Connecticut Fund Risk Overview

Fortress Lending Fund III Fund 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. The investment objective of Fortress Lending Fund III (the "Fund") is to originate and/or purchase attractively priced, primarily senior, secured loans across various differentiated lending sectors Fortress Lending Business | Battle-Tested Experience FLFI FLF II TOTAL FLF I & FLF II Target Return | 12%-15% Gross IRR¹ Target Distribution Yield | At least 7% on invested capital (paid quarterly)² Geographic Focus | North America, Western Europe and other markets on an opportunistic basis Vintage 2018 2020 Broad Based Sourcing Deep lending expertise across corporates, asset based, legal assets, lender finance, brand State of Connecticut Use Only royalties, commercial real estate, etc. investments were non-sponsored investments⁹ ▪ 95%+ of the transactions were privately sourced8 ■ -65% of the transactions were self sourced by Fortress investment team8 ■ ~50% of FORTRESS Total Size $1.9 billion $2.1 billion ³ $4.0 billion + Leverage debt/cost H Structuring Expertise The Fortress Credit team has nearly 2 decades of structuring experience across 1,300+ unique borrowers 32% 47% 40% Deployed $6 billion of equity commitments since 2018 and closed on 185 investments in aggregate ▪ 90%+ of investments made were floating rate8 ▪ ~95% of Fortress Investment Group investments were first lien senior secured8 Gross Called & Committed As of Mar. 31, 2021 130%+ 110%+ + Estimated Gross/Net IRR As of December 31, 20214 16.3% / 11.8% 14.6% / 10.3% 15.7% / 11.2% Intensive Asset Management Since 2006, the Fortress Credit team has worked though $7 billion+ of troubled assets and achieved an average recovery of 103.4%6 + 3 ■ Dedicated 130 person asset management team 10 Every asset is reviewed no less than monthly Experience & flexibility to solve problems and work through troubled assets H Liquidated Gross/Net IRR As of December 31, 20215 14.3% / 10.4% 13.2% / 8.8% 12.9% / 8.7% Financing Capability The Credit Funds are among the largest issuers of CLOs and alternative credit financing vehicles and has been managing CLOS since 20047 Multiple term non- recourse, non mark- to-market financing facilities ▪ Moderate leverage: average Loan LTV of 45.9%11 with an average loan yield of 8.7% 1

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