Partner, upon such terms and conditions as the
     General Partner, in its sole discretion, shall deem to be in the best
     interests of the Fund and providing for such form and amount of
     compensation to the trading advisor and/or the investment pool and its
     general partner(s), selling agents and others, whether or not affiliated
     with the General Partner, as the General Partner shall determine.

     (c) CUSTOMER AGREEMENTS. The General Partner is hereby authorized on
     behalf of the Fund to enter into one or more customer agreements with
     securities broker-dealer or -dealers and commodity interest broker or
     brokers and/or introducing broker or brokers and/or foreign exchange
     broker/dealer or brokers/dealers, which broker/dealer or brokers/dealers
     may, in the sole discretion of the General Partner, be affiliated with
     the General Partner, and to pay brokerage commissions, markups and fees
     to such broker(s)/dealer(s) at such rates as may be mutuaIIy agreed
     between the General Partner and such broker(s)/dealer(s).

     (d) ADDITIONAL OBLIGATIONS AND RESPONSIBILITIES OF THE GENERAL PARTNER.
     The General Partner may take such other actions as it deems necessary or
     desirable to manage the business of the Fund, including but not limited
     to entering into, executing, and maintaining contracts, agreements and
     any and all other instruments and doing and performing all such things as
     shall be in furtherance of the Fund's purposes or necessary or
     appropriate for the conduct of the Fund's activities, opening and
     maintaining bank accounts and depositing into, signing checks, and/or
     otherwise drawing upon such accounts on behalf of the Fund, depositing,
     withdrawing, paying, retaining, and distributing the Fund's assets in any
     manner consistent with the provisions of this Agreement, investing and
     directing the investment and reinvestment of assets of the Fund for
     management, and authorizing the payment of distributions to Partners and
     expenses of the Fund. The General Partner shall be responsible for
     preparing and filing in a timely manner all reports, filings, and
     registrations required from time to time by applicable regulatory bodies,
     exchanges, or boards having appropriate jurisdiction.

          The General Partner shall keep at the principal office of the Fund
     such books and records relating to the business of the Fund as it in its
     sole discretion deems necessary or advisable or as are required by the
     Commodity Exchange Act, as amended (the "Commodity Act"), and the
     regulations thereunder. To the extent required by SEC and/or CFTC
     regulations, such books and records shall be available to Limited
     Partners or their authorized attorneys or agents for inspection and
     copying during normal business hours of the Fund and, upon

                                                                             8

<PAGE>

     request, copies shall be sent to any Limited Partner upon (i) payment by
     such Partner of reasonable reproduction and distribution costs and (ii)
     receipt by the General Partner of a signed agreement from such Partner
     (in form and substance satisfactory to the General Partner) (a) to hold
     such information in confidence and to not disclose such information to
     any other person and (b) to use the information contained in such books
     and records only for Fund business. A Limited Partner must give the
     General Partner at least ten business days' prior written notice for such
     inspection and copying by the Limited Partner or his authorized attorney.
     Any Subscription Agreement and Power of Attorney executed by a Limited
     Partner in connection with his purchase of Units shall be retained by the
     Fund for such period as is required by law.

          No person dealing with the General Partner shall be required to
     determine its authority to make any undertaking on behalf of the Fund,
     nor to determine any fact or circumstance bearing upon the existence of
     its authority.

          The General Partner and its affiliates and its and their officers,
     directors, principals, and employees shall not be liable, responsible, or
     accountable in damages or otherwise to the Fund or to any or the
     Partners, or their respective successors or assigns, except by reason of
     acts of, or omissions due to, willful malfeasance or gross negligence and
     for not having acted in good faith in the reasonable belief that such
     person's actions were in. or not opposed to, the best interests of the
     Fund.

          The General Partner shall devote such time to the Fund's affairs as
     shall be required to effectively manage the business and affairs of the
     Fund. Subject to the limitations in Section 9(b), the General Partner may
     engage in other business or advisory activities and shall not be required
     to refrain from any other activity or disgorge any profits from any such
     activity, whether as general partner or as trading advisor or both, of
     additional partnerships or other entities for investment in securities
     and/or commodity interests or otherwise, and shall not be required to
     disclose its trading records or those of its affiliates to Limited
     Partners. The General Partner may engage and compensate, on behalf of the
     Fund and from Fund funds, such persons, firms, or corporations, including
     any person or entity affiliated with the General Partner or any other
     person or entity, as the General Partner in its sole judgment shall deem
     advisable for the conduct and operation of the business of the Fund. Such
     an entity may be an affiliate of the General Partner to whom it has
     delegated, with supervision, certain functions which it is obligated to
     perform for the Fund. The General Partner may contract with any person or
     legally qualified entity to sell Units.

          The General Partner shall make any and all elections on behalf of
     the Fund under the Code and any other applicable federal, state, local,
     or foreign tax law as the General Partner shall determine to be in the
     best interests of the Fund. The General Partner shall prepare or cause to
     be prepared and shall file on or before the due date (or any extension
     thereof) any federal, State, or local Lax returns which shall be required
     to be filed by the Fund. The General Partner shall cause the Fund to pay
     any taxes payable by the Fund; provided, however, that the General
     Partner shall not be required to cause the Fund to pay any tax so long as
     the General Partner or the Fund shall in good faith and by appropriate
     legal proceedings be contesting the validity, applicability, or amount
     thereof and such contest shall not materially endanger any right or
     interest of the Fund.

          The General Partner is hereby authorized to perform all other duties
     imposed by Sections 6221 through 6232 of the Code on the General Partner
     as "tax matters partner" of the Fund.

          The General Partner in its sole discretion may make or refrain from
     making the election contemplated by Section 754 of the Code on behalf of
     the Fund and determine how to classify items of income, gain, expense or
     profit for federal or state income tax purposes on the Fund's tax returns
     and the Forms K-1 (or any successor form) transmitted to the Limited
     Partners.

          Notwithstanding any other provision of this Agreement, the General
     Partner is authorized to take any action that it determines to be
     necessary or appropriate to cause the Fund to comply with any withholding
     requirements established under the Code or any other federal, state or
     local law including, without limitation, pursuant to Sections 1441, 1442,
     1445 and 1446 of the Code. To the extent that the Fund is required to
     withhold and pay over to any taxing authority any amount resulting from
     the allocation or distribution of income to the Partner or assignee
     (including by reason of Section 1446 of the Code), the amount withheld
     shall be treated as a distribution of cash in the amount of such
     withholding to such Partner.

          The General Partner shall prosecute, defend, settle, or compromise
     actions or claims at law or in equity at the Fund's expense as the
     General Partner may deem appropriate.

          Whenever in this Agreement or any other agreement contemplated
     herein, the General Partner is

9

<PAGE>

     permitted or required to make a decision in its "sole discretion"' or
     "discretion" or "judgment" or under a grant of similar authority or
     latitude, the General Partner shall be entitled to consider only such
     interests and factors as it desires and shall have no duty or obligation
     to give any consideration to any interest of or factors affecting the
     Fund, the Limited Partners or any assignees thereof. Each Limited Partner
     and any permitted assignee hereby agrees that any standard of care or
     duty imposed in this Agreement or any other agreement contemplated herein
     or under the Partnership Act or any other applicable law shall be
     modified, waived or limited in each case as required to permit the
     General Partner to act under this Agreement or any other agreement
     contemplated herein and to make any decision pursuant to the authority
     prescribed in this Section 9(e).

10.  AUDITS; REPORTS TO LIMITED PARTNERS.

          The Fund's books shall be audited annually by an independent
     certified public accountant selected by the General Partner. The Fund
     shall use its best efforts to cause each Partner to receive: (a) within
     90 days after the close of each fiscal year an annual report containing
     audited financial statements (including a statement of income and a
     statement of financial condition) of the Fund for the fiscal year then
     ended, prepared in accordance with generally accepted accounting
     principles and accompanied by a report of the independent certified
     public accountant which audited such statement, and such other
     information as the CFTC, SEC, or NFA from time to time may require; and
     (b) within 90 days after the close of each fiscal year such tax
     information relating to the Fund as is necessary for such Partner to
     complete such Partner's federal income tax return. In addition, the
     General Partner shall report or cause to be reported to the Limited
     Partners such financial and other information with respect to the Fund as
     the CFTC, SEC, or NFA by regulation from time to time may require in
     periodic reports. Moreover, if any of the following events occurs, notice
     of such event shall be mailed to each Limited Partner within 21 business
     days after the occurrence of the event: (i) any change in trading
     advisors; (ii) any change in brokers; (iii) any change in general
     partners: (iv) any change in the Fund's fiscal year; or (v) any material
     change in the Fund's trading policies. As used herein, "material change
     in the Fund's trading policies" shall not include changes in securities
     or commodity interests traded or modifications of, additions to, or
     deletions from any trading advisor's trading methods or strategies.

11.  TRANSFER; REDEMPTION OF UNITS.

     (a) TRANSFER. Each Limited Partner expressly agrees that he will not
     assign, transfer, pledge, encumber or dispose of, by gift or otherwise,
     any of his Units or any part or all of his right, title and interest in
     the capital or profits of the Partnership without giving prior written
     notice of the assignment, transfer, pledge, encumbrance or disposition to
     the General Partner and that no assignment, transfer, pledge, encumbrance
     or disposition shall be effective against the Partnership or the General
     Partner until (I) at least 30 days after the General Partner receives the
     written notice described below and (ii) has consented in writing to the
     assignment, transfer, pledge, encumbrance or disposition, which consent
     the General Partner may withhold in its sole discretion. If such
     assignment, transfer, pledge, encumbrance or disposition occurs by reason
     of the death of a Limited Partner or assignee, such written notice may be
     given by the duly authorized representative of the estate of the Limited
     Partner or assignee and shall be supported by such proof of legal
     authority and valid assignment as may reasonably be requested by the
     General Partner and the General Partner shall consent thereto.

          A transferee, pledgee, assignee, or secured creditor shall become a
     substituted Limited Partner only if the General Partner first consents to
     such substitution in writing, which consent the General Partner may
     withhold in its sole discretion.

     (b) REDEMPTION. The Partners recognize that the profitability of the Fund
     depends upon long-term and uninterrupted investment of capital. It is
     agreed, therefore, that Fund profits may be automatically reinvested and
     that distributions of capital and profits if any to the Partners shall be
     on a limited basis, if at all. Nevertheless, the Partners contemplate the
     possibility that one or more of the Limited Partners may elect to realize
     and withdraw any profits or may desire to withdraw capital prior to the
     termination or dissolution of the Fund. Except as shall be provided
     otherwise below, a Limited Partner may withdraw, effective as of the
     close of business on the last business day of any month, all or part of
     such Partner's unredeemed capital contribution and undistributed profits,
     if any, by requiring the Fund to redeem all or part of such Partner's
     Units at the Net Asset Value thereof, reduced as hereinafter described
     (such withdrawal being herein referred to as "Redemption"); provided,
     however, that the Redemption amount must be at least $1,000; and
     provided, further, that a Limited Partner may not make a partial
     Redemption of Units which would reduce the Net Asset Value of such
     Partner's unredeemed Units as of the effective date of Redemption to less
     than the amount of the minimum investment then required of new Limited
     Partners by the Fund or such Partner's initial investment, whichever is
     lesser, and any request for partial redemption will be honored (to the
     nearest whole Unit) only to the extent

                                                                            10

<PAGE>

     it complies with such limitation. Notwithstanding the foregoing, the
     General Partner may, in its sole discretion, expressly waive either of
     the foregoing provisos, in whole or in part.

          Redemption shall be effective as of the last business day of the
     first month ending after a Request for Redemption in proper form has been
     received by the General Partner ("Redemption Date"), provided that all
     liabilities, contingent or otherwise, of the Fund, except any liability
     to Partners on account of their capital contributions, shall have been
     paid or there remains property of the Fund sufficient to pay them. As
     used herein, "Request for Redemption" shall mean a letter in the form
     specified by the General Partner, sent by a Limited Partner and received
     by the General Partner at its main business office prior to 5:00 P.M.
     (Maryland time) at least fifteen full business days prior to the end of
     the month in which such Redemption is to be effective. Forms of Request
     for Redemption may be obtained by written request to the General Partner.
     If the General Partner shall receive at its main business office a
     Request for Redemption on a date less than fifteen full business days
     prior to the end of a month, unless the General Partner in its sole
     discretion shall waive the untimeliness of such Request, such Redemption
     shall be effective as of the close of business on the last day of the
     month that immediately follows the month in which the General Partner
     shall have received such untimely Request.

          Upon Redemption, a Limited Partner shall receive from the Fund for
     each Unit redeemed an amount equal to the Net Asset Value of a Unit (as
     defined in Section 8(d)(2)) as of the Redemption Date less any amount
     owing by such Partner to the Fund or the General Partner pursuant to
     Sections 7, 8(c), 8(e) and 16(b). All amounts owed to the Fund under
     Sections 7, 8(c), 8(e) and 16(b) by the Partner to whom such Unit was
     sold as well as all amounts owed by all subsequent holders of such Unit
     shall be deducted from the proceeds upon Redemption. The General Partner
     shall endeavor to pay a reasonable percentage of the redemption amount
     within 30 days after the Redemption Date and the remainder no later than
     10 days after the receipt by the Fund of the Fund's final net asset
     valuation for the applicable month, except that under special
     circumstances, including, but not limited to, the inability on the part
     of the Fund to liquidate investments or the default or delay in payments
     due the Fund from brokers, banks, or other persons, or the General
     Partner's decision, in the exercise of its sole discretion, not to
     liquidate securities on a disadvantageous basis, or the practical
     impossibility of accurately valuing the redeemed Unit prior to receipt of
     the Fund's annual accounting the Fund may delay payment to Partners
     requesting Redemption of the proportionate part of the Redemption amount
     represented by the sums which are the subject of such default or delay.

          The General Partner, for and on behalf of the Fund and each Partner,
     is authorized to execute, file, record, and publish such amendments to
     this Agreement and to the Certificate of Limited Partnership as may be
     necessary or desirable to reflect any Redemption pursuant to this Section
     11(b)

12.  ADMISSION OF ADDITIONAL PARTNERS.

          At any time and from time to time, the General Partner, in its
     discretion, may admit additional Limited Partners. The General Partner,
     in its discretion, may admit any permitted transferee, assignee, pledgee,
     or secured creditor of Units as a substituted Limited Partner in
     accordance with Section 11(a). Additional general partners may be
     admitted to the Fund in accordance with and to the extent permissible
     under the Partnership Act, but only (a) with the consent of the General
     Partner and more than 50% of the Units then-owned by Limited Partners, or
     (b) with the consent of all the Limited Partners, or (c) in the sole
     discretion of the General Partner, if such general partner(s) are
     affiliates of the General Partner. The General Partner is authorized to
     execute, file, record, and publish, for and on behalf of the Fund and
     each Partner, such amendments to this Agreement and the Certificate of
     Limited Partnership as may be necessary or desirable to reflect the
     admission or substitution of a Partner.

13.  SPECIAL POWER OF ATTORNEY.

          Each Limited Partner, by the execution of this Agreement, does
     irrevocably constitute and appoint the General Partner and any successor
     general partner, with full power of substitution, as such Limited
     Partner's true and lawful attorney-in-fact, in his name, place, and
     stead, to execute, acknowledge, swear to, file, and record on his behalf
     in the appropriate public offices, and publish if necessary: (a) this
     Agreement and the Certificate of Limited Partnership and any amendments
     thereto; (b) all instruments which the General Partner, in its sole
     discretion, deems necessary or appropriate to reflect any amendment,
     change, or modification of this Agreement and the Certificate of Limited
     Partnership made in accordance with the terms of this Agreement; (C)
     assumed name certificates; (d) all instruments which the General Partner
     deems necessary or appropriate to qualify the Fund to do business as a
     foreign limited partnership in any jurisdiction; (e) instruments which
     may be required to be filed by the Fund under the law, rule, or
     regulation of any United States federal, state, or foreign governmental
     authority or any self- regulatory authority for which the General Partner
     in its sole discretion shall

11

<PAGE>

     deem necessary or appropriate to file; or (f) instruments which shall be
     required to effect the continuation of the Fund, the admission of a
     subscriber for Units as a Limited Partner or of others as additional or
     substituted Limited Partners, or the termination and dissolution of the
     Fund, provided that such continuation, admission, and termination and
     dissolution shall be in accordance with the terms or this Agreement.

          The power of attorney granted herein shall be irrevocable and deemed
     to be a power coupled with an interest and shall survive the insolvency,
     disability, legal incompetency, death, dissolution, liquidation, or
     termination of a Limited Partner. In addition, this power of attorney
     shall survive the transfer, assignment, pledge, or encumbrance by a
     Limited Partner of any or all of his Units, except that where the
     transferee, assignee, pledgee, or creditor thereof shall have been
     approved by the General Partner for admission to the Fund as a
     substituted Limited Partner, the power of attorney of the transferor,
     assignor, pledgor, or debtor shall survive the transfer, assignment,
     pledge, or encumbrance for the sole purpose of enabling the General
     Partner to execute, acknowledge, and file any instrument necessary to
     effect such substitution. The General Partner may exercise this power of
     attorney for each Limited Partner by a facsimile signature of the General
     Partner or by listing all of the Limited Partners executing any
     instrument with the single signature of the General Partner acting as
     attorney-in-fact for all of them. Each Limited Partner hereby agrees to
     be bound by any representation made by the General Partner and by any
     successor thereto acting in good faith pursuant to such power of
     attorney, and each Limited Partner hereby waives any and all defenses
     which may be available to contest, negate, or disaffirm the action of the
     General Partner and any successor thereto taken in good faith under such
     power of attorney. Each Limited Partner agrees to execute a special power
     of attorney on a document separate from this Agreement. In the event of
     any conflict between this Agreement and any instruments filed by such
     attorney-in-fact pursuant to the power of attorney granted in this
     Section 13, this Agreement shall control.

14.  WITHDRAWAL OF PARTNERS.

     (a) WITHDRAWAL OF A GENERAL PARTNER. The Fund shall terminate and
     dissolve upon the withdrawal, insolvency, legal incapacity, death, or
     removal of the General Partner and any additional general partner
     appointed by the General Partner pursuant to Section 12 (unless the
     Limited Partners shall elect a successor general partner pursuant to
     Section 17(c)). The General Partner shall not withdraw from the Fund
     unless it shall have given the Limited Partners at least 60 days' prior
     written notice of its intention to withdraw.

     (b) WITHDRAWAL OF A LIMITED PARTNER. The withdrawal, insolvency,
     disability, legal incompetency, death, liquidation, termination, or
     dissolution of a Limited Partner shall not terminate or dissolve the
     Fund, and such Limited Partner, his estate, custodian, or personal
     representative, shall have no right to withdraw or value such Limited
     Partner's interest in the Fund except as provided in Section 11. Each
     Limited Partner expressly agrees that in the event of such Limited
     Partner's death, he waives on behalf of himself and his estate, and such
     Limited Partner directs the legal representative of his estate and any
     person interested therein to waive, the furnishing of any inventory,
     accounting, or appraisal of the assets of the Fund and any right to an
     audit or examination of the books and records of the Fund.

     (c) REQUIRED WITHDRAWAL OF A LIMITED PARTNER. The General Partner may, in
     its sole discretion at any time and from time to time, require any
     Limited Partner to withdraw entirely from the Fund or to withdraw a
     portion of such Limited Partner's unredeemed capital contribution and
     undistributed profits, if any, by giving notice in writing to the Limited
     Partner thus designated. The Limited Partner thus designated shall
     withdraw from the Fund or withdraw that portion of such Limited Partner's
     unredeemed capital contribution and undistributed profits, if any,
     specified in such notice, as the case may be, as of the end of the month
     specified for such withdrawal in such notice, which notice shall be
     mailed, return receipt requested, to the Limited Partner thus designated
     at least five days prior to such month-end and such Limited Partner shall
     be deemed to have withdrawn from the Fund or to have made a partial
     withdrawal of such Partner's capital contribution as of the end of such
     month, as the case may be, without further action on the part of said
     Limited Partner. The General Partner is hereby authorized to cancel the
     appropriate number of Units issued to such Limited Partner in respect of
     such withdrawal and pay an amount equal to the Net Asset Value of such
     Units to such Limited Partner as provided in Section 11(b). The General
     Partner, on behalf of the Fund and each Partner, is authorized to
     execute, file, record, and publish such amendments to this Agreement and
     to the Certificate of Limited Partnership as may be necessary to reflect
     any required withdrawal of a Limited Partner pursuant to this Section
     14(c).

15.  NO PERSONAL LIABILITY FOR RETURN OF CAPITAL.

          The General Partner shall not be personally liable for the return or
     repayment of all or any portion of the capital contribution or profits of
     any Partner, it being expressly agreed that any such return of capital

                                                                            12

<PAGE>

     contribution or profits made pursuant to this Agreement shall be made
     solely from the assets (which shall not include any right of contribution
     from the General Partner except to the extent previously made pursuant to
     this Agreement) of the Fund.

16.  INDEMNIFICATION.

     (a) INDEMNIFICATION BY THE FUND. The Fund shall indemnity, defend, and
     hold harmless the General Partner, and the employees and affiliates of
     the General Partner, and the directors, officers, and employees of any
     such affiliates, from and against any loss, liability, damage, cost, or
     expense (including legal fees and expenses incurred in the defense or
     settlement of any demands, claims, or lawsuits) actually and reasonably
     incurred arising from actions or omissions concerning the business or
     activities undertaken by or on behalf of the Fund, including, without
     limitation, any demands, claims, or lawsuits initiated by a Limited
     Partner, or resulting from or relating to the offer and sale of the Units
     pursuant to the Memorandum; provided, that the conduct of such person or
     entity did not constitute willful malfeasance or gross negligence and was
     done in good faith and in a manner reasonably believed to be in, or not
     opposed to, the best interests of the Fund. The termination of any
     action, proceeding, or claim by judgment, order, or settlement shall not,
     of itself, create a presumption that the conduct in question was not
     undertaken in good faith and in a manner reasonably believed to be in, or
     not opposed to, the best interests of the Fund. Notwithstanding the
     foregoing provisions of this Section 16(a), in any action or proceeding
     brought by a Limited Partner in the right of the Fund to which the
     General Partner or any other party indemnified pursuant to the foregoing
     are party defendants, any such person shall be indemnified only to the
     extent and subject to the conditions specified in the Partnership Act.

          To the extent that the General Partner or other person to be
     indemnified has been wholly successful on the merits or otherwise in the
     defense of any action, proceeding, or claim refereed to in the preceding
     paragraph, the Fund shall indemnify such person against the reasonable
     expenses, including attorneys fees, actually and necessarily incurred by
     such person in connection with such defense. Except as provided in the
     preceding sentence, any indemnification permitted by this Section 16(a),
     unless ordered by a court, shall be made by the Fund only upon the
     opinion of independent legal counsel that indemnification is proper in
     the circumstances because the applicable standard of conduct has been met
     by the General Partner or other person to be indemnified.

