Prospectus Cross Reference
June 11, 2001

TUDOR FUND FOR EMPLOYEES L.P.
(A Delaware Limited Partnership)

Supplement to the
Prospectus Dated June 11, 2001

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This Supplement is an integral part of, and should be read together
with, the Prospectus dated June 11, 2001 ("Prospectus"), also delivered
herewith. All capitalized terms used in this Supplement and not defined
herein have the same meanings as used in the Prospectus.

-----------------------------------------------------------------

CIS SECURITIES, INC.

Neither Tudor Fund For Employees L.P. nor Tudor Investment Corporation is
affiliated with Tudor Fund, a U.S. mutual fund registered under the Investment
Company Act of 1940, or with Tudor Management Co., Inc., a wholly-owned
subsidiary of Weiss Peck & Greer.

The date of this Supplement is March 8, 2002

GENERAL INFORMATION

The Prospectus is amended to reflect accuracy and timeliness of
information, including discussion of clearing brokers, capitalization,
management of the Trading Advisor, selected financial data, financial condition
and results of operations, and performance information.

AMENDMENTS TO PROSPECTUS

1. Privacy Notice. The following information is inserted immediately
underneath the line on page iii.

PRIVACY NOTICE

INFORMATION REGARDING PROSPECTIVE INVESTORS, EXISTING LIMITED
PARTNERS, OR FORMER LIMITED PARTNERS OF THE PARTNERSHIP RECEIVED BY
TUDOR INVESTMENT CORPORATION ("TIC" OR THE "TRADING ADVISOR") OR SECOND
MANAGEMENT LLC (THE "GENERAL PARTNER") WILL NOT BE SOLD OR MARKETED TO
NONAFFILIATED THIRD PARTIES. HOWEVER, INFORMATION MAY BE DISCLOSED TO
NONAFFILIATED THIRD PARTIES UNDER LIMITED CIRCUMSTANCES, PRIMARILY TO
PERSONS THAT PROVIDE SERVICES TO THE TRADING ADVISOR, THE GENERAL
PARTNER, OR THE PARTNERSHIP. SUCH PERSONS INCLUDE ACCOUNTANTS,
ATTORNEYS, ADMINISTRATORS, SELLING AGENTS OR OTHER THIRD PARTIES IN
CONNECTION WITH THE SERVICING OF THE PARTNERSHIP, OR TO PROTECT AGAINST
FRAUD OR MAINTAIN SECURITY PRECAUTIONS THAT PROTECT CONFIDENTIALITY.
THE GENERAL PARTNER WILL USE REASONABLE EFFORTS TO ENSURE THAT ANY
PERSON THAT RECEIVES INFORMATION WILL ONLY USE IT FOR THE SERVICES
REQUIRED AND AS ALLOWED BY APPLICABLE LAW OR REGULATION.

INFORMATION MAY BE SHARED WITH AFFILIATES OF THE TRADING ADVISOR AND
THE GENERAL PARTNER. ACCESS TO SUCH INFORMATION WILL BE LIMITED TO
AUTHORIZED EMPLOYEES FOR THE PURPOSE OF PROVIDING SERVICES TO THE
PARTNERSHIP OR THE LIMITED PARTNERS.

2. The Partnership. The information regarding the Partnership's sale of
Units on page 8 (third full paragraph under "THE PARTNERSHIP") is deleted in its
entirety and the following is substituted therefor:

Since July 1990, the Partnership has been offering unsold Units for
sale at a price equal to 100% of the Net Asset Value of a Unit as of the
opening of business on

the first day of each calendar quarter. After the January 1, 2002 closing,
3,596 Units were outstanding, with 13,798 Units having been sold, 6,202
Units remaining unsold, 10,308 of the sold Units having been redeemed, and
106 Units having been allocated to the TIC 401(k) Plan. In addition, the
General Partner holds 197 units of general partnership interest.

3. Capitalization. The information regarding the capitalization of the
Partnership on page 15 (second full paragraph and table under "CAPITALIZATION")
is deleted in its entirety and the following is substituted therefor:

The following table shows

o the actual capitalization of the Partnership as of January 1, 2002
based on the Units outstanding on that date; and

o the pro forma capitalization of the Partnership if all unsold Units
(6,202 Units) were sold at the Net Asset Value thereof as of January
1, 2002 (i.e., $8,928.90).

