Summary

The Advisor’s trading program is a combination of systematic and discretionary approaches and determines trades subjectively in case of discretionary on the basis of personal judgment and extensive trading experience. Therefore, the success of trading depends 12 largely on the trading ability of the Advisor. The Advisor will exercise its judgment and discretion in interpreting and applying its program and will make all decisions regarding the trading of commodity interests. In addition, the Advisor will determine the time at which orders are to be placed with and executed by a broker, the method by which orders are to be placed, the types of orders that are to be placed and the overall leverage for the portfolio. Decisions made by the Advisor will be based on an assessment of available facts. However, because of the large quantity of facts at hand, the number of available facts that may be overlooked and the variables that may shift, any investment decision must, in the final analysis, be based on the judgment of the Advisor.