          Expenses incurred in defending a threatened or pending civil,
     administrative, or criminal action, suit, or proceeding against the
     General Partner with respect to its activities an general partner of the
     Fund may be paid by the Fund in advance of the final disposition of such
     action, suit, or proceeding if (I) the legal action shall relate to the
     performance of duties or services by the General Partner on behalf of the
     Fund, and (ii) the legal action shall be initiated by a third party who
     shall not be a Limited Partner, and (iii) the General Partner shall
     undertake to repay the advanced funds to the Fund in cases in which it
     shall not be entitled to indemnification.

          Nothing contained in this Section 16(a) shall increase the liability
     of any Limited Partner to the Fund beyond the amount of such Partner's
     unredeemed capital contribution and undistributed profits, if any, and
     any distributions and amounts received upon redemption of Units together
     with interest thereon. All rights to indemnification and payment of legal
     fees and expenses shall not be affected by the termination of the Fund or
     the withdrawal, insolvency, disability, legal incompetency, or death of
     the General Partner or of any successor general partner. The General
     Partner shall be entitled to rely on advice of counsel and any act or
     omission of the General Partner pursuant to such advice shall, in no
     event, subject the General Partner to liability to the Fund or to the
     Limited Partners. No person will be exculpated or exonerated from
     liability, or indemnified against loss for violations of federal or state
     securities laws, or for any other intentional or criminal wrongdoing.

     (b) INDEMNIFICATION BY PARTNERS. In the event that the Fund or the
     General Partner is made a party to any claim, dispute, or litigation or
     otherwise incurs any loss or expense as a result of, or in connection
     with, any Partner's obligations or liabilities unrelated to the Fund's
     business or any purported transfer, assignment, pledge, or encumbrance of
     Units in violation of Section 11(a), such Partner shall indemnify and
     reimburse the Fund and the General Partner for all loss and expense
     incurred, including attorneys' and accountants' fees and expenses, tax
     liabilities, or loss of tax benefits.

     (c) SURVIVAL OF INDEMNITIES. All rights to indemnification permitted in
     this Agreement and payment of associated expenses shall not be affected
     by the termination and dissolution of the Fund or the removal,
     withdrawal, insolvency, disability, legal incompetency, or death of the
     General Partner.

17.  AMENDMENTS; MEETINGS; VOTING.

13

<PAGE>

     (a) AMENDMENTS INITIATED BY THE GENERAL PARTNER. If, at any time during
     the term of the Fund, the General Partner shall deem it necessary or
     desirable to amend this Agreement, such amendment shall be effective only
     if embodied in an instrument signed by the General Partner and by Limited
     Partners owning more than 50% of the Units then-owned by Limited Partners
     and if made in accordance with and to the extent permissible under the
     Partnership Act. Any amendment to this Agreement which shall have been
     approved by the percentage of outstanding Units prescribed above shall be
     deemed to have been approved by all Limited Partners and all outstanding
     Units. Notwithstanding the foregoing, the General Partner is hereby
     authorized to amend this Agreement without the consent of Limited
     Partners in order to (i) clarify any inaccuracy or ambiguity or reconcile
     any inconsistency, or to make any other provisions with respect to
     matters or questions arising under this Agreement which shall not be
     inconsistent with the provisions of this Agreement, (ii) change this
     Limited Partnership Agreement in any manner that is appropriate or
     necessary to qualify or maintain the qualification of the Fund as a
     limited partnership or a partnership in which the Limited Partners have
     limited liability under the laws of any state or that is appropriate or
     necessary to ensure that the Fund will not be treated as an association
     taxable as a corporation for federal income tax purposes, (iii) change
     the Limited Partnership Agreement in any manner that does not adversely
     affect the Limited Partners in any material respect or that is required
     or contemplated by other provisions of this Limited Partnership
     Agreement, (iv) make any amendment that is appropriate or necessary, in
     the sole discretion of the General Partner, to prevent the Fund or to
     subject the Fund to the "plan asset" regulations adopted under the
     Employee Retirement Income Security Act of 1974, as amended, including
     any amendment necessary or appropriate to comply with such regulations,
     (v) amend the provisions of Section 8 relating to the allocation of
     profits, losses, and distributions among the Partners if the Fund shall
     be advised at any time by its legal counsel, accountants, or auditors
     that the allocations provided in Section 8 are unlikely to be respected
     for United States federal income tax purposes, provided that new
     allocations made by the General Partner in reliance upon the advice of
     the legal counsel, accountants, or auditors described above shall be
     deemed to be made pursuant to the obligations of the General Partner to
     the Fund and the Limited Partners and no such new allocations shall give
     rise to any claim or cause of action by any Limited Partner, or (vi) make
     any other amendment similar to the foregoing. Any such amendment shall be
     effective when signed by the General Partner. Any supplemental or
     amendatory agreement shall be adhered to and have the same effect from
     and after its effective date as if the same had originally been embodied
     in, and formed a part of, this Agreement; provided, however, that,
     without the consent of all Partners, no such supplemental or amendatory
     agreement shall change or alter the provisions of this proviso, reduce
     the capital account of any Partner, or modify the percentage of profits,
     losses, or distributions to which any Partner is entitled.

     (b) MEETINGS. Any Limited Partner, upon written request addressed to the
     General Partner, at such Limited Partner's expense, shall be entitled to
     obtain from the General Partner a list of the names and addresses of
     record of all Limited Partners and the number of Units owned by each,
     provided that such request is made in order to allow such Limited Partner
     to communicate with other Limited Partners concerning the business of the
     Fund, is reasonable, just and non-commercial. The General Partner, in its
     discretion, may require a Limited Partner requesting a list of Limited
     Partners to furnish to the General Partner an affidavit (in such form and
     substance as shall be determined by the General Partner) that the Limited
     Partner's request is not desired for a purpose which is in the interest
     of a business or object other than the business of the Fund and agreeing
     to maintain in confidence, and not disclose, the contents of the list and
     the information contained therein. Upon receipt of a written request,
     signed by Limited Partners owning at least 10% of the Units then-owned by
     Limited Partners, that a meeting of the Fund be called to vote upon any
     matter upon which the Limited Partners may vote pursuant to this
     Agreement, the General Partner, by written notice to each Limited Partner
     of record mailed within 30 days after such receipt, shall call a meeting
     of the Fund. Such meeting shall be held at least 30, but not more than
     60, days after the mailing of such notice, and such notice shall specify
     the date, a reasonable place and time, and the purpose of such meeting.
     Partners may vote in person or by proxy at any meeting of the Fund.

     (c) AMENDMENTS AND ACTIONS INITIATED BY LIMITED PARTNERS. At any meeting
     called pursuant to Section 17(b), upon the affirmative vote (which may be
     in person or by proxy) of Limited partners owning more than eighty
     percent (80%) of the Units then-owned by Limited Partners, the following
     actions may be taken: (i) this Agreement may be amended in accordance
     with and only to the extent permissible under the Partnership Act;
     provided, however that consent of all Limited Partners shall be required
     in the case of amendments which require the consent of all Limited
     Partners, i.e., changing or altering this Section 17, extending the term
     of the Fund, reducing the capital account of any Limited Partner or
     modifying the percentage of profits, losses or distributions to which any
     Limited Partner is entitled; in addition, reduction of the capital
     account of any assignee or modification of the percentage of profits,
     losses or distributions to which an assignee is entitled hereunder shall
     not be effected by the amendment or supplement to this Limited
     Partnership Agreement without such assignee's written consent; (ii) the
     Fund may be dissolved; (iii) the General Partner may be removed and
     replaced on 90 days' prior written notice to the General Partner; (iv) a
     new general partner or

                                                                            14

<PAGE>

     general partners may be elected if the General Partner in accordance with
     the terms hereof withdraws from the Fund or is removed in accordance with
     this Section17(c); and (v) any contract with the General Partner or any
     affiliate thereof may be terminated upon 60 days' notice; provided,
     however, that no action described above shall be taken unless independent
     legal counsel approved by Limited Partners owning more than eighty
     percent (80%) of the Units then owned by Limited Partners shall render a
     written opinion to the effect that the action to be taken shall not
     adversely affect the status of the Limited Partners as limited partners
     under the Partnership Act, and under the limited partnership act of any
     state in which the Fund may be deemed to be doing business, or the
     classification of the Fund as a partnership for United States federal
     income tax purposes, and shall be permitted under the Partnership Act,
     and the limited partnership act of any state in which the Fund may be
     deemed to be doing business (or, in lieu of such an opinion, a court of
     competent jurisdiction shall render a final order to such effect; the
     term "final order" shall mean an order that is not subject to any further
     court proceedings for appeal, review, or modification). Any action which
     shall have been approved by the percentage of outstanding Units
     prescribed above shall be deemed to have been approved by all Limited
     Partners and all outstanding Units.

     (d) ACTION WITHOUT MEETING. Notwithstanding contrary provisions of this
     Section 17 covering notices to, meetings of, and voting by Limited
     Partners, any action required or permitted to be taken at a meeting of
     Limited Partners may be taken by Limited Partners without a meeting,
     without prior notice, and without a vote if a consent in writing, setting
     forth the action so taken, shall be signed by the Limited Partners owning
     Units having not less than the minimum number of votes that would be
     necessary to authorize or take such action at a meeting of Limited
     Partners at which all outstanding Units were present and voted. Notice of
     the taking of action by Limited Partners without a meeting by less than
     unanimous consent of Limited Partners shall be given to those Limited
     Partners who shall not have consented in writing within seven business
     days after the occurrence thereof.

18.  TRADING SUSPENSION.

          If the Fund's Net Assets decline to 65% or less of the greater of
     (I) its initial Net Assets at the start of trading or (ii) its Net Assets
     at the start of any fiscal year of the Fund (in both cases after
     deduction of sales commissions, the organization and offering charge, and
     brokers' due diligence fees, if any, and disregarding capital additions
     and redemptions), the Fund will suspend trading and liquidate its
     securities and commodity interest positions as promptly as practicable
     thereafter and, as soon as practicable, redeem its interest(s) in other
     investment pool(s).

          If trading is suspended, the General Partner will inform each
     Limited Partner promptly of the suspension. Any Limited Partner may, at
     that time, elect to withdraw from the Fund before trading is resumed.

19.  GOVERNING LAW.

          The validity and construction of this Agreement shall be governed
     by, and construed in accordance with, the substantive law of the State of
     Maryland, U.S.A. (excluding the law thereof which requires the
     application of or reference to the law of any other jurisdiction).

20.  MISCELLANEOUS.

     (a) PRIORITY AMONG LIMITED PARTNERS. Except as otherwise may be
     specifically set forth in this Agreement, no Limited Partner shall be
     entitled to any priority or preference over any other Limited Partner in
     regard to the affairs of the Fund.

     (b) NOTICES. All notices under this Agreement (other than requests for
     Redemption of Units, notices of assignment, transfer or pledge of Units,
     and reports by the General Partner to the Limited Partners) shall be in
     writing and shall be effective upon personal delivery or, if sent by
     registered or certified mail, postage prepaid, addressed to the last
     known address of the party to whom such notice is to be given, upon the
     deposit of such notice in the United States mail. Requests for Redemption
     of Units and notices of assignment, transfer, or pledge of Units shall be
     effective upon timely receipt by the General Partner. Reports by the
     General Partner to the Limited Partners shall be in writing and shall be
     sent by first class or express mail (or the equivalent thereof) to the
     last known address of each Limited Partner. Any Limited Partner who is
     not a resident of the United States shall appoint in writing to the Fund
     a resident of the United States as such Partner's agent for service of
     process and receipt of notices under this Agreement. Each Limited Partner
     shall furnish in writing and maintain on file with the Fund a current
     United States mailing address.

