Company anticipates that it will continue to develop and implement new proprietary trading and investment strategies (either directly and/or through Third-Party Ventures and/or Affiliate Trading Vehicles), as the Management Company seeks to exploit profit and investment opportunities on a global basis. The Managemen

and dramatic losses. The Management Company may have only limited ability to assess the market risks to which an Underlying Fund's investments with Third-Party Ventures are subject. The particular or general types of market conditions in which an Underlying Fund may incur losses or experience unexpected performance

Underlying Funds, is subsequently found to be inaccurate. The General Partner must depend on the valuations furnished to the General Partner by the Third-Party Ventures. In the case of the Underlying Funds' passive investments with certain Third-Party Ventures, the General Partner may have no means of verifying the

p's trade or business (including investments, if any, in partnerships that are not managed by the General Partner or its affiliates, such as certain Third-Party Ventures). The consequences of these limitations will vary depending upon the particular tax situation of each taxpayer. Accordingly, noncorporate Limited P