{"id":2413,"date":"2024-04-05T20:45:14","date_gmt":"2024-04-05T20:45:14","guid":{"rendered":"https:\/\/cloudtoronto.vc\/home\/?page_id=2413"},"modified":"2024-04-05T20:57:44","modified_gmt":"2024-04-05T20:57:44","slug":"ppm","status":"publish","type":"page","link":"https:\/\/cloudtoronto.vc\/about\/home\/ppm\/","title":{"rendered":"PPM"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2413\" class=\"elementor elementor-2413\">\n\t\t\t\t<div class=\"elementor-element elementor-element-107b4b9 e-flex e-con-boxed e-con e-parent\" data-id=\"107b4b9\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-74adccb elementor-widget elementor-widget-text-editor\" data-id=\"74adccb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.22.0 - 16-06-2024 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style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD\nTORONTO &#8211; FYBN CORE+<span style=\"letter-spacing:-.15pt\"> <\/span>GROWTH<span style=\"letter-spacing:-.1pt\"> <\/span>&amp; INCOME<span style=\"letter-spacing:\n-.05pt\"> <\/span>FUND<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">a<span style=\"letter-spacing:-.25pt\"> <\/span>New York<span style=\"letter-spacing:-.25pt\">\n<\/span>limited<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">company<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-top:.05pt;margin-right:.05pt;margin-bottom:\n0in;margin-left:0in;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">PRIVATE<span style=\"letter-spacing:-.55pt\"> <\/span>PLACEMENT<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MEMORANDUM<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" 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path=\"m1408429,l,,,18287r1408429,l1408429,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Questions<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>requests<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>information<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be\ndirected<span style=\"letter-spacing:-.25pt\"> to:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD TORONTO &#8211; FYBN CORE+<span style=\"letter-spacing:-.3pt\"> <\/span>GROWTH<span style=\"letter-spacing:-.3pt\"> <\/span>&amp;<span style=\"letter-spacing:-.25pt\"> <\/span>INCOME<span style=\"letter-spacing:-.35pt\">\n<\/span>FUND<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:\n-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">970 Peachtree Industrial\nBlvd, Suite 1-2, Suwanee, GA 30024 <o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">408 856 5031<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:179.25pt\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Email:<span style=\"letter-spacing:-.35pt\"> di.mo@cloudtoronto.us<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-caps: small-caps; font-variant-alternates: normal; font-variant-position: normal;\">This<span style=\"letter-spacing:1.65pt\"> <\/span>is<span style=\"letter-spacing:1.5pt\"> <\/span>not<span style=\"letter-spacing:1.55pt\"> <\/span>an<span style=\"letter-spacing:1.5pt\"> <\/span>offer<span style=\"letter-spacing:1.45pt\"> <\/span>to<span style=\"letter-spacing:1.4pt\"> <\/span>sell<span style=\"letter-spacing:1.55pt\"> <\/span>or<span style=\"letter-spacing:1.45pt\"> <\/span>a<span style=\"letter-spacing:1.5pt\"> <\/span>solicitation<span style=\"letter-spacing:1.5pt\"> <\/span>of<span style=\"letter-spacing:1.5pt\"> <\/span>an<span style=\"letter-spacing:1.5pt\"> <\/span>offer<span style=\"letter-spacing:1.45pt\"> <\/span>to<span style=\"letter-spacing:1.25pt\"> <\/span>buy<span style=\"letter-spacing:1.5pt\"> <\/span>the<span style=\"letter-spacing:1.75pt\"> <\/span>Units<span style=\"letter-spacing:1.55pt\">\n<\/span>described<span style=\"letter-spacing:1.4pt\"> <\/span>herein<span style=\"letter-spacing:1.5pt\"> <\/span>in<span style=\"letter-spacing:1.5pt\"> <\/span>any<span style=\"letter-spacing:2.0pt\"> <\/span>jurisdiction to any person to whom it is\nunlawful to make such an offer or sale.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection2\">\n\n<p class=\"MsoHeading7\" style=\"margin-top:3.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD\nTORONTO &#8211; FYBN <span style=\"letter-spacing:-.25pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.3pt\">\n<\/span>GROWTH<span style=\"letter-spacing:-.25pt\"> <\/span>&amp;<span style=\"letter-spacing:-.3pt\"> <\/span>INCOME<span style=\"letter-spacing:-.3pt\"> <\/span>FUND<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">a<span style=\"letter-spacing:-.25pt\"> <\/span>New York<span style=\"letter-spacing:-.25pt\">\n<\/span>limited<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">company<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-right:.2pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">THIS<span style=\"letter-spacing:\n-.4pt\"> <\/span>OFFERING<span style=\"letter-spacing:-.3pt\"> <\/span>IS<span style=\"letter-spacing:-.35pt\"> <\/span>LIMITED<span style=\"letter-spacing:-.3pt\">\n<\/span>TO<span style=\"letter-spacing:-.35pt\"> <\/span>ACCREDITED<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">INVESTORS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.75pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_4\" o:spid=\"_x0000_s2252\" style=\"position:absolute;margin-left:216.05pt;\n  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path=\"m2286254,l,,,12192r2286254,l2286254,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-left:.85pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Minimum<span style=\"letter-spacing:-.3pt\"> <\/span>Subscription<span style=\"letter-spacing:\n-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>Class<span style=\"letter-spacing:-.15pt\"> <\/span>B<span style=\"letter-spacing:-.3pt\"> <\/span>Units:<span style=\"letter-spacing:2.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$250,000.00<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_5\" o:spid=\"_x0000_s2251\" style=\"position:absolute;margin-left:252.05pt;\n  margin-top:10.45pt;width:108.05pt;height:1pt;z-index:-1895825367;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"1372235,12700\" 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path=\"m1371853,l,,,12191r1371853,l1371853,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;margin-right:13.1pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Initial<span style=\"letter-spacing:-.2pt\"> <\/span>Price<span style=\"letter-spacing:-.1pt\"> <\/span>Per<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.1pt\"> <\/span>B<span style=\"letter-spacing:-.15pt\"> <\/span>Unit:<span style=\"letter-spacing:3.6pt;\nmso-font-width:150%\"> <\/span><span style=\"letter-spacing:-.1pt\">$1,000.00<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.25pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_6\" o:spid=\"_x0000_s2250\" style=\"position:absolute;margin-left:216.05pt;\n  margin-top:22pt;width:180.05pt;height:1pt;z-index:-1895825366;visibility:visible;\n  mso-wrap-style:square;mso-wrap-distance-left:0;mso-wrap-distance-top:0;\n  mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"2286635,12700\" 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path=\"m2286254,l,,,12192r2286254,l2286254,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This Private\nPlacement Memorandum (this \u201c<u>Memorandum<\/u>\u201d) describes the offering (the \u201c<u>Offering<\/u>\u201d)\nof limited liability company interests in CLOUD TORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME FUND LLC, a New York\nlimited liability<span style=\"letter-spacing:-.4pt\"> <\/span>company<span style=\"letter-spacing:-.45pt\"> <\/span>(the<span style=\"letter-spacing:-.55pt\"> <\/span>\u201c<u>Fund<\/u>\u201d).<span style=\"letter-spacing:-.55pt\"> <\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>(as<span style=\"letter-spacing:-.6pt\"> <\/span>defined<span style=\"letter-spacing:-.5pt\"> <\/span>below)<span style=\"letter-spacing:-.65pt\">\n<\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:\n-.45pt\"> <\/span>sold<span style=\"letter-spacing:-.55pt\"> <\/span>pursuant<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>accordance<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>terms set forth in this Memorandum. The\nUnits will be sold exclusively to \u201c<i>Accredited\ninvestors<\/i>\u201d (as such term is defined in Rule 501 of Regulation D, as\npromulgated under Section 4(2) of the Securities Act of 1933 (as amended, the \u201c<u>Securities\nAct<\/u>\u201d)).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">It is intended\nthat the Fund will be treated as a partnership for federal income tax purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>The Fund will be managed by its manager, Cloud\nToronto &#8211; FYBN &nbsp;Core+ Growth &amp; Income\nFund GP LLC, a New York limited liability company (the \u201c<u>Managing Member<\/u>\u201d),\nan affiliate of the Fund\u2019s sponsor.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The purpose of\nthe Fund is to acquire, develop, manage, operate, lease, and sell, directly or\nindirectly, commercial real estate properties consistent with the Fund&#8217;s\ninvestment strategy of acquiring quality income- producing<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>value-add<span style=\"letter-spacing:-.65pt\"> <\/span>commercial<span style=\"letter-spacing:\n-.6pt\"> <\/span>properties,<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>do<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>require<span style=\"letter-spacing:-.65pt\">\n<\/span>significant<span style=\"letter-spacing:-.6pt\"> <\/span>development,<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>either<span style=\"letter-spacing:-.6pt\">\n<\/span>operated by<span style=\"letter-spacing:-.2pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>unrelated<span style=\"letter-spacing:\n-.2pt\"> <\/span>third<span style=\"letter-spacing:-.2pt\"> <\/span>parties,<span style=\"letter-spacing:-.25pt\"> <\/span>and,<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>some<span style=\"letter-spacing:-.25pt\"> <\/span>circumstances,<span style=\"letter-spacing:-.25pt\"> <\/span>leased<span style=\"letter-spacing:-.2pt\">\n<\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>short<span style=\"letter-spacing:-.3pt\"> <\/span>term and long-term leases to creditworthy\ntenants<span style=\"color:#221F1F\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nFund may also invest in: (i) equity interests in entities that have developed\nand\/or acquired quality income producing commercial properties and are either\noperated by Affiliates of the Managing Member or unrelated third parties, (ii)\ndebt securities (e.g., promissory notes, mezzanine debt instruments) secured by\nsecurity interests in commercial properties (such investments collectively the\n\u201c<u>Real Estate<\/u> <u>Portfolio<\/u>\u201d), and (iii) in shares of publicly-traded securities\nissued by real estate investment trusts (\u201cREITs\u201d) (up to a maximum amount<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>twenty-five<span style=\"letter-spacing:-.1pt\"> <\/span>(25%)<span style=\"letter-spacing:-.1pt\"> <\/span>percent<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>net<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund)<span style=\"letter-spacing:-.05pt\"> <\/span>(\u201c<u>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Portfolio<\/u>\u201d<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>together<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Real Estate Portfolio, the \u201c<u>Fund Portfolio<\/u>\u201d).<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund\nPortfolio will be held through Cloud Toronto &#8211; FYBN &nbsp;Core+ Growth &amp; Income Fund REIT, LLC (the\n\u201c<u>REIT<\/u> <u>Subsidiary<\/u>\u201d).<span style=\"letter-spacing:1.6pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>act<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>manager<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>invest<span style=\"letter-spacing:-.45pt\">\n<\/span>substantially<span style=\"letter-spacing:-.45pt\"> <\/span>all<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>assets\ninto Common Units (as such term is defined in the REIT Subsidiary operating\nagreement) of the REIT Subsidiary. Further information with respect to the REIT\nSubsidiary is set out in the REIT PPM Supplement (the \u201cREIT Supplement\u201d)<span style=\"letter-spacing:-.35pt\"> <\/span>attached<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.35pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>Appendix<span style=\"letter-spacing:-.35pt\"> <\/span>C.<span style=\"letter-spacing:1.75pt\"> <\/span>Investors<span style=\"letter-spacing:-.4pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>encouraged<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>read<span style=\"letter-spacing:-.3pt\"> <\/span>both<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Memorandum and the REIT Supplement in\ntheir entirety.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.3pt\"> <\/span>sponsor<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>(the<span style=\"letter-spacing:-.3pt\"> <\/span>\u201c<u>Sponsor<\/u>\u201d)<span style=\"letter-spacing:\n-.3pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>Cloud Toronto &#8211;\nFYBN <span style=\"letter-spacing:-.25pt\">&nbsp;<\/span>\u2013<span style=\"letter-spacing:-.3pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>Wealth<span style=\"letter-spacing:-.3pt\">\n<\/span>Development<span style=\"letter-spacing:-.35pt\"> <\/span>Company,<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>trade<span style=\"letter-spacing:-.3pt\"> <\/span>name<span style=\"letter-spacing:-.45pt\"> <\/span>used\nto refer to a group of affiliated entities directly or indirectly controlled by\nCloud Toronto &#8211; FYBN Cos, Inc., a New York corporation. The Sponsor is a middle\nmarket alternative asset manager who has been involved in acquiring, managing,\nand disposing of commercial real estate-related assets for over thirteen years.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This\nMemorandum provides important information you should know before investing in\nthe Units.<span style=\"letter-spacing:2.0pt\"> <\/span>Please read<span style=\"letter-spacing:-.3pt\"> <\/span>it<span style=\"letter-spacing:-.35pt\"> <\/span>carefully<span style=\"letter-spacing:-.3pt\"> <\/span>before<span style=\"letter-spacing:-.45pt\">\n<\/span>you<span style=\"letter-spacing:-.3pt\"> <\/span>invest<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>keep<span style=\"letter-spacing:-.3pt\"> <\/span>it<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>future<span style=\"letter-spacing:-.45pt\">\n<\/span>reference.<span style=\"letter-spacing:1.85pt\"> <\/span>You<span style=\"letter-spacing:-.3pt\"> <\/span>should<span style=\"letter-spacing:-.3pt\"> <\/span>rely<span style=\"letter-spacing:-.4pt\"> <\/span>only<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>information<span style=\"letter-spacing:-.3pt\"> <\/span>contained in<span style=\"letter-spacing:\n-.4pt\"> <\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>Memorandum<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>information<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>we<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.45pt\"> <\/span>referred<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>you.<span style=\"letter-spacing:\n1.6pt\"> <\/span>We<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>authorized<span style=\"letter-spacing:-.4pt\"> <\/span>anyone<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>provide<span style=\"letter-spacing:-.45pt\"> <\/span>you with additional information or\ninformation different from that contained in this Memorandum.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection3\">\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-top: 3.05pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Brief<span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"color:#221F1F\">Overview<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A<span style=\"letter-spacing:-.1pt\"> <\/span>general<span style=\"letter-spacing:-.1pt\">\n<\/span>description<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>rights,<span style=\"letter-spacing:-.1pt\"> <\/span>preferences,<span style=\"letter-spacing:\n-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>restrictions<span style=\"letter-spacing:-.15pt\"> <\/span>associated<span style=\"letter-spacing:\n-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>set<span style=\"letter-spacing:-.1pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>below. <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Each <span style=\"color:#221F1F\">Investor should\ncarefully read this Private Placement Memorandum (this \u201c<i>Memorandum<\/i>\u201d) and the Limited Liability Company Agreement (the \u201c<i>LLC Agreement<\/i>\u201d), a copy of which has\nbeen enclosed as Appendix A, to understand certain risks associated with\nacquiring Units and the rights, restrictions, and obligations associated with\nthe Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.25pt\"> <\/span>B<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nclass of limited liability company units being offered hereunder is referred to\nas the \u201c<i>Class B Units.<\/i>\u201d The Class B\nUnits are being offered at a price per Class B Unit as indicated at the\nbeginning of this Memorandum, and thereafter at the applicable Net Asset Value\nper Unit on the applicable Dealing Day (as defined below). The <span style=\"letter-spacing:-.1pt\">holders<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Class<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">B<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">are<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">referred<\/span><span style=\"letter-spacing:-.2pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">herein<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">collectively<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">as<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">\u201c<i>Class<\/i><\/span><i><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">B<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members<\/span><\/i><span style=\"letter-spacing:\n-.1pt\">\u201d<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">each<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">a<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">\u201c<i>Class<\/i><\/span><i><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">B<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member<\/span><\/i><span style=\"letter-spacing:-.1pt\">.\u201d\n<\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>Class<span style=\"letter-spacing:-.15pt\"> <\/span>B<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>limited<span style=\"letter-spacing:-.15pt\">\n<\/span>voting<span style=\"letter-spacing:-.15pt\"> <\/span>rights,<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>described<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the\nLLC<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement.<span style=\"letter-spacing:2.0pt\"> <\/span>Class<span style=\"letter-spacing:-.2pt\"> <\/span>B<span style=\"letter-spacing:-.15pt\"> <\/span>Members<span style=\"letter-spacing:-.25pt\">\n<\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>entitled <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">to participate in the income\nand profit of the Fund, subject to the Managing Member Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Class\nB Units will be subject to a Managing Member Performance Allocation (as further\ndescribed below) of twenty (20%) percent.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">To<span style=\"letter-spacing:-.2pt\"> <\/span>assist<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>funding<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>diversification<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund,<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member,<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:\n-.3pt\"> <\/span>discretion,<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>create<span style=\"letter-spacing:-.25pt\">\n<\/span>and offer other classes of Units in the Fund which may carry different\nrights and be subject to different fees and <span style=\"letter-spacing:-.1pt\">commissions.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nClass B Members together with other members identified in the LLC Agreement are\nreferred to herein collectively<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>\u201c<i>Participating<span style=\"letter-spacing:\n-.3pt\"> <\/span>Members<\/i>\u201d<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>each<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>\u201c<i>Participating<span style=\"letter-spacing:-.3pt\"> <\/span>Member<\/i>.\u201d<span style=\"letter-spacing:\n-.4pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Class<span style=\"letter-spacing:-.5pt\"> <\/span>B<span style=\"letter-spacing:-.5pt\"> <\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>together<span style=\"letter-spacing:-.3pt\">\n<\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>any other Units\nidentified in the LLC Agreement shall be referred to as the \u201c<i>Participating Units.<\/i>\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>The Participating Members are also\nreferred to herein collectively as the \u201c<i>Investors<\/i>\u201d\nand each an \u201c<i>Investor.<\/i>\u201d<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A summary of\nthe Managing Broker Dealer Fees and sales commission limits for Class B Units\npermitted under the LLC Agreement and as described in further detail in this\nMemorandum is set out below:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:7.5pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black .5pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:.5pt solid black;mso-border-insidev:.5pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:27.45pt\">\n  <td width=\"414\" valign=\"top\" style=\"width:310.35pt;border:solid black 1.0pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:27.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:90.8pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Broker<span style=\"letter-spacing:-.3pt\"> <\/span>Dealer<span style=\"letter-spacing:-.3pt\">\n  <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"199\" valign=\"top\" style=\"width:149.15pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:27.45pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:0in;margin-right:.7pt;\n  margin-bottom:0in;margin-left:.85pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.2pt\"> <\/span>B<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:46.9pt\">\n  <td width=\"414\" valign=\"top\" style=\"width:310.35pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:46.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:5.35pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Broker<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fee:<\/span><o:p><\/o:p><\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:5.35pt\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Based<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>gross<span style=\"letter-spacing:-.25pt\"> <\/span>assets<span style=\"letter-spacing:-.25pt\">\n  <\/span>raised<span style=\"letter-spacing:-.15pt\"> <\/span>attributable<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.15pt\"> <\/span>Broker<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Dealer<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"199\" valign=\"top\" style=\"width:149.15pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:46.9pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-left:.85pt;text-align:\n  center\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">0.7%<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:70.05pt\">\n  <td width=\"414\" valign=\"top\" style=\"width:310.35pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:70.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt;margin-right:0in;margin-bottom:\n  0in;margin-left:5.35pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Sales<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Commissions<\/span><o:p><\/o:p><\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:5.35pt\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Based<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>transaction<span style=\"letter-spacing:-.2pt\"> value<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:5.35pt;margin-bottom:.0001pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>duly<span style=\"letter-spacing:-.15pt\"> <\/span>licensed<span style=\"letter-spacing:\n  -.15pt\"> <\/span>Affiliated<span style=\"letter-spacing:-.15pt\"> <\/span>Agents<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.15pt\"> <\/span>Broker- Dealer and who are also affiliated with the Managing\n  Member<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"199\" valign=\"top\" style=\"width:149.15pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:70.05pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:.1pt;margin-right:\n  .45pt;margin-bottom:0in;margin-left:.85pt;margin-bottom:.0001pt;text-align:\n  center\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Up<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">2%<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;mso-yfti-lastrow:yes;height:58.55pt\">\n  <td width=\"414\" valign=\"top\" style=\"width:310.35pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:58.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:5.35pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Marketing<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Reallowance<\/span><o:p><\/o:p><\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:5.35pt\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Based<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>transaction<span style=\"letter-spacing:-.2pt\"> value<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:5.35pt;margin-bottom:.0001pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>Selling<span style=\"letter-spacing:-.2pt\"> <\/span>Group<span style=\"letter-spacing:-.25pt\">\n  <\/span>Members<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Broker-<span style=\"letter-spacing:\n  -.1pt\">Dealer<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"199\" valign=\"top\" style=\"width:149.15pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:58.55pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:0in;margin-right:.4pt;\n  margin-bottom:0in;margin-left:.85pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Up<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">1%<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.45pt;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Units<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember intends to make capital contributions equal at least one (1%) percent of\nthe capital contributions of all of the Participating Members.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member may make a capital\ncontribution to the Fund<span style=\"letter-spacing:.65pt\"> <\/span>no<span style=\"letter-spacing:.55pt\"> <\/span>less<span style=\"letter-spacing:.5pt\"> <\/span>frequently<span style=\"letter-spacing:.55pt\"> <\/span>than<span style=\"letter-spacing:.5pt\"> <\/span>semi-annually,<span style=\"letter-spacing:.7pt\"> <\/span>so<span style=\"letter-spacing:.6pt\"> <\/span>that<span style=\"letter-spacing:.65pt\"> <\/span>the<span style=\"letter-spacing:.65pt\"> <\/span>Managing<span style=\"letter-spacing:.65pt\"> <\/span>Member<span style=\"letter-spacing:.75pt\"> <\/span>capital<span style=\"letter-spacing:.6pt\"> <\/span>contribution<span style=\"letter-spacing:\n.6pt\"> <\/span>equals<span style=\"letter-spacing:.6pt\"> <\/span>at<span style=\"letter-spacing:.6pt\"> <\/span>least<span style=\"letter-spacing:.8pt\"> <\/span><span style=\"letter-spacing:-.25pt\">one<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection4\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(1%) percent of the capital\ncontributions of all of the Participating Members.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Managing Member may offset capital contributions to the\nextent Cloud Toronto &#8211; FYBN Cos or its affiliates make direct investments in\nunderlying holdings of the <span style=\"letter-spacing:-.1pt\">Fund.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.45pt;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Distribution<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Policy<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund will\nreceive dividends from the REIT Subsidiary as further described in the REIT\nSupplement. Subject to receipt of such dividends, the Managing Member intends\nto declare and make periodic distributions to Members, provided however that\nany such dividends will first be used to satisfy applicable fees and expenses,\nand redemption<span style=\"letter-spacing:-.3pt\"> <\/span>requests<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>Investors<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>accepted<span style=\"letter-spacing:-.15pt\">\n<\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member.<span style=\"letter-spacing:2.0pt\"> <\/span>Any<span style=\"letter-spacing:-.15pt\"> <\/span>distributions<span style=\"letter-spacing:-.2pt\"> <\/span>made<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund\nare at the discretion of the Managing Member, considering factors such as the\nFund\u2019s earnings, cash flow, capital needs<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>general<span style=\"letter-spacing:-.5pt\">\n<\/span>financial<span style=\"letter-spacing:-.35pt\"> <\/span>condition<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>applicable<span style=\"letter-spacing:-.35pt\"> <\/span>law.<span style=\"letter-spacing:-.45pt\"> <\/span>As<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>result,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>distribution<span style=\"letter-spacing:\n-.45pt\"> <\/span>rates and payment frequency may vary from time to time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Brief<span style=\"letter-spacing:-.15pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Overview<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"color:#221F1F\">of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Offering<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Units<span style=\"letter-spacing:-.1pt\"> <\/span>are being<span style=\"letter-spacing:-.2pt\">\n<\/span>offered<span style=\"letter-spacing:-.1pt\"> <\/span>on a continuous basis\ncommencing on the date of this Memorandum <span style=\"color:#221F1F\">on a\nbest- efforts basis.<span style=\"letter-spacing:2.0pt\"> <\/span>Funds <\/span>tendered\n<span style=\"color:#221F1F\">by Investors in the Offering will be released\nimmediately to the Fund on the relevant Dealing Day upon acceptance of a\nsubscription by the Managing Member and\/or the Fund and after review and\napproval by the Managing Broker. The Units are offered subject to acceptance,\nprior sale, and withdrawal, cancellation, or modification of the offer at any\ntime without notice.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nOffering is made on a \u201cbest efforts \u2014 no minimum\u201d basis which means that the\nManaging Broker and the participating brokers are only required to use their\nbest efforts to sell the Units.<span style=\"letter-spacing:2.0pt\"> <\/span>In a\nbest efforts offering, the Managing Broker is not guaranteeing the sale of a\ncertain number of Units, and will not purchase any outstanding Units.<span style=\"letter-spacing:2.0pt\"> <\/span>There is no requirement that any minimum\nnumber of Units be sold before the gross subscription proceeds (\u201c<i>Proceeds<\/i>\u201d) are released to the Fund and\napplied in its business. Therefore, there can be no assurance that any minimum\nnumber of Units will be sold.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nUnits are <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">offered\n<span style=\"color:#221F1F\">through Young America Capital, LLC<sup>1<\/sup>, a\nregistered broker\/dealer and member FINRA\/SIPC<span style=\"letter-spacing:-.2pt\">\n<\/span>(the<span style=\"letter-spacing:-.15pt\"> <\/span>\u201c<i>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Broker<\/i>\u201d).<span style=\"letter-spacing:-.15pt\"> <\/span>Upon<span style=\"letter-spacing:-.2pt\"> <\/span>receipt<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>executed<span style=\"letter-spacing:-.1pt\">\n<\/span>acceptance<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Subscription<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement<span style=\"letter-spacing:-.3pt\">\n<\/span>(the \u201c<i>Subscription Agreement<\/i>\u201d),\na copy of which has been enclosed as Appendix B, the Investor will deposit,\npreferably via wire transfer (though checks will be accepted) the subscription\namount delivered directly to an account of the Fund, with such proceeds\navailable for use by the Fund in accordance with the terms and conditions of\nthe LLC Agreement immediately upon receipt.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n71.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Units<span style=\"letter-spacing:-.1pt\"> <\/span>may be<span style=\"letter-spacing:-.15pt\">\n<\/span>purchased <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">at<span style=\"letter-spacing:-.05pt\"> <\/span>an<span style=\"letter-spacing:-.1pt\"> <\/span>initial\nprice<span style=\"letter-spacing:-.15pt\"> <\/span>per Unit<span style=\"letter-spacing:-.05pt\"> <\/span>indicated<span style=\"letter-spacing:\n-.1pt\"> <\/span>at<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>beginning<span style=\"letter-spacing:\n-.1pt\"> <\/span>of this<span style=\"letter-spacing:-.1pt\"> <\/span>Memorandum and\nthereafter <span style=\"color:#221F1F\">at their Net Asset Value per Unit on the\nfirst Business Day of each month (a \u201cDealing Day\u201d). For an initial purchase of\nUnits, a properly executed Subscription Agreement must be received by Cloud\nToronto &#8211; FYBN &nbsp;before 5:00 p.m. New York<span style=\"letter-spacing:-.65pt\"> <\/span>time<span style=\"letter-spacing:-.6pt\"> <\/span>at<span style=\"letter-spacing:-.65pt\"> <\/span>least<span style=\"letter-spacing:-.6pt\"> <\/span>five<span style=\"letter-spacing:-.65pt\"> <\/span>(5)<span style=\"letter-spacing:-.6pt\"> <\/span>Business<span style=\"letter-spacing:-.65pt\"> <\/span>Days<span style=\"letter-spacing:-.6pt\"> <\/span>prior<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Dealing<span style=\"letter-spacing:-.6pt\">\n<\/span>Day.<span style=\"letter-spacing:-.65pt\"> <\/span>Notifications<span style=\"letter-spacing:-.6pt\"> <\/span>received<span style=\"letter-spacing:-.65pt\">\n<\/span>less<span style=\"letter-spacing:-.6pt\"> <\/span>than<span style=\"letter-spacing:-.65pt\"> <\/span>five<span style=\"letter-spacing:-.6pt\"> <\/span>(5)<span style=\"letter-spacing:-.65pt\"> <\/span>Business Days<span style=\"letter-spacing:\n-.4pt\"> <\/span>prior<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>purchase<span style=\"letter-spacing:-.4pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n-.5pt\"> <\/span>accepted<span style=\"letter-spacing:-.35pt\"> <\/span>solely<span style=\"letter-spacing:-.35pt\"> <\/span>at<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>discretion.<span style=\"letter-spacing:-.5pt\"> <\/span>For<span style=\"letter-spacing:-.35pt\"> <\/span>subsequent<span style=\"letter-spacing:-.5pt\"> <\/span>purchases,<span style=\"letter-spacing:\n-.35pt\"> <\/span>Units may be purchased on the first Business Day of each month\nprovided that the Managing Member received proper written notice before 5:00\np.m. New York time at least five (5) Business Days prior to the relevant\nDealing Day.<span style=\"letter-spacing:2.0pt\"> <\/span>Any payments<span style=\"letter-spacing:-.45pt\"> <\/span>submitted<span style=\"letter-spacing:\n-.45pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>form<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>transfer<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>kind<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>executed<span style=\"letter-spacing:-.35pt\">\n<\/span>solely<span style=\"letter-spacing:-.35pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.45pt\">\n<\/span>discretion<span style=\"letter-spacing:-.35pt\"> <\/span>and may require\nadditional notice. Payments for the purchase must be received by Cloud Toronto\n&#8211; FYBN &nbsp;by 3:00 p.m. New York time at\nleast<span style=\"letter-spacing:-.15pt\"> <\/span>three<span style=\"letter-spacing:\n-.1pt\"> <\/span>(3) Business<span style=\"letter-spacing:-.15pt\"> <\/span>Days<span style=\"letter-spacing:-.1pt\"> <\/span>prior<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Dealing\nDay and<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:\n-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>processed<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Net<span style=\"letter-spacing:-.1pt\"> <\/span>Asset<span style=\"letter-spacing:-.1pt\"> <\/span>Value<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>close<span style=\"letter-spacing:-.1pt\"> <\/span>of\nbusiness on the Dealing Day. In the event the Fund does not receive payment, in\nwhole or in part, by the designated time, the Investor will be liable to the\nFund for any related losses.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\">\n<\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>elect<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>absolute<span style=\"letter-spacing:-.55pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>accept<span style=\"letter-spacing:-.55pt\"> <\/span>subscription<span style=\"letter-spacing:\n-.5pt\"> <\/span>payments<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>prospective investors, in whole or<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>part,<span style=\"letter-spacing:-.1pt\"> <\/span>in specie or<span style=\"letter-spacing:\n-.05pt\"> <\/span>in kind<span style=\"letter-spacing:-.05pt\"> <\/span>rather than<span style=\"letter-spacing:-.05pt\"> <\/span>in cash.<span style=\"letter-spacing:2.0pt\">\n<\/span>This<span style=\"letter-spacing:-.05pt\"> <\/span>election<span style=\"letter-spacing:-.05pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>made<span style=\"letter-spacing:-.1pt\"> <\/span>generally<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>in\nany particular<span style=\"letter-spacing:-.25pt\"> <\/span>case.<span style=\"letter-spacing:2.05pt\"> <\/span>The<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>use<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>same<span style=\"letter-spacing:-.25pt\"> <\/span>valuation<span style=\"letter-spacing:-.2pt\"> <\/span>procedures<span style=\"letter-spacing:\n-.3pt\"> <\/span>used<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>determining<span style=\"letter-spacing:\n.05pt\"> <\/span>Net<span style=\"letter-spacing:-.25pt\"> <\/span>Asset<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Value<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.25pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_7\" o:spid=\"_x0000_s2249\" style=\"position:absolute;margin-left:1in;margin-top:8.35pt;\n  width:144.05pt;height:.5pt;z-index:-1895825365;visibility:visible;\n  mso-wrap-style:square;mso-wrap-distance-left:0;mso-wrap-distance-top:0;\n  mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"1829435,6350\" 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path=\"m1829054,l,,,6096r1829054,l1829054,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<span style=\"font-size:6.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.2pt;margin-right:114.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><sup><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">1<\/span><\/sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Information<span style=\"letter-spacing:-.15pt\"> <\/span>about<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Broker<span style=\"letter-spacing:-.25pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>available<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>FINRA\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>BrokerCheck<span style=\"letter-spacing:\n-.15pt\"> <\/span>website: <span style=\"letter-spacing:-.1pt\">https:\/\/brokercheck.finra.org\/.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection5\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n-.3pt\"> <\/span>determine<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>value<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>attributed<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>relevant<span style=\"letter-spacing:-.15pt\">\n<\/span>assets<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>transferred<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>assigned<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>relevant Dealing Day.<span style=\"letter-spacing:2.0pt\"> <\/span>Any prospective investor seeking to\ncontribute assets will be responsible for all costs involved in changing the\nownership of and the transfer of the relevant assets unless the Managing Member\notherwise agrees. Upon receipt of properly completed subscription materials and\nsuch legal and other transfer documentation as the Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>their<span style=\"letter-spacing:-.25pt\">\n<\/span>sole<span style=\"letter-spacing:-.25pt\"> <\/span>discretion<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>require,<span style=\"letter-spacing:-.2pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>allot<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>requisite<span style=\"letter-spacing:\n-.25pt\"> <\/span>number<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>in\nthe<span style=\"letter-spacing:-.2pt\"> <\/span>normal<span style=\"letter-spacing:\n-.2pt\"> <\/span>manner.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>reserves<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>right<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>decline<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>register<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>prospective<span style=\"letter-spacing:-.2pt\"> <\/span>investor<span style=\"letter-spacing:-.2pt\">\n<\/span>until<span style=\"letter-spacing:-.25pt\"> <\/span>the subscriber has been\nable to prove title to the assets in question and make a valid transfer\nthereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">For<span style=\"letter-spacing:-.25pt\"> <\/span>purposes<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Memorandum,<span style=\"letter-spacing:\n-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>\u201c<i>Business<span style=\"letter-spacing:-.25pt\">\n<\/span>Day<\/i>\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>day<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.3pt\"> <\/span>banks<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>open<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the United States and\/or\nsuch other day or days as the Managing Member may from time to time determine.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nindividual minimum subscription for Class B Units is Fifty Thousand Dollars ($250,000.00),\nunless otherwise waived by the Managing Member. Subscriptions are subject to\nacceptance or rejection by the Managing Member, in the Managing Member\u2019s sole\nand absolute discretion, subject to the terms and conditions of the\nSubscription<span style=\"letter-spacing:-.65pt\"> <\/span>Agreement.<span style=\"letter-spacing:-.6pt\"> <\/span>Rejected<span style=\"letter-spacing:-.6pt\">\n<\/span>subscriptions<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>subscription<span style=\"letter-spacing:\n-.6pt\"> <\/span>funds<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>returned<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>subscribers<span style=\"letter-spacing:-.65pt\"> <\/span>without<span style=\"letter-spacing:-.6pt\">\n<\/span>interest within thirty (30) days of rejection.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-left:.2pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.2pt\"> <\/span>date<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.1pt\"> <\/span>Memorandum<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>October\n16, 2023<span style=\"letter-spacing:-.2pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New 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o:connecttype=\"rect\">\n <o:lock v:ext=\"edit\" aspectratio=\"t\">\n<\/o:lock><\/v:path><\/v:stroke><\/v:shapetype><!--[if mso & !supportInlineShapes & supportFields]><v:shape\n id=\"_x0000_i1038\" type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:.05pt;text-align:center\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">TABLE<span style=\"letter-spacing:\n-.3pt\"> <\/span>OF<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">CONTENTS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_12\" o:spid=\"_x0000_s2246\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825364;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;tab-stops:443.65pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">CAPTION<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.2pt\">PAGE<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.4pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark0\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">FREQUENTLY<span style=\"letter-spacing:-.5pt\"> <\/span>ASKED<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">QUESTIONS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.5pt\">1<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.9pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.4pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark1\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">IMPORTANT<span style=\"letter-spacing:-.5pt\"> <\/span>GENERAL<span style=\"letter-spacing:-.45pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">CONSIDERATIONS<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.5pt\">6<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.4pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark2\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">CONDITIONS<span style=\"letter-spacing:-.4pt\"> <\/span>TO<span style=\"letter-spacing:-.25pt\"> <\/span>RECEIVING<span style=\"letter-spacing:-.35pt\"> <\/span>THIS<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MEMORANDUM<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.5pt\">8<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.4pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark3\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">FORWARD<span style=\"letter-spacing:-.45pt\"> <\/span>LOOKING<span style=\"letter-spacing:-.45pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">STATEMENTS<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.5pt\">9<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">WHO<span style=\"letter-spacing:\n-.35pt\"> <\/span>MAY<span style=\"letter-spacing:-.35pt\"> <\/span>INVEST;<span style=\"letter-spacing:-.3pt\"> <\/span>SUITABILITY<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">STANDARDS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">10<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark4\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">PRIVACY<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">NOTICE<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">13<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark5\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SUMMARY<span style=\"letter-spacing:-.35pt\"> <\/span>OF<span style=\"letter-spacing:-.35pt\"> <\/span>OFFERING<span style=\"letter-spacing:-.2pt\"> <\/span>AND<span style=\"letter-spacing:-.3pt\"> <\/span>FUND<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">TERMS<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">14<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.9pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark6\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">CLOUD TORONTO &#8211; FYBN\n<span style=\"letter-spacing:-.6pt\">&nbsp;<\/span>EXECUTIVE<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">SUMMARY<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">29<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark7\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">GENERAL<span style=\"letter-spacing:-.4pt\"> <\/span>RISK<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">FACTORS<\/span><\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">33<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark8\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">INVESTMENT<span style=\"letter-spacing:-.5pt\"> <\/span>OBJECTIVES,<span style=\"letter-spacing:\n-.5pt\"> <\/span>STRATEGY,<span style=\"letter-spacing:-.45pt\"> <\/span>AND<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">POLICIES<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.35pt\">60<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark9\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">MANAGEMENT<\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">70<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark10\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">MANAGEMENT<span style=\"letter-spacing:-.35pt\"> <\/span>FEES<span style=\"letter-spacing:-.35pt\"> <\/span>AND<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">COMPENSATION<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.25pt\">74<\/span><\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark11\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">INDEMNIFICATION<span style=\"letter-spacing:-.45pt\"> <\/span>AND<span style=\"letter-spacing:-.4pt\"> <\/span>LIMITATION<span style=\"letter-spacing:-.4pt\"> <\/span>OF<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">LIABILITY<\/span><\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">78<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.9pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark12\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">DESCRIPTION<span style=\"letter-spacing:-.4pt\"> <\/span>OF<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">UNITS<\/span><\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">79<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark13\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">CONFLICTS<span style=\"letter-spacing:-.4pt\"> <\/span>OF<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">INTEREST<\/span><\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.35pt\">83<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.55pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark14\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">AMENDMENTS<span style=\"letter-spacing:-.4pt\"> <\/span>TO<span style=\"letter-spacing:-.3pt\"> <\/span>LLC<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">AGREEMENT<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">86<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">TAX<span style=\"letter-spacing:\n3.85pt\"> <\/span><span style=\"letter-spacing:-.1pt\">CONSIDERATIONS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">89<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 471.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">ERISA<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">94<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;tab-stops:right dotted 6.55in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">SUPPLEMENTAL<span style=\"letter-spacing:-.55pt\"> <\/span>SALES<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MATERIAL<\/span><\/span><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark0\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">97<\/span><\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection7\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">APPENDICES<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l6 level1 lfo73;\ntab-stops:61.0pt 79.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">A<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\">&#8211;<\/span><span 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1037\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.05pt\"><a name=\"_bookmark0\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">FREQUENTLY<span style=\"letter-spacing:-.5pt\"> <\/span>ASKED<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">QUESTIONS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_17\" o:spid=\"_x0000_s2243\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825363;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The following\nquestions and answers about this offering of equity securities (this \u201c<i>Offering<\/i>\u201d) highlight material\ninformation regarding the Fund and this Offering. Each Investor should read\nthis Private Placement Memorandum (this \u201c<i>Memorandum<\/i>\u201d),\nincluding the section entitled \u201cRisk Factors,\u201d before deciding to purchase the\nequity securities offered hereunder.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.4pt\">&nbsp;&nbsp;&nbsp; <\/span>What<span style=\"letter-spacing:\n-.05pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>CLOUD TORONTO &#8211;\nFYBN <span style=\"letter-spacing:-.1pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.1pt\"> <\/span>GROWTH<span style=\"letter-spacing:-.05pt\">\n<\/span>&amp;<span style=\"letter-spacing:-.15pt\"> <\/span>INCOME<span style=\"letter-spacing:-.2pt\"> <\/span>FUND<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.2pt\">LLC?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A:<span style=\"letter-spacing:\n4.0pt\">&nbsp;&nbsp; <\/span>The Fund is a\ndistinguished New York limited liability company (LLC) established with the\nprimary objective of making strategic investments in a diverse portfolio of\nreal estate properties, gas stations, real estate-related equity investments,\nincluding Real Estate Investment Trusts (REITs), and other real estate-related\nassets. Guided by the Managing Member&#8217;s expertise and vision, The Fund seeks to\nidentify and invest in opportunities that offer an attractive risk-return\nprofile.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment Focus:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">At The Fund, our investment\nstrategy is rooted in the belief that a well-diversified portfolio is essential\nfor sustainable growth and resilience in the real estate market. We target a\nvariety of assets and investment vehicles to achieve our objectives:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Real Estate Properties: We\nselectively invest in a range of real estate properties, with a keen focus on\nidentifying promising market opportunities and high-potential properties.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Gas Stations: Recognizing the\nimportance of the energy and convenience retail sector, The Fund has a\nstrategic interest in gas station investments.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Real Estate-Related Equity\nInvestments: We actively explore opportunities in real estate-related equity\ninvestments, including holdings in REITs, to harness the benefits of collective\nreal estate ownership.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Other Real Estate-Related\nAssets: In addition to traditional investments, The Fund remains open to\nexploring unique and innovative real estate-related assets, adapting to\nchanging market dynamics.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Continuous Offering:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund is dedicated to\nensuring accessibility and inclusivity for potential investors. We offer three\ndistinct classes of limited liability company units on a continuous basis,\nstarting from the initial Dealing Day upon acceptance of subscriptions from\nParticipating Members. This approach allows investors to enter and exit the\nFund as they see fit, providing flexibility and convenience.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Mission:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Our mission at The Fund is to\nmaximize returns for our investors by carefully curating a diversified\nportfolio that not only delivers strong financial performance but also manages\nrisks effectively. We are dedicated to delivering long-term value through informed\nand strategic investments.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Conclusion:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund is committed to the\npursuit of excellence in real estate investment. With a focus on diversity,\ncontinuous offerings, and a strong commitment to risk management, we invite\npotential investors to explore the opportunities presented by The Fund. Our\nteam of experts is here to guide you through the dynamic world of real estate\ninvestments and deliver attractive risk-adjusted returns. Join us on this\njourney as we build and manage a portfolio that aligns with your financial\nobjectives and aspirations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.55pt\">&nbsp;&nbsp;&nbsp; <\/span>What<span style=\"letter-spacing:\n-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">own?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp; <\/span>The\npurpose of the Fund is to <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">acquire,\ndevelop, manage, operate, lease, and sell, directly or indirectly, commercial\nreal estate properties consistent with the Fund&#8217;s investment strategy of\nacquiring quality income- producing<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>value-add<span style=\"letter-spacing:-.65pt\">\n<\/span>commercial<span style=\"letter-spacing:-.6pt\"> <\/span>properties,<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>do<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>require<span style=\"letter-spacing:-.65pt\"> <\/span>significant<span style=\"letter-spacing:\n-.6pt\"> <\/span>development,<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>either<span style=\"letter-spacing:-.6pt\"> <\/span>operated by<span style=\"letter-spacing:\n-.2pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>unrelated<span style=\"letter-spacing:-.2pt\"> <\/span>third<span style=\"letter-spacing:-.2pt\"> <\/span>parties,<span style=\"letter-spacing:-.25pt\"> <\/span>and,<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>some<span style=\"letter-spacing:-.25pt\"> <\/span>circumstances,<span style=\"letter-spacing:-.25pt\"> <\/span>leased<span style=\"letter-spacing:-.2pt\">\n<\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>short<span style=\"letter-spacing:-.3pt\"> <\/span>term and long-term leases to creditworthy\ntenants<span style=\"color:#221F1F\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nFund may also invest in: (i) equity interests in entities that have developed\nand\/or acquired quality income producing commercial properties and are either\noperated by Affiliates of the Managing Member or unrelated third parties, (ii)\ndebt securities (e.g., promissory notes, mezzanine debt instruments) secured by\nsecurity interests in commercial properties, and (iii) in shares of publicly\ntraded real-estate investment trusts \u201cREITs\u201d (up to a maximum amount of\ntwenty-five (25%) percent of net assets the Fund) (\u201c<i>REIT <span style=\"letter-spacing:-.1pt\">Portfolio<\/span><\/i><span style=\"letter-spacing:-.1pt\">\u201d).<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.5pt\">&nbsp;&nbsp;&nbsp; <\/span>What<span style=\"letter-spacing:\n.05pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>major<span style=\"letter-spacing:-.05pt\">\n<\/span>risks<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\">\ninvestment?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp;&nbsp; <\/span>Investment in the Units of the Fund\noffered hereby involves risk, including the<span style=\"letter-spacing:.85pt\"> <\/span>risk\nof a significant loss of the investment and the general economic failure of the\nFund. Some of these risks are described in more detail in the section labeled\n\u201cRisk Factors.\u201d<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.45pt\">&nbsp;&nbsp;&nbsp; <\/span>Who<span style=\"letter-spacing:-.05pt\">\n<\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>select<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>investments<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>invest<span style=\"letter-spacing:-.1pt\">\ninto?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp; <\/span>The Fund\u2019s Managing Member is <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud Toronto &#8211; FYBN &nbsp;Core+ Growth &amp; Income Fund GP LLC, <span style=\"color:#221F1F\">a New York limited<span style=\"letter-spacing:2.0pt\"> <\/span>liability\ncompany.<span style=\"letter-spacing:-.15pt\"> <\/span>Investment<span style=\"letter-spacing:-.2pt\"> <\/span>decisions<span style=\"letter-spacing:-.05pt\">\n<\/span>of the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund will<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.05pt\"> <\/span>by the Managing Member,<span style=\"letter-spacing:-.05pt\"> <\/span>although<span style=\"letter-spacing:-.1pt\">\n<\/span>the Managing Member may, at times, engage affiliated and third-party\ninvestment managers to assist in these efforts.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.6pt\">&nbsp;&nbsp;&nbsp; <\/span>Who<span style=\"letter-spacing:.1pt\">\n<\/span>is<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">Cloud Toronto &#8211; FYBN ?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>One\nSponsor of the Fund is Cloud Toronto &#8211; FYBN &nbsp;\u2013 The Wealth Development Company, a trade name\nused to refer to a group of affiliated entities directly or indirectly\ncontrolled by Cloud Toronto &#8211; FYBN Cos Inc., a New York corporation. Cloud\nToronto &#8211; FYBN &nbsp;is an alternative asset\nmanager, sponsor of private funds, and real estate developer. This Sponsor has\nbeen involved in acquiring,<span style=\"letter-spacing:-.5pt\"> <\/span>managing,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>disposing<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>real<span style=\"letter-spacing:-.5pt\"> <\/span>estate-related<span style=\"letter-spacing:\n-.45pt\"> <\/span>assets<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>over<span style=\"letter-spacing:-.45pt\"> <\/span>thirteen<span style=\"letter-spacing:-.45pt\"> <\/span>years.<span style=\"letter-spacing:-.5pt\">\n<\/span>See<span style=\"letter-spacing:-.5pt\"> <\/span>section<span style=\"letter-spacing:-.45pt\"> <\/span>\u201c<i>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.55pt\">&nbsp;<\/span>Executive Summary<\/i>\u201d for additional\ninformation concerning Cloud Toronto &#8211; FYBN &nbsp;\u2013 The Wealth Development Company and a full\nlist of the Affiliates (defined herein) of Cloud Toronto &#8211; FYBN &nbsp;that are referenced above.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.5pt\">&nbsp;&nbsp;&nbsp; <\/span>What<span style=\"letter-spacing:\n-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\">\n<\/span>targeted<span style=\"letter-spacing:-.05pt\"> <\/span>rate<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">return?<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp; <\/span>The Fund will strive to acquire assets\nat a discount to current market through core plus and value-add acquisition<span style=\"letter-spacing:-.65pt\"> <\/span>strategies.<span style=\"letter-spacing:\n-.6pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>target<span style=\"letter-spacing:-.6pt\">\n<\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:\n-.6pt\"> <\/span>provide<span style=\"letter-spacing:-.65pt\"> <\/span>outsized<span style=\"letter-spacing:-.55pt\"> <\/span>risk-adjusted<span style=\"letter-spacing:\n-.55pt\"> <\/span>returns<span style=\"letter-spacing:-.55pt\"> <\/span>targeting<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>nine<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>fourteen<span style=\"letter-spacing:-.6pt\"> <\/span>percent (9% &#8211; 14%), fund-level internal\nrate of return (IRR<b>)<\/b>. <b>There is no guarantee, however, that the\nFund will achieve these results and risks do exist that may result in a\nsignificant or complete loss or your investment. <\/b>The target returns\nestablished by us take into consideration a variety of assumptions, and there\nis no guarantee that the assumptions upon which the target returns are based\nwill materialize.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>pursue<span style=\"letter-spacing:-.3pt\">\n<\/span>real<span style=\"letter-spacing:-.35pt\"> <\/span>estate<span style=\"letter-spacing:-.35pt\"> <\/span>investment<span style=\"letter-spacing:\n-.35pt\"> <\/span>strategies<span style=\"letter-spacing:-.35pt\"> <\/span>generally<span style=\"letter-spacing:-.3pt\"> <\/span>categorized<span style=\"letter-spacing:\n-.25pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>&#8220;<i>Core<span style=\"letter-spacing:-.3pt\"> <\/span>Plus<\/i>&#8220;<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>&#8220;<i>Value<span style=\"letter-spacing:-.3pt\"> <\/span>Add<\/i>&#8221;\nwhich includes stabilization, re-tenanting, small renovations, adaptive<span style=\"letter-spacing:-.05pt\"> <\/span>re-use, and substantial renovations of\nexisting assets. Estimated returns are based on past performance of a\ngeneralized core plus and value-add strategy.<span style=\"letter-spacing:4.0pt\">\n<\/span>Within commercial real estate investing, Core Plus and Value Add\ninvestment opportunities are typically viewed as low to moderate risk\nrespectively.<span style=\"letter-spacing:2.0pt\"> <\/span>Further details on the\ngenerally accepted real estate investment risk profiles are set out <span style=\"letter-spacing:-.1pt\">below.<o:p><\/o:p><\/span><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What is a gas station investment?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">A gas station investment involves purchasing or operating\na gas station with the expectation of generating a return on your investment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What are the key factors to consider before investing in\na gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Key factors include location, competition, financial\nstability, and regulatory requirements.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Is it profitable to invest in a gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Profitability depends on factors like location, management, and market\nconditions. It can be profitable but isn\u2019t guaranteed.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What are the different types of gas station investments?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">You can invest in existing gas stations, buy a franchise,\nor build a new station from the ground up.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">How important is the location of a gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Location is critical. High traffic areas with limited\ncompetition are generally more profitable.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What licenses and permits are required to operate a gas\nstation?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">The specific requirements vary by location, but typically include\nbusiness licenses, environmental permits, and safety certifications.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What are the typical operating costs for a gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Operating costs include fuel purchases, employee\nsalaries, maintenance, utilities, and insurance.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">How can I finance the purchase of a gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">You can finance a gas station through personal savings,\nloans, or by partnering with investors.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What are the risks associated with gas station\ninvestments?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Risks include fluctuating fuel prices, environmental\nliabilities, and changes in consumer behavior.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">How do I determine the value of a gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">The value is often based on factors like cash flow,\nlocation, property value, and potential for growth.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Are there any environmental concerns associated with gas\nstation investments?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Yes, potential environmental contamination from fuel leaks is a concern.\nProper maintenance and compliance with regulations are essential.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Can I convert a gas station into another type of\nbusiness?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Converting a gas station into another business may be possible, but it\ndepends on local zoning regulations and structural considerations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What is the typical return on investment (ROI) for a gas\nstation?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">ROI varies widely, but a well-run gas station can provide\na reasonable return on investment over time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What are the advantages of owning a franchise gas\nstation?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Franchise gas stations offer brand recognition, marketing\nsupport, and established operational processes.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">How can I attract customers to my gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Offering competitive fuel prices, convenience store items, and loyalty\nprograms can help attract and retain customers.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Is it a good idea to buy a gas station with a convenience\nstore?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Combining a gas station with a convenience store can enhance\nprofitability as it offers additional revenue streams.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Are there tax benefits to owning a gas station?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Tax benefits may include deductions for operating expenses,\ndepreciation, and potential credits for environmental cleanup costs.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">What is the typical lease structure for gas station\noperators?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Lease structures vary, but they can include fixed rent,\npercentage-based rent, or a combination of both.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">How can I mitigate the risk of fuel price fluctuations?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Diversifying revenue streams, optimizing inventory management, and\nmonitoring fuel price trends can help mitigate this risk.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Is it possible to sell my gas station investment in the\nfuture?<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Yes, you can sell your gas station investment. The ease of sale and\npotential profit depend on market conditions and the condition of your\nbusiness.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">A \u201cCore Plus\u201d investment strategy typically involves properties that are\nconsidered to be a step above core properties but still require some level of\nactive management to achieve their full potential. While whether a gas station\nproperty qualifies as \u201cCore Plus\u201d depends on various factors, here are some\nconsiderations:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Location: A gas station\u2019s location is critical. If it is in a prime,\nhigh-traffic area with strong demographics and limited competition, it may\nqualify as Core Plus.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Property Condition: The condition of the gas station property matters.\nIf it is well-maintained and up-to-date, it may be more likely to be classified\nas Core Plus.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Income Stability: Gas stations with consistent and predictable income,\nsuch as long-term tenant leases, may be more appealing as Core Plus\ninvestments.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Potential for Value-Add: Properties with untapped potential, such as the\nability to expand the convenience store, add additional services, or optimize\noperations, can qualify as Core Plus if they offer opportunities for value\nenhancement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Market Trends: Consider the current and future market trends for gas\nstations in the area. Is there a growing demand for fuel and convenience store\nservices?<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Regulatory Compliance: Ensure that the gas station complies with all\nenvironmental, safety, and zoning regulations. Properties that have already\naddressed potential regulatory issues may be more attractive.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Lease Terms: If there are long-term lease agreements in place with\nreputable tenants, it can enhance the property\u2019s Core Plus status.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Financial Performance: Evaluate the historical financial\nperformance of the gas station. A property with a track record of generating\nconsistent income may be viewed more favorably.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Competitive Analysis: Assess the competitive landscape. If the gas\nstation has a competitive advantage, such as offering unique services or having\nstrong brand recognition, it may qualify as Core Plus.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Exit Strategy: Consider your exit strategy. A Core Plus property should\nhave the potential for capital appreciation over time, allowing you to sell it\nat a higher value.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">It\u2019s important to note that the classification of a property as Core,\nCore Plus, or any other category can vary depending on individual investment\ncriteria and market conditions. Investors and real estate professionals\ntypically use these categories as a general guideline, but the specific\nclassification of a property should be based on a comprehensive analysis of its\nunique attributes and potential.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Before classifying a gas station property as Core Plus, it\u2019s advisable\nto consult with real estate experts and conduct thorough due diligence to\ndetermine if the property aligns with your investment goals and risk tolerance.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">The Company, FYBN Gas Station Investment Fund Systems, is\na gas station \/ cstore developer focused on artificial intelligence, machine\nlearning, and deep learning processing for research, government, and corporate\norganizations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">The Company is subject to a number of significant risks that could\nresult in a reduction in its value and the value of the Company Securities,\npotentially including, but not limited to:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Inability of the Company to complete an initial public offering of its\nsecurities, merger, buyout or other liquidity event, Inability to expand and\nmaintain market acceptance for the Company\u2019s services and products in the\nUnited States, <o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Inability to gain access to international markets and\ncomply with all applicable local laws and regulations,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Rapidly changing consumer preferences and market trends,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Inability to achieve management\u2019s projections for growth, to maintain or\nincrease historical rates of growth, or to achieve growth based on past or\ncurrent trends,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Inability to develop, maintain and expand successful marketing\nrelationships, affiliations, joint ventures and partnerships that may be needed\nto continue and accelerate the Company\u2019s growth and market penetration,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Difficulties in managing rapid growth effectively,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Inability to keep pace with rapid industry, technological and market\nchanges that could affect the Company\u2019s services, products and business,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Potential costs and business disruption that may result if the Company\u2019s\ncustomers complain or assert claims regarding the Company\u2019s technology,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Failure to adequately address data security and privacy concerns in\ncompliance with U.S. and international laws, rules and policies,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Technological problems, including potentially widespread outages and\ndisruptions in Internet and mobile commerce, Performance issues arising from\ninfrastructure changes, human or software errors, website or third-party\nhosting disruptions, network disruptions or capacity constraints due to a\nnumber of potential causes including technical failures, cyber attacks, security\nvulnerabilities, natural disasters or fraud,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Inability to adequately secure and protect intellectual\nproperty rights,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Potential claims and litigation against the Company for infringement of\nintellectual property rights and other alleged violations of law, Difficulties\nin complying with applicable laws and regulations, and potential costs and\nbusiness disruption if the Company becomes subject to claims and litigation for\nlegal non-compliance, Changes in laws and regulations materially affecting the\nCompany\u2019s business,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">Liability risks and labor costs and requirements that may\njeopardize the Company\u2019s business,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">Ongoing need for substantial additional capital to support operations,\nto finance expansion and\/or to maintain competitive position, Issuance of\nadditional Company equity securities at prices dilutive to existing equity\nholders, Dependence on and inability to hire or retain key members of\nmanagement and a qualified workforce, Potential significant and unexpected\ndeclines in the value of Company equity securities, including prior to, during,\nand after an initial public offering, and Other risks that are not generally\ndisclosed or known, in part because the Company is privately held and does not\nprovide risk disclosure in publicly available reports. In addition, the gas\nstation \/ cstore industry is highly competitive, and the Company may not be\nable to compete effectively against the other businesses in its industry. The\nCompany faces competition from a large number of competitors, including EXXON\nMOBIL, CHEVRON, BP, SHELL and Other Private Operators and Owners Like Quik\nTrip, WAWA, etc, some of which have longer operating histories, significantly\ngreater financial, technical, marketing, distribution and other resources and\ngreater name recognition than the Company does. These and other companies may\ndevelop new services and products and marketing and distribution channels in\nadvance of the Company or establish business models or technologies disruptive\nto the Company\u2019s business. Moreover, current and future competitors of the\nCompany may also make strategic acquisitions or establish cooperative\nrelationships among themselves or with others. By doing so, they may increase\ntheir ability to meet the needs of customers and potential customers. To the\nextent that the Company is not able to compete successfully against current and\nfuture competitors, the Company\u2019s business, results of operations and financial\ncondition may suffer. It is impossible for anyone to know with any certainty which\nof the companies will be more successful than the others, and an investment\nwill be subject to all of the risks inherent in any investment in a nascent\nbusiness and industry with a number of different competitors.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:42.95pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">The business of the Company and investment in the Company Securities may\nalso be jeopardized by stagnant economic conditions and by political,\ngeopolitical, regulatory, financial and other developments in the United\nStates, Europe, China, the Middle East and elsewhere around the world,\nincluding incidents of war and terrorism, outbreaks and pandemics of serious\ncommunicable diseases such as COVID-19 and Ebola, and natural and man- made\ndisasters that are beyond the Company\u2019s control and could disrupt its business\nand adversely affect its performance and financial condition.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investing\nin CLOUD TORONTO &#8211; FYBN Gas Station Investment Funds, which have over 400 gas\nstations in Georgia and a software platform that covers over 1000 cities in the\nstate, presents an intriguing opportunity in the gas station business. Here are\nsome key points to consider:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Diversification:<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"> With over 400 gas stations\nin Georgia, your investment is well-diversified across locations and markets,\nreducing the impact of any single market\u2019s fluctuations on your overall\nportfolio.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Market\nCoverage:<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\nThe software platform covering over 1000 cities in Georgia can provide valuable\ndata and insights to optimize the gas station operations, such as pricing\nstrategies, inventory management, and marketing efforts.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Profitability:<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"> The gas station business\ntypically operates on thin profit margins, but a 40 \u2013 45% profit range suggests\nefficient operations and potentially competitive advantages in terms of\npricing, product offerings, or services.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cash\nFlow:<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"> The\nheavy cash flow nature of the business can be advantageous for investors,\nproviding a consistent stream of income that can be reinvested or distributed\nas returns.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Operational\nIntensity:<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\nIt\u2019s important to recognize that gas stations are highly operational- intensive\nbusinesses. Proper management, maintenance, compliance with regulations, and\ncustomer service are critical for success.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Economies\nof Scale:<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\nHaving a significant number of gas stations in the portfolio may allow for\neconomies of scale in procurement, marketing, and management, potentially\nincreasing profitability.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Market\nStability<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nGeorgia\u2019s gas station market may be relatively stable due to consistent demand\nfor fuel and essential goods, making it less susceptible to economic downturns.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Exit\nStrategy<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nConsider your exit strategy. A well-managed portfolio of gas stations can be\nattractive to potential buyers or investors looking for stable income streams.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Risk\nManagement<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nDespite the potential rewards, it\u2019s important to assess and manage risks\nassociated with gas station investments, including environmental compliance,\ncompetition, fuel price fluctuations, and regulatory changes.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Due\nDiligence<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nBefore investing, conduct thorough due diligence on the specific gas stations\nin the portfolio. Evaluate their locations, market conditions, financial\nperformance, and any potential value-add opportunities.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax\nConsiderations<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nWork closely with tax professionals to understand the tax implications of your\ninvestment, including depreciation, deductions, and any tax credits available\nin Georgia.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Professional\nManagement<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nConsider whether the investment funds have experienced and professional\nmanagement in place to oversee the operations, maintenance, and strategic\ndirection of the gas station portfolio.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Long-Term\nStrategy<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">:\nDetermine whether your investment aligns with a long-term strategy, as the gas\nstation business can provide stable income over an extended period.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Before\nmaking any investment, consult with financial advisors and conduct a\ncomprehensive analysis to ensure that it aligns with your investment goals,\nrisk tolerance, and financial strategy. Additionally, seek legal and financial\nadvice to fully understand the terms and conditions of your investment in FYBN\nGas Station Investment Funds. <o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-no-proof:yes\"><v:shape id=\"Image_x0020_18\" o:spid=\"_x0000_i1036\" type=\"#_x0000_t75\" style=\"width:357.75pt;height:285pt;visibility:visible;mso-wrap-style:square\">\n <v:imagedata src=\"file:\/\/\/C:\/Users\/Keepk\/AppData\/Local\/Temp\/msohtmlclip1\/01\/clip_image001.jpg\" o:title=\"\">\n <o:lock v:ext=\"edit\" aspectratio=\"f\">\n<\/o:lock><\/v:imagedata><\/v:shape><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.4pt\">&nbsp;&nbsp;&nbsp; <\/span>What<span style=\"letter-spacing:\n.05pt\"> <\/span>management<span style=\"letter-spacing:-.15pt\"> <\/span>fees<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member or<span style=\"letter-spacing:-.15pt\">\n<\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">Affiliates?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>The\nvarious management fees paid encompass the costs of ensuring a competent\nmanagement team is in<span style=\"letter-spacing:2.0pt\"> <\/span>place making\ndecisions daily for sourcing, acquiring, and providing oversight for the Fund\u2019s\nassets.<span style=\"letter-spacing:2.0pt\"> <\/span>Please refer to the section\nlabeled &#8220;Management Fees and Compensation\u201d.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.5pt\">&nbsp;&nbsp;&nbsp; <\/span>What is<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>per Unit<span style=\"letter-spacing:-.05pt\"> <\/span>purchase<span style=\"letter-spacing:-.1pt\">\nprice?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp; <\/span>After their initial issue, the Units\nwill be sold at the then-current \u201cNet Asset Value\u201d or \u201cNAV\u201d, which is generally\nthe prior month\u2019s NAV per unit for such class, plus applicable<span style=\"letter-spacing:-.05pt\"> <\/span>upfront selling commissions and Managing\nBroker Dealer Fees as further described below.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.55pt\">&nbsp;&nbsp;&nbsp; <\/span>How<span style=\"letter-spacing:-.05pt\">\n<\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>NAV<span style=\"letter-spacing:-.05pt\"> <\/span>per<span style=\"letter-spacing:-.1pt\"> <\/span>Unit<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">calculated?<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>The\nper Unit NAV of the Fund is calculated by Cloud Toronto &#8211; FYBN &nbsp;each month, based on the net asset values of\nthe Fund\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>investments (including<span style=\"letter-spacing:-.1pt\"> <\/span>the REIT<span style=\"letter-spacing:-.1pt\">\n<\/span>Portfolio),<span style=\"letter-spacing:-.1pt\"> <\/span>with the<span style=\"letter-spacing:-.25pt\"> <\/span>addition of<span style=\"letter-spacing:\n-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>other assets<span style=\"letter-spacing:-.05pt\"> <\/span>(e.g., cash<span style=\"letter-spacing:\n-.1pt\"> <\/span>on hand),<span style=\"letter-spacing:-.05pt\"> <\/span>and the\ndeduction of liabilities.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Properties\nheld by the Fund will be valued at least once per year. The Managing Member,\nhowever, at its sole and absolute discretion, can revalue properties held by\nthe Fund more frequently.<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.05pt\"> <\/span>valuing these investments, Cloud Toronto\n&#8211; FYBN &nbsp;has implemented a valuation\nprocess that is commonly utilized in the real estate investment industry by\ncompleting multi-year forecasts on each underlying asset, making assumptions on\nfuture financing activities, and applying industry accepted discount factors to\nachieve a valuation via discounted cash flow (DCF) analysis. Cloud Toronto &#8211;\nFYBN &nbsp;may also obtain third-party\nappraisals for comparison purposes to the DCF results.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nREIT Portfolio will be valued using readily available market quotations.<span style=\"letter-spacing:2.0pt\"> <\/span>If a market quotation is not readily\navailable or is deemed unreliable, or if an event that is expected to affect\nthe value of a security occurs after the close of the principal exchange or\nmarket on which that security is traded, and before the close of the New York\nStock<span style=\"letter-spacing:-.5pt\"> <\/span>Exchange,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>fair<span style=\"letter-spacing:-.45pt\"> <\/span>value<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>security<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>determined<span style=\"letter-spacing:\n-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>good<span style=\"letter-spacing:-.65pt\"> <\/span>faith<span style=\"letter-spacing:-.45pt\">\n<\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>policies<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>procedures<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">established<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">by and<span style=\"letter-spacing:-.1pt\"> <\/span>under the<span style=\"letter-spacing:-.05pt\">\n<\/span>supervision<span style=\"letter-spacing:-.2pt\"> <\/span>of Cloud Toronto &#8211;\nFYBN .<span style=\"letter-spacing:-.15pt\"> <\/span>Further<span style=\"letter-spacing:-.1pt\"> <\/span>details<span style=\"letter-spacing:-.05pt\">\n<\/span>are<span style=\"letter-spacing:-.25pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>out<span style=\"letter-spacing:-.05pt\"> <\/span>below<span style=\"letter-spacing:-.05pt\"> <\/span>under \u201cNet<span style=\"letter-spacing:\n-.05pt\"> <\/span>Asset<span style=\"letter-spacing:-.05pt\"> <\/span>Value Determination\nand Valuation Policy.\u201d<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.55pt\">&nbsp;&nbsp;&nbsp; <\/span>Where<span style=\"letter-spacing:\n-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>buy\n<span style=\"letter-spacing:-.1pt\">properties?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp; <\/span>The<span style=\"letter-spacing:-.3pt\">\n<\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>select<span style=\"letter-spacing:-.35pt\">\n<\/span>markets<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>acquisitions<span style=\"letter-spacing:\n-.35pt\"> <\/span>based<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>simple<span style=\"letter-spacing:-.05pt\">\n<\/span>criteria<span style=\"letter-spacing:-.35pt\"> <\/span>we\u2019ve<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\">\n<\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>\u201cgrowth<span style=\"letter-spacing:-.3pt\"> <\/span>markets.\u201d<span style=\"letter-spacing:-.3pt\">\n<\/span>In choosing<span style=\"letter-spacing:-.55pt\"> <\/span>specific<span style=\"letter-spacing:-.5pt\"> <\/span>geographic<span style=\"letter-spacing:\n-.5pt\"> <\/span>areas,<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>seeks<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>long-term<span style=\"letter-spacing:-.45pt\"> <\/span>trend<span style=\"letter-spacing:-.55pt\">\n<\/span>toward<span style=\"letter-spacing:-.55pt\"> <\/span>population<span style=\"letter-spacing:-.55pt\"> <\/span>growth,<span style=\"letter-spacing:-.5pt\">\n<\/span>evidenced<span style=\"letter-spacing:-.6pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>recent\ntrack record that extends a minimum of 10 years.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.5pt\">&nbsp;&nbsp;&nbsp; <\/span>What is<span style=\"letter-spacing:\n-.15pt\"> <\/span>the anticipated<span style=\"letter-spacing:-.1pt\"> <\/span>life<span style=\"letter-spacing:-.1pt\"> <\/span>cycle<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp; <\/span>The Fund is being offered on a\ncontinuous open-end basis.<span style=\"letter-spacing:2.0pt\"> <\/span>In an\nopen-end fund structure, an Investor may request redemptions of their units on\na quarterly basis, but the Fund is not obligated to redeem any Units and may\nchoose to redeem only some, or even none, of the Units that have been requested\nto be redeemed in any particular quarter<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.65pt\">\n<\/span>sole<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>absolute<span style=\"letter-spacing:-.6pt\">\n<\/span>discretion.<span style=\"letter-spacing:-.65pt\"> <\/span>While<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">may<span style=\"letter-spacing:\n-.6pt\"> <\/span>consider<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>liquidity event at any time in the\nfuture, the Managing Member does not currently intend to undertake such\nconsideration for three to five years from each individual asset purchases, and\nthe Fund is not obligated by its LLC Agreement or otherwise to affect a\nliquidity event at any time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:11.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.45pt\">&nbsp;&nbsp;&nbsp; <\/span>What<span style=\"letter-spacing:\n.05pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>do<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>money<span style=\"letter-spacing:-.05pt\"> <\/span>raised<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">offering?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>funds<span style=\"letter-spacing:-.25pt\"> <\/span>raised<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>offering<span style=\"letter-spacing:-.15pt\">\n<\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>primarily<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>utilized<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>purchase\nand<span style=\"letter-spacing:-.15pt\"> <\/span>renovate<span style=\"letter-spacing:\n-.15pt\"> <\/span>real<span style=\"letter-spacing:-.25pt\"> <\/span>estate<span style=\"letter-spacing:-.2pt\"> <\/span>related<span style=\"letter-spacing:-.15pt\">\n<\/span>assets, and<span style=\"letter-spacing:-.45pt\"> <\/span>operate<span style=\"letter-spacing:-.5pt\"> <\/span>those<span style=\"letter-spacing:-.35pt\"> <\/span>assets<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>cash<span style=\"letter-spacing:-.35pt\"> <\/span>flow<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>value<span style=\"letter-spacing:-.5pt\"> <\/span>growth.<span style=\"letter-spacing:-.35pt\"> <\/span>On<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>temporary<span style=\"letter-spacing:\n-.45pt\"> <\/span>basis,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>also<span style=\"letter-spacing:-.35pt\"> <\/span>lend<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>small<span style=\"letter-spacing:-.4pt\"> <\/span>portion of its total capital to real estate\nrelated assets with the goal of earning interest on not-yet-deployed capital.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.6pt\">&nbsp;&nbsp;&nbsp; <\/span>Who can<span style=\"letter-spacing:\n-.1pt\"> <\/span>buy<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp;&nbsp; <\/span>An Investor may buy Units pursuant to\nthis Memorandum if you are an \u201cAccredited Investor\u201d as described in the\noffering memorandum. See section entitled \u201c<i>Who\nMay Invest; Suitability Standards.<\/i>\u201d<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.5pt\">&nbsp;&nbsp;&nbsp; <\/span>Is<span style=\"letter-spacing:-.15pt\">\n<\/span>there<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>minimum<span style=\"letter-spacing:.1pt\"> <\/span>investment<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">required?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>Yes.\nGenerally, an Investor must invest at least $250,000. Fund management has the\ndiscretion to accept a lower minimum investment amount.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.6pt\">&nbsp;&nbsp;&nbsp; <\/span>How<span style=\"letter-spacing:.1pt\">\n<\/span>do I<span style=\"letter-spacing:-.1pt\"> subscribe?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\"> <\/span>Securities are offered\nthrough Young America Capital, LLC, a registered broker\/dealer and member <span style=\"letter-spacing:-.1pt\">FINRA\/SIPC.<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prospective <span style=\"color:#221F1F\">investors who would like to subscribe for the Units must\ncarefully read this Memorandum. If, after carefully reading the entire\nMemorandum, obtaining any other information available and being fully satisfied\nwith the results of pre-investment due diligence activities, a prospective\ninvestor would like to purchase Units, they must<span style=\"letter-spacing:\n-.2pt\"> <\/span>complete<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>sign<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>Subscription<span style=\"letter-spacing:\n-.1pt\"> <\/span>Agreement<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>supporting<span style=\"letter-spacing:-.1pt\"> <\/span>documentation<span style=\"letter-spacing:\n-.1pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>requested.<span style=\"letter-spacing:-.15pt\"> <\/span>The<span style=\"letter-spacing:-.15pt\"> <\/span>Subscription\nAgreement submission process is managed by the Managing Broker. An example of\nthe Subscription Agreement a prospective investor would complete is attached as\nAppendix B. An investor must purchase at least the minimum purchase amount of $250,000\n(subject to the other provisions contained in this Memorandum) and the full\npurchase price must be wired to the Fund upon submission of the completed\nSubscription Agreement. Instructions for completing the Subscription Agreement\nwill be provided by Cloud Toronto &#8211; FYBN &nbsp;or the Managing Broker, along with detailed\ninstructions for making payment via wire transfer.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As<span style=\"letter-spacing:-.3pt\"> <\/span>part<span style=\"letter-spacing:-.25pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">of<span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"color:#221F1F\">the<span style=\"letter-spacing:\n-.25pt\"> <\/span>subscription<span style=\"letter-spacing:-.2pt\"> <\/span>process,<span style=\"letter-spacing:-.25pt\"> <\/span>prospective<span style=\"letter-spacing:\n-.25pt\"> <\/span>investors<span style=\"letter-spacing:-.3pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>required<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>provide<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>third-party<span style=\"letter-spacing:-.25pt\"> <\/span>verification<span style=\"letter-spacing:\n-.35pt\"> <\/span>of their<span style=\"letter-spacing:-.25pt\"> <\/span>accredited<span style=\"letter-spacing:-.2pt\"> <\/span>investor<span style=\"letter-spacing:-.25pt\">\n<\/span>status.<span style=\"letter-spacing:-.25pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Broker<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>request<span style=\"letter-spacing:-.3pt\">\n<\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>verification<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>part<span style=\"letter-spacing:-.4pt\"> <\/span>of,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>separate<span style=\"letter-spacing:-.35pt\"> <\/span>from,<span style=\"letter-spacing:-.35pt\">\n<\/span>your completed Subscription Agreement. Acceptance of the prospective\nInvestor\u2019s subscription by the Fund is at the Managing<span style=\"letter-spacing:\n.15pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:.2pt\"> <\/span>sole<span style=\"letter-spacing:.2pt\"> <\/span>and<span style=\"letter-spacing:.2pt\"> <\/span>absolute<span style=\"letter-spacing:.1pt\"> <\/span>discretion,<span style=\"letter-spacing:\n.1pt\"> <\/span>and<span style=\"letter-spacing:.2pt\"> <\/span>the<span style=\"letter-spacing:.1pt\"> <\/span>Fund<span style=\"letter-spacing:.15pt\"> <\/span>will<span style=\"letter-spacing:.2pt\"> <\/span>notify<span style=\"letter-spacing:.3pt\"> <\/span>each<span style=\"letter-spacing:.15pt\"> <\/span>prospective<span style=\"letter-spacing:\n.25pt\"> <\/span>Investor<span style=\"letter-spacing:.15pt\"> <\/span>of<span style=\"letter-spacing:.65pt\"> <\/span>receipt<span style=\"letter-spacing:.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:7.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">acceptance of\nthe subscription. In the event the Fund does not accept a prospective\nInvestor\u2019s subscription for the Units<span style=\"letter-spacing:-.05pt\"> <\/span>for\nany reason, the Fund<span style=\"letter-spacing:-.05pt\"> <\/span>will promptly\nreturn the funds to such subscriber in accordance with the terms of this <span style=\"letter-spacing:-.1pt\">Memorandum.<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.4pt\">&nbsp;&nbsp;&nbsp; <\/span>If an<span style=\"letter-spacing:\n-.15pt\"> <\/span>Investor<span style=\"letter-spacing:-.1pt\"> <\/span>buys<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:\n-.15pt\"> <\/span>Offering,<span style=\"letter-spacing:-.1pt\"> <\/span>how<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Investor<span style=\"letter-spacing:-.1pt\">\n<\/span>later<span style=\"letter-spacing:-.1pt\"> <\/span>sell<span style=\"letter-spacing:-.1pt\"> them?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>There\nis no current market for the Units. The Fund and the Managing Member do not\nexpect that a public market<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>ever<span style=\"letter-spacing:-.15pt\"> <\/span>develop,<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\">\n<\/span>Certificate<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Formation<span style=\"letter-spacing:-.05pt\">\n<\/span>does<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>require<span style=\"letter-spacing:-.2pt\">\n<\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>liquidity<span style=\"letter-spacing:-.05pt\"> <\/span>event<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:\n-.1pt\"> <\/span>fixed<span style=\"letter-spacing:-.05pt\"> <\/span>time<span style=\"letter-spacing:-.1pt\"> <\/span>in the<span style=\"letter-spacing:-.15pt\">\n<\/span>future.<span style=\"letter-spacing:-.25pt\"> <\/span>Therefore,<span style=\"letter-spacing:-.25pt\"> <\/span>redemption<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund,<span style=\"letter-spacing:-.25pt\">\n<\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>must<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>agreed<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>the Managing<span style=\"letter-spacing:\n-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>sole\nand absolute discretion, will likely be the only way for an Investor to dispose\nof its Units.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.45pt\">&nbsp;&nbsp;&nbsp; <\/span>Will an<span style=\"letter-spacing:\n-.15pt\"> <\/span>Investor<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>notified of<span style=\"letter-spacing:\n-.1pt\"> <\/span>how<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>investment<span style=\"letter-spacing:\n-.05pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">doing?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp;&nbsp; <\/span>Yes.<span style=\"letter-spacing:-.55pt\">\n<\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>strive<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>provide<span style=\"letter-spacing:-.55pt\"> <\/span>each<span style=\"letter-spacing:-.5pt\"> <\/span>Investor<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>periodic<span style=\"letter-spacing:-.55pt\"> <\/span>updates<span style=\"letter-spacing:-.6pt\">\n<\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>performance<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>investment\nin the Fund, including (except for certain items such as K-1 tax statements,\neach of these shall be provided in the discretion of the Managing Member):<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.05pt 0in 0.0001pt 61pt; text-indent: -0.25in; line-height: 12.25pt;\"><!--[if !supportLists]--><span style=\"font-size:\n10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:\nSymbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An<span style=\"letter-spacing:\n-.25pt\"> <\/span>investor<span style=\"letter-spacing:-.25pt\"> <\/span>update<span style=\"letter-spacing:-.3pt\"> <\/span>letter,<span style=\"letter-spacing:-.25pt\">\n<\/span>distributed <span style=\"letter-spacing:-.1pt\">quarterly;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in; line-height: 12.2pt;\"><!--[if !supportLists]--><span style=\"font-size:\n10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:\nSymbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An<span style=\"letter-spacing:\n-.1pt\"> <\/span>annual<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">report;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in; line-height: 12.2pt;\"><!--[if !supportLists]--><span style=\"font-size:\n10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:\nSymbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An<span style=\"letter-spacing:\n-.15pt\"> <\/span>annual<span style=\"letter-spacing:-.15pt\"> <\/span>audit;<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An<span style=\"letter-spacing:\n-.15pt\"> <\/span>annual<span style=\"letter-spacing:-.2pt\"> <\/span>Form<span style=\"letter-spacing:-.1pt\"> <\/span>K-1<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> statement.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.5pt\">&nbsp;&nbsp;&nbsp; <\/span>When<span style=\"letter-spacing:\n-.1pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.1pt\"> <\/span>Investor<span style=\"letter-spacing:-.1pt\">\n<\/span>receive<span style=\"letter-spacing:-.05pt\"> <\/span>detailed<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">information?<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt\">&nbsp;&nbsp; <\/span>Every\neffort shall be made to furnish each<span style=\"letter-spacing:.9pt\"> <\/span>Participating\nMember with its IRS Form K-1 for the preceding year by March 31<sup>st<\/sup> of\neach fiscal year.<span style=\"letter-spacing:2.0pt\"> <\/span>Due to the\nunpredictable nature of tax preparation timing, primarily by third parties<span style=\"letter-spacing:-.05pt\"> <\/span>who the<span style=\"letter-spacing:-.05pt\">\n<\/span>Fund may rely<span style=\"letter-spacing:-.05pt\"> <\/span>on to<span style=\"letter-spacing:-.05pt\"> <\/span>provide<span style=\"letter-spacing:-.05pt\">\n<\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>K-1,<span style=\"letter-spacing:\n-.05pt\"> <\/span>Fund Management<span style=\"letter-spacing:-.05pt\"> <\/span>advises<span style=\"letter-spacing:-.05pt\"> <\/span>all Investors to extend<span style=\"letter-spacing:-.05pt\"> <\/span>their tax<span style=\"letter-spacing:\n-.05pt\"> <\/span>filing deadlines each year.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.45pt\">&nbsp;&nbsp;&nbsp; <\/span>What is<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>anticipated<span style=\"letter-spacing:-.1pt\"> <\/span>timing<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>distributions<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund?<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:4.0pt;mso-font-width:150%\">&nbsp;&nbsp; <\/span>While the Fund<span style=\"letter-spacing:\n-.05pt\"> <\/span>expects<span style=\"letter-spacing:-.05pt\"> <\/span>that\ndistributions will be made following deployment of<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Proceeds, there<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be\na delay in the receipt of cash flow from invested capital that is available for\nregular distribution during the first 2-3 years<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>Even<span style=\"letter-spacing:-.15pt\"> <\/span>then,<span style=\"letter-spacing:-.3pt\"> <\/span>timing<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>distributions<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>dependent<span style=\"letter-spacing:-.2pt\">\n<\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>status<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>projects<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>cash<span style=\"letter-spacing:-.3pt\"> <\/span>needs<span style=\"letter-spacing:-.35pt\"> <\/span>of\nthe<span style=\"letter-spacing:-.05pt\"> <\/span>Fund,<span style=\"letter-spacing:\n-.05pt\"> <\/span>and it<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>anticipated\nthat<span style=\"letter-spacing:-.05pt\"> <\/span>any amounts<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>available<span style=\"letter-spacing:\n-.05pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>distribution\nuntil<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:\n-.15pt\"> <\/span>significant<span style=\"letter-spacing:-.1pt\"> <\/span>number of<span style=\"letter-spacing:-.05pt\"> <\/span>the projects that the Fund invests into\nare fully stabilized (<i>i.e.<\/i>, a\nsignificant number of tenants (ninety percent (90%)+ based on rentable square\nfootage for any given project) have commenced using the property and are paying\nrents).<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Q:<span style=\"letter-spacing:3.55pt\">&nbsp;&nbsp;&nbsp; <\/span>Who<span style=\"letter-spacing:-.05pt\">\n<\/span>can<span style=\"letter-spacing:-.1pt\"> <\/span>help<span style=\"letter-spacing:-.1pt\"> <\/span>answer<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">questions?<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A:<span style=\"letter-spacing:3.7pt\">&nbsp;&nbsp;&nbsp; <\/span>Questions<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>requests<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>information<span style=\"letter-spacing:-.05pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>directed<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">to:<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-left:.1pt;text-align:center;\nline-height:11.4pt;mso-line-height-rule:exactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">970\nPeachtree Industrial Blvd, Suite 1-2, Suwanee, GA 30024<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;margin-right:.05pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;margin-right:.05pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">408 856 5031<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;margin-right:.05pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">email:<span style=\"letter-spacing:\n-.35pt\"> <\/span><\/span><a href=\"mailto:di.mo@cloudtoronto.us\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">di.mo@cloudtoronto.us<\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection9\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_19\" o:spid=\"_x0000_s2241\" style=\"width:470.95pt;height:1.45pt;\n mso-position-horizontal-relative:char;mso-position-vertical-relative:line\" coordsize=\"59810,184\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1035\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.05pt\"><a name=\"_bookmark1\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">IMPORTANT<span style=\"letter-spacing:-.55pt\"> <\/span>GENERAL<span style=\"letter-spacing:-.55pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">CONSIDERATIONS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_21\" o:spid=\"_x0000_s2240\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825362;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This\nMemorandum does not constitute an offer to sell or a solicitation of an offer\nto buy by anyone in any state in which the offer or solicitation is not\nauthorized or in which the person making the offer or solicitation is not\nqualified to do so, to any person to whom it is unlawful to make the offer or\nsolicitation, or to any person other than the offeree to whom this Memorandum\nhas been delivered (each an \u201c<u>Offeree<\/u>\u201d and\ncollectively, the \u201c<u>Offerees<\/u>\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">No\ndealer, salesperson, or other person has been authorized in connection with\nthis Offering to give an Offeree any<span style=\"letter-spacing:-.05pt\"> <\/span>information<span style=\"letter-spacing:-.05pt\"> <\/span>or make any<span style=\"letter-spacing:\n-.05pt\"> <\/span>representation<span style=\"letter-spacing:-.05pt\"> <\/span>other\nthan those contained in<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span>Memorandum and, if<span style=\"letter-spacing:\n-.1pt\"> <\/span>given<span style=\"letter-spacing:-.05pt\"> <\/span>or made,<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>information<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>representations<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>relied<span style=\"letter-spacing:-.45pt\"> <\/span>upon.<span style=\"letter-spacing:-.6pt\"> <\/span>Each<span style=\"letter-spacing:-.45pt\"> <\/span>Offeree<span style=\"letter-spacing:-.5pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>advised<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>conduct<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>own<span style=\"letter-spacing:-.55pt\"> <\/span>thorough investigation of the Fund and\nthe terms of the Offering, including the merits and risks involved, before\nmaking an investment in the Units. This Memorandum supersedes in its entirety\nany preliminary transaction summary or term sheet,<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.05pt\">\n<\/span>oral<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:\n-.1pt\"> <\/span>written<span style=\"letter-spacing:-.05pt\"> <\/span>information<span style=\"letter-spacing:-.15pt\"> <\/span>heretofore<span style=\"letter-spacing:\n-.1pt\"> <\/span>delivered<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>Offeree.<span style=\"letter-spacing:-.1pt\"> <\/span>Prior<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>sale<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>securities, the Fund is hereby providing\neach Offeree the opportunity to ask questions and to obtain any additional\ninformation concerning the Fund and the terms and conditions of the Offering\nthat the Offeree wishes to obtain.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.25pt\"> <\/span>securities<span style=\"letter-spacing:\n-.3pt\"> <\/span>offered<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>connection<span style=\"letter-spacing:\n-.2pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.35pt\"> <\/span>are<span style=\"letter-spacing:-.25pt\"> <\/span>being<span style=\"letter-spacing:-.35pt\"> <\/span>offered<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>sold<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>reliance<span style=\"letter-spacing:-.25pt\"> <\/span>on the exemption from the registration\nrequirements of the Securities Act provided in section 4(a)(2) and Rule 506 of\nRegulation D to a limited number of investors that are \u201cAccredited investors\u201d\nwithin the meaning of Rule 501(a) of Regulation D under the Securities Act.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">This<span style=\"letter-spacing:-.65pt\"> <\/span>investment<span style=\"letter-spacing:\n-.6pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>suitable<span style=\"letter-spacing:-.6pt\"> <\/span>only<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>subscribers<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>substantial<span style=\"letter-spacing:-.65pt\"> <\/span>net<span style=\"letter-spacing:-.6pt\"> <\/span>worth<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>willing,<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>financial\ncapability, to bear the economic risk of an investment for an indefinite period\nof time. There is no public trading market<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>securities,<span style=\"letter-spacing:-.05pt\"> <\/span>nor<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.05pt\"> <\/span>it<span style=\"letter-spacing:-.05pt\"> <\/span>contemplated\nthat<span style=\"letter-spacing:-.15pt\"> <\/span>one<span style=\"letter-spacing:\n-.05pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>develop in the<span style=\"letter-spacing:-.15pt\"> <\/span>foreseeable<span style=\"letter-spacing:\n-.15pt\"> <\/span>future. Any transfer<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>resale of the Units or any interest or\nparticipation therein will be subject to restrictions under the Securities Act\nand as provided in the LLC Agreement.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Purchasers\nof the Units will be required to make (pursuant to the Subscription Agreement\nand investor questionnaire, copies of which are attached hereto as Appendix B)\ncertain acknowledgments, representations, and <span style=\"letter-spacing:-.1pt\">agreements<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">upon<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initial\nissuance, including representations<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">with respect to their<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">net\nworth<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">or <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">income <span style=\"color:#221F1F\">and their<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">authority <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">to make this investment, as well\nas representations that they are familiar with and understand the terms,\nconditions, and risks of this offering.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Certain<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>terms<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the LLC<span style=\"letter-spacing:-.15pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.15pt\"> <\/span>Subscription<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>documents<span style=\"letter-spacing:\n-.2pt\"> <\/span>delivered<span style=\"letter-spacing:-.1pt\"> <\/span>herein are<span style=\"letter-spacing:-.1pt\"> <\/span>described<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Memorandum.<span style=\"letter-spacing:\n-.1pt\"> <\/span>These<span style=\"letter-spacing:-.1pt\"> <\/span>descriptions<span style=\"letter-spacing:-.15pt\"> <\/span>do<span style=\"letter-spacing:-.05pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>purport<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:\n-.1pt\"> <\/span>complete,<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>summary<span style=\"letter-spacing:-.05pt\"> <\/span>description is subject to, and qualified\nin its entirety by reference to, the actual text of the relevant document. Any\npurchase of Units should be made only after a complete and thorough review of\nthe provisions of this Memorandum, the LLC Agreement, and the remaining\ndocuments delivered hereto. In the event that any of the terms, conditions or\nother provisions of the LLC Agreement are inconsistent with or contrary to the\ndescription of terms in this Memorandum, the LLC Agreement will govern.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.1in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">An<span style=\"letter-spacing:-.65pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">investment<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"color:#221F1F\">in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.65pt\"> <\/span>involves<span style=\"letter-spacing:-.6pt\">\n<\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>high<span style=\"letter-spacing:\n-.6pt\"> <\/span>degree<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>risk.