Saxon Investment Corporation

Saxon seeks to realize appreciation of its clients' assets through speculative trading of "Commodity Interests". Currently, Saxon primarily engages in trading in futures contracts on domestic and foreign exchanges, however, Saxon may also engage in transactions in physical commodities, including exchange for physical ("EFP") transactions (see description below). Saxon engages in EFP transactions in the foreign currency and precious metal markets. In addition, Saxon may trade options on futures, forward contracts on commodities and foreign currencies and cash currencies. Saxon's methods are proprietary and confidential; consequently, the following description is, of necessity, general and is not intended to be exhaustive. Saxon is primarily a systematic trend-follower; its trading decisions are generally based on a combination of technical indicators, money management principles and Mr. Seidler's overall experience and judgment regarding various market factors and conditions. <br><br> Background: <br><br> Howard Seidler, Saxon's president, has professionally managed futures accounts for over 20 years. He began trading in January 1984 as one of Richard Dennis' original "Turtles." In September 1988 following the end of the turtle experiment, Mr. Seidler founded Saxon, a U.S. registered Commodity Trading Advisor (CTA) and Commodity Pool Operator (CPO), which began managing accounts according to its Diversified Program. In November 1993, Saxon added the Aggressive Diversified Program, a program that employs approximately two times the leverage used in the Diversified Program. There are two ways to access Saxon's services: Individually managed accounts in the Diversified and Aggressive Diversified Programs, and private limited partnership interests via the Excelsior Fund, L.P. and Excelsior Aggressive Fund, L.P.