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Wednesday 20 February, 2008

Lyxor/Amplitude Fund

Class B Shares

Lyxor/Amplitude Fund Limited
20 February 2008

              STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE





LYXOR/AMPLITUDE FUND LIMITED



                   Re: Class B Shares to open to us investors





                               FEBRUARY 20, 2008



                   ________________________________________



The Directors of the Lyxor/Amplitude Fund Limited  (the 'Fund') wish to announce
that, by the creation of a U.S. Supplement to the Supplemental Memorandum for
the Fund (the 'U.S. Supplement') dated November 14, 2007 and attached as
Appendix I hereto, the Class B Shares of the Fund will open to US investors.
The Articles of Association of the Fund permit the creation and issuance of
multiple classes of participating redeemable shares with different terms and
attributable assets.  The U.S. Supplement relates only to an offering of Class B
Participating Shares.











Enquiries:


Dillon Eustace                      Helen McGowan                      +353 1 667 0022
















                 U.S. SUPPLEMENT TO THE SUPPLEMENTAL MEMORANDUM

Lyxor/Amplitude Fund Limited

(a limited liability multi-class investment company incorporated under the
Companies (Jersey) Law 1991)

Class B Participating Shares



November 14, 2007

This supplement replaces all previous versions

This U.S. Supplement to the Supplemental Memorandum of the Lyxor/Amplitude Fund
Limited related to Class B Participating Shares (the 'U.S. Supplement') has been
prepared solely for the consideration of prospective investors in Class B
Participating Shares of the Fund. Except as otherwise expressly set forth
herein, distribution or disclosure of any of the contents of the Offering
Memorandum, the Supplemental Memorandum or this U.S. Supplement without the
prior written consent of the Manager is prohibited. You should ensure that the
Offering Memorandum, the Supplemental Memorandum and the U.S. Supplement you
receive have not been modified, amended or restated by any further versions.
However, neither the delivery of the Offering Memorandum, the Supplemental
Memorandum or this U.S. Supplement nor the issue of Class B Participating Shares
hereunder shall imply that there has been no change in the affairs of the Fund
since the date hereof.


Lyxor/Amplitude Fund Limited

Class B Participating Shares

THIS CONFIDENTIAL U.S. SUPPLEMENT TO THE SUPPLEMENTAL MEMORANDUM OF THE LYXOR/
AMPLITUDE FUND LIMITED RELATED TO CLASS B PARTICIPATING SHARES (THE 'U.S.
SUPPLEMENT') OFFERS CLASS B PARTICIPATING SHARES (THE 'B SHARES') OF LYXOR/
AMPLITUDE FUND LIMITED (THE 'FUND'), A LIMITED LIABILITY MULTI-CLASS INVESTMENT
COMPANY INCORPORATED UNDER THE COMPANIES (JERSEY) LAW 1991, AS AMENDED. THIS
U.S. SUPPLEMENT SHOULD BE READ AND CONSTRUED IN CONJUNCTION WITH THE OFFERING
MEMORANDUM OF THE FUND DATED JANUARY 31, 2007 (THE 'OFFERING MEMORANDUM') AND
THE SUPPLEMENTAL MEMORANDUM DATED JANUARY 31, 2007 (THE 'SUPPLEMENTAL MEMORANDUM
'). THE EXPRESSIONS 'OFFERING MEMORANDUM' AND 'SUPPLEMENTAL MEMORANDUM' SHALL
INCLUDE ANY AMENDMENTS MADE FROM TIME TO TIME THERETO. IN CASE OF DISCREPANCIES
BETWEEN THE OFFERING MEMORANDUM, THE SUPPLEMENTAL MEMORANDUM AND THIS U.S.
SUPPLEMENT, THE OFFERING MEMORANDUM OR THE SUPPLEMENTAL MEMORANDUM, AS RELEVANT,
SHALL PREVAIL OVER THIS U.S. SUPPLEMENT EXCEPT AS SPECIFICALLY PROVIDED HEREIN.
WHERE THE CONTEXT SO ADMITS WORDS AND EXPRESSIONS USED HEREIN SHALL BEAR THE
SAME MEANINGS AND HAVE THE SAME INTERPRETATION AS IN THE OFFERING MEMORANDUM OR
THE SUPPLEMENTAL MEMORANDUM.

THE FUND IS EXEMPT FROM THE PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE 'INVESTMENT COMPANY ACT'), PURSUANT TO SECTION 3(C)(7) UNDER THE
INVESTMENT COMPANY ACT. 'U.S. PERSONS' (AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT OF 1933 (THE 'SECURITIES ACT')) THAT ARE EXEMPT FROM U.S. FEDERAL
INCOME TAXATION WHO ARE ALSO (I) 'ELIGIBLE INVESTORS' (AS DEFINED IN SECTION 2.2
OF THE OFFERING MEMORANDUM), (II) 'ACCREDITED INVESTORS' (AS DEFINED IN RULE 501
OF REGULATION D UNDER THE SECURITIES ACT), (III) 'QUALIFIED PURCHASERS' (AS
DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT) AND (IV) 'EXPERT
INVESTORS' (AS DEFINED BY THE JERSEY FINANCIAL SERVICES COMMISSION) WILL BE
PERMITTED TO INVEST IN THE B SHARES AT THE SOLE DISCRETION OF THE MANAGER (AS
DEFINED BELOW).

SG HAMBROS FUND MANAGERS (JERSEY) LIMITED (THE 'MANAGER') AND LYXOR ASSET
MANAGEMENT S.A. (THE 'SUB-MANAGER') ARE EACH EXEMPT FROM REGISTRATION AS A
COMMODITY POOL OPERATOR WITH THE COMMODITY FUTURES TRADING COMMISSION (THE 'CFTC
') PURSUANT TO THE EXEMPTION UNDER CFTC RULE 4.13(A)(4) FOR PRIVATELY-OFFERED
COMMODITY POOLS WHOSE PARTICIPANTS ARE LIMITED TO (I) 'NON-UNITED STATES PERSONS
' (AS DEFINED IN CFTC RULE 4.7(A)(1)(IV)) AND (II) 'QUALIFIED PURCHASERS' (AS
DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT). THEREFORE, UNLIKE A
REGISTERED COMMODITY POOL OPERATOR, THE MANAGER IS NOT REQUIRED TO DELIVER A
DISCLOSURE DOCUMENT AND A CERTIFIED ANNUAL REPORT TO PARTICIPANTS IN THE POOL.
NEITHER THE MANAGER NOR THE SUB-MANAGER IS SUBJECT TO THE PROVISIONS OF THE U.S.
INVESTMENT ADVISERS ACT OF 1940, AS AMENDED.

PROSPECTIVE INVESTORS IN THE B SHARES ARE NOT TO CONSTRUE AS LEGAL, ACCOUNTING,
REGULATORY OR TAX ADVICE THE CONTENTS OF THE OFFERING MEMORANDUM, THE
SUPPLEMENTAL MEMORANDUM OR THIS U.S. SUPPLEMENT OR ANY PRIOR OR SUBSEQUENT
COMMUNICATIONS FROM THE FUND, THE MANAGER, OR ANY OF THEIR RESPECTIVE AFFILIATES
OR ANY OF THEIR OFFICERS, EMPLOYEES, MEMBERS, PRINCIPALS OR AGENTS. PRIOR TO
INVESTING IN THE B SHARES, A PROSPECTIVE INVESTOR SHOULD CONSULT WITH ITS
ATTORNEY AND ITS INVESTMENT, ACCOUNTING, REGULATORY AND TAX ADVISORS TO
DETERMINE THE CONSEQUENCES OF AN INVESTMENT IN THE B SHARES AND ARRIVE AT AN
INDEPENDENT EVALUATION OF SUCH INVESTMENT, INCLUDING THE APPLICABILITY OF ANY
LEGAL INVESTMENT RESTRICTIONS.

NO REPRESENTATIONS OR WARRANTIES OF ANY KIND ARE INTENDED OR SHOULD BE INFERRED
WITH RESPECT TO THE ECONOMIC RETURN OR THE TAX CONSEQUENCES FROM AN INVESTMENT
IN THE B SHARES. NO ASSURANCE CAN BE GIVEN THAT EXISTING LAWS WILL NOT BE
CHANGED OR INTERPRETED ADVERSELY TO THE FUND OR ITS INVESTORS.

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION
OF THE FUND AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS
INVOLVED. THE B SHARES HAVE NOT BEEN RECOMMENDED BY ANY UNITED STATES FEDERAL OR
STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE
FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY
OF THE OFFERING MEMORANDUM, THE SUPPLEMENTAL MEMORANDUM OR THIS U.S. SUPPLEMENT.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

OFFERS AND SALES OF THE B SHARES WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
OR THE LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA. THERE IS NO PUBLIC
MARKET FOR THE B SHARES, AND NO SUCH MARKET IS EXPECTED TO DEVELOP IN THE
FUTURE. THE B SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE
AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT PURSUANT TO REGISTRATION UNDER THE
SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, OR EXEMPTION THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS
OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

THIS U.S. SUPPLEMENT HAS BEEN PREPARED SOLELY FOR THE CONSIDERATION OF
PROSPECTIVE INVESTORS IN THE B SHARES. DISTRIBUTION OR DISCLOSURE OF ANY OF THE
CONTENTS OF THE OFFERING MEMORANDUM, THE SUPPLEMENTAL MEMORANDUM OR THIS U.S.
SUPPLEMENT WITHOUT THE PRIOR WRITTEN CONSENT OF THE MANAGER IS PROHIBITED. EACH
RECIPIENT HEREOF, BY ACCEPTING DELIVERY OF THE OFFERING MEMORANDUM, THE
SUPPLEMENTAL MEMORANDUM AND THIS U.S. SUPPLEMENT, AGREES TO RETURN THEM AND ALL
RELATED MATERIALS TO THE MANAGER IF SUCH RECIPIENT DOES NOT UNDERTAKE TO
PURCHASE ANY OF THE B SHARES.

IRS CIRCULAR 230 LEGEND.  THE OFFERING MEMORANDUM, THE SUPPLEMENTAL MEMORANDUM
AND THIS U.S. SUPPLEMENT WERE NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE
USED, FOR THE PURPOSE OF AVOIDING U.S. FEDERAL, STATE, OR LOCAL TAX PENALTIES.
THE OFFERING MEMORANDUM, THE SUPPLEMENTAL MEMORANDUM AND THIS U.S. SUPPLEMENT
WERE WRITTEN IN CONNECTION WITH THE PROMOTION OR MARKETING BY THE FUND AND THE
PLACEMENT AGENT OF THE B SHARES.  EACH SHAREHOLDER SHOULD SEEK ADVICE BASED ON
ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THE OFFERING MEMORANDUM,
THE SUPPLEMENTAL MEMORANDUM AND THIS U.S. SUPPLEMENT, ALL PERSONS MAY DISCLOSE
TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, THE U.S. FEDERAL, STATE
AND LOCAL TAX TREATMENT OF THE B SHARES AND THE FUND, ANY FACT THAT MAY BE
RELEVANT TO UNDERSTANDING THE U.S. FEDERAL, STATE AND LOCAL TAX TREATMENT OF THE
B SHARES AND THE FUND, AND ALL MATERIALS OF ANY KIND (INCLUDING OPINIONS OR
OTHER TAX ANALYSES) RELATING TO SUCH U.S. FEDERAL, STATE AND LOCAL TAX TREATMENT
AND THAT MAY BE RELEVANT TO UNDERSTANDING SUCH TAX TREATMENT.

THE DELIVERY OF THE OFFERING MEMORANDUM, THE SUPPLEMENTAL MEMORANDUM AND THIS
U.S. SUPPLEMENT DOES NOT IMPLY THAT THE INFORMATION THEREIN IS CORRECT AS OF ANY
TIME SUBSEQUENT TO THE DATE ON THE RESPECTIVE COVERS THEREOF. NO PERSON HAS BEEN
AUTHORIZED IN CONNECTION WITH THIS OFFERING TO GIVE ANY INFORMATION OR TO MAKE
ANY REPRESENTATIONS OTHER THAN AS CONTAINED IN THE OFFERING MEMORANDUM, THE
SUPPLEMENTAL MEMORANDUM, THIS U.S. SUPPLEMENT AND ANY ADDITIONAL SUPPLEMENTAL
MATERIALS PROVIDED BY THE SUB-MANAGER. THE OFFERING MEMORANDUM TOGETHER WITH THE
SUPPLEMENTAL MEMORANDUM AND THIS U.S. SUPPLEMENT DOES NOT CONSTITUTE AN OFFER OR
SOLICITATION IN ANY STATE OR OTHER JURISDICTION TO ANY PERSON OR ENTITY TO WHICH
IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION IN SUCH STATE OR JURISDICTION.