<span style=\"letter-spacing:-.6pt\"> <\/span>An<span style=\"letter-spacing:-.65pt\"> <\/span>independent<span style=\"letter-spacing:\n-.6pt\"> <\/span>investigation<span style=\"letter-spacing:-.6pt\"> <\/span>should<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>undertaken\nby each subscriber regarding the suitability of his, her or its investment in\nthe Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Offerees\nare not to construe the contents of this Memorandum, or any information made\navailable as <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">described\n<span style=\"color:#221F1F\">below as legal or tax advice. Each subscriber\nshould consult his, her or its\u2019 own counsel, accountant, business, and\nfinancial advisors as to legal, tax, and related matters concerning the\npurchase of the Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.1pt\"> <\/span>market,<span style=\"letter-spacing:-.05pt\">\n<\/span>financial,<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.05pt\">\n<\/span>forward-looking<span style=\"letter-spacing:-.05pt\"> <\/span>information<span style=\"letter-spacing:-.05pt\"> <\/span>presented<span style=\"letter-spacing:\n-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.05pt\"> <\/span>represents<span style=\"letter-spacing:-.15pt\"> <\/span>the <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">subjective<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"color:#221F1F\">views<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>based<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>assumptions<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\">\n<\/span>believes<span style=\"letter-spacing:-.65pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>reasonable but<span style=\"letter-spacing:\n-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>prove<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>correct.<span style=\"letter-spacing:-.6pt\">\n<\/span>There<span style=\"letter-spacing:-.65pt\"> <\/span>can<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>no<span style=\"letter-spacing:-.6pt\"> <\/span>assurance<span style=\"letter-spacing:-.65pt\">\n<\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>views<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>accurate\nor<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:\n-.05pt\"> <\/span>the Managing Member\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>estimates<span style=\"letter-spacing:-.1pt\"> <\/span>will be realized.<span style=\"letter-spacing:\n-.1pt\"> <\/span>Nothing in<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.1pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.1pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>or should<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>relied<span style=\"letter-spacing:-.05pt\"> <\/span>on <span style=\"letter-spacing:-.25pt\">as<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">a<span style=\"letter-spacing:-.5pt\"> <\/span>promise<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>future<span style=\"letter-spacing:-.5pt\"> <\/span>performance<span style=\"letter-spacing:\n-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>condition<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund.<span style=\"letter-spacing:-.5pt\"> <\/span>Industry<span style=\"letter-spacing:-.45pt\"> <\/span>experts<span style=\"letter-spacing:-.55pt\">\n<\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>disagree<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>these<span style=\"letter-spacing:-.5pt\"> <\/span>assumptions and with the Managing Member\u2019s\nview of the market and the prospects for the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In\npurchasing the Units, custodians, trustees, and other fiduciaries of an\nindividual retirement account (\u201c<u>IRA<\/u>\u201d)<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>simplified<span style=\"letter-spacing:-.35pt\"> <\/span>employee<span style=\"letter-spacing:-.35pt\">\n<\/span>pension<span style=\"letter-spacing:-.35pt\"> <\/span>(\u201c<u>SEP<\/u>\u201d)<span style=\"letter-spacing:-.35pt\"> <\/span>qualifying<span style=\"letter-spacing:-.45pt\"> <\/span>under<span style=\"letter-spacing:-.45pt\">\n<\/span>Section<span style=\"letter-spacing:-.35pt\"> <\/span>408<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Internal<span style=\"letter-spacing:-.4pt\">\n<\/span>Revenue<span style=\"letter-spacing:-.35pt\"> <\/span>Code<span style=\"letter-spacing:-.15pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">of<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"color:#221F1F\">1986, as\namended (the \u201c<u>Code<\/u>\u201d), KEOGH plans, and\nretirement plans as described in Title I of the Employee Retirement Income\nSecurity Act of 1974, as amended (\u201c<u>ERISA<\/u>\u201d)\n(collectively, \u201c<u>Qualified Plans<\/u>\u201d) should\nconsider the possible application<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>ERISA<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>related<span style=\"letter-spacing:-.05pt\">\n<\/span>provisions<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Code,<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>well<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>whether\nan<span style=\"letter-spacing:-.15pt\"> <\/span>investment<span style=\"letter-spacing:\n-.25pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Qualified<span style=\"letter-spacing:-.05pt\">\n<\/span>Plan<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:\n-.05pt\"> <\/span>the Fund would be permissible under the governing instruments\nof the Qualified Plan. The Department of Labor has issued<span style=\"letter-spacing:-.2pt\"> <\/span>regulations<span style=\"letter-spacing:\n-.45pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>affect<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>type<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>investments<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>Qualified<span style=\"letter-spacing:-.3pt\">\n<\/span>Plans<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>invest,<span style=\"letter-spacing:-.25pt\">\n<\/span>including<span style=\"letter-spacing:-.35pt\"> <\/span>investments<span style=\"letter-spacing:-.3pt\"> <\/span>in companies such as the Fund. Less than\ntwenty-five (25%) percent of the total number of Units sold will be sold to\nQualified Plans, and transfer of the Units to Qualified Plans will be\nrestricted so that less than twenty-five (25%) percent of the Units outstanding\nat any time will be owned by Qualified Plans.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.1in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Offerees\nwhose authority is subject to legal investment restrictions should consult\ntheir own legal advisors to determine whether, and if so, to what extent, the\nUnits will constitute legal investments for them.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">This\nMemorandum presents information with respect to the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Fund as of the<span style=\"letter-spacing:-.05pt\"> <\/span>date\nhereof. The delivery of this Memorandum<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>after<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>date<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>cover<span style=\"letter-spacing:-.15pt\"> <\/span>does<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>imply<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>information<span style=\"letter-spacing:-.15pt\"> <\/span>herein<span style=\"letter-spacing:-.2pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>correct<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>time\nsubsequent to that date.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Each\nOfferee of the Units and its representatives and beneficial owners, if any, are\ninvited to ask questions <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">concerning\n<span style=\"color:#221F1F\">the terms, conditions, and other aspects of this\nMemorandum and to obtain any additional information with respect to the Units,\nthe<span style=\"letter-spacing:-.15pt\"> <\/span>Fund, and the Managing Member\nthat<span style=\"letter-spacing:-.05pt\"> <\/span>they deem necessary or\nadvisable to supplement or<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>verify<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>accuracy<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>information<span style=\"letter-spacing:\n-.6pt\"> <\/span>contained<span style=\"letter-spacing:-.65pt\"> <\/span>herein<span style=\"letter-spacing:-.6pt\"> <\/span>and,<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>case<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>documents<span style=\"letter-spacing:-.6pt\"> <\/span>referred<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>herein,<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>request\nthat such documents be made available.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-font-width:110%\">NASAA<span style=\"letter-spacing:-.35pt\"> <\/span>UNIFORM<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">DISCLOSURE<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">IN\nMAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">EXAMINATION <span style=\"color:#221F1F\">OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING\nTHE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY\nANY FEDERAL OR STATE<span style=\"letter-spacing:-.3pt\"> <\/span>SECURITIES<span style=\"letter-spacing:-.35pt\"> <\/span>COMMISSION<span style=\"letter-spacing:\n-.3pt\"> <\/span>OR<span style=\"letter-spacing:-.35pt\"> <\/span>REGULATORY<span style=\"letter-spacing:-.3pt\"> <\/span>AUTHORITY.<span style=\"letter-spacing:\n-.3pt\"> <\/span>FURTHERMORE,<span style=\"letter-spacing:-.3pt\"> <\/span>THE<span style=\"letter-spacing:-.3pt\"> <\/span>FOREGOING AUTHORITIES HAVE NOT CONFIRMED\nTHE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO\nTHE CONTRARY IS A CRIMINAL OFFENSE.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">THESE\nSECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND<span style=\"letter-spacing:-.65pt\"> <\/span>MAY<span style=\"letter-spacing:-.6pt\"> <\/span>NOT<span style=\"letter-spacing:-.65pt\"> <\/span>BE<span style=\"letter-spacing:-.6pt\"> <\/span>TRANSFERRED<span style=\"letter-spacing:-.65pt\"> <\/span>OR<span style=\"letter-spacing:-.6pt\"> <\/span>RESOLD<span style=\"letter-spacing:-.65pt\"> <\/span>EXCEPT<span style=\"letter-spacing:-.6pt\">\n<\/span>AS<span style=\"letter-spacing:-.65pt\"> <\/span>PERMITTED<span style=\"letter-spacing:-.6pt\"> <\/span>UNDER<span style=\"letter-spacing:-.65pt\"> <\/span>THE<span style=\"letter-spacing:-.6pt\"> <\/span>SECURITIES<span style=\"letter-spacing:\n-.65pt\"> <\/span>ACT, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO\nREGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE\nREQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE\nPERIOD OF TIME.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">FLORIDA<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">RESIDENTS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">IF\nSALES ARE MADE TO FIVE OR MORE PERSONS IN FLORIDA, AND YOU PURCHASE SECURITIES\nHEREUNDER, THEN YOU MAY VOID SUCH PURCHASE EITHER WITHIN THREE DAYS AFTER THE\nFIRST TENDER OF CONSIDERATION IS MADE BY YOU TO THE ISSUER, AN AGENT OF THE\nISSUER, OR AN ESCROW AGENT OR WITHIN THREE DAYS AFTER THE AVAILABILITY OF THIS\nPRIVILEGE IS COMMUNICATED TO YOU, WHICHEVER OCCURS LATER.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection10\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt;text-indent:35.95pt\"><a name=\"_bookmark2\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">By<span style=\"letter-spacing:1.95pt\"> <\/span>accepting<span style=\"letter-spacing:\n1.8pt\"> <\/span>delivery<span style=\"letter-spacing:1.8pt\"> <\/span>of<span style=\"letter-spacing:1.9pt\"> <\/span>this<span style=\"letter-spacing:1.85pt\"> <\/span>Memorandum,<span style=\"letter-spacing:1.8pt\"> <\/span>each<span style=\"letter-spacing:1.95pt\"> <\/span>Offeree<span style=\"letter-spacing:1.9pt\"> <\/span>understands<span style=\"letter-spacing:\n1.85pt\"> <\/span>and<span style=\"letter-spacing:1.95pt\"> <\/span>agrees<span style=\"letter-spacing:1.85pt\"> <\/span>to<span style=\"letter-spacing:1.7pt\"> <\/span>comply<span style=\"letter-spacing:1.8pt\"> <\/span>with<span style=\"letter-spacing:1.9pt\"> <\/span>the\n<span style=\"letter-spacing:-.1pt\">following:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.3pt\"> <\/span>information<span style=\"letter-spacing:-.2pt\"> <\/span>contained<span style=\"letter-spacing:-.3pt\"> <\/span>herein<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">confidential;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.05pt 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.25pt\"> <\/span>Offeree<span style=\"letter-spacing:-.2pt\">\n<\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">not<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"color:#221F1F\">make<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>photocopies<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.15pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>related<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">documents;<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l33 level1 lfo71;\ntab-stops:61.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.35pt\"> <\/span>Offeree<span style=\"letter-spacing:-.45pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>distribute<span style=\"letter-spacing:\n-.4pt\"> <\/span>this<span style=\"letter-spacing:-.45pt\"> <\/span>Memorandum<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>disclose<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>contents<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>persons<span style=\"letter-spacing:-.4pt\">\n<\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>than to those <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">persons<span style=\"color:#221F1F\">, if any, that the Offeree retains to advise the Offeree\nwith respect to its contents;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l33 level1 lfo71;\ntab-stops:61.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.55pt\"> <\/span>Offeree<span style=\"letter-spacing:-.65pt\">\n<\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>review<span style=\"letter-spacing:-.55pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>Memorandum,<span style=\"letter-spacing:-.55pt\"> <\/span>including<span style=\"letter-spacing:\n-.5pt\"> <\/span>statistical,<span style=\"letter-spacing:-.55pt\"> <\/span>financial,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>numerical<span style=\"letter-spacing:-.55pt\">\n<\/span>data,<span style=\"letter-spacing:-.5pt\"> <\/span>with the <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Offeree\u2019s\n<span style=\"color:#221F1F\">legal, regulatory, tax, accounting, investment,<span style=\"letter-spacing:-.05pt\"> <\/span>or other advisors. Neither the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund nor the <span style=\"letter-spacing:\n-.1pt\">Managing Member intends<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in this<\/span><span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Memorandum to<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">furnish\nlegal, regulatory,<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">tax, accounting, investment, <\/span>or other\nadvice;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l33 level1 lfo71;\ntab-stops:61.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member may<span style=\"letter-spacing:\n-.05pt\"> <\/span>reject<span style=\"letter-spacing:-.05pt\"> <\/span>any offer to<span style=\"letter-spacing:-.05pt\"> <\/span>purchase<span style=\"letter-spacing:-.05pt\">\n<\/span>Units,<span style=\"letter-spacing:-.05pt\"> <\/span>in whole<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>in\npart,<span style=\"letter-spacing:-.05pt\"> <\/span>for any<span style=\"letter-spacing:\n-.05pt\"> <\/span>reason or<span style=\"letter-spacing:-.1pt\"> <\/span>no reason;\nand<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:6.8pt;\nmargin-bottom:0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l33 level1 lfo71;tab-stops:61.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">if an <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Offeree\n<span style=\"color:#221F1F\">does not purchase Units or if the Offering is\nterminated, on request of the Fund or the Managing Member, the Offeree will\nreturn this Memorandum and all attached documents to the Managing Member.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This<span style=\"letter-spacing:\n1.0pt\"> <\/span>Memorandum<span style=\"letter-spacing:.95pt\"> <\/span>has<span style=\"letter-spacing:1.0pt\"> <\/span>been<span style=\"letter-spacing:1.1pt\"> <\/span>prepared<span style=\"letter-spacing:1.1pt\"> <\/span>for<span style=\"letter-spacing:1.05pt\"> <\/span>use<span style=\"letter-spacing:1.05pt\"> <\/span>by<span style=\"letter-spacing:1.1pt\"> <\/span>a<span style=\"letter-spacing:1.05pt\"> <\/span>limited<span style=\"letter-spacing:.95pt\">\n<\/span>group<span style=\"letter-spacing:1.1pt\"> <\/span>of<span style=\"letter-spacing:1.05pt\"> <\/span>accredited<span style=\"letter-spacing:\n1.1pt\"> <\/span>investors<span style=\"letter-spacing:1.0pt\"> <\/span>to<span style=\"letter-spacing:1.05pt\"> <\/span>consider<span style=\"letter-spacing:1.1pt\">\n<\/span>the purchase of Units. The Fund reserves the right to modify or\nterminate the Offering process at any time.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection11\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><a name=\"_bookmark3\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Information\ncontained in this Memorandum contains \u201cforward-looking statements.\u201d Forward-\nlooking statements reflect the Fund\u2019s current expectations or forecasts of\nfuture events. Forward-looking statements can be identified<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>words<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>\u201cwill,\u201d<span style=\"letter-spacing:-.25pt\">\n<\/span>\u201cbelieves,\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cexpects,\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cmay,\u201d<span style=\"letter-spacing:-.25pt\">\n<\/span>\u201cshould,\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>\u201canticipates\u201d<span style=\"letter-spacing:\n-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>negative<span style=\"letter-spacing:-.25pt\">\n<\/span>thereof<span style=\"letter-spacing:-.25pt\"> <\/span>or other<span style=\"letter-spacing:-.15pt\"> <\/span>variations<span style=\"letter-spacing:\n-.15pt\"> <\/span>thereon<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>comparable<span style=\"letter-spacing:\n-.2pt\"> <\/span>terminology,<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>discussions<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>strategy.<span style=\"letter-spacing:-.2pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>matters<span style=\"letter-spacing:-.15pt\"> <\/span>identified<span style=\"letter-spacing:\n-.1pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>\u201cRisk Factors\u201d section constitute\ncautionary statements identifying important factors with respect to\nforward-looking statements, including certain risks and uncertainties. Other\nfactors could also cause actual results to vary materially from the future\nresults covered in the forward-looking statements contained herein.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Any<span style=\"letter-spacing:-.5pt\"> <\/span>projections,<span style=\"letter-spacing:\n-.5pt\"> <\/span>estimates,<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>other<span style=\"letter-spacing:-.5pt\"> <\/span>forecasts<span style=\"letter-spacing:-.55pt\"> <\/span>contained<span style=\"letter-spacing:\n-.5pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.5pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>forward-looking<span style=\"letter-spacing:-.5pt\"> <\/span>statements that<span style=\"letter-spacing:\n-.1pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>been<span style=\"letter-spacing:-.05pt\"> <\/span>prepared<span style=\"letter-spacing:-.05pt\">\n<\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>based<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>assumptions<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>believes<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>reasonable.<span style=\"letter-spacing:-.1pt\"> <\/span>Projections are necessarily speculative in\nnature, and it can be expected that some or all of the assumptions underlying\nthe projections<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>materialize<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>vary<span style=\"letter-spacing:-.15pt\"> <\/span>significantly<span style=\"letter-spacing:-.2pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>actual<span style=\"letter-spacing:-.2pt\"> <\/span>results.<span style=\"letter-spacing:-.2pt\">\n<\/span>Accordingly,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>projections<span style=\"letter-spacing:\n-.25pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>only<span style=\"letter-spacing:-.15pt\"> <\/span>an estimate. Actual results may, and most\nlikely will, vary from <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the\n<span style=\"color:#221F1F\">projections, and the variations may be material.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Statements<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.2pt\"> <\/span>relate<span style=\"letter-spacing:-.2pt\"> <\/span>only<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>events<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>date<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>statements<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>made.<span style=\"letter-spacing:-.2pt\"> <\/span>None of<span style=\"letter-spacing:-.1pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund,<span style=\"letter-spacing:-.1pt\"> <\/span>the Managing<span style=\"letter-spacing:\n-.05pt\"> <\/span>Member or<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>their<span style=\"letter-spacing:-.05pt\"> <\/span>respective<span style=\"letter-spacing:\n-.1pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.15pt\"> <\/span>(defined<span style=\"letter-spacing:-.05pt\"> <\/span>herein)<span style=\"letter-spacing:-.1pt\">\n<\/span>has<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>obligation<span style=\"letter-spacing:\n-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>update or\notherwise revise any projections, including any revisions to reflect changes in\neconomic <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">conditions\n<span style=\"color:#221F1F\">or other circumstances arising after the date\nhereof or to reflect the occurrence of unanticipated events, even if underlying\nassumptions do not come to fruition.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>offering<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>selling<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>reliance<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>exemption<span style=\"letter-spacing:\n-.05pt\"> <\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>registration<span style=\"letter-spacing:\n-.05pt\"> <\/span>requirements<span style=\"letter-spacing:-.15pt\"> <\/span>of the\nSecurities Act and state laws. Accordingly, distribution of the Memorandum has\nbeen strictly limited to persons believed meet the requirements set forth\nbelow. Participation in the Offering is limited to Accredited Investors who\nmake the representation set forth below and furnish supporting documentation as\nis requested by, and acceptable to, the Fund. The Fund reserves the right, in\nits sole and absolute discretion, to reject any subscription based on any\ninformation that may become known or available to it about the suitability of\nan Investor or for any other reason, or no reason.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As\ninvestment in the Units involves a high degree of risk and is suitable only for\npersons of substantial financial means who have no need for liquidity in this\ninvestment. Only Investors who (i) represent in writing that they meet the<span style=\"letter-spacing:-.1pt\"> <\/span>Investor<span style=\"letter-spacing:-.05pt\">\n<\/span>suitability requirements<span style=\"letter-spacing:-.05pt\"> <\/span>set\nherein and as many<span style=\"letter-spacing:-.05pt\"> <\/span>be required<span style=\"letter-spacing:-.05pt\"> <\/span>under<span style=\"letter-spacing:-.05pt\">\n<\/span>federal or<span style=\"letter-spacing:-.05pt\"> <\/span>state law, and\n(ii) supply the Fund with acceptable Accredited Investor verification\ndocumentation, as requested by the Fund, may acquire the Units. The Fund has\nthe right to and will rely on the written representations an Offeree makes and\nsupporting information supplied by an Offeree. Each Offeree must provide\ntruthful and accurate information.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nInvestor suitability requirements stated below represent minimum suitability\nrequirements established by the Fund. However, an Offeree\u2019s satisfaction of\nthese requirements will not necessarily mean that the Units are a suitable<span style=\"letter-spacing:-.5pt\"> <\/span>investment<span style=\"letter-spacing:\n-.5pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Offeree,<span style=\"letter-spacing:-.5pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:\n-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>accept<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Offeree<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>investor.<span style=\"letter-spacing:\n-.5pt\"> <\/span>Furthermore,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing Member may modify those\nrequirements in its sole and absolute discretion, and any modification may\nchange the suitability requirements for investors.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You<span style=\"letter-spacing:\n-.2pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Offeree)<span style=\"letter-spacing:-.25pt\">\n<\/span>must<span style=\"letter-spacing:-.3pt\"> <\/span>represent<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>writing<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>you<span style=\"letter-spacing:-.2pt\"> <\/span>meet,<span style=\"letter-spacing:-.35pt\"> <\/span>among<span style=\"letter-spacing:-.35pt\"> <\/span>other, all<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>following<span style=\"letter-spacing:\n-.2pt\"> <\/span>requirements (the \u201c<i>Investor\nSuitability Requirements<\/i>\u201d).<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:35.1pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;mso-list:l48 level1 lfo70;\ntab-stops:111.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\ncolor:#221F1F;mso-font-width:99%\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>received,<span style=\"letter-spacing:-.6pt\"> <\/span>read,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>fully<span style=\"letter-spacing:-.5pt\"> <\/span>understand<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Memorandum<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>basing<span style=\"letter-spacing:-.6pt\"> <\/span>your\ndecision to invest on the information contained in the Memorandum. You have\nrelied only on the information contained in the Memorandum and have not relied\non any representations made by any other person;<\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:35.3pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;mso-list:l48 level1 lfo70;\ntab-stops:111.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\ncolor:#221F1F;mso-font-width:99%\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You understand\nthat an investment in the Units involves substantial risks and you are<span style=\"letter-spacing:-.05pt\"> <\/span>fully<span style=\"letter-spacing:-.1pt\"> <\/span>cognizant<span style=\"letter-spacing:-.05pt\"> <\/span>of and understand all<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>risks<span style=\"letter-spacing:-.05pt\">\n<\/span>relating<span style=\"letter-spacing:-.1pt\"> <\/span>to an<span style=\"letter-spacing:-.1pt\"> <\/span>investment<span style=\"letter-spacing:\n-.05pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units,<span style=\"letter-spacing:-.05pt\">\n<\/span>including those risks discussed in the \u201cRisk Factors\u201d section of the\nMemorandum;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:35.45pt;\nmargin-bottom:0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;\nmso-list:l48 level1 lfo70;tab-stops:111.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;color:#221F1F;mso-font-width:99%\">(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Your overall\ncommitment to investments that are not readily marketable is not\ndisproportionate to your individual net worth, and your investment in the\nUnits, will not cause such overall commitment to become excessive;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:35.65pt;\nmargin-bottom:0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;\nmso-list:l48 level1 lfo70;tab-stops:111.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;color:#221F1F;mso-font-width:99%\">(d)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.55pt\"> <\/span>adequate<span style=\"letter-spacing:-.45pt\"> <\/span>means<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>providing<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>your<span style=\"letter-spacing:-.55pt\"> <\/span>financial<span style=\"letter-spacing:\n-.45pt\"> <\/span>requirements,<span style=\"letter-spacing:-.45pt\"> <\/span>both<span style=\"letter-spacing:-.45pt\"> <\/span>current and anticipated, and have no need\nfor liquidity in this investment;<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:35.65pt;\nmargin-bottom:0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;\nmso-list:l48 level1 lfo70;tab-stops:111.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;color:#221F1F;mso-font-width:99%\">(e)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You can bear\nand are willing to accept the economic risk of losing your entire investment in\nthe Units;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:35.1pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;mso-list:l48 level1 lfo70;\ntab-stops:111.4pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\ncolor:#221F1F;mso-font-width:99%\">(f)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>acquiring<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>your<span style=\"letter-spacing:-.15pt\"> <\/span>own<span style=\"letter-spacing:-.1pt\"> <\/span>account<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>investment<span style=\"letter-spacing:\n-.2pt\"> <\/span>purposes<span style=\"letter-spacing:-.2pt\"> <\/span>only and have\nno present intention, agreement or arrangement for the distribution, transfer,\nassignment, resale, or subdivision of the Units;<\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.05pt;margin-right:25.9pt;\nmargin-bottom:0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:.5in;\nline-height:100%;mso-list:l48 level1 lfo70;tab-stops:111.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:100%;color:#221F1F;mso-font-width:99%\">(g)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">You<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.45pt\"> <\/span>sufficient<span style=\"letter-spacing:-.5pt\"> <\/span>knowledge<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>experience<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>financial<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>business<span style=\"letter-spacing:-.55pt\"> <\/span>matters<span style=\"letter-spacing:-.5pt\">\n<\/span>that you are capable of evaluating<span style=\"letter-spacing:-.05pt\"> <\/span>the\nmerits<span style=\"letter-spacing:-.05pt\"> <\/span>of investing in the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\"> <\/span>and\nhave the ability to protect your own Units in connection with this investment;\nand You<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:\n-.15pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>\u201cAccredited<span style=\"letter-spacing:-.15pt\"> <\/span>Investor\u201d<span style=\"letter-spacing:\n-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Rule<span style=\"letter-spacing:-.15pt\"> <\/span>501(a)<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Regulation<span style=\"letter-spacing:-.15pt\"> <\/span>D<span style=\"letter-spacing:-.25pt\"> <\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>the Securities Act.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:100%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">An<span style=\"letter-spacing:-.25pt\"> <\/span>\u201c<i>Accredited<span style=\"letter-spacing:-.2pt\"> <\/span>investor<\/i>\u201d<span style=\"letter-spacing:\n-.3pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">any:<\/span><\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Natural<span style=\"letter-spacing:-.35pt\"> <\/span>person<span style=\"letter-spacing:-.3pt\">\n<\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>(i)<span style=\"letter-spacing:-.3pt\"> <\/span>individual<span style=\"letter-spacing:-.35pt\"> <\/span>net<span style=\"letter-spacing:-.35pt\"> <\/span>worth<span style=\"letter-spacing:-.3pt\"> <\/span>(as<span style=\"letter-spacing:-.35pt\"> <\/span>defined<span style=\"letter-spacing:-.3pt\"> <\/span>below),<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>joint<span style=\"letter-spacing:-.35pt\"> <\/span>net<span style=\"letter-spacing:-.35pt\"> <\/span>worth<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>his<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>her\nspouse<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:\n-.6pt\"> <\/span>spousal<span style=\"letter-spacing:-.65pt\"> <\/span>equivalent,<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>more<span style=\"letter-spacing:-.6pt\"> <\/span>than<span style=\"letter-spacing:-.65pt\"> <\/span>$1,000,000;<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>(ii)<span style=\"letter-spacing:-.6pt\"> <\/span>individual<span style=\"letter-spacing:\n-.65pt\"> <\/span>income<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>excess<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>$200,000,<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>joint<span style=\"letter-spacing:-.6pt\"> <\/span>income with his or her spouse or spousal\nequivalent in excess of $300,000, in each of the two most recent years and has\na reasonable expectation of reaching the same income level in the current year;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Natural person that is a\nholder of (i) a General Securities Representative license (Series 7); (ii) a\nPrivate Securities Offerings<span style=\"letter-spacing:-.05pt\"> <\/span>Representative<span style=\"letter-spacing:-.05pt\"> <\/span>license<span style=\"letter-spacing:-.05pt\">\n<\/span>(Series<span style=\"letter-spacing:-.05pt\"> <\/span>82);<span style=\"letter-spacing:-.05pt\"> <\/span>or (iii)<span style=\"letter-spacing:-.05pt\">\n<\/span>an Investment<span style=\"letter-spacing:-.05pt\"> <\/span>Adviser\nRepresentative<span style=\"letter-spacing:-.05pt\"> <\/span>license (Series 65).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Corporation, Massachusetts or\nsimilar business trust, partnership, limited liability company or organization\ndescribed in Code Section 501(c)(3) of the Internal Revenue Code (the \u201c<i>Code<\/i>\u201d), not formed for the specific\npurpose of acquiring Units, with total assets over $5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.05pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(d)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Trust with total<span style=\"letter-spacing:-.05pt\"> <\/span>assets over $5,000,000, not formed for\nthe<span style=\"letter-spacing:-.05pt\"> <\/span>specific purpose of acquiring<span style=\"letter-spacing:-.1pt\"> <\/span>Units and whose<span style=\"letter-spacing:\n-.35pt\"> <\/span>purchase<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>directed<span style=\"letter-spacing:-.35pt\">\n<\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:\n-.25pt\"> <\/span>person<span style=\"letter-spacing:-.35pt\"> <\/span>who<span style=\"letter-spacing:-.45pt\"> <\/span>has<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>knowledge<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>experience<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>financial<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>business<span style=\"letter-spacing:-.45pt\"> <\/span>matters<span style=\"letter-spacing:-.4pt\">\n<\/span>that he or she is capable of evaluating the merits and risks of an\ninvestment in Units as described in Rule 506(b)(2)(ii) under the Securities\nAct;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l20 level1 lfo69;\ntab-stops:79.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(e)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Broker-dealer<span style=\"letter-spacing:-.35pt\"> <\/span>registered<span style=\"letter-spacing:\n-.15pt\"> <\/span>under<span style=\"letter-spacing:-.25pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\"> <\/span>15<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Exchange<span style=\"letter-spacing:-.2pt\"> <\/span>Act,<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">amended;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(f)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment adviser registered\npursuant to Section 203 of the Investment Advisers Act of 1940 or registered\npursuant to the laws of a state;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.1pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(g)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment adviser relying on\nthe exemption from registering with the Commission under Section 203(l) or (m)\nof the Investment Advisers Act of 1940;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:.1in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(h)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment company registered\nunder the Investment Company Act or a business development company (as defined\nin Section 2(a)(48) of the Investment Company Act);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.25pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:79.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Small business investment\ncompany licensed by the Small<span style=\"letter-spacing:-.05pt\"> <\/span>Business\nAdministration under Section 301 (c) or (d) of the Small Business Investment\nAct of 1958, as amended;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:79.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(j)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Rural Business Investment\nCompany as defined in Section 384(A) of the Consolidated Farm and Rural\nDevelopment Act;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:6.8pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(k)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An employee benefit plan\nwithin the meaning of ERISA, if the investment decision is made by a plan<span style=\"letter-spacing:-.15pt\"> <\/span>fiduciary<span style=\"letter-spacing:\n-.15pt\"> <\/span>(as<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>3(21)<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>ERISA),<span style=\"letter-spacing:-.2pt\">\n<\/span>which<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>either<span style=\"letter-spacing:-.15pt\">\n<\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>bank,<span style=\"letter-spacing:\n-.2pt\"> <\/span>savings<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>loan<span style=\"letter-spacing:-.15pt\"> <\/span>association,<span style=\"letter-spacing:-.2pt\"> <\/span>insurance company,<span style=\"letter-spacing:\n-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>registered<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:\n-.3pt\"> <\/span>advisor,<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>employee<span style=\"letter-spacing:-.25pt\">\n<\/span>benefit<span style=\"letter-spacing:-.4pt\"> <\/span>plan<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>total<span style=\"letter-spacing:-.25pt\"> <\/span>assets<span style=\"letter-spacing:-.3pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>excess<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>$5,000,000<span style=\"letter-spacing:-.35pt\"> <\/span>or, if a self-directed plan, with\ninvestment decisions made solely by persons who are Accredited Investors;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.5pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:79.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(l)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Private business development\ncompany (as defined in Section 202(a)(22) of the Investment Advisors Act of\n1940, as amended);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.8pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(m)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Bank as defined in Section\n3(a)(2) of the Securities Act, any savings and loan association or other\ninstitution<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:\n-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\">\n<\/span>3(a)(5)(A)<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Securities<span style=\"letter-spacing:-.3pt\"> <\/span>Act<span style=\"letter-spacing:-.25pt\"> <\/span>whether<span style=\"letter-spacing:-.2pt\"> <\/span>acting<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>individual<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>fiduciary<span style=\"letter-spacing:-.2pt\"> <\/span>capacity, or any insurance company as\ndefined in Section 2(a)(13) of the Securities Act;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:6.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(n)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Plan established and\nmaintained by a state, its political subdivisions, or any agency or\ninstrumentality of a state or its political subdivisions, for the benefit of\nits employees, if such plan has total assets of more than $5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.05pt;margin-right:6.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(o)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Entity in which all of the\nequity owners are Accredited Investors.<span style=\"letter-spacing:2.0pt\"> <\/span>If\nyou rely on this section, you are<span style=\"letter-spacing:-.1pt\"> <\/span>required<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>equity<span style=\"letter-spacing:-.05pt\"> <\/span>owner<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:\n-.1pt\"> <\/span>entity<span style=\"letter-spacing:-.1pt\"> <\/span>complete<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>Investor<span style=\"letter-spacing:-.1pt\"> <\/span>Questionnaire<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>certify<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>owner\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>status as an Accredited Investor.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:6.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l20 level1 lfo69;tab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(p)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Entity of a type not listed\nin Sections (d) \u2013 (o), not formed for the specific purpose of acquiring Units,\nowning investments in excess of $5,000,000.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(q)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">A \u201cfamily office,\u201d as defined\nin rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR\n275.202(a)(11)(G)-1): (i) with assets under management in excess of $5,000,000;\n(ii) that is not formed for the specific purpose of acquiring Units; and (iii)\nwhose prospective investment is directed<span style=\"letter-spacing:-.05pt\"> <\/span>by\na person who has such knowledge<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>experience<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>financial<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>business<span style=\"letter-spacing:-.45pt\"> <\/span>matters<span style=\"letter-spacing:-.4pt\">\n<\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>family<span style=\"letter-spacing:-.35pt\">\n<\/span>office<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>capable<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>evaluating<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>merits\nand risks of the prospective investment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l20 level1 lfo69;\ntab-stops:78.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(r)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">A \u201cfamily client,\u201d as defined\nin rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1),\nof a family office meeting the requirements in Section (q) above and whose\nprospective investment in the issuer is directed by such family office pursuant\nto (r)(iii) above.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">For<span style=\"letter-spacing:-.1pt\"> <\/span>purposes<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>calculating<span style=\"letter-spacing:-.05pt\"> <\/span>your<span style=\"letter-spacing:-.1pt\"> <\/span>net<span style=\"letter-spacing:-.1pt\"> <\/span>worth,<span style=\"letter-spacing:-.1pt\"> <\/span>\u201c<i>net<span style=\"letter-spacing:-.1pt\"> <\/span>worth<\/i>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>means<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>excess<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\">\n<\/span>at fair<span style=\"letter-spacing:-.05pt\"> <\/span>market<span style=\"letter-spacing:-.1pt\"> <\/span>value (including<span style=\"letter-spacing:\n-.2pt\"> <\/span>personal<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>real<span style=\"letter-spacing:-.3pt\"> <\/span>property<span style=\"letter-spacing:-.25pt\"> <\/span>but excluding<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>estimated<span style=\"letter-spacing:-.1pt\"> <\/span>fair<span style=\"letter-spacing:-.1pt\"> <\/span>market<span style=\"letter-spacing:-.25pt\"> <\/span>value<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.25pt\"> <\/span>person\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>primary<span style=\"letter-spacing:-.1pt\"> <\/span>home)<span style=\"letter-spacing:-.2pt\"> <\/span>over\ntotal<span style=\"letter-spacing:-.65pt\"> <\/span>liabilities.<span style=\"letter-spacing:1.1pt\"> <\/span>Total<span style=\"letter-spacing:-.6pt\"> <\/span>liabilities<span style=\"letter-spacing:-.6pt\"> <\/span>exclude<span style=\"letter-spacing:-.65pt\">\n<\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>mortgage<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>primary<span style=\"letter-spacing:-.6pt\">\n<\/span>home<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.6pt\"> <\/span>amount<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>up<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>home\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>estimated\nfair market value as long as the mortgage was incurred more than 60 days before\nthe securities were purchased but includes (i) any mortgage amount in excess of\nthe home\u2019s fair market value and (ii) any mortgage amount that was borrowed<span style=\"letter-spacing:-.15pt\"> <\/span>during<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>60-day<span style=\"letter-spacing:-.15pt\"> <\/span>period<span style=\"letter-spacing:-.15pt\">\n<\/span>before<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>closing<span style=\"letter-spacing:-.15pt\">\n<\/span>date<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>sale<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>securities<span style=\"letter-spacing:-.25pt\"> <\/span>for the<span style=\"letter-spacing:-.1pt\">\n<\/span>purpose<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>investing<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the securities.<span style=\"letter-spacing:1.8pt\"> <\/span>In<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>case<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>fiduciary<span style=\"letter-spacing:\n-.35pt\"> <\/span>accounts,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>net<span style=\"letter-spacing:-.4pt\"> <\/span>worth<span style=\"letter-spacing:-.35pt\"> <\/span>and\/or<span style=\"letter-spacing:-.35pt\">\n<\/span>income<span style=\"letter-spacing:-.35pt\"> <\/span>suitability<span style=\"letter-spacing:-.35pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.45pt\"> <\/span>must<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>satisfied<span style=\"letter-spacing:\n-.35pt\"> <\/span>by the<span style=\"letter-spacing:-.6pt\"> <\/span>beneficiary<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>account,<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>fiduciary,<span style=\"letter-spacing:-.6pt\"> <\/span>if<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>fiduciary<span style=\"letter-spacing:-.45pt\">\n<\/span>directly<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>indirectly<span style=\"letter-spacing:\n-.6pt\"> <\/span>provides<span style=\"letter-spacing:-.05pt\"> <\/span>funds<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>purchase of the Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.05pt\"> <\/span>addition,<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>SEC<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>issued<span style=\"letter-spacing:-.05pt\"> <\/span>certain<span style=\"letter-spacing:-.05pt\">\n<\/span>no<span style=\"letter-spacing:-.05pt\"> <\/span>action<span style=\"letter-spacing:-.05pt\"> <\/span>letters<span style=\"letter-spacing:-.1pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>interpretations<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>it<span style=\"letter-spacing:-.1pt\"> <\/span>deemed<span style=\"letter-spacing:-.05pt\"> <\/span>certain<span style=\"letter-spacing:-.05pt\">\n<\/span>trusts to be Accredited Investors, such as a trust where the trustee is\na bank as defined in Section 3(a)(2) of<span style=\"letter-spacing:1.05pt\"> <\/span>the\nSecurities Act and<span style=\"letter-spacing:-.05pt\"> <\/span>revocable<span style=\"letter-spacing:-.1pt\"> <\/span>grantor trusts<span style=\"letter-spacing:\n-.05pt\"> <\/span>established by<span style=\"letter-spacing:-.05pt\"> <\/span>individuals<span style=\"letter-spacing:-.15pt\"> <\/span>who meet<span style=\"letter-spacing:-.1pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>requirements<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>clause\n(a)<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:\n-.05pt\"> <\/span>(b)<span style=\"letter-spacing:-.1pt\"> <\/span>of the<span style=\"letter-spacing:-.1pt\"> <\/span>first sentence of paragraph (h) of the\nInvestor Suitability Requirements.<span style=\"letter-spacing:2.0pt\"> <\/span>However,\nthese no-action letters and <span style=\"letter-spacing:-.1pt\">interpretations<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">are<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fact\nspecific<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">should<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">not<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">be<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">relied<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">upon<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">without<\/span><span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">close<\/span> <span style=\"letter-spacing:\n-.1pt\">consideration<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">your<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">unique<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">circumstance.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection12\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><a name=\"_bookmark4\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>value<span style=\"letter-spacing:-.35pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>Offerees<span style=\"letter-spacing:-.3pt\"> <\/span>privacy<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:\n-.25pt\"> <\/span>providing<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>Privacy<span style=\"letter-spacing:-.2pt\">\n<\/span>Notice<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>a courtesy to each of the Offerees.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund and the Managing Member do not disclose nonpublic personal information\nabout Offerees and Investors to third parties other than as described below.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund and the Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member collect\ninformation about each Offeree (such as name, address, social security number,\nassets, and income) from discussions with the Offerees and Investors, from\ndocuments that may deliver to the Fund and the Managing Member (such as the\nSubscription Agreement) and in the course of providing services to Investors\nand Offerees. In order to service an Investor\u2019s account and effect the\ntransactions described herein, the Fund and the Managing Member may provide an\nOfferee\u2019s personal information to our Affiliates and to firms that assist us in\nservicing an Investor\u2019s account and have a need for such information, such as\nany fund administrator,<span style=\"letter-spacing:-.05pt\"> <\/span>investor<span style=\"letter-spacing:-.15pt\"> <\/span>relations<span style=\"letter-spacing:\n-.05pt\"> <\/span>administrator,<span style=\"letter-spacing:-.05pt\"> <\/span>auditors,<span style=\"letter-spacing:-.05pt\"> <\/span>or accountants.<span style=\"letter-spacing:\n-.05pt\"> <\/span>The<span style=\"letter-spacing:-.05pt\"> <\/span>Fund and the\nManaging Member do<span style=\"letter-spacing:-.1pt\"> <\/span>not otherwise\nprovide information about Offerees and Investors to outside firms,\norganizations, or individuals except as required<span style=\"letter-spacing:\n-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>permitted<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>law.<span style=\"letter-spacing:-.2pt\"> <\/span>Any<span style=\"letter-spacing:-.05pt\"> <\/span>party<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>receives<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>information<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>use<span style=\"letter-spacing:-.1pt\"> <\/span>it<span style=\"letter-spacing:-.15pt\"> <\/span>only<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>services<span style=\"letter-spacing:-.15pt\">\n<\/span>required<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>as allowed by applicable law or\nregulation and is not permitted to share or use this information for any other\npurpose. Notwithstanding<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>above,<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>have<span style=\"letter-spacing:-.35pt\"> <\/span>no<span style=\"letter-spacing:-.35pt\"> <\/span>liability<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>an<span style=\"letter-spacing:-.35pt\"> <\/span>Offeree<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>Investor<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the\n<span style=\"letter-spacing:-.1pt\">extent that the<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">information<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">described\nabove<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">becomes<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">publicly<\/span><span style=\"letter-spacing:-.2pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">known, except to the extent<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">that\nthe Managing Member\u2019s <\/span>or the Fund\u2019s actions constitute gross negligence\nor willful misconduct.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">California<span style=\"letter-spacing:-.5pt\"> <\/span>law<span style=\"letter-spacing:-.5pt\"> <\/span>requires<span style=\"letter-spacing:-.55pt\"> <\/span>certain<span style=\"letter-spacing:-.45pt\">\n<\/span>data<span style=\"letter-spacing:-.5pt\"> <\/span>security<span style=\"letter-spacing:-.5pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>Personal<span style=\"letter-spacing:-.5pt\"> <\/span>Information<span style=\"letter-spacing:\n-.45pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>covered<span style=\"letter-spacing:-.45pt\"> <\/span>businesses<span style=\"letter-spacing:\n-.55pt\"> <\/span>and grants residents of California certain rights with respect\nto obtaining information about their personal data that is maintained<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>covered<span style=\"letter-spacing:-.5pt\">\n<\/span>business.<span style=\"letter-spacing:-.4pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>comply<span style=\"letter-spacing:-.5pt\">\n<\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>these<span style=\"letter-spacing:-.45pt\"> <\/span>requirements.<span style=\"letter-spacing:\n-.4pt\"> <\/span>Among other<span style=\"letter-spacing:-.2pt\"> <\/span>rights,<span style=\"letter-spacing:-.25pt\"> <\/span>California<span style=\"letter-spacing:\n-.25pt\"> <\/span>law<span style=\"letter-spacing:-.25pt\"> <\/span>permits<span style=\"letter-spacing:-.3pt\"> <\/span>residents<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>California<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>opt-out<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>certain<span style=\"letter-spacing:-.35pt\"> <\/span>disclosures<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Personal<span style=\"letter-spacing:-.25pt\"> <\/span>Information<span style=\"letter-spacing:\n-.2pt\"> <\/span>to third parties. In some circumstances, any person may elect to\nopt-out of the sharing of his, her or its Personal <span style=\"letter-spacing:\n-.1pt\">Information<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">with<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">third<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">parties<\/span><span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">may<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">do<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">so<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">submitting<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">a<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">request<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">writing<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">contacting<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">telephone.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection13\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><a name=\"_bookmark5\"><\/a><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">This<span style=\"letter-spacing:-.45pt\"> <\/span>summary<span style=\"letter-spacing:-.35pt\"> <\/span>highlights<span style=\"letter-spacing:\n-.45pt\"> <\/span>some<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>most<span style=\"letter-spacing:-.4pt\"> <\/span>significant<span style=\"letter-spacing:\n-.4pt\"> <\/span>information<span style=\"letter-spacing:-.35pt\"> <\/span>contained<span style=\"letter-spacing:-.45pt\"> <\/span>elsewhere<span style=\"letter-spacing:\n-.4pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.45pt\"> <\/span>Memorandum. Because it is a summary, it\ndoes not contain all of the information that may be important to a potential <\/span><\/i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">investor<i>. To understand\nthis offering fully, a potential investor should read the entire Memorandum\ncarefully, including, without limitation,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>information<span style=\"letter-spacing:\n-.55pt\"> <\/span>discussed<span style=\"letter-spacing:-.5pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>caption<span style=\"letter-spacing:-.55pt\"> <\/span>\u201cRisk<span style=\"letter-spacing:-.6pt\"> <\/span>Factors\u201d<span style=\"letter-spacing:-.6pt\"> <\/span>before<span style=\"letter-spacing:-.45pt\">\n<\/span>making<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>decision<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>invest<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Units<\/i>. <i>Unless<span style=\"letter-spacing:-.15pt\"> <\/span>specifically<span style=\"letter-spacing:-.1pt\"> <\/span>noted<span style=\"letter-spacing:-.05pt\"> <\/span>otherwise,<span style=\"letter-spacing:-.05pt\"> <\/span>references<span style=\"letter-spacing:\n-.1pt\"> <\/span>throughout<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>include<span style=\"letter-spacing:-.1pt\">\n<\/span>the Managing Member (as defined below) and any agent authorized to act\non the Fund\u2019s behalf.<\/i><\/span><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:109.15pt\">\n  <td width=\"160\" valign=\"top\" style=\"width:120.1pt;padding:0in 0in 0in 0in;\n  height:109.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:2.5pt;line-height:11.05pt;\n  mso-line-height-rule:exactly\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"413\" valign=\"top\" style=\"width:4.3in;padding:0in 0in 0in 0in;\n  height:109.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.35pt;margin-bottom:\n  0in;margin-left:27.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund is a New York limited liability company formed on <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">November\n  30, 2022<span style=\"color:#221F1F\">. The Fund operates as a pooled\n  investment that will (i) offer and sell limited liability company units in\n  the Fund to certain high net worth and qualified investors in exchange for\n  capital subscriptions<span style=\"letter-spacing:-.25pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>investors,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>(ii)<span style=\"letter-spacing:-.2pt\"> <\/span>use<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>proceeds<span style=\"letter-spacing:\n  -.25pt\"> <\/span>contributed by the investors to acquire, indirectly through\n  its investment in the REIT Subsidiary, and one or more holding companies (the\n  \u201cHolding Companies\u201d) a diversified portfolio of income producing real estate\n  assets with potential value growth.<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:58.0pt\">\n  <td width=\"160\" valign=\"top\" style=\"width:120.1pt;padding:0in 0in 0in 0in;\n  height:58.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Managing<span style=\"letter-spacing:\n  -.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"413\" valign=\"top\" style=\"width:4.3in;padding:0in 0in 0in 0in;\n  height:58.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:27.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n  <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:\n  -.45pt\"> <\/span>limited<span style=\"letter-spacing:-.45pt\"> <\/span>liability<span style=\"letter-spacing:-.45pt\"> <\/span>company<span style=\"letter-spacing:\n  -.45pt\"> <\/span>organized<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the State of New York on November 30,\n  2022. The Managing Member is responsible<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>management<span style=\"letter-spacing:-.1pt\"> <\/span>decisions<span style=\"letter-spacing:\n  -.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund.<span style=\"letter-spacing:-.1pt\">\n  <\/span>The Managing Member is not registered as an investment advisor.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:69.45pt\">\n  <td width=\"160\" valign=\"top\" style=\"width:120.1pt;padding:0in 0in 0in 0in;\n  height:69.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Principals:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"413\" valign=\"top\" style=\"width:4.3in;padding:0in 0in 0in 0in;\n  height:69.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.6pt;\n  margin-bottom:0in;margin-left:27.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Dilip Mooparakath and Darshana Somaiya<span style=\"letter-spacing:\n  -.55pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>directors<span style=\"letter-spacing:\n  -.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Board of Directors of Cloud Toronto &#8211;\n  FYBN Cos. and authorized to act on behalf of Cloud Toronto &#8211; FYBN Cos.<span style=\"letter-spacing:1.6pt\"> <\/span>Dilip Mooparakath and Darshana Somaiya<span style=\"letter-spacing:-.45pt\"> <\/span>together<span style=\"letter-spacing:\n  -.45pt\"> <\/span>are<span style=\"letter-spacing:-.45pt\"> <\/span>the parties\n  empowered to act on behalf of the Sponsor and the Managing Member (collectively,\n  the \u201c<i>Principals<\/i>\u201d).<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:58.0pt\">\n  <td width=\"160\" valign=\"top\" style=\"width:120.1pt;padding:0in 0in 0in 0in;\n  height:58.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Affiliates:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"413\" valign=\"top\" style=\"width:4.3in;padding:0in 0in 0in 0in;\n  height:58.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.35pt;\n  margin-bottom:0in;margin-left:27.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">An<span style=\"letter-spacing:-.25pt\"> <\/span>affiliate<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>reference<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\">\n  <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n  <\/span>includes such entity\u2019s officers, directors, members, partners,\n  shareholders, managers, employees, agents, and the Principals (collectively\n  the <span style=\"letter-spacing:-.1pt\">\u201c<i>Affiliates<\/i>\u201d).<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:202.45pt\">\n  <td width=\"160\" valign=\"top\" style=\"width:120.1pt;padding:0in 0in 0in 0in;\n  height:202.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Investment<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Strategy:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"413\" valign=\"top\" style=\"width:4.3in;padding:0in 0in 0in 0in;\n  height:202.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:0in;margin-bottom:\n  0in;margin-left:27.85pt;margin-bottom:.0001pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.35pt\">\n  <\/span>primary<span style=\"letter-spacing:-.3pt\"> <\/span>investment<span style=\"letter-spacing:-.3pt\"> <\/span>objectives<span style=\"letter-spacing:\n  -.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">are:<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:63.85pt;text-indent:-.25in;\n  mso-list:l56 level1 lfo68;tab-stops:63.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\n  mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n  -.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">acquire:<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.5pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:99.85pt;margin-bottom:.0001pt;text-align:justify;\n  text-indent:-.25in;line-height:98%;mso-list:l56 level2 lfo68;tab-stops:99.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:98%;font-family:&quot;Courier New&quot;;mso-fareast-font-family:\n  &quot;Courier New&quot;;mso-font-width:99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:98%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">quality income-producing and value-add\n  commercial properties, which do not require significant<span style=\"letter-spacing:-.1pt\"> <\/span>development,<span style=\"letter-spacing:\n  -.05pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.05pt\"> <\/span>either<span style=\"letter-spacing:-.05pt\">\n  <\/span>operated<span style=\"letter-spacing:-.1pt\"> <\/span>by Affiliates of\n  the Managing Member or unrelated third parties, and, in some circumstances,\n  leased under short term and long-term leases to creditworthy tenants;<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.15pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:2.5pt;\n  margin-bottom:0in;margin-left:99.85pt;margin-bottom:.0001pt;text-align:justify;\n  text-indent:-.25in;line-height:96%;mso-list:l56 level2 lfo68;tab-stops:99.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:96%;font-family:&quot;Courier New&quot;;mso-fareast-font-family:\n  &quot;Courier New&quot;;mso-font-width:99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:96%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">equity interests in entities that have\n  developed and\/or acquired quality income producing commercial properties and\n  are either operated by Affiliates<span style=\"letter-spacing:1.9pt\"> <\/span>of<span style=\"letter-spacing:1.95pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>Managing<span style=\"letter-spacing:1.85pt\"> <\/span>Member<span style=\"letter-spacing:2.0pt\">\n  <\/span>or<span style=\"letter-spacing:1.95pt\"> <\/span>unrelated<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.25pt;margin-right:0in;margin-bottom:\n  0in;margin-left:99.85pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  10.5pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">third<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">parties;<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection14\">\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.35pt;margin-right:44.85pt;\nmargin-bottom:0in;margin-left:229.85pt;margin-bottom:.0001pt;text-indent:-.25in;\nline-height:95%;mso-list:l39 level1 lfo67;tab-stops:229.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:95%;font-family:&quot;Courier New&quot;;mso-fareast-font-family:\n&quot;Courier New&quot;;mso-font-width:99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:95%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">debt securities (e.g., promissory notes,\nmezzanine debt instruments) secured by security interests in commercial\nproperties; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:42.7pt;margin-bottom:\n0in;margin-left:229.85pt;margin-bottom:.0001pt;text-indent:-.25in;line-height:\n96%;mso-list:l39 level1 lfo67;tab-stops:229.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:96%;font-family:&quot;Courier New&quot;;mso-fareast-font-family:\n&quot;Courier New&quot;;mso-font-width:99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:96%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">shares of publicly traded REITs.<span style=\"letter-spacing:2.0pt\"> <\/span>No more than twenty-five (25%) percent of\nthe Fund\u2019s assets will be invested in REITs (\u201c<i>REIT Portfolio\u201d<\/i>).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:28.55pt\">\n  <td width=\"152\" valign=\"top\" style=\"width:113.65pt;padding:0in 0in 0in 0in;\n  height:28.55pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"424\" valign=\"top\" style=\"width:317.85pt;padding:0in 0in 0in 0in;\n  height:28.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:34.3pt\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:2.0pt\"> <\/span>above-listed<span style=\"letter-spacing:\n  2.0pt\"> <\/span>activities<span style=\"letter-spacing:2.0pt\"> <\/span>may<span style=\"letter-spacing:2.0pt\"> <\/span>be<span style=\"letter-spacing:2.0pt\"> <\/span>changed<span style=\"letter-spacing:2.0pt\"> <\/span>or<span style=\"letter-spacing:2.0pt\"> <\/span>modified<span style=\"letter-spacing:2.0pt\"> <\/span>by<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:4.0pt\"> <\/span>Managing Member in its sole and absolute\n  discretion.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:126.8pt\">\n  <td width=\"152\" valign=\"top\" style=\"width:113.65pt;padding:0in 0in 0in 0in;\n  height:126.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.55pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Investment<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Risks:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"424\" valign=\"top\" style=\"width:317.85pt;padding:0in 0in 0in 0in;\n  height:126.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.55pt;margin-right:4.3pt;\n  margin-bottom:0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund\u2019s investment strategy is speculative and entails\n  substantial risks, including, among others: dependency on key individuals,\n  risks associated with real<span style=\"letter-spacing:-.05pt\"> <\/span>estate<span style=\"letter-spacing:-.05pt\"> <\/span>investing, litigation<span style=\"letter-spacing:-.1pt\"> <\/span>risk, risks<span style=\"letter-spacing:\n  -.05pt\"> <\/span>arising from the<span style=\"letter-spacing:-.45pt\"> <\/span>use<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>leverage,<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\">\n  <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>risk<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\">\n  <\/span>exit<span style=\"letter-spacing:-.5pt\"> <\/span>strategies<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.5pt\"> <\/span>positions<span style=\"letter-spacing:-.5pt\"> <\/span>may be unavailable and have limited\n  liquidity. The use of leverage, in particular, can exacerbate potential\n  losses suffered by the funds. An Investor<span style=\"letter-spacing:-.5pt\"> <\/span>should<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>invest<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\">\n  <\/span>unless:<span style=\"letter-spacing:-.5pt\"> <\/span>(1)<span style=\"letter-spacing:-.5pt\"> <\/span>it<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>fully<span style=\"letter-spacing:-.5pt\">\n  <\/span>able<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>bear the financial risks of its\n  investment for an indefinite period of time; and (2) it can sustain the loss\n  of all or a significant part of its investment and any related realized or\n  unrealized profits.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;mso-yfti-lastrow:yes;height:397.8pt\">\n  <td width=\"152\" valign=\"top\" style=\"width:113.65pt;padding:0in 0in 0in 0in;\n  height:397.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:\n  -.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"424\" valign=\"top\" style=\"width:317.85pt;padding:0in 0in 0in 0in;\n  height:397.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:4.55pt;\n  margin-bottom:0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">A general description of the rights and preferences of the\n  Units is set forth below. Each Investor should carefully read this Memorandum\n  and the LLC Agreement to understand certain risks associated with acquiring\n  Units and the rights and obligations associated with the <span style=\"letter-spacing:-.1pt\">Units.<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.45pt;margin-bottom:\n  0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.35pt\"> <\/span>B<span style=\"letter-spacing:-.35pt\"> <\/span>Units<\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.35pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u2013<span style=\"letter-spacing:\n  -.25pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>holders<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Class<span style=\"letter-spacing:-.4pt\"> <\/span>B<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:-.35pt\"> <\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>entitled<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>participate\n  in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n  -.3pt\"> <\/span>income<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>profit<span style=\"letter-spacing:-.35pt\">\n  <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund,<span style=\"letter-spacing:-.3pt\">\n  <\/span>subject<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member Performance Allocation.<span style=\"letter-spacing:2.0pt\"> <\/span>The Class B Units will have limited\n  voting rights, as described further in this Memorandum.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.4pt;margin-bottom:\n  0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Class<span style=\"letter-spacing:-.55pt\">\n  <\/span>B<span style=\"letter-spacing:-.55pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\">\n  <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>subject<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.45pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>Performance\n  Allocation (as further described below) of twenty (20%) percent.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.15pt;margin-bottom:\n  0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing\n  Member Units<\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"> &#8211; The Managing Member intends to\n  make capital contributions equal at least one (1%) percent of the capital\n  contributions of all of the Participating Members.<span style=\"letter-spacing:\n  2.0pt\"> <\/span>The Managing Member may make a capital contribution to the\n  Fund no less frequently than semi-annually, so that the Managing Member\n  capital contribution equals at least one (1%) percent of the capital\n  contributions of all of the Participating Members. The Managing Member shall\n  receive Managing Member Units in return for such capital contributions.<span style=\"letter-spacing:2.0pt\"> <\/span>Cloud Toronto &#8211; FYBN Cos or other\n  affiliates of the Managing Member wishing to make capital contributions to\n  the Fund shall also receive Managing Member Units.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.25pt;margin-bottom:\n  0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund will receive dividends from the REIT Subsidiary<span style=\"letter-spacing:-.05pt\"> <\/span>as further described in the REIT\n  Supplement. Subject to receipt of such dividends, the Managing Member intends\n  to declare and make periodic distributions to Members, provided however that\n  any such dividends<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>first<span style=\"letter-spacing:-.65pt\">\n  <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>used<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>satisfy<span style=\"letter-spacing:-.65pt\"> <\/span>applicable<span style=\"letter-spacing:\n  -.6pt\"> <\/span>fees<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>expenses,<span style=\"letter-spacing:\n  -.65pt\"> <\/span>and redemption<span style=\"letter-spacing:-.55pt\"> <\/span>requests<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.5pt\"> <\/span>Investors<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\">\n  <\/span>are<span style=\"letter-spacing:-.55pt\"> <\/span>accepted<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.25pt;margin-bottom:\n  0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.5pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Member.<span style=\"letter-spacing:\n  2.0pt\"> <\/span>Any<span style=\"letter-spacing:-.1pt\"> <\/span>distributions<span style=\"letter-spacing:-.05pt\"> <\/span>made<span style=\"letter-spacing:-.05pt\">\n  <\/span>by the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund are<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>discretion of the<span style=\"letter-spacing:3.4pt\"> <\/span>Managing<span style=\"letter-spacing:\n  3.45pt\"> <\/span>Member,<span style=\"letter-spacing:3.4pt\"> <\/span>considering<span style=\"letter-spacing:3.45pt\"> <\/span>factors<span style=\"letter-spacing:\n  3.35pt\"> <\/span>such<span style=\"letter-spacing:3.5pt\"> <\/span>as<span style=\"letter-spacing:3.4pt\"> <\/span>the<span style=\"letter-spacing:3.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund\u2019s<o:p><\/o:p><\/span><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.25pt;margin-bottom:\n  0in;margin-left:34.3pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.5pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection15\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:40.25pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.85pt;padding:0in 0in 0in 0in;\n  height:40.25pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.55pt;padding:0in 0in 0in 0in;\n  height:40.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.4pt;margin-bottom:\n  0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">earnings,<span style=\"letter-spacing:-.15pt\"> <\/span>cash<span style=\"letter-spacing:-.1pt\"> <\/span>flow,<span style=\"letter-spacing:-.1pt\">\n  <\/span>capital<span style=\"letter-spacing:-.15pt\"> <\/span>needs<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>general<span style=\"letter-spacing:-.15pt\"> <\/span>financial<span style=\"letter-spacing:\n  -.15pt\"> <\/span>condition<span style=\"letter-spacing:-.1pt\"> <\/span>and the<span style=\"letter-spacing:-.55pt\"> <\/span>requirements<span style=\"letter-spacing:\n  -.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>applicable<span style=\"letter-spacing:-.65pt\"> <\/span>law.<span style=\"letter-spacing:-.45pt\">\n  <\/span>As<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n  -.45pt\"> <\/span>result,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\">\n  <\/span>distribution rates and payment frequency may vary from time to time.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:334.55pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.85pt;padding:0in 0in 0in 0in;\n  height:334.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:\n  -.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Offering:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.55pt;padding:0in 0in 0in 0in;\n  height:334.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\">\n  <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>being<span style=\"letter-spacing:-.3pt\"> <\/span>offered<span style=\"letter-spacing:-.3pt\">\n  <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n  -.1pt\"> <\/span>continuous<span style=\"letter-spacing:-.1pt\"> <\/span>basis\n  commencing<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the date<span style=\"letter-spacing:\n  -.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>Memorandum<span style=\"color:#221F1F\">.<span style=\"letter-spacing:1.05pt\"> <\/span>Funds<span style=\"letter-spacing:-.65pt\">\n  <\/span><\/span>tendered<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"color:#221F1F\">by<span style=\"letter-spacing:-.65pt\"> <\/span>Investors<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Offering will<span style=\"letter-spacing:\n  -.05pt\"> <\/span>be released immediately to the Fund on the<span style=\"letter-spacing:-.1pt\"> <\/span>relevant<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Dealing Day upon<span style=\"letter-spacing:-.65pt\"> <\/span>acceptance<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>subscription<span style=\"letter-spacing:\n  -.5pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.5pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>and\/or<span style=\"letter-spacing:-.6pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">Fund<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">after<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">review<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">approval<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Broker.<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">The<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units\n  <\/span>are offered subject to acceptance, prior sale, and withdrawal,\n  cancellation, or modification of the offer at any time without notice.<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.1pt;margin-bottom:\n  0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Units are offered through Young America Capital, LLC, a\n  registered broker\/dealer and member FINRA\/SIPC (the \u201cManaging Broker\u201d).<span style=\"letter-spacing:-.4pt\"> <\/span>Upon<span style=\"letter-spacing:-.4pt\"> <\/span>receipt<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>executed<span style=\"letter-spacing:\n  -.4pt\"> <\/span>acceptance<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Subscription\n  Agreement<span style=\"letter-spacing:-.25pt\"> <\/span>(the<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cSubscription<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Agreement\u201d),<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Investor<span style=\"letter-spacing:\n  -.3pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>deposit,\n  preferably via wire transfer (though checks will be accepted), the\n  subscription<span style=\"letter-spacing:-.05pt\"> <\/span>amount<span style=\"letter-spacing:-.1pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\">\n  <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>delivered<span style=\"letter-spacing:\n  -.05pt\"> <\/span>directly<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>account<span style=\"letter-spacing:-.1pt\"> <\/span>of the Fund, with such proceeds\n  available for use by the Fund in accordance with the terms and conditions of\n  the LLC Agreement immediately<span style=\"letter-spacing:-.05pt\"> <\/span>upon<span style=\"letter-spacing:-.05pt\"> <\/span>receipt.<span style=\"letter-spacing:\n  -.1pt\"> <\/span>A<span style=\"letter-spacing:-.1pt\"> <\/span>copy<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Subscription<span style=\"letter-spacing:\n  -.05pt\"> <\/span>Agreement<span style=\"letter-spacing:-.1pt\"> <\/span>has been\n  enclosed as Appendix B.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.45pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.1pt;margin-bottom:\n  0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Offering is made on a \u201cbest efforts-no minimum\u201d basis\n  which means that the Managing Broker and the participating brokers are only\n  required to use their best efforts to sell the Units. In a best<span style=\"letter-spacing:2.0pt\"> <\/span>efforts<span style=\"letter-spacing:-.35pt\">\n  <\/span>offering,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.4pt\"> <\/span>Broker<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\">\n  <\/span>guaranteeing<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>sale<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>a certain<span style=\"letter-spacing:\n  -.15pt\"> <\/span>number<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units,<span style=\"letter-spacing:-.15pt\">\n  <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>purchase<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\">\n  <\/span>outstanding<span style=\"letter-spacing:-.15pt\"> <\/span>Units. There is\n  no requirement that any minimum number of Units be sold before the Proceeds\n  are released to the Fund and applied in its business.<span style=\"letter-spacing:\n  -.45pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>offering<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>sell<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>combination<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Participating\n  Units with a dollar value.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;mso-yfti-lastrow:yes;height:271.2pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.85pt;padding:0in 0in 0in 0in;\n  height:271.2pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Selling<span style=\"letter-spacing:\n  -.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Commissions:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.55pt;padding:0in 0in 0in 0in;\n  height:271.2pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:3.95pt;\n  margin-bottom:0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  Fund will engage duly licensed and registered broker-dealers to assist<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\">\n  <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>offer<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>sale<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>Units.<span style=\"letter-spacing:-.4pt\"> <\/span>The<span style=\"letter-spacing:-.25pt\"> <\/span>Partnership<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>engage<span style=\"letter-spacing:-.4pt\"> <\/span>and terminate<span style=\"letter-spacing:\n  -.6pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>broker-dealers<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>it<span style=\"letter-spacing:-.6pt\"> <\/span>determines<span style=\"letter-spacing:\n  -.6pt\"> <\/span>necessary,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\">\n  <\/span>Fund may<span style=\"letter-spacing:-.25pt\"> <\/span>determine<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>amount<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>compensation<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>paid<span style=\"letter-spacing:-.35pt\">\n  <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>broker- dealers.<span style=\"letter-spacing:\n  -.55pt\"> <\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>has<span style=\"letter-spacing:-.6pt\"> <\/span>initially<span style=\"letter-spacing:-.55pt\"> <\/span>entered<span style=\"letter-spacing:\n  -.5pt\"> <\/span>into<span style=\"letter-spacing:-.5pt\"> <\/span>an<span style=\"letter-spacing:-.5pt\"> <\/span>agreement<span style=\"letter-spacing:\n  -.55pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>Young America\n  Capital,<span style=\"letter-spacing:-.6pt\"> <\/span>LLC,<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Florida<span style=\"letter-spacing:-.65pt\"> <\/span>limited<span style=\"letter-spacing:\n  -.6pt\"> <\/span>liability<span style=\"letter-spacing:-.65pt\"> <\/span>company<span style=\"letter-spacing:-.6pt\"> <\/span>(\u201c<i>Skyway<\/i>\u201d),\n  as its managing broker-dealer. Skyway is a broker-dealer registered with the\n  Securities and Exchange Commission and other necessary state or other\n  regulators, and a member of the Financial Industry Regulatory Authority Inc.\n  (\u201c<i>FINRA<\/i>\u201d).<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.15pt;margin-bottom:\n  0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Certain\n  employees of Cloud Toronto &#8211; FYBN &nbsp;Services, LLC, an New York limited liability\n  company (\u201c<i>Services<\/i>\u201d), an affiliate\n  of the Fund, will be registered representatives of Skyway (\u201c<i>Affiliated Agents<\/i>\u201d). Skyway will<span style=\"letter-spacing:-.5pt\"> <\/span>pay<span style=\"letter-spacing:-.4pt\"> <\/span>sales<span style=\"letter-spacing:-.5pt\"> <\/span>commissions<span style=\"letter-spacing:\n  -.5pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliated<span style=\"letter-spacing:-.45pt\"> <\/span>Agents<span style=\"letter-spacing:-.55pt\">\n  <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>their<span style=\"letter-spacing:-.55pt\"> <\/span>sale<span style=\"letter-spacing:-.45pt\">\n  <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Units. Affiliated Agents\n  may perform other services on behalf of Services that are not part of such\n  Affiliates Agents\u2019 relationship with Skyway and not involving the offer and\n  sale of securities.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.15pt;margin-bottom:\n  0in;margin-left:27.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Please\n  note that Affiliated Agents with Cloud Toronto &#8211; FYBN Cos (but who are\n  licensed and managed through Skyway) will receive selling commissions<span style=\"letter-spacing:.25pt\"> <\/span>up<span style=\"letter-spacing:.3pt\"> <\/span>to<span style=\"letter-spacing:.35pt\"> <\/span>two<span style=\"letter-spacing:.3pt\"> <\/span>(2.00%)<span style=\"letter-spacing:.3pt\"> <\/span>percent<span style=\"letter-spacing:.35pt\">\n  <\/span>of<span style=\"letter-spacing:.3pt\"> <\/span>the<span style=\"letter-spacing:\n  .35pt\"> <\/span>subscription<span style=\"letter-spacing:.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">proceeds<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:27.1pt;text-align:justify;\n  line-height:10.45pt;mso-line-height-rule:exactly\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Offering<span style=\"letter-spacing:-.2pt\"> <\/span>from<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>sale<span style=\"letter-spacing:-.15pt\">\n  <\/span>of<span style=\"letter-spacing:2.5pt\"> <\/span>Class<span style=\"letter-spacing:-.1pt\"> <\/span>B<span style=\"letter-spacing:-.2pt\"> <\/span>Units.<span style=\"letter-spacing:-.1pt\"> <\/span>Other<span style=\"letter-spacing:-.1pt\">\n  <\/span>fees<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\">\n  <\/span><span style=\"letter-spacing:-.25pt\">be<o:p><\/o:p><\/span><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:27.1pt;text-align:justify;\n  line-height:10.45pt;mso-line-height-rule:exactly\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection16\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:44.8pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">paid to Skyway include a\nManaging Broker Fee of 0.7% of the gross offering proceeds from the sale of\nUnits attributable to Skyway.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:44.7pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund and\/or Managing\nBroker may also enter into selling agreements with third-party FINRA licensed\nbroker-dealers (\u201c<i>Soliciting Broker<\/i>\u201d),\npursuant to which such Soliciting Brokers will assist with placing other\nClasses of Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:44.85pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Below is a\nsummary of the Managing Broker Dealer Fees and sales commission limits\npermitted under the LLC Agreement:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.4pt;margin-right:0in;margin-bottom:\n.05pt;margin-left:0in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:154.65pt;border-collapse:collapse;mso-table-layout-alt:\n fixed;border:none;mso-border-alt:solid black .5pt;mso-yfti-tbllook:480;\n mso-padding-alt:0in 0in 0in 0in;mso-border-insideh:.5pt solid black;\n mso-border-insidev:.5pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:27.45pt\">\n  <td width=\"283\" valign=\"top\" style=\"width:211.95pt;border:solid black 1.0pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:27.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:41.6pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Broker<span style=\"letter-spacing:-.3pt\"> <\/span>Dealer<span style=\"letter-spacing:-.3pt\">\n  <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"137\" valign=\"top\" style=\"width:103.1pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:27.45pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:.05pt;margin-right:\n  .5pt;margin-bottom:0in;margin-left:.8pt;margin-bottom:.0001pt;text-align:\n  center\"><b><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.2pt\"> <\/span>B<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:58.4pt\">\n  <td width=\"283\" valign=\"top\" style=\"width:211.95pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:58.4pt\">\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-right:4.85pt;text-align:\n  right\"><i><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Broker<span style=\"letter-spacing:-.2pt\">\n  <\/span>Dealer<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fee:<\/span><o:p><\/o:p><\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-right:5.05pt;text-align:\n  right\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">(based<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>gross<span style=\"letter-spacing:-.25pt\">\n  <\/span>assets<span style=\"letter-spacing:-.25pt\"> <\/span>raised<span style=\"letter-spacing:-.15pt\"> <\/span>attributable<span style=\"letter-spacing:\n  -.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-top:.05pt;margin-right:\n  4.9pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:\n  right\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Broker<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Dealer)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"137\" valign=\"top\" style=\"width:103.1pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:58.4pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-left:.8pt;text-align:center\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\">0.7%<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:1.3in\">\n  <td width=\"283\" valign=\"top\" style=\"width:211.95pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:1.3in\">\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-top:.1pt;margin-right:4.8pt;\n  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Sales<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Commissions<\/span><o:p><\/o:p><\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-right:4.9pt;text-align:\n  right\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">(based<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>transaction<span style=\"letter-spacing:\n  -.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">value)<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-top:0in;margin-right:4.95pt;\n  margin-bottom:0in;margin-left:20.95pt;margin-bottom:.0001pt;text-align:right;\n  text-indent:-6.25pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">(to<span style=\"letter-spacing:\n  -.25pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>paid<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>duly<span style=\"letter-spacing:-.25pt\"> <\/span>licensed<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Affiliated<span style=\"letter-spacing:-.25pt\"> <\/span>Agents<span style=\"letter-spacing:-.35pt\"> <\/span>of the<span style=\"letter-spacing:-.3pt\">\n  <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Broker-Dealer<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>who<span style=\"letter-spacing:-.3pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>also\n  affiliated with the Managing Member)<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"137\" valign=\"top\" style=\"width:103.1pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:1.3in\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:.1pt;margin-right:\n  .3pt;margin-bottom:0in;margin-left:.8pt;margin-bottom:.0001pt;text-align:\n  center\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">up<span style=\"letter-spacing:-.05pt\"> <\/span>to\n  <span style=\"letter-spacing:-.25pt\">2%<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;mso-yfti-lastrow:yes;height:81.9pt\">\n  <td width=\"283\" valign=\"top\" style=\"width:211.95pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black .5pt;mso-border-alt:solid black .5pt;\n  padding:0in 0in 0in 0in;height:81.9pt\">\n  <p class=\"TableParagraph\" align=\"right\" style=\"margin-right:4.85pt;text-align:\n  right\"><i><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Marketing<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Reallowance<\/span><o:p><\/o:p><\/span><\/i><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:29.25pt;margin-bottom:.0001pt;text-indent:64.75pt;line-height:\n  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path=\"m506025,l28279,,7069,35601,,79988r7069,44388l28279,159977r477746,l527235,124376r7070,-44388l527235,35601,506025,xe\" stroked=\"f\">\n    <v:fill opacity=\"26214f\">\n    <v:path arrowok=\"t\">\n   <\/v:path><\/v:fill><\/v:shape><\/v:group><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:\n  -.55pt\"> <\/span>Broker-<span style=\"letter-spacing:-.1pt\">Dealer)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"137\" valign=\"top\" style=\"width:103.1pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black .5pt;mso-border-left-alt:solid black .5pt;\n  mso-border-alt:solid black .5pt;padding:0in 0in 0in 0in;height:81.9pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:0in;margin-right:.3pt;\n  margin-bottom:0in;margin-left:.8pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Up<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">1%<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection17\">\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin: 4.55pt 1.9pt 0.0001pt 12.4pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">Individual<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.1pt\">Minimum <\/span>Investment Amount:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:44.75pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The individual\nminimum subscription for Class B Units is Fifty Thousand Dollars ($250,000),\nunless otherwise waived by the Managing Member. Subscriptions are subject to\nacceptance or rejection by the Managing Member, in the Managing Member\u2019s sole\nand absolute discretion, subject to the terms and conditions of the\nSubscription Agreement. Rejected subscriptions and subscription funds<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>returned<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>subscribers<span style=\"letter-spacing:-.6pt\"> <\/span>without<span style=\"letter-spacing:-.65pt\">\n<\/span>interest<span style=\"letter-spacing:-.6pt\"> <\/span>within<span style=\"letter-spacing:-.65pt\"> <\/span>thirty<span style=\"letter-spacing:-.6pt\">\n<\/span>(30) days of rejection.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection18\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:6.5pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:6.5pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection19\">\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin: 4.55pt 1.9pt 0.0001pt 12.4pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Special Tax or\nRegulatory<span style=\"letter-spacing:-.65pt\"> <\/span>Parallel <span style=\"letter-spacing:-.1pt\">Funds:<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:44.9pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Managing\nMember may, in its discretion, create additional partnerships or other vehicles\n(\u201c<i>Parallel Funds<\/i>\u201d), for Investors\nwith special investment needs, including Investors with special legal,\nregulatory, tax or other requirements. The Parallel Funds generally will<span style=\"letter-spacing:-.25pt\"> <\/span>invest<span style=\"letter-spacing:-.25pt\">\n<\/span>side-by-side<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>substantially<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>same<span style=\"letter-spacing:-.25pt\"> <\/span>terms and<span style=\"letter-spacing:\n-.65pt\"> <\/span>conditions<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund,<span style=\"letter-spacing:-.65pt\"> <\/span>including<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>sharing<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>organizational<span style=\"letter-spacing:-.6pt\"> <\/span>and other Fund expenses. The Parallel\nFunds may contain different terms and conditions than the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection20\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:294.25pt\">\n  <td width=\"168\" valign=\"top\" style=\"width:125.7pt;padding:0in 0in 0in 0in;\n  height:294.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:45.35pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Calculation<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Net\n  Asset Value:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"408\" valign=\"top\" style=\"width:305.8pt;padding:0in 0in 0in 0in;\n  height:294.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.35pt;margin-bottom:\n  0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The NAV per Unit of the Fund is calculated by Cloud Toronto &#8211;\n  FYBN &nbsp;each month, based on the<span style=\"letter-spacing:-.05pt\"> <\/span>net<span style=\"letter-spacing:-.05pt\">\n  <\/span>asset<span style=\"letter-spacing:-.05pt\"> <\/span>values of the Fund\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>investments (including the REIT\n  Portfolio), with the addition of any other assets (e.g., cash on hand), and\n  the deduction of liabilities.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.45pt;margin-bottom:\n  0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Properties held by the Fund will be valued at least once per\n  year. The Managing Member, however, at its sole and absolute discretion, can\n  revalue properties held by the Fund more frequently. In valuing these\n  investments, Cloud Toronto &#8211; FYBN &nbsp;has\n  implemented a valuation process that is commonly<span style=\"letter-spacing:\n  -.65pt\"> <\/span>utilized<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>real<span style=\"letter-spacing:-.65pt\"> <\/span>estate<span style=\"letter-spacing:-.6pt\">\n  <\/span>investment<span style=\"letter-spacing:-.65pt\"> <\/span>industry<span style=\"letter-spacing:-.6pt\"> <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>completing\n  multi-year<span style=\"letter-spacing:-.25pt\"> <\/span>forecasts<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>underlying<span style=\"letter-spacing:\n  -.1pt\"> <\/span>asset,<span style=\"letter-spacing:-.1pt\"> <\/span>making<span style=\"letter-spacing:-.1pt\"> <\/span>assumptions<span style=\"letter-spacing:\n  -.15pt\"> <\/span>on future financing activities, and applying industry\n  accepted discount factors<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>achieve<span style=\"letter-spacing:-.65pt\">\n  <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>valuation<span style=\"letter-spacing:-.65pt\"> <\/span>via<span style=\"letter-spacing:-.55pt\">\n  <\/span>discounted<span style=\"letter-spacing:-.6pt\"> <\/span>cash<span style=\"letter-spacing:-.5pt\"> <\/span>flow<span style=\"letter-spacing:-.55pt\">\n  <\/span>(DCF)<span style=\"letter-spacing:-.55pt\"> <\/span>analysis. Cloud\n  Toronto &#8211; FYBN <span style=\"letter-spacing:-.65pt\">&nbsp;<\/span>may<span style=\"letter-spacing:-.6pt\">\n  <\/span>also<span style=\"letter-spacing:-.65pt\"> <\/span>obtain<span style=\"letter-spacing:-.6pt\"> <\/span>third-party<span style=\"letter-spacing:\n  -.65pt\"> <\/span>appraisals<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>comparison<span style=\"letter-spacing:\n  -.6pt\"> <\/span>purposes to the DCF results.<\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.25pt;margin-bottom:\n  0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The REIT Portfolio will be valued using readily available\n  market quotations. If<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>market<span style=\"letter-spacing:-.15pt\">\n  <\/span>quotation is<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>readily available<span style=\"letter-spacing:-.05pt\"> <\/span>or is<span style=\"letter-spacing:-.05pt\">\n  <\/span>deemed unreliable, or if an event that is expected to affect the value\n  of a security occurs after the close<span style=\"letter-spacing:-.05pt\"> <\/span>of\n  the principal exchange or market on which that security is traded, and before\n  the close of the New York Stock<span style=\"letter-spacing:-.65pt\"> <\/span>Exchange,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>fair<span style=\"letter-spacing:-.6pt\"> <\/span>value<span style=\"letter-spacing:-.65pt\">\n  <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n  -.6pt\"> <\/span>security<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>determined<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>good\n  faith under policies and procedures established by and under the supervision\n  of Cloud Toronto &#8211; FYBN . Further details are set out below under \u201cNet Asset\n  Value Determination and Valuation Policy.\u201d<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:81.0pt\">\n  <td width=\"168\" valign=\"top\" style=\"width:125.7pt;padding:0in 0in 0in 0in;\n  height:81.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Fund<span style=\"letter-spacing:\n  -.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Term:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"408\" valign=\"top\" style=\"width:305.8pt;padding:0in 0in 0in 0in;\n  height:81.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:4.25pt;\n  margin-bottom:0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>being<span style=\"letter-spacing:-.65pt\"> <\/span>offered<span style=\"letter-spacing:\n  -.55pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>continuous<span style=\"letter-spacing:\n  -.6pt\"> <\/span>basis.<span style=\"letter-spacing:3.45pt\"> <\/span>While<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\">\n  <\/span>Managing Member may consider a liquidity event at any time in the\n  future, the Managing Member does not currently intend to undertake such\n  consideration <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">for three to five years from each\n  individual asset purchase<span style=\"color:#221F1F\">, and the Fund is not\n  obligated by its charter, its LLC Agreement, or otherwise to effect a\n  liquidity event at any time.<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:69.5pt\">\n  <td width=\"168\" valign=\"top\" style=\"width:125.7pt;padding:0in 0in 0in 0in;\n  height:69.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Diversification:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"408\" valign=\"top\" style=\"width:305.8pt;padding:0in 0in 0in 0in;\n  height:69.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:4.3pt;\n  margin-bottom:0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund does not have fixed guidelines for diversification\n  and may concentrate its investments in particular types of real estate\n  investments<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>utilize<span style=\"letter-spacing:-.6pt\"> <\/span>different<span style=\"letter-spacing:\n  -.65pt\"> <\/span>investment<span style=\"letter-spacing:-.6pt\"> <\/span>strategies,<span style=\"letter-spacing:-.65pt\"> <\/span>depending on the Managing Member\u2019s\n  assessment of the available investment opportunities, including only\n  purchasing a single property.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:69.45pt\">\n  <td width=\"168\" valign=\"top\" style=\"width:125.7pt;padding:0in 0in 0in 0in;\n  height:69.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">NAV<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Capital<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Accounts:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"408\" valign=\"top\" style=\"width:305.8pt;padding:0in 0in 0in 0in;\n  height:69.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:4.15pt;\n  margin-bottom:0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund will establish and maintain on its books a capital\n  account (\u201c<i>NAV Capital Account<\/i>\u201d),\n  for each Member and the Managing Member, into which their capital\n  contribution(s) (each a \u201c<i>Capital\n  Contribution<\/i>\u201d),<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>credited<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.65pt\">\n  <\/span>certain<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>transactions will be reflected as\n  further described in the LLC Agreement.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:109.3pt\">\n  <td width=\"168\" valign=\"top\" style=\"width:125.7pt;padding:0in 0in 0in 0in;\n  height:109.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Management<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fee:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"408\" valign=\"top\" style=\"width:305.8pt;padding:0in 0in 0in 0in;\n  height:109.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:22.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.3pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>entitled<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>receive<span style=\"letter-spacing:-.35pt\"> <\/span>compensation<span style=\"letter-spacing:\n  -.3pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the form<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>an<span style=\"letter-spacing:-.65pt\"> <\/span>ongoing<span style=\"letter-spacing:\n  -.6pt\"> <\/span>\u201c<i>Asset<span style=\"letter-spacing:-.65pt\"> <\/span>Management<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Fee.<\/i>\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Asset<span style=\"letter-spacing:-.6pt\">\n  <\/span>Management Fee with respect to the Participating Units shall be accrued\n  for and payable monthly in arrears, equal to one-twelfth (1\/12th) of the\n  annualized fee of one and one half (1.5%) percent of the Net Asset Value of\n  the Participating Units as of the close of business on the last Business<span style=\"letter-spacing:-.3pt\"> <\/span>Day<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>relevant<span style=\"letter-spacing:-.35pt\"> <\/span>month<span style=\"letter-spacing:-.2pt\">\n  <\/span>calculated<span style=\"letter-spacing:-.25pt\"> <\/span>before<span style=\"letter-spacing:-.3pt\"> <\/span>deduction<span style=\"letter-spacing:\n  -.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span>Asset Management Fee, or any accrued\n  but unallocated Managing Member Performance Allocation and before any\n  withdrawals. <o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection21\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:62.95pt\">\n  <td width=\"155\" valign=\"top\" style=\"width:116.35pt;padding:0in 0in 0in 0in;\n  height:62.95pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"420\" valign=\"top\" style=\"width:315.05pt;padding:0in 0in 0in 0in;\n  height:62.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.4pt;margin-bottom:\n  0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">All<span style=\"letter-spacing:-.55pt\"> <\/span>Participating<span style=\"letter-spacing:\n  -.5pt\"> <\/span>Members\u2019<span style=\"letter-spacing:-.65pt\"> <\/span>NAV<span style=\"letter-spacing:-.45pt\"> <\/span>Capital<span style=\"letter-spacing:\n  -.55pt\"> <\/span>Accounts<span style=\"letter-spacing:-.6pt\"> <\/span>(as<span style=\"letter-spacing:-.65pt\"> <\/span>defined<span style=\"letter-spacing:\n  -.45pt\"> <\/span>herein) will pay the Asset Management Fee on a pro rata\n  basis, which can be waived, rebated or shared with another person in the\n  Managing Member\u2019s absolute discretion. No Asset Management Fee shall be\n  payable with respect to the Managing Member Units.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:569.0pt\">\n  <td width=\"155\" valign=\"top\" style=\"width:116.35pt;padding:0in 0in 0in 0in;\n  height:569.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.55pt;margin-right:31.35pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member <span style=\"letter-spacing:\n  -.1pt\">Performance Allocation:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"420\" valign=\"top\" style=\"width:315.05pt;padding:0in 0in 0in 0in;\n  height:569.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.55pt;margin-right:6.7pt;\n  margin-bottom:0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  Managing Member shall<span style=\"letter-spacing:-.15pt\"> <\/span>be entitled\n  to<span style=\"letter-spacing:-.1pt\"> <\/span>receive<span style=\"letter-spacing:\n  -.15pt\"> <\/span>an allocation (the \u201c<i>Managing\n  Member Performance Allocation<\/i>\u201d) from the Fund equal to twenty<span style=\"letter-spacing:-.05pt\"> <\/span>(20%)<span style=\"letter-spacing:-.05pt\">\n  <\/span>percent of the Total Return, subject to a seven (7%) percent Hurdle\n  Amount, and a High-Water Mark (each as defined below).<span style=\"letter-spacing:\n  -.65pt\"> <\/span>Such<span style=\"letter-spacing:-.6pt\"> <\/span>allocation<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\">\n  <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>measured<span style=\"letter-spacing:-.6pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>calendar<span style=\"letter-spacing:\n  -.6pt\"> <\/span>year<span style=\"letter-spacing:-.65pt\"> <\/span>basis<span style=\"letter-spacing:-.6pt\"> <\/span>(the \u201c<i>Performance Period<\/i>\u201d), accrued monthly and paid annually.Managing\n  Member Units will not be subject to any Managing Member Performance\n  Allocation.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.45pt;margin-right:0in;\n  margin-bottom:0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Hurdle<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Amount<\/span><\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n  0in;margin-left:31.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  Fund employs a Hurdle Amount which represents a level of return that the Fund\n  must achieve before the Managing Member is entitled to the Managing Member\n  Performance Allocation.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.5pt;margin-right:6.7pt;\n  margin-bottom:0in;margin-left:31.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  \u201c<i>Hurdle Amount<\/i>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>for any<span style=\"letter-spacing:-.1pt\">\n  <\/span>Performance Period<span style=\"letter-spacing:-.1pt\"> <\/span>means an\n  amount that results<span style=\"letter-spacing:-.05pt\"> <\/span>in a seven\n  (7%) percent annualized internal rate<span style=\"letter-spacing:-.05pt\"> <\/span>of\n  return (\u201cIRR\u201d) on the Net Asset Value of the Units outstanding at the\n  beginning of the relevant Performance Period and all Units issued since the\n  beginning of such Performance Period, taking into account the timing and\n  amount of all distributions accrued or paid (without duplication) on all such\n  Units and all issuances of Units over the Performance Period and calculated\n  in accordance with recognized industry practices.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.45pt;margin-right:6.5pt;\n  margin-bottom:0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  ending<span style=\"letter-spacing:-.05pt\"> <\/span>Net Asset Value of the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\">\n  <\/span>used in<span style=\"letter-spacing:-.05pt\"> <\/span>calculating<span style=\"letter-spacing:-.05pt\"> <\/span>the IRR will be calculated on a gross\n  basis (i.e., before giving effect to any allocation\/accrual<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>Performance<span style=\"letter-spacing:-.6pt\"> <\/span>Allocation). For<span style=\"letter-spacing:\n  -.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>avoidance<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>doubt,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\">\n  <\/span>calculation<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\">\n  <\/span>Hurdle<span style=\"letter-spacing:-.15pt\"> <\/span>Amount<span style=\"letter-spacing:-.2pt\"> <\/span>for any period will exclude any Units\n  redeemed during such period, as redeemed<span style=\"letter-spacing:-.65pt\"> <\/span>Units<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\">\n  <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>subject<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>Performance\n  Allocation upon their redemption as described below.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:31.6pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Loss<span style=\"letter-spacing:-.2pt\"> <\/span>Carryover<span style=\"letter-spacing:\n  -.1pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>High<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Watermark<\/span><\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.4pt;margin-right:6.5pt;\n  margin-bottom:0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.2pt\"> <\/span>High<span style=\"letter-spacing:-.15pt\">\n  <\/span>Watermark<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>measure<span style=\"letter-spacing:-.2pt\"> <\/span>utilized<span style=\"letter-spacing:\n  -.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\">\n  <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>ensure<span style=\"letter-spacing:-.2pt\"> <\/span>that the<span style=\"letter-spacing:\n  -.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>Performance<span style=\"letter-spacing:\n  -.35pt\"> <\/span>Allocation<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>only<span style=\"letter-spacing:-.3pt\"> <\/span>charged<span style=\"letter-spacing:-.3pt\"> <\/span>when at the end of the Performance\n  Period, the Fund\u2019s value is above its previous highest level at the end of a\n  prior Performance Period (the \u201c<i>High<span style=\"letter-spacing:-.65pt\"> <\/span>Water<span style=\"letter-spacing:-.6pt\">\n  <\/span>Mark<\/i>\u201d),<span style=\"letter-spacing:-.65pt\"> <\/span>so<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>avoid<span style=\"letter-spacing:-.6pt\">\n  <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\">\n  <\/span>being<span style=\"letter-spacing:-.6pt\"> <\/span>paid again<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>making<span style=\"letter-spacing:-.65pt\"> <\/span>back<span style=\"letter-spacing:-.6pt\">\n  <\/span>prior<span style=\"letter-spacing:-.65pt\"> <\/span>gains.<span style=\"letter-spacing:.55pt\"> <\/span>So,<span style=\"letter-spacing:-.6pt\"> <\/span>if<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>overall<span style=\"letter-spacing:-.65pt\"> <\/span>return<span style=\"letter-spacing:-.6pt\">\n  <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund is negative, then the Fund must\n  make up the shortfall (the \u201c<i>Loss\n  Carryover Amount<\/i>\u201d) in the next year, or later years, before another\n  Managing Member Performance Allocation will be allocated.