DISCLOSURE: The following should be read in conjunction with additional documents: presentations furnished by or on behalf of Future RE Capital Management (“Future RE Capital”) on a confidential basis to recipients are solely for the limited purpose of providing certain general information about Future RE Capital’s business and operational capabilities. The information contained in presentations are not, and may not be relied on in any manner, as legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy an interest in any private fund or account that may be offered by Future RE Capital or any of its affiliates (each, a “Fund”). Such an offer, if made, will be made only through the confidential private placement memorandum of a fund and such fund’s constituent documents. By its acceptance hereof, each recipient of this presentation acknowledges and agrees that this presentation may not be reproduced or provided to others, in whole or in part, nor may its contents be disclosed without the prior written consent of Future RE Capital Management, and that the recipient will keep confidential all information contained herein not already in the public domain. As the information contained herein is intended to supplement discussion between Future RE Capital and its current or prospective investors, supplemental discussion is required for the information herein to be meaningful and complete. Certain of the economic, financial and market information, particularly in respect of market data, economic and other forecasts and performance data, contained herein (including certain forward-looking statements and information) has been obtained from published sources and/or prepared by third parties. While Future RE Capital believes such sources to be reliable, neither Future RE Capital nor any of its affiliates nor employees have updated any such information through the date hereof or undertaken any independent review of such information. Future RE Capital does not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including but not limited to economic, market or other information obtained from third parties), and it expressly disclaims any responsibility or liability therefor. The projected returns or other information set forth in presentations (the “projections”) are hypothetical, have been prepared and are set out for illustrative purposes only, and do not constitute forecasts or guarantees of future events. They have been prepared based on Future RE Capital’s current view in relation to future events and financial performance of existing investments made by the funds and various estimations and assumptions made by Future RE Capital. Such estimations and assumptions may require modification as additional information becomes available and as economic and market conditions warrant; however, such updates and modifications are not expected to be provided. Any such modification could be either favorable or adverse. Industry experts may disagree with the estimations and assumptions used in preparing the projections. There can be no assurance that any of the projections will be achieved and no recipient of this presentation should rely on the projections. Additionally, the projections may not reflect the value obtainable in a sale of such investments under challenging market conditions. If Future RE Capital were to liquidate such investments under challenging market conditions, the values obtained would likely be materially lower than those indicated in the projections, as the projections generally assume the successful implementation of Future RE Capital’s business plan at the time of disposition, which may, among other factors, include better market conditions. In addition, actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the performance data contained herein with respect to unrealized investments are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein.