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Disclaimer

TERMS

PLEASE READ THE TERMS BELOW BEFORE PROCEEDING, THE TERMS EXPLAIN CERTAIN RESTRICTIONS IMPOSED BY LAW ON DISTRIBUTION OF THIS INFORMATION. PLEASE NOTE THAT THIS DISCLAIMER IS SUBJECT TO CHANGE AND YOUR CONTINUED USE OF THE WEBSITE FOLLOWING SUCH A CHANGE SHALL BE DEEMED TO EVIDENCE YOUR ACCEPTANCE OF THE CHANGE. YOU SHOULD THEREFORE REVIEW THE TERMS AT REGULAR INTERVALS. IN USING THIS WEBSITE, YOU AGREE TO THE BELOW TERMS, IF YOU DO NOT AGREE TO THEM YOU SHOULD EXIT THIS WEBSITE NOW.

THIS WEBSITE PROVIDES INFORMATION ABOUT Velocity Merchant Energy, LP, WHICH IS REGULATED BY THE UK FINANCIAL SERVICES AUTHORITY ("FSA") AND US SECURITES AND EXCHANGES COMMISION ("SEC"), AND THE FUNDS IT PROVIDES INVESTMENT MANAGEMENT SERVICES TO. THIS WEBSITE IS EXEMPT FROM THE GENERAL RESTRICTIONS IN SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 AS IT IS AIMED SOLELY TO PERSONS TO WHOM THE DOCUMENT CAN LEGITIMATELY BE COMMUNICATED.

THE FUNDS ARE DEFINED AS UNREGULATED COLLECTIVE INVESTMENT SCHEMES ("UCIS") AND THE PROMOTION OF A UCIS EITHER WITHIN THE UK OR FROM THE UK IS RESTRICTED BY STATUTE. AS SUCH THIS DOCUMENT IS ONLY MADE AVAILABLE TO PROFESSIONAL CLIENTS OR ELIGIBLE COUNTERPARTIES AS DEFINED BY THE FSA AND TO PERSONS FALLING WITHIN THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS ) ORDER 2001. SUCH PERSONS INCLUDE CERTIFIED HIGH NET WORTH AND SOPHISTICATED INDIVIDUALS.

THE MATERIALS HEREIN ARE INTENDED SOLELY FOR THE RECIPIENT OF THE PASSWORD AND NEITHER THE MATERIALS ON THIS SITE NOR THE PASSWORD MAY BE TRANSMITTED (IN ANY FORM) TO ANY OTHER PERSON WITHOUT Velocity Merchant Energy, LP'S CONSENT. THIS PASSWORD-PROTECTED WEB SITE GENERALLY MAY ONLY BE ACCESSED BY EXISTING CLIENTS OF Velocity Merchant Energy, LP AND PROSPECTIVE CLIENTS OF Velocity Merchant Energy, LP WHO ARE QUALIFIED AS TO BOTH SUITABILITY AND NET WORTH AND WITH WHOM Velocity Merchant Energy, LP OR THE FUNDS IT MANAGES HAS A SUBSTANTIVE PREEXISTING RELATIONSHIP. THE INVESTMENT FUNDS AND THE MANAGERS REFERRED TO HEREIN MAY ONLY TRANSACT BUSINESS IN YOUR STATE OR JURISDICTION IF FIRST REGISTERED, EXCLUDED OR EXEMPTED FROM APPLICABLE BROKER-DEALER, INVESTMENT ADVISER, BD AGENT, IA REP, OR OTHER RELEVANT REGISTRATION REQUIREMENTS. FOLLOW-UP, INDIVIDUALIZED RESPONSES TO PERSONS IN YOUR STATE OR JURISDICTION BY SUCH FUNDS OR MANAGERS THAT INVOLVE EITHER THE EFFECTING OR ATTEMPTING TO EFFECT TRANSACTIONS IN SECURITIES, OR THE RENDERING OF PERSONALIZED INVESTMENT ADVICE FOR COMPENSATION, AS THE CASE MAY BE, WILL NOT BE MADE ABSENT COMPLIANCE WITH APPLICABLE BROKER-DEALER, INVESTMENT ADVISER, BD AGENT, IA REP OR OTHER RELEVANT REGISTRATION REQUIREMENTS, OR AN APPLICABLE EXEMPTION OR EXCLUSION.