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:2.45pt\"> <\/span>Loss<span style=\"letter-spacing:2.45pt\">\n  <\/span>Carryover<span style=\"letter-spacing:2.6pt\"> <\/span>Amount<span style=\"letter-spacing:2.4pt\"> <\/span>shall<span style=\"letter-spacing:2.45pt\">\n  <\/span>initially<span style=\"letter-spacing:2.45pt\"> <\/span>equal<span style=\"letter-spacing:2.45pt\"> <\/span>zero<span style=\"letter-spacing:2.5pt\">\n  <\/span>and<span style=\"letter-spacing:2.45pt\"> <\/span><span style=\"letter-spacing:\n  -.1pt\">shall<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n  0in;margin-left:31.6pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.4pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">cumulatively\n  increase by the absolute value of any negative Total Return<span style=\"letter-spacing:.7pt\"> <\/span>in<span style=\"letter-spacing:.65pt\"> <\/span>a<span style=\"letter-spacing:.7pt\"> <\/span>Performance<span style=\"letter-spacing:\n  .7pt\"> <\/span>Period<span style=\"letter-spacing:.75pt\"> <\/span>and<span style=\"letter-spacing:.65pt\"> <\/span>decrease<span style=\"letter-spacing:\n  .6pt\"> <\/span>by<span style=\"letter-spacing:.65pt\"> <\/span>any<span style=\"letter-spacing:.65pt\"> <\/span>positive<span style=\"letter-spacing:\n  .7pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Total<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection22\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:47.4pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Return<span style=\"letter-spacing:\n-.3pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.45pt\"> <\/span>Period.<span style=\"letter-spacing:-.35pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>Loss<span style=\"letter-spacing:-.2pt\"> <\/span>Carryover<span style=\"letter-spacing:-.4pt\"> <\/span>Amount<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>at no time be less than zero.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:47.25pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.2pt\"> <\/span>calculation<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Loss<span style=\"letter-spacing:-.1pt\"> <\/span>Carryover<span style=\"letter-spacing:-.15pt\">\n<\/span>Amount<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>exclude<span style=\"letter-spacing:-.3pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Total Return<span style=\"letter-spacing:-.3pt\"> <\/span>related<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:\n-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>redeemed<span style=\"letter-spacing:-.3pt\"> <\/span>during<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.35pt\"> <\/span>Period, as such Units will be subject to the Managing Member\nPerformance Allocation<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.45pt\"> <\/span>redemption.<span style=\"letter-spacing:\n-.55pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>amount<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>Total<span style=\"letter-spacing:-.45pt\"> <\/span>Return<span style=\"letter-spacing:-.45pt\"> <\/span>falls below the Hurdle Amount will not be\ncalculated for the purposes of the<span style=\"letter-spacing:-.6pt\"> <\/span>Loss<span style=\"letter-spacing:-.6pt\"> <\/span>Carryover<span style=\"letter-spacing:-.5pt\">\n<\/span>Amount<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>carried<span style=\"letter-spacing:-.55pt\">\n<\/span>forward<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>subsequent <span style=\"letter-spacing:\n-.1pt\">periods.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:47.25pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The effect of the loss\nCarryover Amount is that past annual Total Return losses must be gained back\nand so offset the positive annual Total<span style=\"letter-spacing:-.55pt\"> <\/span>Return<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>purposes<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>calculation<span style=\"letter-spacing:\n-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\">\n<\/span>Member Performance Allocation. The Managing Member will also be\nallocated a Managing Member Performance Allocation with respect to<span style=\"letter-spacing:-.25pt\"> <\/span>all<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.25pt\"> <\/span>redeemed<span style=\"letter-spacing:-.2pt\">\n<\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>end<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>quarter<span style=\"letter-spacing:-.25pt\"> <\/span>(in<span style=\"letter-spacing:-.25pt\"> <\/span>connection\nwith redemptions of Units) in an amount calculated as described above with the\nrelevant Performance Period being pro-rated to the portion<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>year<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\">\n<\/span>such redeemed Units<span style=\"letter-spacing:-.15pt\"> <\/span>were<span style=\"letter-spacing:-.1pt\"> <\/span>outstanding, and<span style=\"letter-spacing:\n-.1pt\"> <\/span>proceeds<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>redemption<span style=\"letter-spacing:\n-.1pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>reduced<span style=\"letter-spacing:-.2pt\">\n<\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>amount of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\">\n<\/span>Performance<span style=\"letter-spacing:-.4pt\"> <\/span>Allocation<span style=\"letter-spacing:-.15pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.4pt\"> <\/span>to those redeemed Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:47.55pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Allocation<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Excess<span style=\"letter-spacing:-.4pt\"> <\/span>Profits<span style=\"letter-spacing:-.4pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>Performance<\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"> <u><span style=\"letter-spacing:\n-.1pt\">Allocation<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:47.65pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member will be\nallocated the Managing Member Performance Allocation in an amount equal to:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:47.55pt;margin-bottom:\n0in;margin-left:184.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Total<span style=\"letter-spacing:-.6pt\"> <\/span>Return<span style=\"letter-spacing:-.65pt\">\n<\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>Performance<span style=\"letter-spacing:-.6pt\"> <\/span>Period<span style=\"letter-spacing:-.55pt\"> <\/span>exceeds<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>sum <span style=\"letter-spacing:-.2pt\">of:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:0in;\nmargin-bottom:0in;margin-left:201.1pt;margin-bottom:.0001pt;text-indent:-14.45pt;\nmso-list:l28 level1 lfo66;tab-stops:201.1pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:-.3pt\"> <\/span>Hurdle<span style=\"letter-spacing:-.25pt\">\n<\/span>Amount<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>Performance<span style=\"letter-spacing:-.25pt\"> <\/span>Period;<span style=\"letter-spacing:-.3pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:47.35pt;\nmargin-bottom:0in;margin-left:186.65pt;margin-bottom:.0001pt;text-indent:0in;\nmso-list:l28 level1 lfo66;tab-stops:203.1pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:1.45pt\"> <\/span>Loss<span style=\"letter-spacing:1.5pt\"> <\/span>Carryover<span style=\"letter-spacing:1.55pt\"> <\/span>Amount<span style=\"letter-spacing:1.45pt\">\n<\/span>(any<span style=\"letter-spacing:1.5pt\"> <\/span>such<span style=\"letter-spacing:1.5pt\"> <\/span>excess,<span style=\"letter-spacing:1.45pt\">\n<\/span>\u201cExcess <span style=\"letter-spacing:-.1pt\">Profits\u201d),<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:47.2pt;margin-bottom:\n0in;margin-left:186.65pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">One hundred (100%) percent of\nsuch annual Excess Profits until the total amount allocated to the Managing\nMember equals twenty (20%) percent of the sum of (x) the Hurdle Amount for that\nPerformance Period and (y) any amount allocated<span style=\"letter-spacing:\n-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\">\n<\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>pursuant<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>clause<span style=\"letter-spacing:-.45pt\">\n<\/span>(the \u201c<i>Catch-Up<\/i>\u201d); and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:47.2pt;margin-bottom:\n0in;margin-left:186.65pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n-1.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">To<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>extent<span style=\"letter-spacing:-.6pt\"> <\/span>there<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>remaining<span style=\"letter-spacing:-.55pt\">\n<\/span>Excess<span style=\"letter-spacing:-.65pt\"> <\/span>Profits,<span style=\"letter-spacing:-.4pt\"> <\/span>twenty<span style=\"letter-spacing:-.55pt\">\n<\/span>(20%) percent of such remaining Excess Profits.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:47.25pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The \u201c<i>Total Return<\/i>\u201d for the Performance Period shall equal the sum of:\n(i) all distributions accrued or paid (without duplication) on the Units<span style=\"letter-spacing:-.3pt\"> <\/span>outstanding<span style=\"letter-spacing:\n-.2pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>end<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>period<span style=\"letter-spacing:-.2pt\"> <\/span>since<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>beginning<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the Performance\nPeriod (ii) the change in aggregate Net Asset Value of such Units since the\nbeginning of the Performance Period, before giving effect to (x) changes\nresulting solely from the proceeds of issuances of Units, and (y) any\nallocation\/accrual to the Managing Member Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection23\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:51.45pt\">\n  <td width=\"159\" valign=\"top\" style=\"width:119.1pt;padding:0in 0in 0in 0in;\n  height:51.45pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.65pt;padding:0in 0in 0in 0in;\n  height:51.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.05pt;margin-bottom:\n  0in;margin-left:28.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">For\n  the avoidance of doubt, the calculation of Total Return will (i) include<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\">\n  <\/span>appreciation<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>depreciation<span style=\"letter-spacing:\n  -.45pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Net<span style=\"letter-spacing:-.45pt\">\n  <\/span>Asset<span style=\"letter-spacing:-.5pt\"> <\/span>Value<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the\n  Units issued during the then current Performance Period but (ii) exclude the\n  proceeds from the initial issuance of such Units.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:34.7pt\">\n  <td width=\"159\" valign=\"top\" style=\"width:119.1pt;padding:0in 0in 0in 0in;\n  height:34.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.55pt;margin-right:6.35pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Allocation<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Income,\n  Gain and Loss:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.65pt;padding:0in 0in 0in 0in;\n  height:34.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.55pt;margin-right:2.7pt;\n  margin-bottom:0in;margin-left:28.85pt;margin-bottom:.0001pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Income,<span style=\"letter-spacing:-.4pt\"> <\/span>expense,<span style=\"letter-spacing:-.4pt\"> <\/span>gain<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>loss<span style=\"letter-spacing:-.45pt\">\n  <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>generally<span style=\"letter-spacing:\n  -.4pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>allocated\n  pro-rata among Members\u2019 NAV Capital Accounts.<\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:150.0pt\">\n  <td width=\"159\" valign=\"top\" style=\"width:119.1pt;padding:0in 0in 0in 0in;\n  height:150.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Transaction<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fees:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.65pt;padding:0in 0in 0in 0in;\n  height:150.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.5pt;\n  margin-bottom:0in;margin-left:28.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Managing Member or any of its Affiliates may also be<span style=\"letter-spacing:-.15pt\"> <\/span>paid fund formation,<span style=\"letter-spacing:-.45pt\"> <\/span>management,<span style=\"letter-spacing:\n  -.45pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>fees<span style=\"letter-spacing:-.6pt\">\n  <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>would<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>paid<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>normal course of business, including,\n  without limitation, in connection with accounting, property management,\n  leasing, acquisition, maintenance and construction margin, development and\n  disposition of properties acquired by the Fund; provided, however, any fees\n  paid by the Fund to the Managing Member or its Affiliates for the provision\n  of such services<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>no<span style=\"letter-spacing:-.25pt\"> <\/span>greater<span style=\"letter-spacing:\n  -.3pt\"> <\/span>than<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>would<span style=\"letter-spacing:-.4pt\"> <\/span>pay<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>unaffiliated\n  third party providing such services in either (i) Maricopa County, New York,<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>services<span style=\"letter-spacing:-.65pt\"> <\/span>provided<span style=\"letter-spacing:\n  -.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\">\n  <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n  -.65pt\"> <\/span>whole,<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>(ii)<span style=\"letter-spacing:-.6pt\">\n  <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>county and<span style=\"letter-spacing:-.1pt\"> <\/span>state<span style=\"letter-spacing:-.15pt\">\n  <\/span>where<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>property<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>located,<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\">\n  <\/span>services<span style=\"letter-spacing:-.2pt\"> <\/span>provided<span style=\"letter-spacing:-.1pt\"> <\/span>in connection with a specific Fund\n  property.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;mso-yfti-lastrow:yes;height:397.3pt\">\n  <td width=\"159\" valign=\"top\" style=\"width:119.1pt;padding:0in 0in 0in 0in;\n  height:397.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Fund<span style=\"letter-spacing:\n  -.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Expenses:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"414\" valign=\"top\" style=\"width:310.65pt;padding:0in 0in 0in 0in;\n  height:397.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:28.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund shall pay or reimburse the Managing Member (or its\n  Affiliates) for certain Organizational and Operating Expenses, and\n  Underwriting Expenses and Other Expenses (in each case as defined below)<span style=\"letter-spacing:-.05pt\"> <\/span>incurred<span style=\"letter-spacing:\n  -.1pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>behalf<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\">\n  <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\">\n  <\/span>Subsidiary prior to or after the formation of the Fund and the REIT\n  Subsidiary. The aggregate amount of the Organizational and Operating expenses\n  will<span style=\"letter-spacing:-.05pt\"> <\/span>not<span style=\"letter-spacing:\n  -.05pt\"> <\/span>exceed one<span style=\"letter-spacing:-.15pt\"> <\/span>percent<span style=\"letter-spacing:-.2pt\"> <\/span>(1%) of the<span style=\"letter-spacing:\n  -.05pt\"> <\/span>total<span style=\"letter-spacing:-.05pt\"> <\/span>Capital<span style=\"letter-spacing:-.05pt\"> <\/span>Contributions<span style=\"letter-spacing:\n  -.05pt\"> <\/span>of all<span style=\"letter-spacing:-.4pt\"> <\/span>Participating<span style=\"letter-spacing:-.35pt\"> <\/span>Members<span style=\"letter-spacing:\n  -.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.45pt\"> <\/span>Offering<span style=\"letter-spacing:\n  -.35pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\">\n  <\/span>termination<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>this Offering (the \u201cO&amp;O Expense\n  Cap\u201d). The amount of any Organizational<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>Operating<span style=\"letter-spacing:\n  -.65pt\"> <\/span>Expenses<span style=\"letter-spacing:-.6pt\"> <\/span>incurred<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>behalf<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund or<span style=\"letter-spacing:\n  -.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>REIT<span style=\"letter-spacing:-.65pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n  -.6pt\"> <\/span>shall<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>accrued<span style=\"letter-spacing:-.65pt\">\n  <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>at<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>end<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>each<span style=\"letter-spacing:-.65pt\"> <\/span>calendar quarter<span style=\"letter-spacing:\n  -.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\">\n  <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>determine<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>amount<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>new Capital Contributions over such\n  period, and the Fund shall<span style=\"letter-spacing:-.05pt\"> <\/span>reimburse\n  the Managing Member accordingly, up to the amount of the O&amp;O Expense\n  Cap.\u201c<i>Organizational<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Operating<span style=\"letter-spacing:-.3pt\"> <\/span>Expenses<\/i>\u201d<span style=\"letter-spacing:\n  -.35pt\"> <\/span>include,<span style=\"letter-spacing:-.35pt\"> <\/span>but<span style=\"letter-spacing:-.4pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>limited to<span style=\"letter-spacing:\n  -.65pt\"> <\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">(i)<span style=\"letter-spacing:\n  -.6pt\"> <\/span>legal<span style=\"letter-spacing:-.65pt\"> <\/span>fees<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>preparing<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\">\n  <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>REIT<span style=\"letter-spacing:-.65pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n  -.6pt\"> <\/span>organizational documents and related agreements and\n  resolutions, (ii) organizational expenses of the Fund (i.e., fees, costs and\n  expenses of and incidental to the formation, qualifications to do business\n  and fund raising of the Fund (iii) due diligence expenses (including travel\n  and marketing expenses of the Managing Member, its affiliates and agents);\n  (iv) technology processing platforms; (v) filing fees; (vi) marketing due\n  diligence fees including third party due diligence reports; (vi) sales team<span style=\"letter-spacing:-.55pt\"> <\/span>travel,<span style=\"letter-spacing:\n  -.6pt\"> <\/span>seminars,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>broker<span style=\"letter-spacing:-.5pt\">\n  <\/span>dealer<span style=\"letter-spacing:-.55pt\"> <\/span>conferences;<span style=\"letter-spacing:-.6pt\"> <\/span>(vii)<span style=\"letter-spacing:-.6pt\">\n  <\/span>training<span style=\"letter-spacing:-.55pt\"> <\/span>and education\n  meetings for registered representatives of our participating broker-dealers\n  (viii) permissible forms of non-cash compensation to registered\n  representatives of our participating broker-dealers (in each case to the\n  extent consistent with Cloud Toronto &#8211; FYBN Cos internal policies and <span style=\"letter-spacing:-.1pt\">procedures).<\/span>\u201c<i>Underwriting<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>Other<span style=\"letter-spacing:-.6pt\">\n  <\/span>Expenses\u201d<span style=\"letter-spacing:-.5pt\"> <\/span><\/i>include,<span style=\"letter-spacing:-.55pt\"> <\/span>but<span style=\"letter-spacing:-.65pt\">\n  <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.55pt\">\n  <\/span>to:<span style=\"letter-spacing:-.6pt\"> <\/span>(i) underwriting<span style=\"letter-spacing:3.2pt;mso-font-width:150%\"> <\/span>fees<span style=\"letter-spacing:3.15pt;mso-font-width:150%\"> <\/span>and<span style=\"letter-spacing:3.2pt;mso-font-width:150%\"> <\/span>expenses<span style=\"letter-spacing:3.15pt;mso-font-width:150%\"> <\/span>(subject<span style=\"letter-spacing:3.2pt;mso-font-width:150%\"> <\/span>to<span style=\"letter-spacing:3.2pt;mso-font-width:150%\"> <\/span>applicable<span style=\"letter-spacing:3.05pt;mso-font-width:150%\"> <\/span><span style=\"letter-spacing:-.1pt\">FINRA <\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection24\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:523.25pt\">\n  <td width=\"137\" valign=\"top\" style=\"width:102.5pt;padding:0in 0in 0in 0in;\n  height:523.25pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"436\" valign=\"top\" style=\"width:327.2pt;padding:0in 0in 0in 0in;\n  height:523.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.35pt;margin-bottom:\n  0in;margin-left:45.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">limitations)\n  including without limitation, travel and entertainment expenses;<span style=\"letter-spacing:-.55pt\"> <\/span>(ii)<span style=\"letter-spacing:-.5pt\">\n  <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Management<span style=\"letter-spacing:-.65pt\"> <\/span>Fee<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>affiliate<span style=\"letter-spacing:\n  -.5pt\"> <\/span>fees<span style=\"letter-spacing:-.55pt\"> <\/span>including,<span style=\"letter-spacing:-.5pt\"> <\/span>but<span style=\"letter-spacing:-.5pt\"> <\/span>not\n  limited to, accounting expenses, acquisition and disposition, loan placement\n  and loan guaranty, construction and development fees and the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.2pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>Performance<span style=\"letter-spacing:-.25pt\"> <\/span>Allocation;<span style=\"letter-spacing:\n  -.4pt\"> <\/span>(iii)<span style=\"letter-spacing:-.25pt\"> <\/span>taxes<span style=\"letter-spacing:-.3pt\"> <\/span>payable<span style=\"letter-spacing:-.25pt\">\n  <\/span>by the Fund (iv) interest and other expenses relating to any Fund\n  indebtedness; (v) bonding expenses; (vi) premiums for insurance protecting\n  the Fund and the partners and employees of the Managing Member<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>affiliates<span style=\"letter-spacing:\n  -.6pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.5pt\"> <\/span>persons<span style=\"letter-spacing:-.6pt\">\n  <\/span>entitled<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>indemnification from the Fund from\n  liabilities to third parties for activities on behalf of the Fund; (vii) fees\n  incurred by the Fund for special advisory or consulting services;<span style=\"letter-spacing:-.05pt\"> <\/span>(viii)<span style=\"letter-spacing:-.05pt\">\n  <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>legal<span style=\"letter-spacing:-.05pt\"> <\/span>and other fees,<span style=\"letter-spacing:\n  -.05pt\"> <\/span>costs<span style=\"letter-spacing:-.1pt\"> <\/span>and expenses\n  of<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:\n  -.15pt\"> <\/span>incidental<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>purchase<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>sale<span style=\"letter-spacing:-.2pt\"> <\/span>(including<span style=\"letter-spacing:\n  -.15pt\"> <\/span>qualification<span style=\"letter-spacing:-.15pt\"> <\/span>and\n  registration) of portfolio assets, including fees associated with the\n  development<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>management<span style=\"letter-spacing:\n  -.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>portfolio<span style=\"letter-spacing:-.65pt\"> <\/span>properties<span style=\"letter-spacing:\n  -.6pt\"> <\/span>(payable<span style=\"letter-spacing:-.65pt\"> <\/span>at<span style=\"letter-spacing:-.6pt\"> <\/span>then- current market rates in the\n  Managing Member\u2019s discretion), (ix) banking, dead deals, registration,\n  qualification, depositary, custodial and similar fees and expenses; (x)\n  transfer, capital and other taxes, duties and costs incurred in acquiring, holding,\n  selling and otherwise disposing of Fund assets; (xi) costs and expenses of\n  the tax matters partner; and (xii) all extraordinary fees, costs and\n  expenses; (xii) the accounting fees, costs and expenses of the Fund and the\n  REIT Subsidiary, including<span style=\"letter-spacing:-.05pt\"> <\/span>without<span style=\"letter-spacing:-.1pt\"> <\/span>limitation, the annual<span style=\"letter-spacing:-.1pt\"> <\/span>audit of<span style=\"letter-spacing:\n  -.05pt\"> <\/span>the Fund and the REIT Subsidiary (as applicable), (xiii) the\n  preparation of the annual<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\">\n  <\/span>interim<span style=\"letter-spacing:-.2pt\"> <\/span>financial<span style=\"letter-spacing:-.2pt\"> <\/span>statements<span style=\"letter-spacing:\n  -.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\">\n  <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>REIT Subsidiary and the federal and\n  state tax returns of the Fund and the REIT Subsidiary; (xiv) costs and\n  expenses associated with meetings of the Members, communications with Members\n  and preparation of Fund status reports; (xv) costs and expenses associated\n  with informal meetings<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Members<span style=\"letter-spacing:-.1pt\">\n  <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>committees\n  of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Fund,<span style=\"letter-spacing:-.6pt\"> <\/span>including<span style=\"letter-spacing:-.6pt\"> <\/span>costs<span style=\"letter-spacing:-.65pt\">\n  <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>expenses<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Advisory<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Board;<span style=\"letter-spacing:-.65pt\"> <\/span>(xvi)\n  indemnification costs and expenses, and the legal fees, cost and expenses of\n  counsel for the Fund in any legal action, proceeding or investigation,\n  including any threatened action, proceeding or investigation,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>amount<span style=\"letter-spacing:-.2pt\">\n  <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>judgments<span style=\"letter-spacing:\n  -.2pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>settlements<span style=\"letter-spacing:-.2pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>in\n  connection with such action, proceeding or investigation; (xvii) the fees,\n  costs and expenses relating to the evaluation, purchase, holding and sale of\n  portfolio assets, including (without limitation) expenses related<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>due<span style=\"letter-spacing:-.6pt\"> <\/span>diligence<span style=\"letter-spacing:\n  -.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>fees<span style=\"letter-spacing:-.65pt\">\n  <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>expenses,<span style=\"letter-spacing:-.6pt\"> <\/span>including<span style=\"letter-spacing:\n  -.55pt\"> <\/span>salaries of Cloud Toronto &#8211; FYBN Cos employees with respect\n  to work attributable to investments made by the Fund, (xviii) all other legal\n  fees, costs and expenses<span style=\"letter-spacing:-.65pt\"> <\/span>incident<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund,<span style=\"letter-spacing:-.65pt\">\n  <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>management<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>activities;<span style=\"letter-spacing:-.65pt\"> <\/span>(xix)fees incurred<span style=\"letter-spacing:.15pt\"> <\/span>by<span style=\"letter-spacing:.25pt\"> <\/span>the<span style=\"letter-spacing:.25pt\"> <\/span>Fund<span style=\"letter-spacing:.15pt\"> <\/span>for<span style=\"letter-spacing:.15pt\"> <\/span>special<span style=\"letter-spacing:.2pt\">\n  <\/span>advisory<span style=\"letter-spacing:.25pt\"> <\/span>or<span style=\"letter-spacing:.25pt\"> <\/span>consulting<span style=\"letter-spacing:\n  .25pt\"> <\/span>services;<span style=\"letter-spacing:.25pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.65pt;margin-bottom:\n  0in;margin-left:45.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(xx)\n  costs and expenses associated with the dissolution and winding up of the\n  Fund.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:120.7pt\">\n  <td width=\"137\" valign=\"top\" style=\"width:102.5pt;padding:0in 0in 0in 0in;\n  height:120.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Side<span style=\"letter-spacing:\n  -.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Letters:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"436\" valign=\"top\" style=\"width:327.2pt;padding:0in 0in 0in 0in;\n  height:120.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.45pt;\n  margin-bottom:0in;margin-left:45.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\">\n  <\/span>has<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>absolute<span style=\"letter-spacing:\n  -.6pt\"> <\/span>discretion<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>create<span style=\"letter-spacing:-.6pt\">\n  <\/span>additional classes of Units from time to time without notice to the\n  existing Members<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>vary<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>terms<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n  -.25pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>respect<span style=\"letter-spacing:-.45pt\"> <\/span>to any Member and may enter into confidential\n  side letters or other similar agreements (\u201c<i>Side Letters<\/i>\u201d), with certain Members and may issue confidential\n  supplements to this Memorandum related to such Members<span style=\"letter-spacing:\n  -.5pt\"> <\/span>which<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>provided<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>disclosed<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>Members.<span style=\"letter-spacing:\n  -.45pt\"> <\/span>Such terms<span style=\"letter-spacing:.95pt\"> <\/span>may<span style=\"letter-spacing:1.05pt\"> <\/span>waive<span style=\"letter-spacing:1.0pt\">\n  <\/span>or<span style=\"letter-spacing:1.0pt\"> <\/span>modify<span style=\"letter-spacing:1.05pt\"> <\/span>the<span style=\"letter-spacing:1.0pt\"> <\/span>application<span style=\"letter-spacing:1.05pt\"> <\/span>of<span style=\"letter-spacing:1.0pt\"> <\/span>any<span style=\"letter-spacing:.9pt\"> <\/span>provision<span style=\"letter-spacing:\n  1.05pt\"> <\/span>of<span style=\"letter-spacing:1.0pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.8pt;margin-bottom:\n  0in;margin-left:45.45pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.4pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">LLC Agreement with respect to such Member, without obtaining\n  the consent<span style=\"letter-spacing:.25pt\"> <\/span>of<span style=\"letter-spacing:.35pt\"> <\/span>or<span style=\"letter-spacing:.15pt\"> <\/span>giving<span style=\"letter-spacing:.25pt\"> <\/span>notice<span style=\"letter-spacing:.35pt\">\n  <\/span>to<span style=\"letter-spacing:.2pt\"> <\/span>any<span style=\"letter-spacing:\n  .35pt\"> <\/span>other<span style=\"letter-spacing:.3pt\"> <\/span>Member;<span style=\"letter-spacing:.3pt\"> <\/span>provided,<span style=\"letter-spacing:\n  .2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">however<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection25\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:74.75pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.7pt;padding:0in 0in 0in 0in;\n  height:74.75pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"412\" valign=\"top\" style=\"width:308.95pt;padding:0in 0in 0in 0in;\n  height:74.75pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.45pt;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">that any such Side Letter will not adversely impact the rights\n  of the other<span style=\"letter-spacing:-.5pt\"> <\/span>Investors.<span style=\"letter-spacing:-.55pt\"> <\/span>Terms<span style=\"letter-spacing:-.6pt\">\n  <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>differ<span style=\"letter-spacing:-.5pt\"> <\/span>according<span style=\"letter-spacing:\n  -.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>types<span style=\"letter-spacing:-.6pt\">\n  <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>investment strategies\n  employed, carried interests charged, Managing Broker Dealer Fees, minimum<span style=\"letter-spacing:-.05pt\"> <\/span>and maximum subscription amounts,\n  Investor eligibility<span style=\"letter-spacing:-.05pt\"> <\/span>requirements<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\">\n  <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>respects<span style=\"letter-spacing:\n  -.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>complete<span style=\"letter-spacing:\n  -.1pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>sole discretion\n  of the Managing Member.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:46.5pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.7pt;padding:0in 0in 0in 0in;\n  height:46.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Fiscal<span style=\"letter-spacing:\n  -.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Year:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"412\" valign=\"top\" style=\"width:308.95pt;padding:0in 0in 0in 0in;\n  height:46.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.55pt;\n  margin-bottom:0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The fiscal year of the Fund shall end on December 31 of each\n  year (each a \u201c<i>Fiscal Year<\/i>\u201d), which\n  Fiscal Year may be changed by the Managing Member, in its sole and absolute\n  discretion.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:92.45pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.7pt;padding:0in 0in 0in 0in;\n  height:92.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Borrowings:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"412\" valign=\"top\" style=\"width:308.95pt;padding:0in 0in 0in 0in;\n  height:92.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Managing Member believes in utilizing leverage in a\n  moderate fashion. Considering this leverage strategy, the Managing Member\n  intends to follow the restrictions described below under \u201c<i>Investment Objectives,<span style=\"letter-spacing:-.4pt\"> <\/span>Strategy,<span style=\"letter-spacing:\n  -.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>Policies<\/i>\u201d<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\">\n  <\/span>respect<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>use<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>leverage.\n  No such restrictions are expressly described in the LLC Agreement, and the\n  Managing Member is under no obligation to follow such <span style=\"letter-spacing:\n  -.1pt\">guidelines.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:220.05pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.7pt;padding:0in 0in 0in 0in;\n  height:220.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Reports<span style=\"letter-spacing:\n  -.25pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> Members:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"412\" valign=\"top\" style=\"width:308.95pt;padding:0in 0in 0in 0in;\n  height:220.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.35pt;\n  margin-bottom:0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Any<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>respective<span style=\"letter-spacing:\n  -.4pt\"> <\/span>designated<span style=\"letter-spacing:-.4pt\"> <\/span>representative<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.45pt\">\n  <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>the right, at any\n  reasonable time, to have access to and inspect and copy the<span style=\"letter-spacing:-.5pt\"> <\/span>contents<span style=\"letter-spacing:\n  -.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>books<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\">\n  <\/span>records<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund;<span style=\"letter-spacing:-.5pt\"> <\/span>provided,<span style=\"letter-spacing:\n  -.5pt\"> <\/span>however,<span style=\"letter-spacing:-.5pt\"> <\/span>that\n  confidential communications between the Fund and its legal counsel may be\n  withheld from a Member in the Managing Member\u2019s reasonable discretion.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.6pt;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">In addition, all Members will receive the information\n  necessary to prepare<span style=\"letter-spacing:-.1pt\"> <\/span>federal and\n  state income tax returns<span style=\"letter-spacing:-.05pt\"> <\/span>following\n  the conclusion of such Fiscal Year as soon thereafter as is reasonably\n  practical. In addition<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>annual<span style=\"letter-spacing:-.65pt\">\n  <\/span>financial<span style=\"letter-spacing:-.6pt\"> <\/span>statements,<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\">\n  <\/span>intends to provide Members with quarterly reports showing the\n  performance of the Fund\u2019s investments.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.4pt;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Managing Member may agree to provide Members with\n  additional information on the underlying investments of the Fund, as well<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>access<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>employees<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>relevant\n  <span style=\"letter-spacing:-.1pt\">information.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:212.7pt\">\n  <td width=\"161\" valign=\"top\" style=\"width:120.7pt;padding:0in 0in 0in 0in;\n  height:212.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:43.1pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Redemptions<span style=\"letter-spacing:-.65pt\"> <\/span>and Redemption<span style=\"letter-spacing:\n  -.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fee:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"412\" valign=\"top\" style=\"width:308.95pt;padding:0in 0in 0in 0in;\n  height:212.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:0in;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt\"><u><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Lockup<\/span><\/u><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.9pt;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Participating\n  Members may request redemptions of their Units as of the<span style=\"letter-spacing:-.05pt\"> <\/span>last<span style=\"letter-spacing:-.1pt\">\n  <\/span>Business<span style=\"letter-spacing:-.15pt\"> <\/span>Day of<span style=\"letter-spacing:-.05pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\">\n  <\/span>quarter<span style=\"letter-spacing:-.05pt\"> <\/span>(a<span style=\"letter-spacing:-.2pt\"> <\/span>\u201c<i>Redemption<span style=\"letter-spacing:-.05pt\"> <\/span>Date<\/i>\u201d)<span style=\"letter-spacing:\n  -.05pt\"> <\/span>upon at least 60 days\u2019 prior written notice to the Managing\n  Member.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member is\n  under no obligation to agree to any such redemption request and may choose to\n  redeem only some, or even none, of the Units that have been requested to be\n  redeemed in any particular quarter in its sole discretion. In addition, Participating\n  Members<span style=\"letter-spacing:.6pt\"> <\/span>are<span style=\"letter-spacing:\n  .7pt\"> <\/span>not<span style=\"letter-spacing:.65pt\"> <\/span>permitted<span style=\"letter-spacing:.7pt\"> <\/span>to<span style=\"letter-spacing:.6pt\"> <\/span>make<span style=\"letter-spacing:.7pt\"> <\/span>redemptions<span style=\"letter-spacing:\n  .65pt\"> <\/span>of<span style=\"letter-spacing:.65pt\"> <\/span>Units<span style=\"letter-spacing:.6pt\"> <\/span>until<span style=\"letter-spacing:1.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">one<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.4pt;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(1)\n  year after the issuance of the relevant Units, subject to waiver in the sole\n  discretion of the Managing Member (the \u201c<i>Lockup<\/i>\u201d).<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:5.0pt;\n  margin-bottom:0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.2pt\"> <\/span>ability<span style=\"letter-spacing:-.15pt\">\n  <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.4pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>fulfill<span style=\"letter-spacing:-.15pt\">\n  <\/span>redemption<span style=\"letter-spacing:-.4pt\"> <\/span>requests<span style=\"letter-spacing:-.15pt\"> <\/span>is subject to a number of limitations.\n  As a result, redemptions of Units may<span style=\"letter-spacing:2.6pt\"> <\/span>not<span style=\"letter-spacing:2.55pt\"> <\/span>be<span style=\"letter-spacing:2.45pt\"> <\/span>available<span style=\"letter-spacing:2.45pt\"> <\/span>during<span style=\"letter-spacing:2.5pt\">\n  <\/span>a<span style=\"letter-spacing:2.75pt\"> <\/span>given<span style=\"letter-spacing:2.55pt\"> <\/span>quarter.<span style=\"letter-spacing:\n  2.55pt\"> <\/span>To<span style=\"letter-spacing:2.7pt\"> <\/span>the<span style=\"letter-spacing:2.45pt\"> <\/span>extent<span style=\"letter-spacing:2.55pt\">\n  <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.05pt;margin-bottom:\n  0in;margin-left:27.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.5pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing\n  Member agrees to choose to redeem Units in a particular quarter,<span style=\"letter-spacing:-.6pt\"> <\/span>it<span style=\"letter-spacing:-.5pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>only<span style=\"letter-spacing:-.6pt\">\n  <\/span>redeem<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>opening<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemption<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection26\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:479.15pt\">\n  <td width=\"151\" valign=\"top\" style=\"width:113.1pt;padding:0in 0in 0in 0in;\n  height:479.15pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"422\" valign=\"top\" style=\"width:316.55pt;padding:0in 0in 0in 0in;\n  height:479.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.05pt;margin-bottom:\n  0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Date.\n  Redemptions will be made at the Net Asset Value per Unit on the relevant\n  Redemption Date.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:10.95pt;margin-right:0in;\n  margin-bottom:0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemption<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.05pt;margin-bottom:\n  0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\n  a Class B Member requests a redemption of any portion of their Units\n  following the expiration of the Lockup applicable to such Member\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>Units,<span style=\"letter-spacing:-.55pt\">\n  <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>amount<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>redemption<span style=\"letter-spacing:-.5pt\"> <\/span>proceeds<span style=\"letter-spacing:\n  -.6pt\"> <\/span>paid<span style=\"letter-spacing:-.5pt\"> <\/span>to the Member\n  will be reduced by a fee (the \u201c<i>Redemption\n  Fee<\/i>\u201d) as further described below.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.3pt;margin-bottom:\n  0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.65pt\"> <\/span>amount<span style=\"letter-spacing:-.6pt\">\n  <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>Redemption<span style=\"letter-spacing:\n  -.65pt\"> <\/span>Fee<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>respect<span style=\"letter-spacing:\n  -.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Class<span style=\"letter-spacing:-.65pt\">\n  <\/span>B<span style=\"letter-spacing:-.6pt\"> <\/span>Member that requests a\n  redemption of any portion of their Units shall be calculated by reference to\n  a percentage of the Net Asset Value attributable to such Class B Member\u2019s\n  redeemed Units, as follows:<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:70.85pt;margin-bottom:.0001pt;text-indent:-.25in;line-height:\n  12.25pt;mso-line-height-rule:exactly;mso-list:l22 level1 lfo65;tab-stops:\n  70.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;\n  mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;mso-font-width:\n  99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.2pt\"> <\/span>13<span style=\"letter-spacing:-.1pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.1pt\"> <\/span>24:<span style=\"letter-spacing:-.2pt\"> <\/span>3%<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:70.85pt;text-indent:-.25in;\n  line-height:12.25pt;mso-line-height-rule:exactly;mso-list:l22 level1 lfo65;\n  tab-stops:70.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\n  font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\n  mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.2pt\"> <\/span>25<span style=\"letter-spacing:-.1pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.1pt\"> <\/span>36:<span style=\"letter-spacing:-.2pt\"> <\/span>2%<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:70.85pt;text-indent:-.25in;\n  mso-list:l22 level1 lfo65;tab-stops:70.85pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\n  mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.2pt\"> <\/span>37<span style=\"letter-spacing:-.1pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.1pt\"> <\/span>48:<span style=\"letter-spacing:-.2pt\"> <\/span>1%<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.35pt;margin-right:5.05pt;\n  margin-bottom:0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Thereafter,<span style=\"letter-spacing:-.2pt\"> <\/span>no<span style=\"letter-spacing:-.05pt\"> <\/span>Redemption<span style=\"letter-spacing:-.05pt\"> <\/span>Fee<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>applied<span style=\"letter-spacing:-.05pt\"> <\/span>to a<span style=\"letter-spacing:-.05pt\">\n  <\/span>redemption<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>a Class B Member.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Processing<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.4pt;margin-right:5.25pt;\n  margin-bottom:0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class\n  B Members requesting a redemption of their Units after the <span style=\"letter-spacing:-.1pt\">expiration<\/span><span style=\"letter-spacing:\n  -.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Lockup<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">any<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">applicable<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemption<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fee<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">bear\n  <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>processing<span style=\"letter-spacing:-.5pt\"> <\/span>fee<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>$500<span style=\"letter-spacing:-.5pt\">\n  <\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>deducted<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>redemption proceeds received by such\n  Member.<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:34.85pt;text-align:justify\"><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limits<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>Aggregate<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemptions<\/span><\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.45pt;margin-right:4.95pt;\n  margin-bottom:0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  aggregate Net Asset Value of total redemptions of all classes of Units is\n  limited to no more than five (5%) percent of the Fund\u2019s Net Asset Value per\n  calendar quarter (measured using the average aggregate<span style=\"letter-spacing:\n  -.45pt\"> <\/span>Net<span style=\"letter-spacing:-.5pt\"> <\/span>Asset<span style=\"letter-spacing:-.5pt\"> <\/span>Value<span style=\"letter-spacing:-.5pt\">\n  <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:\n  -.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>end<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>immediately<span style=\"letter-spacing:\n  -.55pt\"> <\/span>preceding three<span style=\"letter-spacing:-.1pt\"> <\/span>months).<span style=\"letter-spacing:-.2pt\"> <\/span>In<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>event<span style=\"letter-spacing:-.2pt\">\n  <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>the Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member determines<span style=\"letter-spacing:\n  -.15pt\"> <\/span>to redeem<span style=\"letter-spacing:-.3pt\"> <\/span>some<span style=\"letter-spacing:-.35pt\"> <\/span>but<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Units<span style=\"letter-spacing:-.45pt\"> <\/span>submitted<span style=\"letter-spacing:\n  -.35pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>redemption<span style=\"letter-spacing:-.35pt\"> <\/span>during any<span style=\"letter-spacing:\n  -.65pt\"> <\/span>quarter,<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.65pt\"> <\/span>redeemed<span style=\"letter-spacing:\n  -.6pt\"> <\/span>at<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>end<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>quarter<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\">\n  <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>redeemed on a pro rata\n  basis. All unsatisfied redemption requests must be resubmitted after the\n  start of the next quarter.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:166.95pt\">\n  <td width=\"151\" valign=\"top\" style=\"width:113.1pt;padding:0in 0in 0in 0in;\n  height:166.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.45pt;margin-right:34.75pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Transferability<span style=\"letter-spacing:-.65pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">Units:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"422\" valign=\"top\" style=\"width:316.55pt;padding:0in 0in 0in 0in;\n  height:166.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.45pt;margin-right:2.45pt;\n  margin-bottom:0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">There<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>no current<span style=\"letter-spacing:\n  -.05pt\"> <\/span>market<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units.<span style=\"letter-spacing:-.05pt\"> <\/span>The<span style=\"letter-spacing:-.05pt\">\n  <\/span>Fund and the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing\n  Member<span style=\"letter-spacing:-.1pt\"> <\/span>do<span style=\"letter-spacing:\n  -.1pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>expect<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\">\n  <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>public<span style=\"letter-spacing:-.15pt\"> <\/span>market<span style=\"letter-spacing:-.15pt\">\n  <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>ever<span style=\"letter-spacing:-.1pt\"> <\/span>develop,<span style=\"letter-spacing:\n  -.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the Fund\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>Certificate<span style=\"letter-spacing:\n  -.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Formation<span style=\"letter-spacing:-.1pt\"> <\/span>does<span style=\"letter-spacing:-.15pt\">\n  <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>require<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>liquidity<span style=\"letter-spacing:-.15pt\"> <\/span>event<span style=\"letter-spacing:-.15pt\">\n  <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>a fixed<span style=\"letter-spacing:-.35pt\"> <\/span>time<span style=\"letter-spacing:-.4pt\">\n  <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>future.<span style=\"letter-spacing:-.5pt\">\n  <\/span>Therefore,<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>redemption<span style=\"letter-spacing:\n  -.5pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund, which must be agreed to by the\n  Managing Member in its sole and absolute discretion, will likely be the only\n  way for an investor to dispose of its Units. While the redemption program of\n  the Fund was designed to allow investors to request redemptions of an\n  investor\u2019s Units, the Funds ability to fulfill redemption requests is subject\n  to a number of limitations.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.6pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Most<span style=\"letter-spacing:.3pt\"> <\/span>significantly,<span style=\"letter-spacing:.35pt\"> <\/span>the<span style=\"letter-spacing:.25pt\"> <\/span>majority<span style=\"letter-spacing:.35pt\"> <\/span>of<span style=\"letter-spacing:.25pt\"> <\/span>the<span style=\"letter-spacing:.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:.15pt\">\n  <\/span>assets<span style=\"letter-spacing:.3pt\"> <\/span>will<span style=\"letter-spacing:.3pt\"> <\/span>most<span style=\"letter-spacing:.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">likely<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.4pt;margin-bottom:\n  0in;margin-left:34.85pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.4pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">consist of real estate assets which cannot generally be\n  readily liquidated<span style=\"letter-spacing:.95pt\"> <\/span>without<span style=\"letter-spacing:.95pt\"> <\/span>impacting<span style=\"letter-spacing:\n  .8pt\"> <\/span>the<span style=\"letter-spacing:.95pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:.9pt\"> <\/span>ability<span style=\"letter-spacing:1.0pt\">\n  <\/span>to<span style=\"letter-spacing:.85pt\"> <\/span>realize<span style=\"letter-spacing:.95pt\"> <\/span>full<span style=\"letter-spacing:.9pt\"> <\/span><span style=\"letter-spacing:-.1pt\">value<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection27\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:143.75pt\">\n  <td width=\"158\" valign=\"top\" style=\"width:118.75pt;padding:0in 0in 0in 0in;\n  height:143.75pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"415\" valign=\"top\" style=\"width:311.0pt;padding:0in 0in 0in 0in;\n  height:143.75pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.45pt;margin-bottom:\n  0in;margin-left:29.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">upon disposition of such assets. As noted above, any\n  redemption requests by an investor will require the approval of the Managing\n  Member,<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>withheld<span style=\"letter-spacing:\n  -.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>sole<span style=\"letter-spacing:-.6pt\">\n  <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>absolute<span style=\"letter-spacing:-.6pt\"> <\/span>discretion<span style=\"letter-spacing:\n  -.65pt\"> <\/span>and may be subject to Redemption Fees. As a result, an\n  investor\u2019s ability to have<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.1pt\">\n  <\/span>redeemed by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\">\n  <\/span>may be<span style=\"letter-spacing:-.15pt\"> <\/span>limited,<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units should be considered a long-term\n  investment with limited liquidity. Also, under the LLC Agreement, the\n  Managing Member can unilaterally redeem out a Member from its Units in its\n  sole and absolute<span style=\"letter-spacing:-.65pt\"> <\/span>discretion.<span style=\"letter-spacing:-.6pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\">\n  <\/span>does<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>intend<span style=\"letter-spacing:-.6pt\">\n  <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>exercise its right to\n  force a redemption of a Member except in very limited circumstances involving\n  a Member who is causing significant disruption to the Fund as whole.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:358.0pt\">\n  <td width=\"158\" valign=\"top\" style=\"width:118.75pt;padding:0in 0in 0in 0in;\n  height:358.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:18.6pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">ERISA and\n  Other Employee Benefit Plans<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>Accounts:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"415\" valign=\"top\" style=\"width:311.0pt;padding:0in 0in 0in 0in;\n  height:358.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:29.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Pension,<span style=\"letter-spacing:-.65pt\"> <\/span>profit-sharing<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>employee<span style=\"letter-spacing:\n  -.65pt\"> <\/span>benefit<span style=\"letter-spacing:-.6pt\"> <\/span>plans<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\">\n  <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>subject to<span style=\"letter-spacing:-.4pt\"> <\/span>Title<span style=\"letter-spacing:-.45pt\">\n  <\/span>I<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:\n  -.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Employee<span style=\"letter-spacing:-.5pt\"> <\/span>Retirement<span style=\"letter-spacing:\n  -.45pt\"> <\/span>Income<span style=\"letter-spacing:-.5pt\"> <\/span>Security<span style=\"letter-spacing:-.4pt\"> <\/span>Act<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>1974,<span style=\"letter-spacing:-.4pt\">\n  <\/span>as amended (\u201c<i>ERISA<\/i>\u201d),\n  individual retirement accounts, Keogh Plans or other<span style=\"letter-spacing:\n  -.05pt\"> <\/span>plans covered<span style=\"letter-spacing:-.05pt\"> <\/span>by\n  Section 4975<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the Internal Revenue Code of 1986, as\n  amended (the \u201c<i>Code<\/i>\u201d), and entities\n  deemed to hold the plan assets of each of the foregoing (each a \u201c<i>Benefit Plan Investor<\/i>\u201d), <span style=\"letter-spacing:-.1pt\">governmental plans, foreign employee<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">benefit<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">plans\n  and certain church <\/span>plans not subject to ERISA (such plans which are\n  not Benefit Plan Investors are referred to herein as \u201c<i>Other Benefit Plans<\/i>\u201d), may generally purchase Units in the Fund\n  subject to the considerations described in this Memorandum. The Managing\n  Member intends to conduct the operations of the Fund so that the assets of\n  the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund will not be considered\n  \u201cplan assets\u201d of any plan investor. Fiduciaries of Benefit Plan Investors and\n  Other Benefit Plans are urged to review carefully<span style=\"letter-spacing:\n  -.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>matters<span style=\"letter-spacing:-.1pt\"> <\/span>discussed<span style=\"letter-spacing:\n  -.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n  -.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>consult<span style=\"letter-spacing:-.1pt\"> <\/span>with their own legal and financial\n  advisors before making an investment <span style=\"letter-spacing:-.1pt\">decision.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.45pt;margin-bottom:\n  0in;margin-left:29.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">If requested by any tax-exempt Investors that are ERISA or\n  governmental<span style=\"letter-spacing:-.4pt\"> <\/span>pension<span style=\"letter-spacing:-.35pt\"> <\/span>funds,<span style=\"letter-spacing:-.4pt\">\n  <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\">\n  <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>facilitate<span style=\"letter-spacing:-.4pt\"> <\/span>the formation of a group trust through\n  which those pension funds would invest in the Fund. The group trust, and not\n  the Investors would be expected to report and pay the federal income taxes\n  resulting from unrelated business taxable income generated by the Fund.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.5pt;margin-bottom:\n  0in;margin-left:29.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Investors<span style=\"letter-spacing:-.45pt\"> <\/span>subject<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>ERISA<span style=\"letter-spacing:-.45pt\"> <\/span>should<span style=\"letter-spacing:-.4pt\">\n  <\/span>consult<span style=\"letter-spacing:-.45pt\"> <\/span>their<span style=\"letter-spacing:-.4pt\"> <\/span>own<span style=\"letter-spacing:-.4pt\"> <\/span>advisors<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the effect<span style=\"letter-spacing:\n  -.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>ERISA<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>investment<span style=\"letter-spacing:\n  -.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund.<span style=\"letter-spacing:-.6pt\">\n  <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member will make reasonable efforts to\n  conduct the affairs and operations of the company in such a manner that the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund will<span style=\"letter-spacing:\n  -.05pt\"> <\/span>qualify as<span style=\"letter-spacing:-.05pt\"> <\/span>a\n  venture capital operating company under ERISA.<\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:69.45pt\">\n  <td width=\"158\" valign=\"top\" style=\"width:118.75pt;padding:0in 0in 0in 0in;\n  height:69.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:18.6pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Certain Tax <span style=\"letter-spacing:-.1pt\">Considerations:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"415\" valign=\"top\" style=\"width:311.0pt;padding:0in 0in 0in 0in;\n  height:69.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.6pt;\n  margin-bottom:0in;margin-left:29.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Income<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>gain<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>subject<span style=\"letter-spacing:-.4pt\">\n  <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>withholding<span style=\"letter-spacing:-.4pt\"> <\/span>tax,<span style=\"letter-spacing:-.4pt\"> <\/span>income\n  <span style=\"letter-spacing:-.1pt\">tax<\/span><span style=\"letter-spacing:\n  -.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">other<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">tax<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">jurisdictions<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">where<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investments<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">are<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">located.<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Each\n  <\/span>Investor is advised to consult its own tax advisor as to the tax\n  consequences of an investment in the Fund, including the application of state\n  and local tax laws.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;mso-yfti-lastrow:yes;height:75.2pt\">\n  <td width=\"158\" valign=\"top\" style=\"width:118.75pt;padding:0in 0in 0in 0in;\n  height:75.2pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:18.6pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Voting<span style=\"letter-spacing:-.65pt\"> <\/span>Rights<span style=\"letter-spacing:-.6pt\">\n  <\/span>and <span style=\"letter-spacing:-.1pt\">Amendments:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"415\" valign=\"top\" style=\"width:311.0pt;padding:0in 0in 0in 0in;\n  height:75.2pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:2.65pt;\n  margin-bottom:0in;margin-left:29.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>voting<span style=\"letter-spacing:-.6pt\"> <\/span>rights<span style=\"letter-spacing:-.65pt\">\n  <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.65pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>very<span style=\"letter-spacing:-.65pt\"> <\/span>limited.<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Other<span style=\"letter-spacing:-.65pt\"> <\/span>than<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>explicitly\n  set<span style=\"letter-spacing:-.05pt\"> <\/span>forth in the LLC<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n  -.05pt\"> <\/span>Members<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>no voting rights<span style=\"letter-spacing:\n  -.1pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>to the Fund or\n  its management.Generally<span style=\"letter-spacing:-.3pt\"> <\/span>speaking,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\">\n  <\/span>LLC<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>only<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>amended<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the\n  <span style=\"letter-spacing:-.1pt\">consent<\/span><span style=\"letter-spacing:\n  -.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">holding<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">a<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">majority<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection28\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:51.7pt\">\n  <td width=\"163\" valign=\"top\" style=\"width:122.1pt;padding:0in 0in 0in 0in;\n  height:51.7pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"410\" valign=\"top\" style=\"width:307.5pt;padding:0in 0in 0in 0in;\n  height:51.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:25.85pt\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">of the outstanding Units, provided however, the Managing\n  Member may<span style=\"letter-spacing:.5pt\"> <\/span>amend<span style=\"letter-spacing:.55pt\"> <\/span>the<span style=\"letter-spacing:.65pt\"> <\/span>LLC<span style=\"letter-spacing:.45pt\"> <\/span>Agreement<span style=\"letter-spacing:\n  .5pt\"> <\/span>in<span style=\"letter-spacing:.55pt\"> <\/span>certain<span style=\"letter-spacing:.55pt\"> <\/span>other<span style=\"letter-spacing:.55pt\">\n  <\/span>times.<span style=\"letter-spacing:3.55pt\"> <\/span>See<span style=\"letter-spacing:.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Section<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:25.85pt\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">15.20<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>LLC<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement<span style=\"letter-spacing:\n  -.3pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>full<span style=\"letter-spacing:-.15pt\">\n  <\/span>list<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>items<span style=\"letter-spacing:-.3pt\">\n  <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>allow<span style=\"letter-spacing:-.25pt\">\n  <\/span>the Managing Member to unilaterally amend the LLC Agreement.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:69.5pt\">\n  <td width=\"163\" valign=\"top\" style=\"width:122.1pt;padding:0in 0in 0in 0in;\n  height:69.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Liability<span style=\"letter-spacing:\n  -.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"410\" valign=\"top\" style=\"width:307.5pt;padding:0in 0in 0in 0in;\n  height:69.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.35pt;\n  margin-bottom:0in;margin-left:25.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Except as otherwise expressly required by law, a Member, in\n  its capacity as such, shall have no liability in excess of (i) its obligation\n  to<span style=\"letter-spacing:.2pt\"> <\/span>pay<span style=\"letter-spacing:\n  .15pt\"> <\/span>the<span style=\"letter-spacing:.05pt\"> <\/span>purchase<span style=\"letter-spacing:.05pt\"> <\/span>price<span style=\"letter-spacing:.05pt\">\n  <\/span>for<span style=\"letter-spacing:.1pt\"> <\/span>its<span style=\"letter-spacing:.3pt\"> <\/span>Units<span style=\"letter-spacing:.15pt\"> <\/span>under<span style=\"letter-spacing:.15pt\"> <\/span>the<span style=\"letter-spacing:.05pt\"> <\/span>LLC<span style=\"letter-spacing:.15pt\"> <\/span>Agreement<span style=\"letter-spacing:\n  .15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt;margin-right:2.5pt;margin-bottom:\n  0in;margin-left:25.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">(ii) as otherwise required under New York Law.<span style=\"letter-spacing:2.0pt\"> <\/span>No Member shall be personally liable for\n  any debts or obligations of the Fund.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:92.45pt\">\n  <td width=\"163\" valign=\"top\" style=\"width:122.1pt;padding:0in 0in 0in 0in;\n  height:92.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:36.75pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Other\n  Activities of Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member and\n  its Affiliates:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"410\" valign=\"top\" style=\"width:307.5pt;padding:0in 0in 0in 0in;\n  height:92.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.35pt;\n  margin-bottom:0in;margin-left:25.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Neither<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>nor<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>required<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>manage\n  the Fund as their sole and exclusive function. Each may engage in other\n  business activities, including competing ventures and\/or other unrelated\n  employment. In addition to managing the Fund, the Managing Member and its\n  Affiliates may establish other private investment funds in the future which\n  employ an investment strategy similar to that of the Fund.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:104.05pt\">\n  <td width=\"163\" valign=\"top\" style=\"width:122.1pt;padding:0in 0in 0in 0in;\n  height:104.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Exculpation<span style=\"letter-spacing:-.65pt\"> <\/span>and <span style=\"letter-spacing:-.1pt\">Indemnification:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"410\" valign=\"top\" style=\"width:307.5pt;padding:0in 0in 0in 0in;\n  height:104.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.5pt;\n  margin-bottom:0in;margin-left:25.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Managing Member will<span style=\"letter-spacing:-.1pt\"> <\/span>be\n  generally<span style=\"letter-spacing:-.05pt\"> <\/span>liable to<span style=\"letter-spacing:-.05pt\"> <\/span>third<span style=\"letter-spacing:-.05pt\">\n  <\/span>parties for all obligations of the Fund to the extent such obligations\n  are not paid by the Fund or are not by their terms limited to recourse\n  against specific assets. The Fund (but not the Members individually) is\n  obligated to indemnify<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>managers<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>members<span style=\"letter-spacing:-.65pt\"> <\/span>from any<span style=\"letter-spacing:\n  -.2pt\"> <\/span>claim,<span style=\"letter-spacing:-.2pt\"> <\/span>loss,<span style=\"letter-spacing:-.2pt\"> <\/span>damage,<span style=\"letter-spacing:-.2pt\">\n  <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>expense<span style=\"letter-spacing:-.2pt\"> <\/span>incurred<span style=\"letter-spacing:\n  -.2pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>persons<span style=\"letter-spacing:-.25pt\">\n  <\/span>relating to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>business<span style=\"letter-spacing:\n  -.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund,<span style=\"letter-spacing:-.3pt\">\n  <\/span>provided<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\">\n  <\/span>indemnity<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>otherwise not prohibited by law.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;height:161.5pt\">\n  <td width=\"163\" valign=\"top\" style=\"width:122.1pt;padding:0in 0in 0in 0in;\n  height:161.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Termination:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"410\" valign=\"top\" style=\"width:307.5pt;padding:0in 0in 0in 0in;\n  height:161.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.3pt;\n  margin-bottom:0in;margin-left:25.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Upon termination, the Fund shall be dissolved and wound-up.\n  The Managing Member or, if there is no Managing Member, a liquidator or<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\">\n  <\/span>representative<span style=\"letter-spacing:-.65pt\"> <\/span>(the<span style=\"letter-spacing:-.6pt\"> <\/span>\u201c<i>Representative<\/i>\u201d),<span style=\"letter-spacing:-.65pt\"> <\/span>appointed<span style=\"letter-spacing:\n  -.6pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>majority of the interest of the Members\n  shall proceed with the orderly sale or liquidation<span style=\"letter-spacing:\n  -.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>assets<span style=\"letter-spacing:-.05pt\">\n  <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\">\n  <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>apply<span style=\"letter-spacing:-.1pt\">\n  <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>distribute<span style=\"letter-spacing:-.05pt\"> <\/span>the proceeds<span style=\"letter-spacing:\n  -.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>such sale or\n  liquidation in the<span style=\"letter-spacing:-.05pt\"> <\/span>following order<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>priority,\n  unless otherwise required by law: (i) first, to pay all expenses of\n  liquidation; (ii) second, to pay all creditors of the Fund (including Members\n  who are creditors) in the order of priority provided by law or otherwise;\n  (iii) third, to the<span style=\"letter-spacing:-.05pt\"> <\/span>establishment\n  of any reserve<span style=\"letter-spacing:-.15pt\"> <\/span>which the Managing<span style=\"letter-spacing:.95pt\"> <\/span>Member<span style=\"letter-spacing:.95pt\">\n  <\/span>or<span style=\"letter-spacing:.9pt\"> <\/span>the<span style=\"letter-spacing:\n  .95pt\"> <\/span>Representative<span style=\"letter-spacing:.95pt\"> <\/span>may<span style=\"letter-spacing:.95pt\"> <\/span>deem<span style=\"letter-spacing:.85pt\"> <\/span>necessary;<span style=\"letter-spacing:.95pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:2.65pt;\n  margin-bottom:0in;margin-left:25.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">(iv)<span style=\"letter-spacing:-.65pt\"> <\/span>fourth,<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.65pt\">\n  <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>their<span style=\"letter-spacing:-.55pt\"> <\/span>legal<span style=\"letter-spacing:-.6pt\">\n  <\/span>representatives<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>accordance with the liquidation\n  distribution provisions set forth above.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:5;mso-yfti-lastrow:yes;height:155.25pt\">\n  <td width=\"163\" valign=\"top\" style=\"width:122.1pt;padding:0in 0in 0in 0in;\n  height:155.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Advisory<span style=\"letter-spacing:\n  -.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Board:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"410\" valign=\"top\" style=\"width:307.5pt;padding:0in 0in 0in 0in;\n  height:155.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:5.0pt;\n  margin-bottom:0in;margin-left:28.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\">\n  <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.25pt\"> <\/span>\u201c<i>Advisory<span style=\"letter-spacing:-.3pt\"> <\/span>Board<\/i>\u201d<span style=\"letter-spacing:\n  -.3pt\"> <\/span>consisting<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>at<span style=\"letter-spacing:-.3pt\"> <\/span>least<span style=\"letter-spacing:-.35pt\"> <\/span>three members (the \u201c<i>Advisory Board Members<\/i>\u201d) appointed by\n  the Managing Member; provided, however, that all of the of the Advisory Board\n  Members shall be Members or their designated representatives. Subject to the\n  foregoing, the Managing Member may, in its sole and absolute discretion,\n  increase the size of the Advisory Board. Any Advisory Board Member may, at\n  any time, resign from the Advisory Board or be removed, with or without\n  cause, by the Managing Member. All such appointments, designations,\n  resignations, and removals shall be effective upon notice<span style=\"letter-spacing:1.05pt\"> <\/span>to<span style=\"letter-spacing:1.15pt\"> <\/span>the<span style=\"letter-spacing:1.1pt\"> <\/span>Fund.<span style=\"letter-spacing:1.15pt\">\n  <\/span>The<span style=\"letter-spacing:1.1pt\"> <\/span>Managing<span style=\"letter-spacing:1.15pt\"> <\/span>Member<span style=\"letter-spacing:1.1pt\">\n  <\/span>shall<span style=\"letter-spacing:1.1pt\"> <\/span>consult<span style=\"letter-spacing:1.1pt\"> <\/span>with<span style=\"letter-spacing:1.15pt\">\n  <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:5.1pt;margin-bottom:\n  0in;margin-left:28.6pt;margin-bottom:.0001pt;text-align:justify;line-height:\n  11.5pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Advisory Board, but the Advisory Board shall have no authority\n  to manage the Fund.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection29\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:40.25pt\">\n  <td width=\"153\" valign=\"top\" style=\"width:114.6pt;padding:0in 0in 0in 0in;\n  height:40.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:44.25pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">No<span style=\"letter-spacing:-.65pt\"> <\/span>Registration <span style=\"letter-spacing:\n  -.1pt\">Rights:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"420\" valign=\"top\" style=\"width:315.05pt;padding:0in 0in 0in 0in;\n  height:40.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.7pt;margin-bottom:\n  0in;margin-left:33.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Units will not be registered under the Securities Act and\n  the Members will not have any registration rights associated with their\n  respective Units.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:392.5pt\">\n  <td width=\"153\" valign=\"top\" style=\"width:114.6pt;padding:0in 0in 0in 0in;\n  height:392.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">How<span style=\"letter-spacing:\n  -.15pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Subscribe:<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"420\" valign=\"top\" style=\"width:315.05pt;padding:0in 0in 0in 0in;\n  height:392.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.7pt;margin-right:2.75pt;\n  margin-bottom:0in;margin-left:33.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Securities are offered through the Managing Broker, a\n  registered broker\/dealer and member FINRA\/SIPC.<\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.4pt;margin-bottom:\n  0in;margin-left:33.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Prospective investors who would like to subscribe for the\n  Units must carefully read this Memorandum. If, after carefully reading<span style=\"letter-spacing:-.05pt\"> <\/span>the entire Memorandum, obtaining any\n  other information available and being fully satisfied with the results of\n  pre-investment due diligence activities, a prospective investor would like to\n  purchase Units, they must<span style=\"letter-spacing:-.45pt\"> <\/span>complete<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>sign<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Subscription<span style=\"letter-spacing:-.4pt\"> <\/span>Agreement<span style=\"letter-spacing:\n  -.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>supporting documentation,<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>requested.<span style=\"letter-spacing:-.65pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Subscription<span style=\"letter-spacing:-.65pt\"> <\/span>Agreement<span style=\"letter-spacing:\n  -.6pt\"> <\/span>submission process is managed by the Managing Broker. An example\n  of the Subscription Agreement a prospective investor would complete is\n  attached as Appendix B. An investor must purchase at least the minimum<span style=\"letter-spacing:-.5pt\"> <\/span>purchase<span style=\"letter-spacing:\n  -.5pt\"> <\/span>amount<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>$250,000<span style=\"letter-spacing:\n  -.5pt\"> <\/span>(subject<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.5pt\"> <\/span>provisions contained in this Memorandum)\n  and the full purchase price must be paid upon submission of the completed\n  Subscription Agreement. Instructions for completing the Subscription\n  Agreement will be provided<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Dealer,<span style=\"letter-spacing:-.35pt\">\n  <\/span>along<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>detailed<span style=\"letter-spacing:\n  -.3pt\"> <\/span>instructions<span style=\"letter-spacing:-.4pt\"> <\/span>for\n  making payment via wire transfer.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:33.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">As<span style=\"letter-spacing:-.25pt\"> <\/span>part<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>subscription<span style=\"letter-spacing:\n  -.15pt\"> <\/span>process,<span style=\"letter-spacing:-.2pt\"> <\/span>prospective<span style=\"letter-spacing:-.2pt\"> <\/span>investors<span style=\"letter-spacing:\n  -.25pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>required to<span style=\"letter-spacing:-.2pt\"> <\/span>provide<span style=\"letter-spacing:-.25pt\">\n  <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>third-party<span style=\"letter-spacing:-.35pt\"> <\/span>verification<span style=\"letter-spacing:\n  -.2pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>their<span style=\"letter-spacing:-.2pt\"> <\/span>accredited<span style=\"letter-spacing:\n  -.2pt\"> <\/span>investor<span style=\"letter-spacing:-.25pt\"> <\/span>status.\n  This is a regulatory requirement and therefore, if the investor fails to\n  produce<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n  -.25pt\"> <\/span>necessary<span style=\"letter-spacing:-.2pt\"> <\/span>third-party<span style=\"letter-spacing:-.2pt\"> <\/span>verification,<span style=\"letter-spacing:\n  -.25pt\"> <\/span>their<span style=\"letter-spacing:-.2pt\"> <\/span>subscription<span style=\"letter-spacing:-.2pt\"> <\/span>must be<span style=\"letter-spacing:-.4pt\">\n  <\/span>rejected.<span style=\"letter-spacing:-.4pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.4pt\"> <\/span>Broker<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>request<span style=\"letter-spacing:\n  -.45pt\"> <\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>verification<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>part\n  of, or separate from, your completed Subscription Agreement. Acceptance of\n  the prospective Investor\u2019s subscription by the Fund is in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:\n  -.3pt\"> <\/span>sole<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>absolute<span style=\"letter-spacing:\n  -.3pt\"> <\/span>discretion,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\n  will notify each prospective Investor of receipt and acceptance of the\n  subscription. In the event the Fund does not accept a prospective Investor\u2019s\n  subscription for the Units for any reason, the Fund will promptly return the\n  funds to such subscriber in accordance with the terms of this Memorandum.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:150.0pt\">\n  <td width=\"153\" valign=\"top\" style=\"width:114.6pt;padding:0in 0in 0in 0in;\n  height:150.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Eligible<span style=\"letter-spacing:\n  -.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Investors<\/span><\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F;letter-spacing:-.1pt\">:<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"420\" valign=\"top\" style=\"width:315.05pt;padding:0in 0in 0in 0in;\n  height:150.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.8pt;margin-right:2.5pt;\n  margin-bottom:0in;margin-left:33.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">In<span style=\"letter-spacing:-.35pt\"> <\/span>order<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>invest<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund,<span style=\"letter-spacing:-.5pt\">\n  <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>Investor<span style=\"letter-spacing:-.35pt\"> <\/span>must<span style=\"letter-spacing:-.4pt\">\n  <\/span>meet<span style=\"letter-spacing:-.4pt\"> <\/span>certain<span style=\"letter-spacing:-.35pt\"> <\/span>minimum eligibility requirements,\n  including qualifying as an \u201cAccredited Investor,\u201d as defined in Section\n  4(a)(2) of the Securities Act of 1933, as amended (the \u201c<i>Securities Act<\/i>\u201d), and Regulation D promulgated thereunder. The\n  Subscription Agreement sets forth in detail the definitions of an Accredited\n  Investor. An Investor must check the appropriate places in the Subscription\n  Agreement to represent to the Fund that it is an Accredited Investor and\n  submit to the Fund and the Managing Broker any third-party verification of\n  such Accredited Investor status as determined needed by the Fund and the\n  Managing Broker,<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>order<span style=\"letter-spacing:-.05pt\">\n  <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>able<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>purchase<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Units.<span style=\"letter-spacing:-.1pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.05pt\"> <\/span>Member may<span style=\"letter-spacing:-.3pt\"> <\/span>reject<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>subscription<span style=\"letter-spacing:\n  -.45pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>reason<span style=\"letter-spacing:-.3pt\">\n  <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>no<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">reason.<\/span><\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;mso-yfti-lastrow:yes;height:63.2pt\">\n  <td width=\"153\" valign=\"top\" style=\"width:114.6pt;padding:0in 0in 0in 0in;\n  height:63.2pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Inquiries:<\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"420\" valign=\"top\" style=\"width:315.05pt;padding:0in 0in 0in 0in;\n  height:63.2pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:2.45pt;\n  margin-bottom:0in;margin-left:33.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Each Investor is invited to, and it is highly recommended that\n  an Investor,<span style=\"letter-spacing:-.55pt\"> <\/span>meet<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\">\n  <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.5pt\">\n  <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>further<span style=\"letter-spacing:\n  -.5pt\"> <\/span>explanation<span style=\"letter-spacing:-.5pt\"> <\/span>of the\n  terms and conditions of this offering and to obtain any additional\n  information<span style=\"letter-spacing:2.3pt\"> <\/span>necessary<span style=\"letter-spacing:2.35pt\"> <\/span>to<span style=\"letter-spacing:2.35pt\"> <\/span>verify<span style=\"letter-spacing:2.35pt\"> <\/span>the<span style=\"letter-spacing:2.35pt\">\n  <\/span>information<span style=\"letter-spacing:2.35pt\"> <\/span>contained<span style=\"letter-spacing:2.35pt\"> <\/span>in<span style=\"letter-spacing:2.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">this<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:33.35pt;text-align:justify;\n  line-height:10.45pt;mso-line-height-rule:exactly\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Memorandum,<span style=\"letter-spacing:1.2pt\"> <\/span>to<span style=\"letter-spacing:1.3pt\"> <\/span>the<span style=\"letter-spacing:1.15pt\"> <\/span>extent<span style=\"letter-spacing:1.25pt\"> <\/span>the<span style=\"letter-spacing:1.2pt\"> <\/span>Managing<span style=\"letter-spacing:1.3pt\"> <\/span>Member<span style=\"letter-spacing:1.2pt\">\n  <\/span>possesses<span style=\"letter-spacing:1.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">such<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection30\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:22.5pt;margin-bottom:\n0in;margin-left:157.85pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">information or can acquire it without unreasonable effort or\nexpense. Requests for such information should be directed to:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:0in;margin-right:78.85pt;\nmargin-bottom:0in;margin-left:191.7pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">970 Peachtree\nIndustrial Blvd, Suite 1-2, Suwanee, GA 30024<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:0in;margin-right:78.85pt;\nmargin-bottom:0in;margin-left:191.7pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-top:.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:112.95pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">408 856 5031<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"margin-left:112.7pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Email:<span style=\"letter-spacing:-.35pt\"> <\/span><\/span><a href=\"mailto:di.mo@cloudtoronto.us\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">di.mo@cloudtoronto.us<\/span><\/a><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection31\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_83\" o:spid=\"_x0000_s2236\" style=\"width:470.95pt;height:1.45pt;\n mso-position-horizontal-relative:char;mso-position-vertical-relative:line\" coordsize=\"59810,184\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1034\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.1pt\"><a name=\"_bookmark6\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD TORONTO &#8211; FYBN <span style=\"letter-spacing:-.6pt\">&nbsp;<\/span>EXECUTIVE<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">SUMMARY<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_85\" o:spid=\"_x0000_s2235\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825361;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.35pt\">&nbsp;<\/span>Executive<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Summary<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Cloud Toronto &#8211;\nFYBN&nbsp; provides high net worth individuals\nand the investment advisers who serve them access to sophisticated, private\nreal estate investments that have been traditionally reserved for institutions.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Cloud Toronto &#8211;\nFYBN \u2019s mission is to build wealth for and with their clients while\ntransforming the assets and communities they <span style=\"letter-spacing:-.1pt\">touch.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Cloud Toronto &#8211;\nFYBN&nbsp; achieves this mission by providing\nwell-structured residential, commercial, and hospitality real estate\ninvestments, utilizing, to the extent beneficial to the investment project as a\nwhole, a vertically integrated business model that includes acquisitions, development,\nconstruction, asset management and disposition.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Key<span style=\"letter-spacing:-.1pt\"> <\/span>Items<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Cloud Toronto &#8211; FYBN :<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l40 level1 lfo64;\ntab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">As of 2023, Cloud Toronto &#8211;\nFYBN &nbsp;is celebrating its 13th year since.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.25pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;line-height:\n98%;mso-list:l40 level1 lfo64;tab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:98%;font-family:Symbol;mso-fareast-font-family:\nSymbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:98%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">For<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>8-year<span style=\"letter-spacing:-.65pt\"> <\/span>period<span style=\"letter-spacing:-.6pt\">\n<\/span>from<span style=\"letter-spacing:-.65pt\"> <\/span>2013<span style=\"letter-spacing:-.6pt\"> <\/span>through<span style=\"letter-spacing:-.65pt\">\n<\/span>2021,<span style=\"letter-spacing:-.55pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.6pt\">&nbsp;<\/span>experienced<span style=\"letter-spacing:-.6pt\"> <\/span>41%<span style=\"letter-spacing:-.65pt\"> <\/span>weighted<span style=\"letter-spacing:-.55pt\"> <\/span>average<span style=\"letter-spacing:-.6pt\">\n<\/span>annual<span style=\"letter-spacing:-.6pt\"> <\/span>net<span style=\"letter-spacing:-.6pt\"> <\/span>growth in aggregate capital invested from\noutside investors in its various investments.<\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;line-height:98%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 43pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Cloud Toronto &#8211;\nFYBN \u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>accredited<span style=\"letter-spacing:-.15pt\"> <\/span>investor<span style=\"letter-spacing:-.25pt\">\n<\/span>base<span style=\"letter-spacing:-.2pt\"> is growing since<\/span><span style=\"letter-spacing:-.3pt\"> <\/span>2017<span style=\"letter-spacing:-.1pt\">.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l40 level1 lfo64;\ntab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud Toronto &#8211; FYBN&nbsp; has launched and exited several multi-asset,\ndiscretionary private real estate funds, single-asset private debt and equity\nofferings in its operating history.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Cloud Toronto &#8211;\nFYBN&nbsp; is an established Alternative\nInvestment Sponsor and fund manager specifically focused on the Greater\nSouthwest and Southeast<span style=\"letter-spacing:-.2pt\"> <\/span>Growth<span style=\"letter-spacing:-.1pt\"> <\/span>Region,<span style=\"letter-spacing:-.15pt\">\n<\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:\n-.1pt\"> <\/span>investment<span style=\"letter-spacing:-.2pt\"> <\/span>team<span style=\"letter-spacing:-.2pt\"> <\/span>designed<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>execute<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>ground-up\ndevelopment<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>repositioning<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>existing,<span style=\"letter-spacing:-.25pt\"> <\/span>middle-market,<span style=\"letter-spacing:\n-.25pt\"> <\/span>real<span style=\"letter-spacing:-.2pt\"> <\/span>estate<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.2pt\">\n<\/span>(generally<span style=\"letter-spacing:-.2pt\"> <\/span>$1m &#8211;<span style=\"letter-spacing:-.25pt\"> <\/span>$500m<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>project<span style=\"letter-spacing:-.25pt\">\n<\/span>value), and<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>institutional-grade<span style=\"letter-spacing:-.45pt\"> <\/span>administrative<span style=\"letter-spacing:\n-.35pt\"> <\/span>infrastructure<span style=\"letter-spacing:-.45pt\"> <\/span>designed<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>support<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>large<span style=\"letter-spacing:-.45pt\"> <\/span>base<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>investors<span style=\"letter-spacing:\n-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>multiple funds,\nCloud Toronto &#8211; FYBN&nbsp; believes it is well\npositioned to manage the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">For<span style=\"letter-spacing:-.15pt\"> <\/span>financial<span style=\"letter-spacing:\n-.25pt\"> <\/span>reporting<span style=\"letter-spacing:-.2pt\"> <\/span>purposes,<span style=\"letter-spacing:-.15pt\"> <\/span>Cloud Toronto &#8211; FYBN ,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>represented<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>legal<span style=\"letter-spacing:-.15pt\">\n<\/span>entity<span style=\"letter-spacing:-.15pt\"> <\/span>Cloud Toronto &#8211; FYBN Cos<span style=\"letter-spacing:-.2pt\"> <\/span>Inc.,<span style=\"letter-spacing:-.15pt\"> <\/span>consolidates<span style=\"letter-spacing:-.2pt\"> <\/span>some<span style=\"letter-spacing:-.25pt\"> <\/span>assets\nwithin<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:\n-.55pt\"> <\/span>management<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>ownership,<span style=\"letter-spacing:\n-.5pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>required<span style=\"letter-spacing:-.45pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>generally<span style=\"letter-spacing:-.45pt\"> <\/span>accepted<span style=\"letter-spacing:-.45pt\">\n<\/span>accounting<span style=\"letter-spacing:-.45pt\"> <\/span>principles<span style=\"letter-spacing:-.55pt\"> <\/span>(GAAP).<span style=\"letter-spacing:-.5pt\">\n<\/span>To<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>extent, some of the capital or assets the\ncompany manages are including within the consolidated financial statements and\nsome of the capital or assets are eliminated as required by GAAP. <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Cloud Toronto &#8211; FYBN \u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>Competitive<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Strengths:<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Creating<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Access<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Cloud Toronto &#8211;\nFYBN&nbsp; focuses on creating wealth for its\nclients by providing access to high quality real estate investments. Cloud\nToronto &#8211; FYBN&nbsp; believes that capital\norganized privately into structured funds offers investors an optimal balance\nof risk-adjusted return and investment performance. By allowing investors, who\nmay not otherwise be able to purchase a large asset, to participate with a\nminimum investment as low as $250,000, Cloud Toronto &#8211; FYBN&nbsp; provides typical real estate investors access\nto sophisticated strategies and assets that they may not otherwise have.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection32\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Vertical<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Integration<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">While<span style=\"letter-spacing:-.2pt\"> <\/span>Cloud Toronto &#8211; FYBN \u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>business<span style=\"letter-spacing:-.3pt\">\n<\/span>model<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>part<span style=\"letter-spacing:-.25pt\"> <\/span>analogous<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>financial<span style=\"letter-spacing:-.2pt\">\n<\/span>asset<span style=\"letter-spacing:-.2pt\"> <\/span>manager,<span style=\"letter-spacing:-.2pt\"> <\/span>their<span style=\"letter-spacing:-.2pt\"> <\/span>model<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>built<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>full- service<span style=\"letter-spacing:\n-.15pt\"> <\/span>approach.<span style=\"letter-spacing:-.15pt\"> <\/span>They<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>complemented<span style=\"letter-spacing:-.1pt\"> <\/span>traditional<span style=\"letter-spacing:\n-.15pt\"> <\/span>asset<span style=\"letter-spacing:-.15pt\"> <\/span>management<span style=\"letter-spacing:-.25pt\"> <\/span>functions<span style=\"letter-spacing:\n-.2pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>hands-on<span style=\"letter-spacing:-.2pt\">\n<\/span>approach<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>real estate investing.<span style=\"letter-spacing:2.0pt\"> <\/span>Specifically, Cloud Toronto &#8211; FYBN &nbsp;employs in-house experts in asset management,\nleasing, construction management, development, finance, and capital formation.<span style=\"letter-spacing:2.0pt\"> <\/span>Their model is designed to leverage the\nscale of best-in- class<span style=\"letter-spacing:-.05pt\"> <\/span>third party\nservice providers, such as general contractors and property managers, which\nmaintain the control of hands-on management \u2013 such as Cloud Toronto &#8211; FYBN &#8216;s\nconstruction management professionals and asset managers.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Extensive<span style=\"letter-spacing:-.35pt\"> <\/span>relationships<span style=\"letter-spacing:\n-.35pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>sourcing<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">network<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Cloud Toronto &#8211;\nFYBN&nbsp; leverages its real estate services\nbusinesses in order to source deals for their funds. In addition, management\nhas extensive relationships with major industry participants in each of the\nmarkets in which they currently operate. Their local presence and reputation in\nthese markets have enabled them to cultivate key relationships with major\nholders of property inventory, in particular, financial institutions,\nthroughout the real estate community.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Targeted<span style=\"letter-spacing:-.3pt\"> <\/span>market<span style=\"letter-spacing:-.35pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">opportunities<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Cloud Toronto &#8211;\nFYBN&nbsp; focuses on<span style=\"letter-spacing:\n-.05pt\"> <\/span>markets that have a long-term trend<span style=\"letter-spacing:\n-.05pt\"> <\/span>of population<span style=\"letter-spacing:-.05pt\"> <\/span>growth<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>income<span style=\"letter-spacing:-.2pt\"> <\/span>improvement in states with business and\ninvestment-friendly governments. Cloud Toronto &#8211; FYBN&nbsp; generally avoids engaging in direct\ncompetition in over- regulated and saturated markets.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Structuring<span style=\"letter-spacing:-.2pt\"> <\/span>expertise<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>speed<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">execution<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Prior real\nproperty acquisitions completed by Cloud Toronto &#8211; FYBN &nbsp;have taken a variety of forms, including\ndirect property investments, joint ventures, participating loans and\ninvestments in performing and non-performing mortgages with the objective of\nlong-term ownership. Cloud Toronto &#8211; FYBN &nbsp;believes they have developed a reputation of\nbeing able to quickly execute, as well as originate and creatively structure\nacquisitions, dispositions, and financing transactions.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Focus<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>middle<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">market<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Cloud Toronto &#8211;\nFYBN \u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>focus<span style=\"letter-spacing:\n-.6pt\"> <\/span>on<span style=\"letter-spacing:-.5pt\"> <\/span>middle<span style=\"letter-spacing:-.55pt\"> <\/span>market<span style=\"letter-spacing:-.55pt\">\n<\/span>opportunities<span style=\"letter-spacing:-.6pt\"> <\/span>offers<span style=\"letter-spacing:-.6pt\"> <\/span>their<span style=\"letter-spacing:-.5pt\"> <\/span>investors<span style=\"letter-spacing:-.6pt\"> <\/span>significant<span style=\"letter-spacing:\n-.55pt\"> <\/span>alternatives<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>active,<span style=\"letter-spacing:-.5pt\">\n<\/span>equity<span style=\"letter-spacing:-.55pt\"> <\/span>investing that provide\nattractive returns to investors. This focus has allowed them to offer a\ndiversified range of real estate investment opportunities, particularly for\naccredited investors. While Cloud Toronto &#8211; FYBN&nbsp; will often enter into large projects, it\nbreaks those projects into phases to allow middle-market participants to\ninvest.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Risk<span style=\"letter-spacing:-.3pt\"> <\/span>protection<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">discipline<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#211E1F\">Cloud Toronto &#8211;\nFYBN&nbsp; underwrites their investments based\nupon a thorough examination of property economics and a critical understanding\nof market<span style=\"letter-spacing:-.05pt\"> <\/span>dynamics and risk\nmanagement strategies. They conduct an in-depth sensitivity analysis on each of\ntheir acquisitions. This analysis applies various economic scenarios that\ninclude changes to rental rates, absorption periods, operating expenses,\ninterest rates, exit values and holding periods. Cloud Toronto &#8211; FYBN&nbsp; uses this analysis to develop their\ndisciplined acquisition strategies.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.4pt\">&nbsp;<\/span>Management<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Team<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#211E1F\">Dilip Mooparakath,<span style=\"letter-spacing:-.25pt\"> <\/span>Chief<span style=\"letter-spacing:-.2pt\"> <\/span>Executive<span style=\"letter-spacing:-.2pt\">\n<\/span>Officer<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Cloud\nToronto &#8211; FYBN <\/span><\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><b><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Cloud Toronto is a visionary company founded by Dilip\nMooparakath, a seasoned professional with a rich history in advertising,\nbranding, and a successful transition into the IT hardware and software\nindustry. Established in 2012 in Cupertino, California, Cloud Toronto has\nconsistently demonstrated its commitment to innovation and excellence,\ncontinually expanding its portfolio to include groundbreaking ventures in\ncommercial real estate and cutting-edge AI technology.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Founder&#8217;s Journey:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Dilip Mooparakath embarked on his career in advertising and\nbranding, spending over a decade in the dynamic landscape of Mumbai, India.\nFollowing this enriching experience, he ventured briefly into the vibrant\nmarket of Toronto, Canada, gaining valuable international exposure.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Diversification into IT Hardware and Software:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">In a strategic move, Cloud Toronto transitioned into the field\nof Cloud-Based Infrastructure as a Service (IaaS). This venture enabled the\ncompany to provide enterprise-level IT hardware and software solutions to a\nglobal clientele. With a focus on cutting-edge technology, the company has\nconsistently delivered innovative solutions, catering to the ever-evolving\nneeds of the IT industry.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Commercial Real Estate Solutions:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">In 2017, Cloud Toronto expanded its horizons by delving into the\ndomain of commercial real estate. Specializing in solutions tailored to the gas\nstation and convenience store (C-store) businesses, the company has brought\nefficiency and innovation to the real estate market.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">FYBN App:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">An epitome of the company&#8217;s innovative spirit, Cloud Toronto\ncreated the FYBN App. This AI-based application has revolutionized the\nevaluation of retail business value. It provides invaluable insights and\nanalytics, making it an indispensable tool for businesses in the competitive\nretail sector. The FYBN App has garnered recognition for its ability to provide\nreal-time data-driven decision support.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Leadership and Education:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Dilip Mooparakath&#8217;s exceptional leadership is anchored in a\nsolid educational foundation. He holds an MBA from Xavier Institute of\nManagement (XIM) and is a graduate of Mumbai University. These qualifications,\ncombined with years of hands-on experience, have positioned him as a dynamic\nand influential figure in the corporate world.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Market Position:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Today, Cloud Toronto enjoys a dominant presence in the gas\nstation and convenience store business, competing head-to-head with established\nindustry giants. The company&#8217;s unique blend of IT expertise, commercial real\nestate solutions, and AI-powered tools has firmly established its reputation as\nan industry leader and innovator.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Mission:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Cloud Toronto is dedicated to creating and implementing\ninnovative solutions that empower businesses to thrive in an ever-changing\nmarketplace. We are committed to the principles of excellence, integrity, and\ncontinuous improvement, ensuring that our clients stay ahead in their\nrespective industries.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Conclusion:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Cloud Toronto, led by the visionary Dilip Mooparakath, is an\nembodiment of innovation, adaptability, and a relentless pursuit of excellence.\nWith a history of success in advertising, IT hardware, software, and commercial\nreal estate, and the groundbreaking FYBN App, the company continues to shape\nthe future of businesses and industries across the globe. We invite you to\nexplore the possibilities with us and experience the transformational power of\nCloud Toronto.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_94\" o:spid=\"_x0000_s2233\" style=\"width:470.95pt;height:1.45pt;\n mso-position-horizontal-relative:char;mso-position-vertical-relative:line\" coordsize=\"59810,184\" 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style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">FACTORS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_96\" o:spid=\"_x0000_s2232\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825360;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Investment<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>offered<span style=\"letter-spacing:-.1pt\">\n<\/span>hereby<span style=\"letter-spacing:-.2pt\"> <\/span>involves<span style=\"letter-spacing:-.3pt\"> <\/span>risk,<span style=\"letter-spacing:-.15pt\"> <\/span>including<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>risk<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>complete<span style=\"letter-spacing:-.15pt\">\n<\/span>loss<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>the investment and the general economic failure of the Fund.\nThe following factors should be considered carefully in evaluating an\ninvestment in the Units offered hereby. The risks and uncertainties described\nbelow are not the only ones relevant to the Fund. The investment described\nherein involves a substantial risk and represents an illiquid investment.<span style=\"letter-spacing:-.1pt\"> <\/span>An<span style=\"letter-spacing:-.05pt\"> <\/span>investor<span style=\"letter-spacing:-.1pt\"> <\/span>should<span style=\"letter-spacing:-.05pt\">\n<\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>able<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>bear<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>loss<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>investor\u2019s<span style=\"letter-spacing:\n-.15pt\"> <\/span>entire<span style=\"letter-spacing:-.1pt\"> <\/span>investment.<span style=\"letter-spacing:-.1pt\"> <\/span>You<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>urged<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>read<span style=\"letter-spacing:-.05pt\"> <\/span>this\nMemorandum and the<span style=\"letter-spacing:-.05pt\"> <\/span>attached exhibits<span style=\"letter-spacing:-.1pt\"> <\/span>and consult<span style=\"letter-spacing:\n-.05pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>your own<span style=\"letter-spacing:-.1pt\"> <\/span>legal, tax,<span style=\"letter-spacing:\n-.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>financial<span style=\"letter-spacing:-.05pt\"> <\/span>advisors<span style=\"letter-spacing:-.05pt\">\n<\/span>before<span style=\"letter-spacing:-.05pt\"> <\/span>investing in the Fund.\nIn certain applicable circumstances, \u201cFund\u201d may refer to or include the Fund\u2019s\nAffiliates, including any entities formed for the purpose of holding title to\nassets of the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">GENERAL<span style=\"letter-spacing:-.35pt\"> <\/span>RISKS<span style=\"letter-spacing:-.35pt\"> <\/span>RELATED<span style=\"letter-spacing:-.3pt\">\n<\/span>TO<span style=\"letter-spacing:-.25pt\"> <\/span>AN<span style=\"letter-spacing:\n-.35pt\"> <\/span>INVESTMENT<span style=\"letter-spacing:-.2pt\"> <\/span>IN<span style=\"letter-spacing:-.3pt\"> <\/span>THE<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">FUND<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.3pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:271.35pt\">\n  <td width=\"195\" valign=\"top\" style=\"width:146.05pt;padding:0in 0in 0in 0in;\n  height:271.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.6pt;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>considered<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>\u201cblind\n  <span style=\"letter-spacing:-.1pt\">pool.\u201d<\/span><\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"427\" valign=\"top\" style=\"width:320.5pt;padding:0in 0in 0in 0in;\n  height:271.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:15.3pt;margin-bottom:\n  0in;margin-left:9.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Because<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\">\n  <\/span>has<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>identified<span style=\"letter-spacing:\n  -.15pt\"> <\/span>all<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>specific<span style=\"letter-spacing:-.2pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\">\n  <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund may purchase with investment\n  proceeds and operating proceeds, this is a \u201cblind pool.\u201d An investor will not\n  be able to evaluate the economic merit of the Fund\u2019s investments until after\n  investments have been made.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:15.7pt;margin-bottom:\n  0in;margin-left:9.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">To be successful, the Fund and its Managing Member (and its\n  advisors) must, among other things:<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.7pt;margin-bottom:\n  0in;margin-left:35.5pt;margin-bottom:.0001pt;text-indent:-.25in;line-height:\n  108%;mso-list:l66 level1 lfo63;tab-stops:35.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:108%;font-family:Symbol;mso-fareast-font-family:\n  Symbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">identify<span style=\"letter-spacing:1.45pt\"> <\/span>and<span style=\"letter-spacing:1.4pt\"> <\/span>acquire<span style=\"letter-spacing:1.4pt\"> <\/span>investments<span style=\"letter-spacing:\n  1.35pt\"> <\/span>that<span style=\"letter-spacing:1.4pt\"> <\/span>further<span style=\"letter-spacing:1.4pt\"> <\/span>the<span style=\"letter-spacing:1.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:1.35pt\"> <\/span>investment <span style=\"letter-spacing:\n  -.1pt\">objectives;<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:35.5pt;text-indent:-.25in;\n  line-height:11.55pt;mso-line-height-rule:exactly;mso-list:l66 level1 lfo63;\n  tab-stops:35.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\n  font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\n  mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">rely<span style=\"letter-spacing:1.35pt\"> <\/span>on<span style=\"letter-spacing:1.35pt\"> <\/span>the<span style=\"letter-spacing:1.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:1.3pt\">\n  <\/span>advisors<span style=\"letter-spacing:1.15pt\"> <\/span>and<span style=\"letter-spacing:1.35pt\"> <\/span>their<span style=\"letter-spacing:1.3pt\">\n  <\/span>Affiliates<span style=\"letter-spacing:1.25pt\"> <\/span>to<span style=\"letter-spacing:1.35pt\"> <\/span>attract,<span style=\"letter-spacing:\n  1.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">integrate,<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:1.1pt;margin-right:0in;margin-bottom:\n  0in;margin-left:35.5pt;margin-bottom:.0001pt;line-height:110%\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:110%;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">motivate,<span style=\"letter-spacing:2.0pt\"> <\/span>and<span style=\"letter-spacing:1.95pt\"> <\/span>retain<span style=\"letter-spacing:1.95pt\"> <\/span>qualified<span style=\"letter-spacing:\n  2.0pt\"> <\/span>personnel<span style=\"letter-spacing:1.9pt\"> <\/span>to<span style=\"letter-spacing:2.0pt\"> <\/span>manage<span style=\"letter-spacing:1.9pt\">\n  <\/span>our<span style=\"letter-spacing:1.95pt\"> <\/span>day-to-day <span style=\"letter-spacing:-.1pt\">operations;<\/span><\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;line-height:110%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:35.5pt;text-indent:-.25in;\n  line-height:11.45pt;mso-line-height-rule:exactly;mso-list:l66 level1 lfo63;\n  tab-stops:35.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\n  font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\n  mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">respond<span style=\"letter-spacing:1.75pt\"> <\/span>to<span style=\"letter-spacing:1.75pt\"> <\/span>competition<span style=\"letter-spacing:1.75pt\"> <\/span>for<span style=\"letter-spacing:1.75pt\">\n  <\/span>our<span style=\"letter-spacing:1.75pt\"> <\/span>targeted<span style=\"letter-spacing:1.8pt\"> <\/span>investments<span style=\"letter-spacing:\n  1.7pt\"> <\/span>as<span style=\"letter-spacing:1.7pt\"> <\/span>well<span style=\"letter-spacing:1.7pt\"> <\/span>as<span style=\"letter-spacing:1.7pt\"> <\/span><span style=\"letter-spacing:-.25pt\">for<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:1.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:35.5pt;margin-bottom:.0001pt\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">potential<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investors;<\/span><\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:2.85pt;\n  margin-bottom:0in;margin-left:35.5pt;margin-bottom:.0001pt;text-indent:-.25in;\n  line-height:108%;mso-list:l66 level1 lfo63;tab-stops:35.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:108%;font-family:Symbol;mso-fareast-font-family:\n  Symbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">rely\n  on Affiliates and third parties to continue to build and<span style=\"letter-spacing:-.05pt\"> <\/span>expand the Fund\u2019s operations structure\n  to support its business; and<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:35.15pt;text-indent:-.25in;\n  line-height:11.55pt;mso-line-height-rule:exactly;mso-list:l66 level1 lfo63;\n  tab-stops:35.15pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\n  font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\n  mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n  <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">be<span style=\"letter-spacing:-.25pt\"> <\/span>continuously<span style=\"letter-spacing:\n  -.15pt\"> <\/span>aware<span style=\"letter-spacing:-.3pt\"> <\/span>of,<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\">\n  <\/span>interpret,<span style=\"letter-spacing:-.2pt\"> <\/span>market<span style=\"letter-spacing:-.25pt\"> <\/span>trends<span style=\"letter-spacing:-.25pt\">\n  <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:\n  -.1pt\">conditions.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.75pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:15.45pt;\n  margin-bottom:0in;margin-left:9.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>succeed<span style=\"letter-spacing:-.1pt\">\n  <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>achieving<span style=\"letter-spacing:-.1pt\"> <\/span>these<span style=\"letter-spacing:-.15pt\">\n  <\/span>goals,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>failure<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>do<span style=\"letter-spacing:-.1pt\"> <\/span>so could cause the Fund\u2019s investors to\n  lose a significant portion of the value of their investment in the Fund.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:155.25pt\">\n  <td width=\"195\" valign=\"top\" style=\"width:146.05pt;padding:0in 0in 0in 0in;\n  height:155.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.35pt;margin-right:2.6pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">An investment in the Units has limited liquidity. There is no\n  public market for the Units and the Fund\u2019s limited redemption program<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\">\n  <\/span>sufficient liquidity to redeem Units. As a result, an investor should\n  purchase Units as a long-term <span style=\"letter-spacing:-.1pt\">investment.