Disclaimer This presentation does not constitute an offer to sell or a solicitation or an offer to buy any securities and may not be relied upon in connection with any offer or sale of securities. Any such offer or solicitation may only be made by means of formal offering documents that will be provided only to qualified offerees. This document should be read in conjunction with, and is qualified in its entirety by, information appearing in such formal offering documents, which should be carefully reviewed prior to investing. Past performance is not necessarily indicative or a guarantee of future results. An investment in any fund is speculative and entails substantial risks. Investors must be prepared for the risk of loss. This communication is provided for information purposes only. In addition, because this communication is preliminary and a summary only, it does not contain all material terms, including important conflicts disclosures and risk factors associated with an investment in a fund. This communication in and of itself should not form the basis for any investment decision. Nothing in this presentation constitutes or should be construed to constitute investment advice. We and/or our affiliates are long CHUBA and/or CHUBK and have no obligation to update this presentation if our views change. We can buy and/or sell CHUBA or CHUBK at any time without further notification. Certain information contained in this document constitutes "forward-looking statements," which can be identified by the use of forward- looking terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend“, "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the funds may differ materially from those reflected or contemplated in such forward-looking statements and no undue reliance should be placed on these forward-looking statements, nor should the inclusion of these statements be regarded as Caro-Kann Capital’s representation that the funds will achieve any strategy, objectives or other plans. This communication and the material contained herein are confidential and may not be distributed in whole or in part to anyone other than the intended recipients. By accepting receipt of this communication the recipient will be deemed to represent that they possess, either individually or through their advisers, sufficient investment expertise to understand the risks involved in any purchase or sale of any financial instruments discussed herein. Caro-Kann Capital LLC 2