DE SHAW & COMPANY INC

Item 8.

Quantitative strategies are a central focus of the Adviser’s activities and are used in an attempt to identify underpriced and overpriced securities, to manage various forms of portfolio risk, and to reduce the cost of transacting in various financial instruments. Although a great deal of human effort is expended conducting research in each of these areas, the Adviser’s quantitative strategies are largely based on mathematical models embodied in computer software rather than on human judgments regarding the fundamental soundness of the underlying companies or other assets. The Adviser’s qualitative strategies are based on the analysis of particular companies, resources, industries, economies, and entrepreneurial opportunities by professionals with relevant asset- and market-specific knowledge. Investments include both publicly traded and privately held financial instruments, certain physical commodities and commercial rights, and in some cases, entire companies. ...
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