Investor Presentaiton

Multifamily: Strong Imbalance Between Supply and Demand Persistent undersupply of total housing: Single and Multifamily UNDERSUPPLY OF 中中 4.4 MM HOUSING UNITS FROM 2011-20201 VERY LIMITED CLASS B CONSTRUCTION² × ☐ XX WORKFORCE OCCUPANCY AT 96%+3 DELAYS IN LIFE STUDENT DEBT EVENTS COSTS AND BENEFITS OF HOME OWNERSHIP SLOWER WAGE GROWTH FLEXIBLE LIFESTYLE CHOICES UNDER- EMPLOYMENT LONGER-TERM AND MORE PERMANENT RENTER BASE4,5 12 1 New Privately Owned Housing Completions, 1991-2020, US Census Bureau. 2 U.S. Census Bureau New Housing Completions Annual Historical through 2017 excel including REIS Completions Q3 2017.3 CBRE National Multifamily Figures Report 2021. 4 "Here's Why Renting is Eclipsing Home Ownership", October 3, 2018, RentCafe. 5 "Some 43% of College Grads Are Underemployed in First Job", October 30, 2018, Wall Street Journal. Please refer to the performance disclosures on slide 2 and the Footnotes and Definitions. Investors should bear in mind that the past performance shown for these investments is not necessarily indicative of future results and there can be no assurance that the Fund will achieve comparable results. LE M CAPITAL

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