Specialists, L.P.

Fund Investment Objectives

Voyager Specialists, L.P. is a multi-manager partnership comprised of hedge funds that invest in a specific market sector. It was founded on the premise that investment managers that specialize in a market sector which involves rapid technological change often have a competitive advantage over managers who are generalists investing in the same sector. Voyager Specialists' strategy is to focus on sectors that have three primary characteristics: 1) significant growth prospects, 2) rapid technological change, and 3) multiple sub-sectors which may compete with each other and therefore allow for effective hedging of one sub-sector against another. From this strategy, Voyager Specialists has chosen to focus on three primary sectors: 1) Technology, 2) Healthcare/Biotechnology, and 3) Communications/Communications Technology/Media. Voyager Specialists has traditionally had 15 to 20 hedge funds in its portfolio. Assets have been allocated 45-50% to technology, 20-30% to healthcare/biotechnology, and 20-25% to communications and media. In the future, it is possible that the number of hedge funds in the portfolio, as well as the asset allocation, may vary. Incentive Fee: After achieving the average 90-day T-bill rate for the year (calculated quarterly), Voyager Management will be allocated the sum of 5% of the first 5% of net profits, 10% of the next 7.5% of net profits, and 15% of any further net profits. Min. Investment (K): $1,000,000 for institutions $500,000 for individuals.