Document:

efc7-2478_ex42.htm

     

    Exhibit
      4.2

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      THE
        MERRILL LYNCH
        FUTURESACCESSSM
PROGRAM

      to
        access

      SINGLE-ADVISOR
        MANAGED FUTURES FUNDS

       

      FUTURESACCESS
        PROGRAM SUBSCRIPTION

      AND
        EXCHANGE AGREEMENT

       

      For
        Use by U.S.
        Investors

       

      How
        to Invest in
        FuturesAccess

       

      General

       

      Merrill
        Lynch Alternative Investments LLC (“MLAI”) has attempted to minimize the
        paperwork normally associated with investors (“Investors”) participating in
        private placements in general and in the Merrill Lynch Futures AccessSM Program
        (“FuturesAccess”) in particular.  All information which Investors must
        complete is included in the Signature Page attached to this FuturesAccess
        Program Subscription and Exchange Agreement (“Subscription
        Agreement”).  Acceptance of your Subscription Agreement entitles you
        to participate in any fund included in FuturesAccess (a “FuturesAccess Fund”),
        including any new FuturesAccess Funds added in the future (subject to
        availability).

       

      Investors
        participating in the FuturesAccess Funds through both taxable and tax-exempt
        accounts must submit separate Signature Pages for each such account (unless
        their Financial Advisor informs them otherwise).

       

      Investors
        must submit a new Signature Page each time they wish to invest in or exchange
        into a FuturesAccess Fund.

       

      Only
        the detachable Signature Page attached hereto must be submitted to your
        Financial Advisor, not the full Subscription Agreement.  Your
        Financial Advisor must countersign your Signature Page.  Please give
        the Signature Page to your Financial Advisor to send to
        MLAI.

       

      If
        you
        have any questions as to how to complete the Signature Page or need additional
        Subscription Agreements or Signature Pages, please contact your Financial
        Advisor or:

       

      Merrill
        Lynch Alternative Investments LLC

      Princeton
        Corporate Campus

      800
        Scudders Mill Road

      Section
        2G

      Plainsboro,
        New Jersey  08536

      (866)
        MER-ALTS; (866) 637-2587

       

       

      Steps
        to Investing

       

      
        	
                 

              	
                1.

              	
                Read
                  and carefully review the Confidential Program Disclosure Document,
                  which
                  is comprised of the Part One (A) Confidential Program
                  Document:  FuturesAccess Program General Information, Part Two
                  Confidential Program Disclosure Document:  Statement of
                  Additional Information and Part One (B) Confidential Program Disclosure
                  Document:  Trading Advisor Information (collectively referred to
                  as the “Confidential Program

              

      

       

       

       

      ________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

      

      Disclosure
        Document”) relating to the FuturesAccess Fund into which you are considering
        investing or exchanging.  Capitalized terms used herein but not
        defined shall have the meanings assigned to them in the Confidential Program
        Disclosure Document.

       

      
        	
                 

              	
                2.

              	
                Read
                  and carefully review this Subscription Agreement and the Signature
                  Page
                  attached hereto.

              

      

       

      
        	
                 

              	
                3.

              	
                Consult
                  with your Financial Advisor as to which of the FuturesAccess Funds
                  (if
                  any) are suitable for your
                  portfolio.

              

      

       

      
        	
                 

              	
                4.

              	
                Complete
                  and detach the Signature Page providing the information requested
                  and
                  indicating the specific FuturesAccess Fund(s) you have
                  selected.

              

      

       

      
        	
                 

              	
                5.

              	
                Give
                  the completed Signature Page to your Financial Advisor.  Your
                  Financial Advisor will review and countersign the Signature Page
                  and
                  forward it to MLAI.

              

      

       

      
        	
                 

              	
                6.

              	
                To
                  invest in or exchange among FuturesAccess Funds, you must submit
                  a
                  completed Signature Page to your Financial Advisor no less than
                  10 days
                  prior to the effective month-end of your investment of
                  exchange.  All subscriptions into and exchanges among
                  FuturesAccess Funds are subject to the availability of the applicable
                  FuturesAccess Fund(s) and to acceptance by
                  MLAI.

              

      

       

      
        	
                 

              	
                7.

              	
                Your
                  Merrill Lynch Account will be debited on or about each monthly
                  closing
                  date in the amount of your subscription, which will be invested
                  directly
                  in the FuturesAccess Fund(s).  No interest will be payable with
                  respect to any such subscriptions.

              

      

       

      
        	
                 

              	
                8.

              	
                Your
                  Financial Advisor will inform you when your Merrill Lynch Account
                  will be
                  debited in the amount of your investment, as well as the date when
                  any
                  exchange will be effective.

              

      

       

       

      The
        subscriber (“Subscriber”) may invest in FuturesAccess through taxable accounts
        as well as through individual retirement accounts (“IRAs”) and other tax-exempt
        accounts.  Investments by the Subscriber and by related tax-exempt as
        well as taxable accounts (including certain investments for the benefit of
        immediate family members of the Subscriber) may be combined for purposes
        of
        meeting FuturesAccess minimums (see “Offering Procedures – Classes of Units” in
        the Part One (A) Confidential Program Disclosure Document: FuturesAccess
        Program
        General Information).  A separate Signature Page must be completed for
        each such account.  If any of the accounts listed on the Signature
        Page include plans subject to Section 4975 of the Internal Revenue Code of
        1986,
        as amended (the “Code”), such as IRAs, or plans that are subject to the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), the Subscriber
        must represent on the Signature Page that the aggregation of such plans with
        other accounts for any purpose relating to FuturesAccess or the Merrill Lynch
        HedgeAccess®
        Program (“HedgeAccess”) does not result in an act of self-dealing under the
        prohibited transaction provisions of Section 4975 of the Code or Section
        406 of
        ERISA.

       

      The
        Subscriber should complete the “Related Accounts” section of the Signature Page
        if the Subscriber wishes to combine related accounts.

      

        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

         

        
          
            
            

          

          
            S-2

            
              

            

          

          
            
            

          

        

         

        Multiple
          Classes of Units

         

      

      Four
        Classes of Units are generally offered by the FuturesAccess
        Funds:  Class A, Class C, Class I and Class D.  Each Class
        is subject to a different fee structure, and Class I and Class D are subject
        to
        certain eligibility requirements.  The Units of the Trend-Following
        Fund currently are not divided into Classes.

       

      Subscribers
        may choose between Class A Units (upfront sales commission; lower ongoing
        Sponsor Fees) and Class C Units (no upfront sales commission; higher ongoing
        Sponsor Fees).  There is no minimum “Program Investment” (defined
        below) required to invest in Class A or Class C Units (other than the $10,000
        minimum subscription amount required to invest in a particular FuturesAccess
        Fund or FuturesAccess overall).

       

      If
        a
        Subscriber instructs MLAI to combine subscriptions or investments involving
        any
        plan subject to Section 4975 of the Code or the provisions of ERISA, the
        Subscriber is deemed to represent that the aggregation of such plans with
        other
        accounts for any purpose relating to FuturesAccess or HedgeAccess does not
        result in an act of self-dealing under the prohibited transaction provisions
        of
        Section 4975 of the Code or Section 406 of ERISA.

       

      Prior
        to
        April 1, 2006, an Investor’s class eligibility was determined based on such
        Investor’s aggregate subscriptions (excluding exchanges) in FuturesAccess
        overall as well as, in the case of Class D Units, aggregate subscriptions
        (including exchanges) into a particular FuturesAccess Fund, and redemptions
        were
        not netted against subscriptions for purposes of determining Class I and
        Class D
        eligibility.  Effective April 1, 2006, an Investor’s Class I and Class
        D eligibility is determined not on the basis of aggregate subscriptions,
        but on
        the basis of an Investor’s total FuturesAccess Investment in FuturesAccess
        overall as well as, in the case of Class D Units, a particular FuturesAccess
        Fund, and an Investor’s redemptions will effectively be netted against such
        Investor’s subscriptions for purposes of determining Class I and Class D
        eligibility.

       

      An
        Investor’s “FuturesAccess Investment,” determined as of the beginning of each
        month, equals the greater of:

       

      
        
          	
                  ·  

                	
                  the
                    market value of an Investor’s outstanding Units in FuturesAccess (or a
                    particular FuturesAccess Fund, as applicable) based on the most
                    recently
                    available Net Asset Values, plus pending subscriptions;
                    or

                

        

         

        
          	
                  ·  

                	
                  
                    an
                      Investor’s net subscriptions to FuturesAccess overall (or a particular
                      FuturesAccess Fund, as applicable).  Net subscriptions means an
                      Investor’s aggregate subscriptions less aggregate redemptions (not
                      including pending
                      redemptions).

                  

                

        

         

      

      Except
        for purposes of determining Class D eligibility in a particular FuturesAccess
        Fund, the purchase and sale of Units in an exchange offset each other and
        have
        no effect on the amount of an Investor’s net subscriptions to FuturesAccess
        overall.

       

      FuturesAccess
        Investments attributable to certain related accounts may be combined for
        purposes of determining an Investor’s Class I and Class D
        eligibility.  In addition, Investors who participate in HedgeAccess
        (private investment funds that primarily trade securities rather than futures
        and forward contracts) are permitted to aggregate their investments in
        FuturesAccess and HedgeAccess for purposes of determining such Investors’ Class
        I and Class D eligibility, as well as determining sales commissions applicable
        to their purchases of Class A Units.

       

      There
        is
        no minimum FuturesAccess Investment required to invest in Class A or Class
        C
        Units (other than the $10,000 minimum investment in any FuturesAccess
        Fund).

      

        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

         

         

        
          
            
            

          

          
            S-3

            
              

            

          

          
            
            

          

        

         
New
        Investors whose initial subscription equals or exceeds $5,000,000 will be
        issued
        Class I Units, where available, in each FuturesAccess Fund in which they
        invest.  If an existing Investor whose FuturesAccess Investment is
        less than $5,000,000 makes an additional subscription which causes such
        Investor’s FuturesAccess Investment to equal or exceed $5,000,000 (including the
        new subscription), the entire new subscription will be invested in Class
        I
        Units.  The Investor’s existing Units (if any) will not be converted
        from Class A or Class C (as the case may be) to Class I Units, but all
        subsequent subscriptions and exchanges made by such Investor will be for
        Class I
        Units.

       

      Class
        D
        eligibility is determined on both an individual FuturesAccess Fund and an
        overall FuturesAccess basis.  For Investors whose initial subscription
        to any one FuturesAccess Fund equals or exceeds $5,000,000, the Investor
        will
        receive Class D Units, where available, in that FuturesAccess
        Fund.  If an Investor, whose FuturesAccess Investment in a particular
        FuturesAccess Fund is less than $5,000,000, makes an additional subscription
        or
        exchange into that FuturesAccess Fund which causes such Investor’s FuturesAccess
        Investment to equal or exceed $5,000,000 (including the new subscription
        or
        exchange), the entire new subscription or exchange into that FuturesAccess
        Fund
        will be invested in Class D Units.  The Investor’s existing Units in
        that FuturesAccess Fund will not be converted to Class D Units, but all
        subsequent subscriptions or exchanges made by such Investor into the same
        FuturesAccess Fund will be for Class D Units.  However,
        notwithstanding the fact that an Investor’s FuturesAccess Investment in a
        particular FuturesAccess Fund equals or exceeds $5,000,000, if that Investor
        invests or exchanges into another FuturesAccess Fund in which such Investor’s
        FuturesAccess Investment is less than $5,000,000, such Investor will not
        receive
        Class D Units in such other FuturesAccess Fund (except as described in the
        next
        paragraph).

       

      New
        Investors whose initial subscription equals or exceeds $15,000,000 will be
        issued Class D Units in each FuturesAccess Fund in which they invest and
        which
        offers different Classes of Units, irrespective of whether such Investor’s
        FuturesAccess Investments in any one FuturesAccess Fund equals or exceeds
        $5,000,000.  If an existing Investor whose FuturesAccess Investment is
        less than $15,000,000 makes an additional subscription immediately after
        which
        such Investor’s FuturesAccess Investment equals or exceeds $15,000,000
        (including the new subscription), the entire new subscription will be invested
        in Class D Units.  The Investor’s existing Units will not be converted
        to Class D Units, but all subsequent subscriptions and exchanges made by
        such
        Investor will be for Class D Units.

       

      Subscriptions
        made to all FuturesAccess Funds are aggregated for purposes of determining
        whether an Investor will receive Class I Units, and for purposes of determining
        whether an Investor’s subscriptions to multiple FuturesAccess Funds permit such
        Investor to receive Class D Units.