     (c) BlNDING EFFECT. This Agreement shall inure to the benefit of and be
     binding upon, all of the

15

<PAGE>

     Partners, their successors, assigns as permitted herein, custodians,
     estates, heirs, and personal representatives. For purposes of determining
     the rights of any Partner hereunder, the Fund and the General Partner may
     rely upon the Fund's records as to who are Partners, and all Partners
     agree that their rights shall be determined and that they shall be bound
     thereby, including all rights which they may have under Section 17.

     (d) CREDITORS. None of the provisions of this Agreement shall be for the
     benefit of or enforceable by any creditors or other third parties of the
     Fund or of any Partner.

     (e) DISPUTE RESOLUTION. The parties hereto agree that any dispute between
     a Limited Partner and the General Partner (or affiliate), selling agent,
     broker, trading advisor, general partner, or the Fund relating to this
     Agreement or the operation of the Fund shall be resolved exclusively by
     arbitration, pursuant to the procedures specified in the arbitration
     clause to the Fund's subscription agreement and power of attorney, unless
     the Limited Partner declines to accept the arbitration clause, in which
     case the dispute shall be resolved within the state of the General
     Partner's principal place of business. Accordingly, the parties consent
     and submit to the jurisdiction of the federal and state courts and any
     applicable arbitral body located within the state of the General
     Partner's principal place of business. The parties further agree that any
     such action or proceeding brought by a party to enforce any right, assert
     any claim, or obtain any relief whatsoever in connection with this
     Agreement shall be brought by such party exclusively in the federal or
     state courts, or if appropriate before an applicable arbitral body,
     located within the state of the General Partner's principal place of
     business.

     (f) SEVERABlLTY. If any provision of this Agreement, or the application
     of any provision to any person or circumstance, shall be held to be
     inconsistent with any present or future law, ruling, rule, or regulation
     of any court or governmental or regulatory authority having jurisdiction
     over the subject matter hereof such provision shall be deemed to be
     rescinded or modified in accordance with such law, ruling, rule, or
     regulation, and the remainder of this Agreement, or the application of
     such provision to persons or circumstances other than those as to which
     it shall be held inconsistent, shall not be affected

     (g) CAPTIONS. Captions in no way define, limit, extend, or describe the
     scope of this Agreement nor the effect of any of its provisions.

     (h) ENGLISH USAGE. Unless the context indicates that such reading would
     be inappropriate, words of any gender herein shall be deemed to include
     any other gender, a reference to the singular shall include the plural,
     and vice versa, and the term "person" shall include individuals,
     corporations, firms, partnerships, trusts, and other forms of
     associations.

     (i) COUNTERPARTS. This Agreement may be executed in counterparts, and all
     so executed shall constitute one agreement binding on all of the parties
     hereto, notwithstanding that all of the parties shall not be signatory to
     the original or the same counterpart.

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

General Partner:
STEBEN & COMPANY, INC.

By:     /s/ KENNETH E. STEBEN
        ---------------------
Kenneth E. Steben
President

Additional Limited Partners:
By:    STEBEN & COMPANY, INC.
General Partner, as
Authorized Agent and
Attorney-in-Fact

By:    /s/ KENNETH E. STEBEN
       ---------------------
Kenneth E. Steben
President

                                                                            16Exhibit 10.1(a)

                            Futures Portfolio Fund
                              Limited Partnership

                            Subscription Agreement

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

THE OFFERING OF THESE UNITS OF LIMITED PARTNERSHIP INTEREST ("UNITS") IN
FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP
("THE PARTNERSHIP"), HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
("THE ACT") OR CERTAIN STATE SECURITIES LAWS AND CANNOT BE RESOLD UNLESS THEY
ARE SUBSEQUENTLY REGISTERED UNDER THAT ACT AND SUCH LAWS, OR UNLESS AN
EXEMPTION IS AVAILABLE. THE OFFERING IS DIRECTED TO THOSE INVESTORS CAPABLE OF
EVALUATING THE RISKS AND MERITS OF AN INVESTMENT IN THE PARTNERSHIP (OR WHO
HAVE BEEN ADVISED ACCORDINGLY BY AN INDEPENDENT PURCHASER REPRESENTATIVE) AND
CAN BEAR THE ECONOMIC RISK OF THE PROPOSED INVESTMENT. NO ONE SHOULD INVEST IN
THE UNITS WHO IS NOT PREPARED TO LOSE A SUBSTANTIAL PORTION OF THE INVESTMENT.

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

If and when accepted by the General Partner, this Subscription Agreement
("Agreement") shall constitute a binding subscription for Units in Futures
Portfolio Fund, Limited Partnership (the "Partnership"). Each part of this
Agreement must be completed by the Subscriber and by execution thereof
Subscriber acknowledges that the General Partner, the Partnership, and any
participating broker-dealers are relying upon the accuracy and completeness
hereof in complying with their respective obligations under applicable
securities laws.

         THIS SUBSCRIPTION AGREEMENT MUST BE SUBMITTED IN ITS ENTIRETY

February 24, 2004                                                       A Units

<PAGE>

                           SUBSCRIPTION INSTRUCTIONS
                           -------------------------

A.   Completion of Subscription Documents.

     |_|  Subscription Agreement. Review carefully pages 2 to 8.

     |_|  Accredited Investor Certification/Account Type. Complete page 9.

     |_|  Questionnaire(s): Complete as applicable.
               Individuals including IRA's. Pages 10 & 11.
               Entities(1) (other than Retirement Plans). Page 12. (See
               footnote for required documents)
               Qualified Retirement Plans Pages 13 & 14.

     |_|  Registration Information. Complete all information on page 15.

     |_|  Signature Page. Complete and sign page 16.

     |_|  Forms to be Completed by the Selling Agent and/or Purchaser
          Representative. Complete forms on page 17 as applicable.

     |_|  Existing Limited Partners Only. If you are an existing Limited
          Partner adding to your investment and, if all information previously
          provided remains accurate, you only have to complete the single page
          form entitled "Additional Subscription Request" which can be
          requested from the General Partner at 800-726-3400. If the
          information in your original subscription documents has changed,
          please use this booklet and update the appropriate information. The
          minimum additional investment is $5,000.

B.   Delivery of Subscription Documents. All documents should be sent to your
     broker or investment adviser, or, if directly to the Fund, to the
     attention of Steben & Company, Inc., 2099 Gaither Road, Suite 200,
     Rockville, MD 20850.

C.   Questions. All questions should be directed to your broker or investment
     adviser, or to Steben & Company, Inc., at 2099 Gaither Road, Suite 200,
     Rockville, MD 20850, phone: 800-726-3400.

D.   Payment. Payment for your Units is due at the same time as your
     Subscription Documents. Payment should be made by check payable to
     "Futures Portfolio Fund, L.P."

     INITIAL SUBSCRIPTIONS SHOULD BE AT LEAST $25,000. THE MINIMUM ADDITIONAL
     CONTRIBUTION IS $5,000.

     ------------------------------
     (1)For Trusts, Partnerships, Qualified Retirement Plans and Estate
     accounts, you may be asked for additional documentation as is deemed
     appropriate. For Corporations, please include evidence of authorization
     to purchase Units, in the form of resolutions or Articles of
     Incorporation and By-Laws.

                                      1

<PAGE>

                            SUBSCRIPTION AGREEMENT
                            ----------------------

Recognizing that Futures Portfolio Fund, Limited Partnership (the
"Partnership") and Steben & Company, Inc. (the "General Partner") rely on the
information set forth herein, and that all such information shall be
continuing and shall survive the execution of this Subscription Agreement (the
"Agreement"), each of the undersigned subscriber(s) (each a "Subscriber")
makes the following statements which shall constitute declarations,
representations and warranties of the Subscriber. Each Subscriber also agrees
to notify the Partnership and the General Partner if any such statement
becomes incomplete or inaccurate. Terms used in this Subscription Agreement
but not defined herein shall have the meanings assigned to them in the
Partnership's Confidential Offering Memorandum dated February 24, 2004, as may
be amended or supplemented from time to time (the "Memorandum") which includes
as an Attachment the Limited Partnership Agreement of the Partnership (the "LP
Agreement").

SUBSCRIBER DECLARATIONS
-----------------------

1.   Application. Subscriber hereby applies for Class A Units of limited
     partnership interest ("Units") in the Partnership to reflect the
     subscription amount set forth under "Registration Information" upon and
     subject to the terms of the Memorandum. Funds in the amount of the
     subscription accompany this Agreement or will be provided in a form
     acceptable to the General Partner.

2.   Memorandum. Subscriber declares that it or its designated representative,
     has carefully read and understands the Memorandum and Subscriber agrees
     to abide by the terms set forth in the Memorandum and the LP Agreement,
     including without limitation, (i) the compensation arrangements, (ii) the
     brokerage agreements, (iii) all other terms of the offering, including
     all risk factors, tax factors, ERISA considerations, and redemption,
     transfer, and other rights, and (iv) all of the powers, duties and
     obligations of the General Partner and its conflicts of interest.
     Subscriber confirms that the Partnership has made available to Subscriber
     the opportunity to ask questions of, and receive answers from, the
     Partnership concerning the Partnership and the terms and conditions of
     this offering, and to obtain any additional information which the
     Partnership had in its possession or was able to acquire without
     unreasonable effort or expense that was necessary to verify the accuracy
     or completeness of the information in the Memorandum.

3.   Legal Requirements. Subscriber declares that all legal requirements
     necessary or appropriate in connection with the purchase of Units have
     been complied with and that each person signing this Subscription
     Agreement has full legal authority, capacity and power to do so. If more
     than one person is signing this Subscription Agreement as Subscriber,
     each undertaking herein shall be a joint and several undertaking of all
     such persons, and the grant of power of attorney to the General Partner
     contained herein shall be a joint and several grant by all such persons.
     Actions of any one joint Subscriber pursuant to this Subscription
     Agreement shall bind all Subscribers.

4.   Reliance on Information Provided. In deciding to invest in the
     Partnership, Subscriber and if applicable, Subscriber's Purchaser
     Representative, have relied solely upon the information in the Memorandum
     and the advice of its Purchaser Representative (if any) and have not
     relied on any other written statement or any oral representation or
     warranty by the Partnership or the General Partner. No such oral
     representations or warranties have been made by the Partnership or the
     General Partner. Subscriber and if applicable, Subscriber's Purchaser
     Representative, have been advised that no person is authorized to give
     any information pertaining to the Partnership or to make any statement
     not contained in the Memorandum, and that any information or statement
     not contained therein must not be relied upon as having been authorized
     by the Partnership.

5.   Purchaser Representative (if applicable).(1) If Subscriber is relying upon
     a Purchaser Representative(s), Subscriber hereby acknowledges that
     Subscriber has had disclosed in writing by Subscriber's Purchaser

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

(1) Your Account Executive or Broker is not a Purchaser's Representative. If
applicable, a separate Purchaser Representative Questionnaire must by
completed for each representative.

                                      2

<PAGE>

     Representative(s) and on behalf of the Partnership any material
     relationship between the Purchaser Representative(s) or its affiliates
     and the Partnership, the General Partner, or their affiliates, now
     existing or contemplated, or which has existed at any time during the two
     years preceding the date hereof, as well as any compensation received or
     to be received as a result of such relationship. If Subscriber is using a
     Purchaser Representative, a Purchaser Representative Questionnaire (a
     copy of which may be obtained from the General Partner upon request)
     shall be completed and returned to the General Partner with this
     Subscription Agreement.

