Oaktree Real Estate Opportunities Fund VII, L.P.

CONFIDENTIAL This presentation is provided for informational purposes only and does not constitute, and should not be construed as, an offer to sell, or a solicitation of an offer to buy, interests in Oaktree Real Estate Opportunities Fund VII, L.P. or its related feeder fund(s) and parallel fund(s), if any (individually or collectively, as the context requires, the "Fund"). Any such offer may only be made pursuant to the Fund's confidential private placement memorandum and any related supplements (the "PPM"), subscription documents and constituent documents in their final form. OAKTREE This presentation does not constitute and should not be construed as investment, legal or tax advice, or a recommendation or opinion regarding the merits of investing in the Fund. Each potential investor should consult its own counsel, accountant or investment adviser as to the legal, tax and related matters concerning its investment. A potential investor considering an investment in the Fund should read this presentation in conjunction with the PPM. The PPM contains a more complete description of the Fund's investment strategy, practices, terms and conditions, restrictions, risks and other factors relevant to a decision to invest in the Fund, and also contains tax information and risk disclosures that are important to any investment decision. All information herein is subject to and qualified in its entirety by the PPM. No person has been authorized to make any statement concerning the Fund other than as set forth in the PPM and any such statements, if made, may not be relied upon. The date of the information is indicated herein, and Oaktree (as defined below) has no duty to update such information. Responses to any inquiry that may involve the rendering of personalized investment advice or effecting or attempting to effect transactions in securities will not be made absent compliance with applicable laws or regulations (including broker dealer, investment adviser or applicable agent or representative registration requirements), or applicable exemptions or exclusions therefrom. The term "Oaktree®" used herein refers to Oaktree Capital Management, L.P.™ or its affiliates, individually or collectively, as the context requires. Terms used but not defined herein shall have the meanings set forth in the PPM. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any state securities laws or any other U.S. or non-U.S. governmental or self-regulatory authority. No governmental authority has passed on the merits of any offering of interests in the Fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful. This presentation is being provided on a confidential basis solely for the information of those persons to whom it is given. The materials, including the information contained herein, may not be copied, reproduced, republished, posted, transmitted, distributed, disseminated or disclosed, in whole or in part, to any other person in any way without the prior written consent of Oaktree. By accepting this presentation, you agree that you will comply with these confidentiality restrictions and acknowledge that your compliance is a material inducement to Oaktree providing this presentation to you. U.S. securities laws (and the securities laws of certain non-U.S. jurisdictions) prohibit any person who has received material non-public information about a company from purchasing or selling securities of such company or from communicating such information to any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities in reliance upon such information. By accepting this presentation, you acknowledge that this presentation may contain material, non-public information concerning Oaktree Capital Group, LLC or its securities and you agree not to trade in the securities of Oaktree Capital Group, LLC if you are in possession of material non-public information concerning Oaktree Capital Group, LLC unless such trading is permitted by applicable law. The information contained herein is unaudited and is being shared with you to help you obtain a better understanding of the investments and performance of the Fund. Oaktree makes no representation or warranty regarding the accuracy or completeness of the information contained herein or whether it will assist you in connection with your due diligence. This presentation is being provided by OCM® Investments, LLC (Member FINRA), a subsidiary of Oaktree. All inquiries regarding the Fund should be directed to a marketing representative of OCM Investments, LLC. OCM Investments, LLC 333 S. Grand Avenue, 28th Floor Los Angeles, CA 90071 New York, NY 10019 Tel: +1 213 830 6300 Tel: +1 212 284 1900 1301 Avenue of the Americas, 34th Floor OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P.

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