Oaktree Real Estate Opportunities Fund VII, L.P.

OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P. Opportunity Drivers - Residential U.S. HOUSING STARTS (in thousands) 2,500 2,000 1,500 1,000 500 0 1940 U.S. Population 131.7 (in millions) As of July 31, 2015 Source: U.S. Census Bureau 1950 150.7 1960 179.3 1970 203.2 1980 226.5 1990 248.7 2000 281.4 Confidential 1000 Housing Starts -Starts per Million Population Housing starts remain near 70-year lows, despite significant population growth and historically low interest rates 2010 308.7 14 12 10 8 6 4 2 0 26

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