Global Advisors Limited

Discretionary - Full Program

Program Description: This portfolio is traded at the Principals' discretion. The strategy involves primarily long and short positions in commodities together with inter- and intra-commodity spreads and inter-market spreads. The strategy is computer-aided, with analysis being performed to determine trend strength and direction using a number of subsystems. In addition, a separate algorithm models short-term speculative capital flows that are likely to occur into or out of a given commodity. Trades are executed predominantly but not exclusively in the direction of the trend and will be screened for risk/reward characteristics by comparing entry points to recent trading ranges and levels of volatility. Not all managed accounts operate within the Full Program which includes Over The Counter transactions, but are instead part of a Exchange Traded Only program. The results shown are for the Full Program and some divergence of performance does occur between the two program options. Please contact the Principals for more detailed information.