Document:

exv10w02

 

Exhibit 10.02

CUSTOMER AGREEMENT

     This Customer Agreement (“Agreement”) between UBS Securities LLC (“UBS-S LLC”) and
Campbell Strategic Allocation Fund L.P. (“Customer”) shall govern the purchase and sale by
UBS-S LLC of certain futures contracts, options thereon and options contracts for the account and
risk of Customer through one or more accounts carried by UBS-S LLC on behalf and in the name of
Customer (collectively, the “Account”), as more fully described below.

	1.	 	UBS-S LLC’S AUTHORIZATION TO ACT AS BROKER

     Customer authorizes UBS-S LLC, acting through employees and agents selected by it in its sole
discretion, to purchase and sell for the Account contracts for certain futures contracts, options
thereon and options contracts for which UBS-S LLC has notified Customer that UBS-S LLC is prepared
to execute transactions (collectively, “Contracts”) within or outside the United States of America
in accordance with Customer’s instructions.

	2.	 	CUSTOMER’S REPRESENTATIONS AND WARRANTIES

(a) Representations and Warranties. Customer represents and warrants as follows:

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

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

     (iii) Customer’s Statements. The statements made to UBS-S LLC by Customer regarding
Customer’s futures trading (including any financial statements submitted therewith) are
true and correct to the best of Customer’s knowledge;

     (iv) Interest or Control of Account. If any person or entity has, or during the term
of this Agreement will have, any interest in the Account other than Customer, Customer
hereby agrees to so notify UBS-S LLC immediately (and no later than within one business
day); and

     (v) Designation. If Customer is not a citizen or resident of the United States,
Customer has been informed by UBS-S LLC of Commodity Futures Trading Commission (“CFTC”)
Regulations concerning the designation of a futures commission merchant as the agent of
foreign brokers, customers of a foreign broker and foreign traders for certain purposes as
set forth in CFTC Regulation §15.05 and concerning

 

 

special calls for information from futures commission merchants, foreign brokers and
members of contract markets as set forth in CFTC Regulation §21.03.

     (b) Notice of Change. Customer shall immediately (and no later than within one business day)
notify UBS-S LLC in writing if any of the representations contained herein materially change or
cease to be true and correct.

	3.	 	APPLICABLE LAW

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

	4.	 	RELIANCE ON INSTRUCTIONS

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

	5.	 	ACCEPTANCE OF ORDERS; POSITION LIMITS

     (a) Acceptance of Orders. UBS-S LLC shall have the right to limit the size of open
positions (net or gross) of Customer with respect to the Account at any time and to refuse
acceptance of any orders (whether such refusal or limitation is required by, and whether such
refusal is based on position limits imposed under, Applicable Law). UBS-S LLC shall
immediately notify Customer of its rejection of any order. Unless specified by Customer, UBS-S
LLC may designate the exchange or trading system on which it will attempt to execute orders.

     (b) Position Limits. Customer shall not, either alone or in combination with others,
violate any position or exercise limit established by or under Applicable Law. If Customer
intends at any time to exceed such position limits, Customer shall cause to be filed an
application with the CFTC or the relevant exchange requesting authorization for Customer to exceed such
position limits and shall provide UBS-S LLC with a copy of such application and such other
information as UBS-S LLC may reasonably request with respect to such application.

 

 

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

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

	7.	 	SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL

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

	8.	 	PAYMENT OBLIGATIONS OF CUSTOMER

     (a) Charges to the Account. With respect to every Contract purchased, sold or cleared for the
Account, Customer shall pay UBS-S LLC upon demand and UBS-S LLC hereby is authorized to charge
Customer’s Account for: (i) all brokerage charges, give-up fees, commissions and service fees as
UBS-S LLC may from time to time charge; (ii) all exchange, clearing member, NFA or CFTC fees or
charges, fines or penalties; (iii) any tax imposed on such transactions by any competent taxing
authority; (iv) the amount of any trading losses in the Account; (v) any debit balance or
deficiency in the Account; (vi) interest and service charges on

 

 

any debit balances or deficiencies in the Account, any advances or any loan (including interest on
the amount of variation margin calls, until satisfaction of such calls, when the Customer posts
U.S. Treasury Bills for original margin purposes), at the rate customarily charged by UBS-S LLC
(which may be at the prevailing and/or allowable rates according to the laws of the State of
Illinois) from the day any such deficit was incurred to (but not including) the day of payment
(calculated on the basis of a 360 day year and for the actual number of days elapsed for all
deficits, except for those denominated in foreign currencies for which generally accepted
accounting principles require that the interest rate shall be calculated otherwise), together with
costs and reasonable attorneys’ fees incurred in collecting any such deficit; (vii) all storage and
delivery service fees; and (viii) any other amounts owed by Customer to UBS-S LLC with respect to
the Account or any transactions therein.

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

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

     (d) Netting. UBS-S LLC may at any time or from time to time without notice or
compliance with any condition precedent (which notice hereby is expressly waived) net (i) any
Collateral held in or on behalf of the Account (or any sub-account within the Account) or
liabilities or payment obligations of UBS-S LLC to Customer or the Account (or any sub-account within the Account) against (ii) any liabilities or payment obligations of Customer
thereunder, including, but not limited to any deficit balance or margin deficiency in the
Account
(or any sub-account within the Account), paying to Customer only the amount by which the
aggregate amount of (i) above exceeds the aggregate amount of (ii) above.

     (e) Gross-Up. All payments made by Customer to UBS-S LLC hereunder will be
made without setoff or counterclaim free and clear and without deduction or withholding for,
any
present or future taxes, levies, assessments or other charges of whatever nature, now or
hereinafter imposed by any jurisdiction or by any agency, state or other political subdivision
or taxing authority thereof or therein, and all interest, penalties, or similar liabilities with
respect

 

 

thereto (collectively, “Taxes”). If any Taxes are so levied or imposed, Customer agrees to pay the
full amount of such Taxes, and such additional amounts as may be necessary so that every net
payment of all amounts due hereunder, after withholding or deduction for or on account of any
Taxes, will not be less than the amount provided for herein. Customer will furnish to UBS-S LLC,
within thirty days after the date the payment of any Taxes is due pursuant to Applicable Law,
certified copies of tax receipts evidencing such payment by Customer.

	9.	 	DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE

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

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

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

10. EVENTS OF DEFAULT; UBS-S LLC’S REMEDIES

     (a) Events of Default. As used herein, each of the following shall be deemed an
“Event of Default”: (i) the commencement of a case under any bankruptcy, insolvency or

 

 

reorganization law or similar law effecting creditors’ rights of any jurisdiction, or the filing of
a petition for the appointment of a receiver by or against Customer, an assignment made by Customer
for the benefit of creditors, an admission in writing by Customer that it is insolvent or is unable
to pay its debts when they mature, or the suspension by the Customer of its usual business or any
material portion thereof; (ii) the issuance of any warrant or order of attachment against the
Account or the levy of a judgment against the Account; (iii) if Customer is an employee benefit
plan, the termination of Customer or the filing by Customer of a notice of intent to terminate with
the Pension Benefit Guaranty Corporation (or other similar governmental agency or body of any
jurisdiction), or the receipt of a notice of the Pension Benefit Guaranty Corporation’s (or other
similar governmental agency’s or body’s) intent to terminate Customer, or the inability of Customer
to pay benefits under the relevant employee benefit plan when due; (iv) the failure by Customer to
deposit or maintain margins, to pay required premiums, or to make payments required by Section 8
hereof; (v) UBS-S LLC in its sole and absolute discretion determines that the Collateral in
Customer’s Account, regardless of current market quotations, is inadequate to secure the Account
and Customer’s obligations to UBS-S LLC hereunder; (vi) the Account shall incur a deficit balance;
(vii) the failure by Customer to perform, in any material respect, its obligations respecting
delivery, exercise or a notice of allocation of exercise, payment for delivery, or settlement under
Contracts held in the Account (it being understood that any failure to comply with any Applicable
Law shall be deemed material); or (viii) the failure by Customer, in any material respect, to
perform any of its other obligations hereunder (it being understood that any failure to comply with
any Applicable Law shall be deemed material).

     (b) Remedies. Upon the occurrence of an Event of Default or in the event UBS-S LLC, in its
sole and absolute discretion, considers it necessary for its protection, UBS-S LLC shall have the
right, in addition to any other remedy available to UBS-S LLC at law or in equity, and in addition
to any other action UBS-S LLC may deem appropriate under the circumstances, to liquidate, spread
or roll-forward any or all open Contracts held in or for the Account, sell any or all of the
securities or other property of Customer held by UBS-S LLC and its affiliates and to apply the
proceeds thereof to any amounts owed by Customer to UBS-S LLC, borrow or buy any options,
securities, Contracts or other property for the Account and cancel any unfilled orders for the
purchase or sale of Contracts for the Account, or take such other or further actions as UBS-S LLC,
in its reasonable discretion, deems necessary or appropriate for its protection, all without
demand for margin and without notice or advertisement. In the event UBS-S LLC’s position would not
be jeopardized thereby, UBS-S LLC will make reasonable efforts under the circumstances to notify
Customer prior to taking any such action. Any such liquidation, sale, purchase, borrowing or
cancellation shall be made at the discretion of UBS-S LLC on, through or subject to the rules of
an exchange, on other markets, at public auction or by private transaction, including, without
limitation, by an exchange for physical transaction or similar transaction wherein UBS-S LLC may
act as agent and/or as principal in such transaction. Customer acknowledges and agrees that a
prior demand or margin call of any kind from UBS-S LLC or prior notice from UBS-S LLC shall not be
considered a waiver of UBS-S LLC’s right to take any action without notice or demand. In any
transaction described above, UBS-S LLC may sell any Collateral to itself or its affiliates or buy
any Collateral from itself or its affiliates. UBS-S LLC may, to the extent permitted by law,
purchase the whole or any part thereof free from any right of redemption. In all cases, Customer
shall remain liable for and shall pay to UBS-S LLC on demand the amount of any deficiency in its
Account resulting from any such transaction, and Customer shall reimburse, compensate and
indemnify UBS-S LLC for any and all costs, losses,

 

 

penalties, fines, taxes and damages which UBS-S LLC may incur, including reasonable attorneys’
fees incurred in connection with the exercise of its remedies and the recovery of any such costs,
losses, penalties, fines, taxes and damages.

	11.	 	EXCULPATION AND INDEMNIFICATION

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

     (b) Force Majeure and Acts of State. In the event that UBS-S LLC’s performance
of any of its obligations and undertakings hereunder shall be interrupted or delayed by any
occurrence not occasioned by the conduct of either party hereto, whether such occurrence shall
be an act of God or the common enemy or the result of war, riot, fire, flood, civil commotion,
acts of terrorism, sovereign conduct or other acts of State, or the act or conduct of any
person or
persons not party or privy hereto, then UBS-S LLC shall be excused from performance for such
period of time as is reasonably necessary after such occurrence to remedy the effects thereof
and
neither UBS-S LLC nor any of its managing directors, officers, employees or affiliates shall
be
directly or indirectly responsible for losses occasioned thereby.

     (c) Electronic Trading Systems Waiver. In consideration of UBS-S LLC making
electronic trading systems or services available, in whole or in part, directly or indirectly,
Customer agrees that neither UBS-S LLC, the electronic trading systems or services provided,
exchanges whose products may be traded on or through such electronic trading systems or
services, nor any other entities controlling, controlled by or under common control with such
entities, nor their respective directors, officers, or employees, shall be liable for any
losses,

 

 

damages, costs or expenses (including, but not limited to, loss of profits, loss of use,
incidental or consequential damages), regardless of the cause, arising from any fault, delay,
omission, inaccuracy or termination of the electronic trading systems or services, or the
inability to enter or cancel orders, or any other cause in connection with the furnishing,
performance, maintenance, or use of or inability to use all or any part of the electronic trading
systems or services. The foregoing shall apply regardless of whether a claim arises in contract,
tort, negligence, strict liability or otherwise.

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

	12.	 	TERMINATION

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

	13.	 	OFFSET OF OFFSETTING POSITIONS

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

	14.	 	REPORTS AND OBJECTIONS

     (a) All confirmations, purchase and sale notices, correction notices and account statements
(collectively, “Reports”) shall be submitted to Customer and shall be conclusive and binding on
Customer unless Customer notifies UBS-S LLC of any objection thereto prior to the opening of
trading on the contract market on which such transaction occurred on the business day following
the day on which Customer receives such Report; provided, that with respect to monthly statements,
Customer may notify UBS-S LLC of any objection thereto within five

 

 

business days after receipt of such monthly statement, provided the objection could not have been
raised at the time any prior Report was received by Customer as provided for above. Any such
notice of objection, if given orally to UBS-S LLC, shall immediately (and in no event later than
within one business day) be confirmed in writing by Customer.

     (b) Customer consents to the electronic delivery of Reports via facsimile, electronic mail,
computer networks (e.g., local area networks, commercial on-line services and SwisKey, Abacus or
any similar online statement delivery system) or other electronic means agreed upon by Customer
and UBS-S LLC. Customer may revoke its consent at any time upon reasonable notice to UBS-S LLC.

15. FOREIGN CURRENCY TRANSACTIONS

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

16. UBS-S LLC’S RESPONSIBILITY

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

17. ADVICE

     All advice communicated by UBS-S LLC with respect to any Account opened by Customer hereunder
is incidental to the conduct of UBS-S LLC’s business as a futures commission merchant, does not
constitute an offer to sell or the solicitation of an offer to buy any Contract, and such advice
will not serve as the primary basis for any decision by or on behalf of Customer. UBS-S LLC shall
have no discretionary authority, power or control over any decisions made by or on behalf of
Customer in respect of the Account, regardless of whether Customer relies on the advice of UBS-S
LLC in making any such decision. Any such advice, although based upon information from sources
UBS-S LLC believes to be reliable, may be incomplete or inaccurate, may not be verified and may be
changed without notice to Customer. UBS-S LLC makes no representation as to the accuracy,
completeness, reliability or prudence of any such advice or information or as to the tax
consequences of Customer’s futures or options

 

 

trading. UBS-S LLC is a separate and independent corporate entity, distinct from its affiliates and
it shall be free to purchase and sell Contracts for any affiliates without limitation or
restriction. The relationship between UBS-S LLC and Customer as described herein shall not affect
any provisions of credit to Customer by UBS AG or any other subsidiary of UBS AG. Moreover,
Customer acknowledges that UBS-S LLC and its managing directors, officers, employees and affiliates
may take or hold positions in, or advise other customers concerning, contracts which are the
subject of advice from UBS-S LLC to Customer. The positions and advice of UBS-S LLC and its
managing directors, officers, employees and affiliates may be inconsistent with or contrary to
positions of, and the advice given by, UBS-S LLC to Customer.

	18.	 	FINANCIAL AND OTHER INFORMATION

     Customer agrees to furnish appropriate financial statements to UBS-S LLC and to inform UBS-S
LLC of any material changes in the financial position of Customer and to furnish promptly such
other information concerning Customer as UBS-S LLC reasonably requests. UBS-S LLC is authorized
from time to time to contact banks, financial institutions and credit agencies for verification of
the financial condition of Customer. Customer agrees that UBS-S LLC may, from time to time, share
with its branches, agencies and affiliates, certain non-public information concerning Customer.

	19.	 	RECORDING

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

	20.	 	ACCOUNTS INTRODUCED BY OTHER BROKERS

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

	21.	 	SEVERABILITY

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

 

 

	22.	 	BINDING EFFECT

     This Agreement shall be binding on and inure to the benefit of the parties and their
successors. In accordance with CFTC regulations, UBS-S LLC may assign Customer’s Account(s) and
this Agreement to another registered Futures Commission Merchant (“FCM”) by notifying Customer of
the date and name of the intended assignee FCM. Unless Customer objects to the assignment prior to
the scheduled date for the assignment, the assignment will be binding on Customer. Customer may not
assign this Agreement without UBS-S LLC’s prior consent.

	23.	 	ENTIRE AGREEMENT

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

	24.	 	INSTRUCTIONS, NOTICES OR COMMUNICATIONS

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

	 	(i)	 	if to UBS-S LLC:
	 
	 	 	 	UBS Securities LLC

One North Wacker Drive Chicago, IL 60606

Attn: ETD Legal Department, 31st Floor

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

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

	25.	 	RIGHTS AND REMEDIES CUMULATIVE

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

 

 

	26.	 	NO WAIVER

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

	27.	 	GOVERNING LAW

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

	28.	 	CONSENT TO JURISDICTION

     The parties agree that any litigation between UBS-S LLC and Customer relating to this
Agreement or transactions hereunder may take place in the Courts of the State of New York and the
United States District Court located in the Borough of Manhattan in New York City and the parties
agree to submit to such non-exclusive jurisdiction. Customer consents to the service of process by
the mailing to Customer of copies of such court filing by certified mail to the address of Customer
as it appears on the books and records of UBS-S LLC, such service to be effective ten days after
mailing.

