INVESTOR RETURN

One of the primary Fund objectives is to obtain a national average investor return based on the risk profile of the Badger Fund of Funds (“BFofF”). The Fund intends to use the Thompson Reuters Private Equity Performance Index (“PEPI”) as the comparative index for performance of the BFofF’s portfolio funds. The BFofF expects an investment profile with two-thirds of the Fund’s investment in the seed/early Stage venture capital segment and approximately one-third in the growth category. The Fund risk profile will be greater than a fund that has a more diversified mix of seed, early, growth and late stage venture capital funds. For return and benchmark information please see: Thomson Reuters Press Release date August 2013