This presentation shall not constitute an offer to sell or the solicitation of any offer to buy an interest in a fund or other investment product offered by Voyager Management LLC, which may only be made at the time a qualified offeree receives a confidential private offering memorandum (“CPOM”) describing the offering and related subscription agreement and in the case of any inconsistency between the descriptions or terms in this presentation and the CPOM, the CPOM shall control. These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied.

While Voyager believes all the information set forth in this presentation is from reliable sources, (there is no assurances as to its accuracy or completeness), any projections, market outlooks or estimates in this presentation are forward-looking statements and are based upon certain assumptions, which reflect the views of the investment manager and should not be construed to be indicative of the actual events which will occur. Other events which were not taken into account may occur and may significantly affect the returns or performance of the fund should not be construed as an indicator of future performance. The investment manager may modify its investment approach and portfolio parameters in the future in a manner which it believes is consistent with its overall investment objectives. This presentation is not intended for public use or distribution.

An investment in the fund is speculative and involves a high degree of risk. There is no guarantee that the investment objective of the fund will be achieved. Moreover, the past performance of the fund should not be construed as an indicator of future performance. Opportunities for redemptions and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests and none is expected to develop. An investor should not make an investment, unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits. The investment manager may modify its investment approach and any portfolio parameters set forth herein at any time in any manner which it believes is consistent with its overall investment objective without notice to investors.

The indices referenced in this document are well-known market indices which are included merely to show the general trend in the markets in the periods indicated and are not intended to imply that the underlying fund returns were comparable to the indices either in composition or element of risk.

Username and Password: VOYAGER MANAGEMENT makes the site available only to its clients and other persons expressly authorized by VOYAGER MANAGEMENT. The Site contains confidential, nonpublic information and is intended only for the use of the individual or entity that has been specifically authorized to view the information. In consideration of being granted a username and password and permitted access to this Site, the user hereby acknowledges having read and understood these Terms of Use and agrees to be found hereby. Subsequent use of any username and password carried by VOYAGER MANAGEMENT shall be deemed to constitute full acceptance by the user. As a condition to this authorization, the user agrees that any copy which he or she makes of any report or information contained on the Site shall retain all copyright and other proprietary notices contained therein, and that any other use of documents published on the Site without prior written approval from VOYAGER MANAGEMENT is strictly prohibited.

Passwords and Security: You are responsible for the confidentiality and use of your password. Your password is an important means of protection for you. You agree to contact us immediately if you believe that an unauthorized person has obtained access to your password.

Use of Information and Materials: By accessing this site, you signify your agreement with, and understanding of, the following Terms of Use and Legal Information pertaining to both this site and any material on it. This site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Your use of this site constitutes your agreement to all such terms, conditions and notices. Voyager Management reserves the right to change the terms, conditions, and notices under which this site is offered.

Links: Voyager Management makes no representations whatsoever about the opinions of any third party appearing on a linked site, neither regularly monitors nor has control over the contents of such sites and does not endorse, and disclaims all responsibility for, the content of such statements or websites.

No Warranty: While VOYAGER MANAGEMENT uses reasonable efforts to update the information on this site, VOYAGER MANAGEMENT makes no representations or warranties as to the accuracy, reliability or completeness of any information at this site. Any contents at this site are subject to change without notice.

Limitation and Liability: In no event will VOYAGER MANAGEMENT be liable for any damages, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the website or use thereof or the inability by any party to use such site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if VOYAGER MANAGEMENT, or representatives thereof, are advised of the possibility of such damages, losses or expenses.

Third Party Information: This site is not absolutely protected against unauthorized third parties. You acknowledge that any information provided through the Internet may be potentially accessed by unauthorized third parties. Although VOYAGER MANAGEMENT will make reasonable efforts to protect the privacy of users of this site, no guarantee can be made that unauthorized third parties will not access the information contained on the Web Site. You acknowledge that VOYAGER MANAGEMENT is not responsible for notifying you that unauthorized third parties have gained such access or that any data has been otherwise compromised during transmission across computer networks or telecommunications facilities, including, but not limited to, the Internet.

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