MSF Capital Partners L.P. -

Class B

Fund Investment Objectives

MSF Capital Partners L.P. (the "Fund") is focused on providing superior risk-adjusted after tax returns by identifying market pricing inefficiencies through a detailed fundamental and value-based research process. The Fund is a value driven, global long/short equity hedge fund. MSF Capital, LLC, formerly EnTrust Capital Inc, is the Investment Adviser which has been registered since its inception of 1997 with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The Fund's long equity positions, which typically include 25-50 positions across multiple market capitalizations, are characterized by companies with, in the Investment Adviser's view, strong management teams and free cash flow generation. The research of short equity positions, typically 25-50 holdings, is based upon fundamental analysis utilized to identify companies with, in the Investment Adviser's view, deteriorating business models and financial characteristics.