Oaktree Real Estate Opportunities Fund VII, L.P.

OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P. Population Growth Characteristics of Top 50 U.S. Markets U.S. AGGREGATE POPULATION GROWTH (2000 TO 2013) AND INVESTED CAPITAL IN COMMERCIAL INVESTMENTS Seattle 19% Portland 2% HIGH GROWTH San Francisco 10% *$1,340M (47% OF TOTAL) 18% POPULATION GROWTH Sacramento 23% San Jose 11% Los Angeles/ Orange County 6% Population Size in Millions 10.0 20.0 5.0 10.0 2.5-5.0 1.0-2.5 Riverside/ San Bernardino 35% Las Vegas 47% San Diego 14% As of June 30, 2015. Source: U.S. Census Bureau Salt Lake City 18% Phoenix 35% Denver 24% HIGH GROWTH ENERGY RISK Oklahoma City 22% Dallas 30% Austin 51% San Antonio 43% *$78M (3% OF TOTAL) 35% POPULATION GROWTH Minneapolis 17% NEGATIVE GROWTH Kansas City 12% Houston 35% *$155M (5% OF TOTAL) -3% POPULATION GROWTH Milwaukee -7% St. Louis 8% Chicago 5% Indianapolis 22% Memphis 18%% Detroit -21% New Orleans -7% Columbus 28% Cincinnati 6% Louisville 23% Nashville 43% Birmingham 24% Atlanta 30% Tampa 20% Cleveland -30% Pittsburgh 0% Buffalo -3% Richmond, 25% Charlotte 56% Jacksonville 27% Orlando 38% Raleigh 52% Virginia Beach 9% Miami/Ft. Lauderdale 16% Baltimore 9% Washington D.C. 24% Confidential *$298M (10% OF TOTAL) 8% POPULATION GROWTH Boston 7% HIGH GROWTH *$853M (30% OF TOTAL) 26% POPULATION GROWTH VARIABLE GROWTH Philadelphia -2% Providence 35% Hartford 3% New York 9% Major Markets |Non-Major Markets O 37 Historically Active Oaktree Markets * Map presents the aggregate gross invested capital and percentages for all commercial real estate investments made in the United States in ROF IV, ROF V, Remington Account, and ROF VI. Excludes approximately $112 million of Hawaiian hotel investments (4% of total) and $29 million of other investments (1% of total). Percentage population growth reflects weighted average population growth of cities. 22

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