Performance

THE GRAPH BELOW REFLECTS VAMI (VALUE ADDED MONTHLY INDEX) ON MR GOLDMAN’S PROPRIETARY ACCOUNT. The performance results are net of a 20% pro forma annual incentive fee and a pro forma monthly management fee of .0833% (1% per annum). The pro forma adjustments were made to demonstrate what the rates of returns would have been if Goldman's current fee structure was charged. MONTHLY RETURNS ON THE S&P 500 IS DERIVED FROM THE S&P WEB SITE.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS