Investor Presentaiton

2 Disclaimer & Confidentiality This information was prepared per request of the Pennsylvania State Employees Retirement System, a potential institutional investor who is both an "qualified client" (within the meaning of the Investment Advisers Act of 1940) and "qualified purchaser" (within the meaning of Section 2(a)(51) of the U.S. Investment Company Act and the rules thereunder) and has been prepared solely at their request to provide updated information regarding the potential launch of a value-add multifamily real estate fund, (the "Fund") sponsored by LEM Capital, L.P. ("LEM", the "Management Company" or the "Firm"). This presentation is for discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. Any such offer or solicitation shall be made only pursuant to a Fund's confidential private placement memorandum (as amended or supplemented from time to time, the "Memorandum"), which describes risks related to an investment in the Fund as well as other important information about the Fund and will be subject to the terms and conditions contained therein. Offers and sales of interests in this Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. The information set forth herein does not purport to be complete and is subject to change. These materials are qualified in their entirety by all of the information that will be set forth in the Memorandum once it has been finalized, including all cautionary statements set forth in the front of the Memorandum and the risk factors and conflicts of interests described within this Memorandum. Investments in private funds are speculative and involve special risks. The Memorandum, the partnership agreement and subscription agreement of this Fund must be read carefully in their entirety prior to investing in the Fund. This presentation does not constitute a part of the proposed Memorandum. Certain statements may constitute "forward-looking" statements, which generally are not historical in nature. Generally, the use of words such as "expect," "may," "will," "plan," "estimate," "projected," "future," "targeted" and other similar terminology identify forward-looking statements. Unless otherwise noted, forward-looking statements reflect the current views, plans, estimates and expectations of the Management Company as the date as of June 30, 2021, among other things, the estimated capital contributions into investments, future events and financial performance, strategies and expectations, including but not limited to LEM's ability to generate positive returns, preserve capital and identify investment opportunities. There can be no assurance that the results set forth in the projections will be attained and actual results may be significantly different from the projections. Also, general economic factors, which are not predictable, can have a material impact on the reliability of projections. The anticipated offering of the interests in any private fund will involve various risks and potential conflicts of interest, which will be fully disclosed prior to any commitment. The projected internal rates of return ("IRRS") and return on investment multiples ("ROI") shown are based upon underwriting analysis and assumptions shown and are provided for the time period or the date shown, the most recent investment valuation or otherwise and are subject to change. Past performance is not necessarily indicative of future results. There can be no assurance that the Fund will achieve comparable results, that targeted returns, diversification or asset allocations will be met or that the Fund will be able to implement its investment strategy and investment approach or achieve its investment objective. Actual returns on unrealized investments (including projected internal rates of return) will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, actual returns may differ materially from the projected returns indicated herein. Please refer to the definitions at the end of this presentation for a description of how LEM generally calculates internal rates of return (IRRS) and other performance metrics which may be different then the instructions or time period provided by this potential institutional investor. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated through to the date hereof. Neither LEM, the Fund, its general partner nor their respective affiliates nor any of their respective employees or agents assume any responsibility for the accuracy or completeness of such information. Such persons have not made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including information obtained from third parties), and they expressly disclaim any responsibility or liability, therefore. Such persons do not have any responsibility to update or correct any of the information provided in this summary. In considering the Fund's proposed target IRR, prospective investors should bear in mind that such targeted performance is not a guarantee and is not necessarily indicative of future results. There can be no assurance that this proposed Fund will be able to implement its investment strategy or achieve its investment objective. Actual returns and individual limited partners participating directly or indirectly in a LEM Fund may vary significantly from the targeted returns set forth herein and targeted returns on individual investments may be outside the ranges set forth herein. Projected returns are inherently subject to significant geopolitical, economic, market and other uncertainties and risks that may adversely affect performance and are not guarantees of future performance. The target returns set forth herein are based on the Firm's belief about the returns that may be achievable on investments that the proposed Fund intends to pursue in light of the Firm's experience with similar transactions, the Firm's knowledge of and experience with similar investments and certain assumptions about investing conditions and market fluctuation or recovery. Targeted returns were also based on models, estimates and assumptions about performance believed to be reasonable under the circumstances. There is no guarantee that the facts on which such assumptions are based will materialize as anticipated and will be applicable to any real estate investments. Any target return is hypothetical and is not a guarantee of future performance. The LEM Capital, L.P. logo and the product and services described herein are either trademarks or service marks of LEM Capital, L.P. and may not be copied, imitated or used, in whole or in part, without written permission, which has been granted for the Pennsylvania State Employees Retirement System live stream of this presentation to its Board of Directors. All other trademarks, product names and company names and logos mentioned herein are the property of their respective owners. L.E.M CAPITAL