Appendix D

PERFORMANCE OF PRINCETON NEWPORT PARTNERS, LP

Period Beginning and Ending	Princeton Newport Partners, LP (1)	Princeton Newport Partners, LP (2)	S&P 500 Index (3)	3 Month US T-Bill Total Return
11/01/69—12/31/69	+4.0	+3.2	-4.7	+3.0
01/01/70—12/31/70	+16.3	+13.0	+4.0	+6.2
01/01/71—12/31/71	+33.3	+26.7	+14.3	+4.4
01/01/72—12/31/72	+15.1	+12.1	+19.0	+4.6
01/01/73—12/31/73	+8.1	+6.5	-14.7	+7.5
01/01/74—12/31/74	+11.3	+9.0	-26.5	+7.9
01/01/75—10/31/75^*	+13.1	+10.5	+34.3	+5.1
11/01/75—10/31/76	+20.2	+16.1	+20.1	+5.2
11/01/76—10/31/77	+18.1	+14.1	-6.2	+5.5
11/01/77—10/31/78	+15.5	+12.4	+6.4	+7.4
11/01/78—10/31/79	+19.1	+15.3	+15.3	+10.9
11/01/79—10/31/80	+26.7	+21.4	+32.1	+12.0
11/01/80—10/31/81	+28.3	+22.6	+0.5	+16.0
11/01/81—10/31/82	+27.3	+21.8	+16.2	+12.1
11/01/82—10/31/83	+13.1	+10.5	+27.9	+9.1
11/01/83—10/31/84	+14.5	+11.6	+6.5	+10.4
11/01/84—10/31/85	+14.3	+11.4	+19.6	+8.0
11/01/85—10/31/86	+29.5	+24.5	+33.1	+6.3
11/01/86—12/31/87^**	+33.3	+26.7	+5.1	+7.1
01/01/88—12/31/88	+4.0	+3.2	+16.8	+7.4
Total Percentage Increase¹	2,734%	+1,382%	545%	345%
Annual Compound Rate of Return¹	19.1%	15.1%	10.2%	8.1%

* Fiscal year changed to November 1 start date from January 1 start date.

** Fiscal year changed back to January 1 start date.

1 These figures are for the period from inception through 12/31/88.

The period 01/01/89 through 05/15/89 is omitted because:

(a) the partnership was liquidating and distributing its capital in a series of payments,

(b) it was no longer engaged in its traditional business and the return on capital was complex to calculate,

The partnership was originally called Convertible Hedge Associates and changed its name to Princeton Newport Partners as of 11/01/75.

(1) Before allocation to general partners, including managing general partners

(2) Net to limited partners

(3) Including dividends