Narragansett Asset Management

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy the limited partnership interests or securities of any fund described herein. No such offer or solicitation willbe made prior to the delivery of a Confidential Offering Memorandum and other materials relating to the matters described herein. Before making an investment decision with respect to such interests or securities, potential investors are advised to read carefully the Confidential Offering Memorandum, the Limited Partnership Agreement, and the related Subscription Documents (collectively, the “Offering Documents”), and to consult with their tax, legal and financial advisors. Data presented is un‐audited. References to specific securities or investments are for illustrative purposes and are not intended to be and should not be relied upon as a recommendation to purchase or sell particular investments or engage in particular strategies. The references to specific strategies or investment vehicles are not a complete list of all investment vehicles or strategies. Other strategies or portfolios may have experienced results which may differ, perhaps materially, from those presented herein.

There are certain risks associated with an investment in hedge funds. For example such funds can experience volatile results and an investor or limited partner could lose some or all of his investment. A fund investment is very speculative and involves a high degree of risk, not suitable for all investors. Further such an investment is illiquid, due to restrictions on transfer, the lack of registration and the absence of a current or expected secondary market for fund interests or shares. Investment strategies may include non‐performing / distressed, illiquid assets and non‐US assets, employ leverage and a shorting strategy. High management fees and an incentive fee or allocation may cause the manager totake greater risks than it ordinarily would without such fees. This is not a complete description of the risks associated with a hedge fund investment. Any decision to invest in the securities or interests described herein should be made after reviewing the Offering Documents, conducting such investigations as a potential investor or limited partner deems advisable and consulting with their own legal, accounting and tax advisors in order to make an independentdetermination of the suitability and consequences of an investment in the securities described herein.

This presentation contains a preliminary summary of the purpose of the fund and certain business terms; this summary does not purport to be complete and is qualified and superseded in its entirety by reference to the more detailed discussion contained in the Offering Documents. The General Partner or the Investment Manager, as the case may be, has the ability in its sole discretion to change the strategy or data presented herein and does not expect to update or revise the information except by means of the Offering Documents. There is no representation or guarantee regarding the reliability, accuracy or completeness of this material, and neither Narragansett Asset Management, LP (“NM”) its affiliates nor their respective members, officers, or employees will be liable for any damages including loss of profits which result from reliance on this material.

This presentation is being provided to eligible investors on a confidential basis for the sole purpose of evaluating an investment in a Narragansett Asset Management fund. Accordingly, this document may not be reproduced or distributed in whole or in part not may its contents be incorporated in whole or in part in a performance index, website, or similar database without the prior written consent of NS. By accepting this presentation, you have agreed to these terms. Past performance is no guarantee of future results. Management feesand incentive fees or allocations, if any are deducted from net results but not from gross results. All performance results, unless otherwise noted, assume investment at inception. Individual results may vary. Longer term results may not meet the levels achieved to date. Other Narragansett Asset Management funds may experience results which differ, perhaps materially, from those presented, due to different investment objectives, guidelines and market conditions. Returns include hot issue allocations, if any, returns reflect the reinvestment ofdividend and income. Indices are not managed and do not reflect the deduction of advisory fees or other fees and expenses of investing. The fund it not limited to the securities comprising the indices andmay use options, short selling, leverage, concentrated positions and other investment techniques not reflected in the indices. Accordingly, the returns of the fund and the indices are not comparable. The return data is presented un‐audited