Document:

Exhibit 4.2
                                                                   -----------

                   THE MERRILL LYNCH FUTURESACCES(SM) PROGRAM

                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

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

                        PROGRAM SUBSCRIPTION AGREEMENT
                             --------------------

                  Units of Limited Liability Company Interest
             Minimum Investment in any FuturesAccess Fund: $10,000

                   Merrill Lynch Alternative Investments LLC
                          Princeton Corporate Campus
                            800 Scudders Mill Road
                                  Section 2G
                         Plainsboro, New Jersey 08536
                        (866) MER-ALTS; (866) 637-2587

The completed Program Subscription Agreement Signature Page (attached hereto)
                 must be delivered to your Financial Advisor.

 A completed Purchase and Exchange Form Signature Page must also be delivered
  to your Financial Advisor in order for your subscription or exchange to be
                                  processed.

   If you have any questions about how to complete the Program Subscription
  Agreement Signature Page or the Purchase and Exchange Form Signature Page,
  please contact your Merrill Lynch Financial Advisor or a representative of
 Merrill Lynch Alternative Investments LLC at (866) MER-ALTS; (866) 637-2587.

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

 THE FUTURESACCESS FUNDS AVAILABLE THROUGH THE MERRILL LYNCH FUTURESACCES(SM)
PROGRAM ARE SPECULATIVE, ILLIQUID INVESTMENTS. THE UNITS ARE ONLY SUITABLE FOR
             A LIMITED PORTION OF THE RISK SEGMENT OF A PORTFOLIO.

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

                                Selling Agent:

              Merrill Lynch, Pierce, Fenner & Smith Incorporated
                               -----------------

                      FOR THE USE OF U.S. INVESTORS ONLY

<PAGE>

                   THE MERRILL LYNCH FUTURESACCES(SM) PROGRAM
                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

                        PROGRAM SUBSCRIPTION AGREEMENT
                         For the Use of U.S. Investors

          How to Invest in the Merrill Lynch FuturesAccess(SM) Program

General

Merrill Lynch Alternative Investments LLC ("MLAI") has attempted to minimize
the paperwork normally associated with Investors participating in private
placements in general and in the Merrill Lynch FuturesAccess(SM) Program
("FuturesAccess") in particular. All information which Investors must complete
is included in the Program Subscription Agreement Signature Page and the
Purchase and Exchange Form Signature Page. The Program Subscription Agreement
Signature Page must be completed only once (unless your Financial Advisor
otherwise requests). Acceptance of your Program 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 Program Subscription Agreement
Signature Pages for each such account (unless your Financial Advisor informs
you otherwise).

When (or any time after) you submit your Program Subscription Agreement
Signature Page, you must also submit a Purchase and Exchange Form Signature
Page selecting the specific FuturesAccess Fund(s) into which you wish to
invest or exchange. Unless your Financial Advisor otherwise requests, there is
no need to submit a Program Subscription Agreement Signature Page for each
FuturesAccess Fund investment or exchange. You need only identify your
selection on a Purchase and Exchange Form Signature Page.

Only the detachable Signature Page to this Program Subscription Agreement and
to the Purchase and Exchange Form need be submitted, not the full Program
Subscription Agreement or Purchase and Exchange Form.

If you have any questions as to how to complete either the Program
Subscription Agreement Signature Page or the Purchase and Exchange Form
Signature Page, or need additional Program Subscription Agreements or Purchase
and Exchange Forms, 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

Your Financial Advisor must countersign both your Program Subscription
Agreement Signature Page and your Purchase and Exchange Form Signature Page.
Give the Signature Pages to your Financial Advisor to send to MLAI.

Steps to investing:

   1. Read and carefully review this Program Subscription Agreement.

   2. Complete and detach the Program Subscription Agreement Signature Page.

   3. Give the completed Program Subscription Agreement Signature Page to your
      Financial Advisor. Your Financial Advisor will review and countersign
      this Signature Page and forward it to MLAI.