AS USED HEREIN, '$' OR 'DOLLARS' MEANS U.S. DOLLARS.


TABLE OF CONTENTS



Page

 TOC /O '1-1' /f /* MERGEFORMAT I.... EXECUTIVE
Summary.................................................................................................................
.......................................
PAGEREF _Toc172103567 /h 1

II... SUMMARY OF PRINCIPAL
TERMS...................................................................................................................
................
PAGEREF _Toc172103568 /h 3

III.. RISK FACTORS AND CONFLICTS OF
INTEREST...........................................................................................................
PAGEREF _Toc172103569 /h 9

IV.. CERTAIN TAX AND REGULATORY
CONSIDERATIONS...........................................................................................
PAGEREF _Toc172103570 /h 20



EXECUTIVE Summary

This U.S. Supplement should be read and construed in conjunction with the
Offering Memorandum and the Supplemental Memorandum. Where the context so admits
words and expressions used herein shall bear the same meanings and have the same
interpretation as in the Offering Memorandum or the Supplemental Memorandum, as
applicable.

The Fund is a multi-class investment company with limited liability incorporated
on March 22, 2006 under the Companies (Jersey) Law 1991, as amended.  The Fund
constitutes and is regulated as a 'collective investment fund' under the
Collective Investment Funds (Jersey) Law 1988, as amended.  The Jersey Financial
Services Commission is protected by the Collective Investment Funds (Jersey) Law
1988 against liability arising from the discharge of its functions under that
Law.  The investment objective of the Fund is, through alternative investment
strategies, to seek medium term capital appreciation and more specifically to
achieve significant medium term absolute returns with low volatility, and thus
consistent capital growth, by following a systematic investment process trading
primarily in global futures and FX markets within a strict risk management
framework.  The Fund seeks to achieve its investment objective by investing in
respect of the Principal Investment Portfolio through a combination of
systematic, technical analysis-driven trading strategies which work in parallel
but on different time scales.

(i) The Fund expects to invest primarily, but not exclusively, through the use
of the following financial instruments and contracts, subject to the Investment
Restrictions set forth in the Offering Memorandum:



       -    futures contracts;

-    over the counter derivatives such as FX forward contracts;

-    cash instruments.

The investments of the Fund may be in listed or unlisted instruments, and
securities may or may not be of investment grade.



(ii) The securities, financial instruments, or contracts designated above in
sub-section (i) will principally be issued by issuers situated in or traded on
markets situated in developed and emerging markets, and may be denominated in
USD or in other currencies including emerging markets currencies. Nevertheless,
the Fund may invest in securities, financial instruments, or contracts
designated above in sub-section (i) that are issued by issuers situated in or
traded on markets situated in any other country, as determined by the
Sub-Manager.



(iii) The Fund does not at present expect to use securities or financial
instruments other than those listed above under sub-section (i) to sub-section
(ii) (inclusive) but may do so in the future if the Sub-Manager determines it to
be in the best interest of the Fund. Therefore, potential investors and
Shareholders should read carefully the Risk Factors listed in the Offering
Memorandum, the Supplemental Memorandum and this U.S. Supplement.

The Articles of Association of the Fund permit the creation and issuance of
multiple classes of participating, redeemable shares with different terms and
attributable assets. This U.S. Supplement relates only to an offering of Class B
Participating Shares and should not be construed or relied upon in connection
with an offering of any other class of participating shares of the Fund. 'U.S.
persons' (as defined in Regulation S under the Securities Act) that are exempt
from U.S. federal income taxation who are also (i) 'eligible investors' (as
defined in Section 2.2 of the Offering Memorandum), (ii) 'accredited investors'
(as defined in Rule 501 of Regulation D under the Securities Act), (iii) '
qualified purchasers' (as defined in Section 2(a)(51) of the Investment Company
Act) and (iv) 'expert investors' (as defined by the Jersey Financial Services
Commission) will be permitted to invest in the B Shares at the sole discretion
of the Manager and/or the Sub-Manager.

SG Hambros Fund Managers (Jersey) Limited is the Manager of the Fund and is
responsible, in accordance with the terms of the Management Agreement, for the
administration of the Fund, the investment of the assets of the Fund and the
valuation of the assets and liabilities of the Fund, among other duties. The
Manager has delegated certain functions to Lyxor Asset Management S.A. as Sub-
Manager pursuant to the terms of the Sub-Management Agreement. The Sub-
Management Agreement permits the Sub-Manager to invest the assets of the Fund in
accordance with the Fund's investment policies in an effort to achieve the
Fund's Investment Objective.  The Sub-Management Agreement permits the
Sub-Manager to sub-delegate investment management functions in respect of the
Principal Investment Portfolio to the Trading Advisor, and in pursuance of this,
the Trading Advisor has been appointed trading advisor of the Fund to manage the
investments of the Principal Investment Portfolio.

An investment in the B Shares involves a high degree of risk and is suitable
only for sophisticated investors. No assurance can be given that the Fund's
investment objective will be achieved, and its investment results may vary
substantially on a daily, monthly, quarterly or annual basis. Prospective
investors should carefully read the Offering Memorandum and the Supplemental
Memorandum together with this U.S. Supplement, including in particular the Risk
Factors set forth herein. The contents of the Offering Memorandum, the
Supplemental Memorandum and this U.S. Supplement, however, should not be
considered to be legal, tax, investment, regulatory, financial, or other advice,
and each prospective investor should consult with its counsel and advisors as to
all legal, tax, investment, regulatory, financial and related matters concerning
an investment in the B Shares.

SUMMARY OF PRINCIPAL TERMS

The following is a summary of the principal terms and conditions of the Class B
Participating Shares of the Fund and is qualified in its entirety by reference
to the Offering Memorandum, the Supplemental Memorandum  and the other documents
referenced herein. Capitalized terms used herein and not defined shall have the
meaning given to such terms in the Offering Memorandum or the Supplemental
Memorandum, as applicable.

Manager and Sub-Manager:                             SG Hambros Fund Managers
(Jersey) Limited is the manager of the Fund (the 'Manager'). The Manager has
delegated certain functions to Lyxor Asset Management S.A. as sub-manager (the '
Sub-Manager'). The principal place of business of the Manager is in Jersey and
the principal place of business of the Sub-Manager is in Paris. Neither the
Manager nor the Sub-Manager is subject to the provisions of the Investment
Advisers Act of 1940, as amended (the 'Advisers Act').

Trading Advisor:                                                 Amplitude
Capital LLP is the trading advisor to the Fund.  The Trading Advisor has been
appointed trading advisor of the Fund to manage the investments of the Principal
Investment Portfolio.  The principal place of business of the Trading Advisor is
at 6-8 Tokenhouse Yard, London EC2R 7AS, United Kingdom.  The Trading Advisor is
registered as a limited liability partnership in England and Wales and regulated
by the FSA in the United Kingdom.

Investment Objective and

Trading Strategy:                                               The investment
objective of the Fund is, through alternative investment strategies, to seek
medium term capital appreciation and more specifically to achieve significant
medium term absolute returns with low volatility, and thus consistent capital
growth, by following a systematic investment process trading primarily in global
futures and FX markets within a strict risk management framework.  The Fund
seeks to achieve its investment objective in respect of the Principal Investment
Portfolio by investing through a combination of systematic, technical
analysis-driven trading strategies which work in parallel but on different time
scales.


(i) The Fund expects to invest primarily, but not exclusively, through the use
of the following financial instruments and contracts, subject to the Investment
Restrictions set forth in the Offering Memorandum:



       -    futures contracts;

-    over the counter derivatives such as FX forward contracts;

-    cash instruments.



The investments of the Fund may be in listed or unlisted instruments, and
securities may or may not be of investment grade.



(ii) The securities, financial instruments, or contracts designated above in
sub-section (i) will principally be issued by issuers situated in or traded on
markets situated in developed and emerging markets, and may be denominated in
USD or in other currencies including emerging markets currencies. Nevertheless,
the Fund may invest in securities, financial instruments, or contracts
designated above in sub-section (i) that are issued by issuers situated in or
traded on markets situated in any other country, as determined by the
Sub-Manager.



(iii) The Fund does not at present expect to use securities or financial
instruments other than those listed above under sub-section (i) to sub-section
(ii) (inclusive) but may do so in the future if the Sub-Manager determines it to
be in the best interest of the Fund. Therefore, potential investors and
Shareholders should read carefully the Risk Factors listed in the Offering
Memorandum, the Supplemental Memorandum and this U.S. Supplement.




No assurance can be given that the Fund's investment objective will be achieved
and investment results may vary substantially over time. No assurance can be
given that the Fund will not incur investment losses.

B Shares:                                                              Class B
Participating Shares that have the characteristics set forth herein.

Class Fund B:                                                      A separate
account is maintained in the books and records of the Fund relating to the
assets and liabilities attributable to the B Shares ('Class Fund B').

Administrative and Custodian Fee:                  At an annual rate of up to
0.95% of the Net Asset Value of Class Fund B as determined in good faith by the
Sub-Manager.  The Administrative and Custodian Fee is accrued on each Dealing
Day of Class B and paid in USD quarterly (or on such other basis deemed to be
appropriate by the Sub-Manager) in arrears.


The Administrative and Custodian Fee is shared among the Manager, the
Sub-Manager and the Custodian in such manner as shall from time to time be
agreed among them.

Management Fee:                                                At an annual rate
of up to 2.5% of the average value of the marked to market value of the
Principal Investment Portfolio (computed on a weekly basis by the Sub-Manager),
as determined in good faith by the Sub-Manager.


The Management Fee is payable regardless of the trading performance of the
Principal Investment Portfolio.  The Management Fee is computed and accrued on
each Dealing Day of Class A and paid in USD at the end of each quarter ending
the last Dealing Day of March, June, September, December (a 'Fee Period') (or on
such other basis deemed appropriate by the Sub-Manager) in arrears.


The Management Fee is shared between the Trading Advisor and the Sub-Manager in
such manner as shall from time to time be agreed between them.

Performance Fee:                                                At a rate of up
to 20% multiplied by the net realized and unrealized appreciation of the net
asset value of the Principal Investment Portfolio (but for the purpose of
calculating the Performance Fee, not reduced by the Performance Fee; for the
purpose of this calculation, the 'Gross NAV').  The Performance Fee will be
calculated subject to the high water mark mechanism described below.


The Performance Fee is calculated and payable in USD at the end of each Fee
Period.


The Performance Fee is calculated by the Sub-Manager and charged only on new net
gains with respect to the Principal Investment Portfolio, i.e., a high water
mark will be employed so that no Performance Fee will be charged until any
decline in the Gross NAV of the Principal Investment Portfolio below the highest
Gross NAV of the Principal Investment Portfolio as of the end of any Fee Period,
adjusted for any subsequent redemption, is offset by subsequent net increases in
such Gross NAV of the Principal Investment Portfolio.  The Performance Fee will
apply again once the highest adjusted Gross NAV of the Principal Investment
Portfolio has been reached again.


Potential investors and Shareholders should fully understand the high water mark
mechanism when considering an investment in B Shares.


The Performance Fee is shared between the Trading Advisor and the Sub-Manager in
such manner as shall from time to time be agreed between them.

Additional Fee:                                                     Up to 0.01%
per annum of the net asset value of the Principal Investment Portfolio, as
determined in good faith by the Sub-Manager, accrued weekly and paid quarterly
(or on such other basis as may from time be agreed among the Manager, the
Custodian and the Sub-Manager) in arrears.


The Additional Fee is shared between the Manager and the Custodian in such
manner as shall from time to time be agreed between them.