<\/span><\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"427\" valign=\"top\" style=\"width:320.5pt;padding:0in 0in 0in 0in;\n  height:155.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.75pt;margin-right:15.2pt;\n  margin-bottom:0in;margin-left:9.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">There is no current market for the Units. The Fund and the\n  Managing Member<span style=\"letter-spacing:-.3pt\"> <\/span>do<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>expect<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\">\n  <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>public<span style=\"letter-spacing:-.35pt\"> <\/span>market<span style=\"letter-spacing:-.35pt\">\n  <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>develop<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>near<span style=\"letter-spacing:-.3pt\"> <\/span>future,\n  if ever, and the Fund\u2019s Certificate of Formation and LLC Agreement do not\n  require a liquidity event at a fixed time in the future. Therefore, <span style=\"letter-spacing:-.1pt\">redemption<\/span><span style=\"letter-spacing:\n  -.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund,<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">which<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">must<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">be<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">agreed<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing\n  <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>sole<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>absolute<span style=\"letter-spacing:-.15pt\"> <\/span>discretion<i>,<span style=\"letter-spacing:-.1pt\"> <\/span><\/i>will<span style=\"letter-spacing:-.2pt\"> <\/span>likely<span style=\"letter-spacing:-.1pt\">\n  <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>only<span style=\"letter-spacing:-.1pt\">\n  <\/span>way<span style=\"letter-spacing:-.1pt\"> <\/span>for an investor to\n  dispose of its Units. While the redemption program of the Fund was designed\n  to allow investors to request redemptions of an Investor\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>Units,<span style=\"letter-spacing:-.15pt\">\n  <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Funds<span style=\"letter-spacing:-.2pt\"> <\/span>ability<span style=\"letter-spacing:-.1pt\">\n  <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>fulfill<span style=\"letter-spacing:-.2pt\"> <\/span>redemption<span style=\"letter-spacing:\n  -.1pt\"> <\/span>requests<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>subject to a number of limitations. Most\n  significantly, the vast majority of the Fund\u2019s<span style=\"letter-spacing:\n  3.1pt\"> <\/span>assets<span style=\"letter-spacing:3.1pt\"> <\/span>consist<span style=\"letter-spacing:3.15pt\"> <\/span>of<span style=\"letter-spacing:3.15pt\"> <\/span>properties<span style=\"letter-spacing:3.05pt\"> <\/span>that<span style=\"letter-spacing:3.15pt\">\n  <\/span>cannot<span style=\"letter-spacing:3.0pt\"> <\/span>generally<span style=\"letter-spacing:3.2pt\"> <\/span>be<span style=\"letter-spacing:3.0pt\"> <\/span><span style=\"letter-spacing:-.1pt\">readily<\/span><\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:15.45pt;\n  margin-bottom:0in;margin-left:9.2pt;margin-bottom:.0001pt;text-align:justify;\n  line-height:11.5pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">liquidated without impacting the Fund\u2019s ability to realize\n  full value upon their<span style=\"letter-spacing:-.5pt\"> <\/span>disposition.<span style=\"letter-spacing:-.45pt\"> <\/span>Consequently,<span style=\"letter-spacing:\n  -.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>always<span style=\"letter-spacing:-.55pt\">\n  <\/span>have<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">sufficient<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection33\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:145.7pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.8pt;padding:0in 0in 0in 0in;\n  height:145.7pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.15pt;padding:0in 0in 0in 0in;\n  height:145.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.6pt;margin-bottom:\n  0in;margin-left:5.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">amount of cash to immediately satisfy redemption requests. If\n  the Managing Member believes that redemption requests place an undue burden\n  on the Fund\u2019s liquidity, adversely affect its operations or risk having<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>adverse<span style=\"letter-spacing:-.35pt\"> <\/span>impact<span style=\"letter-spacing:-.4pt\">\n  <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>whole,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>otherwise<span style=\"letter-spacing:-.35pt\"> <\/span>determines that investing liquid assets\n  in real properties or other illiquid investments rather<span style=\"letter-spacing:-.35pt\"> <\/span>than<span style=\"letter-spacing:-.3pt\">\n  <\/span>meeting<span style=\"letter-spacing:-.35pt\"> <\/span>redemption<span style=\"letter-spacing:-.35pt\"> <\/span>requests<span style=\"letter-spacing:\n  -.35pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\">\n  <\/span>best<span style=\"letter-spacing:-.4pt\"> <\/span>interests<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund as<span style=\"letter-spacing:-.6pt\">\n  <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>whole,<span style=\"letter-spacing:-.55pt\"> <\/span>then<span style=\"letter-spacing:-.6pt\">\n  <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n  <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>choose<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>redeem<span style=\"letter-spacing:-.5pt\"> <\/span>fewer<span style=\"letter-spacing:-.45pt\">\n  <\/span>Units than are the subject of redemption requests, or none at all.<span style=\"letter-spacing:2.0pt\"> <\/span>As a result, Members ability to have\n  Units redeemed may be limited and at times a Member may not be able to\n  liquidate their investment, any redemption requests<span style=\"letter-spacing:\n  -.4pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\">\n  <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>require<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>approval<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Member, which may be withheld in its sole and absolute\n  discretion.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:213.0pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.8pt;padding:0in 0in 0in 0in;\n  height:213.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:7.75pt;margin-right:9.35pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Redemption<span style=\"letter-spacing:-.65pt\"> <\/span>rights<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>Members\n  are subject to limitations.<\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.15pt;padding:0in 0in 0in 0in;\n  height:213.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:9.3pt;margin-right:2.5pt;\n  margin-bottom:0in;margin-left:5.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n  <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>choose<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>redeem<span style=\"letter-spacing:-.45pt\"> <\/span>fewer<span style=\"letter-spacing:-.45pt\">\n  <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>than<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.5pt\">\n  <\/span>been requested<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>particular<span style=\"letter-spacing:-.4pt\"> <\/span>quarter<span style=\"letter-spacing:-.35pt\">\n  <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n  -.5pt\"> <\/span>redeemed<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>none<span style=\"letter-spacing:-.4pt\"> <\/span>at all, in its discretion at any time.\n  This may be due to a lack of readily available funds because of adverse\n  market conditions beyond the Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>control,<span style=\"letter-spacing:\n  -.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>need<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>maintain<span style=\"letter-spacing:-.3pt\"> <\/span>liquidity<span style=\"letter-spacing:\n  -.35pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s operations<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>because<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\">\n  <\/span>has<span style=\"letter-spacing:-.65pt\"> <\/span>determined<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\">\n  <\/span>investing in real property or other illiquid investments is a better\n  use of the Fund\u2019s capital than redeeming Units. In addition, the aggregate\n  NAV of total redemptions<span style=\"letter-spacing:2.0pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>limited,<span style=\"letter-spacing:\n  -.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>calendar<span style=\"letter-spacing:\n  -.2pt\"> <\/span>quarter,<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>no<span style=\"letter-spacing:-.2pt\"> <\/span>more<span style=\"letter-spacing:-.25pt\"> <\/span>than<span style=\"letter-spacing:-.15pt\">\n  <\/span>five<span style=\"letter-spacing:-.35pt\"> <\/span>(5%) percent. of the\n  Fund\u2019s aggregate NAV (measured using the average aggregate NAV at the end of\n  the immediately preceding three months). The Managing Member may make\n  exceptions to, modify, or suspend redemptions<span style=\"letter-spacing:\n  -.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units if<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>reasonable<span style=\"letter-spacing:\n  -.1pt\"> <\/span>judgment<span style=\"letter-spacing:-.2pt\"> <\/span>it deems<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\">\n  <\/span>action<span style=\"letter-spacing:-.05pt\"> <\/span>to be in the Fund\u2019s\n  best interest and the best interest of our Members.<span style=\"letter-spacing:\n  4.0pt\"> <\/span>All unsatisfied redemption requests must be resubmitted after\n  the start of the next quarter, or upon the recommencement of the Unit\n  redemptions, as <span style=\"letter-spacing:-.1pt\">applicable.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:110.35pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.8pt;padding:0in 0in 0in 0in;\n  height:110.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:7.75pt;margin-right:7.9pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Managing Member has the unilateral ability to redeem a\n  Member. As a result, an Investor\u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>redeemed prior to the Investor achieving\n  its investment objectives and may be redeemed at a valuation that the\n  Investors disagrees with.<\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.15pt;padding:0in 0in 0in 0in;\n  height:110.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:7.75pt;margin-right:2.3pt;\n  margin-bottom:0in;margin-left:5.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n  <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>sole<span style=\"letter-spacing:-.1pt\"> <\/span>authority<span style=\"letter-spacing:-.05pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\">\n  <\/span>Section 6 of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>LLC Agreement<span style=\"letter-spacing:\n  -.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>redeem<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>Member.<span style=\"letter-spacing:-.5pt\">\n  <\/span>Such<span style=\"letter-spacing:-.45pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\">\n  <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>redeemed at the relevant\n  Net Asset Value per Unit. As a result, an Investor\u2019s Units may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>redeemed<span style=\"letter-spacing:-.15pt\"> <\/span>prior<span style=\"letter-spacing:-.15pt\">\n  <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Investor<span style=\"letter-spacing:\n  -.15pt\"> <\/span>achieving<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>investment<span style=\"letter-spacing:\n  -.1pt\"> <\/span>objectives and<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>redeemed<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>valuation<span style=\"letter-spacing:\n  -.2pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Investors<span style=\"letter-spacing:\n  -.3pt\"> <\/span>disagrees<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>(Full Liquidation Value).<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;mso-yfti-lastrow:yes;height:171.0pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.8pt;padding:0in 0in 0in 0in;\n  height:171.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.1pt;margin-right:5.3pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Property Valuations and Valuation Methodologies may not always\n  be timely or reflect the realizable value of an asset.<\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.15pt;padding:0in 0in 0in 0in;\n  height:171.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.1pt;margin-right:2.4pt;\n  margin-bottom:0in;margin-left:5.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">For the purposes of calculating monthly NAV, valuations of\n  properties held within the Fund will occur at least annually. <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Annual\n  appraisals may be delayed for a short period in exceptional circumstances. <span style=\"color:#221F1F\">Property valuations will be used to determine the NAV\n  per Unit of a Class in connection with the issuance and redemption of Member\n  Units. Because some<span style=\"letter-spacing:-.2pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>lapse<span style=\"letter-spacing:-.3pt\"> <\/span>between<span style=\"letter-spacing:-.25pt\">\n  <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>valuation<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>property<span style=\"letter-spacing:\n  -.3pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>issuance or<span style=\"letter-spacing:\n  -.55pt\"> <\/span>redemption<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n  <\/span>Units,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>applicable<span style=\"letter-spacing:\n  -.55pt\"> <\/span>property<span style=\"letter-spacing:-.65pt\"> <\/span>valuation<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>not\n  accurately<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>reflected<span style=\"letter-spacing:\n  -.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>NAV<span style=\"letter-spacing:-.5pt\"> <\/span>per<span style=\"letter-spacing:-.45pt\"> <\/span>Unit<span style=\"letter-spacing:-.5pt\">\n  <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:\n  -.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>day<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>acquisition or redemption, as\n  applicable. Significant events may have occurred that materially changes the\n  valuation of Fund properties including, without limitation, market\n  fluctuations, natural disasters, unexpected lease vacancies, or defaults. The\n  Managing Member may, but is not obligated to,<span style=\"letter-spacing:\n  -.35pt\"> <\/span>adjust<span style=\"letter-spacing:-.4pt\"> <\/span>valuations<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:-.4pt\"> <\/span>completed<span style=\"letter-spacing:\n  -.3pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>account<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>issuance<span style=\"letter-spacing:\n  -.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">of<\/span><\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:5.45pt;text-align:justify;\n  line-height:10.4pt;mso-line-height-rule:exactly\"><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">additional<span style=\"letter-spacing:3.45pt\"> <\/span>Units<span style=\"letter-spacing:3.4pt\"> <\/span>(and<span style=\"letter-spacing:3.5pt\"> <\/span>any<span style=\"letter-spacing:3.45pt\"> <\/span>capital<span style=\"letter-spacing:\n  3.45pt\"> <\/span>contributions<span style=\"letter-spacing:3.45pt\"> <\/span>made<span style=\"letter-spacing:3.4pt\"> <\/span>in<span style=\"letter-spacing:3.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">connection<\/span><\/span><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection34\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:397.05pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.85pt;padding:0in 0in 0in 0in;\n  height:397.05pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.65pt;padding:0in 0in 0in 0in;\n  height:397.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:3.25pt;margin-bottom:\n  0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">therewith), the redemption of Units (and the use of funds and\n  proceeds to effectuate such redemptions), the sale, financing, or refinancing\n  of the Fund\u2019s assets, distribution of capital to Members and the Managing\n  Member, and the retirement of any debt of the Fund.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.75pt;margin-bottom:\n  0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The<span style=\"letter-spacing:-.45pt\"> <\/span>methodology<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\">\n  <\/span>conducting<span style=\"letter-spacing:-.45pt\"> <\/span>valuations<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:-.5pt\"> <\/span>held<span style=\"letter-spacing:-.45pt\">\n  <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund will<span style=\"letter-spacing:\n  -.1pt\"> <\/span>blend<span style=\"letter-spacing:-.15pt\"> <\/span>recent<span style=\"letter-spacing:-.25pt\"> <\/span>valuations<span style=\"letter-spacing:\n  -.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>valuation<span style=\"letter-spacing:-.15pt\"> <\/span>opinions<span style=\"letter-spacing:\n  -.1pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>determine<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>value\n  of the individual value of the assets and will include utilizing applicable\n  financial statements.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.35pt;margin-bottom:\n  0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\n  valuation methodologies used to value the Fund\u2019s properties and certain of\n  the Fund\u2019s investments will involve subjective judgments and projections and\n  may not be accurate. Valuation methodologies will also involve<span style=\"letter-spacing:-.1pt\"> <\/span>assumptions and opinions about future<span style=\"letter-spacing:-.1pt\"> <\/span>events, which may or<span style=\"letter-spacing:-.05pt\"> <\/span>may not turn out to be correct.\n  Valuations and appraisals of the Fund\u2019s properties and other investments will\n  be only estimates of fair value. Ultimate realization of the value of an\n  asset depends to a great extent on economic, market<span style=\"letter-spacing:\n  -.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>other\n  conditions<span style=\"letter-spacing:-.1pt\"> <\/span>beyond the Fund\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>control<span style=\"letter-spacing:-.05pt\">\n  <\/span>and the control of the Managing Member. Further, valuations do not\n  necessarily represent the price at which an asset would sell, since market\n  prices of assets<span style=\"letter-spacing:-.1pt\"> <\/span>can<span style=\"letter-spacing:-.05pt\"> <\/span>only<span style=\"letter-spacing:-.05pt\">\n  <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>determined<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>negotiation<span style=\"letter-spacing:-.05pt\"> <\/span>between<span style=\"letter-spacing:\n  -.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>willing<span style=\"letter-spacing:-.05pt\"> <\/span>buyer<span style=\"letter-spacing:-.05pt\">\n  <\/span>and seller. As such, the carrying value of an asset may not reflect\n  the price at which the asset could be sold in the market, and the difference\n  between carrying value and the ultimate sales price could be material. In\n  addition, accurate<span style=\"letter-spacing:-.15pt\"> <\/span>valuations<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>more<span style=\"letter-spacing:-.15pt\"> <\/span>difficult<span style=\"letter-spacing:\n  -.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>obtain<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>times<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>low<span style=\"letter-spacing:-.15pt\"> <\/span>transaction volume<span style=\"letter-spacing:-.4pt\"> <\/span>because<span style=\"letter-spacing:-.4pt\">\n  <\/span>there<span style=\"letter-spacing:-.4pt\"> <\/span>are<span style=\"letter-spacing:-.4pt\"> <\/span>fewer<span style=\"letter-spacing:-.4pt\">\n  <\/span>market<span style=\"letter-spacing:-.45pt\"> <\/span>transactions<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.45pt\">\n  <\/span>can<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>considered in the context of the\n  appraisal. There will be no retroactive adjustment in the<span style=\"letter-spacing:-.35pt\"> <\/span>valuation<span style=\"letter-spacing:\n  -.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>assets,<span style=\"letter-spacing:-.4pt\">\n  <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>NAV<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\">\n  <\/span>issuance<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>redemptions or NAV-based fees we paid\n  to the Managing Member to the extent such valuations prove to not accurately\n  reflect the realizable value the Fund\u2019s assets. Because the price a Member\n  will pay for Units, and the price at which Units may be redeemed are\n  generally based on our prior month\u2019s NAV per Unit, a Member may pay more than\n  realizable value or receive less than realizable value for its investment.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:100.05pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.85pt;padding:0in 0in 0in 0in;\n  height:100.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.05pt;margin-right:5.25pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">A Member\u2019s interest in the assets of the Fund will be diluted\n  as additional Units are issued.<\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.65pt;padding:0in 0in 0in 0in;\n  height:100.05pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.45pt;margin-right:3.1pt;\n  margin-bottom:0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Holders of Participating Units will not have preemptive rights\n  to any further<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>issues in the<span style=\"letter-spacing:\n  -.05pt\"> <\/span>future.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\">\n  <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>authority to<span style=\"letter-spacing:\n  -.05pt\"> <\/span>issue<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>unlimited<span style=\"letter-spacing:\n  -.05pt\"> <\/span>number<span style=\"letter-spacing:-.25pt\"> <\/span>of Units<span style=\"letter-spacing:-.15pt\"> <\/span>(including<span style=\"letter-spacing:\n  -.15pt\"> <\/span>fractional<span style=\"letter-spacing:-.2pt\"> <\/span>Units)<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\">\n  <\/span>the Fund<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>issue<span style=\"letter-spacing:-.2pt\">\n  <\/span>additional<span style=\"letter-spacing:-.05pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>effective<span style=\"letter-spacing:\n  -.2pt\"> <\/span>prior<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>opening<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>business\n  on each Dealing Day unless<span style=\"letter-spacing:-.05pt\"> <\/span>prohibited\n  by the Managing Member. To the extent the Fund issues additional Units after\n  a Member\u2019s purchase in the Offering, such Member\u2019s percentage ownership\n  interest in the Fund will be diluted.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;mso-yfti-lastrow:yes;height:129.1pt\">\n  <td width=\"200\" valign=\"top\" style=\"width:149.85pt;padding:0in 0in 0in 0in;\n  height:129.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:2.05pt;margin-right:16.6pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Economic<span style=\"letter-spacing:-.5pt\"> <\/span>events<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\">\n  <\/span>adversely affect<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\">\n  <\/span>cash<span style=\"letter-spacing:-.45pt\"> <\/span>flow<span style=\"letter-spacing:-.45pt\"> <\/span>and ability to achieve its investment <span style=\"letter-spacing:-.1pt\">objectives.<\/span><\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"406\" valign=\"top\" style=\"width:304.65pt;padding:0in 0in 0in 0in;\n  height:129.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:2.05pt;margin-right:3.15pt;\n  margin-bottom:0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Economic events affecting the United States economy, including\n  events occurring outside the United States, such as the general negative\n  performance<span style=\"letter-spacing:.65pt\"> <\/span>of<span style=\"letter-spacing:.75pt\"> <\/span>the<span style=\"letter-spacing:.65pt\"> <\/span>real<span style=\"letter-spacing:.75pt\"> <\/span>estate<span style=\"letter-spacing:.75pt\">\n  <\/span>sector<span style=\"letter-spacing:.75pt\"> <\/span>or<span style=\"letter-spacing:.75pt\"> <\/span>the<span style=\"letter-spacing:.75pt\"> <\/span>negative<span style=\"letter-spacing:.75pt\"> <\/span>performance<span style=\"letter-spacing:\n  .75pt\"> <\/span>of<span style=\"letter-spacing:.65pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.95pt;margin-bottom:\n  0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">U.S.<span style=\"letter-spacing:-.65pt\"> <\/span>economy<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>whole,<span style=\"letter-spacing:-.6pt\">\n  <\/span>could<span style=\"letter-spacing:-.55pt\"> <\/span>depress<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\">\n  <\/span>valuations<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\">\n  <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>assets or cause\n  decreased cash flow. Such events may cause Members to seek redemption of\n  their Units or prohibit the Fund from raising additional capital through the\n  sale of additional Units.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:11.1pt;margin-right:3.25pt;\n  margin-bottom:0in;margin-left:5.4pt;margin-bottom:.0001pt;text-align:justify;\n  line-height:11.5pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Moreover, if the\n  Fund decides to sell certain assets to increase the Fund\u2019s cash<span style=\"letter-spacing:-.15pt\"> <\/span>flow<span style=\"letter-spacing:-.15pt\">\n  <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>redeem<span style=\"letter-spacing:-.15pt\"> <\/span>Units,<span style=\"letter-spacing:-.15pt\">\n  <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>events<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>negatively<span style=\"letter-spacing:-.15pt\"> <\/span>impact<span style=\"letter-spacing:-.2pt\">\n  <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund\u2019s ability to\n  achieve its investment objectives.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection35\">\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:10.25pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:423.75pt\">\n  <td width=\"198\" valign=\"top\" style=\"width:148.8pt;padding:0in 0in 0in 0in;\n  height:423.75pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.8pt;margin-bottom:\n  0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">COVID-19 could have a material impact<span style=\"letter-spacing:\n  -.4pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\">\n  <\/span>investments and<span style=\"letter-spacing:-.45pt\"> <\/span>operations,<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\">\n  <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>will continue to monitor the COVID- 19\n  situation closely.<\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"407\" valign=\"top\" style=\"width:305.2pt;padding:0in 0in 0in 0in;\n  height:423.75pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.5pt;margin-bottom:\n  0in;margin-left:6.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Beginning in late 2019, China, as well as several other\n  countries, experienced an outbreak of a highly contagious form of an upper\n  respiratory infection caused by COVID-19, a novel coronavirus strain commonly\n  referred to as coronavirus. On January 30, 2020, the World Health<span style=\"letter-spacing:-.65pt\"> <\/span>Organization<span style=\"letter-spacing:\n  -.6pt\"> <\/span>declared<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>outbreak<span style=\"letter-spacing:\n  -.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>\u201cPublic<span style=\"letter-spacing:-.6pt\"> <\/span>Health<span style=\"letter-spacing:-.65pt\">\n  <\/span>Emergency<span style=\"letter-spacing:-.55pt\"> <\/span>of International\n  Concern.\u201d On January 31, 2020, U.S. Health and Human Services<span style=\"letter-spacing:-.45pt\"> <\/span>Secretary<span style=\"letter-spacing:\n  -.4pt\"> <\/span>Alex<span style=\"letter-spacing:-.5pt\"> <\/span>M.<span style=\"letter-spacing:-.4pt\"> <\/span>Azar<span style=\"letter-spacing:-.4pt\"> <\/span>II<span style=\"letter-spacing:-.5pt\"> <\/span>declared<span style=\"letter-spacing:\n  -.4pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>public<span style=\"letter-spacing:-.55pt\"> <\/span>health<span style=\"letter-spacing:-.55pt\">\n  <\/span>emergency<span style=\"letter-spacing:-.5pt\"> <\/span>for the United\n  States to aid the U.S. healthcare community in responding to COVID-19. There\n  are no comparable recent events which may provide guidance as to the effect\n  of the spread of COVID-19 and a potential pandemic,<span style=\"letter-spacing:\n  -.4pt\"> <\/span>and,<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>result,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>ultimate<span style=\"letter-spacing:-.45pt\"> <\/span>impact<span style=\"letter-spacing:-.45pt\">\n  <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>COVID-19<span style=\"letter-spacing:\n  -.4pt\"> <\/span>outbreak, COVID-19\u2019s<span style=\"letter-spacing:-.35pt\"> <\/span>variants,<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>similar<span style=\"letter-spacing:-.3pt\">\n  <\/span>health<span style=\"letter-spacing:-.3pt\"> <\/span>epidemic<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>highly<span style=\"letter-spacing:-.3pt\"> <\/span>uncertain<span style=\"letter-spacing:\n  -.25pt\"> <\/span>and subject to change.<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.4pt;margin-bottom:\n  0in;margin-left:6.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The COVID-19 pandemic has resulted in significant and\n  widespread economic<span style=\"letter-spacing:-.3pt\"> <\/span>disruptions<span style=\"letter-spacing:-.35pt\"> <\/span>to,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>uncertainty<span style=\"letter-spacing:\n  -.3pt\"> <\/span>in,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>global<span style=\"letter-spacing:-.3pt\">\n  <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>U.S.<span style=\"letter-spacing:-.3pt\"> <\/span>economy, including in the regions in\n  which we operate. More specifically, COVID- 19 has led to disruptions in\n  regional and global trade markets and the logistics<span style=\"letter-spacing:\n  -.35pt\"> <\/span>necessary<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>import,<span style=\"letter-spacing:\n  -.4pt\"> <\/span>export,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>deliver<span style=\"letter-spacing:-.35pt\">\n  <\/span>products<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>materials<span style=\"letter-spacing:\n  -.35pt\"> <\/span>to companies<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>their<span style=\"letter-spacing:-.4pt\">\n  <\/span>customers.<span style=\"letter-spacing:-.4pt\"> <\/span>These<span style=\"letter-spacing:-.45pt\"> <\/span>disruptions<span style=\"letter-spacing:\n  -.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>delays<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>supply chain have led to a lack of\n  availability of certain products and materials and<span style=\"letter-spacing:\n  -.4pt\"> <\/span>inflation<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>price<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>raw<span style=\"letter-spacing:-.45pt\"> <\/span>materials<span style=\"letter-spacing:\n  -.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>construction<span style=\"letter-spacing:\n  -.45pt\"> <\/span>industry.<span style=\"letter-spacing:-.5pt\"> <\/span>The\n  foregoing could impair the Fund\u2019s ability to maintain operational standards,<span style=\"letter-spacing:-.1pt\"> <\/span>disrupt<span style=\"letter-spacing:-.1pt\">\n  <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>operations<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\">\n  <\/span>service<span style=\"letter-spacing:-.05pt\"> <\/span>providers,<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>lead\n  to increased development and construction costs.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.75pt;margin-bottom:\n  0in;margin-left:6.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">Cybersecurity and data privacy risks may have also increased\n  during the COVID-19 pandemic, in part because of the increase in remote working,\n  social distancing measures and increased reliance on remote connectivity for\n  many aspects of the economy.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.6pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.6pt;margin-bottom:\n  0in;margin-left:6.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#221F1F\">The Fund does not<span style=\"letter-spacing:-.05pt\"> <\/span>yet\n  know the full extent<span style=\"letter-spacing:-.05pt\"> <\/span>of potential\n  delays or impacts on its projected investments and operations or the global\n  economy as a whole. However, the effects could have a material impact on the\n  Fund\u2019s investments and operations, and the Fund will continue to monitor the\n  COVID-19 situation closely.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:192.0pt\">\n  <td width=\"198\" valign=\"top\" style=\"width:148.8pt;padding:0in 0in 0in 0in;\n  height:192.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:8.05pt;margin-right:4.8pt;\n  margin-bottom:0in;margin-left:2.5pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">As\n  of the date of this Memorandum, the United States market (as well as the\n  larger global<span style=\"letter-spacing:-.3pt\"> <\/span>markets)<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.25pt\">\n  <\/span>experiencing inflation<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>asset<span style=\"letter-spacing:-.25pt\">\n  <\/span>prices<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>have not been present in the market\n  since the 1980&#8217;s, and such inflation<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>adversely<span style=\"letter-spacing:\n  -.5pt\"> <\/span>affect<span style=\"letter-spacing:-.6pt\"> <\/span>the Fund&#8217;s\n  financial condition and results of operations.<o:p><\/o:p><\/span><\/i><\/b><\/p>\n  <\/td>\n  <td width=\"407\" valign=\"top\" style=\"width:305.2pt;padding:0in 0in 0in 0in;\n  height:192.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:8.05pt;margin-right:2.45pt;\n  margin-bottom:0in;margin-left:6.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An\n  increase in inflation could have an adverse impact on the Fund&#8217;s development\n  costs, labor and service provider costs, floating rate mortgages, credit\n  facilities, property operating expenses, and general and administrative<span style=\"letter-spacing:-.2pt\"> <\/span>expenses,<span style=\"letter-spacing:\n  -.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>these<span style=\"letter-spacing:-.2pt\"> <\/span>costs<span style=\"letter-spacing:-.25pt\">\n  <\/span>could<span style=\"letter-spacing:-.15pt\"> <\/span>increase<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>rate<span style=\"letter-spacing:-.2pt\"> <\/span>higher<span style=\"letter-spacing:-.25pt\"> <\/span>than our<span style=\"letter-spacing:\n  -.55pt\"> <\/span>rental<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>other<span style=\"letter-spacing:-.5pt\">\n  <\/span>revenue.<span style=\"letter-spacing:-.5pt\"> <\/span>Inflation<span style=\"letter-spacing:-.4pt\"> <\/span>could<span style=\"letter-spacing:-.5pt\">\n  <\/span>also<span style=\"letter-spacing:-.4pt\"> <\/span>have<span style=\"letter-spacing:-.4pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>adverse<span style=\"letter-spacing:-.4pt\"> <\/span>effect<span style=\"letter-spacing:-.55pt\">\n  <\/span>on consumer<span style=\"letter-spacing:-.65pt\"> <\/span>spending,<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\">\n  <\/span>could<span style=\"letter-spacing:-.5pt\"> <\/span>impact<span style=\"letter-spacing:-.65pt\"> <\/span>our<span style=\"letter-spacing:-.6pt\"> <\/span>tenants\u2019<span style=\"letter-spacing:-.6pt\"> <\/span>revenues<span style=\"letter-spacing:\n  -.65pt\"> <\/span>and,<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>turn, our percentage rents, where\n  applicable. In addition, leases of long-term duration or which include\n  renewal options that specify a maximum rate increase may result in\n  below-market lease rates over time if we do not accurately estimate inflation\n  or market lease rates. Provisions of leases designed to mitigate the risk of\n  inflation and unexpected increases in market lease rates, such as periodic\n  rental increases, may not adequately protect the Fund&#8217;s operations from the\n  impact of inflation or unexpected increases in market lease rates. If the\n  Fund&#8217;s operating, development and other<span style=\"letter-spacing:.1pt\"> <\/span>expenses\n  are<span style=\"letter-spacing:.1pt\"> <\/span>increasing<span style=\"letter-spacing:-.05pt\"> <\/span>faster<span style=\"letter-spacing:.1pt\">\n  <\/span>than<span style=\"letter-spacing:.1pt\"> <\/span>anticipated,<span style=\"letter-spacing:.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund&#8217;s<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">business,<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:6.45pt;text-align:justify;\n  line-height:10.45pt;mso-line-height-rule:exactly\"><span style=\"font-size:\n  10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">financial<\/span><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.3pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">condition,<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.25pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">results<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.3pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">of<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">operations,<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.25pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">cash<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">flows<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.3pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">or<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">our<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">ability<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.25pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\"> <\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">satisfy<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection36\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">our<span style=\"letter-spacing:1.25pt\"> <\/span>debt<span style=\"letter-spacing:1.2pt\"> <\/span>service<span style=\"letter-spacing:1.25pt\"> <\/span>obligations or<span style=\"letter-spacing:\n1.4pt\"> <\/span>to<span style=\"letter-spacing:1.3pt\"> <\/span>pay<span style=\"letter-spacing:1.3pt\"> <\/span>distributions<span style=\"letter-spacing:\n1.3pt\"> <\/span>could<span style=\"letter-spacing:1.15pt\"> <\/span>be<span style=\"letter-spacing:1.35pt\"> <\/span>materially adversely affected.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection37\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Supply\nchain disruptions could create unexpected development, renovation or\nmaintenance costs or<span style=\"letter-spacing:-.45pt\"> <\/span>delays<span style=\"letter-spacing:-.45pt\"> <\/span>and\/or<span style=\"letter-spacing:-.45pt\">\n<\/span>could<span style=\"letter-spacing:-.4pt\"> <\/span>impact<span style=\"letter-spacing:-.3pt\"> <\/span>the Fund&#8217;s tenants\u2019 businesses, any of\nwhich could have a negative effect on the Fund&#8217;s results of <span style=\"letter-spacing:-.1pt\">operations.<\/span><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The construction and building\nindustry, similar to many other industries, has recently experienced worldwide\nsupply chain disruptions due to a multitude of factors that are beyond the\nFund&#8217;s control, including the COVID-19 pandemic, and such disruptions may\ncontinue to occur. Materials,<span style=\"letter-spacing:-.05pt\"> <\/span>parts<span style=\"letter-spacing:-.1pt\"> <\/span>and labor have<span style=\"letter-spacing:\n-.05pt\"> <\/span>also<span style=\"letter-spacing:-.05pt\"> <\/span>increased in\ncost<span style=\"letter-spacing:-.05pt\"> <\/span>over the<span style=\"letter-spacing:\n-.05pt\"> <\/span>recent<span style=\"letter-spacing:-.05pt\"> <\/span>past,\nsometimes<span style=\"letter-spacing:-.35pt\"> <\/span>significantly<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>over<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>short<span style=\"letter-spacing:-.35pt\"> <\/span>period<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>time.<span style=\"letter-spacing:-.3pt\"> <\/span>Because<span style=\"letter-spacing:-.3pt\">\n<\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund will be engaged in\nlarge-scale development projects, small-scale construction<span style=\"letter-spacing:-.65pt\"> <\/span>projects,<span style=\"letter-spacing:\n-.6pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>building<span style=\"letter-spacing:-.65pt\">\n<\/span>renovations<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>maintenance<span style=\"letter-spacing:\n-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>and tenant<span style=\"letter-spacing:-.65pt\"> <\/span>improvements<span style=\"letter-spacing:\n-.6pt\"> <\/span>required<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>leases<span style=\"letter-spacing:-.65pt\">\n<\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n-.65pt\"> <\/span>routine<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>necessary<span style=\"letter-spacing:\n-.55pt\"> <\/span>part of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund&#8217;s<span style=\"letter-spacing:-.25pt\">\n<\/span>business,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>most likely<span style=\"letter-spacing:\n-.25pt\"> <\/span>incur<span style=\"letter-spacing:-.3pt\"> <\/span>costs<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>property development, renovation or\nmaintenance that exceeds original estimates due to increased costs for\nmaterials or labor or other costs that are unexpected. The Fund also may be\nunable to complete renovation of a property or tenant space on schedule due to\nsupply chain disruptions or labor shortages. In addition, tenants\u2019 businesses\nmay also be affected by supply chain issues (particularly for our industrial or\nretail properties), which<span style=\"letter-spacing:-.1pt\"> <\/span>could<span style=\"letter-spacing:-.1pt\"> <\/span>impact<span style=\"letter-spacing:-.2pt\"> <\/span>their<span style=\"letter-spacing:-.1pt\"> <\/span>ability<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>meet<span style=\"letter-spacing:\n-.2pt\"> <\/span>their obligations<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>us<span style=\"letter-spacing:-.2pt\"> <\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>their <span style=\"letter-spacing:-.1pt\">leases.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection38\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection39\">\n\n<p class=\"MsoHeading9\" style=\"margin-left:12.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>make<span style=\"letter-spacing:-.35pt\"> <\/span>distributions from<span style=\"letter-spacing:\n-.4pt\"> <\/span>sources<span style=\"letter-spacing:-.5pt\"> <\/span>other<span style=\"letter-spacing:-.5pt\"> <\/span>than<span style=\"letter-spacing:-.5pt\"> <\/span>cash<span style=\"letter-spacing:-.35pt\"> <\/span>flow from operations, which may\nnegatively<span style=\"letter-spacing:-.15pt\"> <\/span>impact<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>valuation<span style=\"letter-spacing:-.2pt\"> <\/span>of the Fund.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.85pt;margin-bottom:\n0in;margin-left:10.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>make<span style=\"letter-spacing:-.15pt\"> <\/span>distributions<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.1pt\"> <\/span>sources<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>than<span style=\"letter-spacing:-.1pt\"> <\/span>cash<span style=\"letter-spacing:-.1pt\"> <\/span>flow<span style=\"letter-spacing:-.15pt\"> <\/span>from operations, including borrowings by\nthe Fund or its Affiliates, proceeds from offerings of the Units, or proceeds\nfrom assets sales, which may reduce<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>amount<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>capital<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>ultimately<span style=\"letter-spacing:\n-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>invest<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>negatively\nimpact the value of the Fund and a Member\u2019s investment.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection40\">\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection41\">\n\n<p class=\"MsoHeading9\" style=\"margin-left:12.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The amount and source of distributions<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>make\nto its Members is uncertain and the Fund may be unable to generate sufficient\ncash flows from its operations to make distributions to the Members at any time\nin the future.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund has\nnot established a minimum distribution payment level, and the Fund\u2019s ability to\nmake distributions to its Members may be adversely affected<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>number<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>factors,<span style=\"letter-spacing:-.3pt\">\n<\/span>including<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>risk<span style=\"letter-spacing:-.25pt\"> <\/span>factors<span style=\"letter-spacing:-.35pt\"> <\/span>described<span style=\"letter-spacing:\n-.25pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>this Subscription\nAgreement. The Managing Member will make determinations regarding distributions\nbased upon, among other factors, the Fund\u2019s financial performance, its debt\nservice obligations, its debt covenants, and capital expenditure requirements.\nAmong the factors that could impair the Fund\u2019s ability to make distributions to\nMembers are:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 38.65pt; text-indent: -17.95pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.2pt\"> <\/span>limited<span style=\"letter-spacing:-.15pt\">\n<\/span>size<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">portfolio;<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.35pt 8.3pt 0.0001pt 38.7pt; text-indent: -0.25in; line-height: 108%;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:108%;font-family:Symbol;mso-fareast-font-family:\nSymbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:2.0pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:2.0pt\"> <\/span>inability<span style=\"letter-spacing:2.0pt\"> <\/span>to<span style=\"letter-spacing:2.0pt\"> <\/span>invest,<span style=\"letter-spacing:2.0pt\"> <\/span>on<span style=\"letter-spacing:2.0pt\"> <\/span>a<span style=\"letter-spacing:2.0pt\"> <\/span>timely<span style=\"letter-spacing:2.0pt\"> <\/span>basis<span style=\"letter-spacing:2.0pt\"> <\/span>and<span style=\"letter-spacing:2.0pt\"> <\/span>in<span style=\"letter-spacing:2.0pt\"> <\/span>attractive investments, the proceeds from\nsales of Units;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nline-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 38.65pt; text-indent: -17.95pt; line-height: 11.55pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:1.5pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:1.5pt\"> <\/span>inability<span style=\"letter-spacing:1.55pt\"> <\/span>to<span style=\"letter-spacing:1.55pt\"> <\/span>realize<span style=\"letter-spacing:1.55pt\"> <\/span>attractive<span style=\"letter-spacing:\n1.5pt\"> <\/span>risk-adjusted<span style=\"letter-spacing:1.6pt\"> <\/span>returns<span style=\"letter-spacing:1.45pt\"> <\/span>on<span style=\"letter-spacing:1.6pt\"> <\/span><span style=\"letter-spacing:-.25pt\">its<\/span><\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt;margin-right:0in;margin-bottom:\n0in;margin-left:38.7pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">investments;<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.35pt 8.35pt 0.0001pt 38.7pt; text-indent: -0.25in; line-height: 108%;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:108%;font-family:Symbol;mso-fareast-font-family:\nSymbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">unanticipated\nexpenses or reduced revenues that reduce cash flow or non-cash earnings;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:108%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 38.65pt; text-indent: -17.95pt; line-height: 11.55pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">defaults<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\">\n<\/span>investment<span style=\"letter-spacing:-.25pt\"> <\/span>portfolio<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>decreases<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>value<span style=\"letter-spacing:-.25pt\">\nof<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt;margin-right:0in;margin-bottom:\n0in;margin-left:38.7pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">its<span style=\"letter-spacing:-.25pt\"> <\/span>properties;<span style=\"letter-spacing:-.25pt\"> and<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.4pt 7.85pt 0.0001pt 38.3pt; text-indent: -0.25in; line-height: 108%;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:108%;font-family:Symbol;mso-fareast-font-family:\nSymbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:108%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:2.0pt\"> <\/span>fact<span style=\"letter-spacing:2.0pt\"> <\/span>that<span style=\"letter-spacing:2.0pt\"> <\/span>anticipated<span style=\"letter-spacing:\n2.0pt\"> <\/span>operating<span style=\"letter-spacing:2.0pt\"> <\/span>expense<span style=\"letter-spacing:2.0pt\"> <\/span>levels<span style=\"letter-spacing:2.0pt\"> <\/span>may<span style=\"letter-spacing:2.0pt\"> <\/span>not<span style=\"letter-spacing:2.0pt\"> <\/span>prove\naccurate, as actual results may vary from estimates.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:108%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:108%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection42\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>result,<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>able<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>make<span style=\"letter-spacing:-.6pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Members at any time in the future, and the\nlevel of any distributions the Fund does make to the Members may not increase\nor even be maintained over time.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection43\">\n\n<p class=\"MsoHeading9\" style=\"margin-left:12.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Purchasers of Units by the Fund\u2019s<span style=\"letter-spacing:\n-.5pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>Offering\nshould not influence investment decisions of independent, unaffiliated\ninvestors.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Affiliated<span style=\"letter-spacing:-.4pt\"> <\/span>persons<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>purchase<span style=\"letter-spacing:-.5pt\">\n<\/span>Units.<span style=\"letter-spacing:-.4pt\"> <\/span>There<span style=\"letter-spacing:-.5pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>no<span style=\"letter-spacing:-.45pt\"> <\/span>written<span style=\"letter-spacing:-.45pt\">\n<\/span>or binding commitments with respect to the acquisition of Units by these\nparties, and there can be no assurance as to the amount, if any, of Units these\nparties may acquire in the Offering. Any Units purchased by Affiliates will be\npurchased for investment purposes only. However, the investment<span style=\"letter-spacing:-.25pt\"> <\/span>decisions<span style=\"letter-spacing:\n-.25pt\"> <\/span>made<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.25pt\"> <\/span>who<span style=\"letter-spacing:-.15pt\"> <\/span>make<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>purchases<span style=\"letter-spacing:-.25pt\"> <\/span>should not<span style=\"letter-spacing:\n-.05pt\"> <\/span>influence an investor\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>decision\nto invest<span style=\"letter-spacing:-.05pt\"> <\/span>in the Units,<span style=\"letter-spacing:-.05pt\"> <\/span>and an investor should make its own\nindependent investment decision.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection44\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection45\">\n\n<p class=\"MsoHeading9\" style=\"margin-left:12.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">This<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>\u201cbest<span style=\"letter-spacing:-.4pt\"> <\/span>efforts\u201d<span style=\"letter-spacing:-.3pt\">\n<\/span>offering.<span style=\"letter-spacing:-.35pt\"> <\/span>If the Fund is\nunable to raise a substantial amount of capital in the<span style=\"letter-spacing:\n-.3pt\"> <\/span>near<span style=\"letter-spacing:-.3pt\"> <\/span>term,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>have\ndifficulties investing in additional properties and\/or repaying or refinancing\nindebtedness and the investor\u2019s ability to achieve the Fund\u2019s investment\nobjectives, including diversification of our portfolio type and location, could\nbe adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">This<span style=\"letter-spacing:-.3pt\"> <\/span>offering<span style=\"letter-spacing:-.35pt\">\n<\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>being<span style=\"letter-spacing:-.35pt\"> <\/span>made<span style=\"letter-spacing:-.35pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cbest<span style=\"letter-spacing:-.3pt\"> <\/span>efforts\u201d<span style=\"letter-spacing:-.35pt\">\n<\/span>basis,<span style=\"letter-spacing:-.25pt\"> <\/span>which<span style=\"letter-spacing:-.35pt\"> <\/span>means<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the Fund,<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>sponsor of the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund,<span style=\"letter-spacing:-.05pt\">\n<\/span>and the<span style=\"letter-spacing:-.15pt\"> <\/span>broker-dealers<span style=\"letter-spacing:-.05pt\"> <\/span>participating in this Offering<span style=\"letter-spacing:-.65pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>only<span style=\"letter-spacing:-.65pt\"> <\/span>required<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>use<span style=\"letter-spacing:\n-.6pt\"> <\/span>their<span style=\"letter-spacing:-.65pt\"> <\/span>best<span style=\"letter-spacing:-.6pt\"> <\/span>efforts<span style=\"letter-spacing:-.65pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>sell<span style=\"letter-spacing:\n-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>have\nno<span style=\"letter-spacing:-.4pt\"> <\/span>firm<span style=\"letter-spacing:\n-.4pt\"> <\/span>commitment<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>obligation<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>purchase<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Units.<span style=\"letter-spacing:-.4pt\"> <\/span>As<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>result,<span style=\"letter-spacing:-.45pt\"> <\/span>the Fund<span style=\"letter-spacing:-.05pt\">\n<\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:\n-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>able<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>raise<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>substantial<span style=\"letter-spacing:-.15pt\"> <\/span>amount<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>additional<span style=\"letter-spacing:-.1pt\"> <\/span>capital<span style=\"letter-spacing:-.15pt\">\n<\/span>in the<span style=\"letter-spacing:-.45pt\"> <\/span>near<span style=\"letter-spacing:-.45pt\"> <\/span>term.<span style=\"letter-spacing:-.45pt\">\n<\/span>If<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>able<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>accomplish<span style=\"letter-spacing:-.45pt\"> <\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>goal,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>may have<span style=\"letter-spacing:-.3pt\">\n<\/span>difficulty<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>identifying<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>purchasing<span style=\"letter-spacing:-.25pt\"> <\/span>further<span style=\"letter-spacing:-.25pt\">\n<\/span>suitable<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:-.35pt\"> <\/span>on attractive terms in order to meet the\nFund\u2019s investment objectives. Therefore, there could be a delay between the\ntime the Fund receives net proceeds from the sale of Units and the time the\nFund invests the new proceeds.<span style=\"letter-spacing:-.5pt\"> <\/span>For<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Members,<span style=\"letter-spacing:-.5pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>could<span style=\"letter-spacing:-.45pt\"> <\/span>cause<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>substantial<span style=\"letter-spacing:\n-.5pt\"> <\/span>delay<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>time\nit<span style=\"letter-spacing:-.15pt\"> <\/span>takes<span style=\"letter-spacing:\n-.15pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>their<span style=\"letter-spacing:-.05pt\"> <\/span>investment<span style=\"letter-spacing:\n-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>realize<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>full<span style=\"letter-spacing:-.15pt\"> <\/span>potential<span style=\"letter-spacing:\n-.15pt\"> <\/span>returns.<span style=\"letter-spacing:-.1pt\"> <\/span>This<span style=\"letter-spacing:-.15pt\"> <\/span>could also<span style=\"letter-spacing:\n-.25pt\"> <\/span>adversely<span style=\"letter-spacing:-.2pt\"> <\/span>affect<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>ability<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>pay<span style=\"letter-spacing:\n-.2pt\"> <\/span>regular<span style=\"letter-spacing:-.25pt\"> <\/span>distributions<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>cash\nflow<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:\n-.4pt\"> <\/span>operations<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Members.<span style=\"letter-spacing:-.3pt\"> <\/span>If<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>fails<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>timely<span style=\"letter-spacing:-.25pt\"> <\/span>invest<span style=\"letter-spacing:-.35pt\">\n<\/span>the new<span style=\"letter-spacing:-.2pt\"> <\/span>proceeds<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Offering,<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>ability<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>achieve<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>investment\nobjections, including further diversification of the Funds\u2019 portfolio by\nproperty and asset type and location, could be adversely affected. Failure to<span style=\"letter-spacing:-.3pt\"> <\/span>raise<span style=\"letter-spacing:-.35pt\"> <\/span>substantial<span style=\"letter-spacing:-.35pt\"> <\/span>capital<span style=\"letter-spacing:-.35pt\">\n<\/span>also<span style=\"letter-spacing:-.4pt\"> <\/span>could<span style=\"letter-spacing:-.4pt\"> <\/span>hamper<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.35pt\">\n<\/span>ability<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>repay<span style=\"letter-spacing:-.4pt\"> <\/span>or\nrefinance<span style=\"letter-spacing:-.35pt\"> <\/span>indebtedness.<span style=\"letter-spacing:-.25pt\"> <\/span>In<span style=\"letter-spacing:-.2pt\"> <\/span>addition,<span style=\"letter-spacing:-.25pt\"> <\/span>subject<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>our<span style=\"letter-spacing:\n-.35pt\"> <\/span>investment<span style=\"letter-spacing:-.3pt\"> <\/span>policies,<span style=\"letter-spacing:-.25pt\"> <\/span>the Fund is not limited in the number or\nsize of these investments or the percentage of net proceeds that the Fund may\ndedicate to a single investment. If the Fund uses all or substantially all of\nthe future proceeds from this Offering to acquire one or a few investments, the\nlikelihood of the Fund\u2019s profitability being affected by the performance of any\none of the Fund\u2019s investments will increase, and an investment in the Units\nwill be subject to greater risk.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection46\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection47\">\n\n<p class=\"MsoHeading9\" style=\"margin-left:12.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">If the Fund is unable to raise a sufficient amount of capital\nwith respect to the Members Units, the Fund<span style=\"letter-spacing:-.35pt\">\n<\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:\n-.45pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>able<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>construct\na diverse portfolio of<span style=\"letter-spacing:-.05pt\"> <\/span>investments,\nand the value of a Member\u2019s investment in the Fund may fluctuate more widely\nwith the performance of specific <span style=\"letter-spacing:-.1pt\">investments.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>dependent<span style=\"letter-spacing:\n-.6pt\"> <\/span>upon<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>proceeds<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:\n-.6pt\"> <\/span>received<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>Offering\nto<span style=\"letter-spacing:-.45pt\"> <\/span>conduct<span style=\"letter-spacing:\n-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>proposed<span style=\"letter-spacing:-.4pt\">\n<\/span>investment<span style=\"letter-spacing:-.5pt\"> <\/span>activities.<span style=\"letter-spacing:-.45pt\"> <\/span>If<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>unable to raise a sufficient amount of\ncapital with respect to the Members Units, the Fund may not be able to\nconstruct a diverse portfolio of investments, and the value of a Member\u2019s\ninvestment in the Fund may fluctuate more widely with the performance of\nspecific investments. An investor\u2019s investment in Units would be subject to\ngreater risk to the extent that the Fund lacks a diversified portfolio of\ninvestments. In addition, the Fund\u2019s fixed operating expenses, as a percentage\nof gross income, would be higher, and the Fund\u2019s financial condition and\nability to pay distributions could<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>adversely<span style=\"letter-spacing:\n-.1pt\"> <\/span>affected<span style=\"letter-spacing:-.1pt\"> <\/span>if<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>unable<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>raise<span style=\"letter-spacing:-.2pt\"> <\/span>substantial<span style=\"letter-spacing:\n-.2pt\"> <\/span>funds in this Offering.<\/span><span style=\"font-size:9.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection48\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:.05in;margin-right:0in;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>suffer<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>delays\nif the Fund and its advisors are not able to locate suitable investments, which\ncould adversely affect its ability to pay distributions and to achieve the\nFund\u2019s investment objectives.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05in;margin-right:20.85pt;margin-bottom:\n0in;margin-left:12.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">If the Fund is\nable to raise capital quickly during this Offering, the Fund may have\ndifficulty in identifying and purchasing suitable assets in a timely and\nefficient fashion. This may impact the value of a Member\u2019s investment<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the\nMember<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.2pt\">\n<\/span>ability<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>pay<span style=\"letter-spacing:-.1pt\"> <\/span>distribution\nto its Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection49\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection50\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:4.55pt;margin-right:1.9pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n<\/span>has<span style=\"letter-spacing:-.55pt\"> <\/span>sole and absolute\ndiscretion of the Fund\u2019s investment policies.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.65pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Managing\nMember has sole and absolute discretion of the Fund\u2019s investment and\noperational policies, including the Fund\u2019s policies with respect to\ninvestments, acquisitions, growth, operations, indebtedness, capitalization,\nand distributions, at any time without the consent of Members, which could\nresult in the Fund making investments that are differing<span style=\"letter-spacing:\n-.55pt\"> <\/span>from,<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>possibly<span style=\"letter-spacing:-.45pt\">\n<\/span>riskier<span style=\"letter-spacing:-.45pt\"> <\/span>than,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>types<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>investment<span style=\"letter-spacing:-.5pt\"> <\/span>described in this Memorandum. A change to\nthe Fund\u2019s investment strategy may, among other things, increase the Fund\u2019s\nexposure to interest rate risk, default risk, and market fluctuations, all of\nwhich could affect the Fund\u2019s ability to achieve the Fund\u2019s investment\nobjectives.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection51\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection52\">\n\n<p class=\"MsoHeading9\" style=\"margin-left:12.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>participation<span style=\"letter-spacing:\n-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>co- ownership arrangement may subject it\nto risks that otherwise may not be present in other <span style=\"letter-spacing:\n-.1pt\">investments.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\nenter into co-ownership arrangements with respect to a portion of the assets\nthe Fund acquires. Co-ownership arrangements involve risks generally not\notherwise present with an investment in other assets, such as the following:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:20.9pt;margin-bottom:\n0in;margin-left:38.7pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l16 level1 lfo62;\ntab-stops:38.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.3pt\"> <\/span>risk<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>co-owner<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>at<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>time<span style=\"letter-spacing:-.3pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>economic<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>business\ninterests or goals that are or become inconsistent with the Fund\u2019s business\ninterests or goals;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:20.85pt;\nmargin-bottom:0in;margin-left:38.7pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l16 level1 lfo62;tab-stops:38.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.2pt\"> <\/span>risk<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>co-owner<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>position<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>take<span style=\"letter-spacing:-.3pt\"> <\/span>action<span style=\"letter-spacing:-.25pt\">\n<\/span>contrary to the Fund\u2019s instructions or requests or contrary to our\npolicies or <span style=\"letter-spacing:-.1pt\">objectives;<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:20.6pt;margin-bottom:\n0in;margin-left:38.7pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l16 level1 lfo62;\ntab-stops:38.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the possibility\nthat an individual co-owner<span style=\"letter-spacing:-.1pt\"> <\/span>might<span style=\"letter-spacing:-.05pt\"> <\/span>become insolvent or<span style=\"letter-spacing:-.65pt\"> <\/span>bankrupt,<span style=\"letter-spacing:\n-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>otherwise<span style=\"letter-spacing:-.6pt\"> <\/span>default<span style=\"letter-spacing:-.65pt\">\n<\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.6pt\"> <\/span>loan<span style=\"letter-spacing:-.65pt\"> <\/span>financing\ndocuments,<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>constitute<span style=\"letter-spacing:-.6pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>event<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>default<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>all<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the\napplicable loan financing documents<span style=\"letter-spacing:-.05pt\"> <\/span>or\nallow the bankruptcy court to reject the agreements entered into by the\nco-owners owning interests in the relevant property;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:20.75pt;\nmargin-bottom:0in;margin-left:38.7pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l16 level1 lfo62;tab-stops:38.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:-.6pt\"> <\/span>possibility<span style=\"letter-spacing:\n-.5pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>co-owner<span style=\"letter-spacing:-.65pt\">\n<\/span>might<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>have<span style=\"letter-spacing:-.5pt\"> <\/span>adequate<span style=\"letter-spacing:-.55pt\"> <\/span>liquid<span style=\"letter-spacing:-.65pt\">\n<\/span>assets to make cash advances that may be required in order to fund\noperations,<span style=\"letter-spacing:-.6pt\"> <\/span>maintenance,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>expenses<span style=\"letter-spacing:-.5pt\">\n<\/span>related<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>property,\nwhich could result in the loss of current or prospective tenants and may\notherwise adversely affect the operation and maintenance of the property, and\ncould cause a default under the loan financing documents<span style=\"letter-spacing:\n-.5pt\"> <\/span>applicable<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>property<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>result<span style=\"letter-spacing:-.45pt\">\n<\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>late<span style=\"letter-spacing:\n-.55pt\"> <\/span>charges, penalties, and interest, and may lead to the exercise\nof foreclosure and other remedies by the lender;<\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:20.7pt;margin-bottom:\n0in;margin-left:38.7pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l16 level1 lfo62;\ntab-stops:38.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the risk that a\nco-owner could breach agreements related to the property, which may cause a\ndefault under, and possibly result in personal<span style=\"letter-spacing:-.25pt\">\n<\/span>liability<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>connection<span style=\"letter-spacing:\n-.25pt\"> <\/span>with,<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>loan<span style=\"letter-spacing:-.25pt\"> <\/span>financing<span style=\"letter-spacing:-.3pt\"> <\/span>documents applicable to the property,\nviolate applicable securities laws, result in a foreclosure, or otherwise\nadversely affect the property and the co-ownership arrangement;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:20.75pt;\nmargin-bottom:0in;margin-left:38.7pt;margin-bottom:.0001pt;text-indent:-.25in;\nline-height:98%;mso-list:l16 level1 lfo62;tab-stops:38.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:98%;font-family:Symbol;mso-fareast-font-family:\nSymbol;mso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:98%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the\nrisk that a default by any co-owner would constitute a default under<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>loan\nfinancing<span style=\"letter-spacing:-.1pt\"> <\/span>documents<span style=\"letter-spacing:-.05pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.15pt\"> <\/span>to the property that<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;line-height:98%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:98%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection53\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:191.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">could result in\na foreclosure and the loss of all or a substantial portion of the investment\nmade by the co-owner;<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:21.1pt;margin-bottom:\n0in;margin-left:191.45pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:\nl16 level2 lfo62;tab-stops:191.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the risk that\nthe Fund could have limited control and rights, with management decisions made\nentirely by a third-party; and<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:21.05pt;\nmargin-bottom:0in;margin-left:191.45pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l16 level2 lfo62;tab-stops:191.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the possibility\nthat the Fund will not have the right to sell the property at a time that\notherwise could result in the property being sold for its maximum value.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.4pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In the event<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.1pt\">\n<\/span>interests<span style=\"letter-spacing:-.1pt\"> <\/span>become adverse to<span style=\"letter-spacing:-.1pt\"> <\/span>those of the<span style=\"letter-spacing:\n-.15pt\"> <\/span>other co-owners,<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>have<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>contractual<span style=\"letter-spacing:-.5pt\"> <\/span>right<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>purchase<span style=\"letter-spacing:-.4pt\">\n<\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>co- ownership interests\nfrom the other co-owners. Even if the Fund is given the opportunity to purchase\nsuch co-ownership interests in the future, the Fund<span style=\"letter-spacing:\n-.4pt\"> <\/span>cannot<span style=\"letter-spacing:-.55pt\"> <\/span>guarantee<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>have<span style=\"letter-spacing:-.4pt\"> <\/span>sufficient<span style=\"letter-spacing:-.45pt\"> <\/span>funds<span style=\"letter-spacing:-.45pt\">\n<\/span>available<span style=\"letter-spacing:-.45pt\"> <\/span>at the time to purchase\nco-ownership interests from the co-owners.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\nwant to sell its co-ownership interests in a given property at a time when the\nother co-owners in such property do not desire to sell their<span style=\"letter-spacing:-.4pt\"> <\/span>interests.<span style=\"letter-spacing:\n-.4pt\"> <\/span>Therefore,<span style=\"letter-spacing:-.5pt\"> <\/span>because<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>anticipates<span style=\"letter-spacing:\n-.45pt\"> <\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>it<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>much more difficult to find a willing\nbuyer for its co-ownership interests in a property<span style=\"letter-spacing:\n-.4pt\"> <\/span>than<span style=\"letter-spacing:-.4pt\"> <\/span>it<span style=\"letter-spacing:-.55pt\"> <\/span>would<span style=\"letter-spacing:-.45pt\">\n<\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:\n-.45pt\"> <\/span>find<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>buyer<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>property<span style=\"letter-spacing:-.45pt\"> <\/span>owned<span style=\"letter-spacing:-.4pt\"> <\/span>outright,<span style=\"letter-spacing:-.5pt\"> <\/span>the Fund may not be able to sell its\ninterest in a property at the time the Fund would like to sell.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nco-ownerships interests may also be owned by Affiliates of the Fund or the\nsponsor of the Fund. There is no guarantee that such<span style=\"letter-spacing:\n-.1pt\"> <\/span>Affiliates will make decisions with respect to such real\nproperty or real property assets that are in the best interests of the Fund,\nand the Managing Member and the Fund may have no ability to require such\nAffiliates to act in the best interests of the Fund. Such adverse decisions may\naffect an investment in the Units or the Fund\u2019s ability to make distributions\nto the Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection54\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:4.5pt;margin-right:0in;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>subject<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>privacy<span style=\"letter-spacing:-.4pt\"> <\/span>law compliance risks.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.5pt;margin-right:20.65pt;margin-bottom:\n0in;margin-left:9.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The adoption,\ninterpretation and application of consumer, data protection and\/or<span style=\"letter-spacing:-.4pt\"> <\/span>privacy<span style=\"letter-spacing:-.4pt\">\n<\/span>laws<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>regulations<span style=\"letter-spacing:\n-.45pt\"> <\/span>(&#8220;<u>Privacy<span style=\"letter-spacing:-.4pt\"> <\/span>Laws<\/u>&#8220;)<span style=\"letter-spacing:\n-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>United<span style=\"letter-spacing:-.4pt\">\n<\/span>States, Europe, and elsewhere are often uncertain and in flux.<span style=\"letter-spacing:2.0pt\"> <\/span>Compliance with Privacy Laws could\nsignificantly impact current and planned privacy and information security\nrelated practices, the collection, use, sharing, retention and safeguarding of\npersonal data and current and planned business activities of the Fund Sponsors,\nthe Fund and the Fund investments,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>could<span style=\"letter-spacing:-.5pt\"> <\/span>increase<span style=\"letter-spacing:-.4pt\"> <\/span>costs<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>require<span style=\"letter-spacing:-.4pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>dedication<span style=\"letter-spacing:-.4pt\"> <\/span>of additional<span style=\"letter-spacing:\n-.2pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>resources<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>compliance<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>entities.<span style=\"letter-spacing:\n2.0pt\"> <\/span>A<span style=\"letter-spacing:-.2pt\"> <\/span>failure<span style=\"letter-spacing:-.3pt\"> <\/span>to comply with such Privacy Laws by any\nsuch entity or their service providers could result in fines, private and\ngovernmental legal action, sanctions, or other penalties, which could\nmaterially and adversely affect the results of operations and overall business,\nas well as have a negative impact on reputation and Fund performance.<span style=\"letter-spacing:2.0pt\"> <\/span>As Privacy Laws are implemented,\ninterpreted, and applied, compliance costs for the Fund, and\/or the Fund\ninvestments are likely to increase, particularly in the context of ensuring\nthat adequate data protection and data transfer mechanisms are in place.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:50.45pt;margin-bottom:\n0in;margin-left:9.25pt;margin-bottom:.0001pt;text-align:justify;tab-stops:67.5pt\"><span style=\"font-size:8.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">For\nexample, California has passed the California Consumer Privacy Act of 2018 and\nthe California Privacy Rights Act of 2020, and the EU has enacted the General\nData Protection Regulation (EU 2016\/679), each of which broadly impacts\nbusinesses that handle various types of personal data.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Such laws impose stringent legal and operational obligations on\nregulated<span style=\"letter-spacing:1.85pt\"> <\/span>businesses,<span style=\"letter-spacing:1.85pt\"> <\/span>as<span style=\"letter-spacing:1.8pt\"> <\/span>well<span style=\"letter-spacing:1.95pt\"> <\/span>as<span style=\"letter-spacing:1.8pt\"> <\/span>the<span style=\"letter-spacing:1.85pt\"> <\/span>potential<span style=\"letter-spacing:\n1.8pt\"> <\/span>for<span style=\"letter-spacing:1.85pt\"> <\/span>significant<span style=\"letter-spacing:1.8pt\"> <\/span><span style=\"letter-spacing:-.1pt\">penalties.<\/span><\/span><span style=\"font-size:8.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection55\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Other\njurisdictions, including other U.S. states, have passed similar laws, including\nthe Colorado Privacy Act and the Virginia Consumer Data Protection Act, and\nother states have proposed or are considering similar Privacy Laws, which if\nenacted could impose similarly significant costs and<span style=\"letter-spacing:\n-.15pt\"> <\/span>operational<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>legal<span style=\"letter-spacing:-.2pt\"> <\/span>obligations.<span style=\"letter-spacing:2.0pt\"> <\/span>Such<span style=\"letter-spacing:-.25pt\"> <\/span>Privacy<span style=\"letter-spacing:-.25pt\"> <\/span>Laws<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>regulations are<span style=\"letter-spacing:\n-.55pt\"> <\/span>expected<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>vary<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.5pt\"> <\/span>jurisdiction<span style=\"letter-spacing:\n-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>jurisdiction,<span style=\"letter-spacing:-.55pt\"> <\/span>thus<span style=\"letter-spacing:-.6pt\"> <\/span>increasing<span style=\"letter-spacing:-.5pt\"> <\/span>costs, operational<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>legal<span style=\"letter-spacing:-.2pt\"> <\/span>burdens,<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>potential<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>significant<span style=\"letter-spacing:-.25pt\"> <\/span>liability<span style=\"letter-spacing:\n-.15pt\"> <\/span>for regulated entities.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection56\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:4.55pt;margin-right:1.9pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>subject<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>risks\nrelating to cybersecurity.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.35pt;margin-bottom:\n0in;margin-left:12.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund, the\nFund Sponsors, the Managing Member, any portfolio company<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>subsidiary<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>their<span style=\"letter-spacing:-.1pt\"> <\/span>investments<span style=\"letter-spacing:-.2pt\"> <\/span>and their respective affiliates, service\nproviders, customers and counterparties use computers, other electronic\ndevices, networks, software, on-line services and other tools (collectively,\n&#8220;<i>Information Systems<\/i>&#8220;) to\nprocess, store and transmit large amounts of electronic information, including\nwithout limitation information relating to (i) Fund transactions, (ii) the\nmembers of the Fund, and (iii) the business of the Fund and other Fund\ninvestments, including their customers and counterparties (collectively, &#8220;<i>Data<\/i>&#8220;).<span style=\"letter-spacing:\n2.0pt\"> <\/span>Data may include confidential information such as market\nsensitive data and personally identifiable information of members of the Fund,\ncustomers, and other parties.<span style=\"letter-spacing:2.0pt\"> <\/span>Information\nSystems are not able to protect<span style=\"letter-spacing:-.65pt\"> <\/span>Data<span style=\"letter-spacing:-.6pt\"> <\/span>under<span style=\"letter-spacing:-.65pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>circumstances<span style=\"letter-spacing:\n-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>personnel<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>also<span style=\"letter-spacing:-.65pt\"> <\/span>fail<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>manage and update these Information\nSystems sufficiently to protect Data.<span style=\"letter-spacing:2.0pt\"> <\/span>In\naddition,<span style=\"letter-spacing:-.2pt\"> <\/span>computer<span style=\"letter-spacing:-.3pt\"> <\/span>malware,<span style=\"letter-spacing:-.2pt\">\n<\/span>viruses,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>computer<span style=\"letter-spacing:-.2pt\">\n<\/span>hacking,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>phishing attacks have become more\nprevalent and may occur on the Information Systems at any time and may\nsuccessfully compromise the Information Systems\u2019 security processes.<span style=\"letter-spacing:2.0pt\"> <\/span>Any breach of these or other Information\nSystems may cause Data to be lost or improperly accessed, used or disclosed,\nmay impair performance, reliability and access to the Information<span style=\"letter-spacing:-.65pt\"> <\/span>Systems,<span style=\"letter-spacing:-.6pt\">\n<\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>impair<span style=\"letter-spacing:-.6pt\"> <\/span>performance,<span style=\"letter-spacing:\n-.65pt\"> <\/span>reliability<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>access<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the Information Systems,\nand cause the Managing Member, the Fund Sponsors,<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund,<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>portfolio<span style=\"letter-spacing:-.3pt\"> <\/span>companies<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>subsidiaries<span style=\"letter-spacing:\n-.35pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>other Fund investments\nand their respective affiliates, service providers, customers and\/or\ncounterparties to suffer, among other things, financial loss, disruption of\nbusiness, liability to third parties, regulatory intervention or reputational\ndamage.<span style=\"letter-spacing:2.0pt\"> <\/span>Any of the foregoing events\ncould have<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:\n-.6pt\"> <\/span>material<span style=\"letter-spacing:-.65pt\"> <\/span>adverse<span style=\"letter-spacing:-.6pt\"> <\/span>effect<span style=\"letter-spacing:-.65pt\">\n<\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>Fund,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>Sponsors,<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Manger,\nthe members of the Fund, and the members&#8217; investments therein.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection57\">\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" align=\"left\" style=\"margin-left: 37.25pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">RISKS<span style=\"letter-spacing:-.4pt\"> <\/span>RELATED<span style=\"letter-spacing:-.3pt\">\n<\/span>TO<span style=\"letter-spacing:-.2pt\"> <\/span>THE<span style=\"letter-spacing:\n-.3pt\"> <\/span>MANAGING<span style=\"letter-spacing:-.2pt\"> <\/span>MEMBER<span style=\"letter-spacing:-.3pt\"> <\/span>AND<span style=\"letter-spacing:-.35pt\"> <\/span>ITS<span style=\"letter-spacing:-.35pt\"> <\/span>ADVISORS<span style=\"letter-spacing:-.4pt\">\n<\/span>AND<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">AFFILIATES<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection58\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member, including its advisors and Affiliates, face conflicts of\ninterest caused by their compensation arrangements with the Fund, which could\nresult in actions that are not in the long-term best interests of<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:18.9pt;line-height:11.45pt;mso-line-height-rule:\nexactly\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investors.<\/span><\/span><\/i><\/b><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:11.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund\u2019s\nManaging Member, including its advisors and Affiliates, are entitled to\nsubstantial fees from the Fund under the terms of the LLC Agreement<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>certain<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>agreements,<span style=\"letter-spacing:-.65pt\"> <\/span>including<span style=\"letter-spacing:\n-.6pt\"> <\/span>management<span style=\"letter-spacing:-.65pt\"> <\/span>contracts.\nThese<span style=\"letter-spacing:-.15pt\"> <\/span>fees<span style=\"letter-spacing:\n-.2pt\"> <\/span>could<span style=\"letter-spacing:-.1pt\"> <\/span>influence<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>judgment<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>its Affiliates in performing services for\nthe Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection59\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:7.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s Managing Member faces a conflict of interest because\nthe fees it receives for services<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.4pt\"> <\/span>based<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s\nNAV, which the Managing Member and its affiliates are responsible for\ndetermining.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:9.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Managing\nMember is paid an Asset Management Fee for its<span style=\"letter-spacing:-.05pt\">\n<\/span>services based on the Fund\u2019s NAV, which is calculated by the Managing\nMember and its affiliates. In addition, the calculation of the Managing Member\nPerformance<span style=\"letter-spacing:-.25pt\"> <\/span>Allocation<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>based<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>part<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\">\n<\/span>net<span style=\"letter-spacing:-.4pt\"> <\/span>assets<span style=\"letter-spacing:-.3pt\"> <\/span>(which is a component of its NAV).<span style=\"letter-spacing:-.2pt\"> <\/span>The calculation<span style=\"letter-spacing:\n-.05pt\"> <\/span>of the Fund\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>NAV\nincludes certain subjective judgments with respect to estimating, for example,\nthe value of the Fund\u2019s portfolio and accrued expenses, net portfolio income\nand liabilities, and therefore, the Fund\u2019s NAV may not correspond to realizable\nvalue upon a sale of those assets. The Managing Member may benefit from the\nFund retaining ownership of assets at times when Members may be better served\nby the sale or disposition of our assets in order to avoid a reduction in the\nFund\u2019s NAV. If the Fund\u2019s NAV is calculated in a way that is not reflective of\nits actual NAV, then the purchase price of Units or the redemption proceeds of\nUnits on a given date may not accurately reflect the value of the Fund\u2019s\nportfolio, and a Member\u2019s Units may be worth less than the purchase price or\nmore than the redemption amount. The valuation of the Fund\u2019s investments will\naffect the amount and timing of the Asset Management Fee paid to the Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>Performance<span style=\"letter-spacing:-.65pt\"> <\/span>Allocation.<span style=\"letter-spacing:\n-.6pt\"> <\/span>As a result, there may be circumstances where the Managing\nMember is incentivized to determine valuations that are higher than the actual\nfair value of our investments.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection60\">\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection61\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Payment of fees to the Managing Member and its advisors and Affiliates\nwill reduce the cash available for investment<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>distribution<span style=\"letter-spacing:-.65pt\"> <\/span>and will increase the risk that an\ninvestor will not be able to recover the amount of its investment in the Units.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:13.5pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>advisors<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>perform<span style=\"letter-spacing:-.6pt\">\n<\/span>services<span style=\"letter-spacing:-.65pt\"> <\/span>for the Fund in\nconnection with the distribution of the Fund\u2019s Units, the selection and\nacquisition of the Fund\u2019s investments, and the management of the Fund\u2019s assets.\nThe Fund pays its advisors and Affiliates fees for these services, which will\nreduce the amount of cash available for investments or distributions to the\nFund\u2019s Members. The fees the Fund pays to its Managing Member and its\nAffiliates decrease the value of the Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>portfolio<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>increase<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>risk<span style=\"letter-spacing:-.5pt\"> <\/span>investors<span style=\"letter-spacing:-.6pt\">\n<\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:\n-.65pt\"> <\/span>receive<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>return<span style=\"letter-spacing:-.5pt\">\n<\/span>on their investment in the Units.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection62\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection63\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Managing Member faces conflicts of interest relating to the<span style=\"letter-spacing:-.55pt\"> <\/span>incentive<span style=\"letter-spacing:\n-.5pt\"> <\/span>fee<span style=\"letter-spacing:-.55pt\"> <\/span>structure<span style=\"letter-spacing:-.5pt\"> <\/span>under the Fund\u2019s LLC Agreement, which\ncould result in actions that are not necessarily in the long-term best\ninterests of the Fund\u2019s investors.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:10.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Pursuant to the\nterms of the LLC Agreement, the Managing Member is entitled to the Managing\nMember Performance Allocation based on the profits<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund.<span style=\"letter-spacing:-.3pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\">\n<\/span>Member,<span style=\"letter-spacing:-.3pt\"> <\/span>therefore,<span style=\"letter-spacing:-.3pt\"> <\/span>could<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>motivated to recommend riskier investments\nin order for the Fund to generate the specified levels of performance that\nwould entitle the Managing Member to incentive compensation.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection64\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection65\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Managing Member and its Affiliates face conflicts of\ninterest with respect to the allocation of investment opportunities between the\nFund and other investment programs that<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.4pt\"> <\/span>managed<span style=\"letter-spacing:-.45pt\">\n<\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.45pt\"> <\/span>of the Managing Member.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.8pt;margin-bottom:\n0in;margin-left:9.15pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund relies\non the Managing Member and its Affiliates and advisors to identify and select\npotential investment opportunities on the Fund\u2019s behalf. At the same time, the\nManaging Member\u2019s Affiliates and advisor manage other investment programs\nsponsored by the sponsor of the Fund that may have investment objectives and\ninvestment strategies that are similar<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>objectives<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>strategies.<span style=\"letter-spacing:-.1pt\"> <\/span>As<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>result,<span style=\"letter-spacing:-.1pt\">\n<\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>Affiliates and advisors\ncould face conflicts of interest in allocating acquisition opportunities as\nthey become available. Each investor will not have the opportunity<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>evaluate<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>manner<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>these<span style=\"letter-spacing:-.1pt\"> <\/span>conflicts<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>interest<span style=\"letter-spacing:-.1pt\"> <\/span>are resolved before or after making the\ninvestment in Units.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection66\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:.05in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Managing Member\u2019s advisors<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>officers,<span style=\"letter-spacing:-.65pt\"> <\/span>including its key personnel and officers,\nface<span style=\"letter-spacing:-.35pt\"> <\/span>conflicts<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>interest<span style=\"letter-spacing:-.4pt\"> <\/span>related to the positions they hold with\naffiliated and unaffiliated entities,<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>could<span style=\"letter-spacing:-.45pt\"> <\/span>hinder<span style=\"letter-spacing:-.5pt\"> <\/span>the Fund\u2019s ability to successfully\nimplement its business strategy and to generate returns to the <span style=\"letter-spacing:-.1pt\">Members.<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05in;margin-right:20.45pt;margin-bottom:\n0in;margin-left:14.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>managed<span style=\"letter-spacing:-.65pt\">\n<\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>Cloud Toronto &#8211; FYBN Cos.<span style=\"letter-spacing:.5pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>management<span style=\"letter-spacing:-.65pt\"> <\/span>team of Cloud Toronto &#8211; FYBN Cos each\nhave other business interests as well. As a result, key personnel may have\nduties to other entities and their stockholders, members, and Members, in<span style=\"letter-spacing:-.05pt\"> <\/span>addition to<span style=\"letter-spacing:\n-.05pt\"> <\/span>business<span style=\"letter-spacing:-.05pt\"> <\/span>interests<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>other\nentities. These duties to such other entities and persons may create conflicts\nwith the duties that they owe indirectly to the Fund. There is a risk that\ntheir loyalties to these<span style=\"letter-spacing:-.05pt\"> <\/span>other\nentities could result in actions or inactions that are adverse to the Fund\u2019s\nbusiness and violate their fiduciary duties to the Fund, which could harm the\nimplementation of the Fund\u2019s investment strategy and its investment and leasing\nopportunities.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:14.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Conflicts with\nthe Fund\u2019s business and interests are most likely to arise from<span style=\"letter-spacing:-.3pt\"> <\/span>involvement<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>activities<span style=\"letter-spacing:-.35pt\"> <\/span>related<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>(1)<span style=\"letter-spacing:\n-.3pt\"> <\/span>allocation<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>new<span style=\"letter-spacing:-.3pt\"> <\/span>investments\n<span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.3pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">management<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">time<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">services<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">between<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">other<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">entities,<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:14.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">(2) the Fund\u2019s\npurchase of properties from, or sale of properties to, affiliated entities, (3)\nthe timing and terms of the investment in or sale of an asset, (4) development\nof the Fund\u2019s properties by Affiliates, (5) investments with Affiliates of the\nManaging Member, and (6) compensation<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n<\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliates.<span style=\"letter-spacing:\n-.45pt\"> <\/span>If<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>does\nnot successfully implement its investment strategy, the Fund may be unable<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>maintain<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>increase<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>value<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>assets<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>operating<span style=\"letter-spacing:-.2pt\"> <\/span>cash flows and ability to pay\ndistributions could be adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection67\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection68\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>success<span style=\"letter-spacing:-.45pt\">\n<\/span>depends<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>a significant degree upon certain key\npersonnel of the Managing Member. If the Managing Member is unable to obtain\nkey personnel, the Fund\u2019s ability to achieve its investment objectives could be\ndelayed or hindered, which could adversely affect the Fund\u2019s ability to pay\ndistributions to Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:9.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.35pt\">\n<\/span>success<span style=\"letter-spacing:-.4pt\"> <\/span>depends<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>significant<span style=\"letter-spacing:\n-.35pt\"> <\/span>degree<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>contributions\nof certain executive officers and other key personnel of the Managing Member,<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>described<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>detail<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>Memorandum,<span style=\"letter-spacing:\n-.4pt\"> <\/span>each<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>whom<span style=\"letter-spacing:-.4pt\"> <\/span>would\nbe difficult to replace. The Fund cannot guarantee that all of these key\npersonnel, or any particular person, will remain affiliated with the Fund, its<span style=\"letter-spacing:-.45pt\"> <\/span>sponsor<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>Fund,<span style=\"letter-spacing:-.5pt\"> <\/span>and\/or<span style=\"letter-spacing:-.45pt\"> <\/span>advisors<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>Affiliates.<span style=\"letter-spacing:-.35pt\"> <\/span>If<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund\u2019s key personnel were to cease their\naffiliation with the Managing Member, the Fund\u2019s operating results could\nsuffer. Further, as of the date of this Memorandum the Fund does not separately\nmaintain key person life insurance on any person and the Fund may not do so in\nthe future. The Fund believes that its future success depends, in large part,\nupon the Managing Member\u2019s ability to hire and retain highly skilled\nmanagerial, operational, and marketing personnel. Competition for such\npersonnel is intense, and the Fund cannot assure potential investors that the\nFund\u2019s Sponsor, Managing Member, or advisors will be successful in attracting\nand retaining such skilled personnel. If the Managing Member or its Affiliates\nlose or are unable to obtain the services of key personnel, the Fund\u2019s ability\nto implement its investment strategies could be delayed or hindered, and the\namount available for distribution to the Members may <span style=\"letter-spacing:\n-.1pt\">decline.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection69\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection70\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s Sponsors are affiliate entities of the Managing\nMember and, therefore,<span style=\"letter-spacing:-.55pt\"> <\/span>each<span style=\"letter-spacing:-.6pt\"> <\/span>investor<span style=\"letter-spacing:-.5pt\">\n<\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>not have the benefit of\nan independent review of the Memorandum or of the Fund that customarily is\nperformed.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:13.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>Sponsors<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.55pt\"> <\/span>affiliate<span style=\"letter-spacing:\n-.55pt\"> <\/span>entities<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>and,<span style=\"letter-spacing:-.55pt\"> <\/span>as a result, are not in a position to\nmake an independent review of the Fund or<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.35pt\"> <\/span>Offering.<span style=\"letter-spacing:-.3pt\"> <\/span>Accordingly,<span style=\"letter-spacing:\n-.3pt\"> <\/span>each<span style=\"letter-spacing:-.35pt\"> <\/span>investor<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>rely<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>own broker-dealer or financial advisor to\nmake an independent review of the terms of this Offering.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection71\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:.05in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund is permitted to acquire<span style=\"letter-spacing:\n-.55pt\"> <\/span>assets<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>borrow<span style=\"letter-spacing:-.55pt\">\n<\/span>funds from<span style=\"letter-spacing:-.05pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing Member, and any such transaction\ncould result in conflicts of interest.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05in;margin-right:20.7pt;margin-bottom:\n0in;margin-left:11.05pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund is\npermitted to acquire assets and borrow funds from Affiliates of the Managing\nMember, and any such transaction could result in a conflict of interest. This\nmay result in the Fund paying more than the Managing Member or its Affiliates\npaid for an asset or the rate at which such Affiliates are able to borrow\nfunds.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:11.05pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\">\n<\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>create<span style=\"letter-spacing:-.6pt\"> <\/span>special<span style=\"letter-spacing:-.6pt\">\n<\/span>purpose<span style=\"letter-spacing:-.6pt\"> <\/span>entities to<span style=\"letter-spacing:-.5pt\"> <\/span>acquire<span style=\"letter-spacing:-.55pt\">\n<\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>specific<span style=\"letter-spacing:-.55pt\"> <\/span>purpose<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>selling<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>properties<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the\nFund, and the Fund may acquire such properties,<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.85pt;margin-bottom:\n0in;margin-left:11.05pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">From time to\ntime, the Fund may borrow funds from Affiliates of the Managing Member,\nincluding the Sponsor, as bridge financing to enable the Fund to acquire a\nproperty or for the purpose of providing short term financing as necessary. No\nsuch transactions must be approved by the Members.<span style=\"letter-spacing:\n-.5pt\"> <\/span>In<span style=\"letter-spacing:-.6pt\"> <\/span>general,<span style=\"letter-spacing:-.5pt\"> <\/span>these<span style=\"letter-spacing:-.55pt\"> <\/span>transactions<span style=\"letter-spacing:-.55pt\"> <\/span>occur<span style=\"letter-spacing:-.6pt\"> <\/span>regularly<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>marketplace at rates substantially higher\nthan conventional bank financing.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection72\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection73\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Managing Member faces conflicts of interest relating to\njoint ventures or other co- ownership arrangements that the Fund may enter into\nwith investment<span style=\"letter-spacing:-.65pt\"> <\/span>programs<span style=\"letter-spacing:-.6pt\"> <\/span>sponsored by the Fund\u2019s Sponsor, which\ncould result in a disproportionate benefit to the Sponsor or an investment\nprogram sponsored by the Fund\u2019s Sponsor<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:13.75pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\nenter into joint ventures with an investment program sponsored by the Fund\u2019s\nSponsor for the acquisition, development, or improvement of properties as well\nas the acquisition of investments. Officers and key persons of the Managing\nMember also are officers and key persons of funds sponsored by the Fund\u2019s\nSponsor, and\/or their advisors, the Managing Members of investment programs\nsponsored by the Sponsor and\/or the advisors or fiduciaries of investment\nprograms sponsored by the Sponsor. These officers and key persons may face\nconflicts<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:\n-.6pt\"> <\/span>interest<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>determining<span style=\"letter-spacing:\n-.65pt\"> <\/span>which<span style=\"letter-spacing:-.55pt\"> <\/span>investment<span style=\"letter-spacing:-.6pt\"> <\/span>program<span style=\"letter-spacing:-.55pt\">\n<\/span>should<span style=\"letter-spacing:-.65pt\"> <\/span>enter into any\nparticular joint venture or co-ownership arrangement. These persons<span style=\"letter-spacing:-.65pt\"> <\/span>also<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>conflict<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>structuring<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>terms<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>relationship between the Fund and any\naffiliated co-venturer or co-owner, as well as conflicts of interests in\nmanaging the joint venture.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection74\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-left:6.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">RISKS<span style=\"letter-spacing:-.4pt\"> <\/span>RELATED<span style=\"letter-spacing:-.3pt\"> <\/span>TO<span style=\"letter-spacing:-.2pt\"> <\/span>THE<span style=\"letter-spacing:-.25pt\"> <\/span>FUND\u2019S<span style=\"letter-spacing:-.4pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">STRUCTURE<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection75\">\n\n<p class=\"MsoHeading9\" style=\"margin-right:1.9pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A Member\u2019s\nUnits will be diluted if the Fund issues additional<span style=\"letter-spacing:\n-.45pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.45pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Members\nwill not have preemptive rights to any Units or other securities issued in the\nfuture. There is no limitation on the amount of capital<span style=\"letter-spacing:\n-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>raise<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>Incorporation<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>LLC\nAgreement. To the extent additional Members Units are issued after a Member\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>acquisition<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\">\n<\/span>Units,<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>interest<span style=\"letter-spacing:-.1pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be <span style=\"letter-spacing:-.1pt\">diluted.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection76\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection77\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject to\nthe terms of the LLC Agreement, the Managing Member<span style=\"letter-spacing:\n-.55pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>change<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"color:#221F1F\">Fund\u2019s <\/span>investment and operational policies without\nInvestor <span style=\"letter-spacing:-.1pt\">consent<\/span><\/span><\/i><\/b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">.<\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:9.75pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except for changes to the\ninvestment restrictions contained in the LLC Agreement,<span style=\"letter-spacing:\n-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>time<span style=\"letter-spacing:-.1pt\"> <\/span>without<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>consent<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>our<span style=\"letter-spacing:-.05pt\"> <\/span>Investors,<span style=\"letter-spacing:\n-.1pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>could result in\nour making investments that are different from, and possibly riskier or more\nhighly leveraged than, the types of investments described in this Memorandum. A\nchange in our investment strategy may, among other things, increase the Fund&#8217;s\nexposure to real estate market fluctuations,<span style=\"letter-spacing:-.65pt\">\n<\/span>default<span style=\"letter-spacing:-.6pt\"> <\/span>risk<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>interest<span style=\"letter-spacing:-.65pt\"> <\/span>rate<span style=\"letter-spacing:-.6pt\"> <\/span>risk,<span style=\"letter-spacing:-.65pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>could<span style=\"letter-spacing:-.65pt\"> <\/span>materially affect the <span style=\"color:#221F1F\">Fund\u2019s <\/span>results of operations and financial\ncondition.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection78\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection79\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund has certain indemnification obligations, the triggering<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.25pt\"> an<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.85pt;margin-bottom:\n0in;margin-left:10.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>LLC<span style=\"letter-spacing:-.2pt\"> <\/span>Agreement<span style=\"letter-spacing:-.2pt\"> <\/span>expressly<span style=\"letter-spacing:-.15pt\">\n<\/span>limits<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.15pt\"> <\/span>as well as its officers\u2019 and advisors\u2019\nliability by providing that the Fund and its<span style=\"letter-spacing:3.2pt\">\n<\/span>officers,<span style=\"letter-spacing:3.3pt\"> <\/span>directors,<span style=\"letter-spacing:3.3pt\"> <\/span>agents,<span style=\"letter-spacing:3.3pt\">\n<\/span>and<span style=\"letter-spacing:3.3pt\"> <\/span>employees,<span style=\"letter-spacing:3.3pt\"> <\/span>will<span style=\"letter-spacing:3.25pt\"> <\/span>not<span style=\"letter-spacing:3.15pt\"> <\/span>be<span style=\"letter-spacing:3.3pt\"> <\/span>liable<span style=\"letter-spacing:3.25pt\"> <\/span><span style=\"letter-spacing:-.25pt\">or<\/span><\/span><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection80\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:3.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">adverse<span style=\"letter-spacing:-.45pt\"> <\/span>impact<span style=\"letter-spacing:-.45pt\"> <\/span>on<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>and\nits cash available for distribution to its Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.45pt;margin-bottom:\n0in;margin-left:11.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">accountable,\nexcept in limited circumstances, to the Fund for losses sustained,<span style=\"letter-spacing:-.3pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.35pt\"> <\/span>incurred,<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>benefits<span style=\"letter-spacing:-.35pt\">\n<\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>derived.<span style=\"letter-spacing:-.4pt\"> <\/span>In<span style=\"letter-spacing:-.4pt\"> <\/span>addition,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>LLC\nAgreement is required to indemnify such persons to the extent permitted by\napplicable law from and against any and all claims arising from operations of\nthe Managing Member, unless it is established that: (1) the act or omission was\ncommitted in bad faith, was fraudulent or was the result of active and\ndeliberate dishonesty; (2) the indemnified party received<span style=\"letter-spacing:.4pt\"> <\/span>an<span style=\"letter-spacing:.4pt\"> <\/span>improper<span style=\"letter-spacing:.4pt\"> <\/span>personal<span style=\"letter-spacing:.3pt\"> <\/span>benefit<span style=\"letter-spacing:.3pt\"> <\/span>in<span style=\"letter-spacing:.35pt\"> <\/span>money,<span style=\"letter-spacing:.4pt\"> <\/span>property<span style=\"letter-spacing:.35pt\">\n<\/span>or<span style=\"letter-spacing:.35pt\"> <\/span>services;<span style=\"letter-spacing:.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">or<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:21.0pt;margin-bottom:\n0in;margin-left:11.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">(3) in the case\nof a criminal proceeding, the indemnified person had reasonable cause to\nbelieve that the act or omission was unlawful.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection81\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection82\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s investment return may be reduced if the Fund is\ndeemed to be an investment company<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Investment\nCompany Act<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:16.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund does\nnot intend, or expect to be required, to register as an investment<span style=\"letter-spacing:-.4pt\"> <\/span>company<span style=\"letter-spacing:-.45pt\">\n<\/span>under<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\"> <\/span>Act.<span style=\"letter-spacing:-.35pt\"> <\/span>Rule<span style=\"letter-spacing:-.35pt\"> <\/span>3a-1<span style=\"letter-spacing:-.45pt\"> <\/span>under the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Investment<span style=\"letter-spacing:-.05pt\"> <\/span>Company\nAct<span style=\"letter-spacing:-.15pt\"> <\/span>generally provides<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>an\nissuer will<span style=\"letter-spacing:-.05pt\"> <\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>be deemed to be an \u201cinvestment<span style=\"letter-spacing:-.05pt\"> <\/span>company\u201d provided that (1) it<span style=\"letter-spacing:-.2pt\"> <\/span>does not<span style=\"letter-spacing:-.05pt\">\n<\/span>hold itself out as being engaged primarily, or propose to engage\nprimarily, in the business of investing, reinvesting, or trading in securities\nand (2) no more than forty (40%) percent. of the value of its assets (exclusive\nof government securities and cash items) and no more than forty (40%) percent\nof its net income after taxes (for the past four fiscal quarters combined) is\nderived from securities other than government securities, securities<span style=\"letter-spacing:-.1pt\"> <\/span>issued by<span style=\"letter-spacing:-.15pt\">\n<\/span>employees\u2019<span style=\"letter-spacing:-.05pt\"> <\/span>securities<span style=\"letter-spacing:-.1pt\"> <\/span>companies,<span style=\"letter-spacing:\n-.05pt\"> <\/span>securities<span style=\"letter-spacing:-.1pt\"> <\/span>issued by\ncertain<span style=\"letter-spacing:-.65pt\"> <\/span>majority<span style=\"letter-spacing:-.6pt\"> <\/span>owned<span style=\"letter-spacing:-.65pt\"> <\/span>subsidiaries<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>company,<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>securities<span style=\"letter-spacing:-.65pt\"> <\/span>issued by certain companies that are\ncontrolled primarily by such issuer. If the Fund<span style=\"letter-spacing:\n-.05pt\"> <\/span>was<span style=\"letter-spacing:-.1pt\"> <\/span>obligated to<span style=\"letter-spacing:-.1pt\"> <\/span>register<span style=\"letter-spacing:-.1pt\">\n<\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:\n-.05pt\"> <\/span>investment<span style=\"letter-spacing:-.1pt\"> <\/span>company<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>would have to comply with a variety of\nsubstantive requirements under the Investment Company Act that impose\nsignificant restrictions.