THE INFORMATION ON THIS WEB SITE IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY AN INTEREST IN ANY INVESTMENT FUND OR FOR THE PROVISION OF ANY INVESTMENT MANAGEMENT OR ADVISORY SERVICES. ANY SUCH OFFER OR SOLICITATION WILL BE MADE ONLY BY MEANS OF DELIVERY OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM RELATING TO A PARTICULAR FUND OR INVESTMENT MANAGEMENT CONTRACT TO QUALIFIED INVESTORS IN THOSE JURISDICTIONS WHERE PERMITTED BY LAW. A COMMITMENT TO THE FUNDS SHOULD ONLY BE MADE BY PERSONS WITH PROFESSIONAL EXPERIENCE OF PARTICIPATING IN SUCH FUNDS.

TERMS OF USE

BY ACCESSING THIS SITE, YOU SIGNIFY YOUR AGREEMENT WITH, AND UNDERSTANDING OF, THE FOLLOWING TERMS OF USE AND LEGAL INFORMATION PERTAINING TO BOTH THIS SITE AND ANY MATERIAL ON IT. THIS SITE IS OFFERED TO YOU CONDITIONED ON YOUR ACCEPTANCE WITHOUT MODIFICATION OF THE TERMS, CONDITIONS, AND NOTICES CONTAINED HEREIN. YOUR USE OF THIS SITE CONSTITUTES YOUR AGREEMENT TO ALL SUCH TERMS, CONDITIONS AND NOTICES. Velocity Merchant Energy, LP RESERVES THE RIGHT TO CHANGE THE TERMS, CONDITIONS, AND NOTICES UNDER WHICH THIS SITE IS OFFERED.

ALL MATERIALS ON THIS SITE ARE MEANT TO BE REVIEWED IN THEIR ENTIRETY, INCLUDING ANY FOOTNOTES, LEGAL DISCLAIMERS, RESTRICTIONS OR DISCLOSURES, AND ANY COPYRIGHT OR PROPRIETARY NOTICES. ANY DISCLAIMERS, RESTRICTIONS, DISCLOSURES OR HEDGE CLAUSES APPLY TO ANY PARTIAL DOCUMENT OR MATERIAL IN THE SAME MANNER AS THEY DO THE WHOLE, AND WILL BE DEEMED INCORPORATED IN THE PORTION OF ANY MATERIAL OR DOCUMENT THAT YOU CONSULT OR DOWNLOAD.

OWNERSHIP OF SITE AND COPYRIGHT

THE Velocity Merchant Energy, LP WEB SITE IS OWNED BY Velocity Merchant Energy, LP. THE Velocity Merchant Energy, LP WEB SITE AND ANY AND ALL ACCOMPANYING SCREENS, INFORMATION, MATERIALS, USER DOCUMENTATION, USER INTERFACES, IMAGES, ARRANGEMENTS OF INFORMATION, RELATED SOFTWARE AND OTHER PROPRIETARY PROPERTY OF Velocity Merchant Energy, LP OR ITS LICENSORS ACCESSIBLE VIA THE WEB SITE IS AND SHALL REMAIN THE EXCLUSIVE PROPERTY OF Velocity Merchant Energy, LP AND ITS LICENSORS, AS THE CASE MAY BE. ALL RIGHTS TO THE WEB SITE REMAIN WITH Velocity Merchant Energy, LP OR ITS LICENSORS. THIS SITE IS FOR YOUR PERSONAL AND NON-COMMERCIAL USE. YOU MAY NOT MODIFY, COPY, DISTRIBUTE, TRANSMIT, DISPLAY, PERFORM, REPRODUCE, PUBLISH, LICENSE, CREATE DERIVATIVE WORKS FROM, TRANSFER OR SELL ANY INFORMATION, SOFTWARE, PRODUCTS OR SERVICES OBTAINED FROM THIS SITE.