     WAIVER OF JURY TRIAL

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

	29.	 	ACCEPTANCE OF AGREEMENT

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

 

 

	31.	 	CUSTOMER ACKNOWLEDGEMENTS (please check box below with an “x”):

	þ (a) FUTURES AND OPTIONS DISCLOSURE DOCUMENTS

CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED, UNDERSTANDS AND CONSENTS TO THE FUTURES
AND OPTIONS DISCLOSURE DOCUMENTS FURNISHED HEREWITH INCLUDING DISCLOSURES REGARDING:

Risk Disclosure Statement for Futures and Options

Notice Regarding Average Pricing

Questions and Answers to Address Key Features of CME Rule 553 — Average Pricing System

Electronic Trading and Order Routing Systems Disclosure Statement

UBS-S LLC Special Disclosure Statement

Cross Trade Consent

Non-US Futures and Options Direct Order Transmittal Customer Disclosure
Statement

LME Guidelines (applicable to customers trading LME contracts)

Hong Kong Position Limit Notice (applicable to customers trading on Hong Kong Exchanges)

Non US Trader Disclosure Statement

Uniform Notification regarding access to Market Data

CME Disclosure on Payment for Order Flow

Third Party Vendor Disclosure Statement

	o (b) CONSENT TO TRANSFER FUNDS

The undersigned acknowledges that UBS-S LLC may, until it receives a written notice of
revocation with respect thereto, in its sole and absolute discretion and without prior
notice to the undersigned, transfer any funds, securities, commodities, Contracts or other
property from any account (segregated, secured or non-regulated) maintained by the
undersigned to any other account (segregated, secured or non-regulated) of the undersigned
maintained by UBS-S LLC or any of its affiliates. UBS-S LLC will promptly confirm in
writing each transfer of funds, securities, commodities, Contracts or

 

 

other property pursuant hereto. UBS-S LLC shall not be liable for making or failing to make
any transfer authorized hereby.

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

	o Attempt to contact Customer for instructions regarding the disposition of open contracts
in the Account.

	o Liquidate open commodity contracts without seeking Customer’s instructions.
	 
	     This instruction may be changed at any time by written notice sent to UBS-S LLC.

     Specify Commodities to be Hedged:
                    
                    
                     
                                       
                                   

 

 

*****

(signature page on next page)

 

 

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

Campbell Strategic Allocation Fund L.P.

(“Customer”)

	 	 	 	 	 	 	 	 	 
	 

	 	Thomas P. Lloyd	 	 	 	 	 	 
	 

	 	General Counsel	 	 	 	 	 	 
	By:

	 	Campbell & Company, Inc.
	 	/s/ Thomas P. Lloyd	 	 	4.10.07	 
	 

	 	 
	 	 
	 	 	 	 
	 

	 	Print Name and Title General Partner
	 	Signature
	 	Date

	 
	 	 	 	 	 	 	 	 
	By:

	 	D. Keith Campbell

Chairman, Campbell & Co., Inc.	 	/s/ D. Keith Campbell	 	 	 
4.10.07	 
	 

	 	 
	 	 
	 	 	 	 
	 

	 	Print Name and Title General Partner
	 	Signature
	 	Date

	 
	 	 	 	 	 	 	 	 
	 
	 
	ACCEPTED BY UBS SECURITIES LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	Julie DeMatteo	 	/s/ Julie DeMatteo	 	 	4.12.07	 
	 

	 	 
	 	 
	 	 	 
	 

	 	Print Name and Title
	 	Signature
	 	Date

	 
	 	 	 	 	 	 	 	 
	 	 	Tami A. Jensen	 	 	 	 	 	 
	 	 	Associate Director	 	 	 	 	 	 
	By:

	 	Legal Department	 	/s/ Tami A. Jensen	 	 	4.12.07	 
	 

	 	 
	 	 
	 	 	 
	 

	 	Print Name and Title
	 	Signature
	 	Date

 

 

POWER OF ATTORNEY LIMITED TO PURCHASES AND SALES

OF FUTURES CONTRACTS

The undersigned hereby authorizes _Campbell & Company. Inc._ (the “Advisor”) as his/her
agent and attorney to buy, sell and trade in commodities and/or futures contracts and options
thereon, whether domestic or foreign, in accordance with UBS SECURITIES LLC (“UBS-S LLC”) terms and
conditions for the undersigned’s account and risk and in the undersigned’s name through UBS-S LLC
as brokers. The undersigned hereby agrees to indemnify and hold UBS-S LLC harmless from and to pay
UBS-S LLC promptly on demand any and all losses arising therefrom or debit balance due thereon. The
undersigned confirms it has received a copy of Advisor’s Disclosure Document. If not, the
undersigned has attached a written explanation of the reason(s) therefor.

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

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

	 	 	 	 	 	 	 	 	 
	Campbell Strategic Allocation Fund L.P
	 	Signature:	 	/s/ Thomas P. Lloyd		Signature:	 	/s/ D. Keith Campbell
	(Name of Customer — Please Print)
	 	Date:	 	4.10.07
	 	Date:	 	4.10.07

	 	Name and Title — Please Print
	 	 	 	 
	 	 	Thomas P. Lloyd		D. Keith Campbell
	 	 	General Counsel		Chairman
	 	 	Campbell & Company, Inc., General Partner  		Campbell & Co. Inc.,  General Partner

 

 

ACKNOWLEDGEMENT OF RECEIPT

OF

COMMODITY TRADING ADVISOR

DISCLOSURE DOCUMENT

(To be completed by Customer if Customer has received a copy of the Advisor’s

Disclosure Document, otherwise Advisor must complete the exemption statement below)

This is to
acknowledge that I have received and read a copy of the August 30,
2006 Disclosure Document of Campbell & Company, Inc. describing the trading program pursuant to which
Campbell & Company, Inc. will direct my account.

	 	 	 
	READ AND ACKNOWLEDGED BY:
	 	 
	 
	 	 
	/s/
Thomas P. Lloyd and D. Keith Campbell
	 	4.10.07
	 

	 	 
	Customer’s Signature

	 	Date
	 
	 	 
	Thomas
P. Lloyd
General Counsel
Campbell & Comany, Inc., General
Partner
 

	  D. Keith Campbell  
  Chairman
  Campbell & Co. Inc., General
Partner  
 
	 
	Customer’s Name
	 	 

COMMODITY TRADING ADVISOR REGISTRATION EXEMPTION

(To be completed by Advisor if Advisor has not provided Customer with a disclosure statement.

Please provide copy of all exemption letters as appropriate.)

I am not required to provide a disclosure document pursuant to CFTC Regulation 4.31
because (indicate which applies):

	(a)	 	I am not required to register as a commodity trading advisor pursuant to Section 4 of
the Commodity Exchange Act because:

	 	(i)	 	o during the preceding 12 months I have not furnished commodity
trading advice to more than 15 persons and I do not hold myself out generally to
the public as a commodity trading advisor; or
	 
	 	(ii)	 	o I am otherwise exempt from registration as a commodity trading advisor pursuant
to CFTC Regulation 4.14

or

	(b)	 	o I am registered as a commodity trading advisor but am exempt from providing a
disclosure document pursuant to CFTC Regulation 4.7.

	 	 	 	 	 	 	 
	 

Date

	 	 	 	 

Signature of Account Controller
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Name of Account Controllerexv10w07

 

Exhibit 10.07

							
	 	 	 	 	 	 	 
	Goldman, Sachs & Co.
	 	85 Broad Street
	 	New York, New York 10004
	 	Goldman
	 
	 	 	 	 	 	Sachs     
	 	 	 	 	 	 	 

FUTURES AND OPTIONS ACCOUNT AGREEMENT

GOLDMAN, SACHS & CO.

85 BROAD STREET

NEW YORK, NEW YORK 10004

ATTENTION: FUTURES SERVICES DEPARTMENT

     The undersigned customer (“Customer”) agrees that all transactions that Goldman, Sachs &
Co. or any of its affiliates (collectively, “Goldman”, unless otherwise specified) may execute,
clear and/or carry on Customer’s behalf for the purchase or sale of futures contracts (“Futures
Contracts”) or options on Futures Contracts (“Option Contracts”), and any customer accounts
carried by Goldman in connection therewith (each, an “Account”), shall be subject to the terms and
conditions set forth in this agreement (the “Agreement”). Futures Contracts and Option Contracts
are referred to collectively in this Agreement as “Contracts”.

1. Applicable Law.

     Each Account and Contract shall be subject to (i) the Commodity Exchange Act, as amended (the
“CEA”), and all rules and interpretations of the Commodity Futures Trading Commission (the “CFTC”)
and the National Futures Association (“NFA”); (ii) the constitution, by-laws, rules,
interpretations and customs of any applicable exchange or clearing organization (each of which is
referred to as an “Exchange”); and (iii) any other laws or rules applicable to Customer’s trading
of Contracts (collectively, “Applicable Law”). Neither Goldman nor any of its partners, officers,
employees or agents shall be liable as a result of any action taken by Goldman, or any clearing
brokers or floor brokers, to comply with Applicable Law.

