EnTrust Diversified Select

Equity Fund L.P.

Fund Investment Objectives

Select Equity is an equity-oriented multi-manager fund, which is an alternative to traditional long-only equity investments and invests with a diversified group of global managers, employing multiple equity strategies including long/short hedged, special situations, event-driven and shareholder activism. The Investment Committee is chaired by Gregg S. Hymowitz, Founder/Managing Partner/Portfolio Manager, and is comprised of a Partner and two Managing Directors. While the Investment Committee will consider any investment strategy which it believes will add alpha to the portfolio, it will not invest in any investment style or strategy which it is not comfortable with, as determined after discussions with the managers and thorough due diligence.