Connecticut Fund Risk Overview

Stat B. Connectic FORTRESS LENDING STRATEGY DISCLAIMERS On A. Investment Experience. The Investment Experience presented includes investments made by various Fortress-managed funds in the Credit business since 2006, during which time Pete Briger and/or Dean Dakolias served as CIOs of the funds in which the investments were made, related to corporate loan originations, loans originated to asset based borrowers including lender finance companies and owners of commercial real estate, and purchases of broadly syndicated loans ("BSL") and high yield bonds strategy, which meet the investment mandate of the FLF I, FLF II and/or FLF III as detailed below. The Investment Experience also includes transactions made by FLF I and FLF II that meet the parameters noted in the following paragraph. Note that Pete Briger and Dean Dakolias are not CIOs of FLF I, FLF II, or FLF III, but do serve on their investment committees. With respect to corporate loan originations, the Investment Experience includes all loan originations in which the initial loan amount or commitment was greater than $40 million. With respect to commercial real estate loans, the Investment Experience includes all commercial real estate loan originations, but excludes unentitled land loans, single family residence development loans, bonds, commercial mortgage backed securities and other securitized products, loans that were purchased as non-performing loans, and loans purchased with the intent to foreclose or otherwise take control of the asset after acquisition. With respect to purchases of broadly syndicated loans and high yield bond purchases, the Investment Experience includes all BSL purchases at a price of 97 or higher and an applicable margin of 3% or greater and all high yield bond purchases at a price of 80 or higher and a coupon of 6% or greater. The Investment Experience includes all asset based loans to lender finance companies. The investments included in the Investment Experience represent a subset of investments made by various Fortress-managed funds in the Credit business, certain of which have investment programs that differ from the Fund's investment program. In addition, please note that FLF I and FLF II have made investments that do not meet the criteria stated above (e.g., BSLS purchased at a price lower than 97), and therefore such transactions are not included in Investment Experience. As a result, the returns shown are not reflective of the actual investment performance of any Fortress fund and is presented as related performance information. Please see slide 1 for FLF I's and FLF II's gross and net performance and the FLF III marketing presentation for a list of each of FLF I's, FLF II's, and FLF III's investments, including those that do not meet the criteria stated above. Please note that past performance is not a reliable indicator of future results and there can be no assurance that the performance of the Fund will be the same or similar to the performance shown for the Investment Experience. Furthermore, there can be no assurance that the performance of any fund with the same strategy of the Fund, had such fund existed during the time period covered by the Investment Experience, would have had the same or similar performance as the performance presented. The differences may be material. Please note that the performance presented herein may have been significantly impacted by non-recurring market or economic conditions which may not exist at the time the Fund makes its investments. The investment experience is presented on an unlevered and levered basis. The levered returns shown were calculated based on the underlying gross cash flows and assuming hypothetical leverage similar to the leverage that is expected to be utilized by the Fund. The levered returns were calculated using a 1:1 leverage ratio, an assumed financing rate of LIBOR +2.50% and using the historical LIBOR rates in effect during the time frame covered. Actual leverage utilized by the Fortress funds that made the investments may differ materially. Note that the investments have been made by various Fortress-managed funds, and the related cash flows have occurred over a period which exceeds the aggregate capital commitments, investment period, or term of any single Fortress managed fund. FORTRESS Gross and Net Performance. The gross returns shown do not reflect the timing and amount of capital called from or distributions to fund investors and are gross of fund expenses, income taxes, management fees and promote. The returns shown reflect actual investment cash flows through the date indicated and assume all the investments are liquidated at the current valuations at the date indicated. There can be no assurance that such investments can be liquidated at current valuations. The pro forma net return is calculated by applying the Fund's fee structure (1.5% management fee and 15% promote, subject to a 6% preferred return) and FLF I's expense load as of December 31, 2021. Actual net returns to investors of any Fortress-managed fund will differ materially due to differences in timing and amount of capital called from and distributions to investors, investment pace, portfolio composition, varying management fee rates, fee waivers or discounts to which a particular investor may be eligible, and income taxes. Actual gross and net returns to investors in the Fund may differ materially from the performance returns shown. The performance depicted does not account for the impact cash drag may have on performance returns, which we expect to be generally immaterial to this Fund since capital will be called on an as needed basis. 6

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