Connecticut Fund Risk Overview

Fortress Lending Fund lil Key Components of the Fortress Lending Strategy 1. ESTABLISHED PLAYER Fortress has a been a permanent fixture in lending markets for 17+ years across many asset classes and through multiple credit cycles, deploying $75 billion+ of capital in lending since 2006, generating a pro forma levered gross IRR of 15.3% (net IRR of 11.6%)*,12 2. EXPERIENCED TEAM The Fund's CIOs have worked together at Fortress for 15+ years, average 25 years of financial experience. The majority of the FLF III Investment Committee Members have invested together at Fortress since the 2008 financial crisis 3. IN-HOUSE ASSET MANAGEMENT 130 person dedicated global asset management team have collectively worked through $7 billion+ of troubled assets and achieved an average recovery of 103.4%*,6 DIRECT CORPORATE Good companies with bad balance sheets of Connecticut Use Only * Please see "FORTRESS LENDING STRATEGY DISCLAIMERS" in the back of this Presentation for more information. Predictable cash flows which reduce basis The Opportunity Set by Fortress Lending Sectors REAL ESTATE Complicated restructurings in which risk is misunderstood Replacement capital provider FORTRESS SECURED LENDING Credit facilities and term loans to non- bank specialty finance asset originators across all consumer and commercial sectors Acquisition financing for specialty finance lenders acquiring other lenders or servicers portfolios Financings for early stage, lesser capitalized or esoteric asset originators 4. MULTI-VERTICAL DISCIPLINE Broad capabilities allow us to pivot between sectors and across private and public transactions - not limited to one vertical - can originate new highly structured loans or buy secondary debt of good companies at significant discounts Utilize strong covenants and performance triggers to de-risk exposure if warranted 5. EXTENSIVE TOOL BOX Flexible solutions to address borrower needs - Fortress has structured thousands of loans for over 1,300 unique borrowers ¹3 across corporates, asset based, lender finance, legal assets, IP and brand royalties, CRE, etc 13 6. INSTITUTIONAL INFRASTRUCTURE The Fortress Lending Team draws upon the combined Credit Group infrastructure, including -525 professionals and 40 servicers utilized by Fortress managed funds 13 Economically resilient markets / asset types Developers focusing on workforce and affordable housing that need construction or bridge financing Buying debt or financing discounted pay offs from banks that need liquidity 44 FORTRESS LITIGATION FINANCE More litigation in recessionary environment Offer companies liquidity by monetizing litigation claims Competitive landscape may ease as hedge funds re- focus on core strategy BROADLY SYNDICATED Focus on high quality businesses Hold a diverse portfolio of issuers Maintain position liquidity Acquire positions at prices that we believe provide significant margin for error 2

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