Pro Forma
Actual Amount if the
Amount Maximum Number of
Title of Class as of January 1, 2002 Unsold Units is Sold
-------------- --------------------- --------------------
Units of Limited
Partnership Interest $32,108,324 $87,485,362
Units of General
Partnership Interest (1) 1,757,121 1,757,121
----------- -----------
TOTAL $33,865,445 $89,242,483
=========== ===========
------------------------
(1) The actual amount shown reflects the Net Asset Value of units of general
partnership interest outstanding as of January 1, 2002 (197 Units). The Net
Asset Value of a unit of general partnership interest is equivalent to the
Net Asset Value of a Unit of limited partnership interest. The General
Partner has agreed to contribute such amounts to the Partnership as are
necessary from time to time to make the General Partner's capital
contribution equal to the greater of (i) $200,000 and (ii) the sum of (a)
the lesser of $100,000 or 3% of the first $10,000,000 in aggregate capital
contributions to the Partnership by all Partners and (b) 1% of the
aggregate capital contributions to the Partnership by all Partners in
excess of $10,000,000.

4. Selected Financial Data. The table set forth on page 15 under "SELECTED
FINANCIAL DATA" is deleted in its entirety and the following is substituted
therefor:

Nine Months
Ended Years Ended December 31,
-----------------------------------------------------------
September September 2000 1999 1998 1997 1996
30, 2001 30, 2000
----------- ----------- ----------- ----------- ----------- ----------- -----------
Revenues......................... $ 8,877,508 $1,357,986 $5,538,110 $1,981,370 $5,159,521 $3,362,714 $1,417,232

Expenses......................... $ 1,335,565 $505,843 $1,035,471 $684,010 $962,387 $649,909 $596,480

----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Income....................... $ 7,541,943 $852,143 $4,502,639 $1,297,360 $4,197,134 $2,712,805 $820,752

Total Assets..................... $35,234,509 $20,036,392 $27,918,377 $22,242,164 $18,265,036 $17,166,451 $12,138,706

Partners' Capital (see $31,718,171 $18,735,284 $22,161,072 $16,332,215 $14,891,112 $9,495,687 $ 8,526,366
"REDEMPTIONS")...................
Units Outstanding................ 3,522 3,134 3,123 2,847 2,786 2,383 2,718

Net Asset Value Per Unit......... $9,006 $5,979 $7,096 $5,737 $5,344 $3,985 $3,136

Change in Net Asset Value Per Unit $1,910 $242 $1,359 $393 $1,359 $849 $273

Net Income Per Unit.............. $1,918 $248 $1,337 $379 $1,327 $845 $246

5. Management's Discussion and Analysis of Financial Condition and Results
of Operations. The information regarding liquidity, capital resources, results
of operations, and risk management on pages 16-18 is deleted in its entirety and
the following is substituted therefor:

Liquidity

The assets of the Partnership are deposited and maintained with BPL,
banks, and clearing brokers in trading accounts, and are used as margin and
collateral to engage in commodity interest contract trading. Since the
Partnership's sole purpose is to trade in commodity interest contracts, it
is anticipated that the Partnership will continue to maintain substantial
liquid assets for margin and collateral purposes.

Interest income for the quarter ended September 30, 2001 was $277,223
compared to $299,184 for the quarter ended September 30, 2000. Interest
income for the years ended December 31, 2000, 1999, and 1998 was
$1,213,785, $847,843, and $661,643, respectively.

The Partnership holds cash and cash equivalents. Cash and cash
equivalents represented approximately 89% and 91% of the Partnership's
assets as of September 30, 2001 and December 31, 2000, respectively. The
cash and cash equivalents held by the Partnership satisfy the Partnership's
need for cash on a short-term and long-term basis.

Since futures contract trading generates a large percentage of the
Partnership's income, any restrictions or limits on that trading may render
the Partnership's investment in futures contracts illiquid. Most United
States commodity exchanges prohibit trading outside of a designated price
range, referred to as a "daily limit." If prices move the daily limit for
several days with little or no trading, the Partnership might be unable to
promptly liquidate its open positions. See "PRINCIPAL RISK FACTORS -
COMMODITY INTEREST CONTRACT TRADING MAY BE ILLIQUID."

