Vermillion AM LLC - Viridian

Ltd

Fund Investment Objectives

Launched in June 2005, the Vermillion AM LLC - Viridian Ltd investment methodology concentrates on mispricing in and among commodity interests as well as in their related securities. The Investment Manager focuses on the entire spectrum of commodity interests from physical, to forwards, to exchange listed futures and options to over-the-counter derivatives. By trading physical commodities, as well as making and taking delivery against listed futures markets, the Investment Manager is in a position to capitalize on mispricings that occur during the entire trading and delivery life cycle of commodity interests on a global basis. The Investment Manager's methodology utilizes analysis and research on the underlying economic factors that affect supply and demand in commodity interests and securities over time, as well as in different geographic locations. The investment methodology that the Investment Manager employs can generally be described as relative value within a directional framework. Relative value strategies trade the relationship between two (or more) commodity interests and/or securities. The value of the difference in the relationship between the assets is commonly referred to as a spread. Generally, spread volatility is less than the related individual component volatility, and frequently spreads will have a significant response to seasonal as well as short-term supply, demand and logistics factors.