Eligible Investors:                                               'U.S. persons'
(as defined in Regulation S under the Securities Act of 1933, as amended (the '
Securities Act')) that are exempt from U.S. federal income taxation who are also
(i) 'eligible investors' (as defined in Section 2.2 of the Offering Memorandum),
(ii) 'accredited investors' (as defined in Rule 501 of Regulation D under the
Securities Act), (iii) 'qualified purchasers' (as defined in Section 2(a)(51) of
the Investment Company Act of 1940, as amended (the 'Investment Company Act'))
and (iv) 'expert investors' (as defined by the Jersey Financial Services
Commission) will be permitted to invest in the B Shares at the sole discretion
of the Manager and/or the Sub-Manager.

Minimum Investment:                                        $100,000, except as
otherwise provided in the Offering Memorandum.

Subscription Charge:                                         Up to 5% of the Net
Asset Value per B Share on the applicable Dealing Day.

Subscriptions:                                                     B Shares may
be issued on each Friday, if such Friday is a Business Day, or the next
following Business Day if Friday is not a Business Day (each such date B Shares
may be issued, a 'Dealing Day'). Prospective investors in B Shares who are U.S.
persons must complete and submit the subscription documents required by the
Manager or Sub-Manager before 6 p.m., New York time (the 'U.S. Subscription
Dealing Deadline'), on the 7th Business Day prior to the applicable Dealing Day
(the 'U.S. Specified Number of Days for Subscriptions'). With respect to any
Dealing Day, the B Shares will be offered at a Subscription Price per B Share
equal to the Net Asset Value per B Share prevailing on the applicable Dealing
Day plus the Subscription Charge, if any, and any Rounding Adjustment.

The U.S. Subscription Dealing Deadline and U.S. Specified Number of Days for
Subscriptions shall apply to subscribers for B Shares who are U.S. persons in
substitution for any Subscription Cut-Off Day, Subscription Dealing Deadline and
Specified Number of Business Days for Subscriptions defined in the Supplemental
Memorandum which apply to all other subscribers. Otherwise, the procedure for
subscriptions is as set out in the Offering Memorandum and the Supplemental
Memorandum.

Redemption Charge:                                           Up to 5% of the Net
Asset Value per B Share prevailing on the applicable Dealing Day.

Redemptions:                                                       B Shares may
be redeemed on any given Dealing Day. In order to redeem B Shares on a Dealing
Day, Shareholders who are U.S. persons must complete and submit their Redemption
Notice before 6 p.m., New York time (the 'U.S. Redemption Dealing Deadline'), on
the 7th Business Day prior to the Dealing Day (the 'U.S. Specified Number of
Days for Redemptions'). With respect to any Dealing Day, the B Shares will be
redeemed at a Redemption Price per B Share equal to the Net Asset Value per B
Share prevailing on the applicable Dealing Day less the Redemption Charge, if
any, and any Rounding Adjustment. Any Redemption Notice duly given may not be
withdrawn.

Upon not less than two (2) days' notice to any Shareholder, the Sub-Manager, in
its absolute discretion, may in the circumstances described in the Offering
Memorandum compulsorily redeem part or all of the Shareholder's holding of B
Shares on the next Dealing Day. Although the Offering Memorandum indicates that
such circumstances include instances where B Shares are held by U.S. Persons (as
defined in the Offering Memorandum), the Sub-Manager will not exercise its
discretion to compulsorily redeem B Shares solely because they may be held by
U.S. Persons (as so defined).  However, B Shares held by U.S. persons (whether
or not they are U.S. Persons as so defined) may be compulsorily redeemed, for
example, to avoid the Fund being substantially held by U.S. persons or to limit
the percentage of B Shares held by benefit plan investors.  In making any such
compulsory redemption, the Sub-Manager will employ absolute discretion to
determine which U.S. person investor's or benefit plan investor's B Shares to
redeem and what portion of the investor's B Shares to redeem.  See, 'Certain Tax
and Regulatory Considerations - Certain Benefit Plan Investor Considerations'
below for a discussion of circumstances when benefit plan investors might be
compulsorily redeemed.

The U.S. Redemption Dealing Deadline and U.S. Specified Number of Days for
Redemptions shall apply to Shareholders in respect of B Shares who are U.S.
persons in substitution for any Redemption Cut-Off Day, Redemption Dealing
Deadline and Specified Number of Business Days for Redemptions defined in the
Supplemental Memorandum which shall apply to all other Shareholders. Otherwise,
the procedure for redemptions is as set out in the Offering Memorandum and the
Supplemental Memorandum.

Where any Redemption Notice is received in respect of any one Dealing Day for B
Shares (the 'First Dealing Day'), such that either singly or when aggregated
with all other Redemption Notices so received from holders of B Shares in
respect of such First Dealing Day, it represents a number of B Shares to be
redeemed on the First Dealing Day that exceeds 10% of the outstanding B Shares
on such First Dealing Day, the Sub-Manager reserves the right, in its sole and
absolute discretion and without liability, to scale down pro rata the number of
B Shares to be redeemed in relation with each Redemption Notice received with
respect to such First Dealing Day, so that the aggregate number of B Shares to
be redeemed on such First Dealing Day does not represent more than 10% of the
outstanding B Shares on such First Dealing Day.

To the extent that the Redemption Notice sent by any holder of B Shares is not
given full effect on such First Dealing Day by virtue of the exercise by the Sub
-Manager of such power to pro-rate applications, such application for redemption
shall be treated with respect to the unsatisfied balance thereof as if a further
Redemption Notice had been received from the Shareholder in question in respect
of the Dealing Day following immediately such First Dealing Day and, if
necessary, subsequent Dealing Days, until any such Redemption Notices shall have
been satisfied in full.

The execution of any subsequent Redemption Notices received in respect of
Dealing Days following any such First Dealing Day shall be postponed by giving
priority to the satisfaction of earlier Redemption Notices, but subject thereto
shall be dealt with as set out above.

If, for any reason, a Redemption Notice is postponed (wholly or in part), the
Redemption Price which shall be paid for each B Share to be redeemed in relation
to such postponed Redemption Notice shall be the one prevailing on the Dealing
Day on which such Redemption Notice is actually executed.

Expenses:                                                              Class
Fund B will pay all expenses attributable to B Shares, including, but not
limited to, all custody, operating, legal, accounting, filing, marketing,
bookkeeping and auditing expenses relating to the B Shares, and transactional
expenses. Where Fund expenses are not solely attributable to a particular Class
Fund, the Sub-Manager shall allocate them between the Class Funds on such basis
as it shall consider equitable.

Transferability of Interests:                             B Shares may only be
transferred to other eligible investors with the prior approval of the Sub-
Manager, which approval shall only be withheld as set forth in the Offering
Memorandum.

Side Letters:                                                        The Manager
may enter into arrangements with certain investors that have the effect of
altering or supplementing the terms of such investors' investments in the Fund,
including without limitation arrangements with respect to waivers, reductions or
rebates of the Administrative and Custodian Fee, the Additional Fee, the
Management Fee and the Performance Fee, access to portfolio information or other
information, rights to make redemptions, circumstances under which redemptions
may be required and waivers or reductions of the Redemption Charge or
Subscription Charge.

Exculpation and Indemnification:                     The Articles of Association
contain provisions, insofar as the Companies (Jersey) Law 1991 allows, whereby
the Fund indemnifies and exempts the Directors, the secretary and other officers
and servants of the Fund from liability in the discharge of their duties.

In addition (i) under the terms of the Management Agreement and Sub-Management
Agreement, the Fund indemnifies the Manager and the Sub-Manager in respect of
claims suffered or incurred by the Manager or the Sub-Manager by reason of the
performance of their respective duties under the Management Agreement or Sub-
Management Agreement other than due to the fraud, bad faith, negligence or
wilful default of the Manager or the Sub-Manager, and (ii) under the terms of
the Custody Agreement, the Fund indemnifies the Custodian in respect of
liabilities arising in the performance of its duties other than liabilities
arising as a result of fraud, bad faith or failure of the Custodian to exercise
due care and diligence.

Reports:                                                                Within
six months of the Accounting Date in each year the Manager will send to the
Shareholders the Fund's audited accounts and a report by the Manager thereon,
including income and capital statements made up to the relevant Accounting Date
of the previous financial year. Copies of all reports and accounts are available
for inspection during usual business hours by any Shareholder at the registered
office of the Fund and the Sub-Manager.

RISK FACTORS AND CONFLICTS OF INTEREST

An investment in the Fund involves a high degree of risk, including the risk
that the entire amount invested may be lost. No assurance can be given that the
Fund's investment objective will be achieved. An investment in the Fund and, in
turn, the Fund's investment in financial instruments, involves a substantial
number of additional risks, including but not limited to those described in the
Offering Memorandum, the Supplemental Memorandum and below. The following
information is not intended to be an exhaustive listing of all potential risks
associated with an investment in the Fund. There can be no assurance that the
Fund will realize its investment objective or return any capital, and investment
results may vary substantially on a daily, monthly, quarterly or annual basis. B
Shares are a potentially suitable investment only for sophisticated investors
for whom an investment in the Fund does not represent a complete investment
program and who, in consultation with their own investment and tax advisors,
fully understand and are capable of assuming the risks of an investment in the B
Shares. In addition, there are significant actual and potential conflicts of
interest that may arise in connection with the Fund. Prospective investors
should be aware of such conflicts as set forth under 'Conflicts of Interest' in
the Offering Memorandum and below. Prospective investors should read the
Offering Memorandum and the Supplemental Memorandum together with this U.S.
Supplement before deciding whether to subscribe for B Shares.

RISK FACTORS

In addition to the risk factors set forth in the Offering Memorandum and the
Supplemental Memorandum, prospective investors should review the following risk
factors.

Risks Relating to Investing in Financial Instruments

The Fund invests in and actively trades various financial instruments using
investment techniques with significant risk characteristics.  Depending upon the
specific investment strategy employed by the Trading Advisor such risks may
include risks arising from the volatility of the global equity, currency,
commodities and fixed income markets, the risks of short sales, the risks of
leverage, the potential illiquidity of securities and derivative instruments,
the risk of loss from counterparty defaults and the risk of borrowing to meet
withdrawal requests.  No guarantee is made that the Fund's investment program or
overall portfolio, or the various investments made by the Fund, will have low
correlation with the broad equity and fixed-income markets or that the Fund's
returns will exhibit low long-term correlation with an investor's traditional
securities portfolio.  The Fund's investment program may use such investment
techniques as margin transactions, option transactions, short sales and forward
and futures contracts, which practices involve substantial volatility and can,
in certain circumstances, substantially increase the adverse impact to which the
Fund may be subject.  All investments made by the Fund risk the loss of capital.
 No guarantee or representation is made that the Fund's investment program will
be successful, that the Fund will achieve its targeted return or that there will
be any return of capital invested, and investment results may vary substantially
over time.

Set forth below is a discussion of a number of general investment-related risk
factors that may relate to investments made by the Fund.  Depending upon the
specific investment strategy employed by the Trading Advisor, from time to time,
certain of the risks described below may or  may not apply to the Fund.

Availability of Investment Opportunities.  The success of the Fund's investment
and trading activities will depend on the ability of the Trading Advisor to
identify overvalued and undervalued investment opportunities and to exploit
price discrepancies in fixed-income, equity, currency or commodities markets, or
specific sectors thereof. Identification and exploitation of the investments to
be pursued by the Fund involves a high degree of uncertainty.  No assurance can
be given that the Trading Advisor will be able to identify suitable investment
opportunities in which to deploy all of the Fund's capital.  A reduction in
overall market volatility and liquidity, as well as other market factors, may
reduce the pool of profitable investment opportunities for the Fund.

The investment strategy employed by the Trading Advisor for the Fund may be
based on historical relationships among equity prices, exchange rates, interest
rates and/or commodities prices. There can be no assurance that these historical
relationships will continue and no representation is made by the Manager, the
Sub-Manager or the Trading Advisor as to the results that the Fund will, or is
likely to, achieve based on these trends and relationships.

Diversification Risk.  The Fund may, in the discretion of the Trading Advisor,
invest in a limited number of investments.  A consequence of the limited number
of investments is that the returns realized by the Fund may be substantially
affected by the unfavorable performance of a small number of such investments.
Although Fund may have developed targets that are subject to change in the
discretion of the Trading Advisor, the Fund does not have fixed guidelines for
investment diversification other than those set out in Section 3.2.1 of the
Offering Memorandum.