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.7pt;margin-bottom:\n0in;margin-left:16.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">If the Fund was\nrequired to register as an investment company but failed to do so,<span style=\"letter-spacing:-.05pt\"> <\/span>the Fund would be<span style=\"letter-spacing:\n-.05pt\"> <\/span>prohibited from engaging in its<span style=\"letter-spacing:\n-.1pt\"> <\/span>business,<span style=\"letter-spacing:-.05pt\"> <\/span>and\ncriminal and civil actions could be brought against the Fund. In addition, its<span style=\"letter-spacing:-.15pt\"> <\/span>contracts<span style=\"letter-spacing:\n-.15pt\"> <\/span>would<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>unenforceable<span style=\"letter-spacing:\n-.1pt\"> <\/span>unless<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>court<span style=\"letter-spacing:-.1pt\"> <\/span>required<span style=\"letter-spacing:-.15pt\"> <\/span>enforcement, and a court could appoint a\nreceiver to take control of the Fund and liquidate its business.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.55pt;margin-bottom:\n0in;margin-left:16.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Registration\nwith the SEC as an investment company would be costly, would<span style=\"letter-spacing:-.25pt\"> <\/span>subject<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>host<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>complex<span style=\"letter-spacing:-.35pt\">\n<\/span>regulations,<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>would<span style=\"letter-spacing:-.25pt\">\n<\/span>divert the attention of management from the conduct of the Fund\u2019s business.\nIn addition, the purchase of investments that does not fit its investment\nguidelines<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>purchase<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>sale<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>investment<span style=\"letter-spacing:-.3pt\"> <\/span>securities<span style=\"letter-spacing:\n-.2pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>assets to preserve the Fund\u2019s status as a\ncompany not required to register as an investment<span style=\"letter-spacing:\n-.15pt\"> <\/span>company<span style=\"letter-spacing:-.1pt\"> <\/span>could<span style=\"letter-spacing:-.2pt\"> <\/span>adversely<span style=\"letter-spacing:-.1pt\">\n<\/span>affect<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>amount<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>funds<span style=\"letter-spacing:-.15pt\"> <\/span>available for<span style=\"letter-spacing:\n-.25pt\"> <\/span>investment<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>ability<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>pay<span style=\"letter-spacing:\n-.3pt\"> <\/span>distributions<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members.<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection83\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection84\">\n\n<p class=\"MsoHeading9\" style=\"margin-right:1.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">There are specific risks attributable<span style=\"letter-spacing:\n-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund\u2019s investment in the REIT <span style=\"letter-spacing:-.1pt\">Subsidiary<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.65pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">See<span style=\"letter-spacing:-.15pt\"> <\/span>Risk<span style=\"letter-spacing:-.1pt\"> <\/span>Factors<span style=\"letter-spacing:-.2pt\">\n<\/span>set<span style=\"letter-spacing:-.15pt\"> <\/span>out<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>Part<span style=\"letter-spacing:-.15pt\"> <\/span>III<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Supplement.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection85\">\n\n<p class=\"MsoHeading7\" align=\"left\" style=\"margin: 3.05pt 10.65pt 0.0001pt 205.05pt; text-indent: -171.15pt; line-height: 101%;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">RISKS<span style=\"letter-spacing:-.3pt\"> <\/span>RELATED<span style=\"letter-spacing:-.3pt\"> <\/span>TO<span style=\"letter-spacing:-.15pt\"> <\/span>EMPLOYEE<span style=\"letter-spacing:-.3pt\"> <\/span>BENEFIT<span style=\"letter-spacing:-.3pt\">\n<\/span>PLANS<span style=\"letter-spacing:-.3pt\"> <\/span>AND<span style=\"letter-spacing:-.3pt\"> <\/span>INDIVIDUAL<span style=\"letter-spacing:\n-.3pt\"> <\/span>RETIREMENT <span style=\"letter-spacing:-.1pt\">ACCOUNTS<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.45pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection86\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">In some cases, if an investor fails to meet the fiduciary and\nother<span style=\"letter-spacing:-.65pt\"> <\/span>standards<span style=\"letter-spacing:-.6pt\"> <\/span>under<span style=\"letter-spacing:-.65pt\"> <\/span>ERISA,\nthe Code or common law as a result of an investment in the Units, an investor\ncould be subject<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>liability<span style=\"letter-spacing:\n-.4pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>losses<span style=\"letter-spacing:-.45pt\"> <\/span>as well as civil penalties<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.65pt;margin-bottom:\n0in;margin-left:18.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">There are\nspecial considerations that apply to investing in the Units on behalf of\npension, profit sharing or 401(k) plans, health or welfare plans, individual<span style=\"letter-spacing:-.05pt\"> <\/span>retirement<span style=\"letter-spacing:\n-.05pt\"> <\/span>accounts,<span style=\"letter-spacing:-.05pt\"> <\/span>or Keogh\nplans.<span style=\"letter-spacing:-.05pt\"> <\/span>If an investor is<span style=\"letter-spacing:-.1pt\"> <\/span>investing the<span style=\"letter-spacing:\n-.4pt\"> <\/span>assets<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>entities<span style=\"letter-spacing:-.45pt\"> <\/span>identified<span style=\"letter-spacing:\n-.4pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>prior<span style=\"letter-spacing:-.4pt\"> <\/span>sentence<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Units, such investor should satisfy itself\nthat:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 21.2pt 0.0001pt 40.7pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:4.0pt\"> <\/span>investment<span style=\"letter-spacing:\n4.0pt\"> <\/span>is<span style=\"letter-spacing:4.0pt\"> <\/span>consistent<span style=\"letter-spacing:4.0pt\"> <\/span>with<span style=\"letter-spacing:4.0pt\"> <\/span>fiduciary<span style=\"letter-spacing:4.0pt\"> <\/span>obligations<span style=\"letter-spacing:\n4.0pt\"> <\/span>under applicable law, including common law, ERISA, and the Code;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:21.2pt;\nmargin-bottom:0in;margin-left:40.7pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l54 level1 lfo61;tab-stops:40.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the investment\nsatisfies the prudence and diversification requirements<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Sections<span style=\"letter-spacing:-.65pt\"> <\/span>404(a)(1)(B)<span style=\"letter-spacing:\n-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>404(a)(1)(C)<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>ERISA,<span style=\"letter-spacing:-.6pt\"> <\/span>if applicable,<span style=\"letter-spacing:\n-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.3pt\"> <\/span>provisions<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>ERISA,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Code;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 21.15pt 0.0001pt 40.7pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:1.7pt\"> <\/span>investment<span style=\"letter-spacing:\n1.65pt\"> <\/span>will<span style=\"letter-spacing:1.65pt\"> <\/span>not<span style=\"letter-spacing:1.6pt\"> <\/span>impair<span style=\"letter-spacing:1.7pt\"> <\/span>the<span style=\"letter-spacing:1.7pt\"> <\/span>liquidity<span style=\"letter-spacing:1.65pt\">\n<\/span>of<span style=\"letter-spacing:1.65pt\"> <\/span>the<span style=\"letter-spacing:\n1.7pt\"> <\/span>trust,<span style=\"letter-spacing:1.7pt\"> <\/span>plan,<span style=\"letter-spacing:1.7pt\"> <\/span>or Individual Retirement Account (\u201c<u>IRA<\/u>\u201d);<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:21.15pt;\nmargin-bottom:0in;margin-left:40.7pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l54 level1 lfo61;tab-stops:40.7pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">an investor\nwill be able to value the assets of the plan annually in accordance with ERISA\nrequirements and applicable provisions of the applicable trust, plan, or IRA\ndocument; and<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 21.15pt 0.0001pt 40.7pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the<span style=\"letter-spacing:2.0pt\"> <\/span>investment<span style=\"letter-spacing:\n2.0pt\"> <\/span>will<span style=\"letter-spacing:2.0pt\"> <\/span>not<span style=\"letter-spacing:2.0pt\"> <\/span>constitute<span style=\"letter-spacing:\n2.0pt\"> <\/span>a<span style=\"letter-spacing:2.0pt\"> <\/span>prohibited<span style=\"letter-spacing:2.0pt\"> <\/span>transaction<span style=\"letter-spacing:\n2.0pt\"> <\/span>under Section 406 of ERISA or Section 4975 of the Code.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:18.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Failure to\nsatisfy the fiduciary standards of conduct and other applicable requirements<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>ERISA,<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Code,<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.6pt\"> <\/span>statutory<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>common law may result in the imposition of\ncivil penalties and can subject the fiduciary<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>resulting<span style=\"letter-spacing:-.2pt\">\n<\/span>losses<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>well<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>equitable<span style=\"letter-spacing:-.25pt\">\n<\/span>remedies. In addition, if an investment in the Units constitutes a\nprohibited transaction under the Code, the \u201cdisqualified person\u201d that engaged\nin the transaction<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>subject<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>imposition<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>excise<span style=\"letter-spacing:-.45pt\"> <\/span>taxes<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.45pt\">\n<\/span>to the amount invested.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.8pt;margin-bottom:\n0in;margin-left:18.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Further, The\nFund anticipates that it will generate \u201cunrelated business taxable<span style=\"letter-spacing:-.25pt\"> <\/span>income\u201d<span style=\"letter-spacing:-.2pt\">\n<\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>term<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>Sections<span style=\"letter-spacing:-.25pt\"> <\/span>511<span style=\"letter-spacing:-.25pt\"> <\/span>through<span style=\"letter-spacing:-.25pt\"> <\/span>514<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:18.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">U.S.<span style=\"letter-spacing:-.5pt\"> <\/span>Internal<span style=\"letter-spacing:-.5pt\">\n<\/span>Revenue<span style=\"letter-spacing:-.5pt\"> <\/span>Code<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>1986,<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>amended.<span style=\"letter-spacing:-.5pt\"> <\/span>The<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>therefore<span style=\"letter-spacing:\n-.5pt\"> <\/span>may not be a suitable investment for tax-exempt investors, as\ndiscussed in \u201cMATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF ACQUIRING AND\nHOLDING MEMBER UNITS.\u201d<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection87\">\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.7pt;margin-bottom:.0001pt\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">RISKS<span style=\"letter-spacing:-.3pt\"> <\/span>ASSOCIATED<span style=\"letter-spacing:-.25pt\"> <\/span>WITH<span style=\"letter-spacing:-.25pt\"> <\/span>DEBT<span style=\"letter-spacing:-.3pt\"> <\/span>FINANCING<span style=\"letter-spacing:-.1pt\">\n<\/span><\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">(as<span style=\"letter-spacing:-.3pt\"> <\/span>applied<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>project<span style=\"letter-spacing:-.25pt\"> <\/span>level<span style=\"letter-spacing:-.35pt\">\n<\/span>debt<span style=\"letter-spacing:-.3pt\"> <\/span>facilities<span style=\"letter-spacing:-.25pt\"> <\/span>entered<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">into)<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection88\">\n\n<p class=\"MsoHeading9\" style=\"margin-right:.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Poor<span style=\"letter-spacing:-.65pt\"> <\/span>credit<span style=\"letter-spacing:-.6pt\"> <\/span>market<span style=\"letter-spacing:-.65pt\">\n<\/span>conditions could impair the Fund\u2019s subsidiaries&#8217; ability to access debt\nfinancing, which could affect the Fund\u2019s ability to<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:18.9pt\"><b><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">achieve<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>investment<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">objectives<\/span><\/span><\/i><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">.<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:9.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund&#8217;s\nsubsidiaries will finance a portion of the purchase price of its real<span style=\"letter-spacing:-.65pt\"> <\/span>estate<span style=\"letter-spacing:-.6pt\">\n<\/span>properties<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>borrowing<span style=\"letter-spacing:-.65pt\">\n<\/span>funds.<span style=\"letter-spacing:-.6pt\"> <\/span>Severe<span style=\"letter-spacing:-.65pt\"> <\/span>dislocations<span style=\"letter-spacing:\n-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>liquidity\ndisruptions<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>U.S.<span style=\"letter-spacing:-.1pt\"> <\/span>credit<span style=\"letter-spacing:-.1pt\"> <\/span>markets<span style=\"letter-spacing:-.15pt\"> <\/span>could<span style=\"letter-spacing:-.05pt\">\n<\/span>significantly<span style=\"letter-spacing:-.05pt\"> <\/span>harm<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund\u2019s\nability to access capital. In the future, the Fund may not be able to access\ndebt<span style=\"letter-spacing:-.65pt\"> <\/span>capital<span style=\"letter-spacing:\n-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>favorable<span style=\"letter-spacing:-.6pt\"> <\/span>terms<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>cost-efficient<span style=\"letter-spacing:-.6pt\"> <\/span>manner,<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>at<span style=\"letter-spacing:\n-.65pt\"> <\/span>all,<span style=\"letter-spacing:-.6pt\"> <\/span>which could\naffect the Fund\u2019s ability to achieve its investment objectives.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection89\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:.05in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund, through its subsidiaries,<span style=\"letter-spacing:\n2.0pt\"> <\/span>intends to incur mortgage indebtedness and other borrowings,\nwhich may increase the Fund\u2019s business risks, could hinder the Fund\u2019s ability<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>make<span style=\"letter-spacing:-.6pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.6pt\"> <\/span>and could decrease the value of the Fund\u2019s investment<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05in;margin-right:20.9pt;margin-bottom:\n0in;margin-left:11.65pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund,\nthrough its subsidiaries, intends to finance a portion of the purchase price of\nproperties by borrowing funds.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:20.9pt;margin-bottom:\n0in;margin-left:11.65pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In addition,\nthe Fund, through its subsidiaries, may incur mortgage debt and pledge some or\nall of its properties as security for that debt to obtain funds to acquire\nadditional properties or for working capital.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.4pt;margin-bottom:\n0in;margin-left:11.65pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">High debt<span style=\"letter-spacing:-.05pt\"> <\/span>levels<span style=\"letter-spacing:-.05pt\">\n<\/span>will<span style=\"letter-spacing:-.05pt\"> <\/span>cause<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund&#8217;s<span style=\"letter-spacing:-.05pt\"> <\/span>subsidiaries<span style=\"letter-spacing:\n-.05pt\"> <\/span>to incur<span style=\"letter-spacing:-.15pt\"> <\/span>higher\ninterest charges,<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>would<span style=\"letter-spacing:-.1pt\"> <\/span>result<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>higher<span style=\"letter-spacing:-.1pt\"> <\/span>debt<span style=\"letter-spacing:-.2pt\"> <\/span>service<span style=\"letter-spacing:-.15pt\"> <\/span>payments<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>could<span style=\"letter-spacing:-.1pt\"> <\/span>be accompanied by restrictive covenants.\nIf there is a shortfall between the cash flow from a property and the cash flow\nneeded to service mortgage debt on that property, then the amount available for\ndistributions to Members may be reduced. In addition, incurring mortgage<span style=\"letter-spacing:-.05pt\"> <\/span>debt increases the risk of loss since\ndefaults on indebtedness secured by a properly may result<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>lenders<span style=\"letter-spacing:-.25pt\"> <\/span>initiating<span style=\"letter-spacing:\n-.15pt\"> <\/span>foreclosure<span style=\"letter-spacing:-.2pt\"> <\/span>actions.<span style=\"letter-spacing:-.2pt\"> <\/span>In<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>case,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>could\nlose the property securing the loan that is in default. For tax purposes, a\nforeclosure<span style=\"letter-spacing:-.5pt\"> <\/span>on<span style=\"letter-spacing:\n-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>properties<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>treated<span style=\"letter-spacing:-.35pt\">\n<\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:\n-.5pt\"> <\/span>sale<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>property\nfor a purchase price equal to the outstanding balance of the debt secured by\nthe mortgage. If the outstanding balance of the debt secured by the mortgage\nexceeds the tax basis in the property, the Fund will recognize taxable income\non foreclosure, but the Fund would not receive any cash proceeds. The Fund may\ngive full or partial guarantees to lenders of mortgage<span style=\"letter-spacing:\n-.35pt\"> <\/span>debt<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>entities<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>own<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>properties.<span style=\"letter-spacing:-.35pt\"> <\/span>When<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>gives\na<span style=\"letter-spacing:-.15pt\"> <\/span>guaranty<span style=\"letter-spacing:\n-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>behalf<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>entity<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>owns<span style=\"letter-spacing:-.2pt\"> <\/span>one<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>properties,<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund will<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>responsible<span style=\"letter-spacing:-.15pt\"> <\/span>to the<span style=\"letter-spacing:-.15pt\">\n<\/span>lender<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>satisfaction<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>debt<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>it<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>paid\nby such entity. If any mortgage contains cross-collateralization or cross-\ndefault provisions, a default on a single property could affect multiple\nproperties. If any of the Fund\u2019s properties are foreclosed upon due to a\ndefault,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>ability<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>pay<span style=\"letter-spacing:-.3pt\"> <\/span>cash<span style=\"letter-spacing:-.35pt\"> <\/span>distributions<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Members<span style=\"letter-spacing:-.45pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection90\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection91\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">If the Fund draws on a line of credit<span style=\"letter-spacing:\n-.5pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>fund<span style=\"letter-spacing:-.4pt\"> <\/span>redemptions<span style=\"letter-spacing:\n-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>for any other\nreason, the Fund\u2019s leverage will increase<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:9.65pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\nobtain a line of credit which could provide for a ready source of liquidity to\nfund redemptions of the Interests, in the event that redemption<span style=\"letter-spacing:-.5pt\"> <\/span>requests<span style=\"letter-spacing:-.5pt\">\n<\/span>exceed<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>operating<span style=\"letter-spacing:-.4pt\"> <\/span>cash<span style=\"letter-spacing:-.4pt\"> <\/span>flows,<span style=\"letter-spacing:-.45pt\"> <\/span>liquid<span style=\"letter-spacing:-.4pt\">\n<\/span>assets, and<span style=\"letter-spacing:-.65pt\"> <\/span>net<span style=\"letter-spacing:-.6pt\"> <\/span>proceeds<span style=\"letter-spacing:-.65pt\">\n<\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>continuous<span style=\"letter-spacing:\n-.6pt\"> <\/span>Offering.<span style=\"letter-spacing:-.65pt\"> <\/span>There<span style=\"letter-spacing:-.6pt\"> <\/span>can<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>no<span style=\"letter-spacing:-.65pt\"> <\/span>assurances\nthat the Fund will be able to obtain future lines of credit on reasonable terms\ngiven the recent volatility in the capital markets. In addition, the Fund may<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>able<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>obtain additional<span style=\"letter-spacing:\n-.05pt\"> <\/span>lines<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>credit<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>an appropriate size for the Fund\u2019s\nbusiness until such time as the Fund has a substantial portfolio, or at all. If\nthe Fund borrows under a line of credit to fund redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>Units,<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>leverage<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>increase<span style=\"letter-spacing:-.1pt\"> <\/span>until<span style=\"letter-spacing:-.1pt\"> <\/span>it<span style=\"letter-spacing:-.1pt\"> <\/span>receives<span style=\"letter-spacing:-.1pt\">\n<\/span>additional net<span style=\"letter-spacing:-.65pt\"> <\/span>proceeds<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>continuous<span style=\"letter-spacing:\n-.65pt\"> <\/span>Offering,<span style=\"letter-spacing:-.6pt\"> <\/span>additional<span style=\"letter-spacing:-.65pt\"> <\/span>operating<span style=\"letter-spacing:\n-.6pt\"> <\/span>cash<span style=\"letter-spacing:-.65pt\"> <\/span>flows or sell\nassets to repay outstanding indebtedness. The use of leverage, in particular,\ncan exacerbate potential losses suffered by the funds.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection92\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection93\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Increases<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>interest<span style=\"letter-spacing:-.35pt\">\n<\/span>rates<span style=\"letter-spacing:-.35pt\"> <\/span>could increase the\namount of the Fund\u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>subsidiary\u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>debt payments and adversely affect its\nability to make distributions to Members<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:12.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\nincur indebtedness that bears interest at a variable rate. Interest<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>pays<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>debt<span style=\"letter-spacing:-.5pt\"> <\/span>obligations<span style=\"letter-spacing:\n-.55pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>reduce<span style=\"letter-spacing:-.5pt\"> <\/span>cash<span style=\"letter-spacing:-.45pt\"> <\/span>available<span style=\"letter-spacing:-.5pt\"> <\/span>for distributions. To the extent that the\nFund incurs variable rate debt, increases in interest rates could increase the\nFund\u2019s interest costs, which could reduce its cash flows and ability to make\ndistributions to investors. In<span style=\"letter-spacing:-.65pt\"> <\/span>addition,<span style=\"letter-spacing:-.6pt\"> <\/span>if<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>needs<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>repay<span style=\"letter-spacing:-.6pt\"> <\/span>existing<span style=\"letter-spacing:-.65pt\">\n<\/span>debt<span style=\"letter-spacing:-.6pt\"> <\/span>during<span style=\"letter-spacing:-.65pt\"> <\/span>periods<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>rising interest<span style=\"letter-spacing:3.15pt\"> <\/span>rates,<span style=\"letter-spacing:3.2pt\">\n<\/span>it<span style=\"letter-spacing:3.2pt\"> <\/span>could<span style=\"letter-spacing:3.25pt\"> <\/span>be<span style=\"letter-spacing:3.25pt\"> <\/span>required<span style=\"letter-spacing:3.25pt\"> <\/span>to<span style=\"letter-spacing:3.25pt\"> <\/span>liquidate<span style=\"letter-spacing:3.2pt\"> <\/span>one<span style=\"letter-spacing:3.25pt\"> <\/span>or<span style=\"letter-spacing:3.1pt\"> <\/span>more<span style=\"letter-spacing:3.2pt\"> <\/span>of<span style=\"letter-spacing:3.2pt\"> <\/span><span style=\"letter-spacing:-.25pt\">its<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection94\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">investments<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>properties<span style=\"letter-spacing:\n-.15pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>times<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>permit<span style=\"letter-spacing:-.15pt\"> <\/span>realization<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the maximum return\non such investments.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection95\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Increases<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>interest<span style=\"letter-spacing:-.55pt\">\n<\/span>rates<span style=\"letter-spacing:-.55pt\"> <\/span>could increase the\namount of the Fund\u2019s debt payments and adversely impact its return on\ninvestment, ability to secure financing, and affect its ability to make\ndistributions to <span style=\"letter-spacing:-.1pt\">Members<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:13.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Increases in\nthe federal-funds target rate may lead to increases in interest rates at which\nlenders are willing to lend to the Fund. Increased interest rates with respect\nto the Fund\u2019s debt will lead to a decreased return on investment for its\nproperties and decrease the amount of money available for distribution to the\nMembers.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection96\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection97\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Lenders may require the Fund to enter into restrictive covenants\nrelating to its operations,<span style=\"letter-spacing:-.55pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>could<span style=\"letter-spacing:-.55pt\"> <\/span>limit<span style=\"letter-spacing:-.5pt\"> <\/span>its ability to make distributions to <span style=\"letter-spacing:-.1pt\">Members<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:12.5pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">When providing\nfinancing, a lender may impose restrictions on the Fund that affect its\ndistribution and operating policies and ability to incur additional debt. Loan\ndocuments the Fund enters into may contain covenants that limit its ability to\nfurther mortgage the property or discontinue<span style=\"letter-spacing:-.45pt\">\n<\/span>insurance<span style=\"letter-spacing:-.45pt\"> <\/span>coverage.<span style=\"letter-spacing:-.45pt\"> <\/span>In<span style=\"letter-spacing:-.45pt\"> <\/span>addition,<span style=\"letter-spacing:-.45pt\"> <\/span>loan<span style=\"letter-spacing:-.4pt\"> <\/span>documents<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>limit<span style=\"letter-spacing:-.5pt\"> <\/span>the Fund\u2019s ability to replace the property\nmanager or terminate certain operating or lease agreements related to the\nproperty. These or other limitations may adversely affect the Fund\u2019s\nflexibility to make distributions to Members and the Fund\u2019s ability to achieve\nits investment <span style=\"letter-spacing:-.1pt\">objectives.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection98\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection99\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">If the Fund enters into financing arrangements involving balloon\npayment obligations, it may adversely affect<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>ability<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>make distributions to\nMembers<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.4pt;margin-bottom:\n0in;margin-left:10.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Some<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.65pt\">\n<\/span>financing<span style=\"letter-spacing:-.6pt\"> <\/span>arrangements<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>require<span style=\"letter-spacing:-.6pt\"> <\/span>it<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>make<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>lump- sum or \u201cballoon\u201d payment at maturity.\nThe Fund\u2019s ability to make a balloon<span style=\"letter-spacing:-.35pt\"> <\/span>payment<span style=\"letter-spacing:-.3pt\"> <\/span>at<span style=\"letter-spacing:-.4pt\"> <\/span>maturity<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>uncertain<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>depend<span style=\"letter-spacing:-.35pt\">\n<\/span>upon<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s ability to obtain additional\nfinancing or its ability to sell the particular property.<span style=\"letter-spacing:-.4pt\"> <\/span>At<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>time<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>balloon<span style=\"letter-spacing:-.4pt\">\n<\/span>payment<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>due,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>not be able to refinance the balloon\npayment on terms as favorable as the original<span style=\"letter-spacing:-.4pt\">\n<\/span>loan<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:\n-.35pt\"> <\/span>sell<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>particular<span style=\"letter-spacing:\n-.35pt\"> <\/span>property<span style=\"letter-spacing:-.35pt\"> <\/span>at<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>price<span style=\"letter-spacing:-.35pt\"> <\/span>sufficient<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>make<span style=\"letter-spacing:-.35pt\"> <\/span>the balloon<span style=\"letter-spacing:\n-.65pt\"> <\/span>payment.<span style=\"letter-spacing:-.6pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>effect<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:\n-.6pt\"> <\/span>refinancing<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>sale<span style=\"letter-spacing:-.65pt\"> <\/span>could<span style=\"letter-spacing:-.6pt\"> <\/span>affect<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s performance and\ncash flow available for distribution to the Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection100\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection101\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Failure to hedge effectively against interest rate changes may<span style=\"letter-spacing:-.55pt\"> <\/span>adversely<span style=\"letter-spacing:\n-.55pt\"> <\/span>affect<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund\u2019s ability to achieve its investment <span style=\"letter-spacing:-.1pt\">objectives<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:12.75pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\nseek to manage its exposure to interest rate volatility by using<span style=\"letter-spacing:-.4pt\"> <\/span>interest<span style=\"letter-spacing:-.45pt\">\n<\/span>rate<span style=\"letter-spacing:-.4pt\"> <\/span>hedging<span style=\"letter-spacing:-.4pt\"> <\/span>arrangements,<span style=\"letter-spacing:\n-.4pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>interest<span style=\"letter-spacing:-.45pt\">\n<\/span>rate<span style=\"letter-spacing:-.4pt\"> <\/span>cap<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>collar\nagreements and interest rate swap agreements. These agreements involve risks,<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>risk<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>counterparties<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>fail<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>honor<span style=\"letter-spacing:-.65pt\"> <\/span>their<span style=\"letter-spacing:-.6pt\"> <\/span>obligations\nunder<span style=\"letter-spacing:-.65pt\"> <\/span>these<span style=\"letter-spacing:\n-.6pt\"> <\/span>arrangements<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>these<span style=\"letter-spacing:-.6pt\"> <\/span>arrangements<span style=\"letter-spacing:\n-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>effective\nin<span style=\"letter-spacing:-.65pt\"> <\/span>reducing<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>exposure<span style=\"letter-spacing:-.65pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>interest<span style=\"letter-spacing:-.65pt\"> <\/span>rate<span style=\"letter-spacing:-.6pt\"> <\/span>changes.<span style=\"letter-spacing:-.65pt\"> <\/span>These<span style=\"letter-spacing:-.6pt\"> <\/span>interest<span style=\"letter-spacing:-.65pt\"> <\/span>rate hedging<span style=\"letter-spacing:\n-.1pt\"> <\/span>arrangements<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>create<span style=\"letter-spacing:-.15pt\">\n<\/span>additional<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>and\/<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.15pt\"> <\/span>from time<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>held<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>liquidated<span style=\"letter-spacing:\n-.25pt\"> <\/span>separately<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>underlying\nproperty<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:\n-.05pt\"> <\/span>loan<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\">\n<\/span>they<span style=\"letter-spacing:-.05pt\"> <\/span>were<span style=\"letter-spacing:-.1pt\"> <\/span>originally<span style=\"letter-spacing:\n-.05pt\"> <\/span>established.<span style=\"letter-spacing:-.2pt\"> <\/span>Hedging<span style=\"letter-spacing:-.05pt\"> <\/span>may reduce the overall returns on the\nFund\u2019s investments. Failure to hedge effectively<span style=\"letter-spacing:\n-.2pt\"> <\/span>against<span style=\"letter-spacing:-.25pt\"> <\/span>interest<span style=\"letter-spacing:-.25pt\"> <\/span>rate<span style=\"letter-spacing:-.2pt\"> <\/span>changes<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.25pt\"> <\/span>adverse<span style=\"letter-spacing:-.2pt\"> <\/span>effect<span style=\"letter-spacing:-.25pt\">\n<\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the Fund\u2019s ability to\nachieve its investment objectives.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection102\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:6.4pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">RISKS<span style=\"letter-spacing:-.45pt\"> <\/span>RELATED<span style=\"letter-spacing:-.35pt\"> <\/span>TO<span style=\"letter-spacing:-.3pt\"> <\/span>INVESTMENTS<span style=\"letter-spacing:-.4pt\"> <\/span>IN<span style=\"letter-spacing:-.4pt\"> <\/span>REAL<span style=\"letter-spacing:-.4pt\"> <\/span>ESTATE-RELATED<span style=\"letter-spacing:\n-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ASSETS<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection103\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The real estate-related equity securities in which the Fund may<span style=\"letter-spacing:-.45pt\"> <\/span>invest<span style=\"letter-spacing:-.5pt\">\n<\/span>are<span style=\"letter-spacing:-.45pt\"> <\/span>subject<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>specific\nrisks relating to the particular<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.85pt;margin-bottom:\n0in;margin-left:9.7pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\ninvest in equity securities of both publicly traded and private real<span style=\"letter-spacing:-.1pt\"> <\/span>estate companies,<span style=\"letter-spacing:\n-.1pt\"> <\/span>which involves a higher<span style=\"letter-spacing:-.05pt\"> <\/span>degree\nof<span style=\"letter-spacing:-.05pt\"> <\/span>risk than debt securities due<span style=\"letter-spacing:-.1pt\"> <\/span>to a<span style=\"letter-spacing:-.1pt\"> <\/span>variety\nof<span style=\"letter-spacing:-.05pt\"> <\/span>factors,<span style=\"letter-spacing:\n-.05pt\"> <\/span>including that<span style=\"letter-spacing:-.1pt\"> <\/span>such\ninvestments are<span style=\"letter-spacing:.5pt\"> <\/span>subordinate<span style=\"letter-spacing:.55pt\"> <\/span>to<span style=\"letter-spacing:.55pt\"> <\/span>creditors<span style=\"letter-spacing:.45pt\"> <\/span>and<span style=\"letter-spacing:.55pt\"> <\/span>are<span style=\"letter-spacing:.4pt\"> <\/span>not<span style=\"letter-spacing:.5pt\"> <\/span>secured<span style=\"letter-spacing:.55pt\"> <\/span>by<span style=\"letter-spacing:.45pt\"> <\/span>the<span style=\"letter-spacing:.5pt\"> <\/span>issuer\u2019s<span style=\"letter-spacing:.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">property.<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection104\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:3.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">issuer of the securities and may be<span style=\"letter-spacing:\n-.35pt\"> <\/span>subject<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>general<span style=\"letter-spacing:-.4pt\"> <\/span>risks<span style=\"letter-spacing:-.35pt\"> <\/span>of\ninvesting in subordinated real estate securities<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:11.6pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>investments<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>real<span style=\"letter-spacing:-.45pt\"> <\/span>estate-related<span style=\"letter-spacing:\n-.4pt\"> <\/span>equity<span style=\"letter-spacing:-.4pt\"> <\/span>securities<span style=\"letter-spacing:-.5pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>involve\nspecial risks relating to the particular issuer of the equity securities,\nincluding<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>financial<span style=\"letter-spacing:-.65pt\"> <\/span>condition<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>business<span style=\"letter-spacing:-.6pt\"> <\/span>outlook<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>issuer.<span style=\"letter-spacing:-.6pt\"> <\/span>Issuers of<span style=\"letter-spacing:-.25pt\"> <\/span>real<span style=\"letter-spacing:-.3pt\"> <\/span>estate-related<span style=\"letter-spacing:-.2pt\"> <\/span>equity<span style=\"letter-spacing:-.25pt\">\n<\/span>securities<span style=\"letter-spacing:-.3pt\"> <\/span>generally<span style=\"letter-spacing:-.2pt\"> <\/span>invest<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>real<span style=\"letter-spacing:-.3pt\"> <\/span>estate<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>real\nestate-related assets and are subject to the inherent risks associated with\nreal<span style=\"letter-spacing:-.65pt\"> <\/span>estate<span style=\"letter-spacing:\n-.6pt\"> <\/span>discussed<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>Memorandum,<span style=\"letter-spacing:-.6pt\"> <\/span>including<span style=\"letter-spacing:-.65pt\">\n<\/span>risks<span style=\"letter-spacing:-.6pt\"> <\/span>relating<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>rising\ninterest rates.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection105\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection106\">\n\n<p class=\"MsoHeading9\" style=\"margin-right:1.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The value of the real estate- related<span style=\"letter-spacing:\n-.5pt\"> <\/span>securities<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>which<span style=\"letter-spacing:-.55pt\">\n<\/span>the Fund may invest may be <span style=\"letter-spacing:-.1pt\">volatile<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The value of\nreal estate-related securities fluctuates in response to issuer, political,\nmarket, and economic developments. In the short term, equity prices can\nfluctuate dramatically in response to these developments. Different parts of\nthe market and different types of equity securities can react<span style=\"letter-spacing:-.3pt\"> <\/span>differently<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>these<span style=\"letter-spacing:-.45pt\"> <\/span>developments,<span style=\"letter-spacing:\n-.3pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>they<span style=\"letter-spacing:-.35pt\"> <\/span>can<span style=\"letter-spacing:-.4pt\"> <\/span>affect<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>single<span style=\"letter-spacing:-.3pt\"> <\/span>issuer, multiple issuers within an\nindustry or economic sector or geographic region or the market as a whole. The\nreal estate industry is sensitive to economic<span style=\"letter-spacing:-.55pt\">\n<\/span>downturns.<span style=\"letter-spacing:-.55pt\"> <\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>value<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>securities<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>companies<span style=\"letter-spacing:-.6pt\"> <\/span>engaged<span style=\"letter-spacing:-.5pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>real estate<span style=\"letter-spacing:-.1pt\"> <\/span>activities<span style=\"letter-spacing:\n-.15pt\"> <\/span>can<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>affected<span style=\"letter-spacing:-.05pt\">\n<\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>changes<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>real<span style=\"letter-spacing:-.1pt\"> <\/span>estate<span style=\"letter-spacing:-.1pt\"> <\/span>values<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>rental\nincome,<span style=\"letter-spacing:-.55pt\"> <\/span>property<span style=\"letter-spacing:-.55pt\"> <\/span>taxes,<span style=\"letter-spacing:-.55pt\">\n<\/span>interest<span style=\"letter-spacing:-.6pt\"> <\/span>rates,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>tax<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>regulatory<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">requirements.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection107\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection108\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Interest rate and related risks may cause the value of the\nFund\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>real<span style=\"letter-spacing:\n-.6pt\"> <\/span>estate-related<span style=\"letter-spacing:-.65pt\"> <\/span>assets\nto be reduced<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.9pt;margin-bottom:\n0in;margin-left:11.8pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Interest rate\nrisk is the risk that fixed income securities such as preferred securities, and\nto a lesser extent dividend paying common stocks, will decline in value because\nof changes in market interest rates. Generally, when market interest rates\nrise, the market value of such securities will decline, and vice versa.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.65pt;margin-bottom:\n0in;margin-left:11.8pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">During periods\nof rising interest rates, the average life of certain types of securities may\nbe extended because of slower than expected principal payments. This may lock\nin a below-market interest rate, increase the security\u2019s<span style=\"letter-spacing:\n-.1pt\"> <\/span>duration,<span style=\"letter-spacing:-.05pt\"> <\/span>and reduce\nthe value of the security.<span style=\"letter-spacing:-.05pt\"> <\/span>This<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>known\nas extension<span style=\"letter-spacing:-.25pt\"> <\/span>risk.<span style=\"letter-spacing:-.3pt\"> <\/span>During<span style=\"letter-spacing:-.25pt\">\n<\/span>periods<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>declining<span style=\"letter-spacing:-.25pt\">\n<\/span>interest<span style=\"letter-spacing:-.3pt\"> <\/span>rates,<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.25pt\"> <\/span>issuer<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>be\nable<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:\n-.55pt\"> <\/span>exercise<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>option<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>prepay<span style=\"letter-spacing:-.55pt\"> <\/span>principal<span style=\"letter-spacing:\n-.55pt\"> <\/span>earlier<span style=\"letter-spacing:-.55pt\"> <\/span>than<span style=\"letter-spacing:-.55pt\"> <\/span>scheduled,<span style=\"letter-spacing:\n-.55pt\"> <\/span>which is generally known as \u201ccall risk\u201d or \u201cprepayment risk,\u201d\nIf this occurs, the Fund<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>forced<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>reinvest<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>lower<span style=\"letter-spacing:-.25pt\"> <\/span>yielding<span style=\"letter-spacing:-.35pt\">\n<\/span>securities.<span style=\"letter-spacing:-.3pt\"> <\/span>This<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>known\nas \u201creinvestment risk.\u201d Preferred and debt securities frequently have call\nfeatures that allow the issuer to repurchase the security prior to its stated\nmaturity. An issuer may redeem an obligation if the issuer can refinance the\ndebt at a lower cost due to declining interest rates or an improvement in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>credit<span style=\"letter-spacing:-.4pt\"> <\/span>standing<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>issuer.<span style=\"letter-spacing:-.35pt\"> <\/span>These<span style=\"letter-spacing:-.4pt\"> <\/span>risks<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>reduce<span style=\"letter-spacing:-.35pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>value<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the\nFund\u2019s real estate-related securities investments.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection109\">\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-left:6.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">RISKS<span style=\"letter-spacing:-.35pt\"> <\/span>RELATED<span style=\"letter-spacing:-.3pt\"> <\/span>TO<span style=\"letter-spacing:-.25pt\"> <\/span>INVESTMENTS<span style=\"letter-spacing:-.35pt\"> <\/span>IN<span style=\"letter-spacing:-.35pt\"> <\/span>REAL<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ESTATE<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection110\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Certain\ntarget properties of the Fund may require an expedited transaction,<span style=\"letter-spacing:-.55pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>result<span style=\"letter-spacing:-.45pt\">\n<\/span>in limited information being available about the property or development\nprior to the property acquisition.<o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:11.3pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment\nanalyses and decisions by the Managing Member may be required to be undertaken\non an expedited basis to take advantage of investment opportunities. In such\ncases, the information available to the Managing Member at the time of making\nan investment decision may be limited, and the Managing Member may not have\naccess to detailed information regarding the development project or portfolio\nof properties, such<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>physical<span style=\"letter-spacing:-.65pt\">\n<\/span>characteristics,<span style=\"letter-spacing:-.6pt\"> <\/span>environmental<span style=\"letter-spacing:-.65pt\"> <\/span>matters,<span style=\"letter-spacing:-.6pt\">\n<\/span>zoning<span style=\"letter-spacing:-.6pt\"> <\/span>regulations or other\nlocal conditions affecting such investment. Therefore, no assurance can be\ngiven that the Managing Member will have knowledge of<span style=\"letter-spacing:\n-.1pt\"> <\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>circumstances<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>adversely<span style=\"letter-spacing:\n-.1pt\"> <\/span>affect<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>investment,<span style=\"letter-spacing:\n-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>we<span style=\"letter-spacing:-.25pt\"> may<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection111\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">make<span style=\"letter-spacing:\n-.3pt\"> <\/span>investments<span style=\"letter-spacing:-.35pt\"> <\/span>which<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>would<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>made<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.3pt\"> <\/span>more<span style=\"letter-spacing:-.3pt\"> <\/span>extensive due diligence had been\nundertaken. In addition, the Managing Member may use consultants, legal\nadvisors, appraisers, accountants, investment banks and other third parties in\nconnection with its evaluation and\/or diligence of certain investments. No\nassurance can be given as to the accuracy or completeness of the information\nprovided by such third parties,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>we<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>incur<span style=\"letter-spacing:-.4pt\"> <\/span>liability<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>result<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:\n-.3pt\"> <\/span>third<span style=\"letter-spacing:-.4pt\"> <\/span>parties\u2019<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">actions.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection112\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s properties may be dependent<span style=\"letter-spacing:\n-.6pt\"> <\/span>upon<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>single<span style=\"letter-spacing:-.55pt\">\n<\/span>tenant, or a limited number of major tenants, for all or a majority of\nits<span style=\"letter-spacing:-.3pt\"> <\/span>rental<span style=\"letter-spacing:\n-.3pt\"> <\/span>income;<span style=\"letter-spacing:-.2pt\"> <\/span>therefore,<span style=\"letter-spacing:-.2pt\"> <\/span>the Fund\u2019s<span style=\"letter-spacing:\n-.05pt\"> <\/span>financial condition<span style=\"letter-spacing:-.05pt\"> <\/span>and\nability to make distributions to an investor may be adversely affected by the\nbankruptcy or insolvency, a downturn in the business<span style=\"letter-spacing:\n-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>lease<span style=\"letter-spacing:-.25pt\"> <\/span>termination,\nof a single tenant.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.35pt;margin-bottom:\n0in;margin-left:13.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund\u2019s\nproperties may be occupied by only one tenant or derive a majority<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>their<span style=\"letter-spacing:-.65pt\"> <\/span>rental<span style=\"letter-spacing:-.6pt\">\n<\/span>income<span style=\"letter-spacing:-.65pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>limited<span style=\"letter-spacing:-.6pt\"> <\/span>number<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>major<span style=\"letter-spacing:-.65pt\"> <\/span>tenants<span style=\"letter-spacing:-.6pt\">\n<\/span>and, therefore, the success of those properties is materially dependent\non the financial stability of such tenants. Such tenants face competition\nwithin their<span style=\"letter-spacing:-.65pt\"> <\/span>industries<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>factors<span style=\"letter-spacing:-.65pt\">\n<\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>could<span style=\"letter-spacing:-.65pt\"> <\/span>reduce<span style=\"letter-spacing:-.6pt\">\n<\/span>their<span style=\"letter-spacing:-.65pt\"> <\/span>ability<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>make<span style=\"letter-spacing:-.6pt\"> <\/span>rent payments.<span style=\"letter-spacing:\n-.45pt\"> <\/span>Lease<span style=\"letter-spacing:-.45pt\"> <\/span>payment<span style=\"letter-spacing:-.55pt\"> <\/span>defaults<span style=\"letter-spacing:-.5pt\">\n<\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:\n-.4pt\"> <\/span>tenants<span style=\"letter-spacing:-.5pt\"> <\/span>could<span style=\"letter-spacing:-.45pt\"> <\/span>cause<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>to reduce the<span style=\"letter-spacing:\n-.05pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\"> <\/span>of\ndistributions the Fund pays. A default<span style=\"letter-spacing:-.05pt\"> <\/span>of\na single<span style=\"letter-spacing:-.05pt\"> <\/span>or major tenant on its\nlease payments to the Fund would cause the Fund to lose revenue from the\nproperty and force the Fund to find an alternative source of revenue to meet\nany expenses associated with the property and prevent a foreclosure if the\nproperty is<span style=\"letter-spacing:-.05pt\"> <\/span>subject to a mortgage.\nIn the event of<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>default<span style=\"letter-spacing:-.4pt\">\n<\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:\n-.35pt\"> <\/span>single<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>major<span style=\"letter-spacing:-.35pt\">\n<\/span>tenant,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>experience<span style=\"letter-spacing:\n-.35pt\"> <\/span>delays<span style=\"letter-spacing:-.4pt\"> <\/span>in enforcing\nits rights as landlord and may incur substantial costs in protecting its\ninvestment and re-letting the property. If a lease is terminated, the Fund may\nnot be able to lease the property for the rent previously<span style=\"letter-spacing:-.3pt\"> <\/span>received<span style=\"letter-spacing:-.25pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>sell<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>property<span style=\"letter-spacing:-.15pt\"> <\/span>without<span style=\"letter-spacing:-.25pt\">\n<\/span>incurring<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>loss.<span style=\"letter-spacing:-.2pt\"> <\/span>A<span style=\"letter-spacing:-.2pt\"> <\/span>default by a single or major tenant, the\nfailure of a guarantor to fulfill its obligations or other premature\ntermination of a lease to such a tenant, or such<span style=\"letter-spacing:\n-.2pt\"> <\/span>tenant\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>election<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>extend<span style=\"letter-spacing:-.2pt\">\n<\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>lease<span style=\"letter-spacing:-.25pt\"> <\/span>upon<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>expiration,<span style=\"letter-spacing:\n-.25pt\"> <\/span>could<span style=\"letter-spacing:-.25pt\"> <\/span>have an\nadverse effect on our financial condition and our ability to pay distributions\nto Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection113\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection114\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">To<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>extent<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>acquires\nindustrial properties, the demand for and profitability of the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.55pt\">\n<\/span>industrial<span style=\"letter-spacing:-.6pt\"> <\/span>properties may be\nadversely affected by fluctuations in manufacturing activity in the United\nStates<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.7pt;margin-bottom:\n0in;margin-left:12.5pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund may\ninvest in industrial properties. To the extent the Fund acquires<span style=\"letter-spacing:-.5pt\"> <\/span>industrial<span style=\"letter-spacing:\n-.5pt\"> <\/span>properties;<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>properties<span style=\"letter-spacing:\n-.5pt\"> <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>adversely<span style=\"letter-spacing:\n-.45pt\"> <\/span>affected<span style=\"letter-spacing:-.45pt\"> <\/span>if\nmanufacturing activity decreases in the United States. Trade agreements with\nforeign countries have given employers the option to utilize less expensive\nnon-US manufacturing workers. The outsourcing of manufacturing<span style=\"letter-spacing:-.3pt\"> <\/span>functions<span style=\"letter-spacing:-.3pt\">\n<\/span>could<span style=\"letter-spacing:-.35pt\"> <\/span>lower<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>demand<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\">\n<\/span>industrial properties. Moreover, an increase in the cost of raw\nmaterials or decrease in the demand for housing could cause a slowdown in\nmanufacturing activity,<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>furniture,<span style=\"letter-spacing:-.35pt\"> <\/span>textiles,<span style=\"letter-spacing:\n-.35pt\"> <\/span>machinery,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>chemical<span style=\"letter-spacing:-.45pt\">\n<\/span>products,<span style=\"letter-spacing:-.35pt\"> <\/span>and the Fund\u2019s\nprofitability may be adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection115\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection116\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">If a major tenant declares bankruptcy, the Fund may be unable<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>collect<span style=\"letter-spacing:-.55pt\"> <\/span>balances<span style=\"letter-spacing:-.6pt\">\n<\/span>due under relevant leases, which could<span style=\"letter-spacing:-.25pt\">\n<\/span>have<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:\n-.2pt\"> <\/span>material<span style=\"letter-spacing:-.3pt\"> <\/span>adverse\neffect<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>financial condition and ability to pay\ndistributions to the Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:8.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>experience<span style=\"letter-spacing:\n-.4pt\"> <\/span>concentration<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>one<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>more<span style=\"letter-spacing:-.35pt\"> <\/span>tenants.<span style=\"letter-spacing:-.35pt\"> <\/span>Any<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>its tenants, or any guarantor of one of\nits tenant\u2019s lease obligations, could be subject to a<span style=\"letter-spacing:\n-.1pt\"> <\/span>bankruptcy<span style=\"letter-spacing:-.05pt\"> <\/span>proceeding<span style=\"letter-spacing:-.05pt\"> <\/span>pursuant to<span style=\"letter-spacing:\n-.05pt\"> <\/span>Title<span style=\"letter-spacing:-.1pt\"> <\/span>11<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the\nbankruptcy laws of the United States. The bankruptcy of a tenant or lease\nguarantor could delay the Fund\u2019s efforts to collect past due balances under the\nrelevant lease and could<span style=\"letter-spacing:-.05pt\"> <\/span>ultimately\npreclude full collection<span style=\"letter-spacing:-.15pt\"> <\/span>of these\nsums. Such an event also could cause a decrease or cessation of current rental\npayments, reducing the Fund\u2019s operating cash flows and the amount available for\ndistributions to investors. In the event a tenant or lease guarantor<span style=\"letter-spacing:-.55pt\"> <\/span>declares<span style=\"letter-spacing:-.6pt\">\n<\/span>bankruptcy,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>tenant<span style=\"letter-spacing:-.55pt\">\n<\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:\n-.6pt\"> <\/span>trustee<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>assume<span style=\"letter-spacing:-.55pt\"> <\/span>our lease<span style=\"letter-spacing:\n-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>guaranty.<span style=\"letter-spacing:\n-.6pt\"> <\/span>If<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>given<span style=\"letter-spacing:-.65pt\"> <\/span>lease<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>guaranty<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>assumed,<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s operating cash\nflows and the amounts available for distributions to Members<span style=\"letter-spacing:1.2pt\"> <\/span>may<span style=\"letter-spacing:1.25pt\"> <\/span>be<span style=\"letter-spacing:1.2pt\"> <\/span>adversely<span style=\"letter-spacing:1.15pt\">\n<\/span>affected.<span style=\"letter-spacing:1.3pt\"> <\/span>Accordingly,<span style=\"letter-spacing:1.3pt\"> <\/span>the<span style=\"letter-spacing:1.3pt\"> <\/span>bankruptcy<span style=\"letter-spacing:1.2pt\"> <\/span>of<span style=\"letter-spacing:1.2pt\"> <\/span><span style=\"letter-spacing:-.5pt\">a<\/span><\/span><span style=\"font-size:8.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection117\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:10.65pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">major tenant could have a material adverse effect on the Fund\u2019s\nability to pay distributions to the Members.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection118\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s real estate investments<span style=\"letter-spacing:\n-.15pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>include special\nuse<span style=\"letter-spacing:-.25pt\"> <\/span>single-tenant<span style=\"letter-spacing:-.3pt\"> <\/span>properties<span style=\"letter-spacing:\n-.3pt\"> <\/span>that may<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>difficult<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>sell<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>release\nupon lease terminations<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.45pt;margin-bottom:\n0in;margin-left:10.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund\nintends to invest in necessity single-tenant commercial properties, a number of\nwhich may include special use single-tenant properties.<span style=\"letter-spacing:\n-.15pt\"> <\/span>If<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>leases<span style=\"letter-spacing:-.2pt\">\n<\/span>on these<span style=\"letter-spacing:-.15pt\"> <\/span>properties<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>terminated<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>renewed, the Fund may have difficulty\nre-leasing or selling these properties to a party<span style=\"letter-spacing:\n-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>than<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>tenant<span style=\"letter-spacing:-.65pt\"> <\/span>due<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>special<span style=\"letter-spacing:-.65pt\"> <\/span>purpose<span style=\"letter-spacing:-.6pt\">\n<\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>property\nmay have been designed. Therefore, the Fund may be required to expend <span style=\"letter-spacing:-.1pt\">substantial<\/span><span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">renovate<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">property<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">make<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">rent<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">concessions<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in\norder <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>lease<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>property<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>another<span style=\"letter-spacing:-.25pt\"> <\/span>tenant<span style=\"letter-spacing:-.4pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>sell<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>property.<span style=\"letter-spacing:-.35pt\"> <\/span>These<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>other limitations<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>adversely<span style=\"letter-spacing:-.1pt\"> <\/span>impact<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>cash<span style=\"letter-spacing:-.1pt\"> <\/span>flows<span style=\"letter-spacing:-.2pt\"> <\/span>from,<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>lead<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>decline\nin value of, these special use single-tenant properties.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection119\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection120\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">A high concentration of the Fund\u2019s properties in a particular<span style=\"letter-spacing:-.65pt\"> <\/span>geographic<span style=\"letter-spacing:\n-.6pt\"> <\/span>area,<span style=\"letter-spacing:-.65pt\"> <\/span>or with tenants\nin a similar industry, would magnify the effects of downturns in that\ngeographic area or industry<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>event<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>has<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>concentration<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>properties<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>particular geographic<span style=\"letter-spacing:-.45pt\"> <\/span>area,<span style=\"letter-spacing:-.45pt\">\n<\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>adverse<span style=\"letter-spacing:-.45pt\"> <\/span>situation<span style=\"letter-spacing:\n-.4pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>disproportionately<span style=\"letter-spacing:-.4pt\"> <\/span>impacts<span style=\"letter-spacing:-.5pt\">\n<\/span>that geographic area would have a<span style=\"letter-spacing:-.1pt\"> <\/span>magnified\nadverse impact on<span style=\"letter-spacing:-.05pt\"> <\/span>our portfolio.\nSimilarly, if tenants of our properties become concentrated in a certain\nindustry<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:\n-.6pt\"> <\/span>industries,<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>adverse<span style=\"letter-spacing:-.6pt\">\n<\/span>impact<span style=\"letter-spacing:-.6pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>industry<span style=\"letter-spacing:-.65pt\"> <\/span>generally<span style=\"letter-spacing:\n-.55pt\"> <\/span>would have a disproportionately adverse impact on the Fund\u2019s\nportfolio.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection121\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection122\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s portfolio of properties could include retail\nproperties. The Fund\u2019s performance,<span style=\"letter-spacing:-.65pt\"> <\/span>therefore,<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>linked\nto the market for retail space generally and a downturn in the retail market\ncould have an adverse effect on the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:9.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The market for\nretail space has been and could be adversely affected by weaknesses in the\nnational, regional, and local economies, the adverse financial condition of\nsome large retailing companies, the ongoing consolidation in the retail sector,\nexcess amounts of retail space in a number<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>markets<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>competition<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>tenants<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>shopping<span style=\"letter-spacing:-.6pt\">\n<\/span>centers in the Fund\u2019s markets. Customer traffic to these shopping areas\nmay be adversely<span style=\"letter-spacing:-.1pt\"> <\/span>affected<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>closing<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>stores<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>same<span style=\"letter-spacing:-.15pt\"> <\/span>shopping<span style=\"letter-spacing:-.1pt\"> <\/span>center,<span style=\"letter-spacing:-.15pt\">\n<\/span>or by<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>reduction<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>traffic<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>these<span style=\"letter-spacing:-.2pt\"> <\/span>stores<span style=\"letter-spacing:-.25pt\">\n<\/span>resulting<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>regional<span style=\"letter-spacing:-.2pt\"> <\/span>economic downturn,<span style=\"letter-spacing:\n-.05pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>general<span style=\"letter-spacing:-.05pt\"> <\/span>downturn<span style=\"letter-spacing:-.1pt\">\n<\/span>in the<span style=\"letter-spacing:-.05pt\"> <\/span>local<span style=\"letter-spacing:-.05pt\"> <\/span>area where<span style=\"letter-spacing:\n-.05pt\"> <\/span>our store<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>located, or<span style=\"letter-spacing:\n-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>decline<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>desirability<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>shopping<span style=\"letter-spacing:-.1pt\">\n<\/span>environment<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>particular\nshopping center. A reduction in customer traffic could have a material adverse\neffect on the Fund\u2019s business, financial condition, and results of <span style=\"letter-spacing:-.1pt\">operations.<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection123\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection124\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s operating results will<span style=\"letter-spacing:\n-.5pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>affected<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>economic<span style=\"letter-spacing:-.5pt\"> <\/span>and regulatory changes that impact the\nreal estate market in<span style=\"letter-spacing:2.0pt\"> <\/span><span style=\"letter-spacing:-.1pt\">general<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.95pt;margin-bottom:\n0in;margin-left:10.3pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>risks<span style=\"letter-spacing:-.2pt\"> <\/span>generally<span style=\"letter-spacing:-.15pt\">\n<\/span>attributable<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>ownership<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>real\nproperty, including:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.25pt;margin-bottom:\n0in;margin-left:63.6pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:63.6pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">changes in\nglobal, national, regional, or local economic, demographic or capital market\nconditions;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.05pt;margin-bottom:\n0in;margin-left:63.6pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:63.6pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">current and\nfuture adverse national real estate trends, including increasing vacancy rates,\nwhich may negatively impact resale value,<span style=\"letter-spacing:-.4pt\"> <\/span>declining<span style=\"letter-spacing:-.45pt\"> <\/span>rental<span style=\"letter-spacing:-.4pt\">\n<\/span>rates,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>general<span style=\"letter-spacing:-.5pt\">\n<\/span>deterioration<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>market <span style=\"letter-spacing:-.1pt\">conditions;<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.15pt;margin-bottom:\n0in;margin-left:63.6pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:63.6pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">changes<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>supply<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>demand<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>similar<span style=\"letter-spacing:-.3pt\"> <\/span>properties<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>given market<span style=\"letter-spacing:\n-.5pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>metropolitan<span style=\"letter-spacing:-.35pt\"> <\/span>area<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>result<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>changes<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>market\nrental rates or occupancy levels;<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection125\">\n\n<p class=\"MsoListParagraph\" style=\"margin-top:4.05pt;margin-right:8.05pt;\nmargin-bottom:0in;margin-left:218.45pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l13 level2 lfo60;tab-stops:218.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">increased\ncompetition<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>real<span style=\"letter-spacing:-.2pt\"> <\/span>property\ninvestments<span style=\"letter-spacing:-.1pt\"> <\/span>targeted<span style=\"letter-spacing:-.1pt\"> <\/span>by the Fund\u2019s investment strategy;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.25pt;margin-bottom:\n0in;margin-left:218.45pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:\nl13 level2 lfo60;tab-stops:218.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">bankruptcies,\nfinancial difficulties, or lease defaults by the Fund\u2019s tenants;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.05pt 0in 0.0001pt 218.45pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">changes<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>interest<span style=\"letter-spacing:-.25pt\"> <\/span>rates<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>availability<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>financing;<span style=\"letter-spacing:-.25pt\"> and<\/span><\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.0pt;margin-bottom:\n0in;margin-left:218.45pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:\nl13 level2 lfo60;tab-stops:218.45pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">changes in government\nrules, regulations, and fiscal policies, including<span style=\"letter-spacing:\n-.2pt\"> <\/span>changes<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>tax,<span style=\"letter-spacing:-.25pt\"> <\/span>real<span style=\"letter-spacing:-.3pt\"> <\/span>estate,<span style=\"letter-spacing:-.1pt\">\n<\/span>environmental,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>zoning <span style=\"letter-spacing:-.1pt\">laws.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.85pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">All of these\nfactors are beyond the Fund\u2019s control. Any negative changes in these factors\ncould affect the Fund\u2019s ability to meet the Fund\u2019s obligations and make\ndistributions to Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection126\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>faces<span style=\"letter-spacing:-.55pt\"> <\/span>risks<span style=\"letter-spacing:-.55pt\"> <\/span>associated with property acquisitions,\nwhich<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:\n-.4pt\"> <\/span>adversely<span style=\"letter-spacing:-.4pt\"> <\/span>impact<span style=\"letter-spacing:-.4pt\"> <\/span>the Fund\u2019s ability to pay distributions to\nthe Members.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:12.75pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The Fund\nintends to acquire properties and portfolios of properties, including large\nportfolios that will increase the Fund\u2019s size and result in changes to the\nFund\u2019s capital structure. The Fund\u2019s acquisition activities and their success\nare subject to the following risks:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.9pt;margin-bottom:\n0in;margin-left:66.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:66.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>unable<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>complete<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.6pt\"> <\/span>acquisition<span style=\"letter-spacing:-.65pt\"> <\/span>after<span style=\"letter-spacing:-.6pt\"> <\/span>making\na<span style=\"letter-spacing:-.65pt\"> <\/span>non-refundable<span style=\"letter-spacing:-.6pt\"> <\/span>deposit<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>incurring<span style=\"letter-spacing:-.65pt\"> <\/span>certain<span style=\"letter-spacing:-.6pt\">\n<\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>acquisition- related\ncosts;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.3pt;margin-bottom:\n0in;margin-left:66.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:66.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>unable<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>obtain<span style=\"letter-spacing:-.1pt\"> <\/span>financing<span style=\"letter-spacing:-.1pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>acquisitions<span style=\"letter-spacing:-.15pt\"> <\/span>on favorable terms or at all;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 66pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">acquired<span style=\"letter-spacing:-.25pt\"> <\/span>properties<span style=\"letter-spacing:\n-.25pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>fail<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>perform<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">expected;<\/span><\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.05pt;margin-bottom:\n0in;margin-left:66.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:66.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the actual\ncosts of repositioning or redeveloping acquired properties may be greater than\nthe Fund\u2019s estimates;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.15pt;margin-bottom:\n0in;margin-left:66.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:66.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">acquired\nproperties may be located in new markets in which he Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>face<span style=\"letter-spacing:-.45pt\"> <\/span>risks<span style=\"letter-spacing:-.5pt\"> <\/span>associated<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>lack<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>market<span style=\"letter-spacing:-.6pt\">\n<\/span>knowledge or understanding of the local economy, lack of business\nrelationships in the area and unfamiliarity with local governmental and\npermitting procedures; and<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.5pt;margin-right:8.3pt;margin-bottom:\n0in;margin-left:66.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l13 level1 lfo60;\ntab-stops:66.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the Fund may be\nunable to integrate new acquisitions quickly and efficiently, particularly\nacquisitions of portfolios of properties, into the Fund\u2019s existing operations.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.8pt;margin-bottom:\n0in;margin-left:12.75pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">These\nacquisition risks may reduce the Fund\u2019s ability to pay distributions to the\nMembers and may negatively impact the value of a Member\u2019s investment in the\nFund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection127\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection128\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">A significant number of the Fund\u2019s assets may be in public\nplaces<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:\n-.55pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>shopping<span style=\"letter-spacing:-.55pt\"> <\/span>centers. Because these assets are public\nplaces, crimes, violence, and other incidents beyond the Fund\u2019s control may\noccur,<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.65pt;margin-bottom:\n0in;margin-left:.15in;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Because many of\nthe Fund\u2019s assets may be open to the public, the assets are exposed to a number\nof incidents that may take place within their premises and that are beyond the\nFund\u2019s control or its ability to prevent, which may harm the Fund\u2019s consumers and\nvisitors. Some of the Fund\u2019s assets<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>located<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>large<span style=\"letter-spacing:-.6pt\"> <\/span>urban<span style=\"letter-spacing:-.6pt\"> <\/span>areas,<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.55pt\">\n<\/span>can<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:\n-.6pt\"> <\/span>subject<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>elevated levels<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>crime<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>urban<span style=\"letter-spacing:-.65pt\"> <\/span>violence.<span style=\"letter-spacing:\n-.6pt\"> <\/span>If<span style=\"letter-spacing:-.65pt\"> <\/span>violence<span style=\"letter-spacing:-.6pt\"> <\/span>escalates,<span style=\"letter-spacing:\n-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>lose\ntenants<span style=\"letter-spacing:1.6pt\"> <\/span>or<span style=\"letter-spacing:\n1.65pt\"> <\/span>be<span style=\"letter-spacing:1.65pt\"> <\/span>forced<span style=\"letter-spacing:1.7pt\"> <\/span>to<span style=\"letter-spacing:1.75pt\"> <\/span>close<span style=\"letter-spacing:1.65pt\"> <\/span>its<span style=\"letter-spacing:1.6pt\"> <\/span>assets<span style=\"letter-spacing:1.6pt\"> <\/span>for<span style=\"letter-spacing:1.65pt\"> <\/span>some<span style=\"letter-spacing:1.7pt\"> <\/span>time.<span style=\"letter-spacing:1.7pt\"> <\/span>If<span style=\"letter-spacing:1.55pt\"> <\/span>any<span style=\"letter-spacing:1.7pt\"> <\/span>of<span style=\"letter-spacing:1.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">these<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection129\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:3.05pt;margin-right:1.5pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">which could result in a reduction<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>business<span style=\"letter-spacing:-.55pt\"> <\/span>traffic<span style=\"letter-spacing:-.5pt\">\n<\/span>at<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:18.9pt\"><b><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">the\nFund\u2019s properties and could expose<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>civil<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">liability<\/span><\/span><\/i><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">.<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">incidents were\nto occur, the relevant asset could face material damage to its<span style=\"letter-spacing:-.25pt\"> <\/span>image<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\"> <\/span>could<span style=\"letter-spacing:-.15pt\"> <\/span>experience<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>reduction<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>traffic due to lack of confidence in the\npremises\u2019 security. In addition, the Fund may<span style=\"letter-spacing:-.2pt\">\n<\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>exposed<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>civil<span style=\"letter-spacing:-.25pt\"> <\/span>liability<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>required<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>indemnify<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>victims,\nwhich<span style=\"letter-spacing:-.25pt\"> <\/span>could<span style=\"letter-spacing:\n-.25pt\"> <\/span>adversely<span style=\"letter-spacing:-.25pt\"> <\/span>affect<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund.<span style=\"letter-spacing:-.25pt\"> <\/span>Should<span style=\"letter-spacing:-.25pt\">\n<\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>assets<span style=\"letter-spacing:-.25pt\">\n<\/span>be involved<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>incidents<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>kind,<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>business,<span style=\"letter-spacing:\n-.45pt\"> <\/span>financial<span style=\"letter-spacing:-.45pt\"> <\/span>condition,\nand results of operations could be adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection130\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection131\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund\u2019s portfolio of properties could include hotel and other\nhospitality properties. The Fund\u2019s performance, therefore,<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>linked<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>market for travel and tourism generally\nand<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:\n-.2pt\"> <\/span>downturn<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>markets\ncould have an adverse effect on the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:5.15pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><b><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Increased\ncompetition from alternative<span style=\"letter-spacing:-.65pt\"> <\/span>retail<span style=\"letter-spacing:-.6pt\"> <\/span>channels<span style=\"letter-spacing:-.65pt\">\n<\/span>could adversely impact the Fund\u2019s retail tenants\u2019 profitability and\nability to make timely lease payments to us<\/span><\/i><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The market for\ntravel and tourism could be adversely affected by weaknesses in the national,\nregional, and local economies. To the extent that the market for hotel rooms\ndecreases, a hotel property owned and managed by the Fund may not perform as\nhoped, which may lead to less cash<span style=\"letter-spacing:-.3pt\"> <\/span>flow<span style=\"letter-spacing:-.35pt\"> <\/span>available<span style=\"letter-spacing:\n-.35pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>distributions<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Members.<span style=\"letter-spacing:-.35pt\">\n<\/span>Further,<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>extent\nthat additional hotels are opened or renovated close to or near existing hotels<span style=\"letter-spacing:-.2pt\"> <\/span>operated<span style=\"letter-spacing:-.1pt\">\n<\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>Fund,<span style=\"letter-spacing:-.15pt\"> <\/span>then<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>hotel<span style=\"letter-spacing:-.15pt\"> <\/span>properties<span style=\"letter-spacing:\n-.2pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>able<span style=\"letter-spacing:-.15pt\"> <\/span>to attract guests as easily.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.4pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Traditional\nretailers face increasing competition from alternative retail channels,\nincluding factory outlet centers, wholesale clubs, mail order catalogs,<span style=\"letter-spacing:-.4pt\"> <\/span>television<span style=\"letter-spacing:\n-.3pt\"> <\/span>shopping<span style=\"letter-spacing:-.45pt\"> <\/span>networks,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>various<span style=\"letter-spacing:-.55pt\"> <\/span>forms<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>e-<span style=\"letter-spacing:-.1pt\">commerce.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.55pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The increasing\ncompetition from such alternative retail channels could adversely<span style=\"letter-spacing:-.6pt\"> <\/span>impact<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>retail<span style=\"letter-spacing:-.55pt\">\n<\/span>tenants\u2019<span style=\"letter-spacing:-.6pt\"> <\/span>profitability<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>ability<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>make\ntimely lease payments to the Fund. If the Fund\u2019s retail tenants are unable to\nmake timely lease payments to the Fund, the Fund\u2019s operating cash flows could\nbe adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection132\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection133\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The market environment may materially adversely affect the\nFund\u2019s operating results, financial<span style=\"letter-spacing:-.65pt\"> <\/span>condition,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>ability\nto pay distributions to the Fund\u2019s Members<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:17.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Beginning in\nlate 2007, domestic and international financial markets experienced<span style=\"letter-spacing:-.15pt\"> <\/span>significant<span style=\"letter-spacing:\n-.2pt\"> <\/span>disruptions<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>severely<span style=\"letter-spacing:-.15pt\">\n<\/span>impacted the<span style=\"letter-spacing:-.05pt\"> <\/span>availability of\ncredit and contributed to rising costs associated with obtaining credit.\nFinancial conditions affecting real estate have improved amid low Treasury\nrates and increased lending from banks, insurance companies, and commercial\nmortgage-backed securities (\u201cCMBS\u201d) conduits. However,<span style=\"letter-spacing:\n-.65pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>deterioration<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>financial<span style=\"letter-spacing:-.65pt\"> <\/span>conditions<span style=\"letter-spacing:\n-.6pt\"> <\/span>could<span style=\"letter-spacing:-.65pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>potential\nto adversely affect the value of the Fund\u2019s properties and other investments;\nthe availability or the terms of financing that the Fund may anticipate\nutilizing; the Fund\u2019s ability to make principal and interest payments on, or\nrefinance, certain property acquisitions or refinance any debt<span style=\"letter-spacing:-.25pt\"> <\/span>at<span style=\"letter-spacing:-.35pt\"> <\/span>maturity;<span style=\"letter-spacing:-.25pt\"> <\/span>and\/or,<span style=\"letter-spacing:-.2pt\">\n<\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>leased<span style=\"letter-spacing:-.25pt\"> <\/span>properties,<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>ability<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the\nFund\u2019s tenants to enter into new leasing transactions or satisfy rental\npayments<span style=\"letter-spacing:-.4pt\"> <\/span>under<span style=\"letter-spacing:\n-.3pt\"> <\/span>existing<span style=\"letter-spacing:-.3pt\"> <\/span>leases.<span style=\"letter-spacing:-.25pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>market<span style=\"letter-spacing:-.35pt\"> <\/span>environment<span style=\"letter-spacing:\n-.3pt\"> <\/span>also<span style=\"letter-spacing:-.2pt\"> <\/span>could<span style=\"letter-spacing:-.2pt\"> <\/span>affect the Fund\u2019s operating results and\nfinancial condition as follows:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.1pt;margin-bottom:\n0in;margin-left:70.55pt;margin-bottom:.0001pt;text-indent:0in\"><span style=\"font-size:8.0pt;mso-bidi-font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Debt<span style=\"letter-spacing:-.65pt\"> <\/span>Markets<span style=\"letter-spacing:-.6pt\"> <\/span>\u2014<span style=\"letter-spacing:-.55pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>debt<span style=\"letter-spacing:-.55pt\"> <\/span>market<span style=\"letter-spacing:-.6pt\"> <\/span>remains<span style=\"letter-spacing:-.65pt\">\n<\/span>sensitive<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>macro\nenvironment,<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>Federal<span style=\"letter-spacing:-.5pt\"> <\/span>Reserve<span style=\"letter-spacing:-.4pt\">\n<\/span>policy,<span style=\"letter-spacing:-.4pt\"> <\/span>market<span style=\"letter-spacing:-.4pt\"> <\/span>sentiment, <span style=\"letter-spacing:\n-.1pt\">or regulatory<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">factors<\/span><span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">affecting the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">banking\nand CMBS<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">industries. <\/span>Should<span style=\"letter-spacing:\n-.2pt\"> <\/span>overall<span style=\"letter-spacing:-.25pt\"> <\/span>borrowing<span style=\"letter-spacing:-.1pt\"> <\/span>costs<span style=\"letter-spacing:-.2pt\"> <\/span>increase,<span style=\"letter-spacing:-.1pt\"> <\/span>due<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>either<span style=\"letter-spacing:-.2pt\"> <\/span>increases\nin index rates or increases in lender spreads, the Fund\u2019s operations may\ngenerate lower returns.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-size:8.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:8.1pt;margin-bottom:\n0in;margin-left:70.55pt;margin-bottom:.0001pt;text-indent:0in;tab-stops:70.55pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Real Estate Markets \u2014 Although construction activity has\nincreased, it<span style=\"letter-spacing:-.05pt\"> <\/span>remains<span style=\"letter-spacing:-.05pt\"> <\/span>near<span style=\"letter-spacing:-.1pt\"> <\/span>historic\nlows;<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:\n-.05pt\"> <\/span>a result,<span style=\"letter-spacing:-.15pt\"> <\/span>incremental\ndemand growth has helped to<span style=\"letter-spacing:-.05pt\"> <\/span>reduce\nvacancy rates and support modest<span style=\"letter-spacing:-.15pt\"> <\/span>rental<span style=\"letter-spacing:-.15pt\"> <\/span>growth.<span style=\"letter-spacing:-.15pt\">\n<\/span>Improving<span style=\"letter-spacing:-.1pt\"> <\/span>fundamentals<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>resulted<span style=\"letter-spacing:-.2pt\"> <\/span>in<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection134\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:7.9pt;margin-bottom:\n0in;margin-left:218.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">gains in\nproperty values, although in many markets property values, occupancy and rental\nrates continue to be below those previously<span style=\"letter-spacing:-.45pt\">\n<\/span>experienced<span style=\"letter-spacing:-.45pt\"> <\/span>before<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>economic<span style=\"letter-spacing:-.5pt\"> <\/span>downturn.<span style=\"letter-spacing:-.4pt\">\n<\/span>If<span style=\"letter-spacing:-.4pt\"> <\/span>recent improvements<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>economy<span style=\"letter-spacing:-.3pt\">\n<\/span>reverse<span style=\"letter-spacing:-.25pt\"> <\/span>course,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>properties<span style=\"letter-spacing:-.4pt\"> <\/span>the Fund acquires could substantially\ndecrease in value after the Fund purchases them.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection135\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The insurance the Fund carries on<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>real<span style=\"letter-spacing:-.4pt\"> <\/span>estate<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>be\ninsufficient to pay for all potential<span style=\"letter-spacing:-.4pt\"> <\/span>losses<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>damage<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the\nFund\u2019s properties.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>select<span style=\"letter-spacing:-.4pt\"> <\/span>policy<span style=\"letter-spacing:-.35pt\"> <\/span>specifications<span style=\"letter-spacing:\n-.4pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>insured<span style=\"letter-spacing:-.35pt\"> <\/span>limits that it believes to be appropriate\nand adequate given the relative risk of loss, the cost of the coverage and\nindustry practice. Insurance policies on the Fund\u2019s properties may include some\ncoverage for losses that are generally catastrophic in nature, such as losses\ndue to terrorism, <span style=\"letter-spacing:-.1pt\">earthquakes,<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">floods,<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">but<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">cannot<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">be<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">sure<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">that<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">it<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">be<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">adequate\n<\/span>to cover all losses and some of the Fund\u2019s policies will be subject to\nlimitations involving large deductibles or co-payments and policy limits which\nmay<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:\n-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>sufficient<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>cover<span style=\"letter-spacing:-.1pt\"> <\/span>losses.<span style=\"letter-spacing:-.05pt\">\n<\/span>If<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>one<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>more<span style=\"letter-spacing:-.1pt\"> <\/span>of\nthe Fund\u2019s tenants<span style=\"letter-spacing:-.15pt\"> <\/span>experience<span style=\"letter-spacing:-.05pt\"> <\/span>a loss which<span style=\"letter-spacing:\n-.05pt\"> <\/span>is uninsured<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>which exceeds policy limits, the Fund\ncould lose the capital invested in the damaged properties as well as the\nanticipated future cash flows from those properties. In addition, if the\ndamaged properties are subject to recourse indebtedness, the Fund would\ncontinue to be liable for the indebtedness, even if these properties were\nirreparably damaged.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection136\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection137\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund may be unable to obtain funds for future tenant\nimprovements, which could adversely impact the Fund\u2019s ability<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>pay<span style=\"letter-spacing:-.55pt\"> <\/span>cash<span style=\"letter-spacing:-.6pt\"> <\/span>distributions\nto Members, the value of the Fund\u2019s properties and the Fund\u2019s ability to\nattract new <span style=\"letter-spacing:-.1pt\">tenants.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:16.1pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">When tenants do\nnot renew their leases or otherwise vacate their space, it is usual that, in\norder to attract replacement tenants, the Fund will be required to expend\nsubstantial funds for tenant improvements and tenant refurbishments<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>vacated<span style=\"letter-spacing:-.6pt\">\n<\/span>space.<span style=\"letter-spacing:-.65pt\"> <\/span>In<span style=\"letter-spacing:-.6pt\"> <\/span>addition,<span style=\"letter-spacing:-.65pt\">\n<\/span>although<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>expects\nthat its leases with tenants will require tenants to pay routine property\nmaintenance costs and other expenses, the Fund may be responsible for any major\nstructural repairs, such as repairs to the foundation, exterior walls, and\nrooftops. It the Fund needs additional capital in the future to improve<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>maintain<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>properties<span style=\"letter-spacing:\n-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>reason,<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund will have to obtain\nfunds from available sources, if any, including operating cash flows,\nborrowings sales from this offering, or property sales.<span style=\"letter-spacing:\n-.5pt\"> <\/span>The<span style=\"letter-spacing:-.5pt\"> <\/span>use<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>cash<span style=\"letter-spacing:-.45pt\"> <\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>these<span style=\"letter-spacing:-.5pt\"> <\/span>sources<span style=\"letter-spacing:-.55pt\">\n<\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>reduce<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>amount<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>capital\nthe<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:\n-.05pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>available<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>invest<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>real<span style=\"letter-spacing:-.1pt\"> <\/span>estate,<span style=\"letter-spacing:-.1pt\">\n<\/span>negatively impact<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>value of the Fund\u2019s investment and reduce\ndistributions to the Members. If additional capital is not available, this may\nadversely impact the value of the properties and the Fund\u2019s ability to attract\nnew tenants.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection138\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection139\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund faces significant competition<span style=\"letter-spacing:\n-.55pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>tenants<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>the\nFund\u2019s properties, which may impact the Fund\u2019s ability to attract and retain\ntenants at reasonable rent levels<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.45pt;margin-bottom:\n0in;margin-left:18.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund faces significant competition from owners, operators, and developers of\nretail real estate properties. Substantially all of the Fund\u2019s properties will\nface competition from similar properties in the same market.<span style=\"letter-spacing:-.4pt\"> <\/span>This<span style=\"letter-spacing:-.5pt\"> <\/span>competition<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>affect<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>ability<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>attract<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>retain\ntenants and may reduce the rents the Fund is able to charge. These competing\nproperties may have vacancy rates higher than the Fund\u2019s properties, which may\nresult in their owners being willing to lease available<span style=\"letter-spacing:\n-.55pt\"> <\/span>space<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.55pt\"> <\/span>lower<span style=\"letter-spacing:-.6pt\"> <\/span>prices<span style=\"letter-spacing:-.65pt\"> <\/span>than<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>space<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>properties.<span style=\"letter-spacing:\n-.55pt\"> <\/span>Due to such competition, the terms, and conditions of any lease\nthat the Fund enters into with the Fund\u2019s tenants may vary substantially from\nthose described in this Memorandum.<\/span><span style=\"font-size:9.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection140\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection141\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund may face potential difficulties<span style=\"letter-spacing:\n-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>delays<span style=\"letter-spacing:-.65pt\"> <\/span>renewing<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:2.0pt\"> <\/span>Fund<span style=\"letter-spacing:2.0pt\"> <\/span>may<span style=\"letter-spacing:2.0pt\"> <\/span>derive<span style=\"letter-spacing:2.0pt\"> <\/span>a<span style=\"letter-spacing:2.0pt\"> <\/span>significant<span style=\"letter-spacing:2.0pt\"> <\/span>portion<span style=\"letter-spacing:2.0pt\">\n<\/span>of<span style=\"letter-spacing:2.0pt\"> <\/span>its<span style=\"letter-spacing:\n2.0pt\"> <\/span>revenues<span style=\"letter-spacing:2.0pt\"> <\/span>from<span style=\"letter-spacing:2.0pt\"> <\/span>rent received<span style=\"letter-spacing:\n.2pt\"> <\/span>from<span style=\"letter-spacing:.2pt\"> <\/span>its<span style=\"letter-spacing:.15pt\"> <\/span>tenants.<span style=\"letter-spacing:.15pt\">\n<\/span>The<span style=\"letter-spacing:.15pt\"> <\/span>Fund<span style=\"letter-spacing:.25pt\"> <\/span>will<span style=\"letter-spacing:.1pt\"> <\/span>seek<span style=\"letter-spacing:.2pt\"> <\/span>to<span style=\"letter-spacing:.25pt\"> <\/span>lease<span style=\"letter-spacing:.25pt\"> <\/span>the<span style=\"letter-spacing:.15pt\"> <\/span>rentable<span style=\"letter-spacing:.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">square<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection142\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:3.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">leases<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>re-leasing<span style=\"letter-spacing:\n-.55pt\"> <\/span>space,<span style=\"letter-spacing:-.55pt\"> <\/span>which could\nadversely impact the Fund\u2019s cash flows and the Fund\u2019s ability to pay <span style=\"letter-spacing:-.1pt\">distributions<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:9.7pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">feet at the\nFund\u2019s real estate properties to creditworthy<span style=\"letter-spacing:-.05pt\">\n<\/span>tenants. However, if<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>tenant<span style=\"letter-spacing:-.65pt\">\n<\/span>experiences<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>downturn<span style=\"letter-spacing:-.6pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:\n-.65pt\"> <\/span>business<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>types<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>financial\ndistress,<span style=\"letter-spacing:-.1pt\"> <\/span>it<span style=\"letter-spacing:\n-.1pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>unable<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>make<span style=\"letter-spacing:-.1pt\"> <\/span>timely<span style=\"letter-spacing:-.15pt\"> <\/span>rental<span style=\"letter-spacing:-.2pt\">\n<\/span>payments.<span style=\"letter-spacing:-.1pt\"> <\/span>Also,<span style=\"letter-spacing:-.1pt\"> <\/span>when<span style=\"letter-spacing:-.05pt\"> <\/span>the\nFund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>tenants<span style=\"letter-spacing:\n-.65pt\"> <\/span>decide<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>renew<span style=\"letter-spacing:-.55pt\"> <\/span>their<span style=\"letter-spacing:-.5pt\"> <\/span>leases<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>terminate<span style=\"letter-spacing:-.55pt\"> <\/span>early,<span style=\"letter-spacing:-.55pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund may<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>able<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>re-let<span style=\"letter-spacing:-.5pt\">\n<\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>space.<span style=\"letter-spacing:-.45pt\"> <\/span>Even<span style=\"letter-spacing:-.45pt\"> <\/span>if<span style=\"letter-spacing:-.5pt\"> <\/span>tenants<span style=\"letter-spacing:-.55pt\">\n<\/span>decide<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>renew<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>lease new space, the terms of renewals or\nnew leases, including the cost of required renovations or concessions to\ntenants, may be less favorable to the Fund than current lease terms. As a\nresult, the Fund\u2019s revenues, and ability to pay distributions to Members could\nbe adversely affected. In addition,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>presence<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>hazardous<span style=\"letter-spacing:-.1pt\"> <\/span>or toxic<span style=\"letter-spacing:-.15pt\">\n<\/span>substances<span style=\"letter-spacing:-.1pt\"> <\/span>on the Fund\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>real estate properties may adversely\naffect the Fund\u2019s ability to lease such <span style=\"letter-spacing:-.1pt\">property.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection143\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection144\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>exposed<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>inflation\nrisk as income from long-term leases will be a source of the Fund\u2019s cash flows\nfrom <span style=\"letter-spacing:-.1pt\">operations<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.4pt;margin-bottom:\n0in;margin-left:10.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>exposed<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>inflation<span style=\"letter-spacing:-.5pt\"> <\/span>risk,<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>income<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>long-term<span style=\"letter-spacing:-.5pt\">\n<\/span>leases<span style=\"letter-spacing:-.6pt\"> <\/span>will be<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>source<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\">\n<\/span>cash<span style=\"letter-spacing:-.15pt\"> <\/span>flows<span style=\"letter-spacing:-.25pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>operations.<span style=\"letter-spacing:-.2pt\"> <\/span>Leases<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>long-term duration or which\ninclude renewal options that specify a maximum rate increase<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>result<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>below-market<span style=\"letter-spacing:-.25pt\"> <\/span>lease<span style=\"letter-spacing:-.25pt\">\n<\/span>rates<span style=\"letter-spacing:-.3pt\"> <\/span>over<span style=\"letter-spacing:-.2pt\"> <\/span>time<span style=\"letter-spacing:-.25pt\"> <\/span>if<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>does not accurately estimate inflation or\nmarket lease rates. Provisions of the Fund\u2019s leases designed to mitigate the\nrisk of inflation and unexpected increases in market lease rates, such as\nperiodic rental increases, may not adequately protect the Fund from the impact\nof inflation or unexpected increases<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>market<span style=\"letter-spacing:-.6pt\">\n<\/span>lease<span style=\"letter-spacing:-.6pt\"> <\/span>rates.<span style=\"letter-spacing:-.5pt\"> <\/span>If<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>subject<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>below-market<span style=\"letter-spacing:-.6pt\"> <\/span>lease rates on a significant number of the\nFund\u2019s properties pursuant to long- term leases, the Fund\u2019s cash flow from\noperations and financial position may be adversely affected.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection145\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection146\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:4.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund may have difficulty selling<span style=\"letter-spacing:\n-.55pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>real<span style=\"letter-spacing:-.6pt\"> <\/span>estate<span style=\"letter-spacing:-.55pt\">\n<\/span>properties, which may limit the Fund\u2019s flexibility and ability to pay <span style=\"letter-spacing:-.1pt\">distributions<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.5pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:14.65pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Because<span style=\"letter-spacing:-.1pt\"> <\/span>real<span style=\"letter-spacing:-.1pt\"> <\/span>estate\ninvestments<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>relatively<span style=\"letter-spacing:\n-.05pt\"> <\/span>illiquid,<span style=\"letter-spacing:-.1pt\"> <\/span>it<span style=\"letter-spacing:-.1pt\"> <\/span>could<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>difficult for the Fund to promptly sell\none or more of the Fund\u2019s real estate properties<span style=\"letter-spacing:\n-.15pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>favorable<span style=\"letter-spacing:-.1pt\"> <\/span>terms.<span style=\"letter-spacing:-.2pt\"> <\/span>This<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>limit<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>ability<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>change its portfolio\npromptly in response to adverse changes in the performance of any such property\nor economic or market trends. These restrictions could adversely affect the\nFund\u2019s ability to achieve its investment <span style=\"letter-spacing:-.1pt\">objectives.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection147\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection148\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund may acquire or finance<span style=\"letter-spacing:-.65pt\">\n<\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>lock-out provisions, which may prohibit\nthe Fund from selling a property, or may require the Fund<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>maintain<span style=\"letter-spacing:-.5pt\"> <\/span>specified<span style=\"letter-spacing:-.4pt\">\n<\/span>debt levels for a period of years on some properties<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31);\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.5pt;margin-bottom:\n0in;margin-left:12.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A<span style=\"letter-spacing:-.25pt\"> <\/span>lock-out<span style=\"letter-spacing:-.3pt\">\n<\/span>provision<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>provision<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>prohibits<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>prepayment<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>loan during a specified period of time.\nLock-out provisions may include terms that provide strong financial\ndisincentives for borrowers to prepay their outstanding<span style=\"letter-spacing:\n-.65pt\"> <\/span>loan<span style=\"letter-spacing:-.6pt\"> <\/span>balance<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>exist<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>order<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>protect<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>yield<span style=\"letter-spacing:-.65pt\"> <\/span>expectations of lenders.<span style=\"letter-spacing:-.05pt\"> <\/span>The<span style=\"letter-spacing:-.05pt\"> <\/span>Fund\nexpects<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:\n-.05pt\"> <\/span>many of its<span style=\"letter-spacing:-.1pt\"> <\/span>properties<span style=\"letter-spacing:-.05pt\"> <\/span>will be<span style=\"letter-spacing:-.05pt\">\n<\/span>subject<span style=\"letter-spacing:-.05pt\"> <\/span>to lock-out<span style=\"letter-spacing:-.65pt\"> <\/span>provisions.<span style=\"letter-spacing:\n-.6pt\"> <\/span>Lock-out<span style=\"letter-spacing:-.65pt\"> <\/span>provisions<span style=\"letter-spacing:-.6pt\"> <\/span>could<span style=\"letter-spacing:-.65pt\"> <\/span>materially<span style=\"letter-spacing:-.6pt\"> <\/span>restrict<span style=\"letter-spacing:-.55pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund from selling or\notherwise disposing of or refinancing properties when the Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>desire<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>do<span style=\"letter-spacing:-.45pt\"> <\/span>so.<span style=\"letter-spacing:-.5pt\"> <\/span>Lock-out<span style=\"letter-spacing:-.5pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>prohibit<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>from reducing the outstanding\nindebtedness with respect to any properties, refinancing such indebtedness on a\nnon-recourse basis at maturity, or increasing the amount of indebtedness with\nrespect to such properties. Lock-out provisions could impair the Fund\u2019s ability\nto take other actions during<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>lock-out<span style=\"letter-spacing:-.6pt\">\n<\/span>period<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>could<span style=\"letter-spacing:-.55pt\">\n<\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>best<span style=\"letter-spacing:-.55pt\"> <\/span>interests<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>Members and, therefore, may have an\nadverse impact on the ability of the Fund to make<span style=\"letter-spacing:\n-.65pt\"> <\/span>distributions<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Members.<span style=\"letter-spacing:-.65pt\"> <\/span>In<span style=\"letter-spacing:-.6pt\"> <\/span>particular,<span style=\"letter-spacing:-.65pt\"> <\/span>lock-out<span style=\"letter-spacing:-.6pt\">\n<\/span>provisions<span style=\"letter-spacing:-.65pt\"> <\/span>could preclude<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>participating<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>major<span style=\"letter-spacing:-.6pt\"> <\/span>transactions<span style=\"letter-spacing:\n-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>could<span style=\"letter-spacing:-.6pt\"> <\/span>result in a disposition of its assets or a\nchange in control even though that disposition or change in control might be in\nthe best interests of the <span style=\"letter-spacing:-.1pt\">Members.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection149\">\n\n<p class=\"MsoHeading9\" style=\"margin-top:.05in;margin-right:.25pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund may obtain only limited warranties when the Fund\npurchases a property and would have only limited<span style=\"letter-spacing:\n2.0pt\"> <\/span>recourse in the event its due diligence did not identify any\nissues<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:\n-.4pt\"> <\/span>lower<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>value<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">property<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05in;margin-right:20.45pt;margin-bottom:\n0in;margin-left:9.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.25pt\"> <\/span>seller<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:\n-.35pt\"> <\/span>property<span style=\"letter-spacing:-.35pt\"> <\/span>often<span style=\"letter-spacing:-.3pt\"> <\/span>sells<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>property<span style=\"letter-spacing:-.35pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:\n-.35pt\"> <\/span>\u201cas<span style=\"letter-spacing:-.3pt\"> <\/span>is\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>condition<span style=\"letter-spacing:\n-.2pt\"> <\/span>on a \u201cwhere is\u201d basis and \u201cwith all faults,\u201d without any warranties\nof merchantability or fitness for a particular use or purpose. In addition,\npurchase<span style=\"letter-spacing:-.65pt\"> <\/span>agreements<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>contain<span style=\"letter-spacing:-.6pt\"> <\/span>only<span style=\"letter-spacing:-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.6pt\"> <\/span>warranties,<span style=\"letter-spacing:\n-.65pt\"> <\/span>representations, and indemnifications that will only survive\nfor a limited period after the closing. The purchase of properties with limited\nwarranties increases the risk that the Fund may lose some or all of its\ninvested capital in the property, as well as the loss of rental income from\nthat property.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection150\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection151\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Costs of complying with governmental laws and regulations may\nreduce the Fund\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>net<span style=\"letter-spacing:-.45pt\"> <\/span>income<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>cash available<span style=\"letter-spacing:\n-.35pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>distributions<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the\n<span style=\"letter-spacing:-.1pt\">Members<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: rgb(34, 31, 31); letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:11.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Real<span style=\"letter-spacing:-.2pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>operations<span style=\"letter-spacing:\n-.25pt\"> <\/span>conducted<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>real<span style=\"letter-spacing:-.35pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\"> <\/span>to federal, state, and local laws and\nregulations relating to environmental protection and human health and safety.\nThe Fund could be subject to liability<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>form<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>fines<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>damages<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>noncompliance<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>these<span style=\"letter-spacing:-.55pt\"> <\/span>laws and regulations. These laws and\nregulations generally govern wastewater discharges, air emissions, the\noperation and removal of underground and above<span style=\"letter-spacing:-.65pt\">\n<\/span>ground<span style=\"letter-spacing:-.6pt\"> <\/span>storage<span style=\"letter-spacing:-.55pt\"> <\/span>tanks,<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>use,<span style=\"letter-spacing:-.55pt\"> <\/span>storage,<span style=\"letter-spacing:-.55pt\">\n<\/span>treatment,<span style=\"letter-spacing:-.6pt\"> <\/span>transportation,<span style=\"letter-spacing:-.6pt\"> <\/span>and disposal of solid hazardous materials,\nthe remediation of contaminated property<span style=\"letter-spacing:-.45pt\"> <\/span>associated<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>disposal<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>solid<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>hazardous<span style=\"letter-spacing:-.65pt\"> <\/span>materials,<span style=\"letter-spacing:\n-.45pt\"> <\/span>and other health and safety-related concerns.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:20.55pt;margin-bottom:\n0in;margin-left:11.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">From time to time, the Fund\nmay acquire properties or interests in properties,<span style=\"letter-spacing:\n-.65pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>known<span style=\"letter-spacing:-.65pt\"> <\/span>adverse<span style=\"letter-spacing:-.6pt\">\n<\/span>environmental<span style=\"letter-spacing:-.65pt\"> <\/span>conditions<span style=\"letter-spacing:-.6pt\"> <\/span>where<span style=\"letter-spacing:-.65pt\"> <\/span>it<span style=\"letter-spacing:-.6pt\"> <\/span>believes that the environmental\nliabilities associated with these conditions are quantifiable and that the\nacquisition will yield an attractive risk-adjusted return. In such an instance,\nthe Fund will estimate the costs of environmental<span style=\"letter-spacing:\n-.6pt\"> <\/span>investigation,<span style=\"letter-spacing:-.6pt\"> <\/span>clean-up<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"color:#221F1F\">monitoring<span style=\"letter-spacing:-.5pt\"> <\/span><\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>factor<span style=\"letter-spacing:-.6pt\">\n<\/span>them<span style=\"letter-spacing:-.55pt\"> <\/span>into the amount it will\npay for such properties. Further, in connection with property dispositions, the\nFund may agree to remain responsible for, and to bear the cost of, remediating\nor monitoring certain environmental conditions on the properties.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:20.6pt;margin-bottom:\n0in;margin-left:11.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund\u2019s properties may be subject to <\/span><span style=\"font-size:9.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">the <span style=\"color:#221F1F\">Americans\nwith Disabilities Act<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>1990,<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>amended<span style=\"letter-spacing:-.65pt\">\n<\/span>(the<span style=\"letter-spacing:-.6pt\"> <\/span>\u201cADA\u201d).<span style=\"letter-spacing:-.65pt\"> <\/span>Under<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>ADA,<span style=\"letter-spacing:-.6pt\"> <\/span>all<span style=\"letter-spacing:-.65pt\"> <\/span>places<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>public accommodation must\nmeet federal requirements related to access and use by persons with\ndisabilities. The ADA\u2019s requirements could require removal<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>access<span style=\"letter-spacing:-.05pt\"> <\/span>barriers<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>could<span style=\"letter-spacing:-.05pt\"> <\/span>result<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>imposition<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>injunctive relief, monetary penalties,\nor, in some cases, an award of damages. Additional or new federal, state, and\nlocal laws also may require modifications<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>our<span style=\"letter-spacing:-.65pt\"> <\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>restrict<span style=\"letter-spacing:-.6pt\"> <\/span>our<span style=\"letter-spacing:-.65pt\"> <\/span>ability<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>renovate<span style=\"letter-spacing:-.6pt\"> <\/span>properties. The<span style=\"letter-spacing:\n-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>attempt<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>acquire<span style=\"letter-spacing:-.5pt\"> <\/span>properties<span style=\"letter-spacing:\n-.55pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>comply<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>ADA<span style=\"letter-spacing:-.5pt\"> <\/span>and\nother similar legislation or place the burden on the seller or other third\nparty, such as a tenant, to ensure compliance with such legislation. However,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund\ncannot<span style=\"letter-spacing:-.05pt\"> <\/span>assure<span style=\"letter-spacing:\n-.05pt\"> <\/span>potential<span style=\"letter-spacing:-.05pt\"> <\/span>investors<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>it<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>able<span style=\"letter-spacing:-.05pt\"> <\/span>to\nacquire properties or allocate responsibilities in this manner. If it cannot,\nor if changes to the ADA mandate further changes to its properties, then the\nfunds used for ADA compliance may reduce cash available for distributions and\nthe amount of distributions to Members.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection152\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-size:9.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection153\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">In some instances, the Managing Member may rely on third<span style=\"letter-spacing:-.5pt\"> <\/span>party<span style=\"letter-spacing:-.55pt\"> <\/span>property<span style=\"letter-spacing:-.6pt\"> <\/span>managers<span style=\"letter-spacing:-.6pt\">\n<\/span>to operate the Fund\u2019s properties and leasing agents to lease vacancies\nin its properties.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.6pt;margin-bottom:\n0in;margin-left:10.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member expects\nthat, in some instances, the Managing Member<span style=\"letter-spacing:-.65pt\">\n<\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>rely<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>third<span style=\"letter-spacing:-.55pt\"> <\/span>party<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.65pt\"> <\/span>managers<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>leasing<span style=\"letter-spacing:-.3pt\"> <\/span>agents.<span style=\"letter-spacing:-.6pt\">\n<\/span>The third-party property managers will have significant decision-making\nauthority with respect to the management of the Fund\u2019s properties. The Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>ability<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>direct<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>control<span style=\"letter-spacing:-.4pt\"> <\/span>how<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:\n-.3pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>managed<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>be\nlimited.<span style=\"letter-spacing:1.6pt\"> <\/span>The<span style=\"letter-spacing:\n1.65pt\"> <\/span>Fund<span style=\"letter-spacing:1.7pt\"> <\/span>will<span style=\"letter-spacing:1.6pt\"> <\/span>not<span style=\"letter-spacing:1.65pt\"> <\/span>supervise<span style=\"letter-spacing:1.65pt\"> <\/span>any<span style=\"letter-spacing:1.55pt\"> <\/span>of<span style=\"letter-spacing:1.65pt\"> <\/span>the<span style=\"letter-spacing:1.65pt\"> <\/span>property<span style=\"letter-spacing:1.6pt\"> <\/span>managers<span style=\"letter-spacing:1.55pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection154\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:20.4pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">leasing agents or any of\ntheir respective personnel on a day-to-day basis. Thus,<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>success<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.2pt\">\n<\/span>business <span style=\"color:#221F1F\">may<span style=\"letter-spacing:\n-.05pt\"> <\/span><\/span>depend<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>part<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>ability\nof the Fund\u2019s third-party property managers to manage the day-to-day operations\nand the ability of the Fund\u2019s leasing agents to lease vacancies in its properties.\nAny adversity experienced by the property managers or leasing<span style=\"letter-spacing:-.5pt\"> <\/span>agents<span style=\"letter-spacing:-.6pt\"> <\/span>could<span style=\"letter-spacing:-.5pt\"> <\/span>adversely<span style=\"letter-spacing:-.6pt\">\n<\/span>impact<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>operation<span style=\"letter-spacing:\n-.5pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>profitability<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the\nFund\u2019s properties and, consequently, the Fund\u2019s ability to achieve its\ninvestment<span style=\"letter-spacing:-.1pt\"> <\/span>objectives,<span style=\"letter-spacing:-.1pt\"> <\/span>including,<span style=\"letter-spacing:\n-.1pt\"> <\/span>without<span style=\"letter-spacing:-.1pt\"> <\/span>limitation,<span style=\"letter-spacing:-.1pt\"> <\/span>diversification<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the real estate\nproperties portfolio by property type and location, moderate financial\nleverage, conservative levels of operating risk and an attractive level of\ncurrent income.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" align=\"left\" style=\"margin: 0in 74.4pt 0.0001pt 149.6pt; text-indent: -52.5pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">RISKS<span style=\"letter-spacing:-.4pt\"> <\/span>RELATED<span style=\"letter-spacing:-.35pt\">\n<\/span>TO<span style=\"letter-spacing:-.3pt\"> <\/span>INVESTMENTS<span style=\"letter-spacing:-.4pt\"> <\/span>IN<span style=\"letter-spacing:-.25pt\"> <\/span>PUBLICLY<span style=\"letter-spacing:-.25pt\"> <\/span>TRADED REAL ESTATE INVESTMENT TRUSTS<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection155\">\n\n<p class=\"MsoHeading9\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund will be subject to the same risks as other investors\nwhen<span style=\"letter-spacing:-.45pt\"> <\/span>it<span style=\"letter-spacing:\n-.35pt\"> <\/span>holds<span style=\"letter-spacing:-.45pt\"> <\/span>securities<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>third-\nparty funds.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:11.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">To<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>extent<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>invests<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>publicly<span style=\"letter-spacing:-.15pt\"> <\/span>traded<span style=\"letter-spacing:-.15pt\">\n<\/span>REITS<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>third-party\nfunds,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>subject<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>same<span style=\"letter-spacing:-.15pt\"> <\/span>risks<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>investors<span style=\"letter-spacing:-.1pt\"> <\/span>experience when investing in such other\nfunds.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection156\">\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection157\">\n\n<p class=\"MsoHeading9\" style=\"margin-right:1.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>subject<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>a third-party fund\u2019s\nseparate investment advisory fees.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:21.1pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">As<span style=\"letter-spacing:\n-.2pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>shareholder<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>another<span style=\"letter-spacing:-.1pt\"> <\/span>fund,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>would<span style=\"letter-spacing:-.25pt\"> <\/span>bear<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>pro<span style=\"letter-spacing:-.15pt\"> <\/span>rata<span style=\"letter-spacing:-.15pt\"> <\/span>portion of the other Fund\u2019s expenses,\nincluding advisory fees, in addition to the expenses the Fund bears directly in\nconnection with its own operation.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection158\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection159\">\n\n<p class=\"MsoHeading9\" style=\"margin-right:1.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Investments<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>REITs<span style=\"letter-spacing:-.65pt\"> <\/span>bear\nspecific risks.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.8pt;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>invest<span style=\"letter-spacing:-.55pt\">\n<\/span>up<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:\n-.35pt\"> <\/span>twenty-five<span style=\"letter-spacing:-.5pt\"> <\/span>(25%)<span style=\"letter-spacing:-.45pt\"> <\/span>percent<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:\n-.55pt\"> <\/span>assets<span style=\"letter-spacing:-.35pt\"> <\/span>publicly\ntraded REITs.<span style=\"letter-spacing:2.0pt\"> <\/span>Investments in publicly\ntraded REITs are<span style=\"letter-spacing:2.0pt\"> <\/span>subject to risks\nsimilar to those associated with direct ownership of real estate, including\nloss<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:\n-.55pt\"> <\/span>casualty<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>condemnation,<span style=\"letter-spacing:\n-.55pt\"> <\/span>increases<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>property<span style=\"letter-spacing:-.65pt\">\n<\/span>taxes<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>operating expenses,<span style=\"letter-spacing:\n-.15pt\"> <\/span>zoning<span style=\"letter-spacing:-.2pt\"> <\/span>law<span style=\"letter-spacing:-.15pt\"> <\/span>amendments,<span style=\"letter-spacing:\n-.15pt\"> <\/span>changes<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>interest<span style=\"letter-spacing:-.15pt\">\n<\/span>rates,<span style=\"letter-spacing:-.25pt\"> <\/span>overbuilding and\nincreased competition, variations in market value, fluctuations in rental<span style=\"letter-spacing:-.35pt\"> <\/span>income,<span style=\"letter-spacing:-.35pt\">\n<\/span>possible<span style=\"letter-spacing:-.35pt\"> <\/span>environmental<span style=\"letter-spacing:-.35pt\"> <\/span>liabilities,<span style=\"letter-spacing:\n-.35pt\"> <\/span>regulatory<span style=\"letter-spacing:-.45pt\"> <\/span>limitations<span style=\"letter-spacing:-.4pt\"> <\/span>on rent,<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>risks<span style=\"letter-spacing:-.6pt\"> <\/span>related<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>local<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>general<span style=\"letter-spacing:-.65pt\"> <\/span>economic<span style=\"letter-spacing:-.6pt\">\n<\/span>conditions.<span style=\"letter-spacing:-.65pt\"> <\/span>Equity REITs\ngenerally experience these risks directly through fee or leasehold interests,\nwhereas mortgage REITs generally experience these risks indirectly through\nmortgage interests, unless the mortgage REIT forecloses<span style=\"letter-spacing:\n-.35pt\"> <\/span>on<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>underlying<span style=\"letter-spacing:\n-.4pt\"> <\/span>real<span style=\"letter-spacing:-.35pt\"> <\/span>estate.<span style=\"letter-spacing:-.3pt\"> <\/span>Changes<span style=\"letter-spacing:-.35pt\">\n<\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>interest<span style=\"letter-spacing:-.45pt\"> <\/span>rates<span style=\"letter-spacing:-.35pt\">\n<\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>also affect the value of\nthe Fund\u2019s exposure to publicly traded REITs. For instance,<span style=\"letter-spacing:-.65pt\"> <\/span>during<span style=\"letter-spacing:-.6pt\">\n<\/span>periods<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>declining<span style=\"letter-spacing:-.65pt\">\n<\/span>interest<span style=\"letter-spacing:-.6pt\"> <\/span>rates,<span style=\"letter-spacing:-.65pt\"> <\/span>certain<span style=\"letter-spacing:-.6pt\">\n<\/span>mortgage<span style=\"letter-spacing:-.65pt\"> <\/span>REITs may hold\nmortgages that the mortgagors elect to prepay, and prepayment may<span style=\"letter-spacing:-.55pt\"> <\/span>diminish<span style=\"letter-spacing:-.55pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>yield<span style=\"letter-spacing:-.6pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>securities<span style=\"letter-spacing:-.6pt\"> <\/span>issued<span style=\"letter-spacing:-.55pt\">\n<\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>those<span style=\"letter-spacing:-.6pt\"> <\/span>REITs.<span style=\"letter-spacing:-.6pt\"> <\/span>Certain<span style=\"letter-spacing:-.55pt\"> <\/span>REITs have relatively small market\ncapitalizations, which may tend to increase the volatility<span style=\"letter-spacing:-.1pt\"> <\/span>of the market<span style=\"letter-spacing:\n-.15pt\"> <\/span>price of their securities. Furthermore,<span style=\"letter-spacing:\n-.1pt\"> <\/span>publicly traded REITs are dependent upon specialized management\nskills, have limited diversification and are, therefore, subject to risks\ninherent in operating and financing a limited number of projects. Publicly\ntraded REITs are also subject to heavy cash flow dependency, defaults by\nborrowers,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>possibility<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>failing<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>qualify<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>tax-free<span style=\"letter-spacing:-.6pt\"> <\/span>pass-through of income under the Internal\nRevenue Code and to maintain exemption from the registration requirements of\nthe 1940 Act.<span style=\"letter-spacing:2.0pt\"> <\/span>In addition, publicly\ntraded REITs depend generally on their ability to generate cash flow to make\ndistributions to shareholders.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection160\">\n\n<p class=\"MsoHeading7\" style=\"margin-top:3.05pt;margin-right:16.25pt;margin-bottom:\n0in;margin-left:6.4pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">RISKS<span style=\"letter-spacing:-.55pt\"> <\/span>ASSOCIATED<span style=\"letter-spacing:\n-.45pt\"> <\/span>WITH<span style=\"letter-spacing:-.45pt\"> <\/span>TRANSACTING<span style=\"letter-spacing:-.45pt\"> <\/span>WITH<span style=\"letter-spacing:-.4pt\"> <\/span>A<span style=\"letter-spacing:-.5pt\"> <\/span>SOVEREIGN<span style=\"letter-spacing:-.45pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">NATION<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.35pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection161\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.55pt\"> <\/span>underlying<span style=\"letter-spacing:\n-.5pt\"> <\/span>lease<span style=\"letter-spacing:-.55pt\"> <\/span>agreement,\nassignment of the ground lease and\/or ground sublease agreement with a native\nAmerican tribe is subject to the approval of the sovereign nation and the\nBureau of Indian <span style=\"letter-spacing:-.1pt\">Affairs.<\/span><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:20.75pt;margin-bottom:\n0in;margin-left:8.85pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any Fund investments on land\nowned by Native Americans (&#8220;<i>SN Property<\/i>&#8220;)<span style=\"letter-spacing:-.5pt\"> <\/span>requires<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>consent<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Bureau<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>Indian<span style=\"letter-spacing:-.55pt\"> <\/span>Affairs<span style=\"letter-spacing:-.6pt\">\n<\/span>(the<span style=\"letter-spacing:-.65pt\"> <\/span>\u201c<i>BIA<\/i>\u201d) and of the applicable sovereign nation community (the &#8220;<i>Community&#8221;<\/i>) to grant security\ninterests in such property directly and to enter into the various<span style=\"letter-spacing:-.35pt\"> <\/span>lease<span style=\"letter-spacing:-.3pt\"> <\/span>agreements<span style=\"letter-spacing:-.45pt\"> <\/span>relating<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>SN<span style=\"letter-spacing:-.35pt\"> <\/span>Property.<span style=\"letter-spacing:-.4pt\"> <\/span>There<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>no<span style=\"letter-spacing:-.4pt\"> <\/span>guaranty\nthat any portfolio company of the Fund or subsidiary of such portfolio company<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>successful<span style=\"letter-spacing:\n-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>securing<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>necessary<span style=\"letter-spacing:-.25pt\"> <\/span>consents<span style=\"letter-spacing:-.25pt\">\n<\/span>required<span style=\"letter-spacing:-.25pt\"> <\/span>to obtain the lease,\nassign the lease, or grant the sublease, or secure debt financing<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>SN<span style=\"letter-spacing:-.5pt\"> <\/span>Property.<span style=\"letter-spacing:-.6pt\"> <\/span>If<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>portfolio<span style=\"letter-spacing:-.5pt\">\n<\/span>company<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>any\nof its subsidiaries are unable to obtain any such consents from either the BIA\nor the Community, they may be unable to move forward with the investment. This\ncould have a material adverse impact on the Fund <span style=\"letter-spacing:\n-.1pt\">including<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">possibility<\/span><span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">a<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">complete<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">loss<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investment<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">for<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">each<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Investor.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection162\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection163\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nleasehold interest or the ground sublease will be subordinated to the\nCommunity.<o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:8.0pt;margin-bottom:\n0in;margin-left:8.9pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">No portfolio company of the\nFund or any of its subsidiaries will hold a fee simple interest in the SN\nProperty. Real estate investments on Native American<span style=\"letter-spacing:\n-.55pt\"> <\/span>land<span style=\"letter-spacing:-.55pt\"> <\/span>commonly<span style=\"letter-spacing:-.55pt\"> <\/span>involve<span style=\"letter-spacing:-.6pt\">\n<\/span>acquiring<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>leasehold<span style=\"letter-spacing:-.55pt\">\n<\/span>interest<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>subject\nreal property, with such ownership interest allowing the property owner\nsignificant rights with respect to such property and the development of the\nimprovements<span style=\"letter-spacing:-.4pt\"> <\/span>thereon.<span style=\"letter-spacing:-.45pt\"> <\/span>All<span style=\"letter-spacing:-.25pt\"> <\/span>SN<span style=\"letter-spacing:-.35pt\"> <\/span>Property<span style=\"letter-spacing:-.3pt\">\n<\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>subject<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>terms<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>conditions of the ground lease assignment\nor ground sublease agreement. Accordingly, the Community will have certain\nrights to initiate defaults under the agreement to the extent that a portfolio\ncompany of the Fund or any of its subsidiaries fails to meet its obligations.\nThese rights include, without limitation, the right to terminate the ground\nlease, assignment of the ground lease, or the ground sublease agreement (as the\ncase may be). If a default is initiated, the consequences from such default\n(including termination) could have a material adverse impact on the Fund,\nincluding the possibility of a complete loss of investment for each Investor.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection164\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection165\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:18.9pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Lenders\nare less likely to lend to a<span style=\"letter-spacing:-.15pt\"> <\/span>portfolio<span style=\"letter-spacing:-.15pt\"> <\/span>company<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund or any of its subsidiaries due to the<span style=\"letter-spacing:-.65pt\"> <\/span><\/span><\/i><\/b><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SN<span style=\"letter-spacing:-.6pt\"> <\/span><b><i>Property<span style=\"letter-spacing:-.65pt\">\n<\/span>being<span style=\"letter-spacing:-.55pt\"> <\/span>located<span style=\"letter-spacing:-.5pt\"> <\/span>on tribal land<\/i><\/b><i>.<o:p><\/o:p><\/i><\/span><\/p>\n\n<span style=\"font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.55pt;margin-right:7.85pt;margin-bottom:\n0in;margin-left:8.8pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Lending\nissues and concerns may be significant for certain lenders.<span style=\"letter-spacing:2.0pt\"> <\/span>Due to the<span style=\"letter-spacing:\n-.5pt\"> <\/span>subordinated<span style=\"letter-spacing:-.45pt\"> <\/span>nature<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>SN<span style=\"letter-spacing:-.55pt\"> <\/span>Property<span style=\"letter-spacing:-.45pt\"> <\/span>(as<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>assignment<span style=\"letter-spacing:\n-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>sublease)<span style=\"letter-spacing:-.45pt\"> <\/span>and the rights that a sovereign nation\n(such as the Community) may have with respect to a property located on tribal\nland (including exclusive jurisdiction rights), some lenders refuse to lend\nagainst a project that is located on the Community.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Having fewer lenders (including possibly having to seek debt\nfinancing from private &#8220;hard money&#8221; lenders, who typically offer less\nfavorable<span style=\"letter-spacing:-.1pt\"> <\/span>terms<span style=\"letter-spacing:-.15pt\"> <\/span>than<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>traditional<span style=\"letter-spacing:\n-.1pt\"> <\/span>bank)<span style=\"letter-spacing:-.1pt\"> <\/span>who<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>willing<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>lend<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>portfolio company<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>subsidiaries<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>development<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the SN Property may\nresult in such entity not securing debt financing or, if it does secure debt\nfinancing, such debt financing is provided on unfavorable terms (or terms that\nare not consistent with the Managing Members&#8217; pro forma economic<span style=\"letter-spacing:-.25pt\"> <\/span>model<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>development.<span style=\"letter-spacing:\n2.0pt\"> <\/span>If<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>portfolio<span style=\"letter-spacing:-.25pt\">\n<\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\nor any of its subsidiaries is able to secure debt financing, any unfavorable\nterms<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:\n-.45pt\"> <\/span>result<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>increased<span style=\"letter-spacing:-.35pt\">\n<\/span>expenses<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>decreased<span style=\"letter-spacing:-.35pt\"> <\/span>returns<span style=\"letter-spacing:-.45pt\">\n<\/span>for Investors.<span style=\"letter-spacing:2.0pt\"> <\/span>Such entity may\nnot be able to secure debt financing, and if this occurs, the Fund will be\nrequired to either raise all of the capital needed for the project under this\nOffering or obtain &#8220;mezzanine debt&#8221; on terms and conditions not\nfavorable to the existing Investors.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection166\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:8.05pt;margin-bottom:\n0in;margin-left:165.2pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Even if<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>portfolio\ncompany or any subsidiary<span style=\"letter-spacing:-.1pt\"> <\/span>of a<span style=\"letter-spacing:-.05pt\"> <\/span>portfolio<span style=\"letter-spacing:\n-.15pt\"> <\/span>company is<span style=\"letter-spacing:-.1pt\"> <\/span>able to<span style=\"letter-spacing:-.45pt\"> <\/span>locate<span style=\"letter-spacing:-.5pt\">\n<\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>lender<span style=\"letter-spacing:-.45pt\"> <\/span>who<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>willing<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>lend<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>SN<span style=\"letter-spacing:-.55pt\"> <\/span>Property<span style=\"letter-spacing:-.45pt\"> <\/span>development,<span style=\"letter-spacing:\n-.5pt\"> <\/span>any security interest granted in the SN Property will require\nthe consent of the Community and certain<span style=\"letter-spacing:-.05pt\"> <\/span>others.\nThere is no<span style=\"letter-spacing:-.05pt\"> <\/span>guarantee that such\nconsents will be successfully delivered.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_151\" o:spid=\"_x0000_s2230\" style=\"width:470.95pt;height:1.45pt;\n mso-position-horizontal-relative:char;mso-position-vertical-relative:line\" coordsize=\"59810,184\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1032\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.05pt\"><a name=\"_bookmark8\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">INVESTMENT<span style=\"letter-spacing:-.55pt\"> <\/span>OBJECTIVES,<span style=\"letter-spacing:\n-.5pt\"> <\/span>STRATEGY,<span style=\"letter-spacing:-.45pt\"> <\/span>AND<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">POLICIES<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_153\" o:spid=\"_x0000_s2229\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825359;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoHeading8\" align=\"center\" style=\"margin-top:0in;margin-right:321.85pt;\nmargin-bottom:0in;margin-left:6.4pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Investment<span style=\"letter-spacing:-.35pt\"> <\/span>Objectives<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Strategy<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.35pt\"> <\/span>primary<span style=\"letter-spacing:-.3pt\">\n<\/span>investment<span style=\"letter-spacing:-.3pt\"> <\/span>objectives<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">are:<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:79.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l57 level1 lfo59;\ntab-stops:79.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to acquire, develop, manage,\noperate, lease, and sell, directly or indirectly, commercial real estate\nproperties<span style=\"letter-spacing:-.65pt\"> <\/span>consistent<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund&#8217;s<span style=\"letter-spacing:-.65pt\">\n<\/span>investment<span style=\"letter-spacing:-.6pt\"> <\/span>strategy<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>acquiring<span style=\"letter-spacing:-.5pt\"> <\/span>quality<span style=\"letter-spacing:-.6pt\">\n<\/span>income-producing<span style=\"letter-spacing:-.6pt\"> <\/span>and value-add\ncommercial properties, which do not require significant development, that are\neither operated by Affiliates of the Managing Member or unrelated third\nparties, and, in some circumstances, leased under short term and long-term\nleases to creditworthy tenants<span style=\"color:#221F1F\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 79pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>also<span style=\"letter-spacing:-.2pt\"> <\/span>invest<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.25pt\">in:<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:6.6pt;\nmargin-bottom:0in;margin-left:115.0pt;margin-bottom:.0001pt;text-indent:-.25in;\nline-height:95%;mso-list:l57 level2 lfo59;tab-stops:115.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:95%;font-family:\n&quot;Courier New&quot;;mso-fareast-font-family:&quot;Courier New&quot;;mso-font-width:99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:95%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">equity\ninterests in entities that have developed and\/or acquired quality income\nproducing commercial properties and are either operated by Affiliates of the\nManaging Member or unrelated third parties,<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;line-height:95%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:115.0pt;margin-bottom:.0001pt;text-indent:-.25in;line-height:\n92%;mso-list:l57 level2 lfo59;tab-stops:115.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:92%;font-family:\n&quot;Courier New&quot;;mso-fareast-font-family:&quot;Courier New&quot;;mso-font-width:99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:92%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">debt\nsecurities (e.g., promissory notes, mezzanine debt instruments) secured by\nsecurity interests in commercial properties, and<\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;line-height:92%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:115.0pt;margin-bottom:.0001pt;text-indent:-.25in;line-height:\n92%;mso-list:l57 level2 lfo59;tab-stops:115.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;line-height:92%;font-family:\n&quot;Courier New&quot;;mso-fareast-font-family:&quot;Courier New&quot;;color:#221F1F;mso-font-width:\n99%\">o<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:92%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">in<span style=\"letter-spacing:-.45pt\"> <\/span>shares<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>publicly<span style=\"letter-spacing:-.45pt\"> <\/span>traded<span style=\"letter-spacing:-.5pt\">\n<\/span>REITs<span style=\"letter-spacing:-.55pt\"> <\/span>(up<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>maximum<span style=\"letter-spacing:-.4pt\">\n<\/span>amount<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>twenty-five<span style=\"letter-spacing:\n-.5pt\"> <\/span>(25%)<span style=\"letter-spacing:-.45pt\"> <\/span>percent of net\nassets the Fund) (\u201cREIT Portfolio\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">The<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Fund<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">will<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">achieve<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">its<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">investment<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">objective by<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">investing<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">substantially<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">all<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">its<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">assets<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">in the<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">REIT Subsidiary.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nManaging Member believes the Fund can achieve increased returns through\ninvestments in existing properties<span style=\"letter-spacing:-.05pt\"> <\/span>in\nneed of lease<span style=\"letter-spacing:-.05pt\"> <\/span>up that<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>additional<span style=\"letter-spacing:-.05pt\"> <\/span>development<span style=\"letter-spacing:\n-.05pt\"> <\/span>potential, light<span style=\"letter-spacing:-.05pt\"> <\/span>property\nimprovements,<span style=\"letter-spacing:-.05pt\"> <\/span>management\nefficiencies, or improving the underlying tenant covenant via proactive lease\nmanagement.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:7.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\n<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">above <span style=\"color:#221F1F\">listed activities may be changed or modified by the\nManaging Member in its sole and absolute <span style=\"letter-spacing:-.1pt\">discretion.<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"center\" style=\"margin-top:0in;margin-right:318.3pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Potential<span style=\"letter-spacing:-.5pt\"> <\/span>Competitive<span style=\"letter-spacing:\n-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Strengths<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>believes<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>able<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>distinguish<span style=\"letter-spacing:-.3pt\"> <\/span>itself<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>owners,<span style=\"letter-spacing:-.3pt\"> <\/span>operators, acquirers, and <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">developers <span style=\"color:#221F1F\">of real properties. The Fund believes that its long-term\nsuccess will be supported through the following competitive strengths:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Sophisticated Operating Infrastructure: <\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Direct access to a robust administrative, development,\nconstruction, finance, and tax team provides the Fund with potential strategic\nadvantages.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Boutique Sizing <\/span><\/b><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">\u2013\nThe Managing Member may, in its discretion, limit the total size of assets in\nthe Fund to help ensure<span style=\"letter-spacing:-.05pt\"> <\/span>that\nmanagement will remain focused on hand-selecting great<span style=\"letter-spacing:\n-.05pt\"> <\/span>projects without the<span style=\"letter-spacing:-.05pt\"> <\/span>pressure\nof an institutional fund size (and fees). It is expected that the Fund will be\nlarge enough to accommodate significant capital allocations yet sized\nappropriately to match the expected investment opportunities in Cloud Toronto &#8211;\nFYBN \u2019s target market.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.45pt; text-indent: -17.95pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Favorable<span style=\"letter-spacing:-.25pt\"> <\/span>profit<span style=\"letter-spacing:-.3pt\"> <\/span>split<span style=\"letter-spacing:-.05pt\"> <\/span><\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">\u2013Members<span style=\"letter-spacing:-.25pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>profit<span style=\"letter-spacing:-.25pt\">\n<\/span>splits<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>believes<span style=\"letter-spacing:-.2pt\">\n<\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>favorable<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Pass-through Taxation: <\/span><\/b><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Similar\nto an individual investor forming a partnership and buying a single property,\nthe Fund produces a K-1 statement each year for each Member.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:4.05pt;margin-right:6.8pt;\nmargin-bottom:0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l27 level1 lfo58;tab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Manager<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cSkin<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Game\u201d<span style=\"letter-spacing:-.1pt\"> <\/span><\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">\u2013<span style=\"letter-spacing:-.15pt\"> <\/span>As<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.25pt\">\n<\/span>make<span style=\"letter-spacing:-.2pt\"> <\/span>capital<span style=\"letter-spacing:-.25pt\"> <\/span>commitments<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing Member will (in accordance with\nthe timing requirements set forth in the LLC Agreement), directly or through\nits Affiliate, invest a minimum of one (1%) percent of the Capital Commitments\nof the Members as a Participating Member within the Fund. Thus, as the fund\ngrows over time, the Managing Member\u2019s direct<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>indirect<span style=\"letter-spacing:-.35pt\"> <\/span>investment<span style=\"letter-spacing:\n-.35pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>also<span style=\"letter-spacing:-.3pt\"> <\/span>grow<span style=\"letter-spacing:-.35pt\"> <\/span>over<span style=\"letter-spacing:-.3pt\"> <\/span>time.<span style=\"letter-spacing:-.3pt\"> <\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.35pt\"> <\/span>reserve<span style=\"letter-spacing:-.3pt\">\n<\/span>the right<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>acquire<span style=\"letter-spacing:-.45pt\">\n<\/span>Participating<span style=\"letter-spacing:-.55pt\"> <\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>up<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>aggregate<span style=\"letter-spacing:-.45pt\"> <\/span>amount<span style=\"letter-spacing:-.45pt\">\n<\/span>equal<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>ten<span style=\"letter-spacing:-.4pt\"> <\/span>(10%)<span style=\"letter-spacing:-.4pt\"> <\/span>percent<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>outstanding Participating Units of the Fund in exchange for\npayment of the applicable price per Unit then in effect.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Real Assets <\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">\u2013 The Fund, in\nlarge part, is investing in tangible real estate, offering the simple elegance\nof actually<span style=\"letter-spacing:-.25pt\"> <\/span>understanding<span style=\"letter-spacing:-.25pt\"> <\/span>what<span style=\"letter-spacing:-.4pt\"> <\/span>you<span style=\"letter-spacing:-.25pt\"> <\/span>own<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>what<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>securing<span style=\"letter-spacing:-.25pt\">\n<\/span>your<span style=\"letter-spacing:-.25pt\"> <\/span>capital.<span style=\"letter-spacing:-.25pt\"> <\/span>Please<span style=\"letter-spacing:-.3pt\">\n<\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>aware,<span style=\"letter-spacing:-.35pt\"> <\/span>however,<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the Fund may also invest\nin other assets, including equity interests in operating businesses.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Best<span style=\"letter-spacing:-.15pt\"> <\/span>Strategy,<span style=\"letter-spacing:\n-.15pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Right<span style=\"letter-spacing:-.15pt\">\n<\/span>Time: <\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Because<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>structure<span style=\"letter-spacing:-.15pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>flexible,<span style=\"letter-spacing:-.15pt\"> <\/span>it<span style=\"letter-spacing:-.2pt\"> <\/span>can<span style=\"letter-spacing:-.2pt\"> <\/span>build<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>portfolio<span style=\"letter-spacing:\n-.25pt\"> <\/span>of income producing assets while also investing some of its\ncapital into more opportunistic strategies. This blended approach is designed\nto limit risk while seeking attractive returns.<\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Quarterly<span style=\"letter-spacing:-.05pt\"> <\/span>Reporting,<span style=\"letter-spacing:-.1pt\"> <\/span>Regular<span style=\"letter-spacing:-.1pt\">\n<\/span>Valuations: <\/span><\/b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n<\/span>Member<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>value<span style=\"letter-spacing:-.1pt\"> <\/span>the\nproperties<span style=\"letter-spacing:-.1pt\"> <\/span>held<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the\nFund at least once a year and plans to update the annual valuation quarterly.\nWe will strive to provide quarterly<span style=\"letter-spacing:-.25pt\"> <\/span>communications<span style=\"letter-spacing:-.3pt\"> <\/span>explaining,<span style=\"letter-spacing:\n-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>simple<span style=\"letter-spacing:-.25pt\"> <\/span>terms,<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>performance<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>fund<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>direction<span style=\"letter-spacing:-.2pt\"> <\/span>being pursued by the Managing Member. Such\ncommunications shall be in the discretion of the Managing Member as to the\ntiming and contents.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Vertical<span style=\"letter-spacing:-.6pt\"> <\/span>Integration:<span style=\"letter-spacing:-.45pt\"> <\/span><\/span><\/b><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>benefits<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Sponsor\u2019s<span style=\"letter-spacing:\n-.65pt\"> <\/span>vertically<span style=\"letter-spacing:-.45pt\"> <\/span>integrated<span style=\"letter-spacing:-.6pt\"> <\/span>business<span style=\"letter-spacing:-.6pt\">\n<\/span>model,<span style=\"letter-spacing:-.55pt\"> <\/span>allowing greater\ncontrol of the investment outcomes.<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l27 level1 lfo58;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Deal Access: <\/span><\/b><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund benefits from the Managing Member\u2019s considerable access to non-marketed\ntransactions and projects, relationships with deal makers and other important\nmembers of the real estate ecosystem, and reputation for success in investing.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n42.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">While\nthe Fund believes that these factors will help distinguish it from the Fund\u2019s\ncompetitors and contribute to its long-term success, there is no guarantee that\nthe above listed factors will provide the Fund with any actual competitive\nadvantages.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-left: 13.5pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Real<span style=\"letter-spacing:-.3pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Properties<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>goal<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>acquire<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>portfolio<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>commercial<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>multi-family<span style=\"letter-spacing:-.6pt\"> <\/span>residential<span style=\"letter-spacing:\n-.65pt\"> <\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>real<span style=\"letter-spacing:-.6pt\"> <\/span>estate-\nrelated<span style=\"letter-spacing:-.05pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>diversified<span style=\"letter-spacing:\n-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>way<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>location<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>industry.<span style=\"letter-spacing:2.0pt\"> <\/span>There<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>no<span style=\"letter-spacing:-.05pt\"> <\/span>limitation<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>number,<span style=\"letter-spacing:-.1pt\">\n<\/span>size,<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>type of properties that the Fund may\nacquire or the percentage of net proceeds of the Offering that may be invested\nin a single property.<span style=\"letter-spacing:2.0pt\"> <\/span>The number and\nmix of properties comprising the Fund\u2019s portfolio will depend upon real estate\nmarket<span style=\"letter-spacing:-.55pt\"> <\/span>conditions<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>circumstances<span style=\"letter-spacing:\n-.6pt\"> <\/span>existing<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>time<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>acquires<span style=\"letter-spacing:-.6pt\">\n<\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>assets,<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>amount of<span style=\"letter-spacing:\n-.3pt\"> <\/span>proceeds<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>raises<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.4pt\"> <\/span>offering.<span style=\"letter-spacing:1.85pt\">\n<\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>restricted<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>investments<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>commercial\nand<span style=\"letter-spacing:-.3pt\"> <\/span>multi-family residential\nproperties.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.1in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund intends to incur debt to acquire<span style=\"letter-spacing:-.05pt\"> <\/span>properties\nwhen the Managing Member determines that incurring such<span style=\"letter-spacing:\n-.25pt\"> <\/span>debt<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>best<span style=\"letter-spacing:-.25pt\"> <\/span>interests.<span style=\"letter-spacing:\n-.3pt\"> <\/span>In<span style=\"letter-spacing:-.3pt\"> <\/span>addition,<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>time<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>time,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>acquire<span style=\"letter-spacing:-.3pt\"> <\/span>some<span style=\"letter-spacing:-.3pt\"> <\/span>properties<span style=\"letter-spacing:-.4pt\"> <\/span>without financing and later incur mortgage\ndebt secured by one or more of such properties if favorable financing terms are\navailable. The Fund will use the proceeds from these loans to acquire\nadditional properties and maintain liquidity.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:7.25pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">expects<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"color:#221F1F\">a<span style=\"letter-spacing:-.15pt\"> <\/span>portion<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>properties<span style=\"letter-spacing:-.2pt\"> <\/span>acquired<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>managed<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>operated<span style=\"letter-spacing:-.1pt\"> <\/span>directly<span style=\"letter-spacing:-.25pt\">\n<\/span>by the Fund or by a related party manager, including apartment\nproperties acquired by the Fund.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:49.5pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Retail<span style=\"letter-spacing:-.25pt\"> <\/span>Real<span style=\"letter-spacing:-.25pt\"> <\/span>Estate<span style=\"letter-spacing:-.2pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Properties<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund may allocate a portion of its portfolio allocated to retail real estate\nproperties, which a target goal to<span style=\"letter-spacing:.6pt\"> <\/span>lease<span style=\"letter-spacing:.65pt\"> <\/span>to<span style=\"letter-spacing:.65pt\"> <\/span>retail<span style=\"letter-spacing:.65pt\"> <\/span>businesses<span style=\"letter-spacing:\n.55pt\"> <\/span>with<span style=\"letter-spacing:.65pt\"> <\/span>creditworthy<span style=\"letter-spacing:.65pt\"> <\/span>and<span style=\"letter-spacing:.65pt\"> <\/span>established<span style=\"letter-spacing:.65pt\"> <\/span>track<span style=\"letter-spacing:.65pt\"> <\/span>records.<span style=\"letter-spacing:.65pt\"> <\/span>The<span style=\"letter-spacing:.65pt\"> <\/span>Fund<span style=\"letter-spacing:.6pt\"> <\/span>may<span style=\"letter-spacing:1.25pt\"> <\/span>also<span style=\"letter-spacing:.65pt\"> <\/span>pursue<span style=\"letter-spacing:.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">properties <\/span>leased<span style=\"letter-spacing:\n-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>tenants<span style=\"letter-spacing:-.4pt\"> <\/span>representing<span style=\"letter-spacing:\n-.5pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>variety<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>retail<span style=\"letter-spacing:-.35pt\"> <\/span>industries<span style=\"letter-spacing:\n-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>avoid<span style=\"letter-spacing:-.35pt\"> <\/span>concentration<span style=\"letter-spacing:\n-.4pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>one<span style=\"letter-spacing:-.45pt\"> <\/span>industry.<span style=\"letter-spacing:-.35pt\"> <\/span>These<span style=\"letter-spacing:-.35pt\">\n<\/span>industries include all types of retail establishments, such as big box\nretailers, convenience stores, drug stores, and restaurant <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">properties<span style=\"color:#221F1F\">. The Fund expects that some of these investments will\nprovide long-term value by virtue of their size, location, quality, condition,\nand lease characteristics.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Multi-Family<span style=\"letter-spacing:-.45pt\"> <\/span>Housing<span style=\"letter-spacing:-.35pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Properties<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund will generally seek to purchase B or C grade multi-family rental\nproperties, to transform these properties to A or B grade properties and build\nvalue through the transformation. These transformations <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">include <span style=\"color:#221F1F\">purchasing old properties in great locations and\ncompleting full renovations, converting from standard rental to\nstudent-oriented rentals, and similar strategies that the Managing Member\nbelieves will build value over time.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Office<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>Industrial<span style=\"letter-spacing:-.25pt\"> <\/span>Real<span style=\"letter-spacing:-.25pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Properties<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>expects<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>office<span style=\"letter-spacing:-.2pt\">\n<\/span>properties<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>include<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:\n-.3pt\"> <\/span>improved,<span style=\"letter-spacing:-.2pt\"> <\/span>high<span style=\"letter-spacing:-.15pt\"> <\/span>quality,<span style=\"letter-spacing:-.2pt\">\n<\/span>low-,<span style=\"letter-spacing:-.3pt\"> <\/span>mid-,<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>high-rise\noffice buildings that are necessary to a principal tenant, subject to a\nlong-term net lease, and used for purposes such as a corporate, regional,<span style=\"letter-spacing:-.1pt\"> <\/span>or product-specific headquarters. The Fund\nalso expects<span style=\"letter-spacing:-.05pt\"> <\/span>that its<span style=\"letter-spacing:-.05pt\"> <\/span>industrial property portfolio will\ninclude to be improved, high quality industrial properties that are necessary\nto a single principal tenant, subject to a long-term net lease, and used for\npurposes such as warehousing, <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">distribution<span style=\"color:#221F1F\">, light manufacturing, research and development, or\nindustrial flex facilities.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund expects that some of its office and industrial properties will be\nmulti-tenant properties, anchored by one or more <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">principal <span style=\"color:#221F1F\">tenants,\nwho are creditworthy and subject to long-term net leases.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Real<span style=\"letter-spacing:\n-.4pt\"> <\/span>Estate<span style=\"letter-spacing:-.3pt\"> <\/span>Underwriting<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Process<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In<span style=\"letter-spacing:-.3pt\"> <\/span>evaluating<span style=\"letter-spacing:\n-.4pt\"> <\/span>potential<span style=\"letter-spacing:-.35pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\"> <\/span>acquisitions<span style=\"letter-spacing:\n-.35pt\"> <\/span>consistent<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.35pt\"> <\/span>investment<span style=\"letter-spacing:\n-.35pt\"> <\/span>objectives,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing Member and its Affiliates will\napply well-established underwriting processes to determine the creditworthiness\nof potential<span style=\"letter-spacing:-.4pt\"> <\/span>tenants<span style=\"letter-spacing:-.45pt\"> <\/span>and\/or<span style=\"letter-spacing:-.35pt\">\n<\/span>income<span style=\"letter-spacing:-.35pt\"> <\/span>potential<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>particular<span style=\"letter-spacing:\n-.35pt\"> <\/span>investment<span style=\"letter-spacing:-.4pt\"> <\/span>property.<span style=\"letter-spacing:-.35pt\"> <\/span>Similarly,<span style=\"letter-spacing:\n-.5pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>and its<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>apply<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>credit<span style=\"letter-spacing:-.55pt\"> <\/span>underwriting<span style=\"letter-spacing:\n-.45pt\"> <\/span>criteria<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>possible<span style=\"letter-spacing:-.25pt\">\n<\/span>new<span style=\"letter-spacing:-.5pt\"> <\/span>tenants<span style=\"letter-spacing:-.55pt\"> <\/span>when<span style=\"letter-spacing:-.55pt\"> <\/span>re-leasing<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:\n-.55pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund\u2019s portfolio<span style=\"letter-spacing:\n-.35pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">property<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"color:#221F1F\">repositions<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>renovations.<span style=\"letter-spacing:-.35pt\"> <\/span>This<span style=\"letter-spacing:-.45pt\"> <\/span>process<span style=\"letter-spacing:-.4pt\"> <\/span>includes<span style=\"letter-spacing:-.4pt\">\n<\/span>analyzing<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>financial<span style=\"letter-spacing:\n-.4pt\"> <\/span>data<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\">\n<\/span>available information<span style=\"letter-spacing:-.65pt\"> <\/span>about<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>property<span style=\"letter-spacing:-.6pt\"> <\/span>and\/or<span style=\"letter-spacing:-.65pt\">\n<\/span>tenant,<span style=\"letter-spacing:-.6pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>income<span style=\"letter-spacing:-.65pt\"> <\/span>statements,<span style=\"letter-spacing:\n-.6pt\"> <\/span>balance<span style=\"letter-spacing:-.65pt\"> <\/span>sheets,<span style=\"letter-spacing:-.6pt\"> <\/span>net<span style=\"letter-spacing:-.65pt\"> <\/span>worth,<span style=\"letter-spacing:-.6pt\"> <\/span>cash<span style=\"letter-spacing:-.65pt\"> <\/span>flow,<span style=\"letter-spacing:-.6pt\"> <\/span>business plans, data provided by industry\ncredit rating services, and\/or other information the Managing Member and its\nAffiliates may deem relevant.<span style=\"letter-spacing:-.05pt\"> <\/span>Generally,\nproperties and\/or tenants must have a proven track record in order to meet the\ncredit tests applied by the Managing Member and its Affiliates. In addition,\nthe Fund may obtain guarantees of leases by the corporate parent of a tenant,\nin which case the Managing Member and its Affiliates will analyze the\ncreditworthiness of the guarantor.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Description<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Leases<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>expects,<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>many<span style=\"letter-spacing:-.65pt\"> <\/span>instances,<span style=\"letter-spacing:\n-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>acquire<span style=\"letter-spacing:-.6pt\"> <\/span>tenant<span style=\"letter-spacing:-.65pt\">\n<\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>existing<span style=\"letter-spacing:-.6pt\">\n<\/span>double-net<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>triple-net<span style=\"letter-spacing:\n-.65pt\"> <\/span>leases. A triple-net lease typically requires tenants to pay\nall or a majority of the operating expenses, including real estate taxes,\nspecial <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">assessments<span style=\"color:#221F1F\">, and sales and use taxes, utilities, maintenance,\ninsurance, and building repairs related to the<span style=\"letter-spacing:-.15pt\">\n<\/span>property,<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>addition<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>lease<span style=\"letter-spacing:-.15pt\"> <\/span>payments.<span style=\"letter-spacing:-.15pt\"> <\/span>A<span style=\"letter-spacing:-.15pt\"> <\/span>double-net<span style=\"letter-spacing:-.25pt\"> <\/span>lease<span style=\"letter-spacing:-.15pt\">\n<\/span>typically<span style=\"letter-spacing:-.2pt\"> <\/span>requires<span style=\"letter-spacing:-.2pt\"> <\/span>tenants<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>pay<span style=\"letter-spacing:\n-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>property<span style=\"letter-spacing:-.1pt\"> <\/span>taxes and insurance, in addition to the\nlease payments. Not all of the Fund\u2019s leases will be net leases.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Typically,\nthe Fund expects to enter into leases that have a term of five (5) years or\nmore. The Fund may acquire<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:-.5pt\"> <\/span>under<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>lease<span style=\"letter-spacing:-.45pt\"> <\/span>term<span style=\"letter-spacing:-.4pt\"> <\/span>has<span style=\"letter-spacing:-.25pt\"> <\/span>partially<span style=\"letter-spacing:\n-.45pt\"> <\/span>expired.<span style=\"letter-spacing:-.45pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>also<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>acquire<span style=\"letter-spacing:-.45pt\"> <\/span>properties<span style=\"letter-spacing:\n-.5pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>shorter lease<span style=\"letter-spacing:-.15pt\"> <\/span>terms<span style=\"letter-spacing:-.2pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>property<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.1pt\"> <\/span>attractive<span style=\"letter-spacing:-.15pt\"> <\/span>location,<span style=\"letter-spacing:\n-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>property<span style=\"letter-spacing:-.1pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>difficult<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>replace,<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>property<span style=\"letter-spacing:-.15pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>other\nsignificant<span style=\"letter-spacing:-.65pt\"> <\/span>favorable<span style=\"letter-spacing:-.6pt\"> <\/span>real<span style=\"letter-spacing:-.65pt\"> <\/span>estate<span style=\"letter-spacing:-.6pt\"> <\/span>attributes.<span style=\"letter-spacing:\n-.65pt\"> <\/span>Under<span style=\"letter-spacing:-.55pt\"> <\/span>most<span style=\"letter-spacing:-.65pt\"> <\/span>commercial<span style=\"letter-spacing:\n-.55pt\"> <\/span>leases,<span style=\"letter-spacing:-.65pt\"> <\/span>tenants<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>obligated<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>pay<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>predetermined\nannual<span style=\"letter-spacing:-.55pt\"> <\/span>base<span style=\"letter-spacing:\n-.6pt\"> <\/span>rent.<span style=\"letter-spacing:-.55pt\"> <\/span>Some<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>leases<span style=\"letter-spacing:-.6pt\">\n<\/span>also<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>contain<span style=\"letter-spacing:-.55pt\">\n<\/span>provisions<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>increase<span style=\"letter-spacing:-.55pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>amount<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>base<span style=\"letter-spacing:-.55pt\"> <\/span>rent<span style=\"letter-spacing:-.6pt\"> <\/span>payable<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.55pt\"> <\/span>points\nduring the lease term. The Fund expects that many of its leases will contain\nperiodic rent increases. Generally, the leases require each tenant to procure,\nat its own expense, commercial general liability insurance, as well as <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">property <span style=\"color:#221F1F\">insurance covering the building for the full replacement\nvalue and naming the ownership entity and the lender, if <span style=\"letter-spacing:-.1pt\">applicable,<\/span><span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">as<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">additional\ninsured<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">on<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the policy. Tenants<\/span><span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">be<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">required<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to\nprovide proof<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of insurance<\/span><span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">furnishing<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">a<span style=\"letter-spacing:-.35pt\"> <\/span>certificate<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>insurance<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>our<span style=\"letter-spacing:-.35pt\"> <\/span>advisor<span style=\"letter-spacing:-.5pt\">\n<\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:\n-.45pt\"> <\/span>annual<span style=\"letter-spacing:-.4pt\"> <\/span>basis.<span style=\"letter-spacing:-.35pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>insurance<span style=\"letter-spacing:-.35pt\"> <\/span>certificates<span style=\"letter-spacing:\n-.4pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>tracked<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>reviewed<span style=\"letter-spacing:-.35pt\"> <\/span>for compliance by the Managing Member.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As\na precautionary measure, the Fund may obtain, to the extent available,\nsecondary liability insurance, as well<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>loss<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>rents<span style=\"letter-spacing:-.25pt\"> <\/span>insurance<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>covers<span style=\"letter-spacing:-.4pt\"> <\/span>one<span style=\"letter-spacing:-.3pt\"> <\/span>year<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>annual<span style=\"letter-spacing:-.35pt\"> <\/span>rent<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>event<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>rental<span style=\"letter-spacing:-.2pt\"> <\/span>loss.<span style=\"letter-spacing:-.2pt\"> <\/span>In<span style=\"letter-spacing:-.15pt\"> <\/span>addition,<span style=\"letter-spacing:-.3pt\"> <\/span>some<span style=\"letter-spacing:-.3pt\"> <\/span>leases\nrequire<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>procure<span style=\"letter-spacing:-.65pt\">\n<\/span>insurance<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>both<span style=\"letter-spacing:-.6pt\"> <\/span>commercial<span style=\"letter-spacing:-.65pt\"> <\/span>general<span style=\"letter-spacing:-.6pt\">\n<\/span>liability<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.65pt\">\n<\/span>damage;<span style=\"letter-spacing:-.6pt\"> <\/span>however,<span style=\"letter-spacing:-.65pt\"> <\/span>generally the premiums are fully\nreimbursable from the tenant. In such instances, the policy will list the Fund\nas the named insured and <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the\n<span style=\"color:#221F1F\">tenant as the additional insured.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Other<span style=\"letter-spacing:\n-.35pt\"> <\/span>Possible<span style=\"letter-spacing:-.25pt\"> <\/span>Commercial<span style=\"letter-spacing:-.3pt\"> <\/span>Real<span style=\"letter-spacing:-.3pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Investments<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Although<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>expects<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>invest<span style=\"letter-spacing:-.3pt\"> <\/span>primarily<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>apartment,<span style=\"letter-spacing:-.35pt\"> <\/span>retail,<span style=\"letter-spacing:-.25pt\">\n<\/span>office,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>industrial<span style=\"letter-spacing:\n-.25pt\"> <\/span>properties,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund also<span style=\"letter-spacing:\n-.05pt\"> <\/span>may invest<span style=\"letter-spacing:-.05pt\"> <\/span>in <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">other<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"color:#221F1F\">income-producing properties,<span style=\"letter-spacing:-.05pt\"> <\/span>where<span style=\"letter-spacing:-.05pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>properties<span style=\"letter-spacing:-.05pt\"> <\/span>share<span style=\"letter-spacing:-.05pt\">\n<\/span>some<span style=\"letter-spacing:-.05pt\"> <\/span>of the<span style=\"letter-spacing:-.05pt\"> <\/span>same<span style=\"letter-spacing:-.15pt\"> <\/span>characteristics<span style=\"letter-spacing:-.05pt\"> <\/span>as the above listed properties, including\none or more principal, creditworthy tenants, long-term leases, and\/or strategic\nlocations. The Fund may also invest in ground leases or specialty property,\nsuch as self-storage or other <\/span>hospitality <span style=\"color:#221F1F\">assets,\nand tribal lands.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Ownership<span style=\"letter-spacing:\n-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Structure<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>investment<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>real<span style=\"letter-spacing:-.6pt\"> <\/span>estate<span style=\"letter-spacing:-.6pt\"> <\/span>generally<span style=\"letter-spacing:-.55pt\">\n<\/span>takes<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>form<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>holding<span style=\"letter-spacing:-.55pt\">\n<\/span>fee<span style=\"letter-spacing:-.55pt\"> <\/span>title.<span style=\"letter-spacing:-.55pt\"> <\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>expects<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>acquire such interests\neither directly or indirectly through limited liability companies, limited\npartnerships, or other entities owned and\/or controlled by the Fund and\/or\nManaging Member. The Fund may acquire properties by acquiring the entity that\nholds the desired properties. The Fund also may acquire <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">properties <span style=\"color:#221F1F\">through investments in joint ventures, partnerships, or\nother co-ownership arrangements with third parties, including the developers of\nthe properties or Affiliates of the Managing Member.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund anticipates that nearly all property acquired by the Fund will be acquired\nindirectly by, and held in, a partially owned subsidiary of the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nequity contributed to acquire and develop a property and the corresponding\ncapital structure will be determined on a<span style=\"letter-spacing:-.05pt\"> <\/span>project-by-project\nbasis. When the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund will contribute\nnearly all<span style=\"letter-spacing:-.05pt\"> <\/span>of the equity capital\n(except for a small part contributed by the manager of the subsidiary and when\nsuch manager is an affiliate of Cloud Toronto &#8211; FYBN ), then all profit<span style=\"letter-spacing:-.4pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.3pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>given<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>pro<span style=\"letter-spacing:-.2pt\"> <\/span>rata<span style=\"letter-spacing:-.35pt\"> <\/span>basis,<span style=\"letter-spacing:-.25pt\"> <\/span>based<span style=\"letter-spacing:-.35pt\">\n<\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>equity<span style=\"letter-spacing:-.35pt\"> <\/span>contributed<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>member.<span style=\"letter-spacing:-.35pt\">\n<\/span>In<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>case,<span style=\"letter-spacing:-.35pt\">\n<\/span>the Fund<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>receive<span style=\"letter-spacing:-.1pt\">\n<\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>distribution<span style=\"letter-spacing:-.05pt\"> <\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>subsidiary,<span style=\"letter-spacing:\n-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>profits<span style=\"letter-spacing:-.15pt\">\n<\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>dealt<span style=\"letter-spacing:-.15pt\"> <\/span>with\nin the<span style=\"letter-spacing:-.1pt\"> <\/span>manner<span style=\"letter-spacing:\n-.05pt\"> <\/span>covered<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the LLC Agreement.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">At<span style=\"letter-spacing:-.25pt\"> <\/span>times,<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>subsidiary,<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>funded<span style=\"letter-spacing:-.3pt\">\n<\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>multiple<span style=\"letter-spacing:-.25pt\"> <\/span>parties, including<span style=\"letter-spacing:\n-.2pt\"> <\/span>third<span style=\"letter-spacing:-.2pt\"> <\/span>party<span style=\"letter-spacing:-.25pt\"> <\/span>investors<span style=\"letter-spacing:\n-.3pt\"> <\/span>investing<span style=\"letter-spacing:-.2pt\"> <\/span>directly\ninto the subsidiary. When that is the case, the Fund will own its pro rata\nportion of the subsidiary, unless otherwise agreed<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member.<span style=\"letter-spacing:-.45pt\">\n<\/span>When<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>profits<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>subsidiary<span style=\"letter-spacing:-.4pt\"> <\/span>are<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>distributed<span style=\"letter-spacing:\n-.5pt\"> <\/span>subject<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>carried<span style=\"letter-spacing:-.4pt\">\n<\/span>interests and other similar management compensation structures, and a Cloud\nToronto &#8211; FYBN &nbsp;affiliate is the manager\nof such entity or is otherwise<span style=\"letter-spacing:-.25pt\"> <\/span>entitled<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>carried<span style=\"letter-spacing:-.2pt\">\n<\/span>interest<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>similar<span style=\"letter-spacing:-.25pt\"> <\/span>compensation<span style=\"letter-spacing:\n-.2pt\"> <\/span>payments,<span style=\"letter-spacing:-.25pt\"> <\/span>then<span style=\"letter-spacing:-.2pt\"> <\/span>it<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>intent<span style=\"letter-spacing:-.3pt\"> <\/span>of the<span style=\"letter-spacing:-.25pt\">\n<\/span>Managing Member to waive its Carry Amount at the Fund level. For the\navoidance of doubt, it is the intent of the Managing Member<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>able<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>take<span style=\"letter-spacing:-.3pt\"> <\/span>multiple<span style=\"letter-spacing:-.1pt\">\n<\/span>carried<span style=\"letter-spacing:-.15pt\"> <\/span>interests<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.05pt\"> <\/span>similar<span style=\"letter-spacing:-.1pt\">\n<\/span>compensation<span style=\"letter-spacing:-.15pt\"> <\/span>arrangements<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>respect<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>a\n<span style=\"letter-spacing:-.1pt\">project.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:49.5pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Investment<span style=\"letter-spacing:\n-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Decisions<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nAffiliates of the Managing Member have substantial discretion with respect to\nthe selection of the specific investments, <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">subject <span style=\"color:#221F1F\">to its own\ninvestment and borrowing policies. In pursuing investment objectives and making\ninvestment decisions on the Fund\u2019s behalf, the Managing Member evaluates the\nproposed terms of the investment against all aspects of the transaction,\nincluding the condition and financial performance of the asset, the terms of\nexisting leases, the creditworthiness of the tenant or tenants, and property\nlocation and characteristics. Because the factors considered, including the\nspecific weight the Fund places on each factor, vary for each potential\ninvestment, the Fund does not, and are not able to, assign a specific weight or\nlevel of importance to <\/span>any <span style=\"color:#221F1F\">particular\nfactor.<span style=\"letter-spacing:-.4pt\"> <\/span>The<span style=\"letter-spacing:\n-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.3pt\"> <\/span>typically<span style=\"letter-spacing:-.35pt\"> <\/span>procures<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>reviews<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.35pt\"> <\/span>independent<span style=\"letter-spacing:-.35pt\"> <\/span>valuation<span style=\"letter-spacing:\n-.35pt\"> <\/span>estimate<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">on <\/span>each<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>every<span style=\"letter-spacing:-.2pt\"> <\/span>proposed<span style=\"letter-spacing:-.2pt\">\n<\/span>investment.<span style=\"letter-spacing:-.25pt\"> <\/span>Finally,<span style=\"letter-spacing:-.25pt\"> <\/span>a<\/span>ll<span style=\"letter-spacing:\n-.3pt\"> <\/span>investments<span style=\"letter-spacing:-.3pt\"> <\/span>are<span style=\"letter-spacing:-.25pt\"> <\/span>presented<span style=\"letter-spacing:\n-.2pt\"> <\/span>to,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>approved<span style=\"letter-spacing:-.2pt\">\n<\/span>by,<span style=\"letter-spacing:-.25pt\"> <\/span>Cloud Toronto &#8211; FYBN \u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>Investment Committee prior to the\ndeployment of any funds (other than pursuit costs) to such investments.<span style=\"letter-spacing:2.0pt\"> <\/span>In the case of non- arms-length\ntransactions, in which the Fund may purchase a fully stabilized property from<span style=\"letter-spacing:-.05pt\"> <\/span>another fund managed by Cloud Toronto &#8211;\nFYBN &nbsp;or its affiliates, the Advisory\nBoard will approve any such transaction.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember has delegated discretionary investment decision making with respect to\nthe REIT Portfolio<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Sub-Adviser.<span style=\"letter-spacing:2.0pt\"> <\/span>Further<span style=\"letter-spacing:-.15pt\">\n<\/span>information<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>respect<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Sub-Adviser<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>set<span style=\"letter-spacing:-.2pt\"> <\/span>out<span style=\"letter-spacing:-.25pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\">\n<\/span>\u201c<i>Management<span style=\"letter-spacing:\n-.25pt\"> <\/span>and Service Providers.<\/i>\u201d<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:49.5pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Environmental<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Matters<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">All\nreal property and the operations conducted on real property are subject to\nfederal, state, and local laws and regulations relating to environmental\nprotection and human health and safety. These laws and regulations generally\ngovern wastewater discharges,<span style=\"letter-spacing:-.05pt\"> <\/span>air\nemissions,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>operation and removal<span style=\"letter-spacing:-.05pt\"> <\/span>of underground and above-ground storage\ntanks, the use, storage, treatment, transportation, and disposal of solid and\nhazardous materials, and the remediation of <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">contamination <span style=\"color:#221F1F\">associated\nwith disposals. State and federal laws in this area are constantly evolving,\nand the Fund intends to take commercially reasonable steps, a summary of which\nis described below, to protect the Fund from the impact of these laws.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>generally<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>purchase<span style=\"letter-spacing:-.2pt\">\n<\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>property<span style=\"letter-spacing:-.2pt\"> <\/span>unless<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>until<span style=\"letter-spacing:-.25pt\">\n<\/span>it<span style=\"letter-spacing:-.25pt\"> <\/span>obtains<span style=\"letter-spacing:-.25pt\"> <\/span>what<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>generally<span style=\"letter-spacing:\n-.15pt\"> <\/span>referred<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>as a \u201cPhase I\u201d environmental site\nassessment and are generally satisfied with the environmental status of the\nproperty. However,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>purchase<span style=\"letter-spacing:-.15pt\">\n<\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>property<span style=\"letter-spacing:-.1pt\"> <\/span>without<span style=\"letter-spacing:-.2pt\">\n<\/span>obtaining<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>assessment<span style=\"letter-spacing:\n-.2pt\"> <\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>determines the <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">assessment <span style=\"color:#221F1F\">is not necessary under the circumstances. A Phase I\nenvironmental site assessment basically consists of<span style=\"letter-spacing:\n-.25pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>visual<span style=\"letter-spacing:-.25pt\"> <\/span>survey<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>building<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>property<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>attempt<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>identify<span style=\"letter-spacing:-.3pt\"> <\/span>areas<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>potential<span style=\"letter-spacing:\n-.25pt\"> <\/span>environmental<span style=\"letter-spacing:-.25pt\"> <\/span>concerns,\nvisually observing neighboring properties to assess surface conditions or\nactivities that may have an adverse environmental<span style=\"letter-spacing:\n-.4pt\"> <\/span>impact<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>property,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>contacting<span style=\"letter-spacing:-.35pt\"> <\/span>local<span style=\"letter-spacing:-.4pt\"> <\/span>governmental<span style=\"letter-spacing:-.4pt\"> <\/span>agency<span style=\"letter-spacing:-.35pt\">\n<\/span>personnel<span style=\"letter-spacing:-.5pt\"> <\/span>who<span style=\"letter-spacing:-.35pt\"> <\/span>perform<span style=\"letter-spacing:-.35pt\">\n<\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>regulatory agency file\nsearch in an attempt to determine any known environmental concerns in the\nimmediate vicinity of the property. A Phase I<span style=\"letter-spacing:-.05pt\">\n<\/span>environmental site assessment does not<span style=\"letter-spacing:-.15pt\">\n<\/span>generally include any sampling or<span style=\"letter-spacing:-.05pt\"> <\/span>testing\nof<span style=\"letter-spacing:-.05pt\"> <\/span>soil, ground water or building\nmaterials from the property and may not reveal all environmental hazards on a\nproperty.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In\nthe event the Phase I environmental site assessment uncovers potential\nenvironmental problems with a property,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\">\n<\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>determine<span style=\"letter-spacing:-.45pt\">\n<\/span>whether<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>pursue<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>investment<span style=\"letter-spacing:-.45pt\"> <\/span>opportunity<span style=\"letter-spacing:\n-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>whether the Fund\nwill have a \u201cPhase II\u201d environmental site assessment performed. The factors the\nFund may consider in determining<span style=\"letter-spacing:-.15pt\"> <\/span>whether<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>conduct<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>Phase<span style=\"letter-spacing:-.1pt\"> <\/span>II<span style=\"letter-spacing:-.2pt\"> <\/span>environmental<span style=\"letter-spacing:-.1pt\"> <\/span>site<span style=\"letter-spacing:-.15pt\"> <\/span>assessment<span style=\"letter-spacing:-.15pt\"> <\/span>include,<span style=\"letter-spacing:-.1pt\">\n<\/span>but<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>limited<span style=\"letter-spacing:-.1pt\"> <\/span>to,<span style=\"letter-spacing:-.2pt\"> <\/span>(1)<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>types\nof operations conducted on the property and surrounding property, (2) the time,\nduration, and materials used during such operations, (3) the waste handling\npractices of any tenants or properly owners, (4) the potential for hazardous\nsubstances<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:\n-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>released<span style=\"letter-spacing:-.45pt\"> <\/span>into<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>environment,<span style=\"letter-spacing:\n-.5pt\"> <\/span>(5)<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>history<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>environmental<span style=\"letter-spacing:-.5pt\"> <\/span>law<span style=\"letter-spacing:-.6pt\"> <\/span>violations<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>subject<span style=\"letter-spacing:-.5pt\">\n<\/span>property and surrounding property, (6)<span style=\"letter-spacing:-.1pt\">\n<\/span>any documented environmental releases, (7) any observations from the<span style=\"letter-spacing:-.05pt\"> <\/span>consultant that conducted the Phase I\nenvironmental site assessment, and (8) whether any party (i.e., surrounding\nproperty owners, prior owners, or tenants) may be responsible for addressing\nthe environmental conditions. The Fund will determine whether to conduct a\nPhase II environmental site assessment on a case-by-case basis.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund expects that some of the properties that it will acquire may contain, at\nthe time of the Fund\u2019s investment, or may have contained prior to our\ninvestment, underground storage tanks for the storage of petroleum products<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>hazardous<span style=\"letter-spacing:\n-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>toxic<span style=\"letter-spacing:-.55pt\"> <\/span>substances.<span style=\"letter-spacing:\n-.55pt\"> <\/span>All<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>these<span style=\"letter-spacing:-.55pt\">\n<\/span>operations<span style=\"letter-spacing:-.6pt\"> <\/span>create<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>potential<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>release<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>petroleum products or\nother hazardous or toxic substances. Some of the Fund\u2019s potential properties\nmay be adjacent to or near other properties that have contained or then\ncurrently contain underground storage tanks used to store petroleum products or\nother hazardous or toxic substances. In addition, certain of the Fund\u2019s\npotential properties may be on or adjacent to or near other properties upon\nwhich others, including former owners or tenants of our properties, have <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">engaged<span style=\"color:#221F1F\">, or may in the future engage, in activities that may\nrelease petroleum products or other hazardous or toxic <span style=\"letter-spacing:\n-.1pt\">substances.<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Conditions<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>Closing<span style=\"letter-spacing:-.2pt\"> <\/span>Our<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Acquisitions<\/span><\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt;text-indent:35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Generally,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Fund<span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"color:#221F1F\">will<span style=\"letter-spacing:\n-.2pt\"> <\/span>condition<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>obligation<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>close<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>purchase<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:\n-.3pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>delivery<span style=\"letter-spacing:-.2pt\">\n<\/span>and verification of certain documents from the seller or developer,\nincluding, where appropriate:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.6pt; text-indent: -18.1pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">plans<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">specifications;<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.6pt; text-indent: -18.1pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n-.1pt\">surveys;<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.6pt; text-indent: -18.1pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">evidence<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>marketable<span style=\"letter-spacing:-.25pt\"> <\/span>title,<span style=\"letter-spacing:-.15pt\">\n<\/span>subject<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>liens<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>encumbrances<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>acceptable<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>our<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">advisor;<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.6pt; text-indent: -18.1pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">financial<span style=\"letter-spacing:-.3pt\"> <\/span>statements<span style=\"letter-spacing:\n-.3pt\"> <\/span>covering<span style=\"letter-spacing:-.4pt\"> <\/span>recent<span style=\"letter-spacing:-.3pt\"> <\/span>operations<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>properties<span style=\"letter-spacing:-.35pt\"> <\/span>having<span style=\"letter-spacing:-.3pt\">\n<\/span>operating<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">histories;<\/span><\/span><span style=\"font-size:\n10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.6pt; text-indent: -18.1pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">title<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>liability<span style=\"letter-spacing:-.25pt\"> <\/span>insurance<span style=\"letter-spacing:\n-.3pt\"> <\/span>policies;<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.6pt; text-indent: -18.1pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">tenant<span style=\"letter-spacing:-.3pt\"> <\/span>estoppel<span style=\"letter-spacing:-.2pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">certificates.<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">In<span style=\"letter-spacing:1.05pt\"> <\/span>addition,<span style=\"letter-spacing:1.15pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:1.1pt\"> <\/span><span style=\"color:#221F1F\">Fund<span style=\"letter-spacing:1.1pt\"> <\/span>will<span style=\"letter-spacing:1.0pt\"> <\/span>take<span style=\"letter-spacing:1.0pt\"> <\/span>such<span style=\"letter-spacing:1.1pt\"> <\/span>steps<span style=\"letter-spacing:1.0pt\"> <\/span>as<span style=\"letter-spacing:1.0pt\"> <\/span>it<span style=\"letter-spacing:1.0pt\"> <\/span>deems<span style=\"letter-spacing:1.1pt\"> <\/span>necessary<span style=\"letter-spacing:1.05pt\"> <\/span>with<span style=\"letter-spacing:1.05pt\"> <\/span>respect<span style=\"letter-spacing:1.15pt\"> <\/span>to<span style=\"letter-spacing:1.05pt\"> <\/span>potential<span style=\"letter-spacing:1.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">environmental<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">matters.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund may enter into purchase and sale arrangements with a seller or developer\nof a suitable property <span style=\"letter-spacing:-.1pt\">under<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">development<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">construction.<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">In<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">such<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">cases,<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">be<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">obligated\nto<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">purchase<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">property<\/span><span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">at<\/span><span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">completion\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>construction,<span style=\"letter-spacing:-.25pt\"> <\/span>provided<span style=\"letter-spacing:-.15pt\">\n<\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>construction<span style=\"letter-spacing:\n-.15pt\"> <\/span>conforms<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>definitive<span style=\"letter-spacing:\n-.2pt\"> <\/span>plans,<span style=\"letter-spacing:-.25pt\"> <\/span>specifications,<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>costs<span style=\"letter-spacing:-.2pt\"> <\/span>approved<span style=\"letter-spacing:-.2pt\">\n<\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>the Fund<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>advance.<span style=\"letter-spacing:-.6pt\"> <\/span>In<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>cases,<span style=\"letter-spacing:-.5pt\">\n<\/span>prior<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>acquiring<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>property,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>generally<span style=\"letter-spacing:-.65pt\">\n<\/span>would<span style=\"letter-spacing:-.6pt\"> <\/span>receive<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>certificate\nof<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:\n-.6pt\"> <\/span>architect,<span style=\"letter-spacing:-.65pt\"> <\/span>engineer,<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>appropriate<span style=\"letter-spacing:\n-.65pt\"> <\/span>party,<span style=\"letter-spacing:-.6pt\"> <\/span>stating<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.6pt\">\n<\/span>complies<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>plans<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>specifications.\nIf renovation or remodeling is required prior to the purchase of a property,\nthe Fund expect to pay a negotiated maximum amount to the seller upon\ncompletion.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In\n<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">determining <span style=\"color:#221F1F\">whether to purchase a particular property, the Fund may\nobtain an option to purchase such property.<span style=\"letter-spacing:-.1pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>amount<span style=\"letter-spacing:-.15pt\">\n<\/span>paid<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>option,<span style=\"letter-spacing:-.1pt\"> <\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>any,<span style=\"letter-spacing:-.1pt\"> <\/span>normally<span style=\"letter-spacing:-.05pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>forfeited<span style=\"letter-spacing:-.05pt\"> <\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>property<span style=\"letter-spacing:-.2pt\">\n<\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:\n-.25pt\"> <\/span>purchased<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>normally<span style=\"letter-spacing:-.05pt\">\n<\/span>is credited against the purchase price if the property is purchased.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">purchasing<span style=\"color:#221F1F\">,<span style=\"letter-spacing:-.2pt\"> <\/span>leasing,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>developing<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>properties,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>risks<span style=\"letter-spacing:-.25pt\"> <\/span>generally<span style=\"letter-spacing:\n-.15pt\"> <\/span>incident<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the ownership of real estate.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-left: 13.5pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Joint<span style=\"letter-spacing:-.25pt\"> <\/span>Venture<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Investments<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>enter<span style=\"letter-spacing:-.6pt\"> <\/span>into<span style=\"letter-spacing:-.65pt\"> <\/span>joint<span style=\"letter-spacing:-.6pt\"> <\/span>ventures,<span style=\"letter-spacing:-.65pt\"> <\/span>partnerships,<span style=\"letter-spacing:\n-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>co-ownership<span style=\"letter-spacing:\n-.65pt\"> <\/span>arrangements<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>third<span style=\"letter-spacing:-.6pt\"> <\/span>parties,\nincluding Affiliates of the Managing Member, for the acquisition, development\nor improvement of properties or the acquisition of other real estate-related\ninvestments. The Fund may also enter into such arrangements with real estate\ndevelopers, owners, and other unaffiliated third parties for the purpose of\ndeveloping, owning, and operating real properties. In determining whether to\ninvest in a particular joint venture, the Managing Member and\/or its Affiliates\nwill evaluate the underlying real property or other real estate-related\ninvestment using the same criteria described above. The Managing Member and\/or\nits Affiliates also will evaluate the joint venture or co-ownership partner and\nthe proposed terms of the joint venture or a co-ownership arrangement.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund\u2019s general policy is to invest in joint ventures only when it or its\naffiliate will have a right of first refusal to purchase the co-venturer\u2019s\ninterest in the joint venture if the co-venturer elects to sell such interest\nin the event that the co-venturer <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">elects\n<span style=\"color:#221F1F\">to sell all or a portion of the interests held in\nany such joint venture, however, the Fund may not have sufficient funds to\nexercise its right of first refusal to buy the other co-venturer\u2019s interest in\nthe joint venture. It is<span style=\"letter-spacing:-.05pt\"> <\/span>also\npossible that joint venture partners may resist granting the Fund a<span style=\"letter-spacing:-.1pt\"> <\/span>right of first refusal or may insist on a\ndifferent<span style=\"letter-spacing:-.05pt\"> <\/span>methodology for unwinding\nthe joint<span style=\"letter-spacing:-.05pt\"> <\/span>venture if one of the\nparties wishes to liquidate its interest.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.05pt\"> <\/span>co-venturer<span style=\"letter-spacing:\n-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>economic<span style=\"letter-spacing:-.15pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>business<span style=\"letter-spacing:-.1pt\"> <\/span>interests<span style=\"letter-spacing:-.1pt\">\n<\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>goals<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>become<span style=\"letter-spacing:-.25pt\">\n<\/span>inconsistent<span style=\"letter-spacing:-.05pt\"> <\/span>with the<span style=\"letter-spacing:.95pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:.9pt\"> <\/span>business<span style=\"letter-spacing:.95pt\"> <\/span>interests<span style=\"letter-spacing:.85pt\">\n<\/span>or<span style=\"letter-spacing:.95pt\"> <\/span>goals.<span style=\"letter-spacing:1.0pt\"> <\/span>In<span style=\"letter-spacing:1.0pt\"> <\/span>addition,<span style=\"letter-spacing:.95pt\"> <\/span>the<span style=\"letter-spacing:1.0pt\"> <\/span>Managing<span style=\"letter-spacing:1.0pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:.9pt\">\n<\/span>officers<span style=\"letter-spacing:.95pt\"> <\/span>and<span style=\"letter-spacing:1.0pt\"> <\/span>key<span style=\"letter-spacing:1.0pt\"> <\/span>persons<span style=\"letter-spacing:.95pt\"> <\/span>may<span style=\"letter-spacing:1.0pt\"> <\/span>face<span style=\"letter-spacing:.95pt\"> <\/span><span style=\"letter-spacing:-.5pt\">a <\/span>conflict\nin structuring the terms of the relationship between the Fund\u2019s interests and\nthe interests of the co-venturer and in managing the joint venture. Since the\nFund may enter into joint ventures with Affiliates of the Sponsor, the Fund may\nnot have the benefit of arm\u2019s-length negotiation of the type normally conducted\nbetween unrelated co- venturers, which may result in the co-venturer receiving\nbenefits greater than the benefits that the Fund receives. In addition, the <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Fund <span style=\"color:#221F1F\">may\nassume liabilities related to the joint venture that exceed the percentage of\nthe Fund\u2019s investment in the joint venture.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-left: 13.5pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Development<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Construction<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Properties<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.25pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Development<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>real<span style=\"letter-spacing:-.15pt\"> <\/span>estate<span style=\"letter-spacing:-.05pt\">\n<\/span>properties<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>subject to<span style=\"letter-spacing:\n-.1pt\"> <\/span>risks<span style=\"letter-spacing:-.1pt\"> <\/span>relating to<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>builder\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>ability<span style=\"letter-spacing:-.1pt\">\n<\/span>to control<span style=\"letter-spacing:-.05pt\"> <\/span>construction costs\nor to build in conformity with plans, specifications, and timetables.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Borrowing<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Policies<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.05pt\"> <\/span>Managing Member<span style=\"letter-spacing:\n-.1pt\"> <\/span>believes<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>utilizing borrowing is consistent<span style=\"letter-spacing:-.05pt\"> <\/span>with the Fund\u2019s<span style=\"letter-spacing:\n-.1pt\"> <\/span>investment<span style=\"letter-spacing:-.05pt\"> <\/span>objective\nof<span style=\"letter-spacing:-.25pt\"> <\/span>maximizing<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>return<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>investors<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>providing<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>added<span style=\"letter-spacing:-.25pt\"> <\/span>liquidity.<span style=\"letter-spacing:\n-.25pt\"> <\/span>By<span style=\"letter-spacing:-.25pt\"> <\/span>operating<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>leveraged<span style=\"letter-spacing:\n-.3pt\"> <\/span>basis, the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>has<span style=\"letter-spacing:-.15pt\"> <\/span>more<span style=\"letter-spacing:-.1pt\"> <\/span>funds<span style=\"letter-spacing:-.15pt\"> <\/span>available<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>investment<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>properties.<span style=\"letter-spacing:-.1pt\"> <\/span>This<span style=\"letter-spacing:-.15pt\"> <\/span>allows<span style=\"letter-spacing:-.15pt\"> <\/span>the Fund<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>make<span style=\"letter-spacing:-.1pt\"> <\/span>more<span style=\"letter-spacing:-.1pt\"> <\/span>investments<span style=\"letter-spacing:-.15pt\"> <\/span>than would otherwise be possible,\nresulting in a more diversified portfolio.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">At\n<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the <span style=\"color:#221F1F\">same time, the Managing Member believes in utilizing\nleverage in a moderate fashion. Please note however that the LLC Agreement does\nnot require any specific leverage limitations. The below guidelines are\nintentional only, and the Fund may deviate from the below percentages as its\ndetermines necessary:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:14.0pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:0in;line-height:100%;\nmso-list:l62 level1 lfo56;tab-stops:92.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:100%;color:#221F1F;mso-font-width:99%\">(1)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">by\nthe end of the Fund\u2019s third year of operation (i.e., years from the date on\nwhich the Fund first issues Units to third-party Members) the Fund shall borrow\nno more than seventy-five (75%) percent of the total value of all portfolio\nproperties owned by the Fund at such time;<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;line-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:14.0pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:0in;line-height:100%;\nmso-list:l62 level1 lfo56;tab-stops:92.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;line-height:100%;color:#221F1F;mso-font-width:99%\">(2)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;line-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>end<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.4pt\">\n<\/span>fifth<span style=\"letter-spacing:-.4pt\"> <\/span>year<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>operations<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\">\n<\/span>borrow<span style=\"letter-spacing:-.35pt\"> <\/span>no more<span style=\"letter-spacing:-.35pt\"> <\/span>than<span style=\"letter-spacing:-.25pt\"> <\/span>sixty-five\n(65%) percent of the total value of all portfolio properties owned by the Fund\nat such time; and<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nline-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:14.6pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-indent:0in;mso-list:l62 level1 lfo56;\ntab-stops:92.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\ncolor:#221F1F;mso-font-width:99%\">(3)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">thereafter, for\nso long as the Fund continues to operate, the Fund shall borrow no more than\nsixty (60%) percent of the total value of all portfolio properties owned by the\nFund at such time.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.05pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member <span style=\"color:#221F1F\">uses<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>reasonable<span style=\"letter-spacing:-.1pt\"> <\/span>efforts<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>obtain<span style=\"letter-spacing:-.05pt\"> <\/span>financing<span style=\"letter-spacing:\n-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>most<span style=\"letter-spacing:-.15pt\"> <\/span>favorable<span style=\"letter-spacing:-.1pt\"> <\/span>terms<span style=\"letter-spacing:-.15pt\"> <\/span>available\nto<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>Fund.<span style=\"letter-spacing:-.65pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>refinance<span style=\"letter-spacing:\n-.55pt\"> <\/span>properties<span style=\"letter-spacing:-.6pt\"> <\/span>during<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>term<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>loan.<span style=\"letter-spacing:-.55pt\">\n<\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>benefits<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>refinancing may include increased cash\nflow resulting from reduced debt service requirements, an increase in dividend\ndistributions from proceeds of the refinancing, if any, or an increase in\nproperty ownership if some refinancing proceeds are reinvested in real estate,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\n<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Fund\u2019s <span style=\"color:#221F1F\">ability to increase the Fund\u2019s diversification through\nborrowing may be adversely impacted if banks and other lending institutions\nreduce the amount of funds available for loans secured by real estate. When\ninterest rates on mortgage loans are high or financing is otherwise unavailable\non a timely basis, the Fund may purchase properties for cash with the intention\nof obtaining a mortgage loan for a portion of the purchase price at a later\ntime. To the extent that the Fund does not obtain mortgage loans on its\nproperties, the Fund\u2019s ability to acquire additional properties will be\nrestricted and the Fund may not be able to adequately diversify its portfolio.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>elect<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>borrow<span style=\"letter-spacing:-.55pt\">\n<\/span>against<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>portfolio<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:\n-.55pt\"> <\/span>discretion<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>order<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>fund<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">redemption<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">requests.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Disposition<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:\n.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F;letter-spacing:-.1pt\">Policies<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund intends to hold each property it acquires for a period of two (2) to five\n(5) years. Regardless of intended<span style=\"letter-spacing:-.2pt\"> <\/span>holding<span style=\"letter-spacing:-.2pt\"> <\/span>periods,<span style=\"letter-spacing:-.15pt\">\n<\/span>circumstances<span style=\"letter-spacing:-.2pt\"> <\/span>might<span style=\"letter-spacing:-.3pt\"> <\/span>arise<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>could<span style=\"letter-spacing:-.1pt\"> <\/span>cause<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>determine<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>sell<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>asset<span style=\"letter-spacing:-.15pt\"> <\/span>before<span style=\"letter-spacing:-.15pt\">\n<\/span>the end of the expected holding period if the Fund believes the sale of\nthe asset would be in the best interests of the Members.<span style=\"letter-spacing:\n-.2pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>determination<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>whether<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>particular<span style=\"letter-spacing:-.15pt\"> <\/span>asset<span style=\"letter-spacing:-.15pt\">\n<\/span>should<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>sold<span style=\"letter-spacing:.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>otherwise<span style=\"letter-spacing:-.15pt\">\n<\/span>disposed<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>made<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">after <\/span>consideration of relevant factors,\nincluding prevailing and projected economic conditions, current tenant rolls\nand tenant creditworthiness, whether, depending on the assets tax attributes,\nthe Fund could apply the proceeds from the sale<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>asset<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>make<span style=\"letter-spacing:-.35pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>investments,<span style=\"letter-spacing:\n-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>whether<span style=\"letter-spacing:-.45pt\"> <\/span>disposition<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>asset<span style=\"letter-spacing:-.4pt\"> <\/span>would<span style=\"letter-spacing:-.35pt\"> <\/span>increase<span style=\"letter-spacing:-.35pt\">\n<\/span>cash<span style=\"letter-spacing:-.35pt\"> <\/span>flow.<span style=\"letter-spacing:-.35pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>selling\nprice<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:\n-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>net<span style=\"letter-spacing:-.35pt\"> <\/span>leased<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>determined<span style=\"letter-spacing:\n-.25pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>large<span style=\"letter-spacing:-.3pt\"> <\/span>part<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>amount<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>rent<span style=\"letter-spacing:-.45pt\"> <\/span>payable<span style=\"letter-spacing:-.35pt\">\n<\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>lease<span style=\"letter-spacing:-.35pt\"> <\/span>and\nincome<span style=\"letter-spacing:-.2pt\"> <\/span>produced<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>property.<span style=\"letter-spacing:-.2pt\">\n<\/span>If<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:\n-.2pt\"> <\/span>tenant<span style=\"letter-spacing:-.25pt\"> <\/span>has<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>repurchase<span style=\"letter-spacing:-.2pt\"> <\/span>option<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:\n-.3pt\"> <\/span>formula<span style=\"letter-spacing:-.2pt\"> <\/span>price,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>limited<span style=\"letter-spacing:-.15pt\">\n<\/span>in realizing<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>appreciation.<span style=\"letter-spacing:\n-.2pt\"> <\/span>In<span style=\"letter-spacing:-.15pt\"> <\/span>connection<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\">\n<\/span>sales<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>properties<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>lend<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>purchaser<span style=\"letter-spacing:-.1pt\"> <\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>a portion<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>purchase<span style=\"letter-spacing:-.25pt\"> <\/span>price.<span style=\"letter-spacing:-.4pt\"> <\/span>In<span style=\"letter-spacing:-.15pt\"> <\/span>these<span style=\"letter-spacing:-.2pt\"> <\/span>instances,<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.35pt\"> <\/span>taxable<span style=\"letter-spacing:-.2pt\">\n<\/span>income<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>exceed<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>cash<span style=\"letter-spacing:-.15pt\"> <\/span>received<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">sale.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">REIT<span style=\"letter-spacing:-.35pt\"> <\/span>Portfolio<span style=\"letter-spacing:\n-.35pt\"> <\/span>Investment<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Philosophy<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Real estate is\nan uncorrelated, inflation-linked asset class that complements a multi-manager\nportfolio offering<span style=\"letter-spacing:-.65pt\"> <\/span>diversification,<span style=\"letter-spacing:-.55pt\"> <\/span>income<span style=\"letter-spacing:-.6pt\">\n<\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>growth,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>potential<span style=\"letter-spacing:-.65pt\">\n<\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>risk<span style=\"letter-spacing:-.6pt\"> <\/span>reduction<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>return<span style=\"letter-spacing:-.55pt\"> <\/span>enhancement.<span style=\"letter-spacing:\n-.6pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>strategy utilizes\npublicly traded real estate investment trusts (REITs) and real estate related\nentities based primarily in North <span style=\"letter-spacing:-.1pt\">America.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Sub-Adviser<span style=\"letter-spacing:-.45pt\"> <\/span>believe<span style=\"letter-spacing:-.5pt\">\n<\/span>public<span style=\"letter-spacing:-.5pt\"> <\/span>REITs<span style=\"letter-spacing:-.55pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>excellent<span style=\"letter-spacing:-.5pt\"> <\/span>vehicles<span style=\"letter-spacing:-.55pt\">\n<\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>investing<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>real\nestate due to their liquidity, transparency, and total return characteristics\nwhen paired with direct ownership of real estate assets. Investing in public securities\nenhances our ability to diversify by geography,<span style=\"letter-spacing:\n-.1pt\"> <\/span>sector, strategy, property, and tenant while maintaining\nportfolio liquidity.