UNAUTHORIZED ACCESS

THIS SITE IS NOT ABSOLUTELY PROTECTED AGAINST UNAUTHORIZED THIRD PARTIES. YOU ACKNOWLEDGE THAT ANY INFORMATION PROVIDED THROUGH THE INTERNET MAY BE POTENTIALLY ACCESSED BY UNAUTHORIZED THIRD PARTIES. ALTHOUGH Velocity Merchant Energy, LP WILL MAKE REASONABLE EFFORTS TO PROTECT THE PRIVACY OF USERS OF THIS SITE, NO GUARANTEE CAN BE MADE THAT UNAUTHORIZED THIRD PARTIES WILL NOT ACCESS THE INFORMATION CONTAINED ON THE WEB SITE. YOU ACKNOWLEDGE THAT Velocity Merchant Energy, LP IS NOT RESPONSIBLE FOR NOTIFYING YOU THAT UNAUTHORIZED THIRD PARTIES HAVE GAINED SUCH ACCESS OR THAT ANY DATA HAS BEEN OTHERWISE COMPROMISED DURING TRANSMISSION ACROSS COMPUTER NETWORKS OR TELECOMMUNICATIONS FACILITIES, INCLUDING, BUT NOT LIMITED TO, THE INTERNET.

PASSWORDS AND SECURITY

YOU ARE RESPONSIBLE FOR THE CONFIDENTIALITY AND USE OF YOUR PASSWORD. YOUR PASSWORD IS AN IMPORTANT MEANS OF PROTECTION FOR YOU. YOU AGREE TO CONTACT US IMMEDIATELY IF YOU BELIEVE THAT AN UNAUTHORIZED PERSON HAS OBTAINED ACCESS TO YOUR PASSWORD.

LINKS

Velocity Merchant Energy, LP HAS NOT REVIEWED UNAFFILIATED SITES LINKED TO THIS SITE, IF ANY, AND IS NOT RESPONSIBLE FOR THE CONTENT OF OFF-SITE PAGES OR ANY OTHER SITE LINKED OR LINKING TO THE SITE. YOUR LINKING TO ANY OFF-SITE PAGES OR OTHER SITES IS AT YOUR OWN RISK. Velocity Merchant Energy, LP MAKES NO REPRESENTATIONS WHATSOEVER ABOUT THE OPINIONS OF ANY THIRD PARTY APPEARING ON A LINKED SITE, NEITHER REGULARLY MONITORS NOR HAS CONTROL OVER THE CONTENTS OF SUCH SITES, AND DOES NOT ENDORSE, AND DISCLAIMS ALL RESPONSIBILITY FOR, THE CONTENT OF SUCH STATEMENTS OR WEB SITES.

PRIVACY POLICY

THE USER RECOGNIZES THAT NON-PUBLIC INFORMATION CONCERNING THE USER DISCLOSED BY THE USER TO Velocity Merchant Energy, LP, THE FUNDS, OR OTHER AGENTS OF EITHER (THE "INFORMATION") (SUCH AS THE USER’S NAME, ADDRESS, SOCIAL SECURITY NUMBER, ASSETS AND INCOME) (I) MAY BE DISCLOSED TO THE FUNDS’ ADMINISTRATOR, IF ANY, GENERAL PARTNER, AFFILIATES, ATTORNEYS, ACCOUNTANTS AND AUDITORS IN FURTHERANCE OF THE FUNDS’ BUSINESS AND TO OTHER SERVICE PROVIDERS SUCH AS BROKERS WHO MAY HAVE A NEED FOR THE INFORMATION IN CONNECTION WITH PROVIDING SERVICES TO THE FUNDS, (II) TO THIRD PARTY SERVICE PROVIDERS OR FINANCIAL INSTITUTIONS WHO MAY BE PROVIDING MARKETING SERVICES TO THE FUNDS PROVIDED THAT SUCH PERSONS MUST AGREE TO PROTECT THE CONFIDENTIALITY OF THE INFORMATION AND USE THE INFORMATION ONLY FOR THE PURPOSES OF PROVIDING SERVICES TO THE FUNDS AND (III) AS OTHERWISE REQUIRED OR PERMITTED BY LAW. THE FUNDS, GENERAL PARTNER, INVESTMENT MANAGER AND AFFILIATES RESTRICT ACCESS TO THE INFORMATION TO THEIR EMPLOYEES WHO NEED TO KNOW THE INFORMATION TO PROVIDE SERVICES TO THE FUNDS, AND MAINTAIN PHYSICAL, ELECTRONIC AND PROCEDURAL SAFEGUARDS THAT COMPLY WITH U.S. FEDERAL STANDARDS TO GUARD THE INFORMATION.

NO WARRANTY OR RELIANCE

THE WEB SITE, INCLUDING INFORMATION AND MATERIALS CONTAINED IN THE WEB SITE, TEXT, GRAPHICS, SOFTWARE, LINKS AND OTHER ITEMS ARE PROVIDED "AS IS," "AS AVAILABLE" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW. WITHOUT LIMITATION, Velocity Merchant Energy, LP DOES NOT WARRANT THE ACCURACY, ADEQUACY, COMPLETENESS, RELIABILITY, TIMELINESS OR AVAILABILITY OF THE WEBSITE OR ANY INFORMATION ON THIS SITE, AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE WEB SITE. THERE IS NO WARRANTY OF MERCHANTIBILITY, NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, NO WARRANTY OF NON-INFRINGEMENT, NO WARRANTY OF ANY KIND, IMPLIED, EXPRESS OR STATUTORY, IN CONJUNCTION WITH THE WEB SITE. ANY CONTENTS ON THIS SITE ARE SUBJECT TO CHANGE WITHOUT NOTICE. Velocity Merchant Energy, LP FURTHER ASSUMES NO RESPONSIBILITY FOR, AND MAKES NO WARRANTIES THAT, FUNCTIONS CONTAINED AT THIS SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SITE OR THE SERVER THAT MAKES IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. PLEASE NOTE THAT SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, SO SOME OR ALL OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU.

LIMITATION OF LIABILITY

IN NO EVENT WILL Velocity Merchant Energy, LP BE LIABLE FOR ANY DAMAGES, OR FOR REPAIRS OR CORRECTIONS THAT MUST BE PERFORMED, TO OR ON YOUR COMPUTER, PERSON OR OTHER PROPERTY, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES ARISING IN CONNECTION WITH THE WEB SITE OR USE THEREOF OR THE INABILITY BY ANY PARTY TO USE SUCH SITE, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS OR LINE OR SYSTEM FAILURE, EVEN IF Velocity Merchant Energy, LP, OR REPRESENTATIVES THEREOF, ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES.

POTENITAL CONFLICTS OF INTEREST

Velocity Merchant Energy, LP AND ITS EMPLOYEES OR ASSOCIATED COMPANIES MAY HAVE A POSTITION OR HOLDING IN ANY INVESTMENTS OR SECURITIES REFERRED TO ON THE WEBSITE.

PERFORMANCE LEGEND

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. ANY INFORMATION YOU RECEIVE FROM Velocity Merchant Energy, LP IS BELIEVED TO BE RELIABLE. NEVERTHELESS, NEITHER Velocity Merchant Energy, LP NOR ITS AGENTS ARE LIABLE FOR ANY DEFICIENCIES IN THE ACCURACY, COMPLETENESS, AVAILABILITY OR TIMELINESS OF SUCH INFORMATION. THE INFORMATION PROVIDED ON THIS WEB SITE DOES NOT NECESSARILY REFLECT THE MOST UP TO DATE OR CURRENT INFORMATION AVAILABLE ON THE PRODUCT OR SERVICE. THE INFORMATION CONTAINED HEREIN IS PROVIDED WITHOUT ANY WARRANTY OF ANY KIND. THE PERFORMANCE AND OTHER INFORMATION AND OPINIONS EXPRESSED IN THE FOLLOWING MATERIALS ARE PROVIDED WITHOUT ANY WARRANTY OF ANY KIND.

OPINIONS EXPRESSED WHETHER IN GENERAL OR IN BOTH ON THE PERFORMANCE OF THE INDIVIDUAL FUNDS AND IN A WIDER ECONOMIC CONTEXT REPRESENT THE VIEWS OF THE CONTRIBUTOR AT THE TIME OF PREPARATION. Velocity Merchant Energy, LP HAS NOT AUDITED THE FINANICAL INFORMATION CONTAINED ON THE WEBSITE. Velocity Merchant Energy, LP FURTHERMORE DISCLAIMS ANY LIABILITY FOR ANY LOSS, DAMAGE, COSTS OR EXPENSES (INCLUDING DIRECT, INDIRECT, SPECIAL AND CONSEQUENTIAL) HOWSOEVER ARISING WHICH ANY PERSON MAY SUFFER OR INCUR AS EITHER A DIRECT OR CONSEQUENTIAL A RESULT OF VIEWING OR UTILISING ANY INFORMATION INCLUDED IN THIS WEBSITE.