Limited Liquidity of Investments.  The market value of the Fund's investments
may fluctuate with, among other things, changes in prevailing interest rates,
general economic conditions, the condition of financial markets, developments or
trends in any particular industry and the financial condition of the issuers of
securities in which the Fund invests.  During periods of limited liquidity and
higher price volatility, the Fund's ability to acquire or dispose of its
investments at a price and time that the Fund deems advantageous may be
impaired.  As a result, in periods of rising market prices, the Fund may be
unable to participate in price increases fully to the extent that it is unable
to acquire the desired positions quickly.  The Fund's inability to dispose fully
and promptly of positions in declining markets will conversely cause its net
asset value to decline as the value of unsold positions is marked to lower
prices.

Concentration Risk.  The Fund may concentrate its investments in specific
industries, commodities or regions.  This concentrated focus may constrain the
liquidity and the number of investments available to the Fund.  In addition, the
investments of the Fund may be disproportionately exposed to the risks
associated with the industries commodities or regions in which the Fund
concentrates its investments.

Private Placements.  If it is part of the Trading Advisor's investment strategy,
the Fund may invest in privately placed securities the resale of which is
restricted by law or contract or for which no liquid market exists.  To the
extent the Fund invests in such illiquid securities, its ability to dispose of
these securities at prices and times that it deems appropriate may be
restricted. Even if the sale of privately placed securities held by the Fund is
permitted by applicable law, the Fund may be adversely affected by widening
bid-offer spreads if the Fund is required to liquidate its position to generate
cash to satisfy withdrawal requests or meet other obligations.

Legal, Tax and Regulatory Risks.  Legal, tax and regulatory changes could occur
during the term of the Fund which may adversely affect the Fund.  For example,
the regulatory and tax environment for derivative instruments is evolving, and
changes in the regulation or taxation of derivative instruments may adversely
affect the value of any derivative instruments held by the Fund and the ability
of the Fund to pursue its investment strategy.  Similarly, the regulatory
environment for highly leveraged investors is evolving, and changes in the
direct or indirect regulation of highly leveraged investors may adversely affect
the ability of the Fund to pursue its investment strategy.

Highly Volatile Markets.  The prices of any common equity and fixed-income
securities and related derivative instruments, high-yield securities,
convertible securities, and other derivatives, including futures and options
held by the Fund, could be highly volatile.  Price movements of forward, futures
and other derivative contracts are influenced by, among other things, interest
rates, changing supply and demand relationships, trade, fiscal, monetary and
exchange control programs and policies of governments, and national and
international political and economic events and policies.  In addition,
governments from time to time intervene, directly and by regulation, in certain
markets, particularly those in government bonds, currencies, financial
instruments, futures and options.  Such intervention often is intended directly
to influence prices and may, together with other factors, cause all of such
markets to move rapidly in the same direction because of, among other things,
interest rate fluctuations.  The Fund also is subject to the risk of the failure
of any exchanges on which its positions trade or of their clearinghouses.

Leverage.  The Fund may use leverage in its investment strategy.  Leverage may
take the form of loans for borrowed money (e.g., margin loans) or derivative
securities and instruments that are inherently leveraged, including options,
futures, forward contracts, swaps and repurchase agreements.  The use of
leverage by the Fund can substantially increase the market exposure (and market
risk) to which the Fund's investment portfolios may be subject.  Trading on
leverage will result in interest charges or costs, which may be explicit (in the
case of loans) or implicit (in the case of many derivative instruments) and,
depending on the amount of leverage, such charges or costs could be substantial.
 The level of interest rates generally, and the rates at which the Fund can
leverage in particular, can affect the investment results of the Fund.

Any use by the Fund of short-term margin borrowings will result in certain
additional risks to the Fund.  For example, should the securities pledged to
brokers to secure the Fund's margin accounts decline in value, the Fund could be
subject to a 'margin call,' pursuant to which the Fund would be required either
to deposit additional funds with the broker or to suffer mandatory liquidation
of the pledged securities to compensate for the decline in value. In the event
of a sudden precipitous drop in the value of the Fund's assets, the Fund might
not be able to liquidate assets quickly enough to pay off any margin debt it may
have.

In certain futures markets, margin deposits can be as low as 1% of the value of
the futures contracts purchased or sold. In the forward, currency and certain
other derivative markets, margin deposits may be even lower or may not be
required at all. Such low margin deposits are indicative of the fact that any
trading in these markets typically is accompanied by a high degree of leverage.
Low margin deposits mean that a relatively small adverse price movement in a
futures or forward contract may result in immediate and substantial losses to
the investor. For example, if at the time of purchase, 10% of the price of a
futures contract is deposited as margin, a 10% decrease in the price of the
futures contract would, if the contract is then closed out, result in a total
loss of the margin deposit before any deduction for the brokerage commission. In
addition, like other leveraged investments, any purchase or sale of a futures,
forward or other commodity contract may result in losses in excess of the margin
deposit.

When an option is purchased in the United States, there is no margin requirement
because the option premium is paid for in full.  The premiums for certain
options traded on non-U.S. exchanges may be paid for on margin.  If the Fund
sells an option on a futures contract, it may be required to deposit margin in
an amount that may be determined by the margin requirement established for the
futures contract underlying the option and, in addition, an amount substantially
equal to the current premium for the option.  The margin requirements imposed on
the writing of options, although adjusted to reflect the probability that
out-of-the-money options will not be exercised, can in fact be higher than those
imposed in dealing in the futures markets directly.  Whether any margin deposit
will be required for over-the-counter ('OTC') options and other OTC instruments,
such as currency forwards, swaps and certain other derivative instruments, will
depend on the credit determinations and specific agreements of the parties to
the transaction, which are individually negotiated.

Quantitative Model Risks.  The Fund may employ quantitatively-based financial/
analytical models to aid in the selection of its investments, to allocate
investments across various strategies, sectors and risks and to determine the
risk profile of the Fund.  If any such quantitative models are employed, the
success of an Fund's investment and trading activities will depend, in large
part, on the viability of these models.  There can be no assurance that the
models are currently viable, or, if the models are currently viable, that they
will remain viable during the term of the Fund.  Also, there can be no assurance
that the investment professionals utilizing the models will be able to (i)
determine that any model is or will become not viable or not completely viable
or (ii) notice, predict or adequately react to any change in the viability of a
model.  The use of a model that is not viable or not completely viable could, at
any time, have a material adverse effect on the performance of the Fund.

Short Sales.  The Fund may be permitted to engage in short selling. Short
selling involves selling securities that may or may not be owned by the seller
and borrowing the same securities for delivery to the purchaser, with an
obligation to replace the borrowed securities at a later date. Short selling
allows the investor to profit from declines in the value of securities.  A short
sale creates the risk of a theoretically unlimited loss, in that the price of
the underlying security could theoretically increase without limit, thus
increasing the cost of buying those securities to cover the short position.
There can be no assurance that the security necessary to cover a short position
will be available for purchase. Purchasing securities to close out the short
position can itself cause the price of the securities to rise further, thereby
exacerbating the loss.  Securities may be sold short in a long/short strategy to
hedge a long position, to enable the investor to express a view as to the
relative value between the long and short positions, or as part of an outright
short position.  There is no assurance that the objectives of these strategies
will be achieved, or specifically that the long position will not decrease in
value and the securities underlying the short position will not increase in
value, causing losses on both components of the transaction, or that the
securities underlying an outright short position will not increase in value.  If
the underlying securities increase in value, the short decreases in value and
the investor has a loss.  In addition, if the Fund effects a short sale, it may
be obligated to leave the proceeds thereof with the broker and also deposit with
the broker an amount of cash or other securities (subject to requirements of
applicable law) that is sufficient under any applicable margin or similar
regulations to collateralize its obligation to replace the borrowed securities
that have been sold.

Non-U.S. Investments.  If the Fund invests a portion of its capital outside the
United States in non-dollar denominated securities, including in securities
issued by non-U.S. companies and the governments of foreign countries and in non
-U.S. currency, these investments involve special risks not usually associated
with investing in securities of U.S. companies or U.S. federal, state or local
governments.  Because investments in non-U.S. issuers may involve non-U.S.
dollar currencies, the Fund may temporarily hold funds in bank deposits in such
currencies. In such case the Fund may be affected favorably or unfavorably by
changes in currency rates (including as a result of the devaluation of a foreign
currency) and in exchange control regulations and may incur transaction costs in
connection with conversions between various currencies.  In addition, because
non-U.S. entities are not subject to uniform accounting, auditing, and financial
reporting standards, practices and requirements comparable with those applicable
to U.S. companies, there may be different types of, and lower quality,
information available about a non-U.S. company than a U.S. company.  There is
also less regulation, generally, of the securities markets in foreign countries
than there is in the United States. Some foreign securities markets have a
higher potential for price volatility and relative illiquidity compared to the
U.S. securities markets.  With respect to certain countries there may be the
possibility of expropriation or confiscatory taxation, political, economic or
social instability, limitation on the removal of funds or other assets or the
repatriation of profits, restrictions on investment opportunities, the
imposition of trading controls, withholding or other taxes on interest, capital
gain or other income, import duties or other protectionist measures, various
laws enacted for the protection of creditors, greater risks of nationalization
or diplomatic developments which could adversely affect the Fund's investments
in those countries.

Although the Fund may invest a portion of its assets in non-U.S. equity or
fixed-income instruments or in instruments denominated in non-U.S. currencies,
the prices of which will be determined with reference to currencies other than
the U.S. dollar, the Fund will value its securities and other assets in U.S.
dollars.  The Fund may or may not seek to hedge all or any portion of their
foreign currency exposure. To the extent unhedged, the value of the Fund's
assets will fluctuate with U.S. dollar exchange rates, as well as the price
changes of the Fund's investments in the various local markets and currencies.
Among the factors that may affect currency values are trade balances, the level
of short-term interest rates, differences in relative values of similar assets
in different currencies, long-term opportunities for investment and capital
appreciation and political developments.  An increase in the value of the U.S.
dollar compared to the other currencies in which the Fund makes its investments
will reduce the effect of increases, and magnify the effect of decreases, in the
prices of the Fund's investments in their local markets.  The Fund could realize
a net loss on an investment, even if there were a gain on the underlying
investment before currency losses were taken into account.  The Fund may seek to
hedge currency risks by investing in currencies, currency futures contracts and
options on currency futures contracts, forward currency exchange contracts,
swaps, swaptions or any combination thereof (whether or not exchange traded),
but the Fund is not obligated to engage in such hedging transactions and, in any
event, there can be no assurance that these strategies will be effective, and
such techniques entail costs and additional risks.

Foreign Exchange.  Depending upon the Trading Advisor's investment strategy, the
Fund may engage in foreign-exchange transactions in the spot and forward markets
to hedge its equity or fixed-income positions denominated in non-U.S. dollar
currencies, if any, or the Fund may engage in speculative foreign exchange
trading.  A forward currency exchange contract involves an obligation to
purchase or sell a specific currency at a future date, which may be any fixed
number of days from the date of the contract as agreed by the parties, at a
price that is fixed at the time the contract is entered into. In addition, the
Fund may maintain short positions in forward currency exchange transactions, in
which the Fund agrees to exchange a specified amount of a currency it does not
currently own for another currency at a future date in anticipation of a decline
in the value of the currency sold relative to the value of the currency the Fund
agreed to purchase.  A forward currency exchange contract offers less protection
against defaults by the counterparty to the contract than is the case with
exchange-traded currency futures contracts.  Forward currency exchange contracts
are also highly leveraged, in some cases requiring little or no original margin
deposit.  Depending upon the Trading Advisor's investment strategy, the Fund
also may purchase and sell put and call options on currencies and currency
futures contracts and options on currency futures contracts.