Capital Resources

Redemptions and additional sales of Units in the future will affect the
amount of funds available for investment in commodity interest contracts in
subsequent periods. See "INVESTMENT PROGRAM AND USE OF PROCEEDS."

Results of Operations

The following table compares Net Asset Values at year-end 2000, 1999 and
1998:

Increase During Year
Net Asset Value -----------------------------
Per Unit $ %
-------------- ------------- ------------
December 31, 2000................ $7,095.78 $1,358.85 23.69%
December 31, 1999................ $5,736.93 $392.72 7.35%
December 31, 1998................ $5,344.21 $1,359.22 34.11%

The following table compares Net Asset Values as of September 30, 2001 and
2000:

Increase (Decrease) During
Quarter
Net Asset Value ----------------------------
Per Unit $ %
--------------- -------------- ------------
September 30, 2001................ $9,006.18 $1,179.72 15.07%
September 30, 2000................ $5,978.89 $414.01 7.44%

The following table summarizes trading gains and losses by type of contract
for the nine months ended September 30, 2001 and 2000 and for the years 2000,
1999, and 1998.

For the Nine Months For the Year Ended
Ended September 30, December 31,
--------------- --------------------------
2001 2000 2000 1999 1998
------- ------- -------- ------- --------
($ in thousands)
Interest Rate Futures
and Option Contracts........... $2,148 $(63) $1,794 $ 491 $3,253
Foreign Exchange Contracts....... 2,511 (1,159) 480 (1,370) (219)
Equity Index Futures Contracts: 3,577 993 1,493 (258) 872
Over-the-Counter Contracts:
Forward Currency Contracts... 285 713 1,147 884 792
Commodity Swaps.............. (553) (245) (125) 59 (350)
Equity Index Swaps........... (468) 172 157 (99) (82)
Interest Rate Swaps.......... (112) 2 129 236 ----
Non-Financial Derivative
Instruments.................... 340 (99) (957) 981 (36)
------- ------- -------- ------- --------
Total........................ $7,728 $ 314 $4,118 $924 $4,034
======= ======= ======== ======= ========

Since the Partnership is a speculative trader in the commodities markets,
current year results are not necessarily comparable to the previous year's
results.

The following table illustrates the Partnership's net trading gain as a
return on Net Assets, and also shows brokerage commissions and fees as a
percentage of Net Assets. In addition, the table shows incentive fees as a
percentage of Net Trading Gains.

For the Nine Months For the Year Ended
Ended September 30, December 31,
--------------- ---------------------------
2001 2000 2000 1999 1998
------ ------ ------ ------ -----
Net Trading Gain (Loss)
as a % of Net Assets.......... 25.7% 1.7% 21.6% 5.3% 31.4%
Brokerage Commissions
& Fees as a % of Net Assets... 0.5% 0.9% 1.1% 1.2% 1.4%
Incentive Fees as a % of
Net Trading Gains............. 9.1% 0.0% 8.3% 6.7% 9.3%

In general, commission rates have remained stable during the past three
years.

Professional fees and other expenses remained stable during each of the
past three years.

Inflation is not expected to be a major factor in the Partnership's
operations, except that traditionally the commodities markets have tended to be
more active and thus potentially more profitable during times of high inflation.
Since the commencement of the Partnership's trading operations in July 1990,
inflation has not been a major factor in the Partnership's operations.

Risk Management

In the normal course of business, the Partnership is a party to a variety
of off-balance sheet financial instruments in connection with its trading
activities. These activities include the trading of financial futures, forwards,
swaps, exchange traded and negotiated over-the-counter options, and other
commodity interests. These financial instruments give rise to market and credit
risk in excess of the amounts recognized in the statements of financial
condition. The Partnership is subject to market and credit risk associated with
changes in the value of underlying financial instruments, as well as the loss of
appreciation on certain instruments if its counterparties fail to perform.

TIC takes an active role in managing and controlling the Partnership's
market and credit risks and has established formal control procedures that are
reviewed on an ongoing basis. TIC attempts to minimize credit risk exposure to
trading counterparties and brokers through formal credit policies and monitoring
procedures.