THE VALUE OF INVESTMENTS MAY FALL AS WELL AS RISE AND YOU MAY NOT GET BACK YOUR ORIGINAL INVESTMENT. PAST PERFORMANCE SHOULD NOT BE VIEWED AS A GUIDE TO FUTURE PERFORMANCE. INVESTMENT IN UNREGULATED FUNDS (THE FUNDS) CARRIES THE RISK OF POTENTIAL TOTAL LOSS OF CAPITAL. WHERE AN INVESTMENT INVOLVES A FOREIGN CURRENCY, IT MAY BE SUBJECT TO FLUCTUATIONS IN VALUE DUE TO MOVEMENTS IN EXCHANGE RATES. THESE CHANGES TO EXCHANGE RATES MAY ALSO CAUSE THE VALUE OF AN UNDERLYING INVESTMENT TO GO DOWN AS WELL AS UP. THE ANNUAL MANAGMENT FEE IS TAKEN FROM THE CAPITAL OF THE FUNDS AND MAY CONSTRAIN OR ERODE CAPITAL. INVESTMENTS OR INVESTMENT SERIVCES REFERRED TO IN THIS SITE MAY NOT BE SUITABLE FOR ALL INVESTORS AND WE THEREFORE RECOMMEND THAT YOU SEEK ADVICE FROM YOUR INVESTMENT ADVISER BEFORE MAKING AN INVESTMENT.

IF YOU WISH TO INVEST IN A SPECIFIC INVESTMENT OR PRODUCT MANAGED BY Velocity Merchant Energy, LP YOU SHOULD REFER TO THE RISK WARNINGS IN THE RELEVANT PROSPECTUS FOR THAT PRODUCT OR INVESTMENT. INFORMATION AND DETAILS OF SUCH INVESTMENTS, MANAGERS OR THEIR PRODUCTS OR LAWS OR CIRCUMSTANCES, MAY CHANGE, AND IT IS THE REQUIREMENT OF ANY INVESTOR OR THOSE MAKING OR CONSIDERING TO MAKE SUCH INVESTMENTS THAT THEY CONDUCT DUE DILIGENCE ON ANY AND ALL INVESTMENTS MADE OR CONSIDERED. ALL INVESTMENTS SHOULD BE MADE WITH DISCRETIONARY CAPITAL SET ASIDE STRICTLY FOR SPECULATIVE PURPOSES.

I acknowledge the above Disclaimer

Questionnaire Because Velocity Merchant Energy, LP will rely on your answers, you must carefully answer each question. You can be held liable for any misstatement or omission in this questionnaire. Velocity Merchant Energy, LP will maintain the confidentiality of all information disclosed by you, except as necessary to comply with requests for such information from a regulatory body pursuant to court order.

I acknowledge that Velocity Merchant Energy, LP will be relying upon the information I have furnished in this Questionnaire in determining, among other things, whether there are reasonable grounds to believe that I qualify as an Qualified Eligible Person as that term is defined under Commodity Futures Trading Commission Regulation 4.7, 17 C.F.R. 4.7, and otherwise qualify as a suitable or sophisticated investor under federal and state laws.To the best of my information and belief, the information I have supplied is complete and correct, and I represent and warrant to Velocity Merchant Energy, LP as follows:

The answers to the above questions are complete and correct and may be relied upon by Velocity Merchant Energy, LP in determining whether I am a Qualified Eligible Person, and thus eligible to participate in the Programs.	Yes No

I will notify Velocity Merchant Energy, LP immediately of any material change in any information I have furnished in this Questionnaire.	Yes No

	A bank, insurance company, registered investment company, business development company, or small business investment company
	An employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million
	A charitable organization, corporation, or partnership with assets exceeding $5 million
	A director, executive officer, or general partner of the company selling the securities
	A business in which all the equity owners are accredited investors
	A natural person who has individual net worth, or joint net worth with the persons spouse, that exceeds $1 million at the time of the purchase
	A natural person with an individual income in excess of $200,000 or in excess of $300,000 with his or her spouse in each of the two most recent years and who has a reasonable expectation of an income in excess of $200,000 individually or in excess of $300,000 with his or her spouse in the current year
	A trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchases a sophisticated person makes

