© Copyright 2006 Adirondack Capital Management, Inc. All rights reserved. This presentation does not constitute an offering of securities by Adirondack Capital Management, Inc. ( “Adirondack"), nor any of its affiliates. Any such offering will be made solely to "accredited investors" pursuant to the terms of a definitive Confidential Private Placement Memorandum of each Fund (the "Memorandum"). The information contained herein is summary in nature, is superseded and qualified by the more detailed information set forth in the Memorandum and accordingly is not to be relied upon in making an investment in the Funds. This presentation and corresponding material contain forward looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward looking statements. These statements often include the words “may”, “could”, “would”, “should”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “targets”, “potentially”, “probably”, “projects”, “outlook”, or similar expressions. These forward looking statements cover, among other things, anticipated future revenue and expenses, and the future prospects of the Firm and the Fund. Forward looking statements involve inherent risks and uncertainties, and important factors that could cause actual results to differ materially from those anticipated, including the following: (i) general economic, industry and/or market conditions could be less favorable than expected, resulting in a deterioration of credit quality; (ii) changes in the interest rate environment could increase losses; (iii) the conditions in the securities market could change, adversely impacting our revenues; (iv) changes in the extensive laws, regulations and policies governing financial services companies could alter the Firm’s business environment or affect operations; (v) the potential need to adapt to industry changes in information technology systems, on which the company is highly dependent, could present operational issues or require significant capital spending; (vi) competitive pressures could intensify and affect the Firm’s and Fund’s operations; (vii) capital investments in the Firm and Fund may not produce the expected returns at the time of expenditure. Forward looking statements speak only as of the date they are made, and the Firm and Fund undertake no obligation to update them in light of new information or future events.