6.   Subscription Irrevocable. Subscriber understands that this subscription,
     once made, is irrevocable by Subscriber, and that the General Partner
     will advise Subscriber as soon as practicable whether this Subscription
     Agreement, together with all or a portion of the subscription, has been
     accepted or rejected. Any subscriptions may be rejected in whole or in
     part by the General Partner in its sole and absolute discretion. If this
     subscription is rejected, the Partnership shall as soon as practicable
     return any funds transferred by the Subscriber (without interest) along
     with this Subscription Agreement and any other documents delivered by the
     Subscriber. Subscription funds received and accepted by the Partnership
     will be deposited into the Partnership's bank account and will be
     transferred to the Partnership's trading accounts on or after a closing
     date each month.

7.   Payments. Subscriber understands that checks sent to Subscriber's
     registered address set forth under "Registration Information" will
     constitute payment to Subscriber and relieve the Partnership of any
     further obligation to Subscriber with respect to the amounts so paid and
     the Units thereby redeemed, and Subscriber releases the Partnership from
     any further obligation with respect thereto. Subscriber understands that
     the Partnership may impose such procedures as it deems appropriate before
     it will accept any change to the registered address.

8.   No Registration or Qualification. Subscriber understands that the
     offering and sale of Units are intended to be exempt from registration or
     qualification under the Securities Act of 1933, as amended (the "1933
     Act") and any applicable state securities ("blue sky") laws and that the
     Partnership and the offering of the Units have not been approved,
     disapproved, or reviewed by any federal or state agency or commission or
     by any exchange or other self-regulatory organization. Subscriber has a
     substantive and pre-existing relationship with the General Partner or its
     principals, employees, agents or representatives, (including the Selling
     Agents).

9.   Compliance with Laws. If an Entity, the Subscriber and each of its
     relevant principals and control persons has complied and will continue to
     comply in all material respects with all laws, rules and regulations
     having application to its business, properties, and assets (including, if
     appropriate, the Commodity Exchange Act, as amended ("CEA"), the
     Commodity Futures Trading Commission ("CFTC") Regulations, the National
     Futures Association ("NFA") Rules, United States and non-United States
     securities laws, and state securities laws), and there are no actions,
     suits, proceedings, or investigations pending or, to the knowledge of
     Subscriber, threatened against Subscriber or any of its principals or
     affiliates, at law or in equity or before any governmental department,
     commission, board, bureau, agency, or instrumentality, or any
     self-regulatory organization, or any securities or commodity exchange, in
     which an adverse decision could materially and adversely affect
     Subscriber's ability to conduct its business or to comply with, and
     perform its obligations under, this Subscription Agreement. In that
     regard, if necessary under the CEA or CFTC Regulations, Subscriber is
     registered as a commodity pool operator with the CFTC and is a member of
     the NFA, and such registration and membership, if required, have not
     expired or been revoked, suspended, terminated, or not renewed, or
     limited or qualified in any respect.

10.  Limitations on Transfers. Subscriber understands and agrees that the
     Units may not be offered for sale, sold, pledged, hypothecated,
     transferred, assigned, or otherwise disposed of (each a "Transfer"), and
     will not attempt to Transfer its Units without the prior written consent
     of the General Partner, which consent may be granted or withheld in the
     sole and absolute discretion of the General Partner. Subscriber further
     represents and warrants that it does not have any intention or obligation
     to Transfer all or a portion of its Units. Subscriber understands that
     the Units may not be resold unless subsequently registered pursuant to
     the 1933 Act or unless an exemption from such registration is available,
     and that Subscriber does not have the right to require such registration.
     Subscriber further understands that Rule 144 under the 1933 Act will not
     be available to permit resales of Units and that there is and will be no
     public market for the Units. Subscriber has the ability and willingness
     to accept (i) the illiquid nature of an investment in the Partnership and
     (ii) the risk of loss of all or a substantial portion of its investment
     in the Partnership.

                                      3

<PAGE>

11.  Suitability. Subscriber represents and warrants that (i) Subscriber meets
     the suitability requirements set forth in the Memorandum, (ii) the
     purchase of Units represents risk capital, (iii) Subscriber is able to
     afford an interest in a speculative venture having the risks and
     objectives of the Units and can for an indefinite period of time bear the
     economic risk of an investment in Units and can sustain a loss of its
     entire investment, (iv) Subscriber is not precluded by law, contract or
     otherwise from purchasing the Units, (v) the Units are being purchased by
     the Subscriber for investment purposes only and not for resale,
     distribution or fractionalization in whole or in part, and (vi)
     Subscriber, either alone or with its financial adviser(s) and/or
     Purchaser Representative is experienced in investments of this kind, and
     is capable of evaluating the merits and risks of this investment.
     Subscriber has the ability and willingness to accept the illiquid nature
     of an investment in the Partnership.

12.  Representations. The information provided under Registration Information
     for the Units and the Accredited Investor Certification and each required
     Questionnaire is true and correct and such documentation is hereby
     incorporated into and made a part of this Subscription Agreement.

13.  Past Performance. Subscriber understands and acknowledges that the tables
     in the Memorandum reflecting past performance should be read only in
     connection with the notes to such tables, and should not be interpreted
     to mean that the Partnership will have similar results or will realize
     any profits whatsoever.

14.  Swap Counterparty Representation. Unless otherwise approved in writing by
     the General Partner, Subscriber represents and warrants that Subscriber
     has not entered and will not enter into a swap, structured note or other
     derivative instrument with a third party, the return from which is based
     in whole or in part on the return of the Partnership.

15.  Insurance Representation. Unless otherwise approved in writing by the
     General Partner, Subscriber represents and warrants that Subscriber has
     not entered and will not enter into a variable annuity or insurance
     policy with a third party, the value of which is based in whole or in
     part on the return of the Partnership.

16.  Disclosure Information. Subscriber understands that the Partnership may
     require other documentation in addition to this Subscription Agreement
     prior to deciding whether to accept this subscription, and Subscriber
     agrees to provide it, if reasonably requested. Subscriber understands
     that the Partnership may provide the General Partner with information
     with respect to the Partnership. Such information may be disclosed by the
     Partnership and the General Partner to such persons and authorities for
     the purpose of satisfying their inspection, fiduciary, reporting, filing
     or other obligations to the Partnership or by the Partnership and the
     General Partner, if requested to disclose such information by regulatory
     officials having jurisdiction, or required by judicial process or
     government action. Without limiting the generality of the foregoing,
     Subscriber acknowledges and agrees that the Partnership or the General
     Partner may voluntarily release confidential information about Subscriber
     and, if applicable, any person on behalf of whom or for which Subscriber
     is investing (including, without limitation, any person for whom or for
     which Subscriber is (i) acting as trustee, agent, representative or
     disclosed nominee, or (ii) an entity investing on behalf of underlying
     investors (including a fund-of-funds) (the persons, entities and
     underlying investors referred to in (i) and (ii) being referred to
     collectively as the "Beneficial Owners"), to regulatory or law
     enforcement authorities under anti-money laundering laws, rules or
     regulations applicable to any one or all of them if any of the foregoing
     determines to do so in their sole discretion.

17.  Taxpayer Certification.

     (a)  U.S. Citizens and Residents. Subscriber, if a U.S. citizen or
          resident, certifies under penalties of perjury, that: (i) the number
          shown on the applicable Informational Questionnaire accompanying
          this Subscription Agreement is Subscriber's correct Social Security
          or taxpayer identification number (or Subscriber is waiting for a
          number to be issued); and (ii) Subscriber is not subject to backup
          withholding because (x) Subscriber is exempt from backup
          withholding, (y) Subscriber has not been notified by the Internal
          Revenue Service ("IRS") that Subscriber is subject to backup
          withholding as a result of a failure to report all interest or
          dividends, or (z) the IRS has notified Subscriber that Subscriber is
          no longer subject to backup withholding. Subscriber agrees to strike
          out the language in (ii) above if Subscriber is unable to make this
          certification.

                                      4

<PAGE>

     (b)  Non-U.S. Citizens and Residents. If Subscriber has indicated on the
          Registration Information section of this Subscription Agreement that
          Subscriber is not a U.S. citizen or resident, Subscriber certifies
          under penalties of perjury that Subscriber is not a U.S. citizen or
          resident.

     (c)  Withholding Obligations. Subscribers who are (i) not U.S. citizens
          or residents, and (ii) Subscribers who are U.S. citizens or
          residents and who fail to provide their correct Social Security or
          taxpayer identification numbers, could be subject to United States
          withholding tax on a portion of their distributive shares of the
          Partnership's income.

18.  Acceptance of the Limited Partnership Agreement. Subscriber agrees that
     Subscriber shall become a Limited Partner as of the date of entry of
     Subscriber's name as a Limited Partner on the books and records of the
     Partnership and shall be bound by each and every term of the LP
     Agreement.

19.  Power of Attorney. In connection with the Units of the Partnership to be
     acquired pursuant to this Subscription Agreement, Subscriber hereby
     irrevocably constitutes and appoints the General Partner the true and
     lawful attorney-in-fact of Subscriber in Subscriber's name, place and
     stead to make, execute, acknowledge, deliver and file any of the
     following documents: (i) the LP Agreement and all documents permitted to
     be executed thereunder; and (ii) to the extent consistent with the
     provisions of the LP Agreement (a) all amendments and/or restatements of
     the LP Agreement adopted in accordance with the provisions thereof, (b)
     all documents that may be required to effect the dissolution and
     termination of the Partnership pursuant to the LP Agreement and the
     cancellation of the Certificate of Limited Partnership, and (c) otherwise
     to take any such further action as may be necessary in connection with
     any aspect of the operations of the Partnership by giving the General
     Partner full power and authority to do and perform each and every act and
     thing whatever requisite and necessary to be done in and about the
     foregoing as fully as the undersigned might or could do if personally
     present, and by hereby ratifying and confirming all that the General
     Partner shall lawfully do or cause to be done by virtue thereof. This
     foregoing power of attorney is coupled with an interest, is irrevocable
     and shall survive and be unaffected by any subsequent disability, or
     incapacity of Subscriber (or if Subscriber is a corporation, partnership,
     trust, association, limited liability company or other legal entity, by
     the dissolution or termination thereof).

20.  Liability. Subscriber agrees that neither the Partnership, the General
     Partner nor any participating broker-dealers in this offering, nor its or
     their respective affiliates, officers, directors, limited partners or
     employees (collectively, the "Partnership Parties"), shall incur any
     liability (i) in respect of any action taken upon any information
     provided to the Partnership by Subscriber or for relying on any notice,
     consent, request, instructions or other instrument believed, in good
     faith, to be genuine or to be signed by properly authorized persons on
     behalf of Subscriber, including any document transmitted by facsimile, or
     (ii) for adhering to applicable anti-money laundering obligations whether
     now or hereinafter in effect.

21.  Indemnification. Subscriber agrees that it will indemnify and hold
     harmless the Partnership Parties from and against any and all direct and
     consequential loss, damage, liability, cost or expense (including
     reasonable attorneys' and accountants' fees and disbursements, whether
     incurred in an action between the parties hereto or otherwise)
     (collectively, "Losses") which the Partnership Parties, or any one of
     them, may incur by reason of or in connection with this Subscription
     Agreement, including any misrepresentation made by Subscriber or any of
     Subscribers' agents, any breach of any declaration, representation or
     warranty of Subscriber, the failure by Subscriber to fulfill any
     covenants or agreements under this Subscription Agreement, its or their
     reliance on facsimile or other instructions, or the assertion of the
     Subscriber's lack of proper authorization from the Beneficial Owner(s) to
     execute and perform the obligations under this Subscription Agreement.
     Subscriber also agrees that it will indemnify and hold harmless the
     Partnership Parties from and against any and all direct and consequential
     Losses which the Partnership Parties, or any one of them, may incur by
     reason of, or in connection, with the failure by Subscriber to comply
     with any applicable law, rule or regulation having application to the
     Partnership Parties.

