ise, authorizes the Limited Partners' Representative to act as its agent for such purpose. Conflicts Relating to the Master Fund Board of Directors The Master Fund Board of Directors are not required to devote their full time and attention to the business of the Master Fund and may serve as directors of other investment vehicles.

turnover and brokerage commission expenses may exceed those of other investment entities of comparable size. BOARD OF DIRECTORS OF THE MASTER FUND The Master Fund Board of Directors generally meets twice a year to review and assess the investment policy and performance of the Master Fund and generally to supervise the conduct of