David Soward - Page 6

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               1.e                 PER EXAM PER RETURN   ADJUSTMENT                   
               Other Income (loss)    $0     ($26,992)     $26,992                    
               from Ampersand                                                         
               Management Company                                                     
               Inc, Schedule K-1,                                                     
               Line 6                                                                 
               SIF LLC (Partnership) losses claimed by you for the                    
               Hong Kong dollar forward contract, Argentine peso                      
               forward contract and Japanese Yen option in the amount                 
               of $26,992 for the taxable year did not meet the                       
               requirements for deduction under the IRC, including but                
               not limited to section 165 and 465.  * * *                             
               1.f                 PER EXAM PER RETURN   ADJUSTMENT                   
               Other Deductions    $0        ($107,250)    $107,250                   
               from Ampersand                                                         
               Management Company                                                     
               Inc, Schedule K-1,                                                     
               Line 10 - Management Fee                                               
               1.g                 PER EXAM PER RETURN      ADJUSTMENT                
               Other Deductions    $0        ($25,732)      $25,732                   
               from Ampersand                                                         
               Management Company                                                     
               Inc, Schedule K-1,                                                     
               Line 10 - Loan Breakage Fee                                            
               1.h                 PER EXAM PER RETURN   ADJUSTMENT                   
               Other Deductions    $0        ($2,644)      $2,644                     
               from Ampersand                                                         
               Management Company                                                     
               Inc, Schedule K-1,                                                     
               Line 10 - Guaranteed Payment                                           
               1.i                 PER EXAM PER RETURN   ADJUSTMENT                   
               Other Deductions    $0        ($9,601)      $9,601                     
               from Ampersand                                                         
               Management Company                                                     
               Inc, Schedule K-1,                                                     
               Line 10 - Bank Fee                                                     
               The * * * items were treated as reductions to your                     
               basis in assets distributed to you by SIF LLC                          
               (Partnership).  * * *  Since these expenses did not                    
               meet the requirements for a deduction under the IRC                    
               including, but not limited to, the requirements under                  






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Last modified: May 25, 2011