CoreCommodity Management,

LLC (Founders I Fund)

Fund Investment Objectives

The investment objective of FOUNDERS I is to provide investors with long exposure to commodities as an asset class and to deliver superior risk-adjusted returns relative to the selected benchmark index. The FOUNDERS I Program manages the yield associated with the forward term structure of commodity futures markets in order to seek sustainable outperformance uncorrelated to market direction relative to the DJ-UBSCI over time. The techniques utilized by the Program are intended to mitigate the negative effects of roll yield on investors in both rising and falling commodity markets, while preserving the benefits of an allocation to a diversified basket of commodities. Additionally, the Program incorporates tactical weighting decisions, which favor those markets demonstrating characteristics of fundamental scarcity, notably, upward trending price behavior and more favorable forward term structures while underweighting markets determined to be less constrained and better supplied. The Program seeks to outperform the Dow Jones - UBS Commodity Index by 400 - 600 basis points per annum on a tracking error of 4 - 6%.