22.  Miscellaneous.

     (a)  Entire Agreement. This Agreement and the LP Agreement represent the
          entire agreement of the parties with respect to the subject matter
          hereof and may not be changed or terminated, except in a writing
          signed by Subscriber and the General Partner, or in the case of the
          LP Agreement, in accordance with procedures for amendments as set
          forth therein.

     (b)  No Waiver. No waiver by any party of any breach of any term of this
          Agreement shall be construed as a waiver of any subsequent breach of
          that term or any other term of the same or of a different nature.

                                      5

<PAGE>

     (c)  Binding Agreement. Subscriber understands that this Agreement, upon
          acceptance by the Partnership, shall constitute a binding agreement
          between the Partnership and the Subscriber. This Agreement and the
          rights, powers, and duties set forth herein shall bind and inure to
          the benefit of the heirs, executors, administrators, legal
          representatives, successors, and assigns of the parties hereto.

     (d)  Representations and Warranties Continuing. The understandings,
          declarations, covenants, representations, warranties and
          indemnification obligations of the Subscriber contained in this
          Subscription Agreement are continuous and will survive the execution
          hereof and the purchase of the Units. If at any time any event shall
          occur which could make any of the foregoing incomplete or
          inaccurate, Subscriber shall immediately notify the Partnership of
          the occurrence of such event.

     (e)  Choice of Law. This Subscription Agreement shall be deemed to have
          been made under, and shall be governed by, and construed in
          accordance with, the internal laws of the State of New York
          (excluding the law thereof which requires the application of or
          reference to the law of any other jurisdiction).

     (f)  Legal Capacity. Each person signing this Subscription Agreement has
          the legal authority, capacity and power to do so. If more than one
          person is signing this Subscription Agreement as Subscriber, each
          undertaking herein shall be a joint and several undertaking of all
          such persons, and the foregoing grant of power of attorney to the
          General Partner shall be a joint and several grant by all such
          persons. Actions of any one joint Subscriber pursuant to this
          Subscription Agreement shall bind all Subscribers. A subscription in
          joint names creates a joint tenancy with right of survivorship.

     (g)  Costs. If any legal action or any arbitration or other proceeding is
          brought for the enforcement of the agreement represented by this
          Subscription Agreement or because of an alleged dispute, breach,
          default, or misrepresentation in connection with any of the
          provisions of this Subscription Agreement, the successful or
          prevailing party or parties shall be entitled to recover reasonable
          attorneys' fees and other costs incurred in that action or
          proceeding, in addition to any other relief to which they may be
          entitled.

     (h)  Instructions. Subscriber hereby confirms that the General Partner is
          authorized and instructed to accept and execute any instructions in
          respect of the Units to which this Subscription Agreement relates
          given by Subscriber by facsimile. If instructions are given by
          Subscriber by facsimile, Subscriber undertakes to forward the
          original immediately by post to the General Partner. Subscriber
          hereby indemnifies the Partnership Parties and agrees to keep each
          of them indemnified, against any loss of any nature whatsoever
          arising to each of them as a result of any of them acting on
          facsimile instructions. The Partnership Parties may rely
          conclusively upon and shall incur no liability in respect of any
          action taken upon any notice, consent, request, instructions, or
          other instrument believed, in good faith, to be genuine or to be
          signed by properly authorized persons.

     (i)  Severability. If any provision of this Subscription Agreement is
          invalid or unenforceable under any applicable law, then such
          provision shall be deemed inoperative to the extent that it may
          conflict therewith and shall be deemed modified to conform with such
          applicable law. Any provision hereof which may be held invalid or
          unenforceable under any applicable law shall not affect the validity
          or enforceability of any other provisions hereof, and to this extent
          the provisions hereof, shall be severable.

     (j)  For Georgia Residents Only. THESE SECURITIES HAVE BEEN ISSUED OR
          SOLD IN RELIANCE ON PARAGRAPH (13) OF CODE SECTION 10-5-9 OF THE
          "GEORGIA SECURITIES ACT OF 1973" AND MAY NOT BE SOLD OR TRANSFERRED
          EXCEPT IN A TRANSACTION WHICH IS EXEMPT UNDER SUCH ACT OR PURSUANT
          TO AN EFFECTIVE REGISTRATION UNDER SUCH ACT.

     (k)  Additional Documentation. The Regulations of the Commodity Futures
          Trading Commission require that Subscriber be given a copy of the
          Memorandum, as well as certain additional documentation if
          available. Such additional documentation includes: (1) a supplement
          to the Memorandum, which must be given to Subscriber if the
          Memorandum is dated more than nine months prior to the date that
          Subscriber purchases Units; (2) the most current account statement
          for the Partnership, which must be distributed within 30 calendar
          days after the end of each month; and (3) the most current annual
          report for the Fund, which must be distributed within 90 calendar
          days after the end of the Partnership's fiscal year (December 31).
          Subscriber hereby acknowledges receipt of the Memorandum and the
          additional documentation referred to above, if any, prior to any
          direct or indirect solicitation of Subscriber's investment.

                                      6

<PAGE>

     (l)  Arbitration. By executing this Subscription Agreement, Subscriber
          waives its right to seek remedies in court, including any right to a
          jury trial. To the fullest extent permitted by law, Subscriber
          agrees that in the event of any dispute between the parties arising
          out of, relating to or in connection with this Agreement or the
          Fund, such dispute shall be resolved exclusively by arbitration to
          be conducted only in the county, city and state of New York in
          accordance with the rules of JAMS/Endispute ("JAMS") applying the
          laws of the State of New York. Disputes shall not be resolved in any
          other forum or venue. The parties agree that such arbitration shall
          be conducted by a retired judge who is experienced in resolving
          disputes regarding the securities business, that discovery shall not
          be permitted except as required by the rules of JAMS, that the
          arbitration award shall not include factual findings or conclusions
          of law, and that no punitive damages shall be awarded. The parties
          understand that any party's right to appeal or to seek modification
          of any ruling or award of the arbitrator is severely limited. Any
          award rendered by the arbitrator shall be final and binding, and
          judgment may be entered on it in any court of competent jurisdiction
          in the city of New York and State of New York or as otherwise
          provided by law.

23.  ERISA Accounts. The following provision is applicable to any Subscriber
     acting on behalf of an "employee benefit plan" as defined in and subject
     to ERISA, or a "plan" as defined in Section 4975 of the Code (a "Plan"),
     which would include, among other types of arrangements, IRAs, Keogh
     plans, corporate pension and profit sharing plans, "simplified employee
     pension plans" and medical benefit plans. Plan fiduciaries or trustees
     must carefully confirm that an investment in the Fund is authorized under
     the operative documents of the Plan. Many Plans may not in fact be
     authorized to invest in a highly leverage, illiquid and speculative
     investment such as the Fund. If the undersigned is acting on behalf of a
     Plan, the individual signing this Subscription Agreement on behalf of the
     subscriber hereby further represents and warrants, as the agent or the
     fiduciary of the Plan responsible for purchasing Units (the "Investment
     Fiduciary"), that: (a) the Investment Fiduciary has considered an
     investment in the Fund in light of the risks relating thereto; (b) the
     Investment Fiduciary has determined that, in view of such considerations,
     an investment in the Fund is consistent with the Investment Fiduciary's
     responsibilities under ERISA or other applicable law; (c) the Plan's
     investment in the Fund does not violate and is not otherwise inconsistent
     with the terms of any legal document constituting the Plan or any trust
     agreement thereunder; (d) the Plan's investment in the Fund has been duly
     authorized and approved by all necessary parties; (e) none of the General
     Partner, the Trading Advisors utilized by the Fund, Carr Futures, Inc.,
     ABN AMRO, Inc., ABN AMRO Bank, N.V., SunTrust Bank, CIS Financial
     Services, Inc., any selling agent retained to sell units, any of their
     respective affiliates or any of their respective agents or employees; (i)
     has investment discretion with respect to the investment of assets of the
     Plan used to purchase the units; (ii) has authority or responsibility to
     or regularly gives investment advice with respect to the assets of the
     Plan used to purchase the units for a fee and pursuant to an agreement or
     understanding that such advice will serve as a primary basis for
     investment decision with respect to the Plan and that such advice will be
     based on the particular investment needs of the Plan; or (iii) is an
     employer maintaining or contributing to the Plan, unless, after taking
     into consideration such relationship, the Investment Fiduciary has
     determined and hereby represents and warrants that the Plan's investments
     in the Fund will not give rise to a non-exempt prohibited transaction
     under ERISA and the Code; (f) the Investment Fiduciary (i) is authorized
     to make, and is responsible for, the decision to invest in the Fund,
     including the determination that such investment is consistent with the
     requirements imposed by Section 404 of ERISA (or other applicable law)
     that plan investments be diversified so as to minimize the risks of large
     losses; (ii) is independent of the General Partner, the Trading Advisors
     utilized by the Fund, Carr Futures, Inc., ABN AMRO, Inc., ABN AMRO Bank,
     N.V., SunTrust Bank, CIS Financial Services, Inc., each selling agent
     retained to sell units and each of their respective affiliates; and (iii)
     is qualified to make such investment decision; and (g) taking into
     account the following factors, and all other factors relating to the
     Fund, the undersigned has concluded that investment in the Fund
     constitutes an appropriate part of the Plan's overall investment program:
     (i) there is a significant risk of the loss of substantial or the
     majority of the Plan's investment; (ii) an investment in the Fund will be
     illiquid, except for certain redemption rights; (iii) the Fund will
     permit the aggregate investments by benefit plan investors to exceed
     twenty-five percent (25%) of any class of equity interest of the Plan, in
     which case the assets of the Fund will be for purposes of ERISA and
     Section 4975 of the Code deemed assets of the Plans on whose behalf
     investments in the Fund are made; and (iv) funds invested in the Fund
     will not be readily available for the payment of employee benefits under
     the Plan. The undersigned further represents and warrants that (a) the
     trustee of the Plan will hold the Plan's units in trust, unless not
     required by ERISA; (b) the Investment Fiduciary consents to the payment
     of fees to the General Partner, the Traders, Carr Futures, Inc., ABN
     AMRO, Inc., SunTrust Bank, and their agents and has determined that the
     arrangement for services by, and the fees to be paid to, the General
     Partner, the Traders, Carr Futures, Inc., ABN AMRO, Inc., SunTrust Bank,
     and their agents are

                                      7

<PAGE>

     reasonable and the services to be performed by such persons are
     appropriate and helpful to the Plan, all within the meaning of Section
     408(b)(2) of ERISA and Section 4975(d)(2) of the Code; (c) that, to the
     extent the Plan is subject to ERISA and for so long as the unitholder
     maintains an interest in the Fund, it will maintain a qualifying ERISA
     fiduciary bond that covers the General Partner and Trading Advisors as a
     named insured in respect of the Plan's assets that are invested in the
     Fund, and (d) the undersigned consents on behalf of the Plan to and
     authorizes the operation of the Fund as described in the Fund's
     Memorandum. The undersigned will notify the General Partner, in writing,
     of (a) any termination, substantial contraction, merger or consolidation
     of the Plan, or transfer of its assets to any other plan; (b) any
     amendment to the Plan or any related instrument which materially affects
     the investments of the Plan or the authority of any fiduciary to
     authorize Plan investments; and (c) any alteration in the identity of any
     fiduciary, including the undersigned, who has the authority to approve
     and monitor Plan investments. The undersigned will, at the request of the
     General Partner, furnish the General Partner with such information as the
     General Partner may reasonably require to establish that the purchase of
     the units by the Plan and the transactions to be entered into by the
     Fund, and the holding of any investment by the Fund, do not violate any
     provision of ERISA or the Code, including, without limitation, those
     provisions relating to "prohibited transactions" by "parties in interest"
     or "disqualified persons" as defined therein.

