Dear Client:

At BNY Mellon Asset Management, we believe that today’s market conditions create some unique
opportunities in the hedge fund of fund business. To position our business for the future, we have
launched a comprehensive evaluation of our capabilities. We believe that hedge fund of fund investors
require a strong, stable, solutions oriented provider. Going forward, we are developing ways to further
strengthen our processes to enhance our abilities to deliver superior investment results, outstanding
client service, and innovative new products.

As a first step, we have concluded that all our hedge fund of fund businesses should be aligned under a
single management structure. Effective immediately, Ivy will join MGAI and EACM in reporting to Phil
Maisano, BNY Mellon Asset Management’s Head of Alternative Investments. Phil has over 20 years of
experience in the hedge fund of fund business, most recently as Chairman of EACM. Phil will also
continue in his roles as Chief Investment Strategist, BNY Mellon Asset Management and Vice Chairman
and Chief Investment Officer, Dreyfus Corporation.

Bill Crerend, currently CEO of EACM, will also become chairman of EACM. We will be transitioning
MGAI’s investment fund of fund business to become part of EACM during the coming months.

As a result of this realignment, Larry Morgenthal will be CEO of Ivy, and will report to Phil. Larry has
been the Chief Operating Officer at Ivy and serves on Ivy’s Management, Investment, and Risk
Management Committees. Larry has had a 16 years of experience in the hedge fund industry, with prior
experience working for Acorn Partners, Weiss, Peck & Greer, and the Alternative Investment Group at
Bank of America.

As part of the new alignment, we will be conducting a two-phased review of Ivy’s business. In the near
term, we will develop an operating model that reflects Ivy’s current business. In the medium-term, we
will conduct a strategic review of Ivy’s business to determine how best to position its various products,
skills and capabilities going forward. We plan to complete the strategic review in the second quarter of
2010 and will communicate with you about any changes that may impact you.

In light of these recent changes, Sean Simon, after 14 years in a variety of roles at Ivy, most recently as
CEO, has decided to step down to pursue other interests. He will remain to assist in the client and
business transition to Larry through the first quarter of 2010.

As you know, the teams at EACM, Ivy and MGAI have been working diligently to position our hedge fund
of fund business for the future. Phil and the senior management teams at the boutiques will continue to
evaluate our operations to look for further opportunities to strengthen our processes and ensure our long-
term ability to deliver superior investment results for our clients.

Please do not hesitate to contact our client service team to discuss this organizational change and answer
any questions you may have.

Ron O’Hanley Phil Maisano Larry Morgenthal