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Investment<span style=\"letter-spacing:-.3pt\"> <\/span>Limitations<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>Avoid<span style=\"letter-spacing:-.35pt\"> <\/span>Registration<span style=\"letter-spacing:\n-.3pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">intends <span style=\"color:#221F1F\">to conduct its operations and the operations of\nsubsidiaries so that each is exempt from registration as an investment company\nunder the Investment Company Act. Under the Investment Company Act, in relevant\npart, a company is an \u201cinvestment company\u201d if:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:.1in;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l63 level1 lfo57;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">pursuant to\nSection 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or\nproposes to engage primarily, in the business of investing, reinvesting, or\ntrading in securities; and<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:49.5pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l63 level1 lfo57;\ntab-stops:49.5pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">pursuant<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>Section<span style=\"letter-spacing:-.65pt\"> <\/span>3(a)(1)(C),<span style=\"letter-spacing:\n-.6pt\"> <\/span>it<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>engaged,<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>proposes<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>engage,<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>business<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>investing,<span style=\"letter-spacing:-.6pt\"> <\/span>reinvesting, owning,<span style=\"letter-spacing:-.1pt\"> <\/span>holding,<span style=\"letter-spacing:-.1pt\">\n<\/span>or trading<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>securities<span style=\"letter-spacing:\n-.1pt\"> <\/span>and owns<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>proposes<span style=\"letter-spacing:-.05pt\">\n<\/span>to acquire<span style=\"letter-spacing:-.1pt\"> <\/span>\u201cinvestment<span style=\"letter-spacing:-.05pt\"> <\/span>securities\u201d having a value exceeding\nforty (40%) percent of the value of its total assets on an unconsolidated basis\n(the 40% test). \u201cInvestment securities\u201d excludes U.S. Government securities and\nsecurities of majority-owned subsidiaries that are not themselves investment\ncompanies and are not relying on the exception from the definition<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>investment<span style=\"letter-spacing:-.5pt\"> <\/span>company<span style=\"letter-spacing:-.45pt\">\n<\/span>under<span style=\"letter-spacing:-.45pt\"> <\/span>Section<span style=\"letter-spacing:-.45pt\"> <\/span>3(c)(1)<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>Section<span style=\"letter-spacing:-.45pt\"> <\/span>3(c)(7)<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>Investment<span style=\"letter-spacing:-.5pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\"> <\/span>Act.<\/span><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund intends to acquire real estate and real estate-related assets directly,\nfor example, by acquiring fee interests in real property, or by purchasing\ninterests, including controlling interests, in REITs or other \u201creal estate\noperating <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">companies<span style=\"color:#221F1F\">,\u201d such as real estate management companies and real\nestate development companies, that own real property. The Fund also may acquire\nreal estate assets through investments in joint venture entities, including\njoint venture entities in which the Fund may not own a controlling interest.\nThe Fund anticipates that its assets generally will continue to be<span style=\"letter-spacing:-.15pt\"> <\/span>held in wholly and majority-owned\nsubsidiaries of the company, each formed to hold a particular asset.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund expects that most, if not all, of its wholly owned and majority-owned\nsubsidiaries will not be relying<span style=\"letter-spacing:-.45pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>exemptions<span style=\"letter-spacing:\n-.5pt\"> <\/span>under<span style=\"letter-spacing:-.45pt\"> <\/span>either<span style=\"letter-spacing:-.45pt\"> <\/span>Section<span style=\"letter-spacing:-.45pt\">\n<\/span>3(c)(1)<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>3(c)(7)<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>Investment<span style=\"letter-spacing:-.5pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\"> <\/span>Act.<span style=\"letter-spacing:-.5pt\"> <\/span>Consequently,<span style=\"letter-spacing:-.5pt\"> <\/span>interests in<span style=\"letter-spacing:\n-.65pt\"> <\/span>these<span style=\"letter-spacing:-.6pt\"> <\/span>subsidiaries<span style=\"letter-spacing:-.65pt\"> <\/span>(which<span style=\"letter-spacing:-.6pt\">\n<\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>expected<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>constitute<span style=\"letter-spacing:-.6pt\"> <\/span>most,<span style=\"letter-spacing:-.65pt\"> <\/span>if<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>all,<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>assets)<span style=\"letter-spacing:-.6pt\"> <\/span>generally<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>constitute \u201cinvestment<span style=\"letter-spacing:-.25pt\"> <\/span>securities.\u201d<span style=\"letter-spacing:\n-.25pt\"> <\/span>Accordingly,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>believes<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>most,<span style=\"letter-spacing:-.25pt\"> <\/span>if<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>all,<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>its\nwholly-and<span style=\"letter-spacing:-.2pt\"> <\/span>majority- owned<span style=\"letter-spacing:-.55pt\"> <\/span>subsidiaries<span style=\"letter-spacing:\n-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>considered<span style=\"letter-spacing:-.55pt\"> <\/span>investment<span style=\"letter-spacing:\n-.65pt\"> <\/span>companies<span style=\"letter-spacing:-.6pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>Section<span style=\"letter-spacing:-.6pt\">\n<\/span>3(a)(1)(C)<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Investment<span style=\"letter-spacing:-.65pt\"> <\/span>Company <span style=\"letter-spacing:-.2pt\">Act.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In<span style=\"letter-spacing:-.05pt\"> <\/span>addition,<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>believes<span style=\"letter-spacing:-.15pt\">\n<\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>it<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:-.05pt\"> <\/span>subsidiaries<span style=\"letter-spacing:\n-.15pt\"> <\/span>will not<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>considered<span style=\"letter-spacing:\n-.05pt\"> <\/span>investment<span style=\"letter-spacing:-.15pt\"> <\/span>companies<span style=\"letter-spacing:-.15pt\"> <\/span>under Section 3(a)(1)(A) of the\nInvestment Company Act because none of these entities will engage primarily or\nhold themselves out as being engaged primarily in the business of investing,\nreinvesting, or trading in securities. Rather, the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>subsidiaries<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>primarily<span style=\"letter-spacing:-.3pt\">\n<\/span>engaged<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>non-investment<span style=\"letter-spacing:\n-.35pt\"> <\/span>company<span style=\"letter-spacing:-.25pt\"> <\/span>businesses<span style=\"letter-spacing:-.25pt\"> <\/span>related<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>real<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">estate\n<\/span>Consequently,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>expects<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>it<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>subsidiaries<span style=\"letter-spacing:\n-.3pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>able<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>conduct<span style=\"letter-spacing:-.15pt\">\n<\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>respective<span style=\"letter-spacing:-.15pt\"> <\/span>operations<span style=\"letter-spacing:\n-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>that none of\nthese entities will be required to register as an investment company under the Investment\nCompany Act.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.2pt\"> <\/span>determination<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>whether<span style=\"letter-spacing:-.4pt\"> <\/span>an<span style=\"letter-spacing:-.15pt\"> <\/span>entity<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>majority-owned<span style=\"letter-spacing:\n-.4pt\"> <\/span>subsidiary<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>made<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing Member. The Investment Company\nAct defines a majority-owned subsidiary of a person as a company fifty (50%)\npercent<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:\n-.5pt\"> <\/span>more<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>outstanding<span style=\"letter-spacing:-.45pt\"> <\/span>voting<span style=\"letter-spacing:-.45pt\">\n<\/span>securities<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>owned<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>person,<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>another<span style=\"letter-spacing:-.45pt\">\n<\/span>company<span style=\"letter-spacing:-.45pt\"> <\/span>which is<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>majority-owned<span style=\"letter-spacing:-.05pt\"> <\/span>subsidiary<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>person.<span style=\"letter-spacing:-.1pt\">\n<\/span>The<span style=\"letter-spacing:-.1pt\"> <\/span>Investment<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\">\n<\/span>Act<span style=\"letter-spacing:-.1pt\"> <\/span>further<span style=\"letter-spacing:-.1pt\"> <\/span>defines<span style=\"letter-spacing:-.15pt\">\n<\/span>voting<span style=\"letter-spacing:-.05pt\"> <\/span>securities<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>any\nsecurity presently entitling the owner or holder thereof to vote for the\nelection of directors of a company. The Fund intends to treat entities in which\nit owns at least a majority of the outstanding voting securities as majority\nowned subsidiaries for purposes of the 40% test. The Fund does not intend to\nrequest that the SEC staff approve the Fund\u2019s treatment of any particular\nentity as a majority-owned subsidiary and the SEC staff has not done so. If the\nSEC staff were<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>disagree<span style=\"letter-spacing:-.5pt\">\n<\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.55pt\">\n<\/span>treatment<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>one<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>more<span style=\"letter-spacing:-.6pt\"> <\/span>subsidiary<span style=\"letter-spacing:-.45pt\"> <\/span>entities<span style=\"letter-spacing:-.55pt\">\n<\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>majority-owned<span style=\"letter-spacing:-.45pt\"> <\/span>subsidiaries,<span style=\"letter-spacing:\n-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund would<span style=\"letter-spacing:-.05pt\"> <\/span>need<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>adjust<span style=\"letter-spacing:-.15pt\">\n<\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>strategy<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>order<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>continue<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>comply<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>40%<span style=\"letter-spacing:-.15pt\"> <\/span>test.<span style=\"letter-spacing:-.1pt\"> <\/span>Any<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>adjustment<span style=\"letter-spacing:\n-.15pt\"> <\/span>in the Fund\u2019s strategy could have a material adverse effect on\nthe Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Even\nif the value of investment securities held by any of the Fund\u2019s wholly-owned or\nmajority-owned subsidiaries<span style=\"letter-spacing:-.4pt\"> <\/span>were<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>exceed<span style=\"letter-spacing:-.3pt\"> <\/span>forty<span style=\"letter-spacing:-.35pt\"> <\/span>(40%)<span style=\"letter-spacing:-.4pt\"> <\/span>percent<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>their<span style=\"letter-spacing:-.45pt\"> <\/span>respective<span style=\"letter-spacing:\n-.4pt\"> <\/span>total<span style=\"letter-spacing:-.4pt\"> <\/span>assets,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>expects<span style=\"letter-spacing:-.45pt\">\n<\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>subsidiaries would be able to rely on the\nexclusion from the definition of \u201cinvestment company\u201d provided by Section\n3(c)(5)(C) of the Investment Company Act, which is available for entities\nprimarily engaged in the business of \u201cpurchasing or otherwise acquiring\nmortgages and other liens on and interests in real estate.\u201d This exclusion, as\ninterpreted by the staff of the SEC, generally <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">requires <span style=\"color:#221F1F\">that at\nleast fifty-five (55%) percent of an entity\u2019s assets must be comprised of\nmortgages and<span style=\"letter-spacing:-.05pt\"> <\/span>other liens<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>and\ninterests<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:\n-.05pt\"> <\/span>real estate, also known as \u201cqualifying assets,\u201d and at<span style=\"letter-spacing:-.1pt\"> <\/span>least eighty<span style=\"letter-spacing:\n-.05pt\"> <\/span>(80%) percent of the entity\u2019s assets must be comprised of\nadditional qualifying assets and a broader category of assets that the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>refers<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>\u201creal<span style=\"letter-spacing:-.6pt\"> <\/span>estate-related<span style=\"letter-spacing:-.65pt\"> <\/span>assets\u201d<span style=\"letter-spacing:-.6pt\">\n<\/span>under<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.6pt\"> <\/span>Act.<span style=\"letter-spacing:-.65pt\"> <\/span>Additionally,<span style=\"letter-spacing:\n-.6pt\"> <\/span>no<span style=\"letter-spacing:-.65pt\"> <\/span>more<span style=\"letter-spacing:-.6pt\"> <\/span>than<span style=\"letter-spacing:-.65pt\"> <\/span>twenty\n(20%) percent of the entity\u2019s assets may be comprised of miscellaneous assets.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund will classify its assets for purposes of the Investment Company Act,\nincluding the 3(c)(5)(C) exclusion, in large measure <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">upon <span style=\"color:#221F1F\">no-action\npositions taken by the SEC staff in the past. These no-action positions were\nissued in accordance with factual situations that may be substantially\ndifferent from the factual situations the Fund may face, and a number of these\nno-action positions were issued more than ten years ago. Accordingly, no\nassurance can be given that the SEC will concur with the Fund\u2019s classification\nof its assets.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">For\npurposes of determining whether the Fund satisfies the exclusion provided by\nSection 3(c)(5)(C), as interpreted by the staff of the <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">SEC<span style=\"color:#221F1F\">,\nthe Fund will classify the assets in which it invests as follows:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Real Property<\/span><\/i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">. Based on the<span style=\"letter-spacing:-.1pt\"> <\/span>no-action\nletters issued by the<span style=\"letter-spacing:-.1pt\"> <\/span>SEC staff, the\nFund will classify its<span style=\"letter-spacing:-.05pt\"> <\/span>fee interests\nin real properties as qualifying assets. In addition, based on no-action\nletters issued by the SEC staff, the Fund will treat its <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">investments <span style=\"color:#221F1F\">in joint ventures, which in turn invest in qualifying\nassets such as real property, as qualifying assets<span style=\"letter-spacing:\n-.65pt\"> <\/span>only<span style=\"letter-spacing:-.6pt\"> <\/span>if<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>has<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>right<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>approve<span style=\"letter-spacing:-.65pt\">\n<\/span>major<span style=\"letter-spacing:-.55pt\"> <\/span>decisions<span style=\"letter-spacing:-.6pt\"> <\/span>affecting<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>joint<span style=\"letter-spacing:-.6pt\"> <\/span>venture;<span style=\"letter-spacing:-.65pt\">\n<\/span>otherwise,<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>investments will be classified as real\nestate-related assets.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:6.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Securities<\/span><\/i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">. The Fund intends to treat as real estate-related assets debt\nand equity securities of both non- majority owned publicly traded and private\ncompanies primarily engaged in real estate businesses, including ETFs, REITs<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>real<span style=\"letter-spacing:-.3pt\"> <\/span>estate<span style=\"letter-spacing:-.25pt\"> <\/span>operating<span style=\"letter-spacing:\n-.25pt\"> <\/span>companies,<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>securities<span style=\"letter-spacing:\n-.3pt\"> <\/span>issued<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>pass-through<span style=\"letter-spacing:\n-.25pt\"> <\/span>entities<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>which<span style=\"letter-spacing:-.3pt\"> <\/span>substantially\nall of the assets consist of qualifying assets or real estate-related assets.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.8pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Loans<\/span><\/i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">.<span style=\"letter-spacing:-.55pt\"> <\/span>Based<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>no-action<span style=\"letter-spacing:\n-.65pt\"> <\/span>letters<span style=\"letter-spacing:-.6pt\"> <\/span>issued<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>SEC<span style=\"letter-spacing:-.6pt\"> <\/span>staff,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>classify<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>investments<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>various\ntypes of whole loans as qualifying assets, as long as the loans are \u201cfully\nsecured\u201d by an interest in real estate at the time the Fund originates or\nacquires the loan. However, the Fund will consider loans with loan-to-value\nratios in excess<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>one<span style=\"letter-spacing:-.5pt\"> <\/span>hundred<span style=\"letter-spacing:-.3pt\"> <\/span>(100%)<span style=\"letter-spacing:-.45pt\">\n<\/span>percent<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>real<span style=\"letter-spacing:-.4pt\"> <\/span>estate-related<span style=\"letter-spacing:\n-.35pt\"> <\/span>assets.<span style=\"letter-spacing:-.4pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>treat<span style=\"letter-spacing:-.4pt\"> <\/span>mezzanine<span style=\"letter-spacing:-.35pt\"> <\/span>loan<span style=\"letter-spacing:-.3pt\"> <\/span>investments\nas qualifying assets so long as they are structured as \u201cTier 1\u201d mezzanine loans\nin accordance with the guidance published by the SEC staff in a no-action\nletter that discusses the classifications of Tier 1 mezzanine loans under\nSection 3(c)(5)(C) of the Investment Company Act.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Qualification<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>exemption<span style=\"letter-spacing:-.65pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>registration<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.6pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\"> <\/span>Act<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\"> <\/span>limit<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>ability to<span style=\"letter-spacing:\n.2pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">make<span style=\"letter-spacing:.2pt\"> <\/span><span style=\"color:#221F1F\">certain<span style=\"letter-spacing:.2pt\"> <\/span>investments.<span style=\"letter-spacing:\n.05pt\"> <\/span>For<span style=\"letter-spacing:.15pt\"> <\/span>example,<span style=\"letter-spacing:.15pt\"> <\/span>these<span style=\"letter-spacing:.15pt\"> <\/span>restrictions<span style=\"letter-spacing:.15pt\"> <\/span>may<span style=\"letter-spacing:.2pt\"> <\/span>limit<span style=\"letter-spacing:.1pt\"> <\/span>the<span style=\"letter-spacing:.15pt\"> <\/span>ability<span style=\"letter-spacing:.2pt\"> <\/span>of<span style=\"letter-spacing:.15pt\"> <\/span>the<span style=\"letter-spacing:.15pt\"> <\/span>Fund<span style=\"letter-spacing:.2pt\"> <\/span>and<span style=\"letter-spacing:.2pt\"> <\/span>its<span style=\"letter-spacing:.15pt\"> <\/span>subsidiaries<span style=\"letter-spacing:.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">to<\/span><\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">invest<span style=\"letter-spacing:-.3pt\"> <\/span>directly<span style=\"letter-spacing:-.35pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>mortgage-related<span style=\"letter-spacing:-.2pt\"> <\/span>securities<span style=\"letter-spacing:\n-.3pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>represent<span style=\"letter-spacing:-.4pt\"> <\/span>less<span style=\"letter-spacing:-.35pt\"> <\/span>than<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>entire<span style=\"letter-spacing:-.35pt\"> <\/span>ownership<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>pool<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>mortgage<span style=\"letter-spacing:-.35pt\">\n<\/span>loans, debt and equity tranches of securitizations and certain\nasset-backed securities and real estate companies or in assets not related to\nreal estate. Although the Fund intends to monitor its portfolio, there can be<span style=\"letter-spacing:-.1pt\"> <\/span>no assurance that the Fund will be able to\nmaintain this exemption from registration for the Fund or each of its\nsubsidiaries.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A<span style=\"letter-spacing:-.25pt\"> <\/span>change<span style=\"letter-spacing:-.35pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>value<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>assets<span style=\"letter-spacing:-.3pt\"> <\/span>could<span style=\"letter-spacing:-.25pt\"> <\/span>negatively<span style=\"letter-spacing:\n-.2pt\"> <\/span>affect<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>ability<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>maintain<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>exemption\nfrom regulation under the Investment Company Act. To maintain the Fund\u2019s\nexemption, the Fund may be unable to sell<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.2pt\"> <\/span>it<span style=\"letter-spacing:-.2pt\"> <\/span>would<span style=\"letter-spacing:-.25pt\"> <\/span>otherwise<span style=\"letter-spacing:\n-.25pt\"> <\/span>want<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>sell<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>need<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>sell<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.2pt\">\n<\/span>it<span style=\"letter-spacing:-.2pt\"> <\/span>would<span style=\"letter-spacing:-.1pt\"> <\/span>otherwise<span style=\"letter-spacing:-.15pt\">\n<\/span>wishes<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>retain.<span style=\"letter-spacing:-.25pt\">\n<\/span>In<span style=\"letter-spacing:-.2pt\"> <\/span>addition, the Fund may have\nto acquire additional assets that it might not otherwise have acquired or may\nhave to forego opportunities<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>acquire<span style=\"letter-spacing:-.6pt\">\n<\/span>assets<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>would<span style=\"letter-spacing:-.6pt\"> <\/span>otherwise<span style=\"letter-spacing:-.6pt\"> <\/span>want<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>acquire<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>would<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>important<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>investment <span style=\"letter-spacing:\n-.1pt\">strategy.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection167\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_174\" o:spid=\"_x0000_s2227\" style=\"width:470.95pt;height:1.45pt;\n mso-position-horizontal-relative:char;mso-position-vertical-relative:line\" coordsize=\"59810,184\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1031\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.05pt\"><a name=\"_bookmark9\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">MANAGEMENT<span style=\"letter-spacing:-.4pt\"> <\/span>AND<span style=\"letter-spacing:-.4pt\"> <\/span>SERVICE<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">PROVIDERS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_176\" o:spid=\"_x0000_s2226\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825358;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund will be managed by its Managing Member, an affiliate of the Sponsor. There\nwill only be one Managing Member. Any Managing Member can be removed for Cause\nupon the approval of the Participating Members holding seventy-five (75%)\npercent of the Member Units, voting as a single class. \u201c<i>Cause<\/i>\u201d shall mean the determination<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>court<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>competent<span style=\"letter-spacing:-.5pt\">\n<\/span>jurisdiction<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>one<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>following<span style=\"letter-spacing:-.45pt\"> <\/span>events<span style=\"letter-spacing:-.55pt\">\n<\/span>occurred:<span style=\"letter-spacing:-.5pt\"> <\/span>(i)<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member willfully or intentionally\nviolated, or recklessly disregarded, the Managing Member\u2019s duties to the Fund;\nor (ii) the Managing Member committed<span style=\"letter-spacing:-.05pt\"> <\/span>any\nact involving fraud, bad faith, gross negligence, dishonesty, or moral\nturpitude in its duties and responsibilities to the Fund. The Managing Member may\nalso withdraw as Managing Member by providing written notice to the Members. In\neither event, a new Managing Member shall be elected by the approval of the\nMembers holding at least fifty (50%) percent of the Participating Units, voting\nas a single class.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Managing<span style=\"letter-spacing:\n-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Powers<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">As the sole\nManaging Member, the Managing Member has the exclusive power under the LLC\nAgreement to manage and conduct the Fund\u2019s business, subject to certain limited\napproval and voting rights of the Members. Without<span style=\"letter-spacing:\n-.15pt\"> <\/span>limiting<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>generality<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>foregoing,<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\">\n<\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>full<span style=\"letter-spacing:-.15pt\"> <\/span>power<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>authority<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>do<span style=\"letter-spacing:-.05pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">following:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.05pt 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Perform<span style=\"letter-spacing:1.1pt\"> <\/span>administrative<span style=\"letter-spacing:\n1.1pt\"> <\/span>and<span style=\"letter-spacing:1.0pt\"> <\/span>ministerial<span style=\"letter-spacing:1.1pt\"> <\/span>functions<span style=\"letter-spacing:1.1pt\">\n<\/span>in<span style=\"letter-spacing:1.1pt\"> <\/span>connection<span style=\"letter-spacing:1.15pt\"> <\/span>with<span style=\"letter-spacing:1.1pt\"> <\/span>the<span style=\"letter-spacing:1.1pt\"> <\/span>day-to-day<span style=\"letter-spacing:\n1.15pt\"> <\/span>operation<span style=\"letter-spacing:1.15pt\"> <\/span>of<span style=\"letter-spacing:1.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection168\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt;line-height:11.5pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Fund;<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 25pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Perform<span style=\"letter-spacing:-.25pt\"> <\/span>sales<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>accounting<span style=\"letter-spacing:-.45pt\"> <\/span>management<span style=\"letter-spacing:\n-.4pt\"> <\/span>functions<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 25pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Maintain<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>books<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">records;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 25pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Negotiate<span style=\"letter-spacing:.15pt\"> <\/span>and<span style=\"letter-spacing:.1pt\"> <\/span>enter<span style=\"letter-spacing:.05pt\"> <\/span>into<span style=\"letter-spacing:.2pt\"> <\/span>any<span style=\"letter-spacing:.1pt\"> <\/span>and<span style=\"letter-spacing:.2pt\"> <\/span>all<span style=\"letter-spacing:.15pt\"> <\/span>contracts<span style=\"letter-spacing:.1pt\">\n<\/span>by<span style=\"letter-spacing:.2pt\"> <\/span>and<span style=\"letter-spacing:\n.05pt\"> <\/span>on<span style=\"letter-spacing:.1pt\"> <\/span>behalf<span style=\"letter-spacing:.2pt\"> <\/span>of<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:.15pt\"> <\/span>Fund<span style=\"letter-spacing:.05pt\"> <\/span>deemed<span style=\"letter-spacing:.1pt\"> <\/span>appropriate<span style=\"letter-spacing:\n.15pt\"> <\/span>by<span style=\"letter-spacing:.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection169\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member,<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:\n-.25pt\"> <\/span>sole<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>absolute<span style=\"letter-spacing:-.3pt\">\n<\/span>discretion,<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>connection<span style=\"letter-spacing:\n-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>operation<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">business;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:6.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l29 level2 lfo54;tab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Borrow money on behalf of the\nFund, including, but not limited to, establishing lines of credit in the name<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund,<span style=\"letter-spacing:-.05pt\">\n<\/span>and,<span style=\"letter-spacing:-.05pt\"> <\/span>in connection therewith,<span style=\"letter-spacing:-.05pt\"> <\/span>to execute<span style=\"letter-spacing:\n-.05pt\"> <\/span>and deliver for,<span style=\"letter-spacing:-.05pt\"> <\/span>on\nbehalf<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:\n-.05pt\"> <\/span>and in the<span style=\"letter-spacing:-.05pt\"> <\/span>name<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund, bonds,<span style=\"letter-spacing:\n-.05pt\"> <\/span>notes, pledges, security agreements, financing statements,\nprofits interest agreements, assignments, and other agreements and documents\ncreating liens on, or granting security interests in or otherwise affecting,\nthe assets and properties of the Fund (any of which loan documents may contain\nconfessions of judgment and powers of attorney) including, without limitation,\nany portfolio property, and extensions, renewals, and modifications thereof,\nand to prepay in whole or in part, refinance, recast, increase, modify, or\nextend any indebtedness of the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.5pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cause the Fund to guarantee\nthe debts or obligations of third parties that own real estate assets and in\nwhich entities the Fund has an interest;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Hold,<span style=\"letter-spacing:\n-.25pt\"> <\/span>operate,<span style=\"letter-spacing:-.2pt\"> <\/span>manage,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>otherwise<span style=\"letter-spacing:-.25pt\"> <\/span>deal<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">property;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Purchase, sell, convey,\nassign, lease, rent, exchange, and otherwise dispose of, in whole or in part,\nany portfolio property;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Sell<span style=\"letter-spacing:\n-.25pt\"> <\/span>all<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>substantially<span style=\"letter-spacing:\n-.2pt\"> <\/span>all<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:.05pt\"> <\/span>property<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.2pt\"> <\/span>single<span style=\"letter-spacing:-.2pt\"> <\/span>transaction<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">plan;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Engage, on behalf of the\nFund, all employees, agents, contractors, property managers, attorneys,\naccountants, securities broker-dealers, consultants, or any other Persons\n(including Affiliates of the Managing Member), as the Managing Member, in its\nsole and absolute discretion, deems appropriate for the performance of services\nin connection with the conduct, operation, and management of the Fund\u2019s\nbusiness and affairs, all on such terms and for such compensation as the\nManaging Member, in its sole and absolute discretion, deems proper and to<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">replace<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>employees,<span style=\"letter-spacing:\n-.45pt\"> <\/span>agents,<span style=\"letter-spacing:-.45pt\"> <\/span>contractors,<span style=\"letter-spacing:-.45pt\"> <\/span>property<span style=\"letter-spacing:-.45pt\">\n<\/span>managers,<span style=\"letter-spacing:-.45pt\"> <\/span>attorneys,<span style=\"letter-spacing:-.45pt\"> <\/span>accountants,<span style=\"letter-spacing:\n-.45pt\"> <\/span>securities<span style=\"letter-spacing:-.5pt\"> <\/span>broker-dealers,\nconsultants, or any other Persons, in the sole and absolute discretion of the\nManaging Member;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Establish and maintain\nworking capital reserves for operating expenses, capital expenditures, normal\nrepairs,<span style=\"letter-spacing:-.65pt\"> <\/span>replacements,<span style=\"letter-spacing:-.6pt\"> <\/span>contingencies,<span style=\"letter-spacing:\n-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>anticipated<span style=\"letter-spacing:\n-.6pt\"> <\/span>costs<span style=\"letter-spacing:-.65pt\"> <\/span>relating<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>assets<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>retaining<span style=\"letter-spacing:\n-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>portion of<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>proceeds<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>determined<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>reasonable<span style=\"letter-spacing:-.2pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>then-existing <span style=\"letter-spacing:\n-.1pt\">circumstances;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.25pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Determine the amounts of cash\navailable for distribution, and when and in what amounts such funds shall be\ndistributed;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Pay<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>expenses<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>funds<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund,<span style=\"letter-spacing:-.25pt\"> <\/span>provided<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>all<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund\u2019s<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">expenses<span style=\"letter-spacing:-.25pt\"> <\/span>shall,<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>extent<span style=\"letter-spacing:-.35pt\"> <\/span>feasible,<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>billed<span style=\"letter-spacing:-.1pt\"> <\/span>directly<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:\n-.15pt\"> <\/span>paid<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fund<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">File, on behalf of the Fund,\nall required local, state, and federal tax returns relating to the Fund or its\nassets and properties, and to make or determine not to make any and all\nelections with respect thereto;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Invest<span style=\"letter-spacing:\n-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>reinvest<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>funds<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>establish<span style=\"letter-spacing:-.45pt\"> <\/span>bank,<span style=\"letter-spacing:-.35pt\">\n<\/span>money<span style=\"letter-spacing:-.45pt\"> <\/span>market<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>accounts<span style=\"letter-spacing:-.45pt\">\n<\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the deposit of the Fund\u2019s\nfunds and permit withdrawals therefrom upon such signatures as the Managing\nMember <span style=\"letter-spacing:-.1pt\">designates;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:7.1pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l29 level2 lfo54;tab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Execute<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>deliver<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>instruments<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>documents,<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>do<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\">\n<\/span>things<span style=\"letter-spacing:-.35pt\"> <\/span>necessary or\nappropriate, in the Managing Member\u2019s sole and absolute discretion, for the\naccomplishment of the business and purposes of the Fund or necessary or\nincidental to the protection and benefit of the Fund;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:7.3pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l29 level2 lfo54;tab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prosecute, defend, settle, or\ncompromise, at the Fund\u2019s expense, any suits, actions, or claims at law or in\nequity to which the Fund is a party or by which it is affected as may be\nnecessary or proper in the Managing Member\u2019s sole and absolute discretion, to\nenforce or protect the Fund\u2019s interests, and to satisfy out of Fund\u2019s funds any\njudgment, decree, or decision of any court, board, agency, or authority having\njurisdiction or any settlement of any suit, action, or claim prior to judgment\nor final decision thereon;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Issue additional Units or\nother forms of interest in the Fund and admit additional Members as the\nManaging Member may determine in its sole and absolute discretion;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:7.3pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l29 level2 lfo54;tab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Create and issue additional\nlimited liability company interests and classes and groups of Members and admit\nsuch Members as the Managing Member may determine in its sole and absolute\ndiscretion;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redeem<span style=\"letter-spacing:\n-.35pt\"> <\/span>Members\u2019<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>determine<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>methodology<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>carrying<span style=\"letter-spacing:-.25pt\"> <\/span>out<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">redemptions;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l29 level2 lfo54;\ntab-stops:60.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nfont-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol;\nmso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Negotiate the terms of and\ncause the Fund to enter into joint ventures or other legal structures with one\nor<span style=\"letter-spacing:-.25pt\"> <\/span>more<span style=\"letter-spacing:\n-.25pt\"> <\/span>third<span style=\"letter-spacing:-.35pt\"> <\/span>parties,<span style=\"letter-spacing:-.25pt\"> <\/span>including<span style=\"letter-spacing:\n-.2pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member,<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\">\n<\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>determine<span style=\"letter-spacing:-.35pt\"> <\/span>in its sole and absolute discretion, in\nconnection with the operation of the Fund\u2019s business;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Reinvest<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>cash<span style=\"letter-spacing:-.2pt\"> <\/span>available<span style=\"letter-spacing:-.2pt\">\n<\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">distribution;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Enter<span style=\"letter-spacing:\n.4pt\"> <\/span>into<span style=\"letter-spacing:.4pt\"> <\/span>any<span style=\"letter-spacing:.4pt\"> <\/span>transactions<span style=\"letter-spacing:\n.4pt\"> <\/span>with<span style=\"letter-spacing:.4pt\"> <\/span>an<span style=\"letter-spacing:.4pt\"> <\/span>affiliate<span style=\"letter-spacing:.4pt\">\n<\/span>of<span style=\"letter-spacing:.4pt\"> <\/span>the<span style=\"letter-spacing:\n.4pt\"> <\/span>Managing<span style=\"letter-spacing:.45pt\"> <\/span>Member<span style=\"letter-spacing:.35pt\"> <\/span>or<span style=\"letter-spacing:.4pt\"> <\/span>any<span style=\"letter-spacing:.4pt\"> <\/span>Member<span style=\"letter-spacing:.35pt\"> <\/span>at<span style=\"letter-spacing:.4pt\"> <\/span>arm\u2019s<span style=\"letter-spacing:.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">length<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection170\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">terms;<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 25pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>LLC<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>comply<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Bipartisan<span style=\"letter-spacing:\n-.4pt\"> <\/span>Budget<span style=\"letter-spacing:-.55pt\"> <\/span>Act<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>2015<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.25pt\">any<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection171\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S. Treasury Regulations or\nother administrative pronouncements promulgated thereunder, and to administer\nthe effects of such provisions in an equitable manner, with each Member hereby\nagreeing to be bound by the provisions of any such amendment; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 4.05pt 0.1in 0.0001pt 7pt; text-indent: 35.95pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend<span style=\"letter-spacing:\n1.15pt\"> <\/span>the<span style=\"letter-spacing:1.05pt\"> <\/span>LLC<span style=\"letter-spacing:1.05pt\"> <\/span>Agreement<span style=\"letter-spacing:\n1.0pt\"> <\/span>to<span style=\"letter-spacing:1.15pt\"> <\/span>address<span style=\"letter-spacing:1.05pt\"> <\/span>or<span style=\"letter-spacing:1.15pt\"> <\/span>reconcile<span style=\"letter-spacing:1.1pt\"> <\/span>any<span style=\"letter-spacing:1.15pt\"> <\/span>inconsistencies<span style=\"letter-spacing:1.1pt\"> <\/span>between<span style=\"letter-spacing:1.2pt\">\n<\/span>the<span style=\"letter-spacing:1.1pt\"> <\/span>terms<span style=\"letter-spacing:1.1pt\"> <\/span>set<span style=\"letter-spacing:1.1pt\"> <\/span>forth\ntherein and the terms set forth in the Private Placement Memorandum.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Managing<span style=\"letter-spacing:\n-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Limitations<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:13.95pt;margin-bottom:\n0in;margin-left:13.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Without<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>consent<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Members<span style=\"letter-spacing:-.45pt\">\n<\/span>holding<span style=\"letter-spacing:-.45pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>least<span style=\"letter-spacing:-.25pt\">\n<\/span>fifty<span style=\"letter-spacing:-.45pt\"> <\/span>(50%)<span style=\"letter-spacing:-.4pt\"> <\/span>percent<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>Participating<span style=\"letter-spacing:-.45pt\"> <\/span>Units,<span style=\"letter-spacing:-.4pt\"> <\/span>voting as a single class, the Managing\nMember shall not have authority to:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Do<span style=\"letter-spacing:\n-.15pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>act<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>contravention<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:.05pt\"> <\/span>LLC<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.05pt 7.3pt 0.0001pt 7pt; text-indent: 35.95pt;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Do any act which would make\nit impossible to carry on the ordinary business of the Fund, except as<span style=\"letter-spacing:4.0pt\"> <\/span>otherwise provided in the LLC Agreement;\nor<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 61pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Possess<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>property,<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>assign<span style=\"letter-spacing:-.15pt\"> <\/span>rights<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>specific<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>property,<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>than<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">purpose.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Advisory<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Board<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:14.0pt;margin-bottom:\n0in;margin-left:13.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund shall have an \u201c<i>Advisory Board<\/i>\u201d\nconsisting of at least three members (the \u201c<i>Advisory\nBoard <span style=\"letter-spacing:-.1pt\">Members<\/span><\/i><span style=\"letter-spacing:-.1pt\">\u201d) appointed<\/span><span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing\nMember;<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">provided,<\/span><span style=\"letter-spacing:-.4pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">however,<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">that<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">all<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of the\nAdvisory Board<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members <\/span>shall<span style=\"letter-spacing:\n-.05pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>Members<span style=\"letter-spacing:-.2pt\"> <\/span>or their<span style=\"letter-spacing:-.1pt\">\n<\/span>designated<span style=\"letter-spacing:-.1pt\"> <\/span>representatives.<span style=\"letter-spacing:-.05pt\"> <\/span>Subject<span style=\"letter-spacing:-.05pt\">\n<\/span>to the<span style=\"letter-spacing:-.15pt\"> <\/span>foregoing,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing\nMember may,<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>its sole and absolute discretion, increase\nthe size of the Advisory Board. Any Advisory Board Member may, at any time,\nresign from the Advisory Board or be removed, with or without cause, by the\nManaging Member. All such appointments,<span style=\"letter-spacing:-.05pt\"> <\/span>designations,<span style=\"letter-spacing:-.05pt\"> <\/span>resignations,<span style=\"letter-spacing:\n-.05pt\"> <\/span>and removals<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>effective<span style=\"letter-spacing:-.15pt\"> <\/span>upon notice<span style=\"letter-spacing:\n-.05pt\"> <\/span>to the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund.<span style=\"letter-spacing:-.05pt\"> <\/span>The<span style=\"letter-spacing:-.05pt\"> <\/span>Managing\nMember shall consult with the Advisory Board, but the Advisory Board shall have\nno authority to manage the <span style=\"letter-spacing:-.1pt\">Fund.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Competition<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:14.0pt;margin-bottom:\n0in;margin-left:13.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>affiliate,<span style=\"letter-spacing:-.35pt\"> <\/span>including<span style=\"letter-spacing:\n-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Sponsor,<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>conduct<span style=\"letter-spacing:-.4pt\">\n<\/span>or possess an interest in any other business or activity whatsoever,\nindependently or with others, including, without limitation, the ownership,\nfinancing, leasing, operation, sale, management, syndication, and development\nof real property even if such business or activity competes with the business\nof the Fund, without any accountability to the<span style=\"letter-spacing:-.15pt\">\n<\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>no<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>rights<span style=\"letter-spacing:-.2pt\"> <\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>the\nLLC<span style=\"letter-spacing:-.2pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>to such independent business or activity\nor to the income or profits derived by the Managing Member therefrom.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:.2pt\"><a name=\"_bookmark10\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">MANAGEMENT<span style=\"letter-spacing:-.4pt\"> <\/span>FEES<span style=\"letter-spacing:-.35pt\"> <\/span>AND<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">COMPENSATION<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_187\" o:spid=\"_x0000_s2225\" style=\"position:absolute;margin-left:70.6pt;\n  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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt;text-indent:35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>no<span style=\"letter-spacing:-.35pt\"> <\/span>paid<span style=\"letter-spacing:-.2pt\"> <\/span>employees.<span style=\"letter-spacing:\n-.25pt\"> <\/span>The<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:\n-.3pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.3pt\"> <\/span>manage<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>day-to-day<span style=\"letter-spacing:-.2pt\"> <\/span>affairs<span style=\"letter-spacing:-.4pt\">\n<\/span>of the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-top: 0.05pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Management<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:37.4pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember will be entitled to receive compensation in the form of an ongoing Asset\nManagement<span style=\"letter-spacing:-.45pt\"> <\/span>Fee.<span style=\"letter-spacing:3.75pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>Asset<span style=\"letter-spacing:-.35pt\"> <\/span>Management<span style=\"letter-spacing:\n-.45pt\"> <\/span>Fee<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>Participating<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>accrued<span style=\"letter-spacing:-.4pt\">\n<\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>and payable monthly in arrears,\nequal to one-twelfth (1\/12th) of the annualized fee of one and one half (1.5%)\npercent of the Net Asset Value of the Participating Units as of the close of\nbusiness on the last Business Day of the relevant month, calculated before\ndeduction of the Asset Management Fee, or any accrued but unallocated Managing\nMember Performance Allocation and before any withdrawals.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:37.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">All<span style=\"letter-spacing:-.65pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.6pt\"> <\/span>Members\u2019<span style=\"letter-spacing:-.65pt\"> <\/span>NAV<span style=\"letter-spacing:-.6pt\"> <\/span>Capital<span style=\"letter-spacing:-.65pt\">\n<\/span>Accounts<span style=\"letter-spacing:-.6pt\"> <\/span>(as<span style=\"letter-spacing:-.65pt\"> <\/span>defined<span style=\"letter-spacing:-.6pt\">\n<\/span>herein)<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>pay<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Asset<span style=\"letter-spacing:-.65pt\"> <\/span>Management\nFee<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:\n-.6pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>pro<span style=\"letter-spacing:-.6pt\"> <\/span>rata<span style=\"letter-spacing:-.6pt\"> <\/span>basis,<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.55pt\"> <\/span>can<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>waived,<span style=\"letter-spacing:-.65pt\"> <\/span>rebated<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>shared<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>another<span style=\"letter-spacing:-.65pt\"> <\/span>person<span style=\"letter-spacing:-.6pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member\u2019s\nabsolute<span style=\"letter-spacing:-.25pt\"> <\/span>discretion.<span style=\"letter-spacing:-.35pt\"> <\/span>No<span style=\"letter-spacing:-.3pt\"> <\/span>Asset<span style=\"letter-spacing:-.25pt\"> <\/span>Management<span style=\"letter-spacing:\n-.25pt\"> <\/span>Fee<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>payable<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>respect<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-top: 11.45pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>Performance<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Allocation<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:42.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember shall be entitled to receive an allocation (the \u201c<i>Managing Member Performance Allocation<\/i>\u201d) from the Fund equal to\ntwenty percent (20%) of the Total Return, subject to a seven (7%) percent\nHurdle Amount, and a High-Water Mark (each as defined below). Such allocation\nwill be measured on a calendar year basis (the \u201c<i>Performance Period<\/i>\u201d), accrued monthly and paid annually.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>Performance<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Allocation.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.4pt;margin-right:0in;margin-bottom:\n0in;margin-left:39.3pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Hurdle<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Amount<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:42.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund\nemploys a Hurdle Amount which represents a level of return that the Fund must\nachieve before the Managing Member is entitled to the Managing Member\nPerformance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:42.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The \u201c<i>Hurdle Amount<\/i>\u201d for any Performance\nPeriod means an amount that results in a seven (7%) percent IRR on the Net\nAsset Value of the Units outstanding at the beginning of the relevant\nPerformance Period and all Units issued since the beginning of such Performance\nPeriod, taking into account the timing and amount of all distributions accrued\nor paid (without duplication) on all such Units and all issuances of Units over\nthe Performance Period and calculated in accordance with recognized industry\npractices.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:42.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The ending Net\nAsset Value of the Units used in calculating the IRR will be calculated on a\ngross basis<span style=\"letter-spacing:-.1pt\"> <\/span>(i.e.,<span style=\"letter-spacing:-.05pt\"> <\/span>before<span style=\"letter-spacing:-.15pt\">\n<\/span>giving effect<span style=\"letter-spacing:-.15pt\"> <\/span>to any\nallocation\/accrual<span style=\"letter-spacing:-.05pt\"> <\/span>to the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing Member Performance Allocation).\nFor the avoidance of doubt, the calculation of the Hurdle Amount for any period\nwill exclude any Units redeemed during such period, as redeemed Units will be\nsubject to the Managing Member Performance Allocation upon their redemption as\ndescribed below.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.4pt;margin-right:0in;margin-bottom:\n0in;margin-left:39.3pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Loss<span style=\"letter-spacing:-.35pt\"> <\/span>Carryover<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>High<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Watermark<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:41.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The High\nWatermark is a measure utilized by the Fund to ensure that the Managing Member\nPerformance<span style=\"letter-spacing:-.6pt\"> <\/span>Allocation<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>only<span style=\"letter-spacing:-.45pt\"> <\/span>charged<span style=\"letter-spacing:-.55pt\">\n<\/span>when<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>end<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.6pt\"> <\/span>Period,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.55pt\">\n<\/span>value<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>above its previous highest level at the\nend of a prior Performance Period (the \u201c<i>High\nWater Mark<\/i>\u201d), so as to avoid the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>being<span style=\"letter-spacing:-.2pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>again<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>making<span style=\"letter-spacing:-.1pt\"> <\/span>back<span style=\"letter-spacing:-.15pt\"> <\/span>prior<span style=\"letter-spacing:-.15pt\"> <\/span>gains.<span style=\"letter-spacing:2.15pt\">\n<\/span>So,<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>overall<span style=\"letter-spacing:-.15pt\"> <\/span>return<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>Fund<span style=\"letter-spacing:.6pt\"> <\/span><span style=\"letter-spacing:-.25pt\">is<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection172\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:22.5pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">negative,\nthen the Fund must make up the shortfall (the \u201c<i>Loss Carryover Amount<\/i>\u201d) in the next year, or later years, before\nanother Managing Member Performance Allocation will be allocated.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:41.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Loss<span style=\"letter-spacing:-.5pt\"> <\/span>Carryover<span style=\"letter-spacing:-.4pt\"> <\/span>Amount<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>initially<span style=\"letter-spacing:-.5pt\">\n<\/span>equal<span style=\"letter-spacing:-.5pt\"> <\/span>zero<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>cumulatively<span style=\"letter-spacing:\n-.45pt\"> <\/span>increase<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>absolute\nvalue of any negative Total Return in a Performance Period and decrease by any\npositive Total Return in a Performance Period. The Loss Carryover Amount shall\nat no time be less than zero.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:41.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\ncalculation of the Loss Carryover Amount will exclude the Total Return related\nto any Units redeemed during the Performance Period, as redeemed Units will be\nsubject to the Managing Member Performance<span style=\"letter-spacing:-.6pt\"> <\/span>Allocation<span style=\"letter-spacing:-.6pt\"> <\/span>upon<span style=\"letter-spacing:-.65pt\"> <\/span>redemption.<span style=\"letter-spacing:-.55pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>amount<span style=\"letter-spacing:-.6pt\"> <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.55pt\"> <\/span>Total<span style=\"letter-spacing:-.6pt\"> <\/span>Return<span style=\"letter-spacing:-.6pt\"> <\/span>falls<span style=\"letter-spacing:-.6pt\"> <\/span>below<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Hurdle<span style=\"letter-spacing:-.6pt\"> <\/span>Amount will not be calculated for the\npurposes of the Loss Carryover Amount and will be carried forward to subsequent\nperiods.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:41.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n32.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.35pt\"> <\/span>effect<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>Loss<span style=\"letter-spacing:-.35pt\"> <\/span>Carryover<span style=\"letter-spacing:-.25pt\"> <\/span>Amount<span style=\"letter-spacing:-.4pt\">\n<\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>past<span style=\"letter-spacing:-.4pt\"> <\/span>annual<span style=\"letter-spacing:-.4pt\"> <\/span>Total<span style=\"letter-spacing:-.4pt\"> <\/span>Return<span style=\"letter-spacing:-.35pt\"> <\/span>losses<span style=\"letter-spacing:-.4pt\">\n<\/span>must<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n-.35pt\"> <\/span>gained<span style=\"letter-spacing:-.3pt\"> <\/span>back and so\noffset the positive annual Total Return for purposes of the calculation of the\nManaging Member Performance Allocation.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nManaging Member will also be allocated a Managing Member Performance Allocation\nwith respect to all Units that are redeemed at the end of any quarter (in\nconnection with redemptions<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Units)<span style=\"letter-spacing:-.65pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>an<span style=\"letter-spacing:\n-.65pt\"> <\/span>amount<span style=\"letter-spacing:-.6pt\"> <\/span>calculated<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>described<span style=\"letter-spacing:-.65pt\"> <\/span>above<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>relevant<span style=\"letter-spacing:-.65pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.25pt\"> <\/span>Period<span style=\"letter-spacing:-.65pt\"> <\/span>being\npro-rated to the portion of the year for which such Units were outstanding, and\nproceeds for any such redemption will be reduced by the amount of any such\nManaging Member Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.4pt;margin-right:0in;margin-bottom:\n0in;margin-left:35.8pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Allocation<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Excess<span style=\"letter-spacing:-.3pt\"> <\/span>Profits<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>Performance<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Allocation<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:42.4pt;margin-bottom:\n0in;margin-left:10.7pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n28.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember will be allocated the Managing Member Performance Allocation in an\namount equal to:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:0in;\nmargin-bottom:0in;margin-left:69.65pt;margin-bottom:.0001pt;text-indent:-26.65pt;\nmso-list:l15 level1 lfo52;tab-stops:69.65pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(1)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Total<span style=\"letter-spacing:-.25pt\"> <\/span>Return<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Performance<span style=\"letter-spacing:-.2pt\"> <\/span>Period<span style=\"letter-spacing:-.25pt\"> <\/span>exceeds<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>sum<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">of:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:90.9pt;margin-bottom:.0001pt;text-indent:-11.9pt;mso-list:l15 level2 lfo52;\ntab-stops:90.9pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Hurdle<span style=\"letter-spacing:-.2pt\"> <\/span>Amount<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.3pt\"> <\/span>Period;<span style=\"letter-spacing:-.25pt\"> and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:93.65pt;margin-bottom:.0001pt;text-indent:-14.65pt;mso-list:\nl15 level2 lfo52;tab-stops:93.65pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:-.25pt\"> <\/span>Loss<span style=\"letter-spacing:-.2pt\"> <\/span>Carryover<span style=\"letter-spacing:-.15pt\"> <\/span>Amount<span style=\"letter-spacing:-.3pt\">\n<\/span>(any<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>excess,<span style=\"letter-spacing:-.2pt\">\n<\/span>\u201c<i>Excess<span style=\"letter-spacing:\n-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Profits<\/span><\/i><span style=\"letter-spacing:-.1pt\">\u201d),<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:41.9pt;margin-bottom:\n0in;margin-left:70.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">One<span style=\"letter-spacing:\n-.35pt\"> <\/span>hundred<span style=\"letter-spacing:-.3pt\"> <\/span>(100%)<span style=\"letter-spacing:-.35pt\"> <\/span>percent<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>annual<span style=\"letter-spacing:-.4pt\"> <\/span>Excess<span style=\"letter-spacing:-.4pt\"> <\/span>Profits<span style=\"letter-spacing:-.45pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n-.35pt\"> <\/span>allocated<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing\nMember until the total amount allocated equals twenty (20%) percent of the sum\nof: (x) the Hurdle Amount for that Performance Period and (y) any amount\nallocated to the Managing Member pursuant to this clause (the \u201c<i>Catch-Up<\/i>\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:41.75pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nmso-list:l15 level1 lfo52;tab-stops:67.8pt 70.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">(2)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Thereafter,<span style=\"letter-spacing:-.05pt\"> <\/span>Excess<span style=\"letter-spacing:-.05pt\">\n<\/span>Profits<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>distributed\npro rata,<span style=\"letter-spacing:-.1pt\"> <\/span>based on each Participating\nMembers\u2019 respective Units, less twenty (20%) percent to be paid pursuant to the\nManaging Member Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:41.95pt;margin-bottom:\n0in;margin-left:10.7pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n28.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.25pt\"> <\/span>\u201c<i>Total<span style=\"letter-spacing:-.4pt\"> <\/span>Return<\/i>\u201d<span style=\"letter-spacing:\n-.35pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.35pt\"> <\/span>Period<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>equal<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>sum<span style=\"letter-spacing:-.35pt\"> <\/span>of:<span style=\"letter-spacing:-.3pt\"> <\/span>(i)<span style=\"letter-spacing:-.25pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>distributions<span style=\"letter-spacing:-.3pt\"> <\/span>accrued<span style=\"letter-spacing:-.45pt\">\n<\/span>or paid (without duplication) on the Units outstanding at the end of\nsuch period since the beginning of the Performance Period (ii) the change\nattributable to the appreciation or depreciation in aggregate Net Asset Value\nof such Units since the beginning of the Performance Period, before giving\neffect to (x) changes resulting solely from the proceeds of issuances of Units,\nand (y) any allocation\/accrual to the Managing Member Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection173\">\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:4.2pt;margin-right:16.45pt;\nmargin-bottom:1.45pt;margin-left:0in;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:125%\">Management<span style=\"letter-spacing:.45pt\"> <\/span>Fees<span style=\"letter-spacing:.5pt\"> <\/span>And<span style=\"letter-spacing:.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Compensation<\/span><\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:6.5pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:61.55pt\">\n  <td width=\"1008\" colspan=\"7\" valign=\"top\" style=\"width:10.5in;border:solid black 1.0pt;\n  border-bottom:solid white 2.25pt;background:#DBAC77;padding:0in 0in 0in 0in;\n  height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:4.15pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.5pt;margin-bottom:.0001pt;line-height:11.6pt;mso-line-height-rule:\n  exactly\"><b><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:125%\">Company<span style=\"letter-spacing:.45pt\">\n  <\/span>Level<span style=\"letter-spacing:.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:4.5pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The below\n  are fees that are paid directly from the Company to Cloud Toronto &#8211; FYBN &nbsp;Services, its Affiliates, or other related\n  or third parties as listed in the Payee column.<span style=\"letter-spacing:\n  2.0pt\"> <\/span>No similar fees (for the same services performed) will be\n  taken at multiple entity levels with respect to the same investor Capital\n  Contributions.<span style=\"letter-spacing:2.0pt\"> <\/span>For example, if the\n  Company invests 50% equity into a single asset offering, to the extent that\n  offering\u2019s entity charges a similar fee, the fee owed by the Company will be\n  offset, dollar for dollar, by the asset-level fee (or vice versa ),\n  eliminating the instance of paying extra, or double fees for the same<span style=\"letter-spacing:-.1pt\"> <\/span>services<span style=\"letter-spacing:\n  -.1pt\"> <\/span>performed.<span style=\"letter-spacing:2.0pt\"> <\/span>Please<span style=\"letter-spacing:-.1pt\"> <\/span>note<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>after<span style=\"letter-spacing:-.1pt\">\n  <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Notes<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>converted<span style=\"letter-spacing:-.1pt\"> <\/span>(if<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>event<span style=\"letter-spacing:-.1pt\">\n  <\/span>occurs),<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>those<span style=\"letter-spacing:-.1pt\">\n  <\/span>re-occuring<span style=\"letter-spacing:-.1pt\"> <\/span>fees,<span style=\"letter-spacing:-.1pt\"> <\/span>similar<span style=\"letter-spacing:-.1pt\">\n  <\/span>fees<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>taken<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>respect<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>deemed<span style=\"letter-spacing:-.1pt\">\n  <\/span>\u201cCapital<span style=\"letter-spacing:-.1pt\"> <\/span>Contributions\u201d made\n  by the note holders to the Company.<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:50.25pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:79.7pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;\n  height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.5pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Service<span style=\"letter-spacing:\n  -.55pt\"> <\/span>or <span style=\"letter-spacing:-.4pt\">Arrangement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payor<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.25pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:9.6pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt\">Agreement <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">Where<span style=\"letter-spacing:-.5pt\"> <\/span>Descrip- <span style=\"letter-spacing:\n  -.1pt\">tion<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Services <\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">Performed<span style=\"letter-spacing:-.55pt\"> <\/span>is <span style=\"letter-spacing:-.1pt\">Located<\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"178\" valign=\"top\" style=\"width:133.4pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Off-Sets;<span style=\"letter-spacing:-.4pt\">\n  <\/span>Carve-<span style=\"letter-spacing:-.2pt\">Outs<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:155.85pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:79.7pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n  height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.45pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Management<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:9.1pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Managing<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.35pt;line-height:9.1pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt;mso-font-width:110%\">Member<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Management Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.85pt\"><b><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:8.85pt;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Asset<span style=\"letter-spacing:-.4pt\">\n  <\/span>Management<span style=\"letter-spacing:-.4pt\"> <\/span>Fee<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>equal<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>one<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>one\n  half (1.5%) percent of the Net Asset Value of the Participating<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\">\n  <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:\n  -.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>close<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>business<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the\n  last Business Day of the relevant month, calculated before deduction of the\n  Asset Management Fee,<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.35pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">or any\n  accrued but unallocated Managing Member Performance<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Allocation<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>before<span style=\"letter-spacing:-.1pt\">\n  <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>withdrawals.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">The<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Management<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">Fee<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.45pt;mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">is<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">a<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">re-occur- <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">ring,<span style=\"letter-spacing:-.2pt\"> <\/span>annual<span style=\"letter-spacing:-.2pt\">\n  <\/span>fee,<span style=\"letter-spacing:-.2pt\"> <\/span>payable<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>arrears\n  each month based on the current NAV of the Members as of the last day of each\n  such month.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:8.9pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">It is\n  anticipated that the source of <span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">used<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pay<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fee<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initially\n  <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Capital<span style=\"letter-spacing:-.3pt\"> <\/span>Contributions<span style=\"letter-spacing:\n  -.3pt\"> <\/span>of the Members and then, if available, from financing proceeds\n  and\/or operational cash flow.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"178\" valign=\"top\" style=\"width:133.4pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:2.45pt;margin-right:3.3pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:86%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">If<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\">\n  <\/span>direct<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>indirect<span style=\"letter-spacing:\n  -.05pt\"> <\/span>subsidiary of the Company pays to Cloud Toronto &#8211; FYBN &nbsp;Services<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>Affiliate<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>similar\n  fee, the Management Fee de- scribed herein shall be reduced on a\n  dollar-for-dollar basis with respect to the capital contributions made by the\n  Company to such direct or indirect subsidiary.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:7.95pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:86%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">For example,\n  if the Company invests<span style=\"letter-spacing:-.25pt\"> <\/span>50%<span style=\"letter-spacing:-.25pt\"> <\/span>equity<span style=\"letter-spacing:-.25pt\">\n  <\/span>into<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>single asset<span style=\"letter-spacing:\n  -.35pt\"> <\/span>offering,<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\">\n  <\/span>extent<span style=\"letter-spacing:-.35pt\"> <\/span>that <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">offering&#8217;s entity charges a\n  similar <span style=\"letter-spacing:-.1pt;mso-font-width:110%\">fee,<\/span><span style=\"letter-spacing:-.55pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">the<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">fee<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">owed<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">by<\/span><span style=\"letter-spacing:-.55pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">the<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">Compa<\/span>ny<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>offset,<span style=\"letter-spacing:-.6pt\"> <\/span>dollar<span style=\"letter-spacing:-.65pt\">\n  <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>dollar, by the\n  asset-level fee, eliminating the instance\n  of paying extra, or double<span style=\"letter-spacing:-.35pt\"> <\/span>fees.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:279.1pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:79.7pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n  height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.95pt;margin-right:6.75pt;\n  margin-bottom:0in;margin-left:4.45pt;margin-bottom:.0001pt;line-height:80%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:80%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Managing <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:80%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">Broker<span style=\"letter-spacing:-.5pt\"> <\/span>Fees<span style=\"letter-spacing:-.4pt\"> <\/span>and\n  <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n  80%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt\">Commissions<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:80%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:8.95pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Skyway<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Cap- <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">ital<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Markets <span style=\"letter-spacing:-.2pt\">LLC<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Private Placement <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt\">Engagement Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:8.85pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">The Company has an agreement\n  with Young America Capital LLC, a registered broker\/dealer and member\n  FINRA\/SIPC (&#8220;Managing Broker&#8221;), pursuant to which the<span style=\"letter-spacing:-.45pt\"> <\/span>securities<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\">\n  <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>offered<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\">\n  <\/span>sold.<span style=\"letter-spacing:3.6pt\"> <\/span>Please<span style=\"letter-spacing:-.45pt\"> <\/span>note that salespersons\n  affiliated with Cloud Toronto &#8211; FYBN &nbsp;(but who are<span style=\"letter-spacing:\n  2.0pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;\n  mso-font-width:110%\">licensed<\/span><span style=\"letter-spacing:-.3pt;\n  mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:\n  110%\">and<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">managed<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">through<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">a<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">Broker<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">Dealer)<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">will <\/span>receive selling\n  commissions up to 2.00% of the gross proceeds<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Offering.<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Other<span style=\"letter-spacing:-.65pt\"> <\/span>fees<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>paid\n  to Young America Capital LLC include the following:<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:.05pt;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">(1) a\n  non-refundable engagement fee of $10,000 that was or will be paid upon\n  execution of a placement agreement between the Company and the Managing\n  Broker; (2) a Managing Broker Dealer (MBD) Fee of 0.7%<span style=\"letter-spacing:\n  -.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>all<span style=\"letter-spacing:-.3pt\"> <\/span>sales<span style=\"letter-spacing:-.3pt\">\n  <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Class<span style=\"letter-spacing:-.3pt\"> <\/span>B<span style=\"letter-spacing:-.3pt\"> <\/span>shares<span style=\"letter-spacing:-.3pt\"> <\/span>(3)<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>Marketing<span style=\"letter-spacing:\n  -.3pt\"> <\/span>and Due<span style=\"letter-spacing:-.6pt\"> <\/span>Diligence<span style=\"letter-spacing:-.6pt\"> <\/span>Fee<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>up<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>1.00%<span style=\"letter-spacing:.35pt\">\n  <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>sales<span style=\"letter-spacing:-.6pt\">\n  <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Class<span style=\"letter-spacing:-.6pt\"> <\/span>B Shares (based on the principal amount\n  of the securi- ties<span style=\"letter-spacing:-.2pt\"> <\/span>issued).<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Vary (see description to the\n  left that described different fees paid and\n  when paid).<span style=\"letter-spacing:2.0pt\"> <\/span>Fees are\n  generally paid in arrears on a monthly\n  basis.<span style=\"letter-spacing:2.0pt\"> <\/span>All such MBD fees and\n  selling commissions will be paid from\n  proceeds received from the Offering.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"178\" valign=\"top\" style=\"width:133.4pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:17.45pt\">\n  <td width=\"1008\" colspan=\"7\" valign=\"top\" style=\"width:10.5in;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid white 2.25pt;padding:0in 0in 0in 0in;\n  height:17.45pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection174\">\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:7.55pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid white 2.25pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:2.25pt solid white;mso-border-insidev:2.25pt solid white\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:41.1pt\">\n  <td width=\"1008\" colspan=\"7\" valign=\"top\" style=\"width:10.5in;border-top:solid white 2.25pt;\n  border-left:none;border-bottom:solid white 2.25pt;border-right:none;\n  background:#DBAC77;padding:0in 0in 0in 0in;height:41.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:3.0pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:11.9pt;mso-line-height-rule:\n  exactly\"><b><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:130%\">Asset<span style=\"letter-spacing:-.7pt\"> <\/span>Level<span style=\"letter-spacing:-.7pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:4.0pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The below\n  asset level fee descriptions relate to fees paid by the project level\n  entities (e.g., direct or indirect subsidiaries of the Company that hold\n  title or a leasehold interest to real property), with such fees and other\n  amounts paid to Cloud Toronto &#8211; FYBN &nbsp;Services, LLC, its Affiliates or other\n  related persons in connection with services performed or other commitments\n  made.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:59.85pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Service<span style=\"letter-spacing:\n  -.55pt\"> <\/span>or <span style=\"letter-spacing:-.4pt\">Arrangement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payor<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.25pt;margin-right:16.5pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:9.6pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt\">Agreement Where Description <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">of<span style=\"letter-spacing:-.55pt\"> <\/span>Services <span style=\"letter-spacing:-.4pt\">Performed<\/span><span style=\"letter-spacing:\n  -.6pt\"> <\/span><span style=\"letter-spacing:-.4pt\">is <\/span><span style=\"letter-spacing:-.1pt\">Located<\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Off-Sets;<span style=\"letter-spacing:-.4pt\">\n  <\/span>Carve-<span style=\"letter-spacing:-.2pt\">Outs<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:117.45pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:10.45pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">Loan<span style=\"letter-spacing:-.3pt\"> <\/span><\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Guaranty<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.95pt;line-height:10.45pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.25pt;mso-font-width:95%\">Fee<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">Entities<span style=\"letter-spacing:-.2pt\"> <\/span>or <span style=\"letter-spacing:-.1pt\">persons\n  providing guarantees<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt\"><b><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:2.85pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">(or,<span style=\"letter-spacing:-.35pt\"> <\/span>if <span style=\"letter-spacing:-.1pt\">different,\n  <\/span><span style=\"letter-spacing:-.2pt\">the <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">applicable borrower)<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:105%\">N\/A<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:8.85pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">0.25%<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>gross<span style=\"letter-spacing:-.35pt\">\n  <\/span>value<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\">\n  <\/span>loan<span style=\"letter-spacing:-.35pt\"> <\/span>guaranteed<span style=\"letter-spacing:-.35pt\"> <\/span>by such<span style=\"letter-spacing:\n  -.2pt\"> <\/span>guarantor.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">The<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Loan<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.45pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">Guaranty<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">Fee<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.45pt;mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">is<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">a<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.45pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">re-occur- <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">ring, annual\n  fee, payable in arrears each<span style=\"letter-spacing:-.05pt\"> <\/span>month<span style=\"letter-spacing:-.05pt\"> <\/span>based<span style=\"letter-spacing:-.05pt\">\n  <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>aggregate gross amount guaranteed by\n  the guarantor under the applicable loan.<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:9.45pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:9.5pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:110%\">It is anticipated that the source of <span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">used<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pay<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fee<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initially <\/span>be<span style=\"letter-spacing:\n  -.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Capital<span style=\"letter-spacing:-.3pt\">\n  <\/span>Contributions<span style=\"letter-spacing:-.3pt\"> <\/span>of the Members\n  and then, if available, from financing proceeds and\/or operational cash flow.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:112.3pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">Loan<span style=\"letter-spacing:-.5pt\"> <\/span>Placement <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:9.6pt;margin-right:11.35pt;\n  margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.3pt\">(if<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.6pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.3pt\">permitted<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.6pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.3pt\">by <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">applicable<span style=\"letter-spacing:-.35pt\"> <\/span><\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">law)<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:4.65pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Cloud Toronto &#8211; FYBN&nbsp; Services<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">or<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">its Affiliate<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt\"><b><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:4.4pt;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">(or, if not\n  the<span style=\"letter-spacing:-.2pt\"> <\/span>RE <span style=\"letter-spacing:\n  -.1pt\">Holding Company, <\/span><span style=\"letter-spacing:-.2pt\">the <\/span><span style=\"letter-spacing:-.1pt\">applicable borrower)<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:8.15pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Loan<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Placement Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:105%\">Up<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>1%<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\">\n  <\/span>gross<span style=\"letter-spacing:-.25pt\"> <\/span>loan<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">proceeds.<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The Loan\n  Placement Fee is a one- time<span style=\"letter-spacing:-.15pt\"> <\/span>fee,<span style=\"letter-spacing:-.15pt\"> <\/span>payable<span style=\"letter-spacing:\n  -.15pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>date<span style=\"letter-spacing:-.15pt\">\n  <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the applicable<span style=\"letter-spacing:-.2pt\"> <\/span>financing.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:9.7pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">It is\n  anticipated that the source of <span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">used<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pay<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fee<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initially\n  <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Capital<span style=\"letter-spacing:-.3pt\"> <\/span>Contributions<span style=\"letter-spacing:\n  -.3pt\"> <\/span>of the Members and then, if available, from financing proceeds\n  and\/or operational cash flow.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:215.15pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:10.45pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Construction<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.95pt;line-height:10.45pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:\n  90%\">Management<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:.6pt\">\n  <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.25pt\">Fee<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:7.9pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">(if<span style=\"letter-spacing:-.3pt\"> <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">applicable)<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Cloud Toronto &#8211; FYBN&nbsp;\n  Development, <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.2pt;mso-font-width:105%\">LLC<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.1pt;margin-right:9.6pt;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">(an<span style=\"letter-spacing:-.6pt\"> <\/span>affiliate of<span style=\"letter-spacing:\n  -.2pt\"> <\/span>Cloud Toronto &#8211; FYBN &nbsp;<span style=\"letter-spacing:-.1pt\">Services)<\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:18.4pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;text-align:justify;\n  line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">Construction Management Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:8.85pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">Up<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>maximum<span style=\"letter-spacing:-.2pt\">\n  <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>4%<span style=\"letter-spacing:\n  -.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>hard<span style=\"letter-spacing:-.2pt\"> <\/span>project<span style=\"letter-spacing:-.2pt\">\n  <\/span>costs<span style=\"letter-spacing:-.2pt\"> <\/span>(which, generally\n  speaking, is intended to be based on the gross payments to the general\n  contractor, plus at times certain other amounts paid (e.g. furniture, fix-\n  tures and equipment).<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:11.2pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The<span style=\"letter-spacing:-.7pt\"> <\/span>Construction<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Management<span style=\"letter-spacing:-.55pt\"> <\/span>Fee is\n  typically paid to the payee on a monthly<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>quarterly<span style=\"letter-spacing:\n  -.1pt\"> <\/span>basis<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>costs are<span style=\"letter-spacing:\n  -.2pt\"> <\/span>incurred).<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:9.7pt;margin-right:2.25pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">It is\n  anticipated that the source of funds used to pay this fee will be <span style=\"letter-spacing:-.1pt\">from<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initial<\/span><span style=\"letter-spacing:-.4pt\">\n  <\/span><span style=\"letter-spacing:-.1pt\">Capital<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Contributions\n  <\/span>of the Members or from proceeds received in connection with a con-\n  struction loan financing.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection175\">\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:6.35pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid white 2.25pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:2.25pt solid white;mso-border-insidev:2.25pt solid white\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:61.55pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border:solid white 2.25pt;\n  border-left:none;background:#ECD5BA;padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Service<span style=\"letter-spacing:\n  -.55pt\"> <\/span>or <span style=\"letter-spacing:-.4pt\">Arrangement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payor<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:16.5pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Agreement\n  Where Description <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:85%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">of<span style=\"letter-spacing:-.55pt\"> <\/span>Services <span style=\"letter-spacing:\n  -.4pt\">Performed<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.4pt\">is <\/span><span style=\"letter-spacing:-.1pt\">Located<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border-top:solid white 2.25pt;\n  border-left:none;border-bottom:solid white 2.25pt;border-right:none;\n  mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;\n  height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Off-Sets;<span style=\"letter-spacing:-.4pt\">\n  <\/span>Carve-<span style=\"letter-spacing:-.2pt\">Outs<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:63.9pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Real<span style=\"letter-spacing:\n  -.55pt\"> <\/span>Estate <span style=\"letter-spacing:-.1pt;mso-font-width:90%\">Brokerage<\/span><span style=\"letter-spacing:-.35pt;mso-font-width:90%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:90%\">Fee<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:.3pt\">&nbsp;<\/span><span style=\"letter-spacing:-.1pt\">Realty,<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">LLC<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:26.3pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Real<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Estate <span style=\"letter-spacing:-.1pt\">Brokerage Services Agreement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">A<span style=\"letter-spacing:-.4pt\"> <\/span>market-rate<span style=\"letter-spacing:\n  -.4pt\"> <\/span>fee<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>real<span style=\"letter-spacing:-.4pt\"> <\/span>estate<span style=\"letter-spacing:-.4pt\"> <\/span>brokerage<span style=\"letter-spacing:\n  -.4pt\"> <\/span>services, ranging from 2%-6% on the purchase or sale of<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">any real\n  property held by the RE Holding Company, depending<span style=\"letter-spacing:\n  -.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>asset<span style=\"letter-spacing:-.3pt\">\n  <\/span>class,<span style=\"letter-spacing:-.3pt\"> <\/span>representation<span style=\"letter-spacing:-.3pt\"> <\/span>(dual<span style=\"letter-spacing:-.3pt\">\n  <\/span>or single), and transaction size.<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:19.55pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">The<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Real<span style=\"letter-spacing:-.25pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\"> <\/span>Brokerage<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Fee<span style=\"letter-spacing:-.25pt\"> <\/span>is a<span style=\"letter-spacing:-.1pt\"> <\/span>one-time<span style=\"letter-spacing:-.1pt\"> <\/span>fee<span style=\"letter-spacing:-.1pt\"> <\/span>payable<span style=\"letter-spacing:-.1pt\"> <\/span>upon<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">closing<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>real<span style=\"letter-spacing:-.45pt\">\n  <\/span>estate<span style=\"letter-spacing:-.45pt\"> <\/span>acquisition or\n  disposition by the RE Holding <span style=\"letter-spacing:-.1pt\">Company.<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The Real\n  Estate Brokerage Fee may be reduced by any com- missions paid by the RE\n  Holding Company to any third party engaged<span style=\"letter-spacing:-.6pt\">\n  <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>RE<span style=\"letter-spacing:-.6pt\"> <\/span>Holding<span style=\"letter-spacing:-.6pt\"> <\/span>Com- <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.1pt\">pany<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:1.2pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.1pt\">performing<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:1.25pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.1pt\">similar<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:1.2pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">services.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;mso-yfti-lastrow:yes;height:400.95pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:10.45pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:85%\">Acquisition<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:85%\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.5pt;mso-font-width:85%\">\/<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.95pt;line-height:10.45pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:\n  90%\">Disposition<span style=\"letter-spacing:-.35pt\"> <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:.3pt\">&nbsp;<\/span><span style=\"letter-spacing:-.1pt\">Realty,<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">LLC<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Acquisition Services Agreement<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">Up<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>2%<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>price<span style=\"letter-spacing:-.25pt\"> <\/span>paid<span style=\"letter-spacing:-.25pt\">\n  <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>purchase<span style=\"letter-spacing:\n  -.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>sale<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>any\n  real property held by the RE Holding Company.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:13.4pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The\n  Acquisition \/ Disposition Fee<span style=\"letter-spacing:2.0pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>one-time<span style=\"letter-spacing:-.3pt\"> <\/span>fee<span style=\"letter-spacing:-.3pt\"> <\/span>payable<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.3pt\"> <\/span>the<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">closing<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>real<span style=\"letter-spacing:-.45pt\">\n  <\/span>estate<span style=\"letter-spacing:-.45pt\"> <\/span>acquisition or\n  disposition by the RE Holding <span style=\"letter-spacing:-.1pt\">Company.<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:9.7pt;margin-right:2.25pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">It is\n  anticipated that the source of funds used to pay any such fee in connection<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>RE<span style=\"letter-spacing:-.55pt\"> <\/span>Holding<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Company acquiring real estate will be paid by the selling\n  party when the property<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.15pt;margin-right:5.25pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">is being\n  acquired by the RE Holding Company.<span style=\"letter-spacing:2.0pt\"> <\/span>Any\n  such fee paid with respect<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\">\n  <\/span>disposition<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\">\n  <\/span>real property is anticipated to be paid from proceeds received from\n  such sale<span style=\"letter-spacing:-.2pt\"> <\/span>transaction.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:1.1pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">If a Real\n  Estate Brokerage Fee (described above) is paid to Cloud Toronto &#8211; FYBN &nbsp;Realty, LLC, then no Acquisition<span style=\"letter-spacing:-.6pt\"> <\/span>\/<span style=\"letter-spacing:-.6pt\"> <\/span>Disposition<span style=\"letter-spacing:-.55pt\"> <\/span>Fee<span style=\"letter-spacing:-.6pt\"> <\/span>(as\n  applicable) will be paid.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection176\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span 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style=\"letter-spacing:\n-.3pt\"> <\/span>AND<span style=\"letter-spacing:-.4pt\"> <\/span>VALUATION<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">POLICY<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_197\" o:spid=\"_x0000_s2222\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825353;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Net<span style=\"letter-spacing:-.2pt\"> <\/span>Asset<span style=\"letter-spacing:-.2pt\"> <\/span>Value<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Determination<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The NAV for\neach class of Units is determined by Cloud Toronto &#8211; FYBN &nbsp;based on the net asset values of the Fund\u2019s\ninvestments (including the REIT Portfolio) through its investment in the REIT\nSubsidiary, the addition of any other assets (such as cash on hand), and the\ndeduction of any liabilities, including the allocation\/accrual of any Managing\nMember Performance Allocation to the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each<span style=\"letter-spacing:-.15pt\"> <\/span>class<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.15pt\"> <\/span>undivided<span style=\"letter-spacing:-.15pt\"> <\/span>interest<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>liabilities.<span style=\"letter-spacing:2.0pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.15pt\">&nbsp;<\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>calculate the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>NAV<span style=\"letter-spacing:-.3pt\"> <\/span>per<span style=\"letter-spacing:-.15pt\"> <\/span>Unit<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>each<span style=\"letter-spacing:-.1pt\"> <\/span>class<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>last<span style=\"letter-spacing:-.2pt\"> <\/span>calendar<span style=\"letter-spacing:-.2pt\"> <\/span>day<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>each<span style=\"letter-spacing:-.25pt\"> <\/span>month,<span style=\"letter-spacing:-.2pt\"> <\/span>using<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>process<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>reflects<span style=\"letter-spacing:-.25pt\"> <\/span>several components including (i) the\nestimated fair value of Fund properties based on DCF analysis (as further\ndescribed below) (ii) securities held within the REIT Portfolio for which\nreadily available market quotes are available, (iii) securities held within the\nREIT Portfolio for which readily available market quotes are not available and\nare subject to<span style=\"letter-spacing:-.35pt\"> <\/span>fair<span style=\"letter-spacing:-.45pt\"> <\/span>value<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>Cloud Toronto &#8211; FYBN ,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>(iv)<span style=\"letter-spacing:-.35pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\">\n<\/span>assets<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund.<span style=\"letter-spacing:1.7pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.45pt\">&nbsp;<\/span>may<span style=\"letter-spacing:-.45pt\">\n<\/span>also<span style=\"letter-spacing:-.35pt\"> <\/span>utilize<span style=\"letter-spacing:-.35pt\"> <\/span>third-party<span style=\"letter-spacing:\n-.35pt\"> <\/span>appraisals in valuing Fund properties.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">At the end of\neach month, before taking into consideration redemptions or class-specific\nexpense accruals for that month, any change in the Fund\u2019s aggregate NAV\n(whether an increase or decrease) is allocated among each class of Units based\non each class\u2019s relative percentage of the previous aggregate NAV plus\nissuances of Units that were effective on the first calendar day of such month.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Changes<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>monthly<span style=\"letter-spacing:-.55pt\"> <\/span>NAV<span style=\"letter-spacing:-.55pt\"> <\/span>include,<span style=\"letter-spacing:-.55pt\">\n<\/span>without<span style=\"letter-spacing:-.6pt\"> <\/span>limitation,<span style=\"letter-spacing:-.55pt\"> <\/span>accruals<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>net<span style=\"letter-spacing:-.65pt\"> <\/span>portfolio<span style=\"letter-spacing:\n-.55pt\"> <\/span>income, interest<span style=\"letter-spacing:-.05pt\"> <\/span>expense,\nthe Asset Management<span style=\"letter-spacing:-.05pt\"> <\/span>Fee,<span style=\"letter-spacing:-.05pt\"> <\/span>any accrued Managing Member Performance<span style=\"letter-spacing:-.1pt\"> <\/span>Allocation,<span style=\"letter-spacing:\n-.05pt\"> <\/span>distributions, unrealized\/realized gains and losses on assets,\nany applicable organization and offering costs and any expense reimbursements.\nChanges in the Fund\u2019s monthly NAV also include material non-recurring events,\nsuch as capital expenditures and material property acquisitions and\ndispositions occurring during the month. Notwithstanding anything<span style=\"letter-spacing:-.35pt\"> <\/span>herein<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>contrary,<span style=\"letter-spacing:-.2pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.15pt\">&nbsp;<\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>discretion<span style=\"letter-spacing:-.35pt\"> <\/span>consider<span style=\"letter-spacing:-.2pt\">\n<\/span>material<span style=\"letter-spacing:-.25pt\"> <\/span>market<span style=\"letter-spacing:-.25pt\"> <\/span>data<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>information<span style=\"letter-spacing:-.2pt\"> <\/span>that becomes<span style=\"letter-spacing:\n-.35pt\"> <\/span>available<span style=\"letter-spacing:-.35pt\"> <\/span>after<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>end<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.35pt\"> <\/span>month<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>valuing<span style=\"letter-spacing:-.35pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>liabilities<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>calculating<span style=\"letter-spacing:-.2pt\"> <\/span>the Fund\u2019s NAV for a particular month. On\nan ongoing basis, Cloud Toronto &#8211; FYBN &nbsp;will adjust the accruals to reflect actual\noperating results<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>outstanding<span style=\"letter-spacing:-.55pt\"> <\/span>receivable,<span style=\"letter-spacing:\n-.6pt\"> <\/span>payable<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\">\n<\/span>account<span style=\"letter-spacing:-.65pt\"> <\/span>balances<span style=\"letter-spacing:-.6pt\"> <\/span>resulting<span style=\"letter-spacing:-.6pt\">\n<\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>accumulation<span style=\"letter-spacing:\n-.6pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>monthly accruals\nfor which financial information is available.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">At the close\nof business on the date that is one business day after each record date for any\ndeclared distribution,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>NAV<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>each<span style=\"letter-spacing:-.55pt\"> <\/span>class<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>reduced<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>reflect<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>accrual<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>liability<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>pay<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>distribution\nto<span style=\"letter-spacing:-.2pt\"> <\/span>Members<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>class.<span style=\"letter-spacing:2.0pt\"> <\/span>NAV<span style=\"letter-spacing:-.25pt\"> <\/span>per<span style=\"letter-spacing:-.2pt\"> <\/span>Unit<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>each<span style=\"letter-spacing:-.25pt\"> <\/span>class<span style=\"letter-spacing:-.25pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>calculated<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>dividing<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>class\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>NAV<span style=\"letter-spacing:-.25pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>end<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>each\nmonth by the number of Units outstanding for that class at the end of such month.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin-top: 11.5pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Valuation<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Policy<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud Toronto\n&#8211; FYBN&nbsp; has adopted valuation guidelines\nthat contain a comprehensive set of methodologies to be used in connection<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>estimating<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>values<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.25pt\">\n<\/span>assets<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.3pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>purposes<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.1pt\">\n<\/span>NAV<span style=\"letter-spacing:-.25pt\"> <\/span>calculation. These<span style=\"letter-spacing:-.65pt\"> <\/span>guidelines<span style=\"letter-spacing:\n-.6pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>designed<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>produce<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>fair<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>accurate<span style=\"letter-spacing:-.55pt\"> <\/span>estimate<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>price<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>would<span style=\"letter-spacing:-.65pt\">\n<\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>received<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund\u2019s investments in an arm\u2019s-length\ntransaction between a willing buyer and a willing seller in possession of all material\ninformation about the Fund\u2019s investments.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:9.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Properties\nheld by the Fund will be valued at least once per year. The Managing Member,\nhowever, at its sole and absolute discretion, can revalue properties held by\nthe Fund more frequently<span style=\"letter-spacing:2.0pt\"> <\/span>In valuing\nthese investments, Cloud Toronto &#8211; FYBN &nbsp;has implemented a valuation process that is\ncommonly utilized in the real estate investment industry by completing\nmulti-year forecasts on each underlying asset, making assumptions on future\nfinancing activities, and applying industry accepted discount factors to achieve\na valuation via discounted cash flow (DCF) analysis. Cloud Toronto &#8211; FYBN &nbsp;may also obtain third-party appraisals for\ncomparison purposes to the DCF results.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection177\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.55pt;margin-right:11.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The REIT\nPortfolio will be valued using readily available market quotations If a market\nquotation is not readily available or is deemed unreliable, or if an event that\nis expected to affect the value of a security occurs after the close of the\nprincipal exchange or market on which that security is traded, and before the\nclose of the New York Stock<span style=\"letter-spacing:-.45pt\"> <\/span>Exchange,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>fair<span style=\"letter-spacing:-.45pt\"> <\/span>value<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>security<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>determined<span style=\"letter-spacing:\n-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>good<span style=\"letter-spacing:-.6pt\"> <\/span>faith<span style=\"letter-spacing:-.45pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>policies<span style=\"letter-spacing:-.55pt\">\n<\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>procedures<span style=\"letter-spacing:-.55pt\"> <\/span>established by and under the supervision\nof Cloud Toronto &#8211; FYBN .<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><a name=\"_bookmark11\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The Fund is permitted to limit the liability of its Managing\nMembers and officers, and to indemnify and advance expenses to its Managing\nMembers, officers, and other agents, to the extent permitted by New York law.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to the LLC<span style=\"letter-spacing:\n-.1pt\"> <\/span>Agreement,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing Member,<span style=\"letter-spacing:\n-.05pt\"> <\/span>officers,<span style=\"letter-spacing:-.05pt\"> <\/span>and agents<span style=\"letter-spacing:-.1pt\"> <\/span>of the<span style=\"letter-spacing:-.05pt\">\n<\/span>Fund shall<span style=\"letter-spacing:-.05pt\"> <\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.05pt\"> <\/span>liable\nto the Fund or to any Member for (i) any act or omission performed or failed to\nbe performed by such person, or for any<span style=\"letter-spacing:-.05pt\"> <\/span>losses,<span style=\"letter-spacing:-.1pt\"> <\/span>claims,<span style=\"letter-spacing:-.1pt\">\n<\/span>costs,<span style=\"letter-spacing:-.1pt\"> <\/span>damages,<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>liabilities<span style=\"letter-spacing:-.15pt\"> <\/span>arising<span style=\"letter-spacing:-.05pt\">\n<\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>act<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>omission,<span style=\"letter-spacing:-.1pt\"> <\/span>except<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>extent<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>loss, claim,<span style=\"letter-spacing:\n-.1pt\"> <\/span>cost<span style=\"letter-spacing:-.15pt\"> <\/span>damage,<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>liability<span style=\"letter-spacing:-.05pt\"> <\/span>results<span style=\"letter-spacing:-.15pt\">\n<\/span>from such<span style=\"letter-spacing:-.05pt\"> <\/span>person\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>gross<span style=\"letter-spacing:-.15pt\">\n<\/span>negligence,<span style=\"letter-spacing:-.1pt\"> <\/span>willful<span style=\"letter-spacing:-.15pt\"> <\/span>misconduct,<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>fraud;<span style=\"letter-spacing:-.15pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>tax liability imposed on the Fund; or\n(iii) any losses due to the misconduct, negligence, dishonesty, or bad faith of\nany agents of the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nFund, its receiver, or its trustee (in the case of its receiver or trustee, to\nthe extent of the portfolio properties of the Fund) shall indemnify, save\nharmless, and pay all judgments and claims against the Managing Member,\nofficers, and agents relating to any liability or damage incurred by reason of\nany act performed or omitted to<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>performed<span style=\"letter-spacing:\n-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>person<span style=\"letter-spacing:-.1pt\"> <\/span>solely<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>connection<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>business<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Fund,<span style=\"letter-spacing:-.15pt\"> <\/span>including<span style=\"letter-spacing:-.1pt\"> <\/span>attorneys\u2019<span style=\"letter-spacing:\n-.25pt\"> <\/span>fees<span style=\"letter-spacing:-.2pt\"> <\/span>incurred in<span style=\"letter-spacing:-.1pt\"> <\/span>connection<span style=\"letter-spacing:\n-.1pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>defense<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:\n-.2pt\"> <\/span>action<span style=\"letter-spacing:-.2pt\"> <\/span>based<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>any\nsuch<span style=\"letter-spacing:-.1pt\"> <\/span>act<span style=\"letter-spacing:\n-.2pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>omission,<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>attorneys\u2019<span style=\"letter-spacing:-.15pt\"> <\/span>fees<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>as <span style=\"letter-spacing:-.1pt\">incurred.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>event<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>action<span style=\"letter-spacing:-.45pt\">\n<\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:\n-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>against<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member,<span style=\"letter-spacing:-.5pt\">\n<\/span>officers,<span style=\"letter-spacing:-.35pt\"> <\/span>and\/or<span style=\"letter-spacing:-.45pt\"> <\/span>agents<span style=\"letter-spacing:-.45pt\">\n<\/span>relating<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>any liability or damage incurred by\nreason of any act performed or omitted to be performed by such persons solely\nin connection with the business of the Fund, including a derivative suit, the\nFund shall indemnify, save harmless, and pay<span style=\"letter-spacing:-.05pt\">\n<\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>expenses<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>Member,<span style=\"letter-spacing:-.1pt\">\n<\/span>including<span style=\"letter-spacing:-.05pt\"> <\/span>attorneys\u2019<span style=\"letter-spacing:-.1pt\"> <\/span>fees<span style=\"letter-spacing:-.15pt\"> <\/span>incurred<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>defense<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:\n-.15pt\"> <\/span>action,<span style=\"letter-spacing:-.1pt\"> <\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\"> <\/span>is successful in such action.