24.  Party in Interest/Disqualified Person Status. If the subscriber is a Plan
     that is subject to ERISA or the prohibited transaction provisions of the
     Code, the undersigned has determined, after investigating the Plan's
     specific facts and circumstances and hereby represents and warrants, that
     Carr Futures, Inc. and ABN AMRO, Inc. are not (a) an ERISA fiduciaries
     with respect to the Plan or (b) a "parties in interest" (as such term is
     defined in Section 3(14) of ERISA) or a "disqualified person" (as defined
     in Section 4975(e)(2) of the Code) with respect to the Plan for a reason
     other than being a service provider to the Plan (or being an affiliate of
     a Plan service provider). If the subscriber is a Plan that is subject to
     ERISA or the prohibited transaction provisions of the Code, the
     undersigned has determined, after investigating the Plan's specific facts
     and circumstances, and hereby represents and warrants, that CIS Financial
     Services, Inc. and ABN AMRO Bank, N.V. are not "parties in interest" (as
     such term is defined in Section 3(14) of ERISA) or "disqualified persons"
     (as defined in Section 4975(e)(2) of the Code) with respect to the Plan.
     The undersigned agrees and covenants that CIS Financial Services, Inc.
     and ABN AMRO Bank, N.V. will not, while the Plan holds units, become a
     party in interest (as such term is defined in Section 3(14) of ERISA) or
     disqualified person (as such term is defined in Section 4975(e)(2) of the
     Code) with respect to the Plan. The undersigned agrees and covenants that
     Carr Futures, Inc. and ABN AMRO, Inc. will not, while the Plan holds
     units, become a fiduciary to the Plan or a party in interest (as defined
     in Section 3(14) of ERISA) or a "disqualified person" (as defined in
     Section 4975(e)(2) of the Code) with respect to the Plan (other than by
     reason of being a service provider to the Plan or being an affiliate of a
     Plan service provider).

     For these purposes a party in interest generally includes any person
     possessing one of the following relationships with a Plan:

     o    a fiduciary to the Plan (or an affiliate of a Plan fiduciary) (such
          as an advisor to the Plan);

     o    a Plan service provider (e.g. custodian, broker or trustee) (or one
          of its affiliates);

     o    an employer whose employees are covered by the Plan (or one of its
          affiliates);

     o    an employee organization any of whose members are covered by the
          Plan; or

     o    relatives or affiliates of a Plan fiduciary or IRA owner.

     The undersigned agrees to notify the General Partner immediately upon
     becoming aware of any of the foregoing provisions of this provision being
     untrue.

25.  Consent to Jurisdiction. The parties hereto agree that any action or
     proceeding arising directly, indirectly, or otherwise in connection with,
     out of, related to, or from this Agreement, any breach hereof, or any
     transaction covered hereby, shall be resolved, whether by arbitration or
     otherwise, within the County, City, and State of New York. Accordingly,
     the parties consent and submit to the jurisdiction of the federal and
     state courts and any applicable arbitral body located within the County,
     City, and State of New York. The parties further agree that any such
     action or proceeding brought by either party to enforce any right, assert
     any claim, or obtain any relief whatsoever in connection with this
     Agreement shall be brought by such party exclusively in the federal or
     state courts, or if appropriate before any applicable arbitral body,
     located within the County, City, and State of New York.

                                      8

<PAGE>

------------------------------------------------------------------------------
                   PLEASE INDICATE TYPE OF ACCOUNT OWNERSHIP
                   -----------------------------------------

|_|  Individual               |_|  Revocable Trust
|_|  Joint                    |_|  Irrevocable Trust
|_|  IRA                      |_|  Estate
|_|  Corporation              |_|  Pension Plan
|_|  Partnership              |_|  Other _________________
------------------------------------------------------------------------------

                       ACCREDITED INVESTOR CERTIFICATION
                       ---------------------------------

Subscriber hereby represents and warrants that Subscriber is an Accredited
Investor as defined under Regulation D ("Regulation D") of the Securities Act
of 1933 (the "1933 Act"), as amended because Subscriber is [check applicable
sections]:

   (a)  |_| An individual Subscriber or an Individual Retirement Account
        ("IRA"), or a Keogh Plan covering only self-employed individuals, or a
        self-directed account of a one-member retirement plan, the beneficial
        owner of which has net worth, or joint net worth, with that person's
        spouse at the time of his purchase in excess of $1,000,000.

   (b)  |_| An individual Subscriber or an IRA or a Keogh Plan covering only
        self-employed individuals, or a self-directed account of a one-member
        retirement plan, the beneficial owner of which had an income in excess
        of $200,000 in each of the two most recent years or joint income with
        that person's spouse in excess of $300,000 in each of those years and
        who reasonably expects an income in excess of the same income level in
        the current year.

   (c)  |_| A corporation, Massachusetts or similar business trust, a
        partnership, a limited liability company or an organization described
        in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended,
        not formed for the specific purpose of making this investment, with
        total assets in excess of $5,000,000.

   (d)  |_| An entity in which all of the beneficial owners are Accredited
        Investors under Rule 501 of Regulation D.

   (e)  |_| A trust with total assets in excess of $5,000,000, not formed for
        the specific purpose of making this investment, the investments of
        which are directed by a person with knowledge and financial expertise
        in financial and business matters, as described in Rule 506(b)(2)(ii)
        of Regulation D.

   (f)  |_| A bank, savings and loan association, broker dealer, insurance
        company, investment company, business development company, licensed
        small business investment company or private business development
        company (as such terms are defined under applicable Sections of the
        1933 Act, Securities and Exchange Act of 1934, as amended, the
        Investment Company Act of 1940, as amended, the Investment Advisers
        Act of 1940, as amended or the Small Business Investment Act of 1958).

   (g)  |_| An employee benefit plan within the meaning of the Employee
        Retirement Income Security Act of 1974, as amended ("ERISA") if the
        investment decision is made by a Plan fiduciary, as defined in Section
        3(21) of ERISA, which is either a bank, savings and loan association,
        insurance company, or registered investment adviser.

   (h)  |_| An employee benefit plan within the meaning of ERISA or a plan
        established and maintained by a state or its political subdivisions or
        any agency or instrumentality of a state or its political subdivisions
        for the benefit of its employees, in each case with total assets over
        $5,000,000.

   (i)  |_| An employee benefit plan which is completely self-directed and whose
        investment decisions are made by a person who is an Accredited
        Investor. If so, please explain below.

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

   (j)  |_| Other (please explain).

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

                                      9

<PAGE>

<TABLE>
<CAPTION>
                     QUESTIONNAIRE FOR INDIVIDUAL SUBSCRIBERS AND IRA's OF ALL TYPES

<S>                                                         <C>
1.   Name of Subscriber: _______________________________    2.  Date of Birth: _________________________

3.   For IRA's:  Name of Custodian:  _____________________________   Custodian Tax ID#  ________________

4.   Social Security Number:____________________________    5.  Marital Status: ________________________

6.   Place of Birth: ___________________________________    7.  Citizenship:  __________________________

8.   Passport or Driver License #:  ____________________    9.  Occupation:_____________________________

10.  Employer name and address:  _______________________________________________________________________
     ___________________________________________________________________________________________________

11.  Nature of Business:  ______________________________________________________________________________

12.  Position/Title:  ________________________________      13. Length of Time in Position:  ___________

========================================================================================================
     Are the Units being purchased as joint tenants?   If "Yes," are the Subscribers husband and wife?

          |_|  YES          |_|  NO                         |_|  YES          |_|  NO

                           Please indicate type of joint account registration:

      |_| Joint Tenants with Right of Survivorship  |_| Tenants in Common  |_| Other ___________________
========================================================================================================

1.   Name of Joint Investor: _____________________________  2.  Date of Birth: _________________________

3.   Social Security Number:______________________________  4.  Marital Status: ________________________

5.   Place of Birth: _____________________________________  6.  Citizenship:  __________________________

7.   Passport or Driver License #:  ______________________  8.  Occupation:_____________________________

9.   Employer name and address:  _______________________________________________________________________

     ___________________________________________________________________________________________________

10.  Nature of Business:  ______________________________________________________________________________

11.  Position/Title:  ____________________________________  12. Length of Time in Position:  ___________

________________________________________________________________________________________________________

13.  Purchaser Representative(s) (if applicable, this is not your broker): _________________________

14.  Check below the types of investments made by Subscriber(s) during the past 5 years for
     Subscriber(s)' own account, or for the account of a spouse, or for any relative who has the same
     principal residence, or any trust, estate, corporation or organization in which Subscriber(s), a
     spouse or such relative own a majority of the beneficial or equity interests.

<PAGE>

     |_|  U.S. government and federal agency                |_|  Interests in real estate (e.g., land, buildings,
          securities.                                            cooperative apartments or condominium
                                                                 units).
     |_|  State and local government securities
          (municipal securities).                           |_|  Interests in REITs or other real estate
                                                                 investment entities.
     |_|  U.S. stocks.
                                                            |_|  Commodities, commodity futures contracts
     |_|  Options on U.S. stocks.                                and/or commodity options (collectively,
                                                                 "Commodities") and public or private
     |_|  Non-U.S. stocks                                        investment funds investing in Commodities.

     |_|  Corporate bonds, debentures and notes.            |_|  Other investments.
                                                                 ___________________________________________
     |_|  Interests in mutual funds, or unit                     _______________________________________
          investment trusts.

     |_|  Interests in private limited partnerships,
          LLCs or other investment funds.

                                                   10
</TABLE>

<PAGE>

15.  Are you:

     (a)  An individual whose individual net worth, or joint net worth with
          your spouse, exceeds $1,000,000 as of the date hereof (net worth
          includes home and personal property)?

               |_| YES          |_|  NO

     (b)  An individual whose individual income exceeds $200,000 (or whose
          joint income with spouse exceeds $300,000) in each of the last two
          years and who reasonably expects to reach the same income level in
          the current year?

               |_| YES          |_|  NO

16.  List any college or graduate degrees:

     Investor: ________________________________________________________________

     Spouse:   ________________________________________________________________

17.  Describe any previous employment or experience in financial and business
     matters generally or the futures markets specifically:

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

18.  Do you and your spouse (if applicable) make your own investment decisions?

               |_| YES          |_|  NO

     If "No," who does:  ___________________________________

19.  Are you or your spouse (if applicable) subject to any civil, criminal, or
     other constraint or are you aware of any impediment or other reasons
     which may preclude or limit your participation in any Partnership
     investment?

               |_| YES          |_|  NO

     If "Yes," please explain  ________________________________________________

20.  Provide additional information which would be helpful in evaluating each
     Subscriber's knowledge and experience in financial and business matters.