In order to control the Partnership's market exposure, TIC applies risk
management guidelines and policies designed to protect the Partnership's
capital. These guidelines and policies include quantitative and qualitative
criteria for evaluating the appropriate risk levels for the Partnership. Tudor's
Risk Management Committee, comprised of senior personnel from different
disciplines, regularly reviews the Partnership's trading positions. The Tudor
Management Committee, together with the Risk Management Committee and Tudor's
Risk Management Department, assess and evaluate the Partnership's potential
exposures to market risk based on analyses performed by the Risk Management
Department. The Risk Management Department's responsibilities include: focusing
on the positions taken in various instruments and markets globally; ascertaining
that all such

positions are accurately reflected on the Partnership's position
reports; and evaluating the risk exposure associated with all of those
positions.

The Risk Management Department uses a statistical technique known as Value
at Risk ("VaR") to assist TIC in measuring the Partnership's exposure to market
risk related to its trading positions. The VaR model is a proprietary system and
is one of the many analytical tools used by the Risk Management Department to
monitor and review the market risk exposure of the Partnership's trading
portfolio. The VaR model projects potential losses of the portfolio and is based
on a methodology which uses a one-year observation period of hypothetical daily
changes in trading portfolio value, a one-day holding period, and a
one-standard-deviation level. These figures can be scaled up to indicate risk at
the 95% or 99% confidence level.

Tudor's Credit Committee, comprised of senior managers from different
disciplines, meets regularly to analyze the credit risk associated with the
Partnership's counterparties, intermediaries, and service providers. A
significant portion of the Partnership's positions are invested with, or held
at, institutions with high credit standing. The Credit Committee establishes
counterparty exposure limits and specifically designates which product types are
approved for trading.

The following table illustrates the VaR for each component of market risk
as of September 30, 2001. The dollar values represent the VaR assuming a 1.65
standard deviation move in each of the financial instruments indicated.

VaR
Risk Factors (95% Confidence)
------------ ----------------
Interest Rate Futures and Option Contracts $268,290

Foreign Exchange Contracts $306,735

Equity index futures: $307,395

Non-Financial Derivative Instruments $102,300

See also "CAPITALIZATION" and "TUDOR FUND FOR EMPLOYEES L.P. FINANCIAL
STATEMENTS AS OF DECEMBER 31, 2000 AND 1999 TOGETHER WITH AUDITORS' REPORT" and
"TUDOR FUND FOR EMPLOYEES L.P. FINANCIAL STATEMENTS AS OF MARCH 31, 2001
(UNAUDITED)."

6. The General Partner. John R. Torell has succeeded Mark Pickard as
Managing Director and Chief Financial Officer of the General Partner and Trading
Advisor. Consequently,

all references on page 19 under "THE GENERAL PARTNER" to Mark Pickard are
deleted, and the name John R. Torell is substituted therefor.

7. Performance Record of the Partnership. The information regarding the
performance record of the Partnership beginning with the last paragraph on page
19 under "PERFORMANCE RECORD OF THE PARTNERSHIP" is deleted in its entirety and
the following is substituted therefor:

The performance record of the Partnership from January 1, 1997
through February 28, 2002 is shown below. The Partnership's complete
performance record since it began trading (July 2, 1990 through
February 28, 2002) is shown in Item 13 below. The information below and
in Item 13 is the actual trading performance of the Partnership after
payment of advisory fees, transaction costs, and all other expenses and
costs. The rates of return shown below and in Item 13 are
representative of the rates of return experienced by each investor
holding a Unit during the period shown.

The information below and in Item 13 has not been audited.
However, the General Partner believes that such information is accurate
and fairly presented.

You should be aware that past performance information cannot
predict how the Partnership will perform in the future. It is possible
that the Partnership will incur losses in the future.

ACTUAL PERFORMANCE RECORD OF TUDOR FUND FOR EMPLOYEES L.P.
Rates of Return (1)(2)

2002 2001 2000 1999 1998 1997
-----------------------------------------------------------
January............ 1.56% -0.64% -0.85% -4.05% -0.35% 2.69%
February (3)....... 0.65% 2.38% 5.10% 6.31% 1.27% 8.65%
March.............. 8.21% -7.98% -6.03% 4.23% 4.96%
April.............. -4.11% -0.43% -2.46% -4.32% 0.48%
May................ 1.26% 5.69% -0.94% -0.74% 1.65%
June............... 3.20% -3.87% -1.46% 1.07% -0.40%
July............... 4.45% -0.95% 3.39% 2.72% 3.49%
August............. 5.87% 1.81% 2.05% 11.29% 3.94%
September.......... 4.07% 6.54% 0.07% 12.82% -5.13%
October............ 2.05% -1.92% 4.52% -0.20% -1.55%
November........... -4.19% 8.34% 4.49% -2.15% 4.33%
December........... 1.40% 11.70% 2.01% 5.46% 1.74%
-----------------------------------------------------------
Annual (Period)Rate
of Return (2)(3) 2.21% 25.83% 23.69% 7.35% 34.11% 27.05%
===========================================================

Name of Fund: Tudor Fund For Employees L.P.
Type of Fund: Publicly Offered
7

Inception of Trading: July 2, 1990
Aggregate Subscriptions Since Inception (4): $42,917,000
Aggregate Redemptions Since Inception: $34,555,000
Current Net Assets (3): $34,627,000
Largest Monthly Percentage Drawdown (5): March 2000 (-7.98%)
Worst Peak to Valley Percentage Drawdown (6): March 1, 1999-June 30, 1999
(-10.53%)

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS TABLE.

FOOTNOTES TO TABLE

The performance data presented above has been calculated on an accrual
basis of accounting in accordance with United States generally accepted
accounting principles.

(1) Monthly rate of return ("Monthly Rate of Return") is calculated
by dividing Net Performance by Beginning Net Assets plus
Additions (as such terms are defined below). Monthly Rate of
Return does not take into account Withdrawals (as such term is
defined below). Because Withdrawals occur only at the month-end,
their effect on the calculation of Monthly Rate of Return is not
material.

"Additions" represents all additional capital contributed during
a month.

"Beginning Net Assets" represents the sum of cash and cash
equivalents and the equity in the Partnership accounts, less
accrued and paid expenses as of the beginning of a month.

"Net Assets" means the market value of the Partnership's assets
less any accrued liabilities.

"Net Performance" represents the change in Net Assets, net of
Additions and Withdrawals.

"Withdrawals" represents all withdrawals of capital during a
month.

(2) "Annual (Period) Rate of Return" is calculated by determining the
Monthly Rate of Return for each month during the relevant period
and compounding such returns by subsequent Monthly Rates of
Return achieved during such period.

(3) Figure for this period in 2002 is estimated.

(4) "Aggregate Subscriptions Since Inception" includes subscriptions
to the Partnership at the January 1, 2002 Quarterly Closing.

(5) "Largest Monthly Percentage Drawdown" represents the greatest
cumulative percentage decline in month-end Net Assets due to
losses sustained by the Partnership during any one-month period
shown in the table.

(6) "Worst Peak to Valley Percentage Drawdown" represents the
greatest cumulative percentage decline in month-end Net Assets
due to losses sustained by the Partnership during any period
shown in the table in which Net Assets at any prior month-end are
not equaled or exceeded by subsequent Net Assets.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

8. Trading Advisor and Principals. The information regarding the Trading
Advisor and its principals on pages 22-23 is amended as follows:

John R. Torell has succeeded Mark Pickard as Managing Director and Chief
Financial Officer of the General Partner and Trading Advisor. Consequently, the
biography of Mark Pickard in the second full paragraph is deleted in its
entirety, and the following is substituted therefor:

John R. Torell. Mr. Torell, age 39, is a Managing Director and the
Chief Financial Officer of the Trading Advisor. Mr. Torell joined the
Trading Advisor in May 1994. Mr. Torell does not participate in the trading
of customer accounts of the Trading Advisor or its affiliates.

9. Description of the Clearing Brokers. The table beginning on page 25
showing clearing brokers with which the Partnership currently maintains trading
accounts is amended as follows.

On page 25, the second item in the first row, first column, under "Cargill
Investor Services, Inc." is amended by the insertion of the words, "An affiliate
of the" at the beginning of the sentence.