(1) A person who is a “non-United States person” based on the fact that you are:
	A natural person who is not a resident of the United States;
	A partnership, corporation or other entity, other than an entity organized principally for passive investment, organized under the laws of a foreign jurisdiction and which has its principal place of business in a foreign jurisdiction;
	An estate or trust, the income of which is not subject to United States income tax regardless of source;
	An entity organized principally for passive investment such as a pool, investment company or other similar entity provided, that units of participation in the entity held by persons who do not qualify as nonUnited States persons or otherwise as qualified eligible persons represent in the aggregate less than 10% of the beneficial interest in the entity, and that such entity was not formed principally for the purpose of facilitating investment by United States persons in the Partnership by virtue of its participants being nonUnited States persons;
	A pension plan for the employees, officers or principals of an entity organized and with its principal place of business outside the United States.
OR (2)
	A futures commission merchant registered pursuant to Section 4(d) of the U.S. Commodity Exchange Act, as amended.
	A broker or dealer registered pursuant to Section 15 of the U.S. Securities and Exchange Act of 1934, as amended
	A registered commodity pool operator who has been registered and active as such for two years or who operates pools which, in the aggregate, have total assets in excess of $5,000,000.
	A registered commodity trading advisor who has been registered and active as such for two years or who provides commodity interest trading advice to commodity accounts which, in the aggregate, have the total assets in excess of $5,000,000 deposited at one or more futures commission merchants.
	An investment adviser registered pursuant to section 203 of the U.S. Investment Advisers Act of 1940, as amended, or pursuant to the laws of any U.S. state, or a principal thereof; provided that the investment adviser has been registered and active as such for two (2) years, or provides securities investment advice to securities accounts which, in the aggregate, have total assets in excess of $5,000,000 deposited at one or more registered securities brokers.
	A “qualified purchaser” as defined in section 2(51)(A) of the Company Act. (If you indicate that you are a “qualified purchaser”, a separate questionnaire may be provided to you.)
	A trust, provided that the trust was not formed for the specific purpose of participating in a Systematic Alpha Management, LLCmanaged investment product, and the trustee or other person authorized to make investment decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a qualified eligible person.
	An organization described in section 501(c)(3) of the Internal Revenue Code, provided that the trustee or other person authorized to make investment decisions with respect to the organization, and the person who has established the organization, is a qualified eligible person.
	An entity as to which a notice of eligibility has been filed pursuant to section 4.5 of the CEA which is operated in accordance with such rule and in which all unit owners or participants, other than the commodity trading advisor, are qualified eligible persons.

OR (3)

	Any owner of securities (including pool participations) of issuers not affiliated with the investor and/or other investments having an aggregate market value of at least $2,000,000.
	Any person who owns a portfolio comprised of a combination of the funds or property specified in 3(a) and 3(b) above in which the sum of the funds or property includable under 3(a), expressed as a percentage of the minimum amount required thereunder, and the amount of futures margin and option premiums includable under 3(b), expressed as a percentage of the minimum amount required thereunder, equals at least one hundred percent.

AND IS (4)

	A natural person whose individual net worth, or joint net worth with his/her spouse, exceeds $1,000,000.
	A natural person who had income in excess of $200,000 in each of the two most recent years, or joint income with his/her spouse in excess of $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year.
	An investment company registered under the Company Act or a business development company as defined in Section 2(a)(48) of the Company Act, not formed for the specific purpose of investing in the Partnership.
	A bank as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act and is acting for its own account or for the account of a qualified eligible person.
	An insurance company as defined in Section 2(13) of the Securities Act and is acting for its own account or for the account of a qualified eligible person.
	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.
	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the investment decisions of which are made by a plan fiduciary, as defined in Section 3(21) of ERISA, which fiduciary is a bank, savings and loan association, insurance company, or registered investment adviser; or the total assets of which exceed $5,000,000; or, if a selfdirected plan, the investment decisions of which are made solely by persons that are qualified eligible persons.
	A private business development company as defined in Section 202(a)(22) of the Advisers Act.
	An organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, with total assets in excess of $5,000,000.
	A corporation, Massachusetts or similar business trust, or partnership, other than an investment fund or pool, which has total assets in excess of $5,000,000, and was not formed for the specific purpose of participating in the Partnership.
	An investment fund or pool (including an investment entity directly or indirectly investing in commodity interests, including an investment in the Partnership or in other investment funds which invest in commodity interests), trust, insurance company separate account or bank collective trust, with total assets in excess of $5,000,000, which was not formed for the specific purpose of participating in the Partnership, and whose participation in the Partnership is directed by a qualified eligible person.
	A governmental entity (including the United States, a state, or a foreign government) or political subdivision thereof, or a multinational or supranational entity or an instrumentality, agency, or department of any of the foregoing (other than a governmental entity referenced to in section (3)(f) above) authorized by law to invest in the Partnership.