       

      Prior
        to
        April 1, 2006, Redemptions were not netted against subscriptions for purposes
        of
        determining Class I or Class D Unit eligibility.  After April 1, 2006,
        Redemptions are netted against subscriptions for purposes of determining
        Class I
        or Class D Unit eligibility.  For subscriptions effective on or after
        April 1, 2006, Class D and Class I eligibility will be determined not on
        the
        basis of aggregate subscriptions, but on the basis of an Investor’s total
“FuturesAccess Investment” in FuturesAccess overall as well as, in the case of
        Class D Units, a particular FuturesAccess Fund, as described above.

       

      Once
        an
        Investor is issued Class I or Class D Units, such Investor will continue
        to be
        issued Class I or Class D Units (as applicable) irrespective of the level
        of
        such Investor’s FuturesAccess Investment at any future date.  However,
        if an Investor withdraws entirely from FuturesAccess or a particular
        FuturesAccess Fund and subsequently reinvests, such Investor’s Class I and/or
        Class D Unit eligibility will be determined from the date of such reinvestment
        as if the Investor had never previously participated in FuturesAccess or
        such
        FuturesAccess Fund.

       

      Merrill
        Lynch officers and employees invest in Class I Units without regard to the
        $5,000,000 minimum FuturesAccess Investment requirement.  Such
        exemption from the minimum FuturesAccess Investment requirement will not
        be
        generally available to other Investors.

      

        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

         

        
          
            
            

          

          
            S-4

            
              

            

          

          
            
            

          

        

         

        Certain
          Merrill Lynch clients may invest in Class I Units on different terms than
          those
          described herein, depending on the type of Merrill Lynch Account held by
          such
          clients.  In addition, FuturesAccess Funds may from time to time offer
          to certain Merrill Lynch clients a customized Class of Units having different
          financial terms than those described herein, provided that doing so does
          not
          have a material adverse effect on existing Investors.  Such customized
          Classes will generally be designated for Investors who are subject to additional
          fees on their investments in FuturesAccess Funds depending on the type
          of
          Merrill Lynch Account held by such Investors, but also may be so designated
          for
          other reasons.

      

       

      Although
        the Units of the Trend-Following Fund currently are not divided into Classes,
        amounts subscribed to or redeemed from the Trend-Following Fund will be included
        in the calculation of an Investor’s FuturesAccess Investment in determining such
        Investor’s class eligibility with respect to the other FuturesAccess
        Funds.

       

      Investors
        who are “Qualified Purchasers” (generally, individuals with $5,000,000 and
        entities with $25,000,000 of “Net Investments”) may also participate in
        HedgeAccess, which provides access to “hedge funds” (private investment funds
        which primarily trade securities).  Investors who participate in both
        Programs may aggregate their investments in both Programs toward the minimum
        investment levels established for acquiring Class I and Class D Units
        established for HedgeAccess and vice versa.  In deciding whether to
        aggregate investments, fiduciaries of IRAs and fiduciaries of plans that
        are
        subject to ERISA must ensure that such combination does not result in an
        act of
        self-dealing under the prohibited transaction provisions of Section 4975
        of the
        Code or Section 406 of ERISA.

       

      The
        Exchange Privilege

       

      Subject
        to any restrictions imposed by the various FuturesAccess Funds (either
        temporarily or on an ongoing basis), Investors may generally exchange their
        Units in any FuturesAccess Fund for those of any other FuturesAccess Fund
        (subject to FuturesAccess Fund availability and Investor eligibility) as
        of the
        end of each calendar month on at least 10 days’ prior notice. 

       

      Exchanges
        are generally made between Units of the same Class (except as described below)
        at Net Asset Value as of the effective date of the exchange.  However,
        the Units of the Trend-Following Fund currently are not divided into Classes,
        and accordingly, Investors exchanging into the Units of the Trend-Following
        Fund
        will receive Units of a single Class.  Amounts subscribed to or
        redeemed from the Trend-Following Fund will, however, be included in the
        calculation of an Investor’s FuturesAccess Investment in determining such
        Investor’s Class eligibility when exchanging Units of the Trend-Following Fund
        for Units of the other FuturesAccess Funds.  

       

      An
        Investor exchanging Class A, Class C or Class I Units in a FuturesAccess
        Fund
        for Units in another FuturesAccess Fund will generally receive Units of the
        same
        Class in such other FuturesAccess Fund.  However, if an exchange
        brings an Investor’s FuturesAccess Investments in a particular FuturesAccess
        Fund to or over the $5,000,000 threshold, the entire exchange will be invested
        in Class D Units.  The Investor’s existing Units in such FuturesAccess
        Fund will not be converted to Class D Units, but all subsequent subscriptions
        and exchanges by such Investor into such FuturesAccess Fund will be for Class
        D
        Units. 

       

      An
        Investor exchanging Class D Units in a FuturesAccess Fund for Units in another
        FuturesAccess Fund will be issued Class I Units in the latter if the Investor’s
        FuturesAccess Investments in the latter FuturesAccess Fund total less than
        $5,000,000 and such Investor’s FuturesAccess Investments in FuturesAccess
        overall do not equal or exceed $15,000,000.  See the rules regarding
        exchanges of Class D Units, discussed in the “Summary — General Terms of the
        Classes of Units” in the Part One (A) Confidential Program
        Document:  FuturesAccess Program General Information.

       

      The
        same Class of Units may be subject to different brokerage commissions as
        well as
        different Management and Performance Fees in different FuturesAccess
        Funds.

    

     

    
      ________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

    

     

    
      
        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

    
       

      Exchanges
        are permitted into a FuturesAccess Fund in $10,000 minimums.  There
        are no minimum increments in which exchanges must be made.  Exchanges
        into a FuturesAccess Fund may be aggregated with subscriptions into such
        FuturesAccess Fund by the same Investor.  In deciding whether to
        aggregate exchanges and subscriptions, fiduciaries of IRAs and fiduciaries
        of
        plans that are subject to ERISA must ensure that such combination does not
        result in an act of self-dealing under the prohibited transaction provisions
        of
        Section 4975 of the Code or Section 406 of ERISA. 

       

      If,
        immediately following an exchange out of a FuturesAccess Fund, an Investor
        would
        have an investment of less than $10,000 in such FuturesAccess Fund, such
        Investor must exchange out of such Investor’s entire investment in such
        FuturesAccess Fund. 

       

      No
        sales
        commissions, redemption or exchange charges will be assessed on any
        exchange.  Class A Units acquired in an exchange will be treated as if
        they have been outstanding since the date of their initial issuance for purposes
        of determining the ongoing compensation due to the Selling Agent (which begins
        only in the thirteenth month after Class A Units are issued). Otherwise,
        an
        exchange into the Units of a given FuturesAccess Fund will be made on the
        same
        terms as making a new subscription for such Units.  Any accrued
        Performance Fees will be assessed when an Investor exchanges out of a
        FuturesAccess Fund. 

       

      For
        tax
        purposes, exchanges will be treated as redemptions from the FuturesAccess
        Fund(s) from which Units are exchanged and subscriptions into the FuturesAccess
        Fund(s) into which Units are exchanged. 

       

      Units
        acquired in an exchange are indistinguishable from Units acquired with a
        new
        subscription (except in respect of determining ongoing compensation due in
        respect of Class A Units).  If there is a loss carryforward with
        respect to the Performance Fee calculation for a FuturesAccess Fund out of
        which
        an Investor exchanges, that loss carryforward will be forfeited and will
        have no
        effect on the calculation of the Performance Fee due in respect of the
        FuturesAccess Fund into which such Investor exchanges. 

       

      Only
        whole Units will be issued or may be exchanged.  Any dollar amounts
        exchanged which cannot be reinvested into whole Units will be credited to
        the
        exchanging Investor’s Merrill Lynch Account. 

       

      MLAI
        reserves the right to restrict or terminate the Exchange Privilege at any
        time.  See “Restriction, Suspension or Termination of the Exchange
        Privilege,” below.  NO ONE SHOULD INVEST IN FUTURESACCESS IN RELIANCE
        ON THE EXCHANGE PRIVILEGE.

       

      A
        new Signature Page must be submitted for each purchase or exchange, even
        if an
        Investor already owns Units of the FuturesAccess Fund(s) into which the purchase
        or exchange is being made. ALTHOUGH FUTURESACCESS 

       

      ALLOWS
        INVESTORS TO REALLOCATE INVESTMENTS THROUGH EXCHANGES AMONG FUTURESACCESS
        FUNDS,
        INVESTORS SHOULD BE AWARE THAT FUTURESACCESS IS NOT DESIGNED TO ENCOURAGE
        FREQUENT EXCHANGES, WHICH MAY DETRACT FROM RETURNS.

       

       

      ________________

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

    

     

    
      ________________

      U.S.
        Investors

      FuturesAccess
        Program Subscription and Exchange Agreement

    

     

    
      
        
        

      

      
        S-6

        
          

        

      

      
        
        

      

    

     

    THE
      MERRILL LYNCH FUTURESACCESSSM
      PROGRAM

     

    
      FUTURESACCESS
        PROGRAM SUBSCRIPTION AND EXCHANGE

      AGREEMENT

       

      For
        Use by U.S. Investors

       

      This
        Subscription Agreement relates to your participation in one or more
        FuturesAccess Funds included in FuturesAccess.  You must identify the
        particular FuturesAccess Funds(s) into which you wish to invest or exchange
        on
        the Signature Page attached hereto.  You must submit a new Signature
        Page each time you wish to invest in or exchange among FuturesAccess
        Funds.

       

      ____________________

       

      The
        Subscriber must complete the attached Signature Page indicating the specific
        FuturesAccess Fund(s) to which such Subscriber wishes to subscribe, or into
        which the Subscriber wishes to exchange, and acknowledging receipt of the
        Confidential Program Disclosure Document.

       

      By
        completing and executing the Signature Page, the Subscriber is confirming
        that
        the Subscriber has the level of financial sophistication necessary to evaluate
        the merits and risks of specialized, non-traditional investments such as
        the
        FuturesAccess Funds, and understands that the speculative and illiquid nature
        of
        an investment in one or more of the FuturesAccess Funds makes such investment
        suitable only for a limited portion of the Subscriber’s portfolio.

       

      The
        Subscriber also understands and agrees that, although MLAI will use reasonable
        efforts to keep the information provided in each Signature Page strictly
        confidential, MLAI and/or one or more FuturesAccess Funds and/or MLAI may
        present the Signature Page and the information provided therein to such parties
        as MLAI deems advisable if called upon to establish the availability under
        any
        applicable law of an exemption from registration for the Units, to the extent
        necessary for any of the FuturesAccess Funds, MLAI or any of their respective
        affiliates, to comply with applicable law, if such information is or may
        be
        relevant to an issue in any action, suit or proceeding to which any
        FuturesAccess Fund, MLAI or any of their respective affiliates is a party
        or by
        which any of the foregoing are or may be bound, or upon the request of any
        regulatory, governmental or self-regulatory authority.

       

      I.           Representations,
        Warranties and Agreements of the Subscriber.  As an inducement to
        MLAI to accept the Subscriber’s Subscription Agreement, the Subscriber
        represents and warrants to MLAI and the applicable FuturesAccess Fund(s)
        as
        follows:

       

      A.           Authority
        and Eligibility

       

      
        	
              	
                (1)

              	
                (a)           If
                  an individual, the Subscriber (including each individual joint
                  Subscriber)
                  is at least 21 years old and is legally competent to execute and
                  deliver
                  the Signature Page and to comply with the terms of this Subscription
                  Agreement.

              

      

       

      
        	
              	
                (b)

              	
                (i)           If
                  an entity (e.g., a corporation, partnership, limited liability
                  company or
                  trust), the Subscriber is duly authorized and qualified to become
                  an
                  Investor.  If the Subscriber is a passive investment vehicle,
                  the sponsor of the Subscriber either is duly registered as a “commodity
                  pool operator” with the Commodity Futures Trading Commission and a member
                  in good standing of the National Futures Association in such capacity
                  or
                  is exempt from doing so.