The following is inserted as the new first row of the table on page 25:

- -------------------------------------------------------------------------------
Regulatory Organization
Clearing Broker Main Business Office Memberships and Registrations
- -------------------------------------------------------------------------------
Barclays Capital Inc. 222 Broadway o Registered with CFTC as an FCM.
New York, NY 10038 o Member of NFA as an FCM.
Tel. 212-412-6915 o Registered with SEC as a
broker-dealer
o Member of NASD as a broker-
dealer
- -------------------------------------------------------------------------------

The second paragraph on page 27 entitled "Municipal Bond Advance Refunding
Litigation" is amended by the insertion of the following sentence at the end of
the paragraph: "The 17 defendants have entered into a court-approved settlement
agreement."

The table regarding recent material actions against clearing brokers on
pages 27-30 is amended as follows:

The following is inserted as a new first paragraph opposite "Merrill Lynch
Futures, Inc." on page 28:

o Merrill Lynch, Pierce, Fenner & Smith Incorporated, an affiliate of
Merrill Lynch, was a defendant in the Municipal Bond Advance Refunding
Investigation.

The following is inserted as the last paragraph opposite "Prudential Securities
Incorporated" on page 29:

o In December 1998, the SEC alleged that Prudential failed to
supervise adequately one of its representatives in violation of the
Securities Act, and in January 2001 imposed sanctions and filed a
cease-and-desist order against Prudential. Without admitting or denying the
findings, Prudential consented to a censure and the payment of a fine of
$800,000.

10. Plan of Distribution. On page 35, the reference to "Cargill Investor
Services, Inc." in the first sentence of the first paragraph under "PLAN OF
DISTRIBUTION" is deleted, and the name "CIS Securities, Inc." is substituted
therefor. The fourth sentence of such first paragraph is deleted, and the
following is substituted therefor: "The Selling Agent is an affiliate of Cargill
Investor Services, Inc., a clearing broker for the Partnership and other
investment funds that are sponsored and/or advised by the Trading Advisor and
its affiliates."

11. Subscription Procedure. On page 36, the third paragraph, including the
numbered subparagraphs, under "SUBSCRIPTION PROCEDURE" is deleted in its
entirety and the following is substituted therefor:

Payment may be made by either:

(1) a check payable to "The Bank of New York, as Escrow
Agent for Tudor Fund For Employees L.P.," or

(2) a wire tranfer of Federal Funds to the Partnership's
escrow account designated as "The Bank of New York, New York, NY,
ABA #021000018, Account No. GLA/111565, for credit to account no.
830633, Tudor Fund for Employees L.P., Reference: [Subscriber's
Name]."

12. Security Ownership of Certain Beneficial Owners and Management. The
information regarding the "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT" of the Partnership on page 39 is deleted in its entirety and the
following is substituted therefor:

Security Ownership of Certain Beneficial Owners. As of January 1,
2002, the only persons who owned more than five percent (5%) of the
outstanding interests in the Partnership were:

Name (1) Address No. Units Percent
- ---- ------- --------- -------
Tudor Investment
Corporation 401(k)
Savings and Profit-Sharing Plan ..... 1275 King Street 710.6141 18.7%
Greenwich, CT 06831

Robert P. Forlenza.................... c/o Tudor Investment 229.4980 6.1%
Corporation
50 Rowes Wharf
Boston, MA 02110

James Pulaski......................... c/o Tudor Investment 231.3262 6.1%
Corporation
1275 King Street
Greenwich, CT 06831

Second Management LLC ................ 1275 King Street 196.5807 5.2%
Greenwich, CT 06831
- ------------------
(1) The persons named in this table have sole voting and investment
power with respect to all interests in the Partnership shown as
beneficially owned by them, subject to community property or similar
laws where applicable.

Security Ownership of Management. As of January 1, 2002, the
General Partner and the executive officers of the General Partner
collectively owned 17.89% of the outstanding interests in the
Partnership. As of January 1, 2002, in addition to the persons
identified in the table above, Mark F. Dalton and Andrew S. Paul, each
of whom is a principal of both the General Partner and the Trading
Advisor, owned 118.8156 Units (3.13%) and 133.6957 Units (3.527%),
respectively.

13. Additional Partnership Performance. The information regarding the
performance record of the Partnership on pages Appendix A-1 and A-2 is deleted
in its entirety and the following is substituted therefor:

ADDITIONAL PARTNERSHIP PERFORMANCE

The Partnership's complete performance record since it began trading
(July 2, 1990 through February 28, 2002) is shown below.

