NOTES:
Vega Capital Group LLC ("Vega") is an independent adviser registered with the Securities & Exchange Commission. The performance shown reflects actual performance for representative accounts. One representative account is selected for each strategy. The selection of representative account is based on the following factors: cash flows into or out of account for the reporting period, size of account sufficient to be representative of the strategy, average trading expenses. Performance of other accounts managed under the same strategy may vary. The firm maintains a complete list of its accounts performance, which is available upon request. Past performance is not indicative of future results. Accounts under Vega's management are not insured against loss of principal, and may loose value. The U.S. Dollar is the currency used to express performance. Returns are presented net of management fees and include the reinvestment of all income. In addition to an advisory fee, performance shown includes any additional custodial or service fees. The advisory fees for Vega Equity* accounts are calculated as follows: management fee of 0.375% is charged quarterly in advance, based on the closing balance on the last date of the previous quarter; and performance fee is charged annually in arrears, equal to the 10% of annual investment gain above all relevant watermarks and hurdle rates for the account. Vega's schedule of advisory fees vary based on product and type of client and is contained in Form ADV-II. Additional information regarding the policies for calculating and reporting returns is available upon request.

The indices used for comparison are Standard & Poor's 500 Index, which is comprised of 500 selected common stocks most of which are listed on the NYSE; Dow Jones Industrial Average (DJIA) Index, which is a price-weighted average of 30 blue-chip stocks and NASDAQ Composite (NASDAQ) Index, which is a broad-based capitalization-weighted index of all NASDAQ (National Market & Small-Cap) stocks. Vega Equity* Inception Date is 07/01/2003.Vega Equity* program is only available to qualified investors. Performance for Vega Equity* program for year 2003 is based on pro-forma results for months January through June of 2003. Pro-forma results may not be indicative of actual performance in client's accounts.

Vega Equity* Inception Date is 07/01/2003.
Vega Equity* program is only available to qualified investors.
Performance for Vega Equity* Program for year 2003 is based on pro-forma results for months January through June of 2003. Pro-forma results may not be indicative of actual performance in clients accounts.