The Master Fund's investment objective can be achieved through systematic short, medium and long-term investment and trading (including short sales) in a diversified portfolio of global securities, futures and derivatives using varying degrees of leverage. The Fund will invest in a wide variety of securities, commodities and other financial instruments, including, without limitation, equities, bonds, options, commodity and financial futures, spot and forward currencies and related assets and instruments, as traded on both U.S. and non-U.S. exchanges and over-the-counter markets. The Master Fund will employ leverage as part of its investment strategy. Notwithstanding the foregoing, the Investment Manager may invest some or all of the Company's assets directly rather than in the Master Fund. Such investments will be consistent with the Company's and the Master Fund's investment objective, strategy and restrictions, and will be subject to the same risks and conflicts of interest.