              

      

    

     

     

     

     

    
      
        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

      

    

    
      

       

      
        
          
          

        

        
          S-7

          
            

          

        

        
          
          

        

      

       

       

      (ii)           The
        person (the “Signatory”; the Subscriber and the Signatory to be referred to
        collectively as the “Subscriber”, unless the context otherwise requires)
        executing and delivering the Signature Page or making an investment or exchange
        into or from any FuturesAccess Fund on behalf of the Subscriber has been
        duly
        authorized by the Subscriber to do so.  The Subscriber has full power
        and authority to comply with the terms of this Subscription Agreement, as
        well
        as to discharge its obligations to the applicable FuturesAccess Funds, including
        under the General Form of Operating Agreement of the FuturesAccess Funds
        (the
“Operating Agreement”).

       

      Entity
        Subscribers must confirm that they are authorized to invest in the FuturesAccess
        Funds, each of which is a speculative, non-traditional
        investment.  Many Entity investors may not, in fact, be authorized —
pursuant to their charter documents, investment policies or other applicable
        provisions — to invest in the FuturesAccess Funds.

       

      
        	
                (2)

              	
                The
                  Subscriber has had substantive business dealings with Merrill Lynch
                  and/or
                  a Merrill Lynch Financial Advisor for at least six months, and
                  believes
                  that Merrill Lynch and/or the Subscriber’s Merrill Lynch Financial Advisor
                  should have sufficient information to be able to assess the Subscriber’s
                  financial position, knowledge and
                  sophistication.

              

      

       

      
        	
                (3)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) has
                  sufficient knowledge and experience in financial and business matters
                  that
                  the Subscriber is capable of evaluating the merits and risks of
                  an
                  investment in a FuturesAccess Fund and of making an informed investment
                  decision regarding the purchase of the Units, and the Subscriber
                  is able
                  to bear the economic risk of a speculative investment such as the
                  FuturesAccess Funds, including the risk of losing the Subscriber’s entire
                  investment.  The Subscriber understands that investments in
                  FuturesAccess Funds are suitable only for a limited portion of
                  the risk
                  segment of the Subscriber’s portfolio, and represents that the
                  Subscriber’s investments in the FuturesAccess Funds constitute only a
                  limited portion of the Subscriber’s overall
                  portfolio.

              

      

       

      
        	
                (4)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) has (i)
                  received and carefully reviewed a copy of the Confidential Program
                  Disclosure Document including the Part One (B) Confidential Program
                  Disclosure Document: Trading Advisor Information relating to the
                  Trading
                  Advisors for the FuturesAccess Funds in which the Subscriber proposes
                  to
                  invest, including without limitation the “Risk Factors” section thereof,
                  and (ii) has carefully evaluated and understands the various risks
                  of an
                  investment in each FuturesAccess Fund, including without limitation
                  the
                  limited liquidity of the Units, absence of regulatory oversight
                  and
                  performance volatility of such FuturesAccess Funds, and the Subscriber
                  can
                  afford to bear such risks.

              

      

       

      
        	
                (5)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) has been
                  afforded the opportunity to ask and receive complete and satisfactory
                  answers to any questions and to obtain any additional information
                  and
                  materials the Subscriber has reasonably requested relating to any
                  FuturesAccess Fund, its proposed operations, the private placement of
                  the
                  Units, the Trading Advisors and any other matters related thereto
                  including any additional information which MLAI possesses or can
                  acquire
                  without unreasonable effort or expense that the Subscriber considers
                  necessary to verify the accuracy of the information included in
                  the
                  Confidential Program Disclosure
                  Document.

              

      

       

      
        	
                (6)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) has relied
                  only on the information contained in the Confidential Program Disclosure
                  Document in determining whether to subscribe for Units in a FuturesAccess
                  Fund or FuturesAccess Funds,

              

      

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

      
        
          
          

        

        
          S-8

          
            

          

        

        
          
          

        

      

       

      irrespective
        of any information the Subscriber may have been furnished as described
        above.

       

      
        	
                (7)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) understands
                  that any performance information contained in the Confidential
                  Program
                  Disclosure Document should not be interpreted to mean that the
                  applicable
                  FuturesAccess Fund or Trading Advisor will have similar results
                  in the
                  future or avoid substantial losses.

              

      

       

      
        	
                (8)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) specifically
                  recognizes and consents to the conflicts of interest described
                  in the
                  Confidential Program Disclosure
                  Document.

              

      

       

      
        	
                (9)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) acknowledges
                  that MLAI has established the business terms of each FuturesAccess
                  Fund
                  without arm’s-length negotiations with any representatives of prospective
                  investors, and that no party has represented the investors in establishing
                  the terms of any aspect of
                  FuturesAccess.

              

      

       

      
        	
                (10)

              	
                The
                  Subscriber (and the Subscriber’s financial advisors, if any) understands
                  and agrees that Units will be redeemed and the FuturesAccess Funds’ fees
                  calculated on the basis of estimated numbers (as well as subsequent
                  revisions of such numbers), and that no retroactive adjustments
                  will be
                  made to reflect any differences between estimated and final
                  numbers.

              

      

       

      
        	
                (11)

              	
                If
                  the Subscriber is an entity, the Subscriber was not formed for
                  the
                  specific purpose of investing in any FuturesAccess Fund, and no
                  more than
                  40% of the Subscriber’s assets are invested in any FuturesAccess Fund;
                  furthermore, investors in the Subscriber participate in investments
                  made
                  by the Subscriber on a pro rata basis in accordance with each
                  such investor’s interest in the Subscriber (except as necessary to comply
                  with applicable laws or
                  regulations).

              

      

       

      
        	
                (12)

              	
                (a)                      The
                  Subscriber, if not a benefit plan investor, as described below,
                  on the
                  date this Subscription Agreement is signed, agrees to notify MLAI
                  immediately if the Subscriber becomes a benefit plan
                  investor.

              

      

       

      
        	
              	
                (b)

              	
                (i)           Benefit
                  Plan Investors.  The Signatory has indicated on the Signature
                  Page if the Subscriber is “benefit plan investor” and, if so, if the
                  Subscriber is a Plan Assets entity, as defined below.  The term
                  “benefit plan investor” refers to (i) any “employee benefit plan” as
                  defined in, and subject to the fiduciary responsibility provisions
                  of
                  ERISA, (ii) any “plan” as defined in and subject to Section 4975 of the
                  Code, and (iii) any entity (a “Plan Assets Entity”) deemed for any purpose
                  of ERISA or Section 4975 of the Code to hold assets of any such
                  employee
                  benefit plan or plan due to investments made in such entity by
                  already
                  described benefit plan investors.  Benefit plan investors
                  include, but are not limited to, corporate pension and profit sharing
                  plans, “simplified employee pension plans,” Keogh plans for self_employed
                  individuals (including partners), individual retirement accounts,
                  medical
                  benefit plans, life insurance plans, church plans that have elected
                  to be
                  subject to ERISA, bank commingled trust funds, or insurance company
                  separate accounts, for such plans and accounts, and, under certain
                  circumstances, all or a portion of the general account of an insurance
                  company.

              

      

       

      
        	
              	
                (ii)

              	
                If
                  the Subscriber has indicated on the Signature Page both that it
                  is a
                  benefit plan investor and a Plan Assets Entity, the Subscriber
                  hereby
                  represents

              

      

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

       

      
        
          
          

        

        
          S-9

          
            

          

        

        
          
          

        

      

      and
        warrants that the percentage of the Plan Assets Entity’s equity interests held
        by benefit plan investors does not exceed the percentage set forth on the
        Signature Page.  To ease the administrative burden related to
        monitoring and updating this percentage, MLAI recommends that the Subscriber
        build in some cushion so that the Subscriber will not have to notify the
        MLAI if
        the percentage changes slightly.

       

      (iii)           The
        Subscriber agrees to immediately notify MLAI upon any change to the foregoing
        representations.

       

      
        	
                (13)

              	
                If
                  the Signatory is, or is acting on behalf of, an “employee benefit plan,”
                  as defined in and subject to ERISA, or any “plan,” as defined in and
                  subject to Section 4975 of the Code (a “Plan”), or a Plan Assets Entity
                  (iin which case, the following representations and warranties are
                  made
                  with respect to each Plan holding an investment in such Plan Assets
                  Entity), the Signatory, in addition to the other representations
                  and
                  warranties set forth herein, further represents and warrants as,
                  or on
                  behalf of, the fiduciary (the “Plan Fiduciary”) of the Plan responsible
                  for purchasing Units that: (a) the Plan Fiduciary has considered
                  an
                  investment in the applicable FuturesAccess Fund(s) for such Plan
                  in light
                  of the risks relating thereto; (b) the Plan Fiduciary has determined
                  that,
                  in view of such considerations, the proposed investment in such
                  FuturesAccess Fund(s) is consistent with the Plan Fiduciary’s
                  responsibilities under ERISA; (c) the Plan’s investment in such
                  FuturesAccess Fund(s) 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 such FuturesAccess
                  Fund(s) has been duly authorized and approved by all necessary
                  parties;
                  (e) none of the “Interested Parties” (as defined below): (i) has
                  investment discretion within respect to the investment of assets
                  of the
                  Plan used to purchase Units in such FuturesAccess Fund(s); (ii)
                  has
                  authority or responsibility to or regularly gives investment advice
                  with
                  respect to the assets of the Plan used to purchase units in such
                  FuturesAccess Fund(s) for a fee and pursuant to an agreement or
                  understanding that such advice will serve as a primary basis for
                  investment decisions 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; and (f) the Plan
                  Fiduciary (i) is authorized to make, and is responsible for, the
                  decision
                  to invest in such FuturesAccess Fund(s), including the determination
                  that
                  such investment is consistent with the requirement imposed by Section
                  404
                  of ERISA that Plan investments be diversified so as to minimize
                  the risks
                  of large losses, (ii) is independent of the Interested Parties;
                  and (iii)
                  is qualified to make such investment decision.  The Signatory
                  will, at the request of MLAI, furnish MLAI with such information
                  as MLAI
                  may reasonably require to establish that the purchase of Units
                  by the
                  Subscriber does 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.  For purposes of the foregoing, “Interested Party”
                  means MLAI, the Trading Advisors, the Selling Agent, MLIB, each
                  Financial
                  Advisor and any person whom the Plan Fiduciary knows to be an agent,
                  employee or affiliate of any of the
                  foregoing.

              

      

       

      
        	
                (14)

              	
                If
                  the Subscriber is an insurance company using assets of its general
                  account
                  to purchase Units, the Subscriber hereby represents and warrants
                  that none
                  of such assets used to purchase the Units of any FuturesAccess
                  Fund
                  represent the assets of “employee benefit plans,” or the Subscriber has
                  notified MLAI of the percentage of such assets that represents
                  the assets
                  of “employee benefit plans.”

              

      

       

      
        	
                (15)

              	
                The
                  Subscriber understands that no federal or state agency or securities
                  exchange has reviewed the Confidential Program Disclosure Document
                  or the
                  private placement of the

              

      

    

     

    
      
        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

      

    

    
      

      
        
          
          

        

        
          S-10

          
            

          

        

        
          
          

        

      

       

      Units
        or
        has made any finding or determination as to the fairness of the business
        terms
        of an investment in any FuturesAccess Fund.

       

      
        	
              	
                (16)

              	
                The
                  Subscriber is acquiring Units for the Subscriber’s own account, as
                  principal, for investment and not with a view to the resale or
                  distribution of all or any of such Units, except as described in
                  Section
                  F: Trustees, Agents, Representatives and Nominees, below.  The
                  Subscriber understands that, based in part on the representations
                  and
                  warranties of the Subscriber, (i) the Units have not been and will
                  not be
                  registered under the Securities Act of 1933, as amended (the “Securities
                  Act”), the securities laws of any state, or the securities laws of
                  any
                  other jurisdiction, and (ii) no FuturesAccess Fund will be registered
                  under the Investment Company Act of 1940, as amended (the “Company
                  Act”).

              

      

       

      B.           Program
        Restrictions on Exchanges and Transfers

       

      
        	
              	
                (1)

              	
                The
                  Subscriber acknowledges that MLAI is under no obligation to maintain
                  the
                  FuturesAccess Exchange Privilege and that such Exchange Privilege
                  may be
                  terminated at any time.  The Subscriber must not invest in any
                  FuturesAccess Fund in reliance on the continuation of the Exchange
                  Privilege.

              

      

       

      
        	
              	
                (2)

              	
                In
                  the event that one or more FuturesAccess Funds suspend redemptions
                  or the
                  calculation of net asset value, the Exchange Privilege with respect
                  to
                  such FuturesAccess Fund(s) will also be
                  suspended.

