Disclosures

Confidentiality

This presentation is confidential and is intended solely for the person or entity to whom it has been provided. It may not be reproduced, distributed, or disclosed to any third party without the prior written consent of Ibis Capital, LLC. By accepting this document, the recipient agrees to maintain its confidentiality and to return or destroy all copies upon request.

Not an Offer to Sell Securities

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security or investment product. Any such offer or solicitation will be made only pursuant to definitive offering documents, including a confidential private placement memorandum, limited partnership agreement, and subscription agreement, which will contain additional information about the investment, including its risks, fees, and terms. This presentation is for informational purposes only and should not be relied upon as the basis for any investment decision.

Not Investment Advice

Nothing in this presentation constitutes investment, legal, tax, or accounting advice. Prospective investors should consult their own advisors before making any investment. Ibis Capital, LLC does not provide tax or legal advice.

Prior Platform Experience

Certain information in this presentation, including representative transactions, deployment figures, and operator relationships, reflects the prior professional experience of Kevin Van Hoesen before founding Ibis Capital, LLC. These investments were made through a prior institutional platform and are not investments of Ibis Capital or any fund managed by Ibis Capital. They are presented solely to illustrate process, asset class coverage, and underwriting discipline. Past results from the prior platform are not indicative of future performance of Ibis Capital or any fund it manages.

No Track Record

Ibis Capital Fund I, LP has not yet completed a full investment cycle. The firm has no realized fund-level returns. All performance metrics, target returns, projected yields, and portfolio construction examples shown in this presentation are illustrative targets based on assumptions and models that may not be realized. Actual results may differ materially from those projected. There is no assurance that the fund will achieve its investment objectives or that any investor will receive a return of capital.

Forward-Looking Statements

This presentation contains forward-looking statements, including targeted returns, projected cash yields, pipeline estimates, and portfolio construction assumptions. These statements reflect current expectations and are based on assumptions that are subject to significant risks and uncertainties. Actual results may differ materially from those expressed or implied. Ibis Capital undertakes no obligation to update these statements.

Risk Factors

Investment in a private fund involves a high degree of risk, including the potential loss of the entire investment. Interests in the fund are illiquid and there is no secondary market for them. The fund will invest in real asset sectors that are subject to risks including but not limited to: market and economic conditions, interest rate fluctuations, leverage, operator execution risk, regulatory changes, concentration risk, environmental factors, and risks specific to individual asset classes. The fund is managed by a single key person, creating key-person risk. The use of leverage at the underlying investment level may amplify both gains and losses. The fund's investment strategy involves investing in middle-market transactions with limited liquidity and limited publicly available information. Prospective investors should carefully review the risk factors detailed in the confidential private placement memorandum before investing.

Eligible Investors

Securities described in this presentation are offered only to investors who qualify as accredited investors as defined under Regulation D of the Securities Act of 1933, as amended, and/or qualified purchasers as defined under the Investment Company Act of 1940, as amended. This presentation is not directed at any person who does not meet these qualifications.

Regulatory Status

Ibis Capital, LLC is a registered investment adviser with the Idaho Department of Finance. Registration does not imply a certain level of skill or training, nor does it constitute an endorsement of the firm by any regulatory authority. A copy of the firm's Form ADV Part 2A is available upon request.

Fees and Expenses

The fund's returns will be reduced by management fees, fund expenses, and carried interest as described in the fund's offering documents. Fee structures described in this presentation are summaries only and are qualified in their entirety by the definitive terms in the limited partnership agreement.