                                U.S. Investors
                                      -1-
<PAGE>

   4. Read and carefully review the Part One (A) Confidential Program
      Disclosure Document: FuturesAccess(SM) Program General Information, the
      Part Two Confidential Program Disclosure Document: Statement of
      Additional Information and the Part One (B) Confidential Program
      Disclosure Document: Trading Advisor Information (collectively, the
      "Confidential Program Disclosure Document"), including the description
      of each FuturesAccess Fund into which you are considering investing or
      exchanging.

   5. Consult with your Financial Advisor as to which of the FuturesAccess
      Funds are suitable for your portfolio.

   6. Complete and detach the Purchase and Exchange Form Signature Page
      indicating the FuturesAccess Funds you have selected.

   7. Give the completed Purchase and Exchange Form Signature Page to your
      Financial Advisor. Your Financial Advisor will review and countersign
      this Signature Page and forward it to MLAI.

   8. To exchange among FuturesAccess Funds, complete a Purchase and Exchange
      Form Signature Page and submit it to your Financial Advisor no less than
      45 days before the proposed calendar quarter-end (or month-end, in
      certain cases) for the exchange.

   9. Your Financial Advisor will inform you of when your Merrill Lynch
      Account will be debited in the amount of your investments in
      FuturesAccess (in the case of subscriptions), as well as of when any
      exchange will be effective.

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

      The Subscriber may invest in FuturesAccess through taxable accounts as
      well as through IRA 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 (but not individual FuturesAccess Fund) minimums. A
      separate Program Subscription Agreement Signature Page must be completed
      for each such account.

      The Subscriber should indicate on the Program Subscription Agreement
      Signature Page as well as on each Purchase and Exchange Form Signature
      Page whether the Subscriber is investing together with any related
      accounts.
   ------------------------------------------------------------------------
                                 -----------------------

The detachable Program Subscription Agreement Signature Page attached hereto
should be completed and delivered to your Financial Advisor, together with the
Purchase and Exchange Form Signature Page identifying the FuturesAccess Funds
in which you wish to invest.

The Purchase and Exchange Form is a separate document with its own detachable
Signature Page.

                                U.S. Investors
                                      -2-
<PAGE>

                   THE MERRILL LYNCH FUTURESACCES(SM) PROGRAM
                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

                        PROGRAM SUBSCRIPTION AGREEMENT
                         For the Use of U.S. Investors

This Program Subscription Agreement relates to your participation in
FuturesAccess. A number of different FuturesAccess Funds are included in
FuturesAccess. In addition to the Program Subscription Agreement Signature
Page (attached hereto), you must also submit a Purchase and Exchange Form
Signature Page (attached to the Purchase and Exchange Form) identifying the
particular FuturesAccess Fund(s) into which you wish to invest or exchange.
You must submit a new Purchase and Exchange Form Signature Page each time you
invest or exchange into a new FuturesAccess Fund. Following initial completion
of the Program Subscription Agreement, you need only submit a new Program
Subscription Agreement Signature Page if so requested by your Merrill Lynch
Financial Advisor.

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

This Program Subscription Agreement relates to your subscription to one or
more of the FuturesAccess Funds.

Each Investor must also complete a Purchase and Exchange Form Signature Page
indicating the specific FuturesAccess Fund(s) to which such Investor wishes to
subscribe, and acknowledging receipt of the Confidential Program Disclosure
Document, as well as the FuturesAccess Fund Descriptions and the FuturesAccess
Fund Offering Documents relating to such FuturesAccess Fund(s).

By completing and executing the Program Subscription Agreement Signature Page,
the undersigned (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 appropriate only
for a limited portion of the Subscriber's portfolio.

The Subscriber also understands and agrees that, although MLAI will use its
reasonable efforts to keep the information provided in each Program
Subscription Agreement Signature Page and each Purchase and Exchange Form
Signature Page strictly confidential, one or more FuturesAccess Funds and/or
MLAI may present the Program Subscription Agreement Signature Page as well as
the Purchase and Exchange Form 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 FuturesAccess Funds' units of limited liability company interest (the
"Units"), or compliance with applicable law by any of the FuturesAccess Funds,
MLAI or any of their respective affiliates, or 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 are a party or
by which they are or may be bound, or upon the request of any regulatory,
governmental or self-regulatory authority.