2. General Agreements.

     Customer acknowledges and agrees that:

     (a) Goldman’s Responsibility. Goldman is responsible solely for the execution, clearing and/or
carrying of Contracts in each Account in accordance with the terms of this Agreement. Customer and
Customer’s advisor (“Advisor”), if any, are solely responsible for all investment and trading
decisions for the Account. Goldman is not acting as a fiduciary or advisor with respect
to Customer or any Contract or Account and Goldman shall have no responsibility for compliance
with any law or regulation governing the conduct of any such fiduciary or advisor or for
Customer’s compliance with any law or regulation governing or affecting Customer’s trading
hereunder.

     (b) Advice and Positions. Any advice provided by Goldman with respect to any Account or
Contract is incidental to its business as a futures commission merchant (“FCM”) and such advice
shall not serve as a primary basis for any decision by or on behalf of Customer in respect of any
Contract or Account. Goldman makes no representation as to the
reliability, accuracy or completeness of such advice or any information on which it is based.
Goldman and its partners, officers, employees and agents may take or hold positions in, or advise
other customers with respect to, Contracts that are the subject of advice furnished by Goldman to
Customer, and such positions or advice may be inconsistent with any advice to Customer.

     (c) Conclusiveness of Reports. All written and oral reports related to the Accounts, including
but not limited to confirmations, purchase and sale statements and monthly statements, given to
Customer shall be conclusive and binding on Customer unless Customer notifies Goldman of any
objection as follows: (i) in the case of any oral communication, at the time such report
is given to

   

 

Customer, and (ii) in the case of any written communication, before the opening of trading on
the business day following the day on which Customer received such written communication.

     (d) Reliance on Instructions. Goldman shall be entitled to rely on any instruction, notice
or communication that it reasonably believes to have originated from Customer or Customer’s duly
authorized agent (including Customer’s Advisor, if any) and Customer shall be bound thereby.

     (e) Financial and Other Information. Customer shall provide to Goldman such financial
and other information regarding Customer as Goldman may from time to time reasonably request.
Customer shall notify Goldman promptly of any material adverse changes to the financial condition
of Customer, regardless of whether Customer has previously furnished financial information to
Goldman.

     (f) Floor Brokers and Clearing Brokers. Goldman, for and on behalf of Customer, is authorized
in its sole discretion to select floor brokers and, on Exchanges where Goldman is not a clearing
member, unaffiliated clearing brokers, which will act as brokers and agents in connection with
transactions in Contracts for the Accounts.

     (g) Give-Ups. Absent a separate written agreement with Customer with respect to give-ups,
Goldman, in its sole discretion, may, but shall not be obligated to, accept from other brokers
Contracts executed by such brokers and to be given up to Goldman for clearance or carrying in any
Account.

     (h) Limitation of Liability. Goldman shall not be liable for any loss, liability, expense,
fine or tax caused directly or indirectly by any events beyond Goldman’s control, including
without limitation any (i) governmental, judicial, Exchange or other self-regulatory organization
action or order, (ii) suspension or termination of trading, (iii) breakdown or failure of
transmission or communication facilities, or (iv) failure or delay by any Exchange to enforce its
rules or to pay or return any amounts owed to Goldman with respect to any Contracts executed
and/or cleared for Customer’s Accounts. In no event shall Goldman be liable for consequential,
incidental or special damages.

     (i) Foreign Exchange Risk. Customer
acknowledges and agrees that, if Customer enters into a transaction in any Contract that is
denominated in a currency (the “Contract Currency”) other than the currency of Customer’s
jurisdiction, any profit or loss on such Contract arising from changes in the exchange rate between
the Contract Currency and the currency of Customer’s jurisdiction shall be for Customer’s Account
and risk.

     (j) Transmission of Orders. If Customer has been approved by Goldman for the transmission of
orders directly to affiliates of Goldman located outside the United States (the “Affiliates”), for
execution and clearance on non-U.S. exchanges, Customer acknowledges and agrees that (i) it will
transmit orders directly to Affiliates identified by Goldman only in accordance with any conditions
or instructions furnished by Goldman and solely for Customer’s own Account, (ii) any orders
transmitted by Customer to an Affiliate will be executed and cleared through omnibus accounts
maintained by the appropriate Affiliate in the name of Goldman and not for an account of Customer
with the Affiliate, and (iii) notwithstanding its transmission of orders to the Affiliates,
Customer will continue to be a customer of Goldman and will not be a customer of the Affiliate. For
purposes of this Section 2(j), the term “Goldman” shall mean Goldman, Sachs & Co.

3. Margin and Other Obligations.

     (a) Customer agrees to deposit and to maintain initial and variation margin and to make any
premium payments with respect to each Contract, in such form and in such amounts as may be required
from time to time by Applicable Law or by Goldman in its sole discretion. Customer acknowledges and
agrees that Goldman has no obligation to establish uniform margin, commission or fee requirements
and that margin requirements imposed by Goldman may exceed those of the applicable Exchange.
Customer further acknowledges and agrees that Goldman shall have the right, in accordance with
Applicable Law, to transfer or pledge margin deposited by Customer to any Exchange, or to transfer
or pledge other property to any Exchange in substitution for such margin, in order to satisfy
obligations incurred by Goldman on behalf of its customers, and that any such transfer,
pledge or substitution shall not diminish Customer’s obligations pursuant to Section 3(b) of this
Agreement.

     (b) Customer also agrees to pay (i) all brokerage charges and commissions relating to each
Contract executed, cleared and/or carried by Goldman on Customer’s behalf or to any Account
maintained by Customer with Goldman, in each case in such manner and at such rates as may be agreed
upon by Customer and Goldman from time to time; (ii) all regulatory, Exchange and other self-regulatory fees, fines, penalties and charges, and any taxes, incurred or imposed with respect to
each Contract or Account; (iii) the amount of any trading loss, debit balance or deficiency in any
Account; (iv) the amount of any losses sustained by Goldman in connection with its execution and/or
clearing of Contracts for Customer’s Accounts hereunder, provided that such losses are not due to
the

   

 

negligence or willful misconduct of Goldman; and (v) interest on any debit balances or
deficiencies in any Account and on any monies advanced to Customer at the rates charged from time
to time to Goldman’s securities margin account customers.

     (c) Customer acknowledges and agrees that Goldman may (but shall not be obligated to)
accept from Customer margin deposits in the form of cash or securities denominated in a currency
other than the Contract Currency (the “Base Currency”). In that event, Goldman shall determine
Customer’s margin requirements in the Base Currency on any day in a commercially reasonable manner
based on current exchange rates between the Base Currency and the Contract Currency.
Furthermore, Customer shall pay Goldman’s fees as in effect from time to time for Goldman’s deposit
of margin in the Contract Currency with the applicable Exchange.

     (d) Customer hereby grants to Goldman the right to pledge, hypothecate, loan, invest or
substitute any margin delivered to Goldman from time to time without notice to Customer (i) in
accordance with Section 3(a) of this Agreement, and (ii) otherwise, to the extent permitted by
Applicable Law.

4. Exercises and Delivery.

     (a) Customer agrees to give Goldman notice, not later than the time specified by Goldman and
in any event at least two days before the close of trading in the Contract in question, if Customer
intends to make or take delivery under any Futures Contract or to exercise any Option Contract.
Customer shall furnish Goldman with sufficient funds to take delivery pursuant to, or to exercise
and provide initial margin for, any such Contract and/or deliver to Goldman any property required
to be delivered by Customer under any such Contract at such time and in such manner as may be
required by Goldman.

     (b) Certain Option Contracts sold by Customer are subject to exercise at any time. Exercise
notices received by Goldman from the applicable Exchange with respect to any Option Contract sold
by Goldman’s customers will be allocated among such customers (including Customer) pursuant to a
random allocation procedure and Customer shall be bound by any allocation made to it pursuant to
such procedure. Such notices may be allocated to Customer after the close of trading on the
day on which such notices have been allocated to Goldman by the applicable Exchange. Goldman shall
use reasonable efforts to contact Customer promptly upon its allocation of an exercise notice to
Customer.

     (c) Goldman shall have no responsibility for any action that it takes or fails to take with
respect to any
Option Contracts (and, without limiting the foregoing, shall have no responsibility to
exercise any Option Contract purchased by Customer) unless and until Goldman receives acceptable
and timely instructions from Customer indicating the action to be taken.

5. Position Limits.

     Goldman shall have the right, whenever in its discretion it deems it necessary, to limit the
size and number of open Contracts (net or gross) that Goldman will at any time execute, clear
and/or carry for Customer, to require Customer to reduce open positions carried with Goldman, and
to refuse acceptance of orders to establish new positions. Customer shall comply with all position
limit rules imposed by Applicable Law. Customer shall promptly notify Goldman if Customer is
required to file any position report with any regulatory or self-regulatory authority and shall
promptly file and provide Goldman with copies of any such report.

6. General Lien.

     Customer agrees that all funds, securities, credit balances, Contracts and other property of
Customer (owned either individually or jointly with others or in which Customer has any interest),
and the proceeds thereof, that may from time to time be held by or on behalf of Goldman, or which
are, or may become, due to Customer or to Goldman for Customer’s Account (including amounts from
any Exchange or clearing broker in respect of any Contracts) and all rights Customer may have
against Goldman (collectively, “Collateral”) are hereby pledged to Goldman and shall be subject to
a general lien, security interest and right of set-off for the discharge of all Customer’s
obligations to Goldman. Customer further agrees that Goldman may, in exercising its rights
hereunder, deduct any amounts from Customer’s account and apply or transfer any of Customer’s
securities and other property interchangeably between any of Customer’s accounts, each of which
unreservedly guarantees all obligations of Customer. Customer acknowledges that Goldman, Sachs &
Co. and each of its affiliates act as agents for each other in respect of the rights subject the
lien as described above.

7. Customer Representations.

     (a) Customer represents and warrants as of the date hereof and on the date of each
transaction executed hereunder that:

(i) Lawful Agreement.
Customer is duly authorized and empowered to execute and deliver this Agreement and to effect
purchases and sales of

   

 

Contracts through Goldman. Such transactions and this Agreement do not and will not violate
any Applicable Law, any judgment, order or agreement to which Customer or its property is subject
or by which it or its property is bound or any documents or instruments governing the investment
and trading activities of Customer. This Agreement is a valid and binding agreement of Customer,
enforceable against Customer in accordance with its terms. Customer has made and will make any
disclosures regarding its trading of Contracts which are required under Applicable Law.

     (ii) Interest in or Control of Accounts. No person or entity other than Customer has, nor
during the term of this Agreement will have, any ownership interest of ten percent or more in any
Account, and no person other than Customer and Advisor, if any, has or will have any control over
any Account, except as otherwise disclosed to Goldman in writing.

     (iii) CEA Registration Requirements. Customer has reviewed the registration requirements of
the CEA and the NFA pertinent to commodity pool operators and commodity trading advisors and has
determined that it and any person that has trading authority or control over any or all of its
Accounts are in compliance with such requirements.

     (iv) Financial Information. Any financial or other information provided to Goldman by
Customer in connection with this Agreement is and will be accurate and complete in every material
respect.

     (v) Employees of FCMs, Self-Regulatory Organizations or the CFTC. If Customer is an
individual, Customer is not a partner, officer, director, employee or owner of more than ten
percent of the equity interest of an FCM, an introducing broker or any self-regulatory
organization, or an employee of the CFTC, except as otherwise disclosed to Goldman in writing.

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

     (b) Customer agrees to promptly notify Goldman in writing if any representation or warranty
made by Customer ceases to be accurate and complete in any material respect.

8. Customer Default.

     (a) In the event that: (i) Customer defaults on any obligations to Goldman hereunder or
otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain
required margin, fails to pay required premiums or fails to make any other payments required
hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer or
Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case
in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of
creditors or for the appointment of a receiver, trustee or similar officer is filed by or against
Customer or Customer makes or proposes to make any arrangement or composition for the benefit of
its creditors, or Customer or any of its property is subject to any agreement, order or judgment
providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a
receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of
attachment is issued against any Account or a judgment is levied against any Account; or (vi)
Goldman, after notifying Customer and offering Customer the opportunity to provide adequate
assurances acceptable to Goldman within a reasonable period of time under the circumstances,
reasonably considers it necessary for its protection; then Goldman shall have the right, without
limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of
Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Goldman as
immediately due and payable; (D) set off any obligations of Goldman to Customer against any
obligations of Customer to Goldman; (E) sell any Collateral and/or set off and apply any Collateral
or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to Goldman;
(F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G)
terminate any or all of Goldman’s obligations for future performance to Customer.

     (b) So long as Goldman’s rights or position would not be jeopardized thereby, Goldman shall
make a good faith effort to notify Customer of its intention to take any of the actions specified
in (A) through (G) of Section 8(a) above before taking any such action, provided that Goldman
shall not be deemed to have breached any obligation to Customer if no such notice is given. Any
sale or purchase hereunder may be made in any manner determined by Goldman to be commercially
reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a
waiver of Goldman’s right to take any action provided for herein and that Customer shall be liable
for the payment of any deficiency remaining in each Account after any such action is taken,
together with interest thereon and all costs relating to liquidation and collection (including
reasonable attorneys’ fees).

 

 

9. Compensation for Losses.

     Customer hereby agrees to compensate Goldman
and its partners, officers, employees and agents for any and all loss, liability or
cost penalty or tax incurred by Goldman as a result,
directly or indirectly, of Customer’s failure to comply with
any provision of, or to perform any obligation under, this
Agreement.

10. Communications.

     (a) Unless otherwise specified in this Agreement, all reports, instructions and other
communications by any party to another under this Agreement may be oral or written. All
oral communications shall promptly be confirmed in writing.

     (b) Any report, instruction or other communication transmitted pursuant to this Agreement
shall be transmitted to Customer at the address or telecopier or telephone number provided to
Goldman in writing or to Goldman at 85 Broad Street, New York, New York 10004, Attention:
Administrator, Futures Services Department, by telecopier at the number provided to Customer
or by telephone at (212) 357-5494 or at such other address or number as either party hereto
notifies each other party hereto in writing.

11. Severability.

     If any provision of this Agreement is or at any time becomes inconsistent with or
invalid under any present or future Applicable Law, such inconsistent or invalid provision
shall be deemed to be superseded or modified to conform to such Applicable Law, but in all
other respects this Agreement shall continue in full force and effect.

12. Entire Agreement.

     This Agreement constitutes the entire agreement between Customer, Advisor, if any, and
Goldman with respect to the subject matter hereof and supersedes any prior agreements between
the parties with respect to such subject matter. For purposes of this Section 12, the term
“Goldman” shall mean Goldman, Sachs & Co.

13. Termination.

     This Agreement shall continue in force until written notice of termination is given in
accordance with Section 10 of this Agreement by Customer or Goldman. Termination of this
Agreement shall not affect any transaction entered into before receipt of notice of such
termination and shall not relieve any party hereto of any
obligations incurred before such receipt. Customer, upon giving or receiving notice of
termination, shall promptly take all action necessary either to close out all open positions in
any Account or to transfer all such positions to another FCM. Upon satisfaction by Customer of all
obligations to Goldman arising hereunder (including payment obligations with respect to the
transfer of Contracts to another FCM), Goldman shall transfer to the FCM specified by Customer all
Contracts, cash, securities and other property, then held for any Account, whereupon this
Agreement shall terminate.

14. Amendments or Waiver.

     No provision of this Agreement shall in any respect be waived or modified unless such waiver
or modification is in writing and signed by authorized representatives of each of Goldman and
Customer. The rights and remedies of Goldman and Customer under this Agreement are cumulative and
no waiver or modification of this Agreement or of any such right or remedy may be inferred from
any failure by Goldman or Customer to exercise any right or remedy under this Agreement.

15. Successors; Binding Effect.

     (a) This Agreement shall inure to the benefit of, and be binding upon, each of the parties and
their respective successors and assigns.

     (b) This Agreement and the obligations of Customer hereunder may not be assigned or
delegated by Customer without the prior written consent of Goldman, and any purported assignment or
delegation without such consent shall be void. Goldman may not assign its rights nor delegate its
obligations under this Agreement, in whole or part, without the prior written consent of Customer,
and any purported assignment or delegation without such consent shall be void, except for an
assignment and delegation of all of Goldman’s rights and obligations hereunder in whatever form
Goldman determines may be appropriate to a partnership, corporation, trust or other organization in
whatever form that succeeds to all or substantially all of Goldman’s assets and business and that
assumes such obligations by contract, operation of law or otherwise. Upon any such assignment and
delegation of obligations, Goldman shall be relieved of and fully discharged from all obligations
hereunder, whether such obligations arose before or after such assignment and delegation.

16. Governing Law.

     The construction, validity, performance and enforcement of this Agreement shall be governed
by the

 

 

laws of the State of New York (without giving effect to conflicts of law principles).

17. Consent to Jurisdiction.

     Customer 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 proceeding arising
out of or relating to this Agreement or any transaction in connection herewith, and consents to the
service of process by the mailing to Customer of copies thereof by certified mail to the address of
Customer as it appears on the books and records of Goldman, such service
to be effective ten days after mailing. Customer hereby waives irrevocably (i) any objection to
the jurisdiction of any such court which it might otherwise be entitled to assert in any
proceeding arising out of or relating to this Agreement or any transaction in connection herewith;
and (ii) any defense of sovereign immunity or other immunity from suit or enforcement, whether
before or after judgment.