              

      

       

      
        	
              	
                (3)

              	
                The
                  Subscriber acknowledges and agrees that: (i) the transfer of the
                  Subscriber’s Units is subject to restrictions in the Operating Agreement
                  and requires the approval of MLAI, which approval may be withheld
                  in
                  MLAI’s sole discretion; (ii) the Units may not be transferred to any
                  person that is not an “accredited investor” (as defined in Regulation D
                  under the Securities Act); (iii) investments in the FuturesAccess
                  Funds
                  are illiquid; (iv) no market exists for the Units, and none is
                  expected to
                  develop; and (v) no FuturesAccess Fund will be listed on any exchange
                  or
                  otherwise regularly traded.

              

      

       

      C.           Disclosures

       

      
        	
              	
                (1)

              	
                The
                  Subscriber confirms that none of MLAI, the FuturesAccess Funds,
                  the
                  Trading Advisors, the Selling Agent or any associate, affiliate,
                  representative or advisor of any of the foregoing, guarantees the
                  success
                  of an investment in any FuturesAccess Fund or that substantial
                  losses will
                  not be incurred on such investment.

              

      

       

      
        	
              	
                (2)

              	
                The
                  Subscriber understands that the Selling Agent is not guaranteeing
                  or
                  assuming responsibility for the operation or possible liabilities
                  of MLAI,
                  any FuturesAccess Fund or any Trading Advisor, and that neither
                  the
                  Selling Agent nor MLAI will supervise or participate in any respect
                  in the
                  management or investment decisions for any FuturesAccess
                  Fund.

              

      

       

      
        	
              	
                (3)

              	
                The
                  Subscriber understands that MLAI is an indirect subsidiary of Merrill
                  Lynch & Co., Inc. (“ML&Co.”), as well as an affiliate of the
                  Selling Agent which also serves as the commodity broker for each
                  FuturesAccess Fund and receives brokerage commissions as well as
                  interest
                  income (or the equivalent) as a result of acting in such
                  capacity.  The Subscriber also understands that MLIB, an
                  affiliate of MLAI, may act as a forward currency counterparty for
                  each
                  FuturesAccess Fund.

              

      

    

     

     

    
      
        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

      

    

     

    
      
        
        

      

      
        S-11

        
          

        

      

      
        
        

      

    

    
       

      
        	
              	
                (4)

              	
                The
                  Subscriber understands that, as disclosed in the Confidential Program
                  Disclosure Document, MLAI will received a portion of the advisory
                  compensation which would otherwise be payable to the relevant Trading
                  Advisor in respect of any FuturesAccess
                  Fund.

              

      

       

      
        	
              	
                (5)

              	
                The
                  Subscriber understands that, as disclosed in the Memorandum, MLAI
                  and/or
                  another Merrill Lynch entity may provide the initial (“seed”) capital to
                  enable a FuturesAccess Fund to begin trading before sufficient
                  client
                  capital has been raised to meet the minimum capitalization necessary
                  for
                  the Trading Advisor of such FuturesAccess Fund to implement its
                  investment
                  strategy, and will redeem such seed capital (if any) as provided
                  in the
                  Confidential Program Disclosure Document.  The Subscriber
                  further understands that neither the Sponsor nor any other Merrill
                  Lynch
                  entity is obligated to seed any FuturesAccess Fund, and the Sponsor
                  may
                  dissolve any FuturesAccess Fund which the Sponsor and/or another
                  Merrill
                  Lynch entity has seeded at any time, irrespective of whether such
                  FuturesAccess Fund has accepted client
                  capital.

              

      

       

      
        	
              	
                (6)

              	
                The
                  Subscriber acknowledges and agrees that: (i) the relevant FuturesAccess
                  Funds may execute trades, including trades executed on a
                  principal-to-principal basis, with affiliates of MLAI; and (ii)
                  MLAI may
                  invest the cash reserves of FuturesAccess Funds in short-term investment
                  vehicles or deposit accounts managed or maintained by MLAI or an
                  affiliate.

              

      

       

      
        	
              	
                (7)

              	
                The
                  Subscriber acknowledges and understands that Merrill Lynch may
                  make the
                  K-1s prepared for the Subscriber in connection with the Subscriber’s
                  investments in the FuturesAccess Fund(s) accessible to the Subscriber’s
                  Merrill Lynch Financial Advisor, and consents to its Financial
                  Advisor
                  having access to the Subscriber’s
                  K-1s.

              

      

       

       

      D.           Tax
        Issues

       

      
        	
              	
                (1)

              	
                The
                  Subscriber confirms, under penalty of perjury, that the Subscriber
                  is a
                  U.S. Person, as the term “U.S. Person” is defined in Section 7701(a)(30)
                  of the Code, and the Subscriber undertakes to advise the FuturesAccess
                  Fund and MLAI promptly in writing if the Subscriber ceases to be
                  a U.S.
                  Person during the term of the Subscriber’s investment in a FuturesAccess
                  Fund.  The Subscriber understands that if at any time it ceases
                  to be a U.S. Person, it may be subject to U.S. withholding tax
                  or other
                  consequences as well as being required to redeem out of the
                  Program.

              

      

       

      
        	
              	
                (2)

              	
                The
                  Subscriber acknowledges that annual tax information received from
                  the
                  FuturesAccess Funds may not be received in sufficient time to permit
                  the
                  Subscriber to incorporate such information into the Subscriber’s own
                  annual tax information prior to April 15 of each year; as a result,
                  the
                  Subscriber understands that it will likely be required to obtain
                  extensions for filing the Subscriber’s U.S. federal, state and local
                  income tax returns each year.

              

      

       

      
        	
              	
                (3)

              	
                The
                  Subscriber confirms that the Subscriber is not subject to backup
                  withholding.  The Subscriber understands that the Program will
                  not accept subscriptions from the Subscriber if the Subscriber
                  is subject
                  to backup withholding.

              

      

       

       

      E.           Accuracy
        and Updating of Subscriber Information

       

      
        	
              	
                (1)

              	
                The
                  Subscriber represents that all the information, financial or otherwise,
                  which the Subscriber has furnished to the applicable FuturesAccess
                  Fund(s), the Selling Agent or the Subscriber’s Merrill Lynch Financial
                  Advisor in connection with subscribing for
                  Units

              

      

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

      
        
          
          

        

        
          S-12

          
            

          

        

        
          
          

        

      

       

       

      in
        any
        such FuturesAccess Fund(s), or which is set forth on the Signature Page,
        including all representations, warranties and agreements contained herein,
        is
        correct and complete as of the date as of which such information was furnished,
        and if there should be any material change in such information, the Subscriber
        will immediately notify MLAI and the Selling Agent and furnish revised or
        corrected information to MLAI.

       

      
        	
              	
                (2)

              	
                The
                  Subscriber agrees that the representations, warranties and agreements
                  contained in this Subscription Agreement (including the Signature
                  Page)
                  shall be deemed to be repeated as of each date on whcih the Subscriber
                  purchases Units of any FuturesAccess
                  Fund.

              

      

       

      
        	
              	
                (3)

              	
                The
                  Subscriber agrees that the representations, warranties and agreements
                  contained in this Subscription Agreement (including the Signature
                  Page),
                  and all other information regarding the Subscriber set forth on
                  the
                  Signature Page, and any or all other information which the Subscriber
                  discloses to his or her Merrill Lynch Financial Advisor, may be
                  used as a
                  defense in any actions relating to any FuturesAccess Fund or the
                  offering
                  of its Units, and that it is only on the basis of such representations,
                  warranties, agreements and other information that MLAI may be willing
                  to
                  accept the Subscriber's subscription to any FuturesAccess
                  Fund.

              

      

       

      F.           Trustees,
        Agents, Representatives and Nominees

       

      If
        the
        Subscriber is acting as trustee, agent, representative or nominee for an
        investor (a “Beneficial Owner”), the Subscriber understands and acknowledges
        that the representations, warranties and agreements made herein are made
        by the
        Subscriber (1) with respect to the Subscriber and (2) with respect to the
        Beneficial Owner. The Subscriber further represents and warrants that it
        has all
        requisite power and authority from said Beneficial Owner to execute and deliver
        the Signature Page as well as to invest in any FuturesAccess
        Fund(s).  The Subscriber also agrees to indemnify each FuturesAccess
        Fund, MLAI and their respective affiliates and agents for any and all costs,
        fees and expenses (including legal fees and disbursements) in connection
        with
        any damages resulting from any misrepresentation or misstatement of the
        Subscriber contained herein or in the Signature Page or made by the Subscriber
        to the Subscriber’s Merrill Lynch Financial Advisor, or the assertion of the
        Subscriber’s lack of proper authorization from the Beneficial Owner to execute
        and deliver the Signature Page or to discharge the Subscriber's obligations
        hereunder or thereunder.

       

      G.           Money
        Laundering Prevention

       

      The
        Subscriber’s subscription monies were not derived from activities that may
        contravene United States (federal or state) or international anti-money
        laundering laws and regulations. The Subscriber is not (1) an individual,
        entity
        or organization named on a United States Office of Foreign Assets Control
        (“OFAC”) “watch list” and does not have any affiliation with any kind of such
        individual, (2) a foreign shell bank, (3) a person or entity resident in
        or
        whose subscription funds are transferred from or through a jurisdiction
        identified as non-cooperative by the Financial Action Task Force, (4) a senior
        foreign political figure,1 an immediate
        family
        member2 or
        close

       

       

      ______________________________

      1
        A "senior foreign
        political figure" is defined as a senior official in the executive. legislative,
        administrative. military or judicial branches of a non-U.S. government (whether
        ejected or not), a senior official of a major non-U.S. political party, or
        a
        senior executive of a non-U.S. government-owned corporation. In addition,
        a
        "senior foreign political figure" includes any corporation, business or other
        entity that has been formed by. or for the benefit of, a senior foreign
        political figure.

       

      2"Immediate
        family" of a senior foreign political figure typically includes the figure's
        parents, siblings, spouse, children and in-laws.

    

     

    
      
        ________________

        U.S.
          Investors

        FuturesAccess
          Program Subscription and Exchange Agreement

      

    

     

    
      
        
        

      

      
        S-13

        
          

        

      

      
        
        

      

    

     

    associate3
      of a senior foreign
      political figure within the meaning of the USA PATRIOT Act of 2001.4  The
      Subscriber agrees promptly to notify MLAI should the Subscriber become aware
      of
      any change in the information set forth in this representation. The Subscriber
      acknowledges that, by law, MLAI may be obligated to "freeze the account" of
      the
      Subscriber, either by prohibiting additional subscriptions, declining any
      redemption requests and/or segregating the assets in the account in compliance
      with governmental regulations, and MLAI may also be required to report such
      action and to disclose the Subscriber's identity to OFAC. The Subscriber
      represents and warrants that all of the information which it has provided to
      the
      Program in connection with this Subscription Agreement is true and correct,
      and
      agrees to provide any information MLAI or its agents deem necessary to comply
      with MLAI's anti-money laundering program and related responsibilities from
      time
      to time. If the Subscriber is an intermediary subscribing to the Program as
      a
      record owner in its capacity as agent, representative or nominee on behalf
      of
      one or more underlying investors (“Underlying Investors”), the Subscriber agrees
      that the representations, warranties and covenants are made by it on behalf
      of
      itself and the Underlying Investors.

    
       

      II.           
        Further Advice and Assurances.  The
        Subscriber agrees to provide additional information regarding its investment
        experience, financial position or otherwise, to MLAI or the Selling Agent,
        as
        either may reasonably request.

       

      If
        the
        Subscriber is an Entity, MLAI, in its sole discretion, may require the
        Subscriber to submit a copy of its articles of incorporation, by-laws,
        authorizing resolution, partnership agreement, trust agreement, operating
        agreement or other related documents, as the case may be. Alternatively,
        Entities may be required to submit an opinion of counsel to the effect that
        the
        investment proposed to be made in the FuturesAccess Fund(s) by the Subscriber
        is
        authorized.

       

      III.           Subscriber
        Eligibility.  THE SUBSCRIBER WILL BE REQUIRED
        TO REPRESENT ON THE SIGNATURE PAGE THAT THE SUBSCRIBER SATISFIES ONE OR MORE
        OF
        THE ELIGIBILITY REQUIREMENTS IN SECTION III.A BELOW AND QUALIFIES AS AN
“ACCREDITED INVESTOR,” AS DEFINED IN REGULATION D UNDER THE SECURITIES
        ACT.

       

      A.           Accredited
        Investor Requirements

       

      Individual
        Subscribers

       

      
        	
              	
                (1)

              	
                An
                  individual that has an individual net worth or joint net worth
                  with such
                  individual's spouse, in excess of $1,000,000. “Net worth” for these
                  purposes means the value of total assets at fair market value,
                  including
                  home, home furnishings and automobiles, less total
                  liabilities.  