Capitalized terms used but not defined herein will have the meaning assigned
to them in the Confidential Program Disclosure Document.

                                U.S. Investors
                                      S-1
<PAGE>

1.    Representations, Warranties and Agreements of the Subscriber. As an
inducement to MLAI to accept the Subscriber's Program Subscription Agreement
Signature Page and any Purchase and Exchange Form Signature Page submitted by
the Subscriber, the Subscriber represents and warrants to MLAI and the
applicable FuturesAccess Fund(s) as follows:

A.    Authority and Eligibility
      -------------------------

      (1)   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 Program Subscription Agreement Signature
            Page and the Purchase and Exchange Form Signature Page and to
            comply with the terms of this Program Subscription Agreement and
            the Purchase and Exchange Form, as well as to discharge the
            Subscriber's obligations to FuturesAccess.

            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 such registration.

      (2)   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 Program
            Subscription Agreement Signature Page and any Purchase and
            Exchange Form 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 right and power to comply with the terms of
            this Program Subscription Agreement and the Purchase and Exchange
            Form, as well as to discharge its obligations to FuturesAccess,
            including under the General Form of Operating Agreement of the
            FuturesAccess Fund (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.

      (3)   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.

      (4)   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 investment in the FuturesAccess Funds
            is suitable only for a limited portion of the risk segment of the
            Subscriber's portfolio.

      (5)   The Subscriber (and the Subscriber's financial advisors, if any)
            will (i) receive and carefully review a copy of the Confidential
            Program Disclosure Document, the FuturesAccess Fund Descriptions
            and the FuturesAccess Fund Offering Documents relating to each
            FuturesAccess Fund in which the Subscriber proposes to invest, and
            (ii) carefully evaluate and understand the various risks of such
            investment before submitting a Purchase and Exchange Form
            Signature Page to subscribe to such FuturesAccess Fund. The
            Subscriber will only do so if the Subscriber can afford to bear
            such risks.

                                U.S. Investors
                                      S-2
<PAGE>

      (6)   The Subscriber (and the Subscriber's financial advisors, if any)
            has been furnished with any materials the Subscriber has requested
            relating to any FuturesAccess Fund, its proposed operations, the
            private placement of the Units, the Trading Advisors and any other
            matters related thereto.

      (7)   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 its assets are invested in any FuturesAccess
            Fund, 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), and the Subscriber's
            assets are not considered to constitute assets of any "employee
            benefit plan" as defined in the Employee Retirement Income
            Security Act of 1974, as amended ("ERISA"), regardless of whether
            such employee benefit plan is subject to ERISA, or any "plan" as
            defined in Section 4975 of the Internal Revenue Code of 1986, as
            amended (the "Code"), regardless of whether such plan is subject
            to Section 4975 of the Code.

      (8)   If the Subscriber is an insurance company using assets of its
            general account to purchase Units, the Subscriber hereby
            represents and warrants that the percentage of such assets used to
            purchase the Units of any FuturesAccess Fund that represents the
            assets of "employee benefit plans" does not exceed the percentage
            indicated on the Program Subscription Agreement Signature Page.

B.    Restrictions on Exchanges and Transfers
      ---------------------------------------

      (1)   The Subscriber acknowledges that MLAI is under no obligation to
            maintain the Exchange Privilege of FuturesAccess 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)   Certain FuturesAccess Funds may be subject to redemption fees
            and/or other liquidity restrictions. 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 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 its 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 of 1933, as
            amended (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.

      (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. The Subscriber further understands that MLAI
            may assign its interest as Sponsor or Program Manager as described
            in the Operating Agreements of the FuturesAccess Funds.

