County Cork LLC (B & B

Proprietary)

Fund Investment Objectives

The B&B Program is managed by Tommy Beall and Kevin Bost. Trading decisions are fundamentally based. Both traders, in consultation with each other but independently, maintain cash price forecasts which are revised weekly. These forecasts are developed through very extensive, statistically-based analysis and review of supply and demand conditions. Positions may involve long or short futures contracts; spreads; and long or short option contracts, sometimes in combination. The cash price forecast determines whether the net position should be long or short in nature. Spread positions may be taken when there are sufficient discrepancies or short-term market distortions between expected seasonal or fundamentally based price levels and trends. No position is taken unless both traders are in agreement on position levels, profit objective and trading plan. Basic technical analysis is also a major consideration in trading decisions. Great respect is given to support and resistance levels, overbought/oversold conditions, and market composition (e.g., the balance of long/short speculators and hedgers). Technical analysis largely determines the point at which an adversely-behaving position is abandoned. Losses are always limited to a certain maximum percentage (typically 5%) of equity. The two main trading filters - those which justify establishment of any position in the market - are that the futures or option prices must be sufficiently over- or undervalued, and that both traders must be in agreement before any position is taken. These filters, along with the long term perspective of both traders, limit trading activity to infrequent and selective entry and exit points. New positions are typically scaled-in, and occur one to three times per month on average (there will be some months in which no new positions are established). Exit positions are often scaled-out, especially in the case of profitable positions. Generally speaking, profitable positions will be held considerably longer than unprofitable positions. Returns are based on proforma adjustments to a proprietary account to reflect fees. Client accounts will be traded in like fashion.