Tillage Commodities

Management, LLC

Fund Investment Objectives

TILLAGE COMMODITIES MANAGEMENT's investment objective is to achieve superior risk-adjusted returns through investment in global commodities markets while maintaining liquidity, limiting volatility, and preserving capital. The Investment Manager believes this asset class presents an interesting opportunity for investors due to generally lower correlation to the fixed income and equities markets. The Investment Manager will pursue this objective through several quantitative futures-trading strategies which have been developed through an understanding of fundamental factors affecting commodities. The Investment Manager will utilize at least three proprietary models that that are based on observable behaviors of commodities markets (i.e., momentum, mean reversion and term structure arbitrage). The portfolio is designed to have wide diversification which will seek to minimize the effect of anomalous events effecting one or more commodities markets at a given time. The Partnership's portfolio generally will be comprised of long and short positions across the commodities markets, including energy, metals, grains, livestock and soft commodities. The Investment Manager will also endeavor to maintain constant volatility over time with respect to the Partnership's portfolio as a whole and for each of its strategies. The Investment Manager will primarily select liquid futures contracts that are traded on the major U.S. and European exchanges, but may, in the future, expand its investment universe to include financial futures, forwards, foreign exchange options, swaps and futures traded on additional non-U.S. exchanges.