Derivative Instruments Generally.  The Fund may invest in various derivative
instruments.  Derivative instruments, or 'derivatives,' include instruments and
contracts that are based on, and are valued in relation to, one or more
underlying securities, commodities, financial benchmarks or indices. Derivatives
typically allow an investor to hedge its exposure to or speculate upon, the
price movements of a particular security, commodity, financial benchmark or
index at a fraction of the cost of acquiring, borrowing or selling short the
underlying asset. The value of a derivative depends largely upon price movements
in the underlying asset. Therefore, many of the risks applicable to trading the
underlying asset are also applicable to derivatives trading. However, there are
a number of additional risks associated with derivatives trading. Transactions
in certain derivatives are subject to clearance on a U.S. national exchange and
to regulatory oversight, while other derivatives are subject to risks of trading
in the over-the-counter markets or on non-U.S. exchanges. Additional risks
associated with derivatives trading include:

Tracking.  When used for hedging purposes, an imperfect or variable degree of
correlation between price movements of the derivative instrument and the
underlying investment may prevent the investor from achieving the intended
hedging effect or expose the investor to risk of loss.

Liquidity.  Derivative instruments, especially when traded in large amounts, may
not be liquid in all circumstances, so that in volatile markets the investor may
not be able to close out a position without incurring a loss. Daily limits on
price fluctuations and speculative position limits on exchanges on which the
investor may conduct its transactions in derivative instruments may prevent
profitable liquidation of positions, subjecting the investor to the potential of
greater losses.

Operational Leverage.  Trading in derivative instruments can result in large
amounts of operational leverage. Thus, the leverage offered by trading in
derivative instruments will magnify the gains and losses experienced by the
investor and could cause the investor's net asset value to be subject to wider
fluctuations than would be the case if the investor did not use the leverage
feature of derivative instruments.

Over-the-Counter Trading.  Derivative instruments also include instruments not
traded on an exchange.  The risk of non-performance by the obligor on such an
instrument may be greater than the risk associated with an exchange-traded
instrument.  The investor also may not be able to dispose of, or enter into a
closing transaction with respect to, such an instrument as easily as in the case
of an exchange traded instrument. In addition, significant disparities may exist
between 'bid' and 'asked' prices for derivative instruments that are not traded
on an exchange.  Derivative instruments not traded on exchanges are not subject
to the same type of government regulation as exchange-traded instruments, and
many of the protections afforded to participants in a regulated environment may
not be available in connection with the transactions with respect to these
instruments.

Call Options.  There are various other special risks associated with the sale
and purchase of call options.  The seller (writer) of a call option which is
covered (i.e., the writer holds the underlying security) assumes the risk of a
decline in the market price of the underlying security below the purchase price
of the underlying security less the premium received, and gives up the
opportunity for gain on the underlying security above the exercise price of the
option.  The seller of an uncovered call option assumes the risk of a
theoretically unlimited increase in the market price of the underlying security
above the exercise price of the option.

The buyer of a call option assumes the risk of losing his entire investment in
the call option.  However, if the buyer of the call sells short the underlying
security, the loss on the call will be offset in whole or in part by gain on the
short sale of the underlying security.

Put Options.  There also are special risks associated with the sale and purchase
of put options.  The seller (writer) of a put option which is covered (i.e., the
writer has a short position in the underlying security) assumes the risk of an
increase in the market price of the underlying security above the sales price
(in establishing the short position) of the underlying security plus the premium
received, and gives up the opportunity for gain on the short position for values
of the underlying security declines below the exercise price of the option.  The
seller of an uncovered put option assumes the risk of a decline in the market
price of the underlying security below the exercise price of the option.

The buyer of a put option assumes the risk of losing his entire investment in
the put option. However, if the buyer of the put holds the underlying security,
the loss on the put will be offset in whole or in part by any gain on the
underlying security.

Forward Contracts.  Forward contracts are not traded on exchanges and are
generally not regulated. There are no limitations on daily price moves of
forward contracts. Banks and other dealers which act as counterparties on
forward contracts may require that the investor deposits margin with respect to
such trading, although margin requirements are often minimal or nonexistent.
Such counterparties are not required to continue to make markets in such
contracts. There have been periods during which certain counterparties have
refused to continue to quote prices for forward contracts or have quoted prices
with an unusually wide spread (the price at which the counterparty is prepared
to buy and that at which it is prepared to sell). Arrangements to trade forward
contracts may be made with only one or a few counterparties, and liquidity
problems therefore might be greater than if such arrangements were made with
numerous counterparties. The imposition of credit controls by governmental
authorities might limit such forward trading to less than that which the Trading
Advisor would otherwise recommend, to the possible detriment of the Fund.

Swap Agreements.  Swap agreements can be individually negotiated and structured
to include exposure to a variety of different types of investments or market
factors. Depending on their structure, swap agreements may increase or decrease
the investor's exposure to long-term or short-term interest rates (in the United
States or abroad), foreign currency values, corporate borrowing rates, or other
factors such as security prices, baskets of securities, or inflation rates. Swap
agreements can take many different forms and are known by a variety of names.
The Fund is not limited to any particular form of swap agreement if the Trading
Advisor determines that other forms are consistent with the Fund's investment
objectives and policies.

Swap agreements will tend to shift investment exposure from one type of
investment to another. For example, if the Fund agrees to exchange payments in
dollars for payments in foreign currency, the swap agreement would tend to
decrease the Fund's exposure to U.S. interest rates and increase its exposure to
foreign currency and interest rates. Depending on how they are used, swap
agreements may increase or decrease the overall volatility of the Fund's
portfolio.  The most significant factor in the performance of swap agreements is
the change in the specific interest rate, currency, individual equity values or
other factors that determine the amounts of payments due to and from the
investor.  If a swap agreement entered into by the Fund calls for payments by
the Fund, it must be prepared to make such payments when due.  In addition, if
the counterparty's creditworthiness declined, the value of a swap agreement
would be likely to decline, potentially resulting in losses by the Fund.

Liquidity of Futures Contracts.  Futures positions may be illiquid because
certain commodity exchanges limit fluctuations in certain futures contract
prices during a single day by regulations referred to as 'daily price
fluctuation limits' or 'daily limits.'  Under such daily limits, during a single
trading day no trades may be executed at prices beyond the daily limits.  Once
the price of a particular futures contract has increased or decreased by an
amount equal to the daily limit, positions in that contract can neither be
entered into nor liquidated unless traders are willing to effect trades at or
within the limit. Futures prices have occasionally moved beyond the daily limits
for several consecutive days with little or no trading.  Over-the-counter
instruments generally are not as liquid as instruments traded on recognized
exchanges.  These constraints could prevent the Fund from promptly liquidating
unfavorable positions and subject it to substantial losses. In addition, on the
U.S. futures markets, the Commodity Futures Trading Commission (the 'CFTC') and
various exchanges impose speculative position limits on the number of positions
that investors may hold or control in particular commodities.

Non-U.S. Futures Transactions. Non-U.S. futures transactions involve the
execution and clearing of trades on a non-U.S. exchange. This is the case even
if the non-U.S. exchange is formally 'linked' to a U.S. exchange, whereby a
trade executed on one exchange liquidates or establishes a position on the other
exchange. No U.S. organization regulates the activities of a non-U.S. exchange,
including the execution, delivery, and clearing of transactions on such an
exchange, and no U.S. regulator has the power to compel enforcement of the rules
of the non-U.S. exchange or the laws of the non-U.S. country. Moreover, such
laws or regulations will vary depending on the non-U.S. country in which the
transaction occurs.  For these reasons, an investor in these markets may not be
afforded certain of the protections that apply to U.S. transactions, including
the right to use U.S. alternative dispute resolution procedures. In particular,
funds received to margin non-U.S. futures transactions may not be provided the
same protections as funds received to margin futures transactions on U.S.
exchanges. In addition, the price of any non-U.S. futures or options contract
and, therefore, the potential profit and loss resulting therefrom, may be
affected by any fluctuation in the foreign exchange rate between the time the
order is placed and the non-U.S. futures contract is liquidated or the non-U.S.
options contract is liquidated or exercised.

Hedging Transactions. The Fund may or may not employ hedging techniques. These
techniques could involve a variety of derivative transactions, including swaps,
futures contracts, exchange-listed and over-the-counter put and call options on
securities or on financial indices, forward foreign currency contracts, and
various interest rate and foreign-exchange transactions (collectively, 'Hedging
Instruments'). Hedging techniques involve risks different than those of
underlying investments. In particular, the variable degree of correlation
between price movements of Hedging Instruments and price movements in the
position being hedged creates the possibility that losses on the hedge may be
greater than gains in the value of the Fund's positions. In addition, certain
Hedging Instruments and markets may not be liquid in all circumstances.  As a
result, in volatile markets, the Fund may not be able to close out a transaction
in certain of these instruments without incurring losses substantially greater
than the initial deposit. Although the contemplated use of Hedging Instruments
should tend to minimize the risk of loss due to a decline in the value of the
hedged position, at the same time the use of these instruments tends to limit
any potential gain that might result from an increase in the value of such
position. The ability of the Fund to hedge successfully will depend on the
ability of the Trading Advisor to predict pertinent market movements, which
cannot be assured. In addition, it is not possible to hedge fully or perfectly
against currency fluctuations affecting the value of securities denominated in
non-U.S. currencies because the value of those securities is likely to fluctuate
as a result of independent factors not related to currency fluctuations.
Finally, the daily variation margin requirements in futures contracts that may
be sold by the Fund would create an ongoing greater potential financial risk
than would options transactions, where the exposure is limited to the cost of
the initial premium and transaction costs paid by the Fund.

Insolvency Considerations with Respect to Issuers of Indebtedness. Various laws
enacted for the protection of creditors may apply to debt instruments, including
convertible debt. The information in this and the following paragraph is
applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law.
Insolvency considerations may differ with respect to other issuers. If a court
in a lawsuit brought by an unpaid creditor or representative of creditors of an
issuer of a debt instrument, such as a trustee in bankruptcy, were to find that
the issuer did not receive fair consideration or reasonably equivalent value for
incurring the indebtedness, and after giving effect to such indebtedness, the
issuer (i) was insolvent, (ii) was engaged in a business for which the remaining
assets of such issuer constituted unreasonably small capital or (iii) intended
to incur, or believed that it would incur, debts beyond its ability to pay such
debts as they matured, such court could determine to invalidate, in whole or in
part, such indebtedness as a fraudulent conveyance, to subordinate such
indebtedness to existing or future creditors of such issuer, or to permit such
issuer to recover amounts previously paid by such issuer in satisfaction of such
indebtedness. The measure of insolvency for these purposes will vary. Generally,
an issuer would be considered insolvent at a particular time if the sum of its
debts were then greater than all of its property at a fair valuation, or if the
present fair saleable value of its assets were then less than the amount that
would be required to pay its probable liabilities on its existing debts as they
became absolute and matured. There can be no assurance as to what standard a
court would apply in order to determine whether the issuer was 'insolvent' after
giving effect to the incurrence of the indebtedness in which the Fund invested
or that, regardless of the method of valuation, a court would not determine that
the issuer was 'insolvent' upon giving effect to such incurrence. In addition,
in the event of the insolvency of an issuer of indebtedness, payments made on
such indebtedness could be subject to avoidance as a 'preference' if made within
a certain period of time (which may be as long as one year) before insolvency.
In general, if payments on indebtedness are avoidable, whether as fraudulent
conveyances or preferences, such payments can be recaptured from the Fund.

Indebtedness consisting of obligations of non-U.S. issuers may be subject to
various laws enacted in the countries of their issuance for the protection of
creditors. These insolvency considerations will differ depending on the country
in which each issuer is located or domiciled and may differ depending on whether
the issuer is a non-sovereign or a sovereign entity.

New Issues.  If the Trading Advisor's trading strategy would normally include
the purchase of securities in initial equity public offerings classified as 'new
issues' by Rule 2790 of the National Association of Securities Dealers, Inc.
(the 'New Issues Rule'), investors are advised that the Fund will not
participate in such 'new issue' investments.  As the Fund may be deemed to be,
or to include, a 'restricted person' (as defined under the New Issues Rule), the
Fund will be prohibited from participating in any such investments.

Portfolio Turnover.  The turnover rate of the Fund's investment portfolio may be
significant, potentially involving substantial brokerage commissions and fees
and other transaction costs.

