Oaktree Real Estate Opportunities Fund VII, L.P.

OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P. Opportunity Drivers Commercial ZOMBIE REAL ESTATE Decline in property value 5 Loss of existing and prospective tenants 4 1 Property value less than debt amount As of March 31, 2015 Source: Trepp Inability to lease space at market rents and offer tenant improvements 3 2 No incentive to invest additional capital Over-leveraged and under-capitalized properties create a vicious cycle of value destruction COMMERCIAL REAL ESTATE DEBT MATURITIES ($ in billions) $400 300 200 100 0 2015 $1.4 TRILLION OF DEBT MATURITIES THROUGH 2018 2016 2017 Other CRE CMBS 2018 Confidential 2019 Asset underperformance and substantial debt maturities produce significant opportunities 23

View entire presentation