              

      

       

      or

       

      
        	
              	
                (2)

              	
                An
                  individual that (i) had individual income (exclusive of any income
                  attributable to such individual’s spouse) of more than $200,000 for each
                  of the past two years or joint income with such individual’s spouse in
                  excess of $300,000 in each of those years and (ii) reasonably expects
                  to
                  reach the same individual income level, or the same joint income
                  level, as
                  the case may be, in the current
                  year.

              

      

       

       

       

       

      ________________________________________

      3
        A "close associate"
        of a senior foreign political figure is a person who is widely and publicly
        known to maintain an unusually close relationship with the senior foreign
        political figure, and includes a person who is in a position to conduct
        substantial domestic and international financial transactions on behalf of
        the
        senior foreign political figure.

      4
        The United States "Uniting and
        Strengthening America by Providing Appropriate Tools Required to Intercept
        and
        Obstruct Terrorism Act of 2001", Pub. L No. 107-56 (2001).

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

       

      
        
          
          

        

        
          S-14

          
            

          

        

        
          
          

        

      

       

      Entity
        Subscribers

       

      
        	
                (3)

              	
                A
                  corporation, partnership, limited liability company, Massachusetts
                  or
                  similar business trust or tax-exempt organization described in
                  Section
                  501(c)(3) of the Code, that (i) has total assets in excess of $5,000,000
                  and (ii) was not formed for the specific purpose of investing in
                  the
                  FuturesAccess Fund in
                  question.  

              

      

       

      or

       

      
        	
                (4)

              	
                A
                  revocable trust which may be amended or revoked at any time by
                  the
                  grantors thereof, and of which all of the grantors are “Accredited
                  Investors” under either Section III.A (l) or Section III.A (2)
                  above.  

              

      

       

      or

       

      
        	
                (5)

              	
                A
                  trust (i) that has total assets in excess of $5,000,000, (ii) that
                  was not
                  formed for the specific purpose of investing in the FuturesAccess
                  Fund in
                  question and (iii) the investment decisions of which are directed
                  by a
                  person who has such knowledge and experience in business and financial
                  matters as to be capable of evaluating the merits and risks of
                  an
                  investment in such FuturesAccess
                  Fund.  

              

      

       

      or

       

      
        	
                (6)

              	
                A
                  trust for which a bank or savings and loan association is acting
                  as
                  fiduciary in making the investment decision to subscribe to the
                  FuturesAccess Fund in
                  question.  

              

      

       

      or

       

      
        	
                (7)

              	
                A
                  bank as defined in Section 3(a)(2) of the Securities Act, acting
                  in its
                  fiduciary or individual capacity, or a savings and loan association
                  or
                  other institution as defined in Section 3(a)(5) of the Securities
                  Act.  

              

      

       

      or

       

      
        	
                (8)

              	
                An
                  insurance company as defined in Section 2(13) of the Securities
                  Act,
                  acting in its individual
                  capacity.  

              

      

       

      or

       

      
        	
                (9)

              	
                A
                  broker or dealer registered pursuant to Section 15 of the Securities
                  Exchange Act of 1934, as
                  amended.  

              

      

       

      or

       

      
        	
                (10)

              	
                An
                  investment company registered under the Company Act, or a business
                  development company as defined in Section 2(a)(48) of the Company
                  Act.  

              

      

       

      or

       

      
        	
                (11)

              	
                A
                  Small Business Investment Company licensed by the U.S. Small Business
                  Administration under Section 301(c) or (d) of the Small Business
                  Investment Act of 1958.  

              

      

       

      or

      
 

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

      
        
          
          

        

        
          S-15

          
            

          

        

        
          
          

        

      

       

      
        	
                (12)

              	
                A
                  plan established and maintained by a state, its political subdivisions,
                  or
                  any agency or instrumentality of a state or its political subdivisions,
                  for the benefit of its employees, which plan has total assets in
                  excess of
                  $5,000,000.  

              

      

       

      or

       

      
        	
                (13)

              	
                A
                  private business development company as defined in Section 202(a)(22)
                  of
                  the Investment Advisers Act of 1940, as
                  amended.  

              

      

       

      or

       

      
        	
                (14)

              	
                An
                  employee benefit plan within the meaning of Title I of ERISA where
                  (i) the
                  investment decision with respect to this investment 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, (ii) the employee benefit plan has assets in excess of
                  $5,000,000
                  or (iii) the plan is a self-directed plan, with investment decisions
                  made
                  solely by persons who are "Accredited Investors," as defined in
                  the
                  Securities Act.  

              

      

       

      or

       

      
        	
                (15)

              	
                An
                  Entity whose equity owners are each "Accredited Investors," i.e.,
                  persons meeting the requirements set forth in any of Sections
                  III.A
                  (1)-(14) above.

              

      

       

      IV.           Indemnity.
        The Subscriber agrees to indemnify and hold harmless each
        FuturesAccess Fund, MLAI, the Selling Agent and each Investor in respect
        of all
        claims, actions, demands, losses, costs, expenses and damages, whether involving
        such parties or third parties, resulting from any inaccuracy in any of the
        Subscriber’s representations or warranties made to such FuturesAccess Fund,
        MLAI, the Selling Agent and/or the Subscriber’s Merrill Lynch Financial Advisor
        or from any breach of any of the Subscriber’s agreements contained in this
        Subscription Agreement (including the Signature Page), or from any unsuccessful
        securities proceeding brought by the Subscriber against any FuturesAccess
        Fund,
        MLAI or the Selling Agent.

       

      V.           Acceptance
        of the Operating
        Agreement. The Subscriber agrees that on the date
        designated by MLAI as the date when the Subscriber is admitted to a
        FuturesAccess Fund or FuturesAccess Funds into which the Subscriber is investing
        or exchanging, the Subscriber shall become a Limited Liability Company Member
        in
        each such FuturesAccess Fund. The Subscriber hereby agrees to each and every
        term of the Operating Agreement for each such FuturesAccess Fund, to be bound
        by
        all of the terms and conditions of such Operating Agreement(s), and to perform
        any obligations therein imposed on the Subscriber.

       

      VI.           Power
        of Attorney. In connection with the acquisition of
        Units pursuant to this Subscription Agreement (and the related Signature
        Page),
        the Subscriber does hereby (in addition to, and not by way of limitation
        of, the
        Power of Attorney included in Section 10.02 of the Operating Agreement)
        irrevocably constitute and appoint MLAI and each officer thereof, individually,
        as the Subscriber's true and lawful representative and attorney-in-fact,
        with
        full power of substitution, in the Subscriber's name, place and stead: (a)(i)
        to
        receive and pay over to the related FuturesAccess Fund(s) on behalf of the
        Subscriber, to the extent set forth in the Operating Agreement, all funds
        received hereunder and (ii) to complete or correct, on behalf of, and at
        the
        direction of, the Subscriber, all documents to be executed by the Subscriber
        in
        connection with the Subscriber’s subscription for Units, including, without
        limitation, filling in or amending amounts, dates and other pertinent
        information; and (b) to execute, acknowledge, swear to, file and record (if
        applicable) on the Subscriber’s behalf, and in the appropriate public offices if
        relevant: (i) the Operating Agreement (including the power of attorney included
        therein); (ii) all instruments which MLAI may deem necessary or appropriate
        to
        reflect virtually any amendment, change or modification of

       

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

           

           

          
            
              
              

            

            
              S-16

              
                

              

            

            
              
              

            

          

        

      

       

       

      the
        Operating Agreement or the Certificate of Formation, including of related
        FuturesAccess Fund(s); and (iii) all instruments, agreements, and documents
        which MLAI considers necessary to, or appropriate for, the operation of the
        related FuturesAccess Fund(s) as contemplated in the Confidential Program
        Disclosure Document and the Operating Agreement.

       

      The
        Subscriber agrees and acknowledges that MLAI and the other Investors are
        relying
        on the continued validity of the foregoing Power of Attorney, and that the
        Power
        of Attorney granted hereby shall be deemed to be coupled with an interest,
        shall
        be irrevocable, and shall survive and not be affected by the subsequent death,
        incapacity, termination, bankruptcy, insolvency or dissolution of the
        Subscriber.

       

      VII.        Governing
        Law; Consent To Jurisdiction.THIS SUBSCRIPTION
        AGREEMENT (INCLUDING THE SIGNATURE PAGE) SHALL BE GOVERNED BY THE LAWS OF
        THE
        STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. THE PARTIES
        HERETO CONSENT TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS IN THE
        CITY,
        COUNTY AND STATE OF NEW YORK WITH RESPECT TO ANY PROCEEDING OR CLAIM ARISING
        HEREUNDER OR OTHERWISE IN RESPECT OF THE PROGRAM.

       

      VIII.      
        General.The Subscriber
        understands that this Subscription Agreement (including the Signature Page)
        submitted by the Subscriber, and the representations, warranties, agreements
        and
        other provisions hereof (and thereof) as well as all representations and
        warranties made by the Subscriber to the Subscriber’s Merrill Lynch Financial
        Advisor: (a) shall be binding upon the Subscriber and the Subscriber’s legal
        representatives, successors and assigns; (b) shall survive the Subscriber’s
        admission as an Investor; and (c) may be executed (by executing the Signature
        Page) by the Subscriber and accepted by any FuturesAccess Fund in one or
        more
        counterparts as well as in facsimile, each of which shall be considered an
        original and all of which together shall constitute one instrument.

       

      If
        any
        provision of this Subscription Agreement (including the Signature Page)
        submitted by the Subscriber is determined to be invalid or unenforceable
        under
        any applicable law, then such provision shall be deemed inoperative to the
        extent, and only to the extent, of such invalidity or unenforceability and
        only
        in the jurisdiction which reaches such determination. Any such provision
        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.

       

      IX.           Legends.

       

      IN
        MAKING
        AN INVESTMENT DECISION, SUBSCRIBERS MUST RELY ON THEIR OWN EXAMINATION OF
        THE
        PROGRAM, THE APPLICABLE FUTURESACCESS FUND(S) AND THE TERMS OF THE OFFERING,
        INCLUDING THE MERITS AND RISKS INVOLVED. THE PROGRAM HAS NOT BEEN RECOMMENDED
        BY
        ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE,
        NONE OF THE FOREGOING AUTHORITIES HAS CONFIRMED THE ACCURACY OR DETERMINED
        THE
        ADEQUACY OF THE CONFIDENTIAL PROGRAM DISCLOSURE DOCUMENT. ANY REPRESENTATION
        TO
        THE CONTRARY IS A CRIMINAL OFFENSE.

       

      THE
        UNITS
        ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
        TRANSFERRED OR RESOLD EXCEPT (A) WITH THE PRIOR WRITTEN CONSENT OF MLAI AND
        (B)
        AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS
        PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. SUBSCRIBERS SHOULD BE AWARE
        THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF AN INVESTMENT IN THE
        FUTURESACCESS FUNDS FOR AN INDEFINITE PERIOD OF TIME.

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

      
        
          
          

        

        
          S-17

          
            

          

        

        
          
          

        

      

       

       

      For
        Georgia Investors Only.

       

      THE
        UNITS
        HAVE BEEN ISSUED OR SOLD IN RELIANCE ON PARAGRAPH (13) OF THE 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.

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          ________________

          U.S.
            Investors

          FuturesAccess
            Program Subscription and Exchange Agreement

        

      

       

      
        
          
          

        

        
          S-18

          
            

          

        

        
          
          

        

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

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        page intentionally left blank]

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

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        page intentionally left blank]

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      

      Total
        Merrill, Total Merrill (Design), and Merrill Lynch
        FuturesAccess are service marks of Merrill Lynch & Co.,
        Inc.

      ©2007
        Merrill Lynch, Pierce, Fenner & Smith Incorporated. Printed in the U.S.A.
        Member, Securities Investor Protection Corporation (SIPC).efc7-2578_ex101.htm

     

    Exhibit
      10.1

     

    
      
        

        Institutional

        Futures
          Client

        Account
          Agreement

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      Merrill
        Lynch, Pierce, Fenner & Smith, Inc

      One
        South
        Wacker Drive, Suite 300, Chicago, Illinois 60606

      _____________________________________________________________________________________

      Tel:
        312-442-5453

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      MERRILL
        LYNCH

       

      Risk
        Disclosure Statement For Futures and Options

      

      This
        brief statement does not disclose all of the risks and other significant
        aspects
        of trading in futures and options. In light of the risks, you should undertake
        such transactions only if you understand the nature of the contracts (and
        contractual relationships) into which you are entering and the extent of
        your
        exposure to risk. Trading in futures and options is not suitable for many
        members of the public. You should carefully consider whether trading is
        appropriate for you in light of your experience, objectives, financial resources
        and other relevant circumstances.