Structured Securities.  Investments in residential and commercial mortgage
related and other asset-backed securities (i.e., securities backed by home
equity loans, installment sale contracts, credit card receivables or other
assets) (collectively, 'Structured Securities') are extremely complex.
Furthermore, many Structured Securities are sensitive to changes in interest
rates and/or to prepayments and their returns may be subject to large changes
based on relatively small changes in interest rates, prepayments or both.
Structured Securities' returns in many cases may be volatile; leverage may be
inherent in the structure of some Structured Securities and in some cases may be
substantial. In addition, there can be no assurance that a liquid market will
exist in any Structured Security when the investor seeks to sell.  If the Fund
invests in Structured Securities, the Fund may enter into hedging transactions
in certain circumstances to protect against interest rate movement, prepayment
risk and the risk of increased foreclosures as a result of a decline in values
of the underlying assets or other factors, but there can be no assurance that
such hedging transactions will fully protect the Fund against such risks and may
involve risks different from those of the underlying securities. In the event of
foreclosure of mortgages and other loans backing Structured Securities, there
can be no guarantee that the value of the underlying assets securing such loans
will be equal to the amount of the loan and foreclosure expenses.

Use of Warrants and Rights.  Warrants permit, but do not obligate, the holder to
subscribe for other securities or commodities.  Rights are similar to warrants,
but normally have a shorter duration and are offered or distributed to
shareholders of a company.  Warrants and rights may be considered more
speculative than certain other types of equity-like securities because they do
not carry with them rights to dividends or voting rights and they do not
represent any rights in the assets of the issuer.  These instruments cease to
have value if they are not exercised prior to their expiration dates.  The
market for warrants and rights can become very illiquid.  Changes in liquidity
may significantly impact the price for warrants and rights, which could, in
turn, decrease the value of the investment portfolio.

Investments in Fixed-Income Securities.  Depending upon the Trading Advisor's
investment strategy, the Fund may invest a portion of its capital in
fixed-income securities, including, without limitation: bonds; convertible
bonds; notes and debentures issued by corporations; debt securities issued or
guaranteed by local, regional, non-U.S. governments or agencies, supranationals
or the U.S. Government or one of its agencies or instrumentalities; commercial
paper; and 'higher yielding' (and, therefore, higher risk) debt securities of
the former categories. These securities may pay fixed, variable or floating
rates of interest, and may include zero coupon obligations. Fixed income
securities are subject to the risk of the issuer's inability to meet principal
and interest payments on its obligations (i.e., credit risk) and are subject to
price volatility due to such factors as interest rate sensitivity, market
perception of the creditworthiness of the issuer and general market liquidity
(i.e., market risk).

Money Market Instruments.  The Fund may invest, for defensive purposes or
otherwise, some or all of its assets in high-quality, fixed income securities,
money market instruments and money market mutual funds, or hold cash or cash
equivalents in such amounts as the Trading Advisor, the Manager or the Sub-
Manager deem appropriate under the circumstances.

Investments in Securities of Financially Distressed Companies.  Although
purchases of securities and other obligations of companies that are experiencing
significant financial or business distress, including companies involved in
bankruptcy or other reorganization and liquidation proceedings, may result in
significant returns, they involve a substantial degree of risk and may not show
any return for a considerable period of time.  In fact, many of these securities
and investments typically remain unpaid unless and until the company reorganizes
and/or emerges from bankruptcy proceedings and, as a result, may have to be held
for an extended period of time.  The level of analytical sophistication, both
financial and legal, necessary for successful investment in companies
experiencing significant business and financial distress is very high.  There is
no assurance that, if the Fund invests in such obligations, the Trading Advisor
will correctly evaluate the nature and magnitude of the various factors that
could affect the prospect for a successful reorganization or similar action.  In
any reorganization or liquidation proceeding relating to a company in which the
Fund invests, the Fund may lose its entire investment or may be required to
accept cash or securities with a value less than the Fund's original investment.

Soft Dollar Arrangements.  The Fund may enter into arrangements where it may be
deemed to be paying for research and brokerage services and other goods and
services through 'soft' or commission dollars, an attributed portion of the
total cost of a principal transaction, or transaction expenses (e.g.,
transaction costs imposed by any of the Fund's Prime Brokers).  Soft dollar
arrangements would allow for research and brokerage services and other goods and
services to be obtained from broker-dealers or paid for by broker-dealers
directly or through a rebate of a portion of the Fund's brokerage commissions,
transaction amount or transaction expenses.

Other Risks Related to the Fund

Limited Liquidity of B Shares Interests.  The Fund is intended for long-term
investors who can accept the risks associated with an indirect investment
primarily in securities that involve a high degree of financial risk and are
potentially illiquid.  There is no public market for the B Shares in the Fund,
and no such market is expected to develop in the future. Additionally, as set
forth under 'II.  Summary of Principal Terms,' Shareholders who are U.S. persons
may have different terms with respect to the subscription for and the redemption
of B Shares than all other Shareholders.  A Shareholder may not sell, transfer,
exchange, assign, pledge, hypothecate or otherwise dispose of its B Shares (or
any portion thereof) without the consent of the Sub-Manager.  In addition, the
Sub-Manager can require a Shareholder to make a redemption of B Shares, in whole
or in part, at any time in the circumstances described in the Offering
Memorandum upon at least 2 days' prior notice to such Shareholder.  The
possibility of partial or total loss of capital will exist, and prospective
investors should not subscribe unless they can readily bear the consequences of
such loss.

Distributions to Shareholders and Payment of Tax Liability.  The Fund does not
intend to make periodic distributions of net income or gains, if any, to the
Shareholders. Whether or not distributions are made, any Shareholder subject to
tax will be required to pay any applicable federal, state and local income taxes
with respect to their B Shares and may have to use funds derived from other
sources to pay applicable taxes. The amount and times of distributions, if any,
will be determined in the sole discretion of the Manager and/or the Sub-Manager.

Absence of Regulatory Oversight.  The Fund is not registered as an investment
company under the Investment Company Act in reliance upon an exemption available
to privately offered investment companies and, accordingly, the provisions of
the Investment Company Act (which, among other things, require investment
companies to have a majority of disinterested directors, provide limitations on
leverage, limit transactions between investment companies and their affiliates
and regulate the relationship between the adviser and the investment company)
are not applicable. Neither the Manager nor the Sub-Manager is subject to the
provisions of the Advisers Act, and, accordingly, the provisions of the Advisers
Act (which, among other things, impose requirements with respect to the
allocation of investment opportunities and prohibitions on principal
transactions) are not applicable.  See the Supplemental Memorandum for any
applicable registration of the Trading Advisor.

Shareholders Do Not Participate in Management of Fund.  Shareholders will have
no right or power to participate in the management or control of the business of
the Fund and thus must depend solely upon the ability of the Manager, the Sub-
Manager and the Trading Advisor.  In addition, Shareholders will not have an
opportunity to evaluate the specific investments made by the Fund or the terms
of such investments.

Portfolio Valuation.  In calculating the Net Asset Value, the Sub-Manager may
rely on valuation data supplied by the Prime Broker(s) of the Fund and its
various counterparties.  Valuations of the Principal Investment Portfolio, which
will affect the amount of the Management Fee, the Administrative and Custodian
Fee, the Performance Fee, and the Additional Fee may involve uncertainties and
judgmental determinations.  Third-party pricing information may at times not be
available regarding certain securities, derivatives and other assets.  In
addition, material events occurring after the close of a principal market upon
which a portion of the securities or other assets of the Fund are traded may
require the Sub-Manager to make a determination of the effect of a material
event on the value of the securities or other assets traded on the market for
purposes of determining the net asset value of the Fund's investments on a
Valuation Date.  Further, because of the overall size and concentrations in
particular markets and maturities of positions that may be held by the Fund from
time to time, the liquidation values of such securities and other investments
may differ significantly from the interim valuations of these investments
derived from the valuation methods used. If the valuation of the Principal
Investment Portfolio should prove to be incorrect, the net asset value of B
Shares could be adversely affected. Absent bad faith or manifest error,
valuation determinations in accordance with the Offering Memorandum valuation
policy will be conclusive and binding.

The foregoing list of risk factors does not purport to be a complete enumeration
or explanation of the risks involved in an investment in the Fund. Prospective
Shareholders should read the Offering Memorandum, the Supplemental Memorandum
and this U.S. Supplement in the context of the investment strategy that is
employed for the Fund by the Trading Advisor, and consult with their advisors
before deciding whether to invest in the Fund. In addition, as the Fund's
investment program develops and changes over time, an investment in the Fund may
be subject to additional and different risk factors.

CONFLICTS OF INTEREST

As part of a major global financial institution, the Sub-Manager (together with
its affiliates, 'Societe Generale') may subject investors to significant
conflicts of interests. Societe Generale engages in a broad spectrum of
activities including financial advisory services, asset management activities,
sponsoring and managing private investment funds, engaging in broker-dealer
transactions, and other activities. The Sub-Manager can give no assurance that
any conflicts of interest will be resolved in favor of investors in the Fund. By
acquiring Participating Shares in the Fund, each Shareholder in the Fund will be
deemed to have acknowledged the existence of such actual and potential conflicts
of interest, and to have consented thereto, and to have waived any claim with
respect to the existence of any such conflict of interest.

Management of the Fund. The officers and employees of the Manager, the Sub-
Manager and their respective affiliates will devote such time as the Manager,
the Sub-Manager and such affiliates, in their discretion, will deem necessary to
carry out the operations of the Fund effectively. Officers and employees of the
Manager, the Sub-Manager and such affiliates will also work on other projects
for Societe Generale and its other affiliates (including affiliated and related
funds) and conflicts of interest may arise in allocating management time,
services or functions among such affiliates.

The Manager, Sub-Manager, the Trading Advisor and their respective affiliates,
employees, officers, directors, principals and members may conduct any other
business including any business with respect to securities. Certain of the
employees, officers, directors, principals and members of the Manager, Sub-
Manager and the Trading Advisor may acquire substantial investments in certain
other investment funds managed by the Manager or the Sub-Manager or the Trading
Advisor and conflicts of interest may arise in allocating management time,
services or functions among such funds, including ones in which the Manager's or
Sub-Manager's or Trading Advisor's employees, officers, directors, principals or
members may have a greater financial interest.

Affiliated Funds and Related Funds. The personnel of the Trading Advisor provide
advisory services to various other funds, including funds which utilize an
investment program similar to that of the Fund. There may be a conflict of
interest in the allocation of investment opportunities among Fund and any other
funds to which the personnel of the Trading Advisor provide advisory services.
There can be no assurance that an investment opportunity that comes to the
attention of the Trading Advisor will not be allocated (x) wholly or primarily
to another fund advised by the Trading Advisor or to Trading Advisor for its own
account, with the Fund being unable to participate in such investment
opportunity or participating only on a limited basis, or (y) wholly or primarily
to the Fund, with any other fund advised by the Trading Advisor not sharing the
risks of such investment.

Investments in the Fund by Societe Generale and its Affiliates. Conflicts of
interest may also arise in connection with investments in the Fund by Societe
Generale or its affiliates or by other funds advised or managed by the Manager
or the Sub-Manager. Such conflicts could arise, for example, with respect to the
timing, structuring and terms of such investments and the disposition of them.
For example, the disposition of any investment in the Fund by Societe Generale
or by another fund advised by the Manager or the Sub-Manager could have an
adverse effect on the Fund. The investment activities of Societe Generale , the
Manager or Sub-Manager and any of their respective officers, directors, members
or employees may disadvantage the Fund in certain situations.

Asset Management Activities. Certain Societe Generale affiliates conduct a
variety of asset management activities, including sponsoring investment funds
registered under the Investment Company Act and therefore are subject to such
Act and its regulations. Such activities may present conflicts for investors in
the Fund.

Voting Rights in the Fund. In case of corporate actions, if the companies in
which the Fund has invested seek the approval or consent of the Fund, the
Trading Advisor may retain the right to vote the interest held by the Fund, in
its discretion or in the conditions agreed on with the Sub-Manager.  Business
relationships may exist between Societe Generale, on the one hand, and such
companies, on the other hand, other than as a result of the Fund's investments
in such companies. As a result of these existing business relationships, the
Sub-Manager may face a conflict of interests when acting on behalf of the Fund
and its investors.

Incentive Compensation. The existence of the Performance Fee may create an
incentive for the Trading Advisor to make more speculative investments for the
Fund than it would otherwise make in the absence of such performance-based
compensation.

Material Non-public Information. The Manager, Sub-Manager and the Trading
Advisor or their respective members, officers, directors, employees, principals
or affiliates may come into possession of material non-public information. The
possession of such information may limit the ability of the Fund to buy or sell
a security or otherwise to participate in an investment opportunity.

