Dividend Reinvestment Plan

HIGH YIELD BOND FUND CLASS - DIVIDEND REINVESTMENT PLAN

The Global Voyager Fund Ltd.

25 Reid Street

Hamilton HM 11

Bermuda

HIGH YIELD BOND FUND CLASS

DIVIDEND REINVESTMENT PLAN

NOTICE

Dated 17 September, 2015

THIS DOCUMENT IS IMPORTANT

If you are in any doubt as to what action you should take once you have read this document, you should consult your professional adviser immediately.

The Dividend Reinvestment Plan[1] (Plan) enables shareholders to increase their holding of shares in the High Yield Bond Fund Class (HYB Fund Shares) of The Global Voyager Fund Ltd. (Company). Shareholders are invited to make a revocable election[2] to receive allotments of additional fully-paid Shares instead of receiving cash dividends.[3]

Method of calculation and notification

The number of new HYB Fund Shares[4] to be allotted to shareholders who elect to participate in the Plan will be calculated by dividing the total amount of the cash dividend which each shareholder would otherwise be entitled to receive by the Subscription Price[5] of the Company’s HYB Fund Shares.

Payments to those shareholders who elect to participate in the Plan will be applied to those shareholders’ Plan Accounts and will occur on the 15th of the calendar month, or the next Business Day (as applicable), following the end of each Quarter.

Fractional HYB Fund Shares will be issued (if applicable) to the shareholder who has elected to participate in the Plan. In the event that any fractional entitlement would be created following such election the cash value of that fractional entitlement will be determined and credited towards the issue of the applicable fractional HYB Fund Shares. All new HYB Fund Shares issued instead of cash will automatically increase the holding on which the new entitlement to participate in the Plan is calculated.

Expenses

In connection with subsequent sales of the new HYB Fund Shares any trading fees will be for the account of the shareholder.

HYB Fund Shares held in book stock form

Share certificates will not be issued except upon specific written request of the shareholder[6]. Instead, shareholders will receive an advice detailing the number of HYB Fund Shares held at the record date, the HYB Fund Shares allocated under the Plan and the cash value of any fractional HYB Fund Shares carried forward to the following dividend payment.

Election to the Plan

Elections will only be accepted in respect of the full holdings of HYB Fund Shares of each shareholder. To reduce the costs of the Plan, shareholders may not opt for part cash, part new HYB Fund Shares; it is all or none.

If you wish to receive your dividends in the form of new HYB Fund Shares rather than cash, you should complete and return the enclosed Form of Election to the Administrator, so that it arrives by close of business on the next dividend record date.

2

[1] The Dividend Reinstatement Plan is dated 17 September, 2015 and a copy of the Plan Terms and Conditions can be obtained from the Fund’s Administrator namely Apex Fund Services Ltd. (Administrator).

[2] Each shareholder who participates in the Plan is permitted to revoke his or her election by giving a termination notice in writing to the Administrator in accordance with the Terms and Conditions of the Plan.

[3] The Board of Directors of the Fund approved the commencement of the Plan beginning with the payment of the next dividend declared by the Board.

[4] The new HYB Fund Shares will be allotted fully paid and will rank equally with existing HYB Fund Shares. The new HYB Fund Shares will be issued subject to the terms of the current Prospectus of the Company, its Memorandum of Association and Bye-Laws from time-to-time in force and subject to the laws of Bermuda. The existing HYB Fund Shares are listed on the Bermuda Stock Exchange (BSX), and new HYB Fund Shares issued under the Plan will be included in these listings.

[5] “ Subscription Price” of a Share to be allotted or transferred under the Plan means the net asset value of the HYB Fund Shares as determined pursuant to the current Prospectus of the Company.

[6] Shareholders may in future obtain share certificates reflecting their previously non-certificated shares at any time on reasonable written notice to the Administrator.