Directory

1. The Fund – Organizational Structure
2. Investment Objective
3. Risk Factors
4. Management
5. Conflicts Of Interest
6. Investment Management Agreement
7. Description Of Common Shares
8. Offering Of Common Shares
9. Redemptions
10. Net Asset Value
11. Certain Taxation And ERISA Matters
12. Fund Administrator
13. Board Of Directors
14. Brokerage And Custody
15. Other Terms Of The Fund
16. General Comments
17. Procedure To Purchase Common Shares

1. Appendix A
2. Computation of Offering Price and Redemption Price

Summary of Terms

The following is a summary of this document and other documents relating to the Fund. This document and related agreements should be reviewed carefully for more information with respect to the Fund.

1. The Fund
2. Investment Objective
3. The Investment Manager
4. Risk Factors
5. Shares
6. The Offering
7. Management Fee
8. Incentive Allocation
9. Expenses
10. Redemptions
11. Reports
12. Board of Directors
13. Tax Status

Directory

1. The Fund – Organizational Structure

   Description of Sample Offshore Feeder and Organizational Structure

2. Investment Objective

   Investment Objective

   Investment Strategy

   Investment Implementation

   General

3. Risk Factors

   Absence of Regulatory Oversight

   Absence of Secondary Market

   Accounting for Uncertainty in Income Taxes

   Amortization of Organizational Costs

   Availability of Investment Strategies

   Business Risk

   Calculation of Net Asset Value

   Clearing Brokers

   Clearing Brokers and Broker Insolvency

   Clearing Brokers to the Master Fund

   Custody Risk

   Clearing House Protections

   Collateral

   Commodities Risk

   Commodity and Futures Contracts

   Concentration of Investments

   Contingent Liability Transactions

   Counterparty and Settlement Risk

   Currency Exposure

   Derivatives

   Dividends and Distributions

   Early Costs and Losses

   Economic Conditions

   Foreign Taxation

   Forward Foreign Exchange Contracts

   Futures

   Gapping

   Highly Volatile Markets

   Incentive Allocation

   Inventory Levels of Underlying Metal Commodities

   Access to Investment Manager Investment Professionals and Fund Information

   Insolvency

   Investment Objective

   Leverage

   Limited Operating History

   Liquidity and Market Characteristics

   Liquidity on Odd Dates

   Management Risk

   Market Crisis and Governmental Intervention

   Market Liquidity and Leverage

   Market Risk

   Nature of Investments

   Net Asset Value Considerations

   No Separate Counsel; No Responsibility or Independent Verification

   Operating Deficits

   Operational Risks and Business Disruptions

   Options

   Options Trading

   Portfolio Concentration

   Price Fluctuations

   Regulatory Risks of Private Funds

   Reliance on Management

   Risk Control Framework

   Short Selling

   Side Letters

   Speculative Position Limits

   Substantial Redemptions

   Swap Agreements

   Systems Risks

   Trading in Commodities and Other Investments May Be Illiquid

   Transaction Costs

   Volatility

4. Management

   Investment Manager

5. Conflicts of Interest
6. Investment Management Agreement

   Management Fee

   Incentive Allocation

   Other Terms of the Investment Management Agreement

7. Description of Common Shares

   General

   Special Designation as Non-Voting Common Shares

   Exclusive Voting Rights in Respect of Reserved Matters

8. Offering of Common Shares

   Offering Price

9. Redemptions

   Key Person Event

   Compulsory Redemption

   Suspension of Redemption Rights

10. Net Asset Value

    Certain Taxation and ERISA Matters

    Certain Cayman Islands Tax Considerations

    Taxation of the Fund

    United States Taxes

    US Shareholders – Special Considerations

    1. PFIC Status
    2. Unrelated Business Taxable Income
    3. Controlled Foreign Corporation Status
    4. Reporting Requirements
    5. FATCA

    ERISA and Retirement Plan Matters

11. Fund Administrator
12. Board of Directors
13. Brokerage And Custody
14. Other Terms of The Fund

    Expenses

    Fiscal Year and Fiscal Periods

    Financial Statements

    Auditors

    Meetings of Shareholders

    Transferability of Common Shares

    Indemnification

15. GENERAL COMMENTS

    Prevention of Money Laundering – United States

    Prevention of Money Laundering – Cayman Islands

    Prevention of Money Laundering – Other Jurisdictions

    Cayman Islands Mutual Funds Law

    Master Fund

16. PROCEDURE TO PURCHASE COMMON SHARES

1. APPENDIX B
2. Computation of Offering Price and Redemption Prices