      

      Futures

      

      1.
        Effect of ‘Leverage’ or ‘Gearing’

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

      

      2.
        Risk-reducing orders or strategies

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

      

      Options 

      

      3.
        Variable degree of risk.

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

      

      The
        purchaser of options may offset or exercise the options or allow the options
        to
        expire. The exercise of an option results either in a cash settlement or
        in the
        purchaser acquiring or delivering the underlying interest.  If the
        option is on a future, the purchaser will acquire a futures position with
        associated liabilities for margin (see the section on Futures above). If
        the
        purchased options expire worthless, you will suffer a total loss of your
        investment which will consist of the option premium plus transaction costs.
        If
        you are contemplating purchasing deep-out-of-the-money options, you should
        be
        aware that the chance of such options becoming profitable ordinarily is
        remote.

      

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

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      MERRILL
        LYNCH

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

      

      Additional
        risks common to futures and options

      

      4.
        Terms and conditions of contracts

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

      

      5.
        Suspension or restriction of trading and pricing
        relationships

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

      

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

      

      6.
        Deposited cash and property

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

      

      7.
        Commission and other charges

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

      

      8.
        Transactions in other jurisdictions

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

      

      9.
        Currency risks

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

      

      10.
        Trading facilities

      Most
        open-outcry and electronic trading facilities are supported by computer-based
        component systems for the order-routing, execution, matching, registration
        or
        clearing of trades. As with all facilities and systems, 

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      MERRILL
        LYNCH

       

      they
        are
        vulnerable to temporary disruption or failure.  Your ability to
        recover certain losses may be subject to limits on liability imposed by the
        system provider, the market, the clearing house and/or member firms. Such
        limits
        may vary; you should ask the firm with which you deal for details in this
        respect.

      

      11.
        Electronic trading

      Trading
        on an electronic trading system may differ not only from trading in an
        open-outcry market but also from trading on other electronic trading systems.
        If
        you undertake transactions on an electronic trading system, you will be exposed
        to risks associated with the system including the failure of hardware and
        software. The result of any system failure may be that your order is either
        not
        executed according to your instructions or is not executed at all.

      

      12.
        Off-exchange transactions

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

       

       

       

       

       

       

       

       

       

       

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      MERRILL
        LYNCH

       

      Institutional
        Futures Client Account Agreement

      

      Merrill
        Lynch, Pierce, Fenner & Smith Incorporated, with an office at 1 South Wacker
        Drive, Suite 300, Chicago, Illinois, 60606, (“Merrill Lynch”) agrees to carry
        one or more account(s) (“Account”) for the undersigned (“Client”) and provide
        services to Client in connection with the purchase and sale of cash commodities
        (including financial instruments), options on cash commodities, commodity
        futures contracts, options on futures contracts, security futures products,
        forward or leverage contracts, exchange of futures for physicals, and any
        similar instruments which may be purchased or sold by or through Merrill
        Lynch
        for Client’s Account (collectively referred to as “Futures Contracts”). In
        consideration thereof, Client and Merrill Lynch agree as follows:

      

      1.AUTHORIZATIONS
        AND ACKNOWLEDGMENTS 

      Merrill
        Lynch is authorized to purchase or sell Futures Contracts for Client’s Account
        in accordance with Client’s oral or written instructions. Client hereby waives
        any defense that any such instructions were not in writing as may be required
        by
        any law, rule or regulation. In any such transaction, Merrill Lynch may act
        as
        agent or principal and may charge a mark-up or commission, as notified in
        advance to Client, as may be limited by law, rule or regulation.  All
        contracts and transactions entered into after the close of any applicable
        futures exchange’s normal business hours may be considered next business day
        activity. Merrill Lynch is not acting as a fiduciary, commodity trading advisor,
        investments advisor or commodity pool operator with respect to Client or
        any
        Futures Contracts or Account and Merrill Lynch shall have no responsibility
        for
        compliance with any law or regulation governing the conduct of any such
        fiduciary or advisor selected by Client or Client’s conduct as a fiduciary, if
        applicable.

      

      2.APPLICABLE
        LAW 

      All
        transactions under this Agreement shall be subject to the Commodity Exchange
        Act
        and the constitution, rules, regulations, customs, usages, rulings and
        interpretations of the Commodity Futures Trading Commission (“CFTC”), domestic
        or foreign exchange markets, and their clearing houses, if any, where the
        transactions are executed by Merrill Lynch or Merrill Lynch’s agents
        (“Applicable Law”). Merrill Lynch is hereby authorized, in its discretion, to
        employ affiliated and nonaffiliated clearing members, carrying brokers and
        floor
        brokers as Merrill Lynch’s agents or to engage in pre-execution discussions if
        entering orders electronically, in connection with the execution, carrying,
        clearance, delivery and settlement of any such transactions as permitted
        by
        Applicable Law. Client agrees to provide Merrill Lynch any information necessary
        for Merrill Lynch to respond to any inquiry from any exchange or other
        regulatory agency pursuant to Applicable Law.

      

      Absent
        a
        separate written agreement with Client with respect to give-ups, Merrill
        Lynch,
        in its discretion, may, but shall not be obligated to, accept from other
        brokers
        selected by Client, Futures Contracts executed by such brokers which are
        given
        up to Merrill Lynch for clearing in Client’s Account. If Client has executed
        with other brokers and Merrill Lynch is required to pay such executing brokers
        give up fees, Client agrees that Merrill Lynch may withhold such fees from
        Client’s Account in anticipation of such payment coming due.

      

      3.MERRILL
        LYNCH REPRESENTATIONS 

      Merrill
        Lynch and its managing directors, officers, employees and affiliates may
        take or
        hold positions in or advise other clients concerning contracts which are
        the
        subject of advice from Merrill Lynch to Client, which positions and advice
        may
        be consistent with or contrary to positions which are the subject of advice
        to
        Client. In addition, Merrill Lynch, its directors, officers, employees, parent
        companies and affiliates may act on the other side of Client’s order by the
        purchase or sale for Client’s Account in which Merrill Lynch or any person
        affiliated with Merrill Lynch has a direct or indirect interest, subject
        to
        compliance with and the limitations and conditions of Applicable
        Law.

      

      4.CLIENT
        REPRESENTATIONS 

      Client
        represents and warrants that (a) the individual(s) whose signatures are stated
        below is/are duly authorized and empowered to execute and deliver this Agreement
        and to effect purchases and sales of Futures Contracts through Merrill Lynch
        in
        Client’s Account until such time as Merrill Lynch is notified by 

       

      
        
           

        

        
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      MERRILL
        LYNCH

       

      Client
        to
        the contrary; (b) regardless of any subsequent determination to the contrary,
        Client is a sophisticated user of the futures markets and is aware of the
        risks
        and obligations of Futures Contracts and is fully prepared to assume such
        risks
        and obligations; (c) trading in Futures Contracts is within the power of
        Client
        and such activity will in no manner contravene the provisions of any corporate
        resolutions, by-laws, statutes, rules, regulations, operating agreement,
        partnership agreements, plan documents, trust agreements or any judgments,
        orders or other agreements to which Client is bound; (d) Client is duly
        organized and in good standing under the laws of the jurisdiction in which
        it
        was organized and in all jurisdictions where it is qualified to do business;
        (e)
        Client is acting as principal and not as agent in transactions under this
        Agreement and no person other than Client has or will have an interest in
        Client’s Account except as otherwise disclosed to Merrill Lynch herein; and (f)
        Merrill Lynch is authorized to follow the instructions of the undersigned
        in
        every respect concerning this Account, including, but not limited to, payment
        of
        monies. With respect to activity in the Account, Merrill Lynch may rely upon
        the
        instructions of the above referenced individuals or any individuals subsequently
        authorized by Client until Client notifies Merrill Lynch to the
        contrary.

      

      If
        Client
        engages in exchange of futures for physical (“EFP”) transactions, Client
        acknowledges and agrees that, in connection with any EFP that (a) if Client
        is
        the seller of the cash contract(s) then Client is the buyer of the futures
        contract(s) being exchanged in the EFP, and Client has an ownership interest
        in
        the contract(s) sufficient to allow the delivery in satisfaction of Client’s
        obligations resulting from the execution of the EFP; and (b) if Client is
        the
        buyer of the cash contract(s) then Client is the seller of the futures
        contract(s) being exchanged in the EFP. Upon request by Merrill Lynch, Client
        agrees to provide documentation sufficient to verify its purchase or sale
        of the
        cash contract.

      

      5.MODIFICATION  AND
        TERMINATION 

      Whenever
        any statute shall be enacted which shall affect in any manner or be inconsistent
        with any of the provisions hereof, or whenever any rule or regulation shall
        be
        prescribed or promulgated by the CFTC, various commodity exchanges, or other
        agency or body having jurisdiction, which shall affect in any manner or be
        inconsistent with any of the provisions hereof, the provisions of this Agreement
        so affected shall be deemed modified or superseded, as the case may be, by
        such
        statute, rule or regulation, and all other provisions of this Agreement and
        the
        provisions as modified or superseded, shall in all respects continue to be
        in
        full force and effect. Merrill Lynch shall use its best efforts to give notice
        to Client of any material change in conduct under this Agreement required
        by any
        such statute, rule or regulation.

      

      Either
        party may terminate this Agreement at any time by notice to the other. However,
        such termination by Client shall not affect any transaction entered into
        by
        Client prior to receipt of such notice by Merrill Lynch, or any open commodity
        positions or any liability held by or owed to Merrill Lynch by Client at
        the
        time of such termination. If Client has outstanding give-up bills owed to
        other
        brokers at the time of its termination of this Agreement, Merrill Lynch may
        withhold the amount of such fees in order to make such payments.

      

      Other
        than as set forth in the first paragraph above, no provision of this Agreement
        shall in any respects be waived, altered, modified or amended unless such
        waiver, alteration, modification or amendment is in writing and signed by
        one
        Merrill Lynch’s authorized officers and by one of Client’s authorized
        officers.

      

      6.ADVICE 

      All
        advice with respect to Futures Contracts transmitted by Merrill Lynch with
        respect to the Account is solely incidental to the conduct of Merrill Lynch’s
        business as a futures commission merchant and such advice will not serve
        as the
        primary basis for any decision by Client. Merrill Lynch shall have no
        discretionary authority, power or control over any decision made by Client
        with
        respect to the Account, whether or not Merrill Lynch’s advice is utilized in
        such decision.

      

      7.POSITION
        LIMITS

      Client
        acknowledges Merrill Lynch’s right, upon five (5) business days’ notice to
        Client, to limit the number of open positions which Client may maintain or
        acquire through Merrill Lynch at any time. For the avoidance of doubt, as
        long
        as Client continues to comply with its margin payment obligations under Section
        12, this 

       

      
        
           

        

        
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      MERRILL
        LYNCH

       

      provision
        shall not limit the ability of Client to implement any decrease or other
        adjustment in the number of open positions within the time frame(s) deemed
        appropriate by Client or to enter into or maintain positions which have the
        effect of reducing Merrill Lynch’s overall exposure to Client. In addition,
        Client agrees it will not exceed contract market position limits without
        appropriate prior approval from the relevant contract market. Client agrees
        that
        it shall not agree with any exchange or contract market to act as a market
        maker
        using Merrill Lynch’s execution or clearing capabilities without the prior
        written approval of Merrill Lynch.

      

      8.EXTRAORDINARY
        EVENTS AND THIRD PARTY ACTIONS  

      Merrill
        Lynch shall not be liable for breakdown or failure of transmission of
        communication facilities, systems or software, in each case beyond its
        reasonable control, or government restrictions, war or acts of terrorism,
        exchange failures or market rulings or natural disasters. Merrill Lynch shall
        not be liable to Client for any loss, cost, expense or damage to Client with
        respect thereto, except as a result of Merrill Lynch’s negligence, willful
        misconduct or bad faith.

      

      Under
        no
        circumstances shall Merrill Lynch have any responsibility, liability or
        obligation regarding any conduct, act, omission or representation of any
        introducing firm, commodity trading advisor, investment adviser or third
        party
        vendor selected by Client to give Client research or advice, to electronically
        route orders to Merrill Lynch or to provide like services to
        Client.

