RESTRICTIONS ON OWENSHIP BY UNITED STATES PERSONS

Shares of the Fund may not be offered or transferred to, nor may they be owned by or for the account or benefit of any "United States Person" as defined in the Fund's Subscription Agreement. Each prospective investor will be required to certify that the shares of the Fund are not being acquired directly or indirectly for the account or benefit of a United States Person.

Definition of "United-States person"

For the purposes of the applicable prohibitions against ownership and transfer of shares of the Fund, the term "United States Person" means:

(1) a resident or citizen of the United States;

(2) a partnership or corporation organized under the laws of the United States;

(3) any entity not organized under the laws of the United States;

(a) that has its principal office or place of business in the United States; or

(b) (i) in which citizens or residents of or entities organized under the laws of or existing in the United States directly or indirectly hold in the aggregate 50 percent or more of the beneficial interests; and

(ii) that will own directly or indirectly, either alone or together with affiliated persons and with any direct or indirect owners of 10 percent of the beneficial interests in the entity, an aggregate of more than 2 percent of the Fund's outstanding Class A shares; or

(c) (i) that is organized principally for passive investment (such as an investment company, a commodity pool or other similar vehicle); and

(ii) (A) in which the amount of units of participation held by United States Persons (other than "qualified eligible participants" as defined in Rule 4.7 under the United States Commodity Exchange Act) represents in the aggregate 10 percent or more of the beneficial interest in the entity;

(B) that was formed for the purpose of facilitating investment by United States persons in the Fund, or in any other commodity pool with respect to which the operator is exempt from certain requirements of Part 4 of the regulations promulgated by the United States Commodity Futures Trading Commission by virtue of its participants being non-United States Persons , or

(C) that was formed by United States Persons principally for the purpose of investing in securities not registered under the United States Securities Act of 1933, unless it is formed and owned by "accredited investors" (as defined in Rule 501 (a) under the Securities Act of 1933) who are not natural persons, estates or trusts;

(4) an estate or trust:

(a) of which an executor, administrator or trustee is a United States Person, unless:

(i) an executor, administrator or trustee who is not a United States Person has sole or shared investment discretion with respect to the assets of the estate or trust; and

(ii) (A) in the case of an estate, it is governed by non-U.S. law; or

(B) in the case of a trust, no beneficiary ( and no settler if the trust is revocable) is a United States Person; or

(b) the income of which is subject to United States income tax regardless of source;

(5) any agency or branch of a foreign entity located in the United States;

(6) any non-discretionary account or similar account (other than an estate or trust) held for the benefit or account of one or more United States persons ; and

(7) any discretionary account or similar account ( other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or ( if an individual) resident of the United States, unless it is held by a dealer or other professional fiduciary exclusively for the benefit or account of one or more non-United States Persons.

For purposes of the foregoing, the term "United States" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia.