This document is confidential and was prepared by Hudson Street Investment Management, LP. (HSIM or the General Partner) for the benefit and internal use of the party to whom it is directly addressed and delivered (the Recipient). None of the materials, nor any content, may be altered in any way, transmitted to, copied, reproduced or distributed in any format in whole or in part to any other party without the express written consent of HSIM, which manages HSIM related vehicles.

Investment in the Funds involves a high degree of risk. There can be no assurance that the Partnership's investment objectives can be achieved, or that an investor (Limited Partner or LP) will receive a return of capital. Opportunities for withdrawal and transferability of interest 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. A Limited Partner's investment in the Fund should be limited to the risk capital portion of its investment portfolio. In addition, there may be occasions when the General Partner of the respective Partnership and its affiliates encounter potential conflicts of interest in connection with the Partnership. For a more detailed explanation of the risks of the Partnership, please review the Partnership's private placement memorandum "(the Memorandum"), subscription agreement, and limited partnership agreement (Offering Documents).

In addition to historical information, this presentation contains "forward-looking statements". The words "forecast", "estimate", "project", "intend", "expect", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including those discussed in the Memorandum, which may cause the Fund's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition, new risks and uncertainties may arise from time to time. Accordingly, all forward- looking statements should be evaluated with an understanding of their inherent uncertainty. Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Certain economic and market information contained herein has been obtained from published sources prepared by third parties or HSIM and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, neither the Fund, nor ts respective affiliates or employees assume any responsibility for the accuracy or completeness of such information. In particular, it should be noted that the financial information contained herein has not been audited. Information contained herein may include information respecting prior investment performance including gross and net returns. Information respecting prior performance, while a useful tool in evaluating an investment, is not necessarily indicative of actual results to be achieved for unrealized investments, the realization of which is dependent upon many factors, many of which are beyond the control of HSIM.

No representation or warranty, express or implied, is given by or on behalf of the Fund, HSIM, or any of such persons' directors, officers or employees or any other person as to (a) the accuracy or completeness of the information or (b) the opinions contained in this document and no liability is accepted for any such information or opinions. Unless otherwise stated in this document, the information contained herein is based on the Fund's information and estimates. The information and opinions contained in this presentation are provided as of the date of this document and are subject to change without notice.

This presentation is qualified in its entirety by reference to the memorandum and the agreement of limited partnership of the Fund, as may be amended and/or modified from time to time and the subscription agreement related thereto, copies of which will be made available upon request and should be reviewed before purchasing a limited partnership interest in the Fund. The purchase of interests in the Fund will be suitable only for sophisticated investors for whom an investment in the Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Fund's investment program. Statements in this presentation are made as of the date herein unless stated otherwise, and neither the delivery of this presentation at any time nor any sale of the limited partnership interests described herein shall under any circumstances create an implication that the information contained herein is correct as of any time after such date. This presentation is not intended to be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The contents herein are not to be construed as legal, business, or tax advice, and each prospective investor should consult its own attomey, business advisor, and tax advisor as to legal, business, and tax advice. In considering any performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results.

Any investment in the Fund is subject to various risks, some of which are outlined herein. A complete description of certain risks involved with an investment in the Fund can be found in the memorandum; such risks should be carefully considered by prospective investors before they make any investment decision. This presentation is for informational purposes only, and does not constitute, or form part of, a does not constitute an offer or solicitation in any state or other jurisdiction to subscribe for or purchase any limited partnership interests described herein or any security or investment product. All persons interested acquiring interests in any Fund should first review applicable Fund's Offering Documents.

Recipients of this presentation agree that HSIM, its affiliates and their respective partners, members, employees, officers, directors, agents, and representatives shall have no liability for any misstatement or omission of fact or any opinion expressed herein. The presentation is not intended for any general distribution or publication and is strictly confidential. This presentation and the information contained herein consists of confidential proprietary information and is the sole property of the Funds. Each recipient further agrees that it will (i) not copy, reproduce, or distribute this presentation, in whole or in part, to any person or party (including any employee of the recipient other than an employee directly involved in evaluating an investment in the Fund) without the prior written consent of HSIM; and (ii) keep permanently confidential all information contained herein that is not already public. Past performance is no guarantee of future results. An investment in the Funds could suffer loss.