The information below is the actual trading performance of the
Partnership after payment of advisory fees, transaction costs, and all
other expenses and costs. The rates of return shown below are
representative of the rates of return experienced by each investor
holding a Unit during the period shown.

The information below has not been audited. However, the General
Partner believes that such information is accurate and fairly
presented.

You should be aware that past performance information cannot
predict how the Partnership will perform in the future. It is possible
that the Partnership will incur losses in the future.

ACTUAL PERFORMANCE RECORD OF TUDOR FUND FOR EMPLOYEES L.P.
Rates of Return (1)(2)

2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
--------------------------------------------------------------------------------------------------------------------
January...... 1.56% -0.64% -0.85% -4.05% -0.35% 2.69% 9.92% 4.12% 4.61% -2.80% 9.61% 3.96%
February (3). 0.65% 2.38% 5.10% 6.31% 1.27% 8.65% 0.69% 3.59% -2.24% -0.83% 6.07% -8.01%
March........ 8.21% -7.98% -6.03% 4.23% 4.96% 1.70% 12.14% -0.23% -1.45% 8.13% 0.47%
April........ -4.11% -0.43% -2.46% -4.32% 0.48% 7.93% 0.53% -1.28% -1.39% 3.02% 5.96%
May.......... 1.26% 5.69% -0.94% -0.74% 1.65% -2.50% -3.96% -1.64% -2.99% -4.03% -0.75%
June......... 3.20% -3.87% -1.46% 1.07% -0.40% -1.42% -3.19% 5.62% 0.98% -6.88% 7.95%
July......... 4.45% -0.95% 3.39% 2.72% 3.49% 0.54% 0.18% -4.37% 1.59% -4.03% -4.41% -9.62%
August....... 5.87% 1.81% 2.05% 11.29% 3.94% -0.99% 5.50% 1.04% 0.05% 1.11% 0.10% 13.44%
September.... 4.07% 6.54% 0.07% 12.82% -5.13% -3.67% 1.49% 8.29% 1.23% 13.23% 1.55% 2.46%
October...... 2.05% -1.92% 4.52% -0.20% -1.55% -0.34% 4.73% -3.58% 2.57% 10.13% 5.78% 17.19%
November..... -4.19% 8.34% 4.49% -2.15% 4.33% -2.26% 0.50% 2.04% 1.02% -3.10% 9.07% -1.87%
December..... 1.40% 11.70% 2.01% 5.46% 1.74% 0.42% 2.08% -0.79% 4.12% -0.98% -1.76% 3.83%
- -------------- ------- -------- --------- -------- -------- -------- -------- -------- -------- --------- --------- -------- ------
Annual 2.21% 25.83% 23.69% 7.35% 34.11% 27.05% 9.52% 30.26% 6.87% 1.88% 34.01% 20.13% 5.44%
(Period) Rate
of Return (2)
(3)

===================================================================================================================================

Name of Fund: Tudor Fund For Employees L.P.
Type of Fund: Publicly Offered
Inception of Trading: July 2, 1990
Aggregate Subscriptions Since Inception (4): $42,917,000
Aggregate Redemptions Since Inception: $34,555,000
Current Net Assets (3): $34,627,000
Largest Monthly Percentage Drawdown (5): March 2000 (-7.98%)
Worst Peak to Valley Percentage Drawdown (6): March 1, 1999--June 30, 1999
(-10.53%)

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THIS TABLE.

FOOTNOTES TO TABLE

Withdrawals (as such term is defined below). Because Withdrawals
occur only at the month-end, their effect on the calculation of
Monthly Rate of Return is not material.

"Additions" represents all additional capital contributed during
a month.

"Beginning Net Assets" represents the sum of cash and cash
equivalents and the equity in the Partnership accounts, less
accrued and paid expenses as of the beginning of a month.

"Net Assets" means the market value of the Partnership's assets
less any accrued liabilities.

"Net Performance" represents the change in Net Assets, net of
Additions and Withdrawals.

"Withdrawals" represents all withdrawals of capital during a
month.

(3) Figure for this period in 2002 is estimated.

(4) "Aggregate Subscriptions Since Inception" includes subscriptions
to the Partnership at the January 1, 2002 Quarterly Closing.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
RESULTS.