                                U.S. Investors
                                      S-3
<PAGE>

      (4)   The Subscriber understands that, as disclosed in the Confidential
            Program Disclosure Document, MLPF&S receives substantial brokerage
            commissions from the FuturesAccess Funds. Such brokerage
            commissions were not negotiated at arm's-length.

      (5)   The Subscriber acknowledges and agrees to the investment of the
            FuturesAccess Funds' cash as described under "Interest Income
            Arrangements" in the Part One (A) Confidential Program Disclosure
            Document: FuturesAccess(SM) Program General Information.

      (6)   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 Program 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 such term 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 is no longer a U.S. Person during the term of the
            Subscriber's investment in the 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 confirms that, unless otherwise indicated in
            Section 8 of the Program Subscription Agreement Signature Page,
            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 MLAI, the Selling
            Agent or the Subscriber's Merrill Lynch Financial Advisor in
            connection with subscribing for Units in any FuturesAccess Fund,
            or which is set forth on the Program Subscription Agreement
            Signature Page and any Purchase and Exchange Form Signature Page,
            including all representations, warranties and agreements contained
            herein, is correct and complete as of the date on 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 such revised or corrected
            information to MLAI.

      (2)   The Subscriber agrees that the representations, warranties and
            agreements contained in this Program Subscription Agreement or a
            Purchase and Exchange Form Signature Page, including all
            representations, warranties and agreements contained therein,
            shall be deemed to be repeated as of the date the Subscriber
            purchases Units of any FuturesAccess Fund.

      (3)   The Subscriber agrees that the representations, warranties and
            agreements contained in this Program Subscription Agreement, and
            all other information regarding the Subscriber set forth on the
            Program Subscription Agreement Signature Page, or the relevant
            Purchase and Exchange Form Signature Page(s), 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.

                                U.S. Investors
                                      S-4
<PAGE>

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 (A) with respect to the Subscriber and
      (B) 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 Program
      Subscription Agreement Signature Page and any related Purchase and
      Exchange Form Signature Page as well as to invest in any FuturesAccess
      Fund. 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 therein 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 Program Subscription Agreement Signature Page
      or the Purchase and Exchange Form 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 (i) 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, (ii) a foreign shell bank,
      (iii) 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 or (iv) a senior foreign political
      figure,(1) an immediate family member(2) or close associate(3) of a
      senior foreign political figure within the meaning of the USA PATRIOT
      Act of 2001.(4) The Subscriber agrees to promptly notify MLAI should it
      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 the Subscription Document is
      true and correct, and agrees to provide any information MLAI or its
      agents deem necessary to comply with its anti-money laundering program
      and related responsibilities from time to time. If the Subscriber has
      indicated in these Subscription Documents that it is an intermediary
      subscribing in the Program as a record owner in its capacity as agent,
      representative or nominee on behalf of one or more underlying investors
      ("Underlying Investors"), it 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 they may reasonably request.

------------------
(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 elected 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.

(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
                                      S-5
<PAGE>

      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 INDICATE ON
THE PROGRAM SUBSCRIPTION AGREEMENT SIGNATURE PAGE WHICH OF THE FOLLOWING
REQUIREMENTS THE SUBSCRIBER SATISFIES IN ORDER TO QUALIFY 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.

      Entity Subscribers
      ------------------

      (3)   A corporation, partnership, limited liability company,
            Massachusetts or similar business trust or tax-exempt organization
            as defined 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.B(1) 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
                                      --

                                U.S. Investors
                                      S-6
<PAGE>

      (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 Investment Company Act
            of 1940, as amended (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
                                      --

      (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 each FuturesAccess
Fund, MLAI, the Selling Agent and the Subscriber's Merrill Lynch Financial
Advisor or from any breach of any of the Subscriber's agreements contained in
this Program Subscription Agreement (including the Program Subscription
Agreement Signature Page) or in any of the Subscriber's Purchase and Exchange
Forms

                                U.S. Investors
                                      S-7
<PAGE>

(including the Purchase and Exchange Form Signature Page), or from any
unsuccessful securities proceeding brought by the Subscriber against any
FuturesAccess Fund, MLAI or the Selling Agent.