      

      9.SECURITY
        AND LENDING

      All
        monies, securities, Futures Contracts or other property which Merrill Lynch
        may
        at any time be carrying for Client or which may at any time be in Merrill
        Lynch’s possession, including safekeeping, in each case solely in connection
        with this Agreement, shall be subject to a general lien, security interest
        and
        right of set-off and recoupment in Merrill Lynch’s favor to discharge all
        obligations of Client to Merrill Lynch in connection with this Agreement,
        irrespective of whether or not Merrill Lynch may have made advances in
        connection with such securities, Futures Contracts or other property, and
        irrespective of the number of accounts Client may have with Merrill Lynch.
        Merrill Lynch may apply or transfer such funds or other property of Client
        between any of Client’s accounts for the purposes of margin or reduction or
        satisfaction of any net debit balance. Client will not cause or allow any
        of the
        collateral held in the Account, whether now owned or hereafter acquired,
        to be
        or become subject to any liens, security interests or encumbrances of any
        nature
        without the prior written consent of Merrill Lynch, and in no event shall
        the
        collateral held in Client’s Account be subject to a lien or security interest
        superior to that of Merrill Lynch.

      

      In
        accordance with the terms and limitations of the Commodity Exchange Act
        regarding investment and pledging of Client assets, Client grants to Merrill
        Lynch the right to carry in its general loans, and to pledge, re-pledge,
        hypothecate, re-hypothecate, invest or loan, either separately or with the
        property of other clients, to either itself as broker or to others, any
        securities or other property held by Merrill Lynch on margin for the Account
        of
        Client or as collateral therefore. 

      

      10.FEES
        AND COMMISSIONS  

      Client
        shall be charged exchange and regulatory fees as determined by the relevant
        exchange and/or regulator. If Client is a member of any U.S. exchange, Client
        must advise Merrill Lynch accordingly if Client may avail itself of any reduced
        fee at such exchange. In addition, Client must notify Merrill Lynch if it
        ceases
        to be a member of any such exchange.  Client shall be liable for all
        fees (including any fines) owed to the exchange if Client fails to give such
        notice to Merrill Lynch. Merrill Lynch may pay interest to Client on any
        available margin excess as agreed to from time to time between Merrill Lynch
        and
        Client. Merrill Lynch may charge interest upon Client’s Account in accordance
        with Merrill Lynch’s customary charges, as determined by Merrill Lynch, at the
        time of the acceptance of this Agreement and thereafter. Client agrees to
        pay
        all such commissions as agreed to from time to time between Merrill Lynch
        and
        Client.

      

      11.LIQUIDATION 

      (A)    If
        any of the
        following events shall occur, Merrill Lynch may proceed in accordance with
        the
        following paragraph:  (a) Client shall be dissolved or in any other
        way terminated other than a bona fide restructuring (with prior notice to
        Merrill Lynch) that results in a successor entity with materially lesser
        credit

       

      
        
           

        

        
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      MERRILL
        LYNCH

       

      quality
        than the original entity; (b) Client shall fail to timely deposit or maintain
        initial or original margin, or make timely payment of additional or variation
        margin as requested in Section 12 below; (c) Client shall fail to pay the
        premium on any option  purchased by Client; (d) a proceeding under any
        applicable bankruptcy or insolvency law, an assignment for the benefit of
        creditors or an application for a receiver, custodian, conservator,
        administrator, liquidator or trustee shall be filed or applied for, by or
        against Client (or if Client is a trust, its trustee), or an order shall
        be made
        or a resolution shall be passed for the winding up, liquidation or
        administration of Client (or, if Client is a trust, its trustee); (e) the
        property deposited in Client’s Account shall be determined by Merrill Lynch, in
        its commercially reasonable discretion, to be inadequate to secure the Account
        or Client has suffered a material change in its financial condition and is
        unable to provide Merrill Lynch, upon request, with such margin amounts or
        collateral reasonably required by Merrill Lynch in accordance with Section
        12 of
        this Agreement; (f) Client’s Account shall incur a deficit balance which is not
        satisfied in a timely basis; (g) Merrill Lynch shall determine that any material
        representation or warranty made by Client to Merrill Lynch is untrue or
        inaccurate and Client is unable to prove otherwise; (h) if Client is an
        investment company, commodity pool or other form of collective investment
        vehicle, proceedings for the revocation or suspension of any registration
        of any
        public offering of interests in Client or of any person or entity required
        to be
        registered in connection with Client’s activities have been instituted or are
        pending or threatened by any governmental agency or self-regulatory
        organization.

      

      In
        each
        event specified above, and subject to notice from Merrill Lynch and one (1)
        business day opportunity for Client to cure such event, Merrill Lynch may
        liquidate Client’s open positions in whole or in part, sell or otherwise dispose
        of, realize, set off or apply any or all of the property represented by an
        entity on or standing to the credit of Client’s Account or held by, to the order
        or under the direction or control of Merrill Lynch or any exchange or clearing
        organization through which transactions on Client’s behalf are executed or
        cleared, buy any property for Client’s Account, and/or cancel any outstanding
        orders and commitments made by Merrill Lynch on Client’s
        behalf.  Without prejudice to the foregoing, Merrill Lynch shall have
        (to the greatest extent permitted by applicable law) all of the rights of
        a
        secured party with respect to the property referred to above, and any rights,
        powers and remedies provided herein shall operate as a variation and extension
        of any statutory power of sale, application or realization available to Merrill
        Lynch as a secured party.

      

      Any
        such
        liquidation, sale, purchase and/or cancellation may be made at Merrill Lynch’s
        discretion on any exchange or other market or through any clearing organization
        where such business is transacted, at public auction or at private sale,
        upon
        prior notice to Client if reasonable under the circumstances, without
        advertising the same and without prior tender, demand or call upon Client,
        provided that any private sale must be conducted in a commercially reasonable
        manner. No prior tender, demand or call from Merrill Lynch of the time and
        place
        of such liquidation, sale, purchase and/or cancellation shall be deemed to
        be a
        waiver of Merrill Lynch’s right to liquidate, sell, purchase and/or cancel as
        provided herein.

      

      In
        any
        transaction described above, Merrill Lynch may sell any property to itself
        or
        its affiliates or buy any property from itself or its affiliates in an
        arms-length transaction. Merrill Lynch may, to the extent permitted by law,
        purchase the whole or any part thereof free from any right of
        redemption.  In all cases, Client shall remain liable for, and shall
        pay to Merrill Lynch the amount of, any deficiency in Client’s Account with
        Merrill Lynch resulting from any transaction described herein
        above.

      

      (B)    If
        any of the
        following events shall occur, the Client may proceed in accordance with the
        following paragraph: (i) Merrill Lynch is subject to a “Bankruptcy” (as defined
        below); (ii) Merrill Lynch shall fail to make timely return margin amounts,
        as
        required in section 12 below, after notice from the Client; (iii) any material
        representation or warranty made by Merrill Lynch to Client herein is untrue
        or
        inaccurate at the time given or deemed repeated.

      

      In
        the
        case of each event specified in “(b)” above, and in the case of an event
        described in sub-part (ii) above subject to notice from Client and one (1)
        business day opportunity to cure, Client shall have the right by notice to
        Merrill Lynch to terminate this Agreement with immediate effect, and Merrill
        Lynch will be liable to Client for Client’s “Economic Loss” (as defined below)
        in respect of this Agreement.

       

      
        
           

        

        
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      MERRILL
        LYNCH

       

      As
        used
        in the foregoing, “Bankruptcy” shall mean that Merrill Lynch (l) is dissolved
        (other than pursuant to a consolidation, amalgamation or merger); (2) becomes
        insolvent or is unable to pay its debts or fails or admits in writing its
        inability generally to pay its debts as they become due; (3) makes a general
        assignment, arrangement or composition with or for the benefit of its creditors;
        (4) institutes or has instituted against it a proceeding seeking a judgment
        of
        insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
        law or other similar law affecting creditors’ rights, or a petition is presented
        for its winding-up or liquidation, and, in the case of any such proceeding
        or
        petition instituted against it such proceeding or petition (A) results in
        a
        judgment of insolvency or bankruptcy or the entry of an order for relief
        or the
        making of an order for its winding-up or liquidation or (B) is not dismissed,
        discharged, stayed or restrained in each case within thirty (30) days of
        the
        institution or presentation thereof; (5) has a resolution passed for its
        winding-up, official management or liquidation (other than pursuant to a
        consolidation, amalgamation or merger); (6) seeks or becomes subject to the
        appointment of an administrator, provisional liquidator, conservator, receiver,
        trustee, custodian or other similar official for it or for all or substantially
        all its assets; (7)  has a secured party take possession of all or
        substantially all its assets or has a distress, execution, attachment,
        sequestration or other legal process levied, enforced or sued on or against
        all
        or substantially all its assets and such secured party maintains possession,
        or
        any such process is not dismissed, discharged, stayed or restrained, in each
        case within thirty (30) days thereafter; (8)  causes or is subject to
        any event with respect to it which, under the applicable laws of any
        jurisdiction, has an analogous effect to any of the events specified in clauses
        (l) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating
        its consent to, approval of, or acquiescence in, any of the foregoing
        acts.

      

      As
        used
        in the foregoing, “Economic Loss” shall mean the amount of Client’s total losses
        and costs in connection with the termination of this Agreement, including
        any
        loss of bargain or cost of funding, calculated  as of the effective
        date of such termination. Economic Loss shall be determined by Client reasonably
        and in good faith and may (but need not) include the use of reference quotations
        from one or more leading dealers in the market in respect of the cost of
        entering into replacement transactions.

      

      12.MARGIN  

      Client
        will at all times maintain such margins or collateral for said Account, as
        are
        reasonably required by Merrill Lynch and notified in advance to Client or
        as
        required by a relevant exchange, and will, not later than the Required Delivery
        Time (as defined below), discharge margin obligations of Client to Merrill
        Lynch. It is further agreed that if Merrill Lynch fails to receive sufficient
        funds to pay for any Futures Contracts and/or initial or variation margin
        by the
        Required Delivery Time, Client shall be deemed in breach of this Agreement
        and
        Merrill Lynch may take the actions set forth in the Liquidation provisions
        stated above. Merrill Lynch will cause any excess margin or collateral held
        by
        it to be returned to Client not later than the Required Delivery Time subject,
        in all cases, to a minimum transfer amount of $250,000 (or its equivalent
        in any
        other currency(ies)).

      

      As
        used
        in the foregoing, “Required Delivery Time” shall mean: (a) close of business on
        the same local business day if demand for delivery is received from the other
        party not later than 10:00 a.m. New York time, and (b) close of business
        on the
        next local business day if demand for delivery is received from the other
        party
        after 10:00 a.m. New York time.

      

      13.CURRENCY
        FLUCTUATION RISK/PAYMENT OBLIGATIONS  

      All
        initial and subsequent deposits for margin purposes shall be made in U.S.
        Dollars unless otherwise agreed by Merrill Lynch and Client. By placing an
        order
        for a Futures Contract that settles in a currency other than U.S. dollars,
        Client agrees that Merrill Lynch may convert to the appropriate currency
        funds
        sufficient to meet the applicable margin requirement at the rate of exchange
        at
        which Merrill Lynch would be able, acting in a commercially reasonable manner
        and in good faith, to purchase the relevant amount of such currency. Client
        understands and agrees that if Client trades in such Futures Contracts, the
        margin for and accruals from such trading may be held in the applicable currency
        outside of the U.S., a money center country or the country of origin of such
        currency and that accounts held outside of the U.S. may not be afforded the
        bankruptcy protections of the U.S. bankruptcy code.

      

      Client
        shall bear all risk and cost in respect to the conversion of currencies incurred
        relative to transactions 

       

       

      
        
           

        

        
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      MERRILL
        LYNCH

       

      effected
        on behalf of Client pursuant hereto. In no event shall Merrill Lynch be required
        to effect or be responsible for the conversion of funds in anticipation of
        changes in prevailing rates of exchange.

      

      With
        respect to all securities, Futures Contracts and other property purchased
        or
        sold for Client’s Account, Client agrees to pay Merrill Lynch promptly upon
        demand, upon expiration or liquidation of any such Futures Contract or other
        property purchased or sold for Client’s Account: (a) any tax imposed on such
        transactions by any competent authority; (b) the amount of any trading losses
        in
        Client’s Account and (c) any debit balance or deficiency remaining in Client’s
        Account.

