| | EnTrust Investor Services - EnTrust Capital Inc. Equity Performance |
 | | EnTrust Capital Inc. (the "Company") was incorporated on February 12, 1997 and commenced operations May 1, 1997. |
 | | The accompanying statement of net investment performance statistics represents the unleveraged equity portion of the discretionary accounts managed by the principals of the Company from January 1, 1991 through May 1, 1997, while at Goldman Sachs and Co., and those managed by the Company following commencements of its operations. |
 | | During the periods reflected in the statement of net investment performance statistics, no individuals other than the principals of EnTrust Capital Inc. played any p[art in the investment decisions related to the accounts included in the composite results. |
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