Winton Capital Management,

Ltd. (Diversified)

Fund Investment Objectives

WINTON'S DIVERSIFIED Program employs a computer-based system to engage in the speculative trading of over 100 international futures, options and forwards markets, government securities such as bonds, as well as certain OTC instruments, which include foreign exchange forward contracts and may include interest rate forward contracts and swaps. The Diversified Program also incorporates Cash Equity Instruments for some accounts. Winton's investment philosophy is directed towards long term capital appreciation through compound growth. This is achieved by pursuing a sophisticated and widely diversified trading program employing statistically-derived algorithms. The success of this program does not rely on favourable conditions in any particular market or on general appreciation of asset values. Performance taken from the Winton Futures Fund USD Class B, while assets reflect total assets traded in the strategy.