Summary

The Advisor currently offers one trading program, PAG-1 (“PAG-1” or the “Trading Program”) for separately managed accounts. Minimum Account Size: The minimum account size for a separately managed account is $200,000. Trading Level: PAG-1 currently trades in increments of a Nominally Funded Unit equal to $200,000 (representing the current minimum account size). The Nominally Funded Unit size determines the level of trading (i.e., the number of commodity interests purchased or sold) for the account and does not refer to the level or type of funding in the account. Currently, PAG-1 may trade one (1) commodity interest in as many as 22 commodity markets per each Nominally Funded Unit. PAG reserves the right, at any time, to increase or decrease (a) the minimum account size, (b) the Nominally Funded Unit size, or (c) the number of commodity interests traded per commodity market in a Nominally Funded Unit. The number of Nominally Funded Units to be traded in PAG-1 will generally be determined by the initial deposit or commitment of cash or equivalents in the amount of or exceeding multiples of a Nominally Funded Unit. For example, a deposit/commitment of between $200,000 and $399,999 will result in trading a maximum of one (1) Nominally Funded Unit., and a deposit or commitment of between $400,000 and $599,999 will result in trading a maximum of two (2) Nominally Funded Units. If the Current Account Equity amount should grow to exceed an additional multiple of the Nominally Funded Unit amount, the client may be asked if he wishes to increase his unit(s) or withdraw a portion of the client’s funds. The client must specifically request in writing that his trading level be increased.