V.    Governing Law; Consent To Jurisdiction. THIS PROGRAM SUBSCRIPTION
AGREEMENT AND ANY RELATED PURCHASE AND EXCHANGE FORM 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, THEREUNDER OR OTHERWISE IN RESPECT OF
THE PROGRAM.

VI.   Power of Attorney. In connection with the acquisition of Units pursuant to
this Program Subscription Agreement (and the related Program Subscription
Agreement Signature Page) and a Purchase and Exchange Form (and the related
Purchase and Exchange Form 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 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.  General. The Subscriber understands that this Program Subscription
Agreement (including the Program Subscription Agreement Signature Page), any
Purchase and Exchange Form (including the Purchase and Exchange Form Signature
Page) submitted by the Subscriber, and the representations, warranties,
agreements and other provisions hereof and thereof: (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 (through the Signature Pages) 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 Program Subscription Agreement (including the Program
Subscription Agreement Signature Page) or any Purchase and Exchange Form
(including the Purchase and Exchange Form 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.

You may submit a Purchase and Exchange Form Signature Page together with the
Program Subscription Agreement Signature Page or separately. However, your
subscription cannot be processed until both have been received.

VIII. Legends.
      --------

                                U.S. Investors
                                      S-8
<PAGE>

      IN MAKING AN INVESTMENT DECISION, SUBSCRIBERS MUST RELY ON THEIR OWN
      EXAMINATION OF FUTURESACCESS, THE APPLICABLE FUTURESACCESS FUND(S) AND
      THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.
      FUTURESACCESS HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
      SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE
      FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE
      ADEQUACY OF THE CONFIDENTIAL PROGRAM DISCLOSURE DOCUMENT OR THE
      FUTURESACCESS FUND DESCRIPTIONS THEREIN. 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, (B) AS PERMITTED UNDER THE SECURITIES ACT AND
      APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR EXEMPTION
      THEREFROM AND (C) AS PERMITTED UNDER THE COMPANY ACT. 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.

      THE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE OR OTHER AGENT OF THE
      INVESTOR) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY
      KIND, THE TAX TREATMENT AND TAX STRUCTURE OF THE TRANSACTION AND ALL
      MATERIALS OF ANY KIND (INCLUDING OPINIONS OR OTHER TAX ANALYSES) THAT
      ARE PROVIDED TO THE INVESTOR RELATING TO SUCH TAX TREATMENT AND TAX
      STRUCTURE.

      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
                                      S-9
<PAGE>

                   THE MERRILL LYNCH FUTURESACCES(SM) PROGRAM
                                   to access
                     SINGLE-ADVISOR MANAGED FUTURES FUNDS

                 PROGRAM SUBSCRIPTION AGREEMENT SIGNATURE PAGE
                         For the Use of U.S. Investors

By executing this Program Subscription Agreement Signature Page, the
Subscriber makes all of the representations, warranties, agreements,
acknowledgements and undertakings set forth in the Program Subscription
Agreement.

An investment in FuturesAccess is suitable only for sophisticated Investors
who have the financial resources and the willingness to accept the risks
inherent in an investment in FuturesAccess, and for whom an investment in
FuturesAccess does not represent a complete investment program. The risks
associated with an investment in FuturesAccess are described in the
Confidential Program Disclosure Document. The Subscriber should carefully read
the Confidential Program Disclosure Document prior to deciding whether to
invest in any FuturesAccess Fund.

The Subscriber hereby makes and affirms all representations, warranties and
agreements set forth on behalf of the Subscriber in the Program Subscription
Agreement.

 1    REGISTRATION OF UNITS (Check one):
      ---------------------------------

      Must match the registration of the Merrill Lynch Account specified in
      Section 2(b) below.

<TABLE>
<S>      <C>                                <C>

         Individual Subscribers:
         ----------------------
   |_|   Individual Ownership               |_|  Tenants in Common
            (One signature required below)          (all tenants must sign and initial
                                                 below)
   |_|   Joint Tenants with Rights of       |_|  Other (please specify): ________________
         Survivorship
            (all tenants must sign and
         initial below)
         Entity Subscribers:
         ------------------
   |_|   Trust                              |_|  Corporation
   |_|   Grantor                            |_|  Partnership/Limited Liability Company
                 |_| Other (please specify): ________________
</TABLE>

2     SUBSCRIBER INFORMATION: (Information must match the Merrill Lynch Account
      ----------------------
type specified in Section 1 above.)

      The Subscriber must provide all information exactly as it is to appear on
      the records of FuturesAccess.

   (a)  Subscriber's Name:_____________________________________________________

   (b)  Merrill Lynch Account to be Debited:___________________________________

   (c)  Name of Merrill Lynch Financial Advisor:_______________________________

   (d)  Social Security / Taxpayer ID
        Number (if Joint Subscribers,
        provide both):_________________________________________________________

   (e)  Residence Address (for
        Individuals):__________________________________________________________
                                                 (Street)

        _______________________________________________________________________
                   (City)                        (State)            (Zip Code)

                                U.S. Investors
                Program Subscription Agreement Signature Page
                                      SP-1
<PAGE>

   (f)  Principal Place of Business
        (for Entities):________________________________________________________
                                                 (Street)

        _______________________________________________________________________
                   (City)                        (State)            (Zip Code)

   (g)  Correspondence Address
        (if different from above):_____________________________________________
                                                 (Street)

        _______________________________________________________________________
                   (City)                        (State)            (Zip Code)

   (h)  Telephone Number:______________________________________________________
                                                Business             Home
   (i) E-Mail Address:_________________________________________________________

   (j) In correspondence, please address the Subscriber as: Dear:______________

   (k) Date of Birth (for Individuals)
       (if Joint Subscribers, provide both):___________________________________

   (l) Date of Organization (for Entities):____________________________________

   (m) Jurisdiction of Organization (for Entities):____________________________

   (n) Name of Contact Person (for Entities):__________________________________

   (o) Fiscal/Tax Year (for Entities):_________________________________________

 3    SOLICITATION INFORMATION:  The Subscriber first heard about FuturesAccess
      ------------------------
from:

   |_|   Merrill Lynch Financial Advisor
   |_|   Other (please specify):
                                     ---------------------------

 4    SUBSCRIBER REQUIREMENTS:
      -----------------------

      (If joint Subscribers, each must provide the required information and
      initial such information.)

      (a)   The Subscriber is an "accredited investor," because the Subscriber
            satisfies the following requirement, as set forth under Section
            III.A of the Program Subscription Agreement. (See pages S-6 and
            S-7.)

            Please circle which requirement the Subscriber satisfies under
            Section III.B and initial below: (circle only one)

            Individual Subscriber:

            III.A(1)    III.A(2)

            ----------------------    -----------------------
            (Initial here)            (Initial here - Joint Subscribers)

            Entity Subscribers:
            lll.A(3) lll.A(4) III.A(5)  III.A(6)  III.A(7)  III.A(8)
            lll.A(9) III.A(10)III.A(11) III.A(12) Ill.A(13) III.A(14) III.A(15)
            (Please complete Item 4(c), below)

            ----------------------    -----------------------
            (Initial here)            (Initial here - Joint Subscribers)

                                U.S. Investors
                Program Subscription Agreement Signature Page
                                      SP-2
<PAGE>

      (b)   If the Subscriber satisfies the requirements set forth under
            Section III.A(15) above, the Subscriber represents and warrants
            that it has confirmed that each equity owner of the Subscriber is
            an "accredited investor" in its own right, and that MLAI, based
            upon this representation, has a reasonable basis to accept the
            Subscriber as an "accredited investor."