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

21.  Please describe the source or sources of the funds used to make this
     investment:

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

22.  Do you, and your spouse (if applicable), intend to purchase the Units
     solely for your own account?

               |_| YES          |_|  NO

     If not, please indicate who else would have a direct or indirect interest
     in the Units and describe such interest:

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

                            PLEASE TURN TO PAGE 15

                                      11

<PAGE>

<TABLE>
<CAPTION>
                       QUESTIONNAIRE FOR ENTITY SUBSCRIBERS (OTHER THAN RETIREMENT PLANS)

<S>  <C>
1.   Name of Subscriber:_______________________________________________________________________________________

2.   Taxpayer EIN Number: _______________________________

3.   Type of Entity:  |_| Corporation   |_| Trust    |_| Limited Partnership    |_| LLC    Other ______________

4.   Subscriber's Primary Business:____________________________________________________________________________

5.   Name of Primary Contact/Investor: _____________________ Passport or Driver's License#:____________________

6.   Name of Secondary/Investor Contact: ___________________ Passport or Driver's License#: ___________________

7.   Date and Jurisdiction of Incorporation/Formation:_________________________________________________________

8.   Is Subscriber's principal place of business located in the country of its formation?   |_| YES  |_| NO

     If "No," state where Subscriber's principal place of business is located:

9.   Do the investments of "employee benefit plan investors" constitute 25% or more of Subscriber's net assets?

               |_| YES          |_|  NO

10.  Is Subscriber subject to any regulatory or other constraints not otherwise described herein, or is the
     individual executing this Questionnaire on behalf of Subscriber aware of any other impediment which may
     preclude or limit Subscriber's participation in any potential Partnership investment?

               |_| YES          |_|  NO

     If "Yes," give details.  _________________________________________________________________________________

11.  Was the Subscriber organized for the specific purpose of acquiring Units in the Partnership?

               |_| YES          |_|  NO

12.  Do Subscriber's organizational documents permit Subscriber to make this investment?

               |_| YES          |_|  NO

13.  Who are the individuals authorized under the Subscriber's organizational documents to make or redeem
     investments on behalf of the Subscriber?

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

How many signatures are required to make investments and to redeem investments?  _______

14.  Provide additional information which would be helpful in evaluating Subscriber's knowledge and experience
     in financial and business matters:

15.  Please describe the source or sources of the funds used to make this investment:

                                             PLEASE TURN TO PAGE 15

                                                      12
</TABLE>

<PAGE>

             QUESTIONNAIRE FOR RETIREMENT PLANS (OTHER THAN IRAS):

   EMPLOYEE BENEFIT PLANS, KEOGH PLANS AND ERISA COVERED PLANS AND ENTITIES
   WHOSE UNDERLYING ASSETS ARE PLAN ASSETS (COLLECTIVELY, "EMPLOYEE BENEFIT
                               PLAN INVESTORS")

1.   Name of Subscriber:  ______________________________________________________

2.   Plan or Custodian Tax ID Number:
     _______________________________________________________________

3.   Who are the individuals authorized under the Plan's organizational
     documents to make or redeem investments on behalf of the Subscriber?

     _________________________  Passport or Driver's License#: _________________

     _________________________  Passport or Driver's License#: _________________

     _________________________  Passport or Driver's License#: _________________

     How many signatures are required to make investments and to redeem
     investments? _______

4.   Does the Subscriber have assets equal to or in excess of $5,000,00

                   |_|  YES     |_|  NO

5.   (a)    Is Subscriber an "employee benefit plan" (an "ERISA Plan") within
            the meaning of Title I of the Employee Retirement Income Security
            Act of 1974 as amended ( "ERISA") with a fiduciary as defined in
            Section 3(21) of ERISA which is a bank, insurance company or
            registered investment adviser (other than an affiliate of the
            General Partner or the Partnership), which fiduciary has discretion
            to decide whether to purchase Units?

                   |_|  YES     |_|  NO

            If "Yes," please give details:  ____________________________________

     (b)    Is Subscriber an employee benefit plan other than an ERISA Plan?

                   |_|  YES     |_|  NO

            If "Yes," please give details concerning the nature of the plan,
            including whether the individual participant is an "Accredited
            Investor" and the identity of the person or persons making
            investment decisions on behalf of such plan.
            ____________________________________________________________________
            ____________________________________________________________________
            ____________________________________________________________________

     (c)    Is Subscriber an employee benefit plan (other than an IRA or other
            one member plan) that permits participants to direct the investment
            of contributions made to the plan on their behalf?

                   |_|  YES     |_|  NO

6.   Is Subscriber an insurance company separate account the underlying assets
     of which constitute plan assets?

                   |_|  YES     |_|  NO

                                       13
<PAGE>

7.    Is the Subscriber the general account of an insurance company the assets
      of which constitute plan assets pursuant to the decision in John Hancock
      Mutual Life Insurance Company v. Harris Trust and Savings Bank, 510 U.S.
      86 (1993)?

                   |_|  YES     |_|  NO

8.    Provide any additional information which would be helpful to the
      Partnership in evaluating whether Subscriber has sufficient knowledge and
      experience in financial and business matters to evaluate the merits and
      risks of an investment in the Partnership.
      __________________________________________________________________________
      __________________________________________________________________________

9.    The Investment Fiduciary of Subscriber hereby represents and warrants the
      following on behalf of Subscriber:

      (a)   Though a representative of the Partnership may have provided
            Subscriber's Investment Fiduciary with a copy of the Memorandum,
            the Investment Fiduciary, who is independent of the General Partner
            and its affiliates, has studied the Memorandum and has made an
            independent decision to purchase the Units solely on the basis of
            such Memorandum and without reliance on any other information or
            statements as to the appropriateness of this investment for
            Subscriber.

      (b)   All the obligations and requirements of ERISA (or other applicable
            law), including prudence and diversification, with respect to the
            investment of "plan assets" have been considered.

      (c)   Neither the General Partner, nor any of its affiliates: (i) has
            exercised any investment discretion or control with respect to
            Subscriber's purchase of any Units; (ii) have authority,
            responsibility to give, or have given individualized investment
            advice with respect to Subscriber's purchase of any Units; or (iii)
            are employers maintaining or contributing to such Plan.

      (d)   This investment conforms in all respects to the governing documents
            of Subscriber and the Subscriber is authorized to invest in
            commodity pools and managed futures and foreign currency funds,
            such as the Partnership.

      (e)   The person executing this Subscription Agreement on behalf of
            Subscriber is a "fiduciary" of such Plan and trust and/or custodial
            account (within the meaning of Section 3(21)(A) and/or Section
            4975(e)(3) of the Internal Revenue Code of 1986 as amended) and is
            authorized to execute the Subscription Agreement; the execution and
            delivery of the Subscription Agreement with respect to Subscriber
            and trust and/or custodial account have been duly authorized in
            accordance with the provisions of Subscriber's governing documents;
            this investment conforms in all respects to laws applicable to
            Subscriber and conforms to, and is permitted by, Subscriber's
            governing documents; and, in making this investment, Subscriber is
            aware of, and has taken into consideration, among other things,
            risk return factors and the anticipated effect of this investment
            on the diversification, liquidity and cash flow needs of Subscriber
            and the projected effect of the investment in meeting Subscriber's
            funding objectives and has concluded that this investment is a
            prudent one.

      (f)   Subscriber's governing documents do not prohibit the Partnership
            from investing in specific securities, financial instruments or
            issues, including, but not limited to, securities and financial
            instruments which would be deemed to be "employer securities" with
            respect to Subscriber as defined in Section 407 of ERISA.

      (g)   Subscriber's proxy voting guidelines do not apply to securities
            held by the Partnership. Subscriber fully understands the tax and
            ERISA considerations (or considerations under other applicable law)
            and risks of an investment in the Units.

      (h)   All of the representations, warrants, covenants and agreements
            contained in the Subscription Agreement are true and correct.

10.   Please describe the source or sources of the funds used to make this
      investment. ______________________________________________________________

      __________________________________________________________________________

                         PLEASE TURN TO THE NEXT PAGE

                                      14
<PAGE>

                  REGISTRATION INFORMATION - ALL SUBSCRIBERS

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

SUBSCRIBER DETAILS

________________________________________________________________________________
Subscriber Name(s)                                Offering Memorandum Number

________________________________________________________________________________
Address (not P.O. Box)                    City          State            Zip

________________________________________________________________________________
Mailing Address (if different)            City          State            Zip

________________________________________________________________________________
Telephone and Facsimile Numbers                         e-mail

________________________________________________________________________________
Additional contact information, if any

________________________________________________________________________________
Name(s) and title(s) of controlling entities of the Subscriber

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

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

FOR IRA, IRA-SEP, OR KEOGH INVESTORS

________________________________________________________________________________
Custodian Name                                     Custodian Account Number

________________________________________________________________________________
Custodian Mailing Address

________________________________________________________________________________

________________________________________________________________________________
Custodian Phone Number

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

Are you an existing Limited Partner in the Fund?                |_| YES   |_| NO
(if YES, please see Note A, Page 1)

Are you an Employee Benefit Plan Investor?                      |_| YES   |_| NO

Are you a U.S. Citizen or Resident?                             |_| YES   |_| NO

Are you subscribing for Units as a trustee, agent,
representative nominee on behalf of a beneficial owner,
whether a person or entity?                                     |_| YES   |_| NO

Subscriber's State of Residence:  ____________

                                      15
<PAGE>

                                 SIGNATURE PAGE
-------------------------------------------------------------------------------

           ACKNOWLEDGEMENT OF RECEIPT OF CURRENT DISCLOSURE DOCUMENT

I(we) have received a copy of the Confidential Offering Memorandum of the
Futures Portfolio Fund, Limited Partnership dated February 24, 2004,
describing the investment allocation program pursuant to which my(our) account
will be directed, including the Risk Disclosure Statement.

                              |_| YES      |_| NO

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

                            SUBSCRIBER SIGNATURE(S)

__________________________________         _____________________________________
(Name of Subscriber, Trustee,              (Name of Joint Subscriber or Trustee,
Authorized Signatory)                      if applicable)

__________________________________         _____________________________________
(Signature of Subscriber, Trustee,         (Signature of Joint Subscriber or
or Authorized Signatory)                   Trustee, if applicable)

__________________________________         _____________________________________
(Title of Signatory, if applicable)        (Title of Joint Subscriber or
                                           Trustee, if applicable)

Dated:____________________________         Dated: ______________________________

__________________________________         _____________________________________
(Name of Custodian or Trustee(s))          (Name of Additional Custodian or
                                           Trustee(s))

__________________________________         _____________________________________
(Signature of Custodian or Trustee(s))     (Signature of Additional Custodian or
                                           Trustee(s))

Dated:____________________________         Dated: ______________________________

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

                                      16
<PAGE>

                             PAYMENT INSTRUCTIONS
                             --------------------

            Amount of Subscription $_______________________________

Checks must be made payable to: "Futures Portfolio Fund L.P." Checks and an
executed original of this Subscription Agreement should be sent to your
Account Executive or Investment Adviser.

                          If sent directly, then to:

                          Futures Portfolio Fund L.P.
                          c/o Steben & Company, Inc.
                         2099 Gaither Road, Suite 200
                              Rockville, MD 20850
                                 800-726-3400

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

                            PURCHASER REPRESENTATIVE

If you are relying upon an adviser ("a Purchaser Representative") such as a
lawyer, accountant or an investment adviser, (other than your Account
Executive or Broker) to advise you in deciding whether to invest in the
Partnership, furnish the Purchaser's Representative's name and information
below. It may be necessary for the Purchaser's Representative to complete a
Questionnaire in connection with this offering.

Name: ______________________________   Profession:  ____________________________

Address: _______________________________________________________________________

Telephone: ________________________

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

           TO BE COMPLETED BY YOUR BROKER/DEALER (ACCOUNT EXECUTIVE)

Broker Name: ____________________________  Broker Dealer: ______________________

Address: _______________________________________________________________________

Telephone: _____________________   Registered Representative # __________

Email address: _________________

I hereby represent that to the best of my knowledge, an investment in Units is
a suitable investment for the Subscriber and I have performed due diligence to
make the foregoing representation. In addition, I have taken reasonable steps
to verify the Subscriber's identity in accordance with the NASD's Customer
Identification Program and the Patriot Act.

Signature: ________________________________

Office Manager Signature (if required): ____________________________________

                                      17

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