Oaktree Real Estate Opportunities Fund VII, L.P.

OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P. Dislocation and Relationships Drive Deal Flow OVER 95% OF THE $14.2 BILLION DEPLOYED WAS DRIVEN BY SOME FORM (AND OFTEN MULTIPLE FORMS) OF DISLOCATION. ON AVERAGE, AT LEAST FOUR OF THE DRIVERS BELOW WERE PRESENT IN EACH TRANSACTION. Debt Purchases Corporate Debt CMBS and Other Securities Syndicated Bank Debt Non-performing Loan Pools FDIC Sales Bank Portfolio Sales PROPERTY-LEVEL DEBT OR CAPITAL MARKET DISLOCATION: >80% As of June 30, 2015 Bank- or Borrower-led Recapitalization Discounted Payoff A-B Restructuring Rescue Capital Debt-to-equity Recapitalization Seller Financing Zombie Real Estate Over-leveraged Asset Capital-starved Asset Mismanaged Asset Absentee Owner Motivated / Forced Seller Imminent Debt Maturity Liquidity Needs Failed Sales Process Lender REO Sale Life of Fund Limitation Regulatory Compliance PROPERTY-TYPE AND MARKET DISLOCATION: >15% Opportunistic Equity Limited or No Competition Lender / Borrower Relationship Operating Partner Relationship High Yield in Out of Favor Markets Programmatic JVs to fill Liquidity Gaps Market Arbitrage Corporate Constraints Balance Sheet Repair Partner Differences Capital Reallocation Strategic Realignment Non-core Asset Sale Unmet Demand Platform Build-ups MINIMAL DISLOCATION: <5% Competitive Equity Widely Marketed and Competitively Bid and Sold to Highest Bidder and/or Confidential Market Momentum Fully-priced equity deals represent less than 5% of our business The combination of dislocation and our relationship-driven proprietary deal flow provides us with unique opportunities to access deals at significant discounts to market value I 13

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