Summary

The trading program's (The Program) principal investment objective is capital appreciation through speculative trading of commodity and financial interests. It seeks to identify, leverage and trade positive as well as negative trends at the macroeconomic level on the domestic and global capital markets. The investment process applied is discretionary. It constitutes the synthesis of fundamental, macroeconomic, internal market dynamics, technical, quantitative and risk management analysis of capital market conditions to capitalize on price movements through the deployment of thematic driven strategies and to implement strategic and tactical allocation decisions. Trading program's risk parameters are also set within the context of overall portfolio exposure. Although the program is designed and could employ an arsenal of varied exchange and over the counter traded instruments which could include Foreign Exchange, Exchange Traded funds (ETF'S), Broad and Narrow Exchange traded indices, individual equities, swaps, options and fixed income, the emphasis is on trading listed financial futures, such as currencies, interest rates, indices, commodities and options in the major domestic and international futures and capital markets. The Trading Advisor is a discretionary trader that bases its trading decisions on a combination of fundamental, macroeconomic and political analysis and technical indicators. The Trading Advisor combines extensive fundamental knowledge of the international situation with technical experience derived from direct involvement with the world's largest financial markets and exchanges. The Trading Advisor intends to construct, manage, and maintain a trading and investment portfolio that leverages global macroeconomic trends to maximize capital appreciation within a given degree of risk tolerance, taking into account liquidity requirements. The Trading Advisor's trading methodology encompasses a strategic evaluation management system through which it seeks to identify emerging social, economic, and political trends globally. Within the context of a longer term perspective the Trading Advisor seeks to identify and trade trends of short, medium and longer term nature. The trading advisor is not precluded from engaging in active daily trading activity as part of strategies deployed but the emphasis is on longer duration trades and market trends. The trading program includes analyses of capital market conditions, and takes account of internal capital market dynamics, business cycles, and cross-border capital movements. The strategies employed use a variety of instruments and asset classes to express directional views, both long and short. The Trading Advisor believes that the development of Trading Methodology is a continual process. The Trading Advisor constantly evaluates trading methods in the various commodity and financial markets it trades and modifies or changes the implementation of its trading strategy accordingly without prior notice or approval by the managed program's clients. The thematic-driven strategies include macro or global directional investment strategies, which require that positions be taken in a wide variety of primarily liquid markets based on perceived broad economic trends. Such strategies could be deployed across the investment spectrum in all the major global capital markets in any asset class, including equities, fixed income, foreign exchange, commodities and financial futures and options. The Program identifies negative, as well as positive, trends at the macroeconomic level and overvalued, as well as undervalued, securities and markets. It intends to capitalize on upward as well as downward price movements of the various traded instruments in the global capital markets. Consequently, the Program's portfolio may include both long and short positions, as appropriate. Depending upon the Investment Manager's view of the market and particular markets, short positions may be substantial. Risk Management. An integral consideration in the