Compensation for Services. It is contemplated that Societe Generale may provide
financial services to, and will in such cases expect to receive compensation
from, the Fund and its sponsors, its portfolio companies, or other parties in
connection with transactions related to investments in such companies or
otherwise. Such compensation could include financial advisory fees or fees in
connection with restructurings and mergers and acquisitions, as well as
underwriting or placement fees, financing or commitment fees and brokerage fees.
Such financial services compensation will not be shared with the Fund or their
investors and may be received before the Fund realizes a return on its
investment. Societe Generale may have an incentive to cause investments to be
made, managed or realized with a view to furthering the interests of a client
(other than the Fund or its investors) or to earning such compensation. Such
financial services could affect the performance of the Fund.

Brokerage. Derivatives and Other Activities in Respect of the Fund. Certain
Societe Generale affiliates may provide brokerage and other services from time
to time to the Fund.  A Societe Generale affiliate, as broker to the Fund, may
be a secured lender to the Fund and, as such, may protect its own interests by
foreclosing on assets of the Fund, notwithstanding that such foreclosure may be
adverse to the interests of Shareholders in the Fund.

Furthermore, the Fund may, to the extent permissible, and in compliance with
applicable law, sell securities to or purchase securities from Societe Generale
affiliates as counterparty. Societe Generale affiliates may create, write, or
issue derivative instruments with respect to which the counterparty is the Fund
or the performance of which is based on the performance of the Fund.  In
connection with such derivative instruments, Societe Generale affiliates may
hedge their obligations on such instruments by investing in the Fund.  Such
investments may be on different terms than the other Shareholders' investment in
the Fund and the actions of Societe Generale affiliates in respect of such
investments may conflict with the interests of the Fund and the other
Shareholders.  Societe Generale affiliates may keep any profits, commissions,
and fees accruing to them in connection with their activities for themselves and
other clients, and neither the Management Fee from the Fund to the Trading
Advisor and the Sub-Manager nor the Performance Fee to the Trading Advisor and
the Sub-Manager will be reduced thereby.  The Fund will pay market rate
commissions or fees in respect of such transactions.

Societe Generale affiliates may have an interest in an account managed by, or
enter into relationships with, a Trading Advisor or its affiliates on terms
different than the Fund. Societe Generale and its affiliates, including their
officers, directors, partners, members, or employees, may have banking and
investment banking relationships with the issuers of securities that are held by
the Fund. They may also own the securities of these issuers. However, in making
investment decisions for the Fund, the Trading Advisor does not obtain or use
material inside information acquired by any division, department, or affiliate
of Societe Generale in the course of those relationships.

Placement Agent. SG Americas Securities, LLC ('SGAS'), a broker-dealer that is
an affiliate of the Sub-Manager, will act as placement agent (the 'Placement
Agent') to assist in the placement of B Shares in the United States.  Investment
positions in B Shares by a U.S. investor will be held in the investor's
securities brokerage account with SGAS.  The Sub-Manager will reimburse the
Placement Agent for costs incurred from assisting the placement of B Shares in
the Fund. In addition, the Placement Agent may be paid additional compensation
in connection with the sale, distribution, retention, and/or servicing of B
Shares, the cost of which will be borne by the Sub-Manager. Prospective
investors should take such payment arrangements into account when considering
and evaluating any recommendations relating to investments in the Fund.

Legal Representation. Cadwalader, Wickersham & Taft LLP ('Counsel') represents
the Sub-Manager and its affiliates from time to time in a variety of matters.
Counsel does not represent any or all of the Shareholders. Counsel represents
the Sub-Manager and its affiliates in respect of their roles in relation to the
Fund. It is not anticipated that, in connection with the organization and
operation of the Fund, the Sub-Manager would have the Fund engage counsel
separate from Counsel. Counsel will not, however, be acting as counsel for the
Shareholders. Furthermore, in the event a conflict of interests or dispute
arises between the Sub-Manager and the Fund or any Shareholder, it will be
accepted that Counsel is counsel to the Sub-Manager and not counsel to the Fund
or the Shareholders, notwithstanding the fact that, in certain cases, Counsel's
fees are paid through or by the Fund (and therefore in effect by the
Shareholders).

CERTAIN TAX AND REGULATORY CONSIDERATIONS

CERTAIN TAX CONSIDERATIONS

The following discussion of Jersey and U.S. federal income tax principles and
certain other non-U.S. tax considerations is not intended as a substitute for
careful tax planning. It does not address all of the relevant tax principles
that will apply to the Fund and its investors. In particular, it does not
discuss the tax principles of countries other than Jersey and the United States.
Prospective investors in the Fund are urged to consult their professional
advisors regarding the possible tax consequences of an investment in the Fund in
light of their own situations.

Jersey

The Fund has been granted exempt company status and is regarded as non-resident
for Jersey tax purposes. As such it is exempt from Jersey income tax on income
arising outside Jersey and, by concession, bank interest arising in Jersey, but
is otherwise liable to Jersey income tax on income arising in Jersey (if any).
As an exempt company, the Fund is liable to the exempt company charge, currently
at the rate of £600 per annum. The Manager does not intend to conduct the
business of the Fund so as to give rise to taxable Jersey source income. The
Fund will have no liability in Jersey to tax on capital gains on securities
held, Value Added Tax on expenses or stamp duties on transactions entered into
in connection with Participating Shares.

The attention of Jersey resident investors is drawn to Article 134A of the
Income Tax (Jersey) Law 1961 (as amended), the effect of which may be to render
their gains chargeable to Jersey income tax.

Shareholders not resident in Jersey will not suffer Jersey tax on distributions
on Participating Shares and no Jersey tax is payable by investors on redemption
proceeds of Participating Shares.

A grant of Jersey probate or letters of administration is required on the death
of an individual Shareholder enable Participating Shares held by him to be dealt
in and duty of up to 0.75 per cent of the value thereof is payable.

As part of an agreement reached in connection with the European Union ('EU')
directive on the taxation of savings income in the form of interest payments,
and in line with steps taken by other relevant third countries, Jersey
introduced with effect from 1 July 2005 a retention tax system in respect of
payments of interest, or other similar income, made to an individual beneficial
owner resident in an EU Member State by a paying agent established in Jersey.
The retention tax system applies for a transitional period prior to the
implementation of a system of automatic communication to EU Member States of
information regarding such payments. During this transitional period, such an
individual beneficial owner resident in an EU Member State will be entitled to
request a paying agent not to retain tax from such payments but instead to apply
a system by which the details of such payments are communicated to the tax
authorities of the EU Member State in which the beneficial owner is resident.

The retention tax system in Jersey is implemented by means of bilateral
agreements with each of the EU Member States, the Taxation (Agreements with
European Union Member States) (Jersey) Regulations 2005 and Guidance Notes
issued by the Policy & Resources Committee of the States of Jersey. Based on
these provisions and what is understood to be the current practice of the Jersey
tax authorities, any dividend distributions to Shareholders by the Fund and
income realized by Shareholders upon the sale or redemption of Participating
Shares do not constitute interest payments for the purposes of the retention tax
system and therefore neither the Fund nor the Manager nor any paying agent
appointed by them in Jersey is obliged to levy retention tax in Jersey under
these provisions in respect thereof.

The foregoing is based on the law and practice currently in force in Jersey and
is subject to changes therein. In this regard investors should note that
legislation has been adopted by the States of Jersey which (subject to sanction
by the British crown) will, on and from 1 January 2009, introduce a standard
rate of corporate tax of 0% applicable to all companies (other than any '
financial services company' (as defined therein) and certain specified Jersey
utility companies). As at the date hereof, the Fund is neither a 'financial
services company' nor such a specified utility company.

United States Federal Income Tax Considerations for Tax-Exempt Investors

The summary below outlines certain material U.S. federal income tax consequences
of an investment in the Fund's B Shares to U.S. investors that are generally
exempt from U.S. federal income tax ('Tax-Exempt Investors'). The disclosure of
U.S. federal tax issues contained in this U.S. Supplement is limited to the U.S.
federal income tax issues addressed herein. Additional issues may exist that are
not addressed in this disclosure and that could affect the U.S. federal tax
treatment of an investment in the Fund. This tax disclosure was written in
connection with the promotion and marketing of the Fund, and it cannot be used
by any investors for the purpose of avoiding penalties that may be asserted
against the investors under the Internal Revenue Code of 1986, as amended (the '
Code'). Investors should seek advice based on their particular circumstances
from an independent tax adviser.

The discussion below is directed to Tax-Exempt Investors who are offered the B
Shares and is therefore limited to the U.S. federal income tax consequences to
Tax-Exempt Investors of an investment in the Fund.

This discussion is based on existing law as contained in the Code, Treasury
regulations, administrative rulings and court decisions as of the date hereof.
No assurance can be given that future legislation, administrative rulings or
court decisions will not significantly modify the conclusions set forth in this
summary, possibly with retroactive effect. Each potential investor is urged to
consult its tax adviser concerning the prospective tax consequences of an
investment in the Fund.

Taxation of the Fund. The Fund will be treated as a corporation for U.S. federal
income tax purposes. U.S. source interest (other than 'portfolio interest'),
U.S. source dividends and certain other 'fixed and determinable annual or
periodic' income derived by the Fund will be subject to U.S. tax at the rate of
30%. In addition, the Fund will be subject to U.S. federal income tax on its
income that is effectively connected with a conduct of a U.S. trade or business
('Effectively Connected Income').  Effectively Connected Income will be subject
to U.S. federal income tax at the rate applicable to U.S. corporations
(currently, 35%) and may also be possibly subject to the U.S. branch profits tax
and state and local taxes.

Tax-Exempt Investors.  A Tax-Exempt Investor's income from an investment in the
Fund should not be treated as resulting in unrelated business taxable income ('
UBTI'), provided that the Tax-Exempt Investor's acquisition of B Shares is not
debt-financed, within the meaning of Section 514 of the Code.

Section 514 of the Code provides that a tax-exempt entity's 'debt-financed
income' will be included in computing UBTI, regardless of whether such income
would otherwise be excluded as dividends, interest or other similar income.
Consequently, if a Tax-Exempt Investor's acquisition the B Shares is
debt-financed, then all or a portion of such Tax-Exempt Investor's income
attributable to such shares will be included in UBTI.  In this regard,
Tax-Exempt Investors are urged to consult their own advisors concerning the U.S.
tax consequences of an investment in the Fund.

PFIC. The Fund will be treated as a passive foreign investment company ('PFIC')
within the meaning of Section 1297 of the Code and may be treated as a
controlled foreign corporation ('CFC') for U.S. federal income tax purposes. A
Tax-Exempt Investor generally should not be subject to income tax under the PFIC
rules and the CFC rules, if it is not otherwise taxable under the UBTI
provisions with respect to its ownership of its B Shares (i.e., because its
investment in the Fund is debt-financed).

Under proposed Treasury regulations, U.S. beneficiaries of any Tax-Exempt
Investor that is a trust (other than a tax-exempt employees' trust described in
Section 401(a) of the Code) would generally be treated for purposes of the PFIC
rules as owning their proportionate shares of such Tax-Exempt Investor's
interest in the Fund. Although it is not clear that such a result was intended,
this constructive ownership rule might be applied so as to treat a U.S.
beneficiary of an individual retirement account described in Section 408(a) of
the Code (an 'IRA') as the owner of any B Shares that the IRA holds. If a U.S.
beneficiary of an IRA were treated as the owner of B Shares, such U.S.
beneficiary could be subject to adverse tax consequences under the PFIC rules.

Private Foundations. Tax-Exempt Investors that are private foundations should
consult their tax advisers about the excise tax consequences to them of an
investment in the Fund.

Reporting. Any Tax-Exempt Investor that owns a 10% or more of the total voting
power or value of the Fund (determined by applying certain attribution rules)
will likely be required to file an information return with the Internal Revenue
Service ('IRS') on IRS Form 5471 containing certain disclosures. In addition, a
Tax-Exempt Investor may be required to report, on IRS Form 926, transfers of
cash to the Fund if (i) immediately after such transfer such Tax-Exempt Investor
owns 10% or more of the total voting power or value of the Fund (determined by
applying certain attribution rules) or (ii) the amount of cash transferred by
such Tax-Exempt Investor  to the Fund during the twelve-month period ending on
the date of the transfer exceeds $100,000.  Furthermore, certain U.S. persons
within the meaning of the Code will have to file Form 8886 ('Reportable
Transaction Disclosure Statement') with their U.S. tax return, and submit a copy
of Form 8886 with the Office of Tax Shelter Analysis of the IRS if the Fund
engages in certain 'reportable transactions' within the meaning of recently
issued U.S. Treasury Regulations.  Such a 'reporting shareholder' includes a
U.S. person within the meaning of the Code if either (1) the Fund is treated as
a 'foreign personal holding company,' or (2) the Fund is treated as a '
controlled foreign corporation' and such person owns a 10% voting interest.  Tax
-Exempt Investors are urged to consult their tax advisers concerning the
information and any other reporting requirements relating to their investments
in the Fund.

Importance of Obtaining Professional Advice. The foregoing analysis is not
intended as a substitute for careful tax planning. Accordingly, prospective
investors are strongly urged to consult their tax advisers with specific
reference to their own situations regarding the possible tax consequences of an
investment in the Fund.

Importance of Obtaining Professional Advice

The foregoing analysis is not intended as a substitute for careful tax planning.
Accordingly, prospective investors in the Fund are strongly urged to consult
their tax advisors with specific reference to their own situations regarding the
possible tax consequences of an investment in the Fund.

Authorization Regarding Disclosure of Tax Structure

Notwithstanding any other statement in the Offering Memorandum or this U.S.
Supplement, the Fund, the Manager and their respective advisors, members,
officers, directors, employees and principals authorize each investor and each
of its employees, representatives or other agents, from and after the
commencement of any discussions with any such party, to disclose to any and all
persons without limitation of any kind the tax treatment and tax structure of
the Fund and any transaction entered into by the Fund and all materials of any
kind (including opinions or other tax analyses) relating to such tax treatment
or tax structure that are provided to such investor, except for any information
identifying the Fund, the Manager or their respective advisors, members,
officers, directors, employees and principals or (except to the extent relevant
to such tax structure or tax treatment) any non-public commercial or financial
information.

CERTAIN REGULATORY CONSIDERATIONS

Securities Act of 1933

The B Shares have not been and will not be registered under the Securities Act.
The B Shares are being offered in reliance on the exemption from registration
provided by Section 4(2) of the Securities Act and Regulation D promulgated
thereunder. Each prospective investor (whether or not a U.S. citizen, resident
or entity) will be required to represent, among other customary private
placement representations, that it is an 'accredited investor' as defined in
Regulation D, and is acquiring the B Shares for its own account for investment
purposes only and not for resale or distribution. The B Shares may not be
transferred or resold except as permitted under the Offering Memorandum and this
U.S. Supplement and unless registered under the Securities Act or pursuant to an
exemption from such registration.

Investment Company Act of 1940

It is anticipated that the Fund will be exempt from the provisions of the
Investment Company Act pursuant to Section (3)(c)(7) thereunder. The Fund is not
making and does not presently propose to make a public offering of its
securities in the United States and is offering its securities only to U.S.
persons that are 'qualified purchasers' as defined in Section 2(a)(51) of the
Investment Company Act. In order to ensure that the Fund may rely upon this
exemption, the Fund will obtain appropriate representations and undertakings
from its investors.

Investment Advisers Act of 1940

The Sub-Manager and the Manager are not registered as a investment advisers
under the Advisers Act in reliance on exemptions from the registration
requirements under the Advisers Act. The Sub-Manager and the Manager may become
registered investment advisers at a future date if such persons determine that
registration is necessary or otherwise appropriate in accordance with applicable
law.  See the Supplemental Memorandum for any applicable registration of the
Trading Advisor.

Commodity Exchange Act

The Fund may, at any time or from time to time, invest in commodity futures. The
Manager and the Sub-Manager are exempt from registration as commodity pool
operators with the CFTC pursuant to the exemption under CFTC Rule 4.13(a)(4)
because the Fund is offered outside the United States to non-U.S. investors and
is offered privately in the United States only to 'qualified purchasers' as
defined in Section 2(a)(51) of the Investment Company Act. Therefore, unlike
registered commodity pool operators, the Manager and the Sub-Manager are not
required to deliver a disclosure document and a certified annual report to
participants in the pool.

Certain Benefit Plan Investor Considerations

Benefit Plan Investors Subject to ERISA or the U.S. Internal Revenue Code. The
U.S. Employee Retirement Income Security Act of 1974, as amended ('ERISA'),
Internal Revenue Code of 1986, as amended (the 'Code') and the regulations
thereunder, provide, in essence that if benefit plan investors subject to ERISA
or the Code beneficially own 25% or more of any class of equity interests in a
fund, then the assets and transactions of the fund will also be subject to the
fiduciary and prohibited transaction provisions of ERISA and/or the Code.  The
Sub-Manager intends to avoid this result with respect to the Fund by precluding
or limiting investment in the Fund by investors who disclose that they are
benefit plan investors.  With a view to assuring compliance with the 25%
limitation (and notwithstanding any contrary disclosure in this U.S. Supplement,
the Supplemental Memorandum or the Offering Memorandum), the Sub-Manager may
compulsorily redeem part or all of a benefit plan investor's B Shares, and in
doing so will employ absolute discretion to determine which benefit plan
investor's B Shares to redeem and what portion of the investor's B Shares to
redeem.

In seeking to ensure that the assets of the Fund will not be 'plan assets,' the
Sub-Manager will rely on information, representations and covenants provided by
investors and prospective investors in their subscription documents and each
investor will be asked in its subscription documents to acknowledge that the Sub
-Manager is entitled to rely on the information, representations and covenants
provided by such investor and other investors in their respective subscription
documents.

Notwithstanding the foregoing, the Sub-Manager retains authority to decide at a
later date that it will allow the Fund to be a plan asset fund without further
notice or consent of Shareholders.

ERISA Plan Asset Rules. The discussion below describes in more detail certain
aspects of the rules of ERISA and the Code as they apply to the Fund. The
fiduciary standards of Sections 401 through 405 of ERISA and the prohibited
transaction rules of Section 406 of ERISA and Section 4975 of the Code apply to
the management and investment of assets of U.S. private sector employee benefit
plans.  The prohibited transaction rules under Section 4975 of the Code also
apply to IRAs and Keogh plans. Under applicable rules of ERISA and 29 C.F.R. (S)
 2510.3-101, when any such plan or account acquires an equity interest in an
investment fund which is not registered under the Investment Company Act, the
plan or account's assets include not only its equity interest in the fund but
also an undivided proportional interest in each of the underlying assets of the
fund, unless an exception applies. One such exception is the so-called '25%
exception.'  The 25% exception applies as long as 'benefit plan investors' in a
fund do not beneficially own 25% or more of the value of any class of equity
interests in the fund. Benefit plan investors, for these purposes, include ERISA
plans, IRAs and Keogh plans.  In order for the 25% exception to continue to
apply, the 25% test must be met initially and immediately after each sale,
transfer or redemption of any equity interests in the Fund.  If participation by
the benefit plan investors in a fund remains below the 25% threshold (the 'Plan
Threshold'), the manager of the fund will not be subject to ERISA's fiduciary
standards and the transactions by the fund will be free of the prohibited
transaction rules of ERISA and Section 4975 of the Code.  However, if
participation by benefit plan investors exceeds the Plan Threshold, the benefit
plan investors in such fund subject to ERISA and/or Section 4975 of the Code
will be attributed an undivided interest in each of the underlying assets held
by the fund.   At such point, the fund manager will be deemed a  fiduciary under
ERISA and/or Section 4975 of the Code with respect to plan investors, and the
activities of the fund will be subject to the prohibited transaction rules of
ERISA and/or Section 4975 of the Code.

As noted above, the Sub-Manager will initially seek to limit benefit plan
investors so as to avoid subjecting the Fund to the relevant rules under ERISA
and the Code, but the Sub-Manager may decide at any time to lift the limit on
benefit plan investors and seek to operate the Fund under the applicable rules
of ERISA and the Code.

Certain prospective plan investors may currently maintain relationships with the
 Sub-Manager, the Manager or their affiliates.  Each of such entities may be
deemed to be a 'party in interest' or 'disqualified person' (hereinafter, a
'party in interest') to and/or a fiduciary of any such plan investor subject to
ERISA and/or Section 4975 of the Code.  ERISA and Section 4975 of the Code
prohibit the use of plan assets for the benefit of a party in interest and also
prohibit a fiduciary of a plan subject to ERISA and/or Section 4975 of the Code
from using its position to cause such plan to make an investment from which it
or certain third parties in which such fiduciary has an interest would receive a
fee or other consideration.  Further, the Manager and its nominees hold all of
the voting shares of the Fund.  Because the Manager is an indirect wholly-owned
subsidiary of Societe Generale S.A., which might be a party in interest to
certain plans subject to ERISA and/or Section 4975 of the Code, the Fund itself
could be a party in interest to a plan investor.  Plan investors should consult
with counsel to determine if participation in the Fund is a transaction that is
prohibited by ERISA or Section 4975 of the Code.  Investors subject to ERISA and
/or Section 4975 of the Code will be required to represent in the applicable
subscription documents that the acquisition and holding of the B Shares will not
constitute a non-exempt prohibited transaction under ERISA and/or Section 4975
of the Code.

Potential investors are encouraged to consult with their legal advisors
regarding the consequences under ERISA and the Code relevant to the acquisition
and holding of B Shares.

Finally, it should be noted that certain employee benefit plans, such as
governmental plans, certain church plans and non-U.S. plans, are not subject to
Section 406 of ERISA or Section 4975 of the Code.  However, such plans may be
subject to provisions of applicable federal, state, local or non-U.S. law
governing the investment of plan assets.  Fiduciaries of such plans should
consider applicable law when purchasing B Shares and should consult with their
legal advisors regarding the application of applicable law.  Each fiduciary
acting on behalf of any such plan will be required to represent that such plan's
direct or indirect acquisition and holding of the B Shares and the activities of
the Fund will not result in a non-exempt violation of applicable law, regardless
of whether such law is similar to ERISA or Section 4975 of the Code.

OTHER CONSIDERATIONS

Change in Information

Any Shareholder who wishes to notify the Fund of any change in information with
respect to such Shareholder may do so by informing the Manager and the Sub-
Manager in writing at their respective principal offices.

Additional Information

The Fund will provide to each prospective investor and such investor's
representatives and advisors, if any, the opportunity to ask questions and
receive answers concerning the terms and conditions of this offering and to
obtain any additional information which the Fund may possess or can obtain
without unreasonable effort or expense that is necessary to verify the accuracy
of the information furnished to such prospective investor. No other persons have
been authorized to give information or to make any representations concerning
this offering, and if given or made, such other information or representations
must not be relied upon as having been authorized by the Fund.


FUND
Lyxor/Amplitude Fund Limited
18 Esplanade
St. Helier
Jersey, JE4 8RT

MANAGER
SG Hambros Fund Managers (Jersey) Limited
18 Esplanade
St. Helier
Jersey, JE4 8PR

SUB-MANAGER
Lyxor Asset Management S.A.
17, cours Valmy
92800 Puteaux, France

TRADING ADVISOR
Amplitude Capital LLP
6-8 Tokenhouse Yard
London EC2R 7AS, United Kingdom

CUSTODIAN
SG Hambros Trust Company (Channel Islands) Limited
18 Esplanade
St. Helier
Jersey, JE4 8RT

LISTING SPONSOR
Dillon Eustace
33, Sir John Rogerson's Quay
Dublin 2
Ireland

PLACEMENT AGENT
SG Americas Securities, LLC
1221 Avenue of the Americas
New York, NY  10020

AUDITORS
PricewaterhouseCoopers CI LLP
Twenty Two Colomberie
St Helier
Jersey, JE1 4XA

LEGAL ADVISOR
As to Jersey law
Mourant du Feu & Jeune
22 Grenville Street
St. Helier
Jersey, JE4 8PX

LEGAL ADVISOR
As to United States law
Cadwalader, Wickersham & Taft LLP
One World Financial Center
New York, NY 10281







This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.




                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                            

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