18. Counterparts.

     This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which shall constitute one and the same instrument.

Acknowledgements. Customer hereby expressly acknowledges and agrees that Customer 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), together with a disclosure pursuant to CFTC Rule 1.46(e)(l) (and the related bankruptcy
election included in the attached hedging designation). (CUSTOMER MUST CHECK THE INDICATED SPACE
OR MAKE ANOTHER INDICATION.)

þ

	 	 	 	 	 
	Date: 1/25/06

	 	 	 	 
	 
	 	 	 	 
	Name of Customer:

	 	     CAMPBELL STRATEGIC ALLOCATION FUND, L.P.	 	 
	 
	 	 	 	 
	By/Signature:

	 	/s/ Theresa D. Becks	 	 
	Name:

	 	 

Theresa D. Becks
	 	 
	Title:

	 	Chief Financial Officer	 	 
	 

	 	Campbell & Company, Inc., G.P.	 	 
	 
	 	 	 	 
	By/Signature:

	 	/s/ Thomas P. Lloyd	 	 
	 

	 	 	 	 
	Name:

	 	Thomas P. Lloyd	 	 
	Title

	 	General Counsel	 	 
	 

	 	Campbell & Company, Inc., G.P.	 	 

 

 

APPENDIX I 

(To be Completed by Employee Benefit Plan Customers)

     If Customer is an employee benefit plan, Customer agrees that the following terms shall be
applicable to and shall constitute a part of the Futures and Options Account Agreement to which
this Appendix I is attached (the “Agreement”), and all capitalized terms used but not defined in
this Appendix I shall have the respective meanings assigned to such terms in the Agreement:

1. Additional Representations, Warranties and Agreements of Customer.

     Customer makes the following representations and warranties in addition to those contained in
the text of the Agreement:

     (a) Customer is a duly organized and validly existing employee benefit plan, as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and
either is subject to the requirements of Title I of ERISA or is a governmental plan, as
defined in Section 3(32) of ERISA.

     (b) Customer is fully familiar with the requirements of ERISA, or the requirements of any
applicable state or other laws, as they relate to Customer and has determined that the purchase and
sale of Contracts by Customer is and will be in full compliance with the requirements (to the
extent applicable) of Section 404 of ERISA, including without limitation the “prudence”
and “diversification” requirements of Sections 404(a)(l)(B) and (C) of ERISA, or any similar
state or other law.

     (c) The plan sponsor of Customer (if any) has not terminated the plan nor filed with the
Pension Benefit Guaranty Corporation (“PBGC”) a notice of intent to terminate the plan nor has a
reportable event within the meaning of Section 4043(b) of ERISA, or any similar event under any
applicable state or other law, occurred within the three-year period immediately preceding the date
of the Agreement.

2. Representations, Warranties and Agreements of Authorized Signatory.

     The trustee (or, if more than one, each trustee of Customer) or, if there is no trustee, the
person authorized to execute the Agreement on behalf of Customer (each, an “Authorized Signatory”),
hereby represents and warrants to, and agrees in its individual capacity with, Goldman as follows:

     (a) It is authorized and empowered to execute and deliver this Agreement on behalf of
Customer and this Agreement is a valid and binding agreement of Customer in accordance with its
terms.

     (b) It
shall cause Customer to perform all of the agreements on Customer’s part to be
performed under the Agreement including, without limitation, its obligation to pay margin, fees,
commissions or other amounts when and as required by the Agreement, provided, however, that if
either a named fiduciary as defined in Section 402(a)(2) of ERISA with respect to Customer (a
“Named Fiduciary”) or an Advisor is separately identified as having been authorized by
Customer to manage the assets in the Account(s), Authorized Signatory shall perform all of
Customer’s agreements under the Agreement in accordance with and subject to the authorized and
lawful directions of such Named Fiduciary or Advisor.

     (c) It has determined that the purchase and sale of Contracts by Customer does not and will
not violate any Applicable Law to which Customer or Customer’s property is subject or by which
Customer or Customer’s property is bound or any agreements, instruments or other documents
governing the investment and trading activities of Customer.

3. Representations, Warranties and Agreements of Named Fiduciary.

     Named Fiduciary, if any, hereby represents and warrants to, and agrees with,
Goldman that:

     (a) It is fully familiar with the requirements of ERISA (if applicable) as they relate to
Customer and to itself, or with the requirements of any applicable state or other laws, and it has
determined that the purchase and sale of Contracts by Customer is and will be in full compliance
with the requirements thereof, including but not limited to (to the extent applicable) the
“prudence” requirements of Section 404(a)(l)(B) of ERISA.

     (b) It has been authorized and empowered to exercise discretion with respect to, and to act on
behalf of, Customer to effect the purchase and sale of Contracts through Goldman.

     (c) It is either: (i) a commodity trading advisor registered as such pursuant to the CEA
and a member of the NFA and it either has furnished Customer with a copy of its commodity trading
advisor disclosure document, which disclosure document fully complies with the
requirements of CFTC Regulation 4.31 or it is exempt from being required to deliver such a
disclosure document to

 

 

Customer pursuant to CFTC Regulation 4.7; or (ii) not required to be registered as a
commodity-trading advisor.

4. Additional Customer Defaults.

     The following events, in addition to those specified in clauses (i) through (vi) of Section
8(a) of the Agreement, shall constitute Customer defaults giving rise to all of the rights and
remedies of Goldman specified in Section 8 in
respect of the events specified in such clauses (i) through (vi) of Section 8(a):

     (a) (i) Customer’s plan is terminated, or (ii) a notice of intent to terminate Customer’s plan
is filed with the PBGC, or (iii) a notice of the PBGC’s intent to terminate such plan is received
pursuant to Section 4042 of ERISA, or (iv) a reportable event within the meaning of Section
4043(c)(5) or 4043(c)(6) of ERISA, or (v) any similar event under any applicable state or other
laws has occurred.

     (b) any of the events set forth in Section 8(a)(iv) of the Agreement occurs with respect to
any settlor of Customer or any plan sponsor of Customer.

Date:                                        

	 	 	 
	 
	 	 
	Name of Customer:
	 	 
	 

	 	 
 

	 	 	 
	By/Signature:
	 	 
	 

	 	 
Name:
	 

	 	Title:

	 	 	 
	Name of Named Fiduciary (if applicable):
	 	 
	 

	 	 
  

	 	 	 
	By/Signature:
	 	 
	 

	 	 
Name:
	 

	 	Title

PLEASE SUPPLY COPIES OF ANY AND ALL DOCUMENTS REFLECTING CUSTOMER’S AUTHORITY TO TRADE FUTURES
CONTRACTS AND OPTION CONTRACTS, INCLUDING, AS APPLICABLE, COPIES OF CUSTOMER’S (I) TRUST AGREEMENT
OR SIMILAR INSTRUMENT OR (II) GOVERNING DOCUMENTS AND/OR GOVERNING LAW.

 

 

APPENDIX II 

(To be Completed by Advisors to Employee Benefit Plan Customers)

     If Customer is an employee benefit plan and has appointed an Advisor in relation to the
Accounts, Advisor makes the representations and warranties set forth below, which are applicable
to, and for all purposes shall constitute a part of, the Futures and Options Account Agreement to
which this Appendix II is attached (the “Agreement”), and all capitalized terms used but not
defined in this Appendix II shall have the respective meanings assigned to such terms in the
Agreement:

     (a) Advisor has been duly and properly authorized to exercise any of Customer’s
rights with respect to its Account, including but not limited to the right to provide trading
instructions for Contracts to be executed, cleared and/or carried for Customer’s Account and to
provide and receive notices and other communications with respect to such Account.

     (b) Advisor is registered with the CFTC as a commodity trading advisor or is not
required to be so registered.

     (c) Advisor has provided Customer with a copy of Advisor’s current disclosure document
or a written statement that Advisor is exempt from the requirement to provide such disclosure
document.

     (d) Advisor has provided and will continue to provide Customer with an explanation of the
nature and risks of the strategies to be used in connection with transactions to be executed for
any Account.

     (e) Advisor shall cause Customer to take such action in respect of any Account as is required
of Customer under this Agreement.

     (f) Advisor is fully familiar with the requirements of ERISA (if applicable) as they relate to
Customer and to itself, or with the requirements of any applicable state or other laws, and it has
determined that the purchase and
sale of Contracts by Customer is and will be in full compliance with the requirements
thereof, including but not limited to (to the extent applicable) the “prudence” requirement of
Section 404(a)(l)(B) of ERISA.

