The deal size is the advantage.

This confidential presentation (the “Presentation”) is being furnished to you on a confidential basis solely for the purpose of assisting you in deciding whether or not you wish to proceed with a further investigation of an investment in an investment fund or other entity (the “Fund”) formed or to be formed by Ibis Capital, LLC and its affiliates (“Ibis”). This Presentation is not an invitation to acquire interests in the Fund (“Interests”) nor does it constitute an offer for sale or the solicitation of an offer to buy any Interests. It is not intended to form the basis of any investment decision and should not be considered as a recommendation by Ibis, the Fund, any of their affiliates or representatives, any of their personnel, or any other person. Subscriptions for Interests will be made solely on the basis of the information contained in the definitive governing and offering documents for the Fund (collectively, the “Offering Documents”). In particular, this Presentation does not purport to be comprehensive or necessarily contain all the information that the recipient may require to make such decisions and is qualified in its entirety by reference to the Offering Documents. If anything described or set forth herein is inconsistent with or contrary to anything described or set forth in the Offering Documents, the Offering Documents shall control.

While the information contained herein has been prepared in good faith, no representation, undertaking, promise or warranty, express or implied, is or will be made or given, and no responsibility or liability is or will be accepted by Ibis, the Fund, any of their affiliates or representatives, any of their personnel, or any other person as to or in relation to the accuracy, reliability or completeness of the Presentation or any other information or data of whatever kind made available to any interested party or its advisors. Investment terms, historical and/or estimated investment performance and other information set forth herein are subject to change without notice.

Representative transactions, deployment figures, and operator relationships referenced in this presentation reflect the prior professional experience of Kevin Van Hoesen and are not investments of Ibis Capital or any fund it manages. Ibis has not yet completed a full investment cycle and has no realized fund-level returns. This presentation may include those and other “forward-looking statements.” Any estimated investment performance or other forward looking statement set forth herein is based on beliefs, intentions, estimates and assumptions believed by Ibis to be reasonable at the time of preparation, however, no assurance can be given that any such estimates (including estimated valuations) will ultimately be realized, that realizations will occur within the timeframes on which these estimates are made, or that other forward-looking statements will actually come to fruition, and no representations or warranties are made as to the accuracy of such statements or any estimates of anticipated performance. Actual performance results and actual future events are difficult to project, depend on factors that are beyond the control of Ibis, and may differ materially from those set forth herein. Investment in a private fund involves substantial risk, including the potential loss of the entire investment. Fund interests are illiquid with no secondary market. Risks include but are not limited to: adverse market and economic conditions, interest rate fluctuations, leverage at the underlying investment level, operator execution risk, concentration risk, key-person risk, regulatory changes, and risks specific to individual real asset classes.

Neither the delivery of this Presentation at any time nor any sale of any Interests in any Fund shall under any circumstances create any implication that the information contained herein is correct as of any time after the date of these materials, and no person or entity is under any duty to update any information set forth herein to conform to actual results or other changes to the information set forth herein.

Interests have not and will not be registered under the United States Securities Act of 1933, as amended, or any state or other securities laws, and will not be approved by the United States Securities and Exchange Commission or any other federal or state governmental or self-regulatory agency. The Fund has not been and will not be registered under the United States Investment Company Act of 1940, as amended. Securities described herein are available only to accredited investors under Regulation D and qualified clients under Rule 205-3 under the Investment Advisers Act of 1940, as amended.

THE INFORMATION CONTAINED IN THIS PRESENTATION IS CONFIDENTIAL AND PROPRIETARY TO IBIS AND HAS BEEN PROVIDED WITH THE EXPRESS UNDERSTANDING THAT, WITHOUT THE PERMISSION OF IBIS, ANY PERSON ACCEPTING THIS PRESENTATION WILL NOT RELEASE THIS PRESENTATION, DISCUSS THE INFORMATION HEREIN, MAKE REPRODUCTIONS, OR USE THIS PRESENTATION FOR ANY PURPOSE OTHER THAN TO EVALUATE A POTENTIAL INVESTMENT IN THE FUND. BY ACCEPTING AND/OR REVIEWING THE PRESENTATION, THE RECIPIENT AGREES TO THE FOREGOING.