            ----------------------    -----------------------
            (Initial here)            (Initial here - Joint Subscribers)

 5    SUITABILITY AND NATURE OF INVESTMENT:
      ------------------------------------

      The Subscriber understands that an investment in FuturesAccess is
      speculative, illiquid, long-term, and does not represent a complete
      investment program. The Subscriber confirms that it has (either alone or
      with the Subscriber's financial advisors, if any) sufficient knowledge
      and expertise to be able to evaluate the merits and risks of investing in
      FuturesAccess. The Subscriber has considered the speculative and illiquid
      nature of an investment in FuturesAccess within the context of the
      Subscriber's total portfolio, understands that Units of the FuturesAccess
      Funds are only suitable for a limited portion of the risk segment of the
      Subscriber's overall portfolio, and can bear the various risks of such an
      investment.

            ----------------------    -----------------------
            (Initial here)            (Initial here - Joint Subscribers)

 6    OTHER INFORMATION:
      -----------------

      Insurance Company General Account: The percentage of assets in such
      account used to purchase Units that represents the assets of "employee
      benefit plans" does not exceed _____%.

      Employee Benefit Plan Assets: Please check the following box if 25% or
      more of any class of the equity securities of the Subscriber is owned by
      a benefit plan organized by an employer or employee organization to
      provide retirement, deferred compensation, medical, death, disability,
      unemployment, vacation or similar benefits to employees (including IRAs,
      KEOGH and 401(k) plans) |_|.

 7    RELATED ACCOUNTS:
      ----------------

      PLEASE LIST ANY OTHER ACCOUNTS OF WHICH YOU OR A MEMBER OF YOUR
      IMMEDIATE FAMILY IS THE PRIMARY BENEFICIARY OR BENEFICIAL OWNER AND
      WHICH INVEST IN FUTURESACCESS.

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

                                U.S. Investors
                Program Subscription Agreement Signature Page
                                      SP-3
<PAGE>

 8    INTERNAL REVENUE CODE CERTIFICATION:
      -----------------------------------

      The Subscriber hereby represents, warrants and certifies as follows:

      -------------------------------------------------------------------------
      (a)   Under penalty of perjury, by signature below, the Subscriber
            certifies that the Social Security/Taxpayer ID number set forth
            above is the true, correct and complete Social Security/Taxpayer
            ID number of the Subscriber, and the Subscriber is a taxable
            United States person.

      (b)   Under penalty of perjury, by signature below, the Subscriber
            certifies that the Subscriber is not subject to backup
            withholding, either because the Subscriber is exempt from backup
            withholding, or because (i) the Subscriber has not been notified
            by the Internal Revenue Service that the Subscriber is subject to
            backup withholding, or (ii) the Internal Revenue Service has
            notified the Subscriber that the Subscriber is no longer subject
            to backup withholding.

      (c)   CROSS OUT ITEM (b) ABOVE IF YOU HAVE BEEN NOTIFIED BY THE INTERNAL
            REVENUE SERVICE THAT YOU ARE CURRENTLY SUBJECT TO BACKUP
            WITHHOLDING BECAUSE YOU HAVE FAILED TO REPORT ALL INTEREST AND
            DIVIDENDS ON YOUR TAX RETURN.
      -------------------------------------------------------------------------

      The Subscriber agrees to notify MLAI within 30 days of any change in the
      information set forth in this Section 8.

 9    SIGNATURE(S):
      ------------

      By signing below, the Subscriber represents that: (a) if an individual,
      the Subscriber is at least 21 years old and legally competent; (b) if an
      Entity, (i) the Subscriber has been duly formed and is validly existing
      and is in good standing under the laws of the jurisdiction of its
      formation with full power and authority to enter into the transactions
      contemplated by the Confidential Program Disclosure Document, the
      Program Subscription Agreement, each applicable Purchase and Exchange
      Form and each applicable Operating Agreement, including the purchase of
      Units, (ii) based upon a review of the Subscriber's constitutional
      documents and/or based on consultation with counsel or advisors, the
      Subscriber is authorized to invest in FuturesAccess, and (iii) the
      Signatory has been authorized by the Subscriber to execute and deliver
      this Program Subscription Agreement Signature Page and any related
      Purchase and Exchange Form Signature Page submitted or to be submitted
      by the Subscriber; (c) has received and read the offering materials
      related to FuturesAccess and the relevant FuturesAccess Fund(s); (d)
      this Program Subscription Agreement Signature Page and any related
      Purchase and Exchange Form Signature Page have been or will be duly and
      validly authorized, executed and delivered by the Subscriber; and (e)
      this Program Subscription Agreement Signature Page, any related Purchase
      and Exchange Form Signature Page and any related Operating Agreement
      submitted or to be submitted by the Subscriber constitutes or will
      constitute the valid, binding and enforceable agreement of the
      Subscriber.

      -------------------------------------------------------------------------
      The Internal Revenue Service does not require your consent to any
      provision of this document other than the certifications required to
      avoid backup withholding.
      -------------------------------------------------------------------------

                                            -----------------------------------
                                            (Signature of Individual Subscriber)

                                            -----------------------------------
                                            (Signature of Joint Subscriber,
                                                if applicable)
    Dated:
             ---------------------------

                                            -----------------------------------
        Please check the following box      (Name of Entity Subscriber)
        if the Subscriber is a Merrill
        Lynch officer or employee:  |_|     By:_________________________________
                                                Name:
                                                Title:

                                U.S. Investors
                Program Subscription Agreement Signature Page
                                      SP-4
<PAGE>

 10   FINANCIAL ADVISOR ATTESTATION:
      -----------------------------

      The undersigned Financial Advisor ("FA") hereby certifies that the
      Subscriber is known to and is a client of the undersigned, and has had
      substantive discussions with the undersigned regarding the Subscriber's
      investment objectives. The FA confirms that he/she has a reasonable
      basis for believing (i) that all of the representations made by the
      Subscriber in the Program Subscription Agreement are true and correct,
      and (ii) based on information obtained from the Subscriber concerning
      its investment objectives, other investments, financial situation and
      needs, and any other information known to the FA, that an investment in
      FuturesAccess is suitable for the Subscriber.

      ------------------------------------  ------------------------------------
      Financial Advisor Production Number       Financial Advisor Signature

              FINANCIAL ADVISORS SHOULD RETURN THE COMPLETED AND
            EXECUTED PROGRAM SUBSCRIPTION AGREEMENT SIGNATURE PAGE
                            BY OVERNIGHT MAIL TO:

                   Merrill Lynch Alternative Investments LLC
                       800 Scudders Mill Road Section 2E
                         Plainsboro, New Jersey 08536
                  Phone: (1-800) 765-0995 Fax: (609) 282-0782
                            Attn: Document Control

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

   Subscribers should retain a copy of the Program Subscription Agreement as
     well as a copy of this Program Subscription Agreement Signature Page
                              for their records.

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

                                U.S. Investors
                Program Subscription Agreement Signature Page
                                      SP-5

                                                              ----------------
                                                              PLACE LABEL HERE
                                                              ----------------Exhibit 10.1
                                                                   ------------

         [GRAPHIC OMITTED]

         Merrill Lynch, Pierce, Fenner & Smith, Inc
         One South Wacker Drive, Suite 300, Chicago, Illinois 60606
_______________________________________________________________________________
         Tel: 312-442-5453

<PAGE>

-------------------------------- 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
<PAGE>

-------------------------------- 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
<PAGE>

-------------------------------- 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
<PAGE>

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

                                      7
<PAGE>

-------------------------------- 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.

                                      8
<PAGE>

-------------------------------- 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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<PAGE>

-------------------------------- 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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<PAGE>
-------------------------------- 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
<PAGE>

-------------------------------- 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.

      |_|     Risk Disclosure Statement for Futures and Options
      |_|     Authorization to Transfer Client Funds
      |_|     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
<PAGE>

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

<PAGE>

-------------------------------- MERRILL LYNCH --------------------------------

By:  __________________________________        ________________________________
     Authorized Signature                      Date

     __________________________________        ________________________________
     Print Name                                Title

By:  __________________________________        ________________________________
     Authorized Signature                      Date

     __________________________________        ________________________________
     Print Name                                Title

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