     (g) If Customer is subject to the requirements of Title I of ERISA, Advisor represents and
warrants that it is an investment manager as defined in Section 3(38) of ERISA (if applicable)
with respect to Customer.

     (h) If Customer is subject to the requirements of Title I of ERISA, Advisor represents and
warrants that it is a qualified professional asset manager, as defined in Prohibited Transaction
Class Exemption 84-14, as amended (“PTCE 84-14”), issued by the Department of Labor pursuant to
ERISA and, with respect to each transaction that it directs Goldman to take on behalf of Customer:
(i) it is not related to Goldman and Goldman does not have (and has not during the year immediately
preceding such transaction exercised) the power to appoint it as investment manager for Customer or
terminate such relationship or negotiate the terms of the management agreement between the Customer
and it; (ii) neither it nor any of its related persons has been convicted of a crime enumerated in
Section I(g) of PTCE 84-14 within the prior ten years; and (iii) the assets of Customer under its
management when combined with assets of other plans established or maintained by the same employer
and managed by it do not represent more than 20% of the total client assets under its management.

	 	 	 
	Date:                                        

	 
	Name of Customer:
	 	 
	 

	 	 
	(Customer must be identified, but need not sign this Appendix)
	 
	 	 
	Name of Advisor:
	 	 
	 

	 	 
	 
	 	 

	 	 	 
	By/Signature:
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:
	 
	 	 

	 	 	 	 	 	 	 	 	 
	Address:

	 	 	 	 	 	Telephone:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Telecopier:	 	 
	 

	 	 
	 	 	 	 	 	 

 

 

APPENDIX III

(To be completed by Advisors to non-Employee Benefit Plan Customers)

     If Customer has appointed an Advisor in relation to the Accounts, Advisor makes the
representations and warranties set forth below, which are applicable to, and for all purposes
shall constitute a part of, the Futures and Options Account Agreement to which this Appendix
III is attached (the “Agreement”), and all capitalized terms used but not defined in this
Appendix III shall have the respective meanings assigned to such terms in the Agreement:

     (a) Advisor has been duly and properly authorized to exercise any of Customer’s rights
with respect to its Account, including but not limited to the right to provide trading instructions
for Contracts to be executed, cleared and/or carried for Customer’s Account and to provide and
receive notices and other communications with respect to such Account.

     (b) Advisor is registered with the CFTC as a commodity trading advisor or is not
required to be so registered.

     (c) Advisor has provided Customer with a copy of Advisor’s current disclosure document or a
written
statement that Advisor is exempt from the requirement to provide such disclosure document.

     (d) Advisor has provided and will continue to provide Customer with an explanation of the
nature and risks of the strategies to be used in connection with transactions to be executed for
any Account.

     (e) Advisor shall cause Customer to take such action in respect of any Account as is required
of Customer under this Agreement.

Date: 1/25/06

	 	 	 
	Name of Customer:  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

	(Customer must be identified, but need not sign this Appendix)
	 
	 	 
	Name
of Advisor:  CAMPBELL & COMPANY, INC.

	 	 	 	 	 	 	 
	By/Signature:	 	/s/ Theresa D. Becks	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Theresa D. Becks	 	 
	 

	 	Title:
	 	 Chief Financial Officer	 	 
	 

	 	 	 	Campbell & Company, Inc.	 	 
	 
	 	 	 	 	 	 
	By/Signature:	 	/s/ Thomas P. Lloyd	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Thomas P. Lloyd	 	 
	 

	 	Title:
	 	 General Counsel	 	 
	 

	 	 	 	Campbell & Company, Inc.	 	 

	 	 	 	 	 	 	 	 	 
	Address:

	 	210 W. PENNSYLVANIA AVENUE 

SUITE 770 

TOWSON, MD 21204
	 	 	 	Telephone:

Telecopier:
	 	410.296.3301

410.296.3311

 

 

							
	 	 	 	 	 	 	 
	Goldman, Sachs & Co.
	 	85 Broad Street
	 	New York, New York 10004
	 	Goldman
	Tel: 212-357-5494
	 	 	 	 	 	Sachs      
	 	 	 	 	 	 	 

FULL TRADING AUTHORIZATION

ATTENTION: FUTURES SERVICES DEPARTMENT

     This full trading authorization relates to the Futures and Options Account Agreement
(the “Customer Agreement”) entered into between Goldman, Sachs & Co. (“Goldman”) and the
customer identified below (“Customer”).

     Customer hereby authorizes the advisor identified below (“Advisor”) as its agent and
attorney in fact to purchase and sell futures contracts and/or options on futures contracts
traded on exchanges (collectively, “Contracts”), to transfer or arrange for the transfer of
money, securities or other property to or from any and all accounts carried by you on behalf
of Customer (the “Accounts”) and to make or receive delivery of the commodities underlying the
Contracts traded by Advisor on Customer’s behalf, all in accordance with your terms and
conditions as set forth in the Customer Agreement, for Customer’s account and risk and in
Customer’s name. You are authorized and instructed to follow the instructions of the Advisor
in every respect concerning the Accounts, as set forth in the Customer Agreement and to act or
refrain from acting in accordance with such instructions to the same extent and with the same
force and effect as if such instructions were given by Customer directly.

     Customer hereby ratifies and confirms any and all transactions with you heretofore or
hereafter made by Advisor for the Accounts.

     Customer acknowledges that: (i) Customer has given Advisor the authority to exercise any
of Customer’s rights over its Accounts at Customer’s risk, and Goldman is authorized to act,
or omit to act, upon any communication or instruction of Advisor as though given by Customer;
(ii) any communication or notice given to Advisor by Goldman or received from Advisor by
Goldman shall be deemed to have been given to, or received from, Customer, as the case may
be, and any instruction or action of Advisor shall be deemed to constitute the instruction or
action of Customer; and (iii) it has received and read a copy of Advisor’s current disclosure
document or a written statement from Advisor that Advisor is exempt from the requirement to
provide such a disclosure document.

     This authorization (a) shall be continuing and shall remain in full force and effect
until your receipt of written notice of Customer’s revocation thereof (provided, however,
that such revocation shall not be effective with respect to open positions or outstanding
orders submitted by the Advisor but not yet executed); (b) shall inure to the benefit of you
and your successors; (c) shall be binding upon Customer, its successors and legal
representatives; and (d) is in addition to (and in no way limits or restricts) any rights
which you may have under the Customer Agreement or any other agreement or agreements between
Customer and you.

	 	 	 
	CAMPBELL & COMPANY, INC.

	 	CAMPBELL STRATEGIC ALLOCATION FUND, L.P,
	Advisor Name:

	 	Customer Name:

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Thomas P. Lloyd	 	 	 	By:
	 	/s/ Theresa D. Becks
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Thomas P. Lloyd	 	 	 	Name:
	 	Theresa D. Becks
	Title:

	 	General Counsel	 	 	 	Title:
	 	Chief Financial Officer
	 

	 	Campbell & Company, Inc.	 	 	 	 	 	Campbell & Company, Inc., G.P.
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Theresa D. Becks	 	 	 	By:
	 	/s/ Thomas P. Lloyd
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Theresa D. Becks	 	 	 	Name:
	 	Thomas P. Lloyd
	Title:

	 	Chief Financial Officer	 	 	 	Title:
	 	General Counsel
	 

	 	Campbell & Company, Inc.	 	 	 	 	 	Campbell & Company, Inc., G.P.
	 
	 	 	 	 	 	 	 	 
	 
	 	1/25/06	 	 	 	 	 	1/25/06
	 

	 	 
	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	 	 	Date:

 

 

							
	Goldman, Sachs & Co.
	 	85 Broad Street
	 	New York, New York 10004
	 	Goldman
	 
	 	 	 	 	 	Sachs      
	 	 	 	 	 	 	 

HEDGING ACCOUNT DESIGNATION

ATTENTION: FUTURES SERVICES DEPARTMENT

     This hedging account designation relates to the Futures and Options Account Agreement
(the “Customer Agreement”) entered into between Goldman, Sachs & Co. (“Goldman”) and the customer
identified below (“Customer”).

     Each order by Customer to buy or sell any Futures Contracts or Option Contracts in the
Account(s) or sub-accounts(s), unless otherwise designated in writing to Goldman, will be a
hedging, arbitrage, spreading or risk management transaction not subject to speculative position
limit rules and speculative margin requirements under applicable exchange rules.

     If Customer gives Goldman an order to buy or sell a Futures Contract or Option Contract that
does not constitute a transaction described above, Customer shall so advise Goldman in advance.