      

      14.DELIVERY
        INSTRUCTIONS FOR PHYSICAL SETTLEMENT/OPTIONS EXERCISE

      Client
        understands that, if Client maintains an account for speculation, liquidating
        instructions on open futures positions maturing in a current month must be
        given
        to Merrill Lynch at least three (3) business days prior to the first notice
        day
        or last trading day, whichever is earlier. If Client maintains an account
        for
        hedging, Client understands that liquidating instructions on open futures
        positions maturing in a current month must be given to Merrill Lynch at least
        one (1) business day prior to the first notice day in the case of long positions
        and, in the case of short positions, at least one (1) business day prior
        to the
        last trading day. Alternatively, sufficient funds to take delivery or necessary
        delivery documents to make delivery must be delivered to Merrill Lynch within
        the same period(s) described above, as applicable. Client understands and
        acknowledges that option positions may be subject to automatic exercise
        procedures. Merrill Lynch will exercise all in-the-money option positions
        that
        are subject to automatic exercise unless Client advises Merrill Lynch to
        the
        contrary. If Client fails to comply with any of the foregoing obligations,
        Merrill Lynch may, at its discretion and in any commercially reasonable manner,
        liquidate any open positions, make or receive delivery of any securities,
        commodities or instruments, or exercise or allow the expiration of any
        option.  Client shall remain fully liable for all costs, expenses and
        liabilities incurred by Merrill Lynch in connection with such transactions
        and
        for any remaining debit balance.

      

      In
        the
        event Merrill Lynch has requested from Client instructions, funds or documents
        and none are received by Merrill Lynch within the applicable time frame above
        and such failure continues for one (1) business day after Merrill Lynch provides
        notice of such failure to Client, Merrill Lynch without any further notice
        or
        requests, may either liquidate the Client’s positions, or make or receive
        delivery on Client’s behalf upon such terms and by such methods which Merrill
        Lynch deems to be feasible. In all cases, if any exchange or self-regulatory
        organization requests delivery intention instructions from Merrill Lynch,
        Client
        shall provide such instructions promptly without regard to the above time
        frames.

      

      In
        the
        case of Merrill Lynch’s inability to deliver any security, commodity or other
        property to the purchaser by reason of failure of Client to supply Merrill
        Lynch
        therewith, then and in such event, Client authorizes Merrill Lynch to borrow
        any
        security, commodity or other property necessary to make delivery thereof.
        Client
        agrees to be responsible for any premiums which Merrill Lynch may be required
        to
        pay thereon or any cost which Merrill Lynch may sustain by reason of Merrill
        Lynch’s inability to borrow the security, commodity or other property
        sold.

      

      Notwithstanding
        the foregoing, any time that Client fails to make or take delivery, Client
        agrees that it shall be responsible for any debit, loss, exchange or clearing
        corporation fine or other assessment or penalty levied against Merrill Lynch
        as
        a result of Client’s failed delivery.

      

      15.VERIFICATION
        OF INFORMATION  

      Federal
        law requires all financial institutions to obtain, verify, and record
        information that identifies each client who opens an account and, therefore,
        in
        order to open an account, Merrill Lynch will request Client’s name, address and,
        for individuals, date of birth, as well as other information necessary to
        verify
        identity.  Further, Client understands that an investigation may be
        conducted at banks, financial institutions and credit agencies pertaining
        to
        Client’s identity, credit standing and its business. Client agrees to notify
        Merrill Lynch if the financial information provided to Merrill Lynch by Client
        changes in any material respect.

      

      
        
           

        

        
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      MERRILL
        LYNCH

      If
        more
        than one person or entity owns an interest in the Account, all such persons
        and
        entities shall execute this Agreement and each shall be deemed to be
        Client.

      

      16.CONFIRMATIONS
        AND STATEMENTS

      Reports
        of the execution of orders, purchase and sale notices, correction notices
        and
        statements of Client’s Account shall be conclusive (absent manifest error) if
        not objected to promptly by oral notification upon receipt of such notice
        or
        statement and in writing in no event later than one (1) business day after
        receipt of such notice or statement by Client. Communications will be sent
        to
        Client via mail, electronic transmission or facsimile at Client’s request, at
        the address of record on the Account application submitted by Client or at
        such
        other address as Client may hereafter give Merrill Lynch in writing. Client
        must
        notify Merrill Lynch if it is not receiving its statements in a timely
        manner.

      

      All
        oral
        objections should be directed to Merrill Lynch’s Futures Operations Division at
        312.442.5555. All subsequent written notices to Merrill Lynch shall be delivered
        to Merrill Lynch, Pierce, Fenner & Smith, Futures Compliance Department,
        World Financial Center, North Tower, 12th Floor,
        New York,
        NY, 10080, facsimile number 212.738.2788.

      

      17.GOVERNING
        LAW, JURISDICTION, SUCCESSORS AND BINDING EFFECT

      This
        Agreement and its enforcement shall be governed by the laws of the State
        of New
        York without regard to conflicts of law principles. Client submits to the
        non-exclusive jurisdiction of the courts of the State of New York and of
        the
        Federal Courts in the Southern District of New York with respect to any claim
        arising out of or involving this Agreement. Client agrees that any claim,
        action
        or proceeding arising under or in any way relating to this Agreement must
        be
        brought, if at all, within one year of the date of the event(s) giving rise
        thereto. Client and Merrill Lynch hereby waive a trial by jury in any action
        arising out of or relating to this Agreement or any transaction in connection
        therewith.

      

      All
        provisions shall be continuous, and shall cover the Account which Client
        opens
        with Merrill Lynch, and shall inure to the benefit of Merrill Lynch’s parent
        firm or any successor organization, and shall be binding upon Client, its
        successors and assigns.

      

      In
        accordance with CFTC Regulation 1.65, Merrill Lynch may assign Client’s Account
        and this Agreement to another registered Futures Commission Merchant (“FCM”) by
        notifying Client of the date and name of the intended assignee FCM, which
        notice
        shall be provided to Client at least ten (10) business days prior to the
        date of
        the intended assignment. Unless Client objects to the assignment prior to
        the
        scheduled date for the assignment, the assignment will be binding on Client.
        Client may not assign this Agreement without Merrill Lynch’s prior consent,
        which shall not be unreasonably withheld.

      

      18.HEDGE
        ACCOUNT DESIGNATION 

      If
        this
        Account is designated as a hedge Account in a relevant Merrill Lynch Futures
        Client Account Application, all orders which Client gives for the purchase
        or
        sale of futures or options contracts for Client’s Account will represent bona
        fide hedges in accordance with accepted definitions of hedge transactions
        as
        that term is defined in Regulation 1.3(z) under the Commodity Exchange Act,
        if
        applicable, and any amendments or interpretations thereto which may be made
        in
        the future by the Commodity Futures Trading Commission. Client acknowledges
        that
        it is required to complete the Hedge Agreement in the Client Account
        Application, Risk Disclosure and Statements Booklet and notify Merrill Lynch
        if
        any transactions in Futures Contracts should no longer be designated as hedged
        Futures Contracts.

      

      19.INDEMNIFICATION

       Client
        agrees to indemnify and hold Merrill Lynch, its affiliates, employees, agents,
        successors and assigns, harmless from and against any and all liabilities,
        losses, damages, costs and expenses, including reasonable attorney’s fees,
        incurred by Merrill Lynch and arising out of Client’s breach or default of this
        Agreement, Client’s failure to fully and timely perform Client’s duties under
        this Agreement, any actions of any third party selected by Client which affect
        the Account, or should any of Client’s representations and warranties fail to be
        true and correct in any material respect. Client also agrees to pay promptly
        to
        Merrill 

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      MERRILL
        LYNCH

       

      Lynch
        all
        reasonable attorney’s fees, incurred by Merrill Lynch in the enforcement of any
        of the provisions of this Agreement or in any action, claim or demand filed
        by
        Client arising out of this Agreement and any other Agreements between Merrill
        Lynch and Client where Merrill Lynch is found not to be liable or responsible.
        Merrill Lynch shall be liable to Client for any breach of this Agreement
        by
        Merrill Lynch and the conduct of its employees and agents which constitutes
        negligence or willful misconduct.

      

      If
        Client
        is a trust, then specifically, without limiting the generality of the prior
        paragraph, Client agrees to hold harmless and indemnify Merrill Lynch, its
        affiliates, agents, employees, successors and assigns, from and against any
        and
        all claims, losses, damages, costs, and expenses, including reasonable
        attorneys’ fees, incurred by Merrill Lynch arising out of any claim by the trust
        against Merrill Lynch as a result of Merrill Lynch’s compliance with Trustee’s
        instructions.

      

      20.RECORDING 

      Each
        party understands that the other party, in its discretion, may record on
        tape or
        otherwise, any telephone conversation between the operations, trading and
        other
        non-legal personnel of the parties, although neither party assumes
        responsibility to do such or to retain such recordings.  Each party
        hereby agrees and consents to such recording and, subject to applicable rules
        of
        evidence and discovery, waives any right it may have to object to the
        admissibility into evidence of such recording in any legal proceeding between
        them or in any other proceeding in which the other party is involved or in
        which
        its records are subpoenaed.

      

      21.ELIGIBLE
        CONTRACT PARTICIPANT 

      Client
        agrees that it qualifies as an eligible contract participant (“ECP”) as that
        term is defined in Section 1(a)(12) of the Commodity Exchange Act as Client
        is
        one of the following types of entities: (a) bank; (b) insurance company;
        (c)
        corporation, partnership, trust or limited liability company with total assets
        in excess of 10 million dollars or net worth of 1 million dollars; (d)
        government entity which owns and invests assets in excess of 25 million dollars;
        (e) broker/dealer; (f) futures commission merchant; (g) a regulated commodity
        pool, hedge fund, mutual fund or other collective investment vehicle with
        greater than 5 million dollars in assets, (h) employee benefit plan with
        assets
        greater than 5 million dollars of (i) a natural person with total assets
        exceeding 10 million dollars.  NOTE:  ECP clients are
        permitted to engage in certain activities pursuant to the Commodity Exchange
        Act. If Client is not one of the above entities, please strike this paragraph
        in
        its entirety.

      

      22.RECEIPT
        OF CLIENT ACKNOWLEDGMENTS 

      By
        checking the boxes below, Client hereby expressly acknowledges and agrees
        that
        Client has received, read and understood and has retained a copy of the “Risk
        Disclosure Statement for Futures and Options” which includes the disclosures
        required by CFTC Rules 1.55, 30.6, 33.7 and 190.10(c), the specific disclosure
        statements below and other disclosure and risk statements applicable to Client’s
        Account as set forth in this Agreement and the “Client Account Application,
        Disclosure Statements and Notices”. Please check all
        boxes. 

      

      r  Risk
        Disclosure Statement
        for Futures and Options

      r     Authorization
        to Transfer Client Funds

      r     Singapore
        Risk Disclosure Statement

      

      Client
        hereby acknowledges that Client has read and understands all the disclosures
        provided and agrees to be bound by all of the terms contained in this Agreement.
        Client agrees to immediately notify Merrill Lynch of any material changes
        to the
        information contained herein. Merrill Lynch and Client agree that this Agreement
        may be executed in counterparts.

      

      PLEASE
        NOTE:  If this Agreement is executed on behalf of a corporation, a
        copy of a corporate resolution authorizing the signature(s) below must be
        attached. If this Agreement is executed on behalf of a partnership, then
        the
        signature(s) below is/are that of all of the General Partners and the
        partnership agreement must be attached. If this Agreement is executed on
        behalf
        of a Trust, 

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      MERRILL
        LYNCH

       

      the
        Trustee signature block below must be signed and a copy of the trust agreement
        provided. If this Agreement is executed on behalf of a limited liability
        company
        or a non-US limited company, a copy of the operating agreement or a copy
        of a
        resolution authorizing the signature(s) below must be
        attached.  Persons signing this Agreement must provide proof of
        identity. Additional documentation may be requested in accordance with
        applicable anti-money laundering policies.

      

      Please
        indicate your understanding and agreement of these terms by signing
        below.

      

      _____________________________________________________________________________________

      Account
        Name

      

      

      By:_________________________________________________________ 
        ___________________

      Authorized
        Signature                            Date

      

      ___________________________________________________  _________________________

      Print
        Name                                 
Title

      

      

      

      By:_________________________________________________________ ___________________

      Authorized
        Signature                            Date

      

      ___________________________________________________  _________________________

      Print
        Name                                 
Title

      

       

       

       

       

       

      13

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