Sapphire

Voyager Fund, L.P.

Fund Investment Objectives

The Fund's investment objective is to produce long-term returns substantially in excess of the returns of the S&P 500 Index, but with less downside risk. Over a full market cycle, the Fund seeks to deliver, net to the investor and reflecting all fees, a cumulative return equal to at least 175% of the cumulative return of the S&P 500, including dividend income, while subjecting investors to not more than 65% of the volatility of the S&P 500. The manager believes that his prior experience as the founder and portfolio manager of a single-manager equity long/short hedge fund is a critical advantage in evaluating hedge funds, particularly equity long/short funds, for inclusion in the fund of funds. This type of hedge fund management experience is exceedingly rare among the principals of funds of funds. The inception date provided, Jan. 1, 2004, refers to the inception date of the current strategy. Prior to the strategy inception date, the fund was run close to market neutral (beta was 0.04), and invested a large fraction of its portfolio with managers who had large amounts of assets under management relative to their particular strategies. Over the course of the last nine months of 2003, the portfolio was transitioned to its current strategy, which (1) emphasizes managers whose assets under management are small to moderate, relative to each manager's particular strategy, and (2) targets a much wider range of -15% to +60% net exposure. Prior to the strategy inception date, the fund outperformed the S&P 500 (with dividends) by an annualized 3.6 percentage points, with volatility of only 3.5% compared to 17.9% for the S&P during that period. More detailed performance data for the period prior to the strategy inception date is part of the fund's standard informational package, available upon request from the manager.