     CFTC regulations require Goldman to provide each hedge customer the opportunity to issue
instructions to liquidate or transfer to another futures commission merchant all hedging positions
in the unlikely event that Goldman
becomes bankrupt. Please check the appropriate box to indicate if Customer prefers liquidation /___
/ or
transfer /___/ of all Customer’s hedging positions in the event of Goldman’s bankruptcy. Customer
acknowledges that
no assurance can be given that any hedging positions will be transferred even if Customer
has given such instruction. If neither box is checked, Customer will be deemed to have chosen to
have all Customer’s hedging positions liquidated.

	 	 	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	 	Customer Name:
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	Title:	 	 

 

 

							
	 	 	 	 	 	 	 
	Goldman, Sachs & Co.
	 	85 Broad Street
	 	New York, New York 10004
	 	Goldman
	 
	 	 	 	 	 	Sachs     
	 	 	 	 	 	 	 

AUTHORIZATION TO TRANSFER FUNDS

ATTENTION: FUTURES SERVICES DEPARTMENT

     This authorization to transfer funds relates to the Futures and Options Account
Agreement (the “Customer Agreement”) entered into between Goldman, Sachs & Co.
(“Goldman”) and the customer identified below (“Customer”).

     Customer should sign below if Customer (i) maintains one or more other accounts
(such as a securities, cash or margin account) at Goldman and (ii) wants to permit
Goldman to transfer funds to any of those other accounts without obtaining specific
instructions in each case.

     Without limiting or modifying the general provisions of the Customer Agreement,
Customer hereby specifically authorizes Goldman, until further notice in writing, to
transfer from Customer’s regulated commodity account (whether a segregated account or
a secured account) to any other account Customer may maintain with Goldman or its
affiliates such amount of excess funds as in Goldman’s judgment may be necessary at
any time to avoid a margin call or to reduce the debit balance in said other account,
or to satisfy any other obligations of Customer to Goldman or its affiliates. Goldman
will notify customer of any transfer of funds made pursuant to this authorization
within a reasonable time after each transfer.

	 	 	 	 	 
	1/25/06

	 	 	 	CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
	 

	 	 	 	 
	Date:

	 	 	 	Customer Name:

	 	 	 	 	 	 	 
	By:	 	/s/ Theresa D. Becks	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Theresa D. Becks	 	 
	 

	 	Title:
	 	 Chief Financial Officer	 	 
	 

	 	 	 	Campbell & Company, Inc., G.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Thomas P. Lloyd	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Thomas P. Lloyd	 	 
	 

	 	Title:
	 	 General Counsel	 	 
	 

	 	 	 	Campbell & Company, Inc., G.P.	 	 

AUTHORIZATION TO TAKE OTHER SIDE OF TRANSACTIONS

     Customer authorizes Goldman, Sachs & Co. and each of its partners,
directors, officers, employees, agents, and any floor broker acting on Customer’s
behalf in any transaction, without prior notice to Customer, to take the other side of
Customer’s transaction through any account of such person subject to its being
executed at prevailing prices in accordance with the Commodity Exchange Act and the
rules and regulations promulgated thereunder, and applicable Exchange rules.

	 	 	 
	1/25/06

	 	CAMPBELL STRATEGIC ALLOCATION FUND,
L.P.
	 

	 	 
	Date:

	 	Customer Name:
	 
	 	 

	 	 	 	 	 	 	 
	By:	 	/s/ Theresa D. Becks	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Theresa D. Becks	 	 
	 

	 	Title:
	 	 Chief Financial Officer	 	 
	 

	 	 	 	Campbell & Company, Inc., G.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Thomas P. Lloyd	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Thomas P. Lloyd	 	 
	 

	 	Title:
	 	 General Counsel	 	 
	 

	 	 	 	Campbell & Company, Inc., G.P.	 	 

 

 

CERTIFIED RESOLUTIONS

AUTHORIZING THE EXECUTION AND DELIVERY

OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT

     The
undersigned being [the] [an] [Assistant] Secretary* of                                         , a corporation duly
organized and existing under the laws of                                         (the “Corporation”), does hereby certify to Goldman,
Sachs & Co. as follows:

	1.	 	That at a meeting of the Board of Directors of the
Corporation duly held on the___day of                     , 19 ___, at which a quorum was present and acting throughout, the following resolutions were duly adopted
and are still in full force and effect:
	 
	 	 	RESOLVED, that it is in the best interests of this Corporation to enter to a Futures and Options
Account Agreement (the “Customer Agreement”) with Goldman, Sachs & Co. (“Goldman”) with respect
to the purchase and sale of futures contracts and options on futures contract (collectively
“Contracts”) in the form presented at this meeting;
	 
	 	 	FURTHER RESOLVED, that each of the officers of the Corporation listed below be and each hereby
is authorized and empowered to execute and deliver on behalf of this Corporation the Customer
Agreement, together with any and all other agreements or documents which are required by Goldman
in connection therewith:
	 
	 	 	      Name:                      Title:

	 	 	 
	 

	 	;
	 

	 	 
	 

	 	;
	 

	 	 
	 

	 	;
	 

	 	 
	 

	 	;
	 

	 	 

FURTHER RESOLVED, that said officers be and each hereby is authorized and empowered to
authorize persons to act on behalf of this Corporation in connection with the purchase and sale
of Contracts and otherwise to act on behalf of this Corporation pursuant to the Customer
Agreement and to execute any agreements, acknowledgements, documents and instruments as may be
necessary or appropriate to implement these resolutions;

FURTHER RESOLVED, that the Secretary or an Assistant Secretary of this Corporation be and each
hereby is authorized, empowered and directed to certify to Goldman a true copy of these
resolutions, a certificate (which, if required by Goldman, shall be accompanied by an opinion of
counsel for this Corporation) that this Corporation is duly organized and existing, that it is
empowered to enter into transactions of the types contemplated by the Customer Agreement, and
that these resolutions are not in conflict with this Corporation’s certificate of incorporation
or by-laws or of any statute, rule, regulation, judgment, order, decree, agreement or
undertaking to which this Corporation is subject or by which it is bound.

	2.	 	That the signature or signatures of any of the officers listed above on the Customer
Agreement are their genuine signatures.

	3.	 	That the undersigned has been duly authorized to make and deliver this certificate on behalf
of the Corporation. 

		 	IN WITNESS WHEREOF, I have executed this certificate
this___ day of___ , 19___.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	[Seal]

	 	Title:	 	 	 	 

 

			
	*	 	Please note that the person who certifies these resolutions may not be one of the individuals
identified as persons authorized to sign the Customer Agreement or to give instructions under the
Customer Agreement.

 

 

							
	 	 	 	 	 	 	 
	Goldman, Sachs & Co.
	 	85 Broad Street
	 	New York, New York 10004
	 	Goldman
	 
	 	 	 	 	 	Sachs     

SUBORDINATION AGREEMENT

(To be executed only by Customers Providing Currencies other than U.S. Dollars for

Trading on United States Exchanges)

ATTENTION: FUTURES SERVICES DEPARTMENT

     This Subordination Agreement relates to the Futures and Options Account Agreement entered
into between Goldman, Sachs & Co. (“Goldman”) and the customer identified below (“Customer”).

     Funds of customers trading on United States contract markets may be held in accounts
denominated in a foreign currency with depositories located outside the United States or its
territories if the customer is domiciled in a foreign country or if the funds are held in
connection with contracts priced and settled in a foreign currency. Such accounts are subject to
the risk that events could occur which would hinder or prevent the availability of these funds for
distribution to customers. Such accounts also may be subject to foreign currency exchange rate
risks.

     By signing the acknowledgement below, Customer authorizes the deposit of funds into such
foreign depositories. For customers domiciled in the United States, this authorization permits the
holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee,
or secure positions in such contracts or accrue as a result of such positions.

     In order to avoid the possible dilution of other customer funds, a customer who has funds
held outside the United States must further agree that his claims based on such funds will be
subordinated as described below in the unlikely event both of the following conditions are met:
(l)the customer’s futures commission merchant is placed in receivership or bankruptcy, and (2)
there are insufficient funds available for distribution denominated in the foreign currency as to
which the customer has a claim to satisfy all claims against those funds.

     By signing the acknowledgement below, Customer agrees that if both of the conditions listed
above occur, Customer’s claim against the futures commission merchant’s assets attributable to
funds held overseas in a particular foreign currency may be satisfied out of segregated Customer
funds held in accounts denominated in dollars or other foreign currencies only after each customer
whose funds are held in dollars or in such other foreign currencies receives its pro rata portion
of such funds. It is further agreed that in no event may a customer whose funds are held overseas
receive more than its pro rata share of the aggregate pool consisting of funds held in dollars,
funds held in the particular foreign currency, and non-segregated assets of the futures commission
merchant.

	 	 	 	 	 	 	 
	 	 	 	 	ACKNOWLEDGED AND AGREED:
	 
	 	 	 	 	 	 
	 	 	 	 	 
	Date:

	 	 	 	Customer Name:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	Title:

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