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nManaging Member has authority to cause the Fund to acquire and maintain the\nequivalent of directors\u2019 and officers\u2019 insurance coverage insuring the<span style=\"letter-spacing:-.1pt\"> <\/span>actions<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Managing Member,<span style=\"letter-spacing:-.1pt\"> <\/span>officers,<span style=\"letter-spacing:-.05pt\"> <\/span>and agents<span style=\"letter-spacing:\n-.05pt\"> <\/span>in such<span style=\"letter-spacing:-.05pt\"> <\/span>amounts as\nit may determine appropriate and customary for a business of the type conducted\nby the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.4pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Notwithstanding\nthe above, the Managing Member, officers, and agents shall not be indemnified\nfrom any liability for fraud, bad faith, gross negligence, or willful\nmisconduct in its duties and responsibilities to the Fund.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.4pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As\na result, the Fund and its Members may be entitled to a more limited right of\naction than they and the Fund would otherwise have it these indemnification\nrights were not included in the LLC Agreement.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\ngeneral effect to<span style=\"letter-spacing:-.05pt\"> <\/span>Members of any<span style=\"letter-spacing:-.05pt\"> <\/span>arrangement<span style=\"letter-spacing:\n-.15pt\"> <\/span>under which the Fund agrees to insure<span style=\"letter-spacing:\n-.1pt\"> <\/span>or indemnify any persons against liability is a potential\nreduction in distributions resulting from the Fund\u2019s payment of premiums\nassociated with insurance or indemnification payments in excess of amounts\ncovered by insurance. In addition, indemnification<span style=\"letter-spacing:\n-.2pt\"> <\/span>could<span style=\"letter-spacing:-.35pt\"> <\/span>reduce<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>legal<span style=\"letter-spacing:-.25pt\"> <\/span>remedies<span style=\"letter-spacing:-.3pt\">\n<\/span>available<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>against<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>Managing Member,<span style=\"letter-spacing:\n-.1pt\"> <\/span>officers,<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>agents.<span style=\"letter-spacing:-.2pt\">\n<\/span>However,<span style=\"letter-spacing:-.1pt\"> <\/span>indemnification<span style=\"letter-spacing:-.05pt\"> <\/span>does<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>reduce<span style=\"letter-spacing:-.1pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>exposure<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>and officers to\nliability under federal or state securities laws, nor does it limit the\nMembers\u2019 ability to obtain injunctive relief<span style=\"letter-spacing:-.45pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>equitable<span style=\"letter-spacing:\n-.5pt\"> <\/span>remedies<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>violation<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>member\u2019s,<span style=\"letter-spacing:-.5pt\">\n<\/span>manager\u2019s,<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>officer\u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>duties<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>Fund,<span style=\"letter-spacing:-.5pt\"> <\/span>although the\nequitable remedies may not be an effective remedy in some circumstances.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nSEC and some state securities commissions take the position that\nindemnification against liabilities arising under the Securities Act is against\npublic policy and unenforceable.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><a name=\"_bookmark12\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.2pt\"> <\/span>rights,<span style=\"letter-spacing:-.2pt\">\n<\/span>preferences,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>obligations<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the three<span style=\"letter-spacing:-.15pt\"> <\/span>classes<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>set<span style=\"letter-spacing:-.2pt\"> <\/span>forth<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the LLC<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Agreement.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A<span style=\"letter-spacing:-.1pt\"> <\/span>general<span style=\"letter-spacing:-.1pt\">\n<\/span>description<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>rights,<span style=\"letter-spacing:-.1pt\"> <\/span>preferences,<span style=\"letter-spacing:\n-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>restrictions<span style=\"letter-spacing:-.15pt\"> <\/span>associated<span style=\"letter-spacing:\n-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>set<span style=\"letter-spacing:-.1pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>below. <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Each<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"color:#221F1F\">Investor<span style=\"letter-spacing:-.3pt\"> <\/span>should<span style=\"letter-spacing:-.3pt\"> <\/span>carefully<span style=\"letter-spacing:-.35pt\">\n<\/span>read<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.35pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>the LLC<span style=\"letter-spacing:-.35pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>understand<span style=\"letter-spacing:-.25pt\"> <\/span>certain<span style=\"letter-spacing:-.25pt\">\n<\/span>risks<span style=\"letter-spacing:-.35pt\"> <\/span>associated with\nacquiring Units and the rights, restrictions, and obligations associated with\nthe Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Units may be\npurchased at an initial price per Unit indicated at the beginning of this\nMemorandum and thereafter<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>their<span style=\"letter-spacing:-.05pt\"> <\/span>Net<span style=\"letter-spacing:-.1pt\"> <\/span>Asset<span style=\"letter-spacing:-.1pt\"> <\/span>Value<span style=\"letter-spacing:-.1pt\"> <\/span>per<span style=\"letter-spacing:-.05pt\"> <\/span>Unit<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>first<span style=\"letter-spacing:-.15pt\"> <\/span>Business<span style=\"letter-spacing:-.15pt\"> <\/span>Day<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>month<span style=\"letter-spacing:-.05pt\"> <\/span>(a<span style=\"letter-spacing:-.1pt\"> <\/span>\u201cDealing<span style=\"letter-spacing:-.05pt\"> <\/span>Day\u201d).<span style=\"letter-spacing:-.1pt\">\n<\/span>For<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:\n-.05pt\"> <\/span>initial purchase<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Units,<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>properly<span style=\"letter-spacing:-.55pt\">\n<\/span>executed<span style=\"letter-spacing:-.55pt\"> <\/span>Subscription<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.65pt\"> <\/span>must<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>received<span style=\"letter-spacing:-.6pt\">\n<\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Broker<span style=\"letter-spacing:-.6pt\"> <\/span>before<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.2pt\">5:00<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">p.m. New York time at least\nfive (5) Business Days prior to the Dealing Day. Notifications received less\nthan five (5) Business Days prior to purchase will be accepted solely at the\nManaging Member\u2019s discretion. For subsequent purchases, Units may be purchased\non the first Business Day of each month provided that the Managing Broker\nreceived proper written notice before 5:00 p.m. New York time at least five (5)\nBusiness Days prior to the relevant Dealing Day.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Any payments submitted in the form of a transfer in kind will be\nexecuted solely at the Managing Member\u2019s discretion and may require additional\nnotice. Payments for the purchase must be received by Cloud Toronto &#8211; FYBN &nbsp;by 3:00 p.m. New York time at least three (3)\nBusiness Days prior to the Dealing Day and will be processed at the Net Asset<span style=\"letter-spacing:-.1pt\"> <\/span>Value<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>close<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\">\n<\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Dealing<span style=\"letter-spacing:-.15pt\"> <\/span>Day.<span style=\"letter-spacing:-.2pt\"> <\/span>In<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>event<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>does<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>receive<span style=\"letter-spacing:-.2pt\"> <\/span>payment,<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>whole or in part, by the\ndesignated time, the Investor will be liable to the Fund for any related\nlosses.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\">\n<\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>elect<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>absolute<span style=\"letter-spacing:-.55pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>accept<span style=\"letter-spacing:-.55pt\"> <\/span>subscription<span style=\"letter-spacing:\n-.5pt\"> <\/span>payments<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.25pt\"> <\/span>prospective investors, in whole or<span style=\"letter-spacing:-.05pt\"> <\/span>in part,<span style=\"letter-spacing:-.1pt\">\n<\/span>in specie or<span style=\"letter-spacing:-.05pt\"> <\/span>in kind<span style=\"letter-spacing:-.05pt\"> <\/span>rather than<span style=\"letter-spacing:\n-.05pt\"> <\/span>in cash.<span style=\"letter-spacing:2.0pt\"> <\/span>This<span style=\"letter-spacing:-.05pt\"> <\/span>election<span style=\"letter-spacing:-.05pt\">\n<\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:\n-.1pt\"> <\/span>made<span style=\"letter-spacing:-.1pt\"> <\/span>generally<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>in\nany particular<span style=\"letter-spacing:-.1pt\"> <\/span>case.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>use<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>same<span style=\"letter-spacing:-.15pt\"> <\/span>valuation<span style=\"letter-spacing:-.1pt\"> <\/span>procedures<span style=\"letter-spacing:\n-.2pt\"> <\/span>used<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>determining Net<span style=\"letter-spacing:\n-.15pt\"> <\/span>Asset<span style=\"letter-spacing:-.15pt\"> <\/span>Value to<span style=\"letter-spacing:-.3pt\"> <\/span>determine<span style=\"letter-spacing:-.3pt\">\n<\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>value<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>attributed<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>relevant<span style=\"letter-spacing:-.35pt\">\n<\/span>assets<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>transferred<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>assigned<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>relevant Dealing Day.<span style=\"letter-spacing:2.0pt\"> <\/span>Any prospective investor seeking to\ncontribute assets will be responsible for all costs involved in changing the\nownership of and the transfer of the relevant assets unless the Managing Member\notherwise agrees. Upon receipt of properly completed subscription materials and\nsuch legal and other transfer documentation as the Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>their<span style=\"letter-spacing:-.25pt\">\n<\/span>sole<span style=\"letter-spacing:-.25pt\"> <\/span>discretion<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>require,<span style=\"letter-spacing:-.2pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>allot<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>requisite<span style=\"letter-spacing:\n-.25pt\"> <\/span>number<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>in\nthe<span style=\"letter-spacing:-.2pt\"> <\/span>normal<span style=\"letter-spacing:\n-.2pt\"> <\/span>manner.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>reserves<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>right<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>decline<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>register<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>prospective<span style=\"letter-spacing:-.2pt\"> <\/span>investor<span style=\"letter-spacing:-.2pt\">\n<\/span>until<span style=\"letter-spacing:-.25pt\"> <\/span>the subscriber has been\nable to prove title to the assets in question and make a valid transfer\nthereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.25pt\"> <\/span>B<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt;margin-right:11.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The holders of\nClass B Units are entitled to participate in the income and profit of the Fund,\nsubject to the Managing Member Performance Allocation.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Class B Units will have limited voting rights, as described\nfurther in the LLC Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Units<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember intends to make capital contributions equal at least one (1%) percent of\nthe capital contributions of all of the Participating Members.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member may make a capital\ncontribution to the Fund no less frequently than semi-annually, so that the\nManaging Member capital contribution equals at least one (1%) percent of the\ncapital contributions of all of the Participating Members.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member may offset capital\ncontributions to the extent Cloud Toronto &#8211; FYBN Cos or its affiliates make\ndirect investments in underlying holdings of the <span style=\"letter-spacing:\n-.1pt\">Fund.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Distribution<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Policy<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund will\nreceive dividends from the REIT Subsidiary as further described in the REIT\nSupplement. Subject to receipt of such dividends, the Managing Member intends\nto declare and make periodic distributions to Members, provided however that\nany such dividends will first be used to satisfy applicable fees and expenses,\nand redemption<span style=\"letter-spacing:-.45pt\"> <\/span>requests<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>Investors<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>accepted<span style=\"letter-spacing:-.3pt\">\n<\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member.<span style=\"letter-spacing:1.9pt\"> <\/span>Any<span style=\"letter-spacing:-.25pt\"> <\/span>distributions<span style=\"letter-spacing:-.35pt\"> <\/span>made<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fund<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">are at the discretion of the\nManaging Member, considering factors such as the Fund\u2019s earnings, cash flow,\ncapital needs<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>general<span style=\"letter-spacing:-.45pt\">\n<\/span>financial<span style=\"letter-spacing:-.35pt\"> <\/span>condition<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>applicable<span style=\"letter-spacing:-.4pt\"> <\/span>law.<span style=\"letter-spacing:-.45pt\"> <\/span>As<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>result,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>distribution<span style=\"letter-spacing:\n-.45pt\"> <\/span>rates and payment frequency may vary from time to time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Distributions<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>all<span style=\"letter-spacing:-.15pt\"> <\/span>classes<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>same<span style=\"letter-spacing:-.15pt\"> <\/span>time.<span style=\"letter-spacing:2.0pt\"> <\/span>There<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>no<span style=\"letter-spacing:-.1pt\"> <\/span>assurance<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund will<span style=\"letter-spacing:\n-.3pt\"> <\/span>pay distributions in any particular amount, if at all. The Fund\nmay fund any distributions from sources other than cash flow from operations,\nincluding, without limitation, borrowings, offering proceeds (including from\nsales of Units), and the sale of Portfolio Assets. The Fund has no limits on\nthe amount it may fund from such sources.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:11.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Additional<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Capital<\/span><\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">If<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>requires<span style=\"letter-spacing:-.4pt\">\n<\/span>additional<span style=\"letter-spacing:-.5pt\"> <\/span>funds<span style=\"letter-spacing:-.4pt\"> <\/span>at<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>time<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>excess<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>capital<span style=\"letter-spacing:-.4pt\"> <\/span>contributions<span style=\"letter-spacing:\n-.05pt\"> <\/span>made<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Members,<span style=\"letter-spacing:-.35pt\"> <\/span>the Fund<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:\n-.55pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>borrow<span style=\"letter-spacing:-.5pt\">\n<\/span>funds<span style=\"letter-spacing:-.55pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>financial<span style=\"letter-spacing:-.6pt\"> <\/span>institution<span style=\"letter-spacing:\n-.45pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>lender.<span style=\"letter-spacing:-.6pt\">\n<\/span>In<span style=\"letter-spacing:-.45pt\"> <\/span>addition,<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member is authorized to cause the Fund to\nissue Units and such other limited liability company interests in the Fund, and\nto create such additional classes or groups of Members, and to amend the LLC\nAgreement in connection therewith, as the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\">\n<\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>determine<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>sole<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>absolute<span style=\"letter-spacing:-.6pt\">\n<\/span>discretion.<span style=\"letter-spacing:-.65pt\"> <\/span>Additional<span style=\"letter-spacing:-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.65pt\">\n<\/span>liability<span style=\"letter-spacing:-.6pt\"> <\/span>company<span style=\"letter-spacing:-.65pt\"> <\/span>interests in the Fund and additional\nclasses or groups of Members may have such relative rights, power and duties as\nthe Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>determine<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>best<span style=\"letter-spacing:-.3pt\"> <\/span>interests<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>sole<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>absolute<span style=\"letter-spacing:-.25pt\"> <\/span>discretion,<span style=\"letter-spacing:\n-.25pt\"> <\/span>including, without<span style=\"letter-spacing:-.4pt\"> <\/span>limitation,<span style=\"letter-spacing:-.35pt\"> <\/span>rights,<span style=\"letter-spacing:-.35pt\">\n<\/span>powers<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>duties<span style=\"letter-spacing:-.4pt\">\n<\/span>senior<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Units,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Members<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\">\n<\/span>existing<span style=\"letter-spacing:-.35pt\"> <\/span>classes<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>groups\nof partners, providing for priority returns on capital contributed, providing\nfor ownership which is not proportionate to the Units of the existing Members,\nand\/or providing for such other rights, powers and duties as the Managing\nMember may determine in its sole and absolute discretion.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Redemption<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Rights<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Generally<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">There\nis no current market for the Units. The Fund and the Managing Member do not\nexpect that a public market<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>ever<span style=\"letter-spacing:-.15pt\"> <\/span>develop,<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\">\n<\/span>Certificate<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Formation<span style=\"letter-spacing:-.05pt\">\n<\/span>does<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>require<span style=\"letter-spacing:-.2pt\">\n<\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>liquidity<span style=\"letter-spacing:-.05pt\"> <\/span>event<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:\n-.1pt\"> <\/span>fixed<span style=\"letter-spacing:-.05pt\"> <\/span>time<span style=\"letter-spacing:-.1pt\"> <\/span>in the<span style=\"letter-spacing:-.1pt\"> <\/span>future.<span style=\"letter-spacing:-.2pt\"> <\/span>Therefore,<span style=\"letter-spacing:\n-.2pt\"> <\/span>redemption<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund,<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>must<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>agreed<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:\n-.15pt\"> <\/span>sole and absolute discretion, will likely be the only way for\nan investor to dispose of its Units. While the redemption program<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\nFund<span style=\"letter-spacing:-.1pt\"> <\/span>was<span style=\"letter-spacing:\n-.05pt\"> <\/span>designed<span style=\"letter-spacing:-.1pt\"> <\/span>to allow<span style=\"letter-spacing:-.1pt\"> <\/span>investors<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>request<span style=\"letter-spacing:-.05pt\"> <\/span>redemptions<span style=\"letter-spacing:\n-.1pt\"> <\/span>of an investor\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>Units,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Funds<span style=\"letter-spacing:-.15pt\"> <\/span>ability to<span style=\"letter-spacing:\n-.05pt\"> <\/span>fulfill<span style=\"letter-spacing:-.25pt\"> <\/span>redemption<span style=\"letter-spacing:-.15pt\"> <\/span>requests<span style=\"letter-spacing:-.15pt\">\n<\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>subject<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>number<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>limitations.<span style=\"letter-spacing:\n-.1pt\"> <\/span>Most<span style=\"letter-spacing:-.15pt\"> <\/span>significantly,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>vast<span style=\"letter-spacing:-.15pt\"> <\/span>majority<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund\u2019s assets<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>most<span style=\"letter-spacing:-.25pt\"> <\/span>likely<span style=\"letter-spacing:-.15pt\"> <\/span>consist<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>real<span style=\"letter-spacing:\n-.25pt\"> <\/span>estate<span style=\"letter-spacing:-.2pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.15pt\">\n<\/span>cannot<span style=\"letter-spacing:-.25pt\"> <\/span>generally<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>readily<span style=\"letter-spacing:-.2pt\"> <\/span>liquidated<span style=\"letter-spacing:\n-.15pt\"> <\/span>without<span style=\"letter-spacing:-.25pt\"> <\/span>impacting<span style=\"letter-spacing:-.15pt\"> <\/span>the Fund\u2019s<span style=\"letter-spacing:\n-.6pt\"> <\/span>ability<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>realize<span style=\"letter-spacing:-.55pt\">\n<\/span>full<span style=\"letter-spacing:-.6pt\"> <\/span>value<span style=\"letter-spacing:-.55pt\"> <\/span>upon<span style=\"letter-spacing:-.55pt\"> <\/span>disposition<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>assets.<span style=\"letter-spacing:-.6pt\">\n<\/span>Any<span style=\"letter-spacing:-.55pt\"> <\/span>redemption<span style=\"letter-spacing:-.55pt\"> <\/span>requests<span style=\"letter-spacing:-.65pt\">\n<\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>an<span style=\"letter-spacing:\n-.5pt\"> <\/span>investor<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>require the approval of the Managing\nMember, which may be withheld in its sole and absolute discretion. As a result,\nan investor\u2019s ability to have its Units redeemed by the Fund may be limited,\nand the Units should be considered a potentially long-term investment with\nlimited liquidity.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Redemption<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Rights<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Lockup<\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Participating<span style=\"letter-spacing:-.1pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\">\n<\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>request<span style=\"letter-spacing:-.2pt\"> <\/span>redemptions<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>their<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>last<span style=\"letter-spacing:-.2pt\"> <\/span>Business<span style=\"letter-spacing:-.2pt\"> <\/span>Day<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>quarter<span style=\"letter-spacing:-.25pt\"> <\/span>(a \u201cRedemption Date\u201d) upon at least sixty\n(60) days\u2019 prior written notice to the Managing Member.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Managing Member<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>under<span style=\"letter-spacing:-.45pt\">\n<\/span>no<span style=\"letter-spacing:-.45pt\"> <\/span>obligation<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>agree<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>redemption<span style=\"letter-spacing:-.35pt\"> <\/span>request<span style=\"letter-spacing:-.4pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>choose<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>redeem<span style=\"letter-spacing:-.35pt\"> <\/span>only<span style=\"letter-spacing:-.35pt\"> <\/span>some,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>even\nnone,<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>been<span style=\"letter-spacing:-.05pt\"> <\/span>requested<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>redeemed<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:\n-.15pt\"> <\/span>particular<span style=\"letter-spacing:-.2pt\"> <\/span>quarter<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>sole<span style=\"letter-spacing:-.1pt\"> <\/span>discretion.<span style=\"letter-spacing:-.2pt\"> <\/span>In<span style=\"letter-spacing:-.15pt\"> <\/span>addition,\nParticipating Members are not permitted to make redemptions of Units until one\n(1) year after the issuance of the relevant Units, subject to waiver in the\nsole discretion of the Managing Member (the \u201cLockup\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.05pt\"> <\/span>ability of the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member to\nfulfill<span style=\"letter-spacing:-.05pt\"> <\/span>redemption<span style=\"letter-spacing:-.1pt\"> <\/span>requests<span style=\"letter-spacing:-.1pt\">\n<\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>subject<span style=\"letter-spacing:-.05pt\"> <\/span>to a<span style=\"letter-spacing:-.05pt\"> <\/span>number\nof limitations.<span style=\"letter-spacing:-.05pt\"> <\/span>As a<span style=\"letter-spacing:-.55pt\"> <\/span>result,<span style=\"letter-spacing:-.5pt\">\n<\/span>redemptions<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>available<span style=\"letter-spacing:\n-.5pt\"> <\/span>during<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>given<span style=\"letter-spacing:-.4pt\"> <\/span>quarter.<span style=\"letter-spacing:-.6pt\"> <\/span>To<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>extent<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\">\n<\/span>Member<span style=\"letter-spacing:-.55pt\"> <\/span>agrees to<span style=\"letter-spacing:-.2pt\"> <\/span>choose<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>redeem<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>particular<span style=\"letter-spacing:\n-.2pt\"> <\/span>quarter,<span style=\"letter-spacing:-.2pt\"> <\/span>it<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>only<span style=\"letter-spacing:-.3pt\"> <\/span>redeem<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>opening<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Redemption<span style=\"letter-spacing:\n-.15pt\"> <\/span>Date. Redemptions will be made at the Net Asset Value per Unit\non the relevant Redemption Date.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Redemption<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><\/span><\/u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.55pt;margin-right:11.4pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If a Class B\nMember requests a redemption of any portion of their Units following the\nexpiration of the Lockup<span style=\"letter-spacing:-.2pt\"> <\/span>applicable<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.2pt\">\n<\/span>Units,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>amount<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:\n-.1pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>redemption<span style=\"letter-spacing:-.2pt\"> <\/span>proceeds<span style=\"letter-spacing:-.3pt\">\n<\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>be\nreduced by a fee (the \u201c<i>Redemption Fee<\/i>\u201d)\nas further described below.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The amount of\nany Redemption Fee with respect to a Class B Member that requests a redemption\nof any portion<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>their<span style=\"letter-spacing:-.35pt\">\n<\/span>Units<span style=\"letter-spacing:-.45pt\"> <\/span>shall<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>calculated<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>reference<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>percentage<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Net<span style=\"letter-spacing:-.35pt\"> <\/span>Asset<span style=\"letter-spacing:-.4pt\"> <\/span>Value<span style=\"letter-spacing:-.35pt\"> <\/span>attributable<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>Class B Member\u2019s redeemed Units, as\nfollows:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 11.5pt 0in 0.0001pt 46.7pt; text-indent: -0.25in; line-height: 12.25pt;\"><!--[if !supportLists]--><span style=\"font-size:\n10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:\nSymbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.2pt\"> <\/span>13<span style=\"letter-spacing:-.1pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.1pt\"> <\/span>24:<span style=\"letter-spacing:-.2pt\"> <\/span>3%<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 46.7pt; text-indent: -0.25in; line-height: 12.25pt;\"><!--[if !supportLists]--><span style=\"font-size:\n10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:\nSymbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.2pt\"> <\/span>25<span style=\"letter-spacing:-.1pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.1pt\"> <\/span>36:<span style=\"letter-spacing:-.2pt\"> <\/span>2%<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 46.7pt; text-indent: -0.25in;\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;font-family:Symbol;mso-fareast-font-family:Symbol;\nmso-bidi-font-family:Symbol;mso-font-width:99%\">\u00b7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.2pt\"> <\/span>37<span style=\"letter-spacing:-.1pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.1pt\"> <\/span>48:<span style=\"letter-spacing:-.2pt\"> <\/span>1%<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Fee<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:56.45pt;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;line-height:200%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Thereafter,<span style=\"letter-spacing:-.3pt\"> <\/span>no<span style=\"letter-spacing:-.15pt\"> <\/span>Redemption<span style=\"letter-spacing:-.15pt\"> <\/span>Fee<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>applied<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>redemption<span style=\"letter-spacing:\n-.15pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Class<span style=\"letter-spacing:-.25pt\"> <\/span>B<span style=\"letter-spacing:-.25pt\"> <\/span>Member. <u>Processing Fee<\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.65pt\"> <\/span>B<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.65pt\"> <\/span>requesting<span style=\"letter-spacing:\n-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>redemption<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>their<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.65pt\"> <\/span>after<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>expiration<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Lockup<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:\n-.65pt\"> <\/span>applicable Redemption Fee will bear a processing fee of $500\nwhich will be deducted from any redemption proceeds received by such Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Limits<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>Aggregate<span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemptions<\/span><\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:11.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The aggregate\nNet Asset Value of total redemptions of all classes of Units is limited to no\nmore than five percent (5%) of the Fund\u2019s Net Asset Value per calendar quarter\n(measured using the average aggregate Net Asset Value as of the end of the\nimmediately preceding three months). In the event that the Managing Member\ndetermines to<span style=\"letter-spacing:-.25pt\"> <\/span>redeem<span style=\"letter-spacing:-.25pt\"> <\/span>some<span style=\"letter-spacing:-.35pt\"> <\/span>but<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>submitted<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>redemption<span style=\"letter-spacing:-.2pt\"> <\/span>during<span style=\"letter-spacing:-.35pt\">\n<\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>quarter,<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:-.45pt\">\n<\/span>redeemed<span style=\"letter-spacing:-.3pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>end<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the\nquarter<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:\n-.35pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>redeemed<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>pro<span style=\"letter-spacing:-.3pt\"> <\/span>rata<span style=\"letter-spacing:-.3pt\"> <\/span>basis.<span style=\"letter-spacing:-.3pt\"> <\/span>All<span style=\"letter-spacing:-.15pt\"> <\/span>unsatisfied<span style=\"letter-spacing:\n-.3pt\"> <\/span>redemption<span style=\"letter-spacing:-.3pt\"> <\/span>requests<span style=\"letter-spacing:-.4pt\"> <\/span>must<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>resubmitted<span style=\"letter-spacing:\n-.3pt\"> <\/span>after<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>start<span style=\"letter-spacing:-.35pt\"> <\/span>of\nthe next<span style=\"letter-spacing:2.0pt\"> <\/span>quarter.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt\"><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Source<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Redemption<span style=\"letter-spacing:-.2pt\"> Funds<\/span><\/span><\/u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt;margin-right:11.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nManaging Member may utilize any source of proceeds to effectuate a redemption\nof the Participating Units, including, but not limited to, the use of\ncontributions from the sale of Units. Fund proceeds, whether derived from\noperations and investments or capital contributions, used for redemptions will\nnot be available for distribution to non-redeemed Members or for re-investment.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Dilution<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Interests<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:11.2pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Holders of\nParticipating Units will not have preemptive rights to any further Units the\nFund issues in the future.<span style=\"letter-spacing:2.0pt\"> <\/span>The Fund\nhas the authority to issue an unlimited number of Units (including fractional\nUnits) and the Fund may issue additional Units effective prior to the opening\nof business on each Dealing Day unless prohibited by the Managing Member. To\nthe extent the Fund issues additional Units after a Member\u2019s purchase in the\nOffering, such Member\u2019s percentage ownership interest in the Fund will be\ndiluted.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Transferability<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Any\nredemption requests by an investor will require the approval of the Managing\nMember, which may be withheld in its sole and absolute discretion. As a result,\nan investor\u2019s ability to have its Units redeemed by the Fund may be limited,\nand the Units should be considered a potentially long-term investment with\nlimited liquidity.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Units<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>transferred<span style=\"letter-spacing:-.2pt\"> <\/span>without<span style=\"letter-spacing:-.3pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>consent<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member.<span style=\"letter-spacing:-.25pt\"> <\/span>\u201c<i>Transfer<\/i>\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>includes<span style=\"letter-spacing:-.3pt\"> <\/span>any transfer, sale, assignment, pledge,\nhypothecate, or otherwise dispose of any Unit in the Fund, including any\ntransfer by death, disability or involuntarily by operation of law.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Notwithstanding<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>above,<span style=\"letter-spacing:-.5pt\"> <\/span>subject<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>certain<span style=\"letter-spacing:-.5pt\"> <\/span>standard<span style=\"letter-spacing:-.5pt\">\n<\/span>limitations<span style=\"letter-spacing:-.6pt\"> <\/span>set<span style=\"letter-spacing:-.55pt\"> <\/span>forth<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>LLC<span style=\"letter-spacing:-.6pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>Member may at any\ntime transfer all or any portion of its Units in the Fund to (i) the other\nMembers; (ii) any affiliate of the transferor<span style=\"letter-spacing:-.3pt\">\n<\/span>but<span style=\"letter-spacing:-.25pt\"> <\/span>only<span style=\"letter-spacing:-.15pt\"> <\/span>so<span style=\"letter-spacing:-.1pt\"> <\/span>long<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>only<span style=\"letter-spacing:-.25pt\"> <\/span>party<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>authority<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>bind<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>affiliate<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>making<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">transfer;<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">(iii) to a\ntrust for estate planning purposes, but only so long as the only party with\nauthority to bind such trust is the Member making<span style=\"letter-spacing:\n-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>transfer;<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>(iv)<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>personal<span style=\"letter-spacing:-.15pt\"> <\/span>representative<span style=\"letter-spacing:\n-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>heirs<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>beneficiaries<span style=\"letter-spacing:-.2pt\"> <\/span>upon<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>disability or death of a Member.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Information<span style=\"letter-spacing:\n-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Rights<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Necessary\ntax information shall be delivered to each Member after the end of each fiscal\nyear of the Fund. Such<span style=\"letter-spacing:-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>information<span style=\"letter-spacing:\n-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>include,<span style=\"letter-spacing:-.1pt\"> <\/span>but<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>no<span style=\"letter-spacing:-.1pt\"> <\/span>event<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>limited<span style=\"letter-spacing:-.1pt\">\n<\/span>to,<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.25pt\"> <\/span>Form<span style=\"letter-spacing:-.25pt\"> <\/span>K-1<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>internally<span style=\"letter-spacing:\n-.2pt\"> <\/span>prepared<span style=\"letter-spacing:-.2pt\"> <\/span>balance sheet<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>related<span style=\"letter-spacing:-.15pt\"> <\/span>statements<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>income, cash<span style=\"letter-spacing:-.15pt\"> <\/span>flow<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>Members\u2019<span style=\"letter-spacing:-.2pt\">\n<\/span>capital<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>most<span style=\"letter-spacing:-.25pt\"> <\/span>recently<span style=\"letter-spacing:-.2pt\">\n<\/span>ended<span style=\"letter-spacing:-.15pt\"> <\/span>fiscal<span style=\"letter-spacing:-.25pt\"> <\/span>year<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the Fund.<span style=\"letter-spacing:2.0pt\">\n<\/span>Every effort shall be made to furnish all such tax information as\npromptly as possible after the end of each fiscal year. The Managing Member is\nspecifically authorized to represent the Members and act as the \u201cPartnership\nRepresentative,\u201d<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>term<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>used<span style=\"letter-spacing:-.6pt\"> <\/span>under<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Internal<span style=\"letter-spacing:-.65pt\">\n<\/span>Revenue<span style=\"letter-spacing:-.6pt\"> <\/span>Code<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>1986,<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>amended,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>similar<span style=\"letter-spacing:-.65pt\"> <\/span>capacity under state or local law.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection178\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span 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style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">INTEREST<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_220\" o:spid=\"_x0000_s2219\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825352;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>various<span style=\"letter-spacing:-.2pt\"> <\/span>conflicts<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>interest<span style=\"letter-spacing:-.2pt\"> <\/span>arising<span style=\"letter-spacing:-.1pt\">\n<\/span>out<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>relationship<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member, and the Managing Member\u2019s Affiliates, including conflicts\nrelated to the arrangements pursuant to which the Fund will compensate the\nManaging Member and its Affiliates. Some of the potential conflicts of interest\nin the Funds transactions<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.15pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>described<span style=\"letter-spacing:-.05pt\"> <\/span>below.<span style=\"letter-spacing:-.2pt\">\n<\/span>For<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:\n-.1pt\"> <\/span>description<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>some<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>risks\nrelated<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:\n-.25pt\"> <\/span>these<span style=\"letter-spacing:-.15pt\"> <\/span>conflicts<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>interest,<span style=\"letter-spacing:-.15pt\"> <\/span>see<span style=\"letter-spacing:-.15pt\"> <\/span>section<span style=\"letter-spacing:-.15pt\"> <\/span>entitled<span style=\"letter-spacing:-.15pt\">\n<\/span>\u201c<i>Risk<span style=\"letter-spacing:\n-.15pt\"> <\/span>Factors<span style=\"letter-spacing:-.15pt\"> <\/span>\u2014<span style=\"letter-spacing:-.25pt\"> <\/span>Risks<span style=\"letter-spacing:-.2pt\"> <\/span>Related<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>and its Advisors and\nAffiliates<\/i>\u201d<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">There\nis no independent oversight mechanism of the Fund to monitor the conflicts of\ninterest between the Fund and the Managing Member.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Affiliates<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>manager-managed<span style=\"letter-spacing:-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.5pt\">\n<\/span>liability<span style=\"letter-spacing:-.4pt\"> <\/span>company,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>member<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.45pt\">&nbsp;<\/span>Services,\nLLC,<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:\n-.1pt\"> <\/span>New York<span style=\"letter-spacing:-.15pt\"> <\/span>limited<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.15pt\">\n<\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>(\u201c<i>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>Manager<span style=\"letter-spacing:\n-.2pt\"> <\/span>Owner<\/i>\u201d).<span style=\"letter-spacing:-.15pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.1pt\">&nbsp;<\/span>Services,<span style=\"letter-spacing:\n-.25pt\"> <\/span>LLC<span style=\"letter-spacing:-.2pt\"> <\/span>provides<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>variety<span style=\"letter-spacing:-.2pt\"> <\/span>of administrative, management, accounting,\nfinance, fund management, and related services to its Affiliates. Cloud Toronto\n&#8211; FYBN &nbsp;Services, LLC is a member-managed\nlimited liability company, and its sole member is Cloud Toronto &#8211; FYBN &nbsp;Companies, LLC, an New York limited liability\ncompany (\u201c<i>Cloud Toronto &#8211; FYBN &nbsp;Companies<\/i>\u201d). Cloud Toronto &#8211; FYBN &nbsp;Companies operates each of its Affiliates\nwhich include businesses activities of real estate investment, construction,\ndevelopment, property management, brokerage, securities<span style=\"letter-spacing:\n-.65pt\"> <\/span>brokerage,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>administrative<span style=\"letter-spacing:\n-.6pt\"> <\/span>services.<span style=\"letter-spacing:-.65pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.6pt\">&nbsp;<\/span>Companies<span style=\"letter-spacing:\n-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>manager-managed<span style=\"letter-spacing:\n-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.65pt\"> <\/span>liability<span style=\"letter-spacing:-.6pt\"> <\/span>company. John<span style=\"letter-spacing:\n-.2pt\"> <\/span>C.<span style=\"letter-spacing:-.25pt\"> <\/span>Loeffler<span style=\"letter-spacing:-.35pt\"> <\/span>II<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>manager<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>Companies.<span style=\"letter-spacing:\n-.25pt\"> <\/span>The<span style=\"letter-spacing:-.25pt\"> <\/span>sole<span style=\"letter-spacing:-.25pt\"> <\/span>member<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>Companies<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>Cloud\nToronto &#8211; FYBN Cos,<span style=\"letter-spacing:-.25pt\"> <\/span>Inc., a New York\ncorporation (\u201c<i>Cloud Toronto &#8211; FYBN Cos<\/i>\u201d).\nCloud Toronto &#8211; FYBN Cos operates each of its Affiliates which include business\nactivities of real estate investment, construction, development, property\nmanagement, brokerage, securities brokerage, and administrative services. Cloud\nToronto &#8211; FYBN Cos\u2019s two (2) directors are John C. Loeffler II and Jennifer\nSchrader. Certain employees<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.25pt\"> <\/span>registered<span style=\"letter-spacing:\n-.2pt\"> <\/span>representatives<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing\nDealer<span style=\"letter-spacing:-.25pt\"> <\/span>and,<span style=\"letter-spacing:\n-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>such, may receive\nfees and commissions based on their sale Units in this Offering.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F;letter-spacing:-.1pt\">Compensation<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">All\nof the terms of Managing Member\u2019s rights and preferences, including\ncompensation, were determined by the Managing Member and are not the result of\narms\u2019-length negotiations.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Certain<span style=\"letter-spacing:-.35pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>receive<span style=\"letter-spacing:-.35pt\">\n<\/span>compensation<span style=\"letter-spacing:-.35pt\"> <\/span>from<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>services<span style=\"letter-spacing:-.4pt\"> <\/span>performed on<span style=\"letter-spacing:\n-.65pt\"> <\/span>behalf<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member,<span style=\"letter-spacing:-.65pt\"> <\/span>including,<span style=\"letter-spacing:-.6pt\"> <\/span>without<span style=\"letter-spacing:-.65pt\">\n<\/span>limitation,<span style=\"letter-spacing:-.6pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>(including<span style=\"letter-spacing:-.65pt\"> <\/span>Cloud Toronto &#8211; FYBN &nbsp;Realty Group, LLC, Cloud Toronto &#8211; FYBN &nbsp;Development, LLC, Cloud Toronto &#8211; FYBN &nbsp;Services, LLC, Cloud Toronto &#8211; FYBN &nbsp;Hospitality, LLC and Cloud Toronto &#8211; FYBN &nbsp;Securities, LLC) performing brokerage services\n(with corresponding brokerage fees), property management (with corresponding<span style=\"letter-spacing:-.2pt\"> <\/span>property<span style=\"letter-spacing:-.1pt\">\n<\/span>management<span style=\"letter-spacing:-.2pt\"> <\/span>fees),<span style=\"letter-spacing:-.15pt\"> <\/span>construction<span style=\"letter-spacing:\n-.1pt\"> <\/span>services<span style=\"letter-spacing:-.2pt\"> <\/span>(with<span style=\"letter-spacing:-.1pt\"> <\/span>corresponding<span style=\"letter-spacing:\n-.1pt\"> <\/span>construction<span style=\"letter-spacing:-.1pt\"> <\/span>charges<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>fees),\nhospitality services, loan guarantee fees, accounting services, and marketing\nand offering of the Interests (with corresponding commissions and other sales\n&amp; administrative fees).<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Calculation<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Fees<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>Net<span style=\"letter-spacing:-.25pt\"> <\/span>Asset<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Value<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:23.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nManaging Member is paid an Asset Management Fee for its services based on the\nFund\u2019s NAV, which is<span style=\"letter-spacing:-.05pt\"> <\/span>calculated<span style=\"letter-spacing:-.05pt\"> <\/span>by the<span style=\"letter-spacing:-.1pt\">\n<\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\"> <\/span>and its<span style=\"letter-spacing:-.05pt\">\n<\/span>affiliates. In addition,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>distributions to<span style=\"letter-spacing:\n-.05pt\"> <\/span>be received<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the Managing<span style=\"letter-spacing:\n-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>respect<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>its<span style=\"letter-spacing:\n-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.65pt\"> <\/span>Allocation<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>based<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>part<span style=\"letter-spacing:-.6pt\"> <\/span>upon<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s\nnet assets (which is a component of its NAV). The calculation of the Fund\u2019s NAV\nincludes certain subjective judgments with respect to estimating, for example,\nthe value of the Fund\u2019s portfolio and accrued expenses, net portfolio<span style=\"letter-spacing:-.35pt\"> <\/span>income<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>liabilities,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>therefore,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>NAV<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>correspond<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>realizable<span style=\"letter-spacing:-.4pt\"> <\/span>value<span style=\"letter-spacing:-.15pt\"> <\/span>upon<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>sale\nof those assets. The Managing Member may benefit from the Fund retaining\nownership of assets at times when Members may be better served by the sale or\ndisposition of the Fund\u2019s assets in order to avoid a reduction in the Fund\u2019s\nNAV. If the Fund\u2019s NAV is<span style=\"letter-spacing:-.05pt\"> <\/span>calculated\nin a way that is<span style=\"letter-spacing:-.05pt\"> <\/span>not reflective of\nits<span style=\"letter-spacing:-.05pt\"> <\/span>actual NAV, then the purchase\nprice<span style=\"letter-spacing:.75pt\"> <\/span>of<span style=\"letter-spacing:\n.85pt\"> <\/span>Units<span style=\"letter-spacing:.75pt\"> <\/span>or<span style=\"letter-spacing:.8pt\"> <\/span>the<span style=\"letter-spacing:.85pt\"> <\/span>redemption<span style=\"letter-spacing:.85pt\"> <\/span>proceeds<span style=\"letter-spacing:.7pt\">\n<\/span>of<span style=\"letter-spacing:.7pt\"> <\/span>Units<span style=\"letter-spacing:\n.7pt\"> <\/span>on<span style=\"letter-spacing:1.1pt\"> <\/span>a<span style=\"letter-spacing:.65pt\"> <\/span>given<span style=\"letter-spacing:.85pt\"> <\/span>date<span style=\"letter-spacing:.9pt\"> <\/span>may<span style=\"letter-spacing:.85pt\"> <\/span>not<span style=\"letter-spacing:.75pt\"> <\/span>accurately<span style=\"letter-spacing:\n.75pt\"> <\/span>reflect<span style=\"letter-spacing:.75pt\"> <\/span>the<span style=\"letter-spacing:.8pt\"> <\/span>value<span style=\"letter-spacing:.7pt\"> <\/span>of<span style=\"letter-spacing:1.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<o:p><\/o:p><\/span><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:23.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Fund\u2019s\nportfolio, and a Member\u2019s Units may be worth less than the purchase price or\nmore than the redemption amount.<span style=\"letter-spacing:-.1pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>valuation<span style=\"letter-spacing:-.05pt\">\n<\/span>of the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>investments<span style=\"letter-spacing:\n-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>affect the<span style=\"letter-spacing:-.1pt\"> <\/span>amount<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>timing<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\nAsset<span style=\"letter-spacing:-.1pt\"> <\/span>Management<span style=\"letter-spacing:-.15pt\"> <\/span>Fee paid to the Managing Member and its\nManaging Member Performance Allocation. As a result, there may be circumstances<span style=\"letter-spacing:-.25pt\"> <\/span>where<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>incentivized<span style=\"letter-spacing:\n-.35pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>determine<span style=\"letter-spacing:-.15pt\"> <\/span>valuations<span style=\"letter-spacing:\n-.25pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>higher<span style=\"letter-spacing:-.2pt\"> <\/span>than\nthe<span style=\"letter-spacing:-.3pt\"> <\/span>actual fair value of the Fund\u2019s\ninvestments.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:11.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Incentives<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member, is<span style=\"letter-spacing:-.2pt\"> <\/span>entitled<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>Performance<span style=\"letter-spacing:-.15pt\"> <\/span>Allocation Amount,<span style=\"letter-spacing:\n-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>described in the\nLLC Agreement.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">This\nManaging Member Performance Allocation could create an incentive for the\nManaging Member to cause the Fund to make investments in assets that are higher\nyielding, and therefore riskier than would be the case if this allocation\nprovision did not exist because the Managing Member has a limited capital<span style=\"letter-spacing:-.05pt\"> <\/span>contribution obligation to the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund,<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>greater<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>profits<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>(which<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>function<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>level<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>risk<span style=\"letter-spacing:-.05pt\"> <\/span>taken<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund),<span style=\"letter-spacing:-.1pt\"> <\/span>the\ngreat the Managing Member Performance Allocation. The right to the Managing\nMember Performance Allocation was determined upon initial formation of the Fund\nwithout negotiations with any third party.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">Other<span style=\"letter-spacing:-.3pt\"> <\/span>Investment<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Business<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Opportunities<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>relies<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>advisors<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>identify<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>select<span style=\"letter-spacing:-.2pt\"> <\/span>potential<span style=\"letter-spacing:-.2pt\">\n<\/span>real estate<span style=\"letter-spacing:-.65pt\"> <\/span>investment<span style=\"letter-spacing:-.6pt\"> <\/span>opportunities<span style=\"letter-spacing:\n-.65pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.65pt\">\n<\/span>behalf.<span style=\"letter-spacing:-.55pt\"> <\/span>At<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>same<span style=\"letter-spacing:-.6pt\"> <\/span>time,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>advisor\nmanage other real estate programs sponsored by the Fund\u2019s sponsor that may have\ninvestment objectives and investment strategies<span style=\"letter-spacing:\n-.05pt\"> <\/span>that are<span style=\"letter-spacing:-.1pt\"> <\/span>similar to\nthe Fund\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>objectives<span style=\"letter-spacing:-.05pt\"> <\/span>and strategies. As<span style=\"letter-spacing:\n-.05pt\"> <\/span>a result, such Affiliates<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>advisors could<span style=\"letter-spacing:\n-.05pt\"> <\/span>face<span style=\"letter-spacing:-.1pt\"> <\/span>conflicts<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>interest<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>allocating<span style=\"letter-spacing:-.05pt\"> <\/span>real<span style=\"letter-spacing:-.15pt\"> <\/span>estate\nacquisition<span style=\"letter-spacing:-.05pt\"> <\/span>opportunities<span style=\"letter-spacing:-.15pt\"> <\/span>as they<span style=\"letter-spacing:-.05pt\">\n<\/span>become<span style=\"letter-spacing:-.1pt\"> <\/span>available.<span style=\"letter-spacing:-.1pt\"> <\/span>By<span style=\"letter-spacing:-.05pt\"> <\/span>way<span style=\"letter-spacing:-.05pt\"> <\/span>of example, if one of these other real\nestate programs attracts a tenant that the Fund is competing for, the Fund\ncould suffer a loss of revenue due to delays in locating another suitable\ntenant. Each investor will not have the opportunity to evaluate the manner in\nwhich these conflicts of interest are resolved before or after making the\ninvestment in <span style=\"letter-spacing:-.1pt\">Interests.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>indirectly<span style=\"letter-spacing:\n-.25pt\"> <\/span>managed<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>Dilip Mooparakath.<span style=\"letter-spacing:\n-.25pt\"> <\/span>Each<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>foregoing<span style=\"letter-spacing:-.1pt\"> <\/span>individuals<span style=\"letter-spacing:\n-.2pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>other business<span style=\"letter-spacing:-.2pt\"> <\/span>interests<span style=\"letter-spacing:-.2pt\">\n<\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>well.<span style=\"letter-spacing:-.15pt\"> <\/span>As<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>result,<span style=\"letter-spacing:-.15pt\">\n<\/span>key personnel may have duties to other entities and their stockholders,\nmembers, and Members, in addition to business interests<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>entities.<span style=\"letter-spacing:-.25pt\">\n<\/span>These<span style=\"letter-spacing:-.25pt\"> <\/span>duties<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>entities<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>persons<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>create<span style=\"letter-spacing:-.25pt\"> <\/span>conflicts with<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>duties<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>they\nowe<span style=\"letter-spacing:-.2pt\"> <\/span>indirectly<span style=\"letter-spacing:\n-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund.<span style=\"letter-spacing:-.2pt\"> <\/span>There<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>risk<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>their<span style=\"letter-spacing:-.2pt\"> <\/span>loyalties<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>these<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>entities<span style=\"letter-spacing:-.25pt\"> <\/span>could<span style=\"letter-spacing:-.2pt\"> <\/span>result<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>actions<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>inactions\nthat are adverse to the Fund\u2019s business and violate their fiduciary duties to\nthe Fund, which could harm the implementation of the Fund\u2019s investment strategy\nand its investment and leasing opportunities.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:17.9pt;margin-bottom:\n0in;margin-left:13.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Conflicts\nwith the Fund\u2019s business and interests are most likely to arise \u2018from\ninvolvement in activities related to (1) allocation of new investments and\nmanagement time and services between the Fund and the other entities,<span style=\"letter-spacing:-.15pt\"> <\/span>(2)<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.2pt\">\n<\/span>purchase<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>properties<span style=\"letter-spacing:\n-.2pt\"> <\/span>from,<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>sale<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>properties<span style=\"letter-spacing:\n-.2pt\"> <\/span>to,<span style=\"letter-spacing:-.15pt\"> <\/span>affiliated<span style=\"letter-spacing:-.1pt\"> <\/span>entities,<span style=\"letter-spacing:-.15pt\">\n<\/span>(3)<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n2.0pt\"> <\/span>timing<span style=\"letter-spacing:2.0pt\"> <\/span>and terms of\nthe investment in or sale of an asset, (4) development of the Fund\u2019s properties\nby Affiliates, (5) investments with Affiliates of the Managing Member, and (6)\ncompensation to the Managing Member and its Affiliates.<span style=\"letter-spacing:\n-.5pt\"> <\/span>If<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>does<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>successfully<span style=\"letter-spacing:-.45pt\"> <\/span>implement<span style=\"letter-spacing:\n-.65pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>investment<span style=\"letter-spacing:-.5pt\"> <\/span>strategy,<span style=\"letter-spacing:-.5pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>unable<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>maintain or increase the value of its\nassets and its operating cash flows and ability to pay distributions could be\nadversely <span style=\"letter-spacing:-.1pt\">affected.<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-top:.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">No<span style=\"letter-spacing:-.2pt\"> <\/span>Separate<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Representation<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.6pt\"> <\/span>Fund,<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member,<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>principles<span style=\"letter-spacing:\n-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>have<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>been<span style=\"letter-spacing:-.55pt\"> <\/span>represented<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>separate<span style=\"letter-spacing:-.55pt\"> <\/span>counsel in connection with the formation\nof the Fund, Managing Member, or the other related entities, the drafting of\nthis Memorandum<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>the LLC<span style=\"letter-spacing:-.15pt\">\n<\/span>Agreement,<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>various<span style=\"letter-spacing:-.15pt\"> <\/span>agreements<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>documents<span style=\"letter-spacing:-.15pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>entities<span style=\"letter-spacing:-.15pt\"> <\/span>relevant to this Offering or the Offering\nof the Interests themselves. Accordingly, the Fund has not had the benefit of\nindependent<span style=\"letter-spacing:-.5pt\"> <\/span>counsel<span style=\"letter-spacing:-.5pt\"> <\/span>advising<span style=\"letter-spacing:-.45pt\">\n<\/span>it<span style=\"letter-spacing:-.5pt\"> <\/span>on<span style=\"letter-spacing:\n-.45pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>arrangements<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Member.<span style=\"letter-spacing:-.5pt\"> <\/span>The<span style=\"letter-spacing:-.5pt\"> <\/span>attorneys,<span style=\"letter-spacing:\n-.5pt\"> <\/span>accountants<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>other experts who perform services for\nthe Fund and the Managing Member may perform similar services for the Sponsor <span style=\"letter-spacing:-.1pt\">and its<\/span><span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Affiliates<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">it<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">is<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">contemplated<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">that<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">those\nmultiple representations<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">continue<\/span><span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">in the future. However, should<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">the<span style=\"letter-spacing:.95pt\"> <\/span>Fund or<span style=\"letter-spacing:.95pt\"> <\/span>the<span style=\"letter-spacing:.95pt\"> <\/span>Managing\nMember<span style=\"letter-spacing:.95pt\"> <\/span>become<span style=\"letter-spacing:\n.95pt\"> <\/span>involved in<span style=\"letter-spacing:.95pt\"> <\/span>disputes,<span style=\"letter-spacing:.9pt\"> <\/span>the<span style=\"letter-spacing:1.35pt\"> <\/span>Managing\nMember<span style=\"letter-spacing:.95pt\"> <\/span>will<span style=\"letter-spacing:\n.9pt\"> <\/span>cause<span style=\"letter-spacing:.95pt\"> <\/span>the<span style=\"letter-spacing:.95pt\"> <\/span>disputing parties to retain separate\ncounsel for those matters unless the respective parties\u2019 consent.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Affiliate<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Loans<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Member<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>lend<span style=\"letter-spacing:-.55pt\"> <\/span>money<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>time<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>time.<span style=\"letter-spacing:-.45pt\">\n<\/span>There<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>no<span style=\"letter-spacing:-.55pt\"> <\/span>guarantee\nor assurance that the Fund could not find financing upon more favorable terms\nwith a third party. The terms of the affiliate<span style=\"letter-spacing:-.2pt\">\n<\/span>loans<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>developed<span style=\"letter-spacing:-.15pt\"> <\/span>exclusively<span style=\"letter-spacing:\n-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>Affiliates,<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>conflict<span style=\"letter-spacing:-.25pt\">\n<\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>the interests of the\nFund. In the event that the Funds defaults on such affiliate loans, the\nManaging Member and\/or its Affiliates<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>certain<span style=\"letter-spacing:-.15pt\"> <\/span>recourse<span style=\"letter-spacing:-.15pt\">\n<\/span>against<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund,<span style=\"letter-spacing:-.25pt\">\n<\/span>including,<span style=\"letter-spacing:-.25pt\"> <\/span>without<span style=\"letter-spacing:-.3pt\"> <\/span>limitation,<span style=\"letter-spacing:\n-.15pt\"> <\/span>accrual<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>default-based<span style=\"letter-spacing:\n-.15pt\"> <\/span>interest, assessment<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>late<span style=\"letter-spacing:-.6pt\"> <\/span>fees,<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>even<span style=\"letter-spacing:-.5pt\"> <\/span>foreclosure.<span style=\"letter-spacing:\n-.55pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>and\/or<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>anticipate<span style=\"letter-spacing:\n-.55pt\"> <\/span>it<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>have<span style=\"letter-spacing:-.55pt\"> <\/span>access\nto a line-of-credit or other credit facility, the purpose of which is to use\namounts under that line-of-credit to make loans<span style=\"letter-spacing:\n-.1pt\"> <\/span>to the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund.<span style=\"letter-spacing:-.05pt\"> <\/span>The<span style=\"letter-spacing:-.05pt\"> <\/span>Managing\nMember will<span style=\"letter-spacing:-.1pt\"> <\/span>lend such amounts<span style=\"letter-spacing:-.1pt\"> <\/span>based on an interest<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>higher than the<span style=\"letter-spacing:\n-.05pt\"> <\/span>interest the Managing Member or its Affiliates will pay under\nthe applicable line-of-credit or other credit facility.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Transactions<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Affiliates<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember may from time to time engage in transactions with investments funds,\naccounts, products, joint ventures, and\/or other similar arrangements (whether\ncurrently in existence or subsequently established) that are sponsored, advised\nand\/or managed by Affiliates of the Managing Member.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Such transactions may include loans, sales or purchases of the\nFund portfolio properties, securities, or other assets of the Fund (\u201cAffiliated\nTransactions\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.2pt\"> <\/span>only<span style=\"letter-spacing:-.1pt\"> <\/span>engage<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Affiliated<span style=\"letter-spacing:-.1pt\"> <\/span>Transactions<span style=\"letter-spacing:\n-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>extent<span style=\"letter-spacing:-.2pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>believes<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>entry\ninto such transactions are in the best interests of the Fund, and will or are\nlikely to result in efficiencies to the Fund, reduced<span style=\"letter-spacing:\n-.45pt\"> <\/span>transaction<span style=\"letter-spacing:-.45pt\"> <\/span>costs<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>commissions,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>access<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>transactions<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>would<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>otherwise<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>available<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.1pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The sale and\npurchase of any Affiliated Transactions must be approved by both Cloud Toronto\n&#8211; FYBN Cos\u2019 Investment Committee<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>Advisory<span style=\"letter-spacing:-.1pt\">\n<\/span>Board as<span style=\"letter-spacing:-.2pt\"> <\/span>being<span style=\"letter-spacing:-.2pt\"> <\/span>fair<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>reasonable<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>substantially<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>same,<span style=\"letter-spacing:-.25pt\"> <\/span>or more<span style=\"letter-spacing:-.15pt\">\n<\/span>favorable,<span style=\"letter-spacing:-.15pt\"> <\/span>terms<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>conditions<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>third<span style=\"letter-spacing:-.1pt\"> <\/span>party transactions.<span style=\"letter-spacing:\n2.0pt\"> <\/span>For<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>acquisition<span style=\"letter-spacing:\n-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund,<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>purchase<span style=\"letter-spacing:-.15pt\"> <\/span>price will be limited to the cost of the\nproperty to the Affiliate, including acquisition-related expenses, or if\nsubstantial justification exists, the current appraised value of the property\nas determined by an independent expert.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection179\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-top:0in;margin-right:53.85pt;margin-bottom:\n0in;margin-left:50.1pt;margin-bottom:.0001pt\"><a name=\"_bookmark14\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">AMENDMENTS<span style=\"letter-spacing:-.3pt\"> <\/span>TO<span style=\"letter-spacing:-.3pt\"> <\/span>LLC<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">AGREEMENT<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_228\" o:spid=\"_x0000_s2218\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825351;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Amendment<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>LLC<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">The<span style=\"letter-spacing:-.25pt\"> <\/span>provisions<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.1pt\"> <\/span>LLC<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>amended<span style=\"letter-spacing:-.15pt\">\n<\/span>only<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">follows:<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Amendments.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Pursuant<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>special<span style=\"letter-spacing:-.5pt\">\n<\/span>power<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>attorney<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>described<span style=\"letter-spacing:-.55pt\"> <\/span>below,<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>unilaterally<span style=\"letter-spacing:-.45pt\"> <\/span>execute and make the following amendments\nto the LLC Agreement:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:11.15pt;\nmargin-bottom:0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l35 level1 lfo50;tab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">1.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend\nthe Agreement in connection with the creation of additional Units or other\nforms of interest in the Fund to incorporate the rights and obligations\nrelating to such additional Units or other forms of interest in the Fund, as\nthe Managing Member may determine in its sole and absolute discretion;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;\nmso-list:l35 level1 lfo50;tab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">2.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend\nthe<span style=\"letter-spacing:-.15pt\"> <\/span>Member Register to the LLC<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>reflect<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>admission\nof<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:\n-.1pt\"> <\/span>new<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>their\nrespective<span style=\"letter-spacing:2.0pt\"> <\/span>Member Percentage\nInterests as of that time;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l35 level1 lfo50;\ntab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">3.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend<span style=\"letter-spacing:\n.55pt\"> <\/span>the<span style=\"letter-spacing:.6pt\"> <\/span>LLC<span style=\"letter-spacing:.5pt\"> <\/span>Agreement<span style=\"letter-spacing:.5pt\">\n<\/span>to<span style=\"letter-spacing:.55pt\"> <\/span>comply<span style=\"letter-spacing:.6pt\"> <\/span>with<span style=\"letter-spacing:.55pt\"> <\/span>the<span style=\"letter-spacing:.55pt\"> <\/span>provisions<span style=\"letter-spacing:\n.45pt\"> <\/span>of<span style=\"letter-spacing:.55pt\"> <\/span>the<span style=\"letter-spacing:.55pt\"> <\/span>Bipartisan<span style=\"letter-spacing:\n.55pt\"> <\/span>Budget<span style=\"letter-spacing:.55pt\"> <\/span>Act<span style=\"letter-spacing:.65pt\"> <\/span>of<span style=\"letter-spacing:.55pt\"> <\/span>2015<span style=\"letter-spacing:.6pt\"> <\/span>and<span style=\"letter-spacing:.55pt\"> <\/span><span style=\"letter-spacing:-.25pt\">any<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S.<span style=\"letter-spacing:2.0pt\"> <\/span>Treasury<span style=\"letter-spacing:2.0pt\">\n<\/span>Regulations<span style=\"letter-spacing:2.0pt\"> <\/span>or<span style=\"letter-spacing:2.0pt\"> <\/span>other<span style=\"letter-spacing:2.0pt\"> <\/span>administrative<span style=\"letter-spacing:2.0pt\"> <\/span>pronouncements<span style=\"letter-spacing:\n2.0pt\"> <\/span>promulgated<span style=\"letter-spacing:3.75pt\"> <\/span>thereunder,<span style=\"letter-spacing:2.0pt\"> <\/span>and<span style=\"letter-spacing:2.0pt\"> <\/span>to<span style=\"letter-spacing:4.0pt\"> <\/span>administer the effects of such provisions\nin an equitable manner; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l35 level1 lfo50;\ntab-stops:43.0pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;\nmso-font-width:99%\">4.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>LLC<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>address<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>reconcile<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>inconsistencies<span style=\"letter-spacing:-.25pt\"> <\/span>between<span style=\"letter-spacing:-.2pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>terms<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">thereof.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Member<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Amendments.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">All\nother amendments (not described in Section 5.1) to the LLC Agreement require\nthe written approval of each of the Managing Member and the Members by the\nholders of a majority of the Units (which shall in each case be in its<span style=\"letter-spacing:-.05pt\"> <\/span>or their sole and absolute discretion),\nunless<span style=\"letter-spacing:-.05pt\"> <\/span>the provision that is<span style=\"letter-spacing:-.05pt\"> <\/span>the subject<span style=\"letter-spacing:\n.55pt\"> <\/span>of such amendment includes or is<span style=\"letter-spacing:\n-.65pt\"> <\/span>part<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>provision<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>requires<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>vote,<span style=\"letter-spacing:-.65pt\"> <\/span>consent,<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>approval<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>greater<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>less<span style=\"letter-spacing:\n-.65pt\"> <\/span>vote,<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>case<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>amendment\nmust<span style=\"letter-spacing:-.25pt\"> <\/span>have<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>written<span style=\"letter-spacing:-.2pt\"> <\/span>approval<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Members<span style=\"letter-spacing:-.25pt\">\n<\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>holders<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>majority<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Units as are required by such provisions\nthat is the subject of such amendment.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Attorney-in-Fact.<\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Under\nthe LLC Agreement, each Member grants to the Managing Member a special power of\nattorney irrevocably making, constituting, and appointing the Managing Member\nas such Member\u2019s attorney-in-fact, to take certain actions permitted under the\nLLC Agreement.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection180\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" align=\"left\" style=\"margin: 0in 56.45pt 0.0001pt 97pt; text-indent: -39pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">MATERIAL<span style=\"letter-spacing:-.35pt\"> <\/span>U.S.<span style=\"letter-spacing:-.3pt\"> <\/span>FEDERAL<span style=\"letter-spacing:-.35pt\"> <\/span>INCOME<span style=\"letter-spacing:-.25pt\">\n<\/span>TAX<span style=\"letter-spacing:-.3pt\"> <\/span>CONSIDERATIONS<span style=\"letter-spacing:-.35pt\"> <\/span>OF<span style=\"letter-spacing:-.3pt\"> <\/span>ACQUIRING\nAND HOLDING LIMITED LIABILITY COMPANY INTERESTS<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_229\" o:spid=\"_x0000_s2217\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:12pt;width:470.95pt;height:.5pt;z-index:-1895825350;visibility:visible;\n  mso-wrap-style:square;mso-wrap-distance-left:0;mso-wrap-distance-top:0;\n  mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,6350\" 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path=\"m5981065,l,,,6096r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-size:9.0pt;mso-bidi-font-size:\n10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Introduction<\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The following\nis a summary (the \u201c<i>Summary<\/i>\u201d) of\ncertain U.S. federal income tax consequences of a Participating<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n<\/span>who<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:\n-.6pt\"> <\/span>an<span style=\"letter-spacing:-.5pt\"> <\/span>individual<span style=\"letter-spacing:-.55pt\"> <\/span>citizen<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>U.S.<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>resident<span style=\"letter-spacing:-.6pt\">\n<\/span>alien<span style=\"letter-spacing:-.5pt\"> <\/span>(as<span style=\"letter-spacing:-.6pt\"> <\/span>defined<span style=\"letter-spacing:-.5pt\">\n<\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>United<span style=\"letter-spacing:-.5pt\"> <\/span>States<span style=\"letter-spacing:-.6pt\"> <\/span>Department\nof the Treasury Regulations (the \u201c<i>Treasury\nRegulations<\/i>\u201d) Section 301.7701(b)-1) for investing in Units in the Fund.\nThis<span style=\"letter-spacing:-.4pt\"> <\/span>summary<span style=\"letter-spacing:\n-.35pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>very<span style=\"letter-spacing:-.35pt\"> <\/span>limited,<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>does<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>purport<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>address<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>material<span style=\"letter-spacing:-.35pt\"> <\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>consequences<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>ownership<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Units and, except\nas otherwise specifically provided below, the discussion below assumes that a\nMember is an individual citizen<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>United<span style=\"letter-spacing:-.4pt\"> <\/span>States<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>resident<span style=\"letter-spacing:-.45pt\">\n<\/span>alien<span style=\"letter-spacing:-.4pt\"> <\/span>(as<span style=\"letter-spacing:-.5pt\"> <\/span>defined<span style=\"letter-spacing:-.4pt\">\n<\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>Treasury<span style=\"letter-spacing:-.4pt\"> <\/span>Regulations<span style=\"letter-spacing:\n-.5pt\"> <\/span>Section<span style=\"letter-spacing:-.4pt\"> <\/span>301.7701(b)-1)<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>generally\ndoes not take into account the specific circumstances of any particular Member,\nsuch as dealers in securities or currencies, traders in securities, banks,\ntax-exempt organizations, life insurance companies, trusts, corporations or\nnon-resident alien individuals.<span style=\"letter-spacing:2.0pt\"> <\/span>In\naddition, very limited information regarding state and local taxes is provided.\nAlthough the Fund will furnish the Members with such information regarding the\nFund as is reasonably required for income tax purposes, each Member will be\nresponsible for preparing and filing such Member\u2019s own tax returns.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The following\nsummary of the tax aspects is based on the Internal Revenue<span style=\"letter-spacing:-.05pt\"> <\/span>Code of 1986, as amended (the \u201c<i>Code<\/i>\u201d),<span style=\"letter-spacing:-.25pt\">\n<\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>existing<span style=\"letter-spacing:-.2pt\"> <\/span>Treasury<span style=\"letter-spacing:-.35pt\">\n<\/span>Regulations,<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>administrative<span style=\"letter-spacing:-.25pt\"> <\/span>rulings<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>judicial<span style=\"letter-spacing:-.25pt\"> <\/span>decisions<span style=\"letter-spacing:\n-.3pt\"> <\/span>interpreting<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Code as<span style=\"letter-spacing:-.65pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>effect<span style=\"letter-spacing:-.65pt\"> <\/span>at<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>time<span style=\"letter-spacing:-.6pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>Summary<span style=\"letter-spacing:-.6pt\">\n<\/span>was<span style=\"letter-spacing:-.65pt\"> <\/span>drafted.<span style=\"letter-spacing:1.0pt\"> <\/span>Significant<span style=\"letter-spacing:\n-.6pt\"> <\/span>uncertainty<span style=\"letter-spacing:-.65pt\"> <\/span>exists<span style=\"letter-spacing:-.6pt\"> <\/span>regarding<span style=\"letter-spacing:-.65pt\">\n<\/span>certain<span style=\"letter-spacing:-.55pt\"> <\/span>tax<span style=\"letter-spacing:-.65pt\"> <\/span>aspects<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>limited liability\ncompanies (treated for income tax purposes as partnerships).<span style=\"letter-spacing:2.0pt\"> <\/span>Such uncertainty is<span style=\"letter-spacing:\n-.05pt\"> <\/span>due, in part, to continuing changes in U.S. federal tax laws\nthat have not fully been interpreted through Treasury Regulations or judicial\ndecisions.<span style=\"letter-spacing:2.0pt\"> <\/span>Please<span style=\"letter-spacing:-.15pt\"> <\/span>note<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.05pt\"> <\/span>labeled<span style=\"letter-spacing:-.05pt\">\n<\/span>\u201c<i>Material<span style=\"letter-spacing:\n-.15pt\"> <\/span>U.S.<span style=\"letter-spacing:-.1pt\"> <\/span>Federal<span style=\"letter-spacing:-.15pt\"> <\/span>Income<span style=\"letter-spacing:-.1pt\">\n<\/span>Tax<span style=\"letter-spacing:-.1pt\"> <\/span>Considerations<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Acquiring<span style=\"letter-spacing:-.05pt\"> <\/span>and Holding Limited Liability Company\nInterests<\/i>\u201d does not take into account many of the changes made by <span style=\"color:#333333\">the Coronavirus Aid, Relief, and Economic Security Act\n(the CARES Act) enacted on March 27, 2020, <\/span>any of the provisions in the\nenacted Infrastructure Investment and Jobs Act, and the Inflation and Reduction\nAct.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.45pt\"> <\/span>legislation<span style=\"letter-spacing:\n-.4pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>enacted<span style=\"letter-spacing:-.45pt\">\n<\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.5pt\"> <\/span>future<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>will<span style=\"letter-spacing:-.55pt\"> <\/span>affect<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.55pt\">\n<\/span>investment<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund.\nBecause the tax aspects of this Offering are complex and certain of the tax\nconsequences may differ depending on individual tax circumstances, each Member\nis urged to consult with and rely on its own tax advisor about this Offering\u2019s\ntax aspects and its individual situation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" style=\"margin-right:10.95pt;text-indent:35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund has not obtained and\ndoes not intend to obtain an opinion of counsel with respect to this summary of\ntax matters.<span style=\"letter-spacing:2.0pt\"> <\/span>In addition, no rulings\nhave been or will be requested from the Internal Revenue Service (the \u201c<i>IRS<\/i>\u201d) with respect to the matters\ndiscussed herein.<span style=\"letter-spacing:2.0pt\"> <\/span>Therefore, there\ncan be no assurances that the<span style=\"letter-spacing:-.45pt\"> <\/span>IRS<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>other<span style=\"letter-spacing:-.4pt\"> <\/span>governmental<span style=\"letter-spacing:-.45pt\"> <\/span>agency<span style=\"letter-spacing:-.5pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>taxing<span style=\"letter-spacing:-.4pt\"> <\/span>jurisdiction<span style=\"letter-spacing:\n-.45pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>agree<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>statements<span style=\"letter-spacing:\n-.4pt\"> <\/span>set<span style=\"letter-spacing:-.4pt\"> <\/span>forth<span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">below.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investors<span style=\"letter-spacing:-.35pt\"> <\/span>should<span style=\"letter-spacing:-.35pt\">\n<\/span>consult<span style=\"letter-spacing:-.3pt\"> <\/span>their<span style=\"letter-spacing:-.3pt\"> <\/span>own<span style=\"letter-spacing:-.35pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>advisors<span style=\"letter-spacing:-.35pt\">\n<\/span>concerning<span style=\"letter-spacing:-.25pt\"> <\/span>their<span style=\"letter-spacing:-.3pt\"> <\/span>situations<span style=\"letter-spacing:\n-.45pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>impact<span style=\"letter-spacing:-.25pt\">\n<\/span>which<span style=\"letter-spacing:-.35pt\"> <\/span>their participation in\nthe Fund may have on their federal income tax liability as well as how state,\nlocal and<span style=\"letter-spacing:-.05pt\"> <\/span>foreign income, and other\ntax laws may apply to their participation and the implications those laws may\nhave.<span style=\"letter-spacing:2.0pt\"> <\/span>In evaluating an investment in\nthe Fund, a Member should take into account the cost of obtaining such advice.<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>structured<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>intent<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>generating<span style=\"letter-spacing:-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>losses<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>no<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>should<span style=\"letter-spacing:-.1pt\"> <\/span>invest<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Fund with the expectation of using losses from the Fund\u2019s\nactivities to offset income from any other source.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The following\ndiscussion does not specifically discuss the tax consequences to the Members of\nthe Fund\u2019s investment<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>limited<span style=\"letter-spacing:-.45pt\"> <\/span>liability<span style=\"letter-spacing:\n-.45pt\"> <\/span>companies<span style=\"letter-spacing:-.55pt\"> <\/span>and\/or<span style=\"letter-spacing:-.6pt\"> <\/span>partnerships.<span style=\"letter-spacing:\n1.75pt\"> <\/span>This<span style=\"letter-spacing:-.55pt\"> <\/span>discussion<span style=\"letter-spacing:-.45pt\"> <\/span>does<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>address<span style=\"letter-spacing:-.55pt\">\n<\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>state<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>local\ntax<span style=\"letter-spacing:-.55pt\"> <\/span>consequences<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>assumes<span style=\"letter-spacing:-.65pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>Investors<span style=\"letter-spacing:-.65pt\"> <\/span>are<span style=\"letter-spacing:-.4pt\"> <\/span>individual<span style=\"letter-spacing:-.6pt\"> <\/span>citizens<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>U.S.<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>resident<span style=\"letter-spacing:-.6pt\">\n<\/span>aliens<span style=\"letter-spacing:-.65pt\"> <\/span>(as<span style=\"letter-spacing:-.6pt\"> <\/span>defined<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>Treasury Regulations Section\n301.7701(b)-1).<span style=\"letter-spacing:2.0pt\"> <\/span>Investors should\nconsult their tax advisors with respect to such tax considerations.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>following<span style=\"letter-spacing:-.3pt\"> <\/span>discussion<span style=\"letter-spacing:\n-.15pt\"> <\/span>also<span style=\"letter-spacing:-.2pt\"> <\/span>does<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>address<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>consequences<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>respect<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the\nMember\u2019s indirect investment in the REIT.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><i><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.1pt\"> <\/span>Status<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fund<\/span><\/span><\/u><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">.<\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Classification<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Partnership<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>certain<span style=\"letter-spacing:-.35pt\"> <\/span>exceptions,<span style=\"letter-spacing:\n-.45pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>partnership<span style=\"letter-spacing:-.4pt\"> <\/span>generally<span style=\"letter-spacing:-.35pt\">\n<\/span>incurs<span style=\"letter-spacing:-.5pt\"> <\/span>no<span style=\"letter-spacing:-.35pt\"> <\/span>U.S.<span style=\"letter-spacing:-.4pt\"> <\/span>federal<span style=\"letter-spacing:-.4pt\"> <\/span>income<span style=\"letter-spacing:-.35pt\">\n<\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>liability.<span style=\"letter-spacing:1.8pt\"> <\/span>Instead,<span style=\"letter-spacing:-.35pt\">\n<\/span>the partners are required to take into account their respective\ndistributive shares of the partnership\u2019s net income or loss, as well as their\nrespective distributive shares of certain specially characterized items (e.g.,\ncapital gains and losses), in<span style=\"letter-spacing:-.25pt\"> <\/span>computing<span style=\"letter-spacing:-.2pt\"> <\/span>their<span style=\"letter-spacing:-.3pt\"> <\/span>respective<span style=\"letter-spacing:-.25pt\"> <\/span>income<span style=\"letter-spacing:-.25pt\">\n<\/span>tax<span style=\"letter-spacing:-.2pt\"> <\/span>liability.<span style=\"letter-spacing:1.95pt\"> <\/span>In<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>case,<span style=\"letter-spacing:-.25pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.3pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>partnership<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>partner<span style=\"letter-spacing:-.25pt\">\n<\/span>generally are<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>taxable<span style=\"letter-spacing:-.25pt\">\n<\/span>unless<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.3pt\"> <\/span>exceed<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>partner\u2019s<span style=\"letter-spacing:\n-.45pt\"> <\/span>adjusted<span style=\"letter-spacing:-.2pt\"> <\/span>basis<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>partner\u2019s<span style=\"letter-spacing:-.45pt\">\n<\/span>interest<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>partnership.\nThe availability to the Members of most of the tax treatment described in this\nsummary requires that the Fund be classified<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:\n-.5pt\"> <\/span>partnership<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>U.S.<span style=\"letter-spacing:-.5pt\"> <\/span>federal<span style=\"letter-spacing:-.5pt\"> <\/span>income<span style=\"letter-spacing:-.6pt\"> <\/span>tax<span style=\"letter-spacing:-.55pt\"> <\/span>purposes<span style=\"letter-spacing:-.55pt\">\n<\/span>rather<span style=\"letter-spacing:-.45pt\"> <\/span>than<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>association<span style=\"letter-spacing:-.45pt\"> <\/span>taxed<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:\n-.6pt\"> <\/span>corporation,<span style=\"letter-spacing:-.5pt\"> <\/span>under the\nU.S. federal income tax laws.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:11.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Although<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\">\n<\/span>does<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>plan<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>request<span style=\"letter-spacing:-.15pt\">\n<\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>ruling<span style=\"letter-spacing:-.05pt\"> <\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>IRS<span style=\"letter-spacing:-.15pt\"> <\/span>regarding<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span>status, it is anticipated that the Fund\nwill be treated as a partnership for U.S. federal income tax purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>Still, there is no assurance that the IRS\nwill not challenge such classification.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If a\npartnership were to be treated as a corporation for U.S. federal income tax\npurposes, its partners would be treated as shareholders of a corporation, with\nthe result, among other things, that (i) items of income, gain, loss, deduction\nand credit of the partnership would not flow through to its partners for\nreporting on their individual U.S. federal income<span style=\"letter-spacing:\n-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.05pt\"> <\/span>returns,<span style=\"letter-spacing:-.1pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>cash\ndistributions, if<span style=\"letter-spacing:-.1pt\"> <\/span>any, would be<span style=\"letter-spacing:-.1pt\"> <\/span>treated<span style=\"letter-spacing:-.05pt\">\n<\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>distributions<span style=\"letter-spacing:-.15pt\"> <\/span>by a<span style=\"letter-spacing:-.1pt\"> <\/span>corporation\nin respect of its stock, and such distributions would be taxable to the\npartners as dividends to the extent of current and accumulated earnings and\nprofits of the partnership, and (iii) the taxable income of the partnership\nwould be subject to U.S. federal income tax on corporations (thereby reducing\nthe cash available for distribution).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:11.25pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><i><span style=\"font-size:10.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.05pt\"> <\/span>discussion that<span style=\"letter-spacing:\n-.15pt\"> <\/span>follows<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>based on the<span style=\"letter-spacing:\n-.15pt\"> <\/span>assumption<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund\nwill<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:\n-.15pt\"> <\/span>classified as<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>partnership and not as a corporation for\nU.S. federal income tax purposes.<o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Classification<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>Publicly<span style=\"letter-spacing:-.15pt\"> <\/span>Traded<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Partnership<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Code Section\n7704 treats certain so-called \u201cpublicly traded partnerships\u201d (\u201c<i>PTPs<\/i>\u201d) as corporations for U.S. federal\nincome tax purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>Consequently,\nthe treatment of an entity as a partnership for U.S. federal income tax\npurposes is dependent on that entity not being classified as a PTP.<span style=\"letter-spacing:2.0pt\"> <\/span>It is intended that the Fund will be\noperated in a manner<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>it<span style=\"letter-spacing:-.5pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>treated<span style=\"letter-spacing:-.25pt\">\n<\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:\n-.45pt\"> <\/span>PTP.<span style=\"letter-spacing:1.75pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>does<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>plan<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>request<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>ruling<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>IRS<span style=\"letter-spacing:-.35pt\"> <\/span>regarding<span style=\"letter-spacing:-.4pt\"> <\/span>whether the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>treated<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>PTP.<span style=\"letter-spacing:1.9pt\"> <\/span>Consequently,<span style=\"letter-spacing:-.3pt\"> <\/span>it<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>possible<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>state<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>complete<span style=\"letter-spacing:-.3pt\"> <\/span>assurance<span style=\"letter-spacing:-.3pt\">\n<\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>will\nbe treated as a partnership and not as an association taxable as a corporation\nfor U.S. federal income tax purposes.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><i><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Taxation<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Partners<\/span><\/span><\/u><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">.<\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.25pt\"> <\/span>Consequence<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Ownership<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">No<span style=\"letter-spacing:-.1pt\"> <\/span>U.S.<span style=\"letter-spacing:-.15pt\"> <\/span>federal<span style=\"letter-spacing:-.15pt\"> <\/span>income<span style=\"letter-spacing:-.2pt\">\n<\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:\n-.25pt\"> <\/span>generally paid<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>partnership<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>entity.<span style=\"letter-spacing:2.0pt\">\n<\/span>Instead,<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>member<span style=\"letter-spacing:-.1pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>required to report on its<span style=\"letter-spacing:-.05pt\"> <\/span>income<span style=\"letter-spacing:-.1pt\">\n<\/span>tax return its<span style=\"letter-spacing:-.05pt\"> <\/span>distributive\nshare<span style=\"letter-spacing:-.1pt\"> <\/span>of a<span style=\"letter-spacing:\n-.1pt\"> <\/span>partnership\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>income,\ngain, loss, deduction, or credit<span style=\"letter-spacing:-.15pt\"> <\/span>(and\nitems<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:\n-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.05pt\"> <\/span>preference),<span style=\"letter-spacing:-.1pt\"> <\/span>regardless<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>whether<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>actual<span style=\"letter-spacing:-.1pt\"> <\/span>distribution<span style=\"letter-spacing:\n-.05pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>partner<span style=\"letter-spacing:-.05pt\">\n<\/span>during<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>taxable<span style=\"letter-spacing:-.1pt\">\n<\/span>year. Thus, a prospective Member may be liable for income taxes with\nrespect to ownership of Units in the Fund without receiving<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>corresponding<span style=\"letter-spacing:-.65pt\"> <\/span>distribution<span style=\"letter-spacing:\n-.6pt\"> <\/span>from<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Fund.<span style=\"letter-spacing:1.05pt\"> <\/span>Members<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>required<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>recognize<span style=\"letter-spacing:-.6pt\"> <\/span>tax<span style=\"letter-spacing:-.55pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>taxable<span style=\"letter-spacing:-.6pt\">\n<\/span>income in excess<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>cash<span style=\"letter-spacing:-.1pt\"> <\/span>distributions<span style=\"letter-spacing:-.2pt\"> <\/span>from the<span style=\"letter-spacing:-.15pt\">\n<\/span>Fund,<span style=\"letter-spacing:-.05pt\"> <\/span>causing such<span style=\"letter-spacing:-.1pt\"> <\/span>Members<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>pay<span style=\"letter-spacing:\n-.1pt\"> <\/span>\u201cout-of-pocket\u201d any<span style=\"letter-spacing:-.1pt\"> <\/span>related<span style=\"letter-spacing:-.1pt\"> <\/span>tax liability. Accordingly, each Member\nshould consult with the Member\u2019s tax advisor regarding the impact of an\ninvestment in the Fund, specifically including the possibility that such Member\nmay incur a tax liability with respect to such investment but may not receive\ncorresponding distributions from the Fund with which to pay such tax liability.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Conversely, as\ndiscussed below with respect to cash distributions, actual (or constructive)\ndistributions of money from a partnership will be taxable only to the extent\nthat such distributions exceed the adjusted basis of the Member\u2019s<span style=\"letter-spacing:.35pt\"> <\/span>interest<span style=\"letter-spacing:.35pt\">\n<\/span>in<span style=\"letter-spacing:.45pt\"> <\/span>the<span style=\"letter-spacing:\n.4pt\"> <\/span>Fund,<span style=\"letter-spacing:.4pt\"> <\/span>regardless<span style=\"letter-spacing:.35pt\"> <\/span>of<span style=\"letter-spacing:.4pt\"> <\/span>whether<span style=\"letter-spacing:.5pt\"> <\/span>the<span style=\"letter-spacing:.8pt\"> <\/span>Fund<span style=\"letter-spacing:.45pt\"> <\/span>has<span style=\"letter-spacing:.35pt\"> <\/span>current<span style=\"letter-spacing:.4pt\"> <\/span>income.<span style=\"letter-spacing:3.55pt\">\n<\/span>See<span style=\"letter-spacing:.35pt\"> <\/span>the<span style=\"letter-spacing:\n.4pt\"> <\/span>Supplement<span style=\"letter-spacing:.35pt\"> <\/span>to<span style=\"letter-spacing:.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Private<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Placement<span style=\"letter-spacing:1.25pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n1.2pt\"> <\/span>for<span style=\"letter-spacing:1.1pt\"> <\/span>a<span style=\"letter-spacing:1.3pt\"> <\/span>discussion<span style=\"letter-spacing:\n1.35pt\"> <\/span>on<span style=\"letter-spacing:1.45pt\"> <\/span>the<span style=\"letter-spacing:1.3pt\"> <\/span>characterization<span style=\"letter-spacing:\n1.35pt\"> <\/span>of<span style=\"letter-spacing:1.2pt\"> <\/span>an<span style=\"letter-spacing:1.35pt\"> <\/span>item<span style=\"letter-spacing:1.2pt\"> <\/span>of<span style=\"letter-spacing:1.2pt\"> <\/span>income<span style=\"letter-spacing:1.2pt\"> <\/span>or<span style=\"letter-spacing:1.3pt\"> <\/span>loss<span style=\"letter-spacing:1.25pt\"> <\/span>with<span style=\"letter-spacing:1.3pt\"> <\/span>respect<span style=\"letter-spacing:1.25pt\">\n<\/span>to<span style=\"letter-spacing:1.3pt\"> <\/span>a distribution from the\nREIT Subsidiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.15pt\"> <\/span>Basis<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Units<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.3pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A Member\u2019s\nbasis in its Units initially will be equal to the amount of cash or the tax\nbasis of property contributed to the Fund by such Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subsequently,\na Member must adjust its basis to reflect certain Fund transactions.<span style=\"letter-spacing:2.0pt\"> <\/span>A Member\u2019s basis will generally<span style=\"letter-spacing:-.05pt\"> <\/span>be increased by (i) any cash<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>the\ntax<span style=\"letter-spacing:-.05pt\"> <\/span>basis<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>property\ncontributed to<span style=\"letter-spacing:-.05pt\"> <\/span>the Fund<span style=\"letter-spacing:-.15pt\"> <\/span>by that<span style=\"letter-spacing:-.1pt\">\n<\/span>Member<span style=\"letter-spacing:-.05pt\"> <\/span>(except as noted\nabove), (ii) that Member\u2019s distributive share of the Fund\u2019s taxable income,\n(iii) that Member\u2019s share of the Fund\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>recourse<span style=\"letter-spacing:-.6pt\"> <\/span>debt,<span style=\"letter-spacing:-.65pt\"> <\/span>if<span style=\"letter-spacing:-.6pt\"> <\/span>any,<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>respect<span style=\"letter-spacing:-.65pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>bears<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>economic<span style=\"letter-spacing:-.6pt\">\n<\/span>risk<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>loss,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>(iv)<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>Member\u2019s distributive<span style=\"letter-spacing:-.5pt\"> <\/span>share<span style=\"letter-spacing:-.6pt\"> <\/span>(based<span style=\"letter-spacing:-.6pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.65pt\">\n<\/span>ongoing<span style=\"letter-spacing:-.4pt\"> <\/span>interest<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>profits)<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>indebtedness<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>respect\nto which no Member, including the Managing Member, bears the economic risk of\nloss (\u201c<i>non-recourse debt<\/i>\u201d), but which<span style=\"letter-spacing:-.2pt\"> <\/span>increase<span style=\"letter-spacing:-.2pt\">\n<\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>limited<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>fair<span style=\"letter-spacing:-.3pt\"> <\/span>market<span style=\"letter-spacing:-.35pt\"> <\/span>value<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>property<span style=\"letter-spacing:-.2pt\"> <\/span>securing<span style=\"letter-spacing:-.2pt\">\n<\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>indebtedness.<span style=\"letter-spacing:2.0pt\"> <\/span>A<span style=\"letter-spacing:-.2pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>basis will<span style=\"letter-spacing:\n-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>decreased,<span style=\"letter-spacing:-.2pt\"> <\/span>but<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>below<span style=\"letter-spacing:-.2pt\"> <\/span>zero,<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>(i)<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>amount<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.25pt\">\n<\/span>distributive<span style=\"letter-spacing:-.2pt\"> <\/span>share<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>items<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>loss<span style=\"letter-spacing:-.25pt\"> <\/span>and\ndeduction, (ii) the amount of any money distributed, or constructively\ndistributed, to that Member, and (iii) the adjusted basis of distributed\nproperty other than money, to that Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A<span style=\"letter-spacing:-.65pt\"> <\/span>reduction<span style=\"letter-spacing:\n-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>amount<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n-.65pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>share<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>debt<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>treated<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>constructive<span style=\"letter-spacing:\n-.6pt\"> <\/span>cash<span style=\"letter-spacing:-.55pt\"> <\/span>distribution to\nthat Member and will reduce the basis of that Member\u2019s Units in the Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>This discussion does not address any\nincome tax consequences where the indebtedness is incurred by the REIT\nSubsidiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Allocations<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Income<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Losses.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Under Code\nSection 704(b), a partner\u2019s distributive share of income, gain, loss,\ndeduction, or credit<span style=\"letter-spacing:-.05pt\"> <\/span>(or any item\nthereof) will be determined in accordance with the LLC Agreement only if such\nallocation has \u201csubstantial economic<span style=\"letter-spacing:-.15pt\"> <\/span>effect.\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.1pt\"> <\/span>determining\nwhether an allocation<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>substantial<span style=\"letter-spacing:\n-.05pt\"> <\/span>economic<span style=\"letter-spacing:-.15pt\"> <\/span>effect,<span style=\"letter-spacing:-.15pt\"> <\/span>the principal<span style=\"letter-spacing:\n-.05pt\"> <\/span>considerations are (i) whether the allocation actually affects\nthe eventual amount of money or other property allocable to a partner, (i.e.,\nit has economic effect), without regard to tax consequences, and (ii) whether\nthe effect described in (i) is substantial.<span style=\"letter-spacing:2.0pt\"> <\/span>Further,\nthe test for determining whether economic effect of an allocation is\nsubstantial is extremely complicated.<span style=\"letter-spacing:2.0pt\"> <\/span>There\nare a couple of alternatives for an allocation to meet the test for economic\neffect.<span style=\"letter-spacing:2.0pt\"> <\/span>An allocation to<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>meet<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>economic<span style=\"letter-spacing:-.2pt\"> <\/span>effect<span style=\"letter-spacing:-.25pt\">\n<\/span>test<span style=\"letter-spacing:-.25pt\"> <\/span>when<span style=\"letter-spacing:-.15pt\"> <\/span>(i)<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Members\u2019<span style=\"letter-spacing:-.2pt\">\n<\/span>capital<span style=\"letter-spacing:-.25pt\"> <\/span>accounts<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>maintained<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>accordance\nwith<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>requirements<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Treasury<span style=\"letter-spacing:-.1pt\"> <\/span>Regulations,<span style=\"letter-spacing:\n-.15pt\"> <\/span>(ii)<span style=\"letter-spacing:-.15pt\"> <\/span>liquidating<span style=\"letter-spacing:-.1pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.2pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>accordance<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>positive\ncapital account balances, (iii) the allocation does not create (or increase) a\ndeficit balance in the Member\u2019s capital account in excess of the amount that\nthe Member\u2019s obligation to restore a deficit, and (iv)<span style=\"letter-spacing:\n-.05pt\"> <\/span>the LLC Agreement has a qualified income offset.<span style=\"letter-spacing:2.0pt\"> <\/span>If an allocation under the LLC Agreement\ndoes not have substantial economic effect, then <span style=\"letter-spacing:\n-.1pt\">the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">IRS<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">reallocate<\/span><span style=\"letter-spacing:-.2pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">profits<\/span><span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and losses<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">among\nthe<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">Members<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in accordance with their<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">interests<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund,<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">determined\n<\/span>by taking into consideration all facts and circumstances.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Treasury\nRegulations require special rules for allocations of deductions and losses\nattributable to non- recourse liabilities.<span style=\"letter-spacing:2.0pt\"> <\/span>Again,\nthis discussion does not address any income tax consequences where the\nindebtedness is incurred by the REIT Subsidiary.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Members should consult with their own independent tax\nadvisors relating to the special rules for allocations of deductions and losses\nattributable to non-recourse liabilities.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund\u2019s\nliquidating distributions will not be made in accordance with positive capital\naccount balances, but rather based on the distribution as set forth in the LLC\nAgreement.<span style=\"letter-spacing:2.0pt\"> <\/span>Thus, the LLC Agreement\ndoes not comply with the substantial economic<span style=\"letter-spacing:-.2pt\">\n<\/span>effect requirements.<span style=\"letter-spacing:2.0pt\"> <\/span>As such,<span style=\"letter-spacing:-.1pt\"> <\/span>it is<span style=\"letter-spacing:-.05pt\"> <\/span>intended\nthat allocations will be consistent with the Members\u2019<span style=\"letter-spacing:\n-.3pt\"> <\/span>interest<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund.<span style=\"letter-spacing:1.75pt\"> <\/span>There<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>no<span style=\"letter-spacing:-.3pt\"> <\/span>assurance<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>IRS<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>set<span style=\"letter-spacing:-.35pt\"> <\/span>aside<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>allocations<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>income<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>loss\nby the Fund for U.S. federal income tax purposes.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In cases where\nthe allocations of income, gain, loss, deduction, and credit do not satisfy the\nsubstantial economic effect test of the Treasury Regulations promulgated under\nCode section 704(b), such items will be re- determined in accordance with the\noverall economic interests of the Members (i.e., the \u201cpartners\u2019 interest in the\npartnership\u201d)<span style=\"letter-spacing:-.45pt\"> <\/span>&#8212;<span style=\"letter-spacing:-.5pt\"> <\/span>taking<span style=\"letter-spacing:-.45pt\">\n<\/span>into<span style=\"letter-spacing:-.5pt\"> <\/span>account<span style=\"letter-spacing:-.5pt\"> <\/span>all<span style=\"letter-spacing:-.55pt\"> <\/span>facts<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>circumstances.<span style=\"letter-spacing:1.45pt\"> <\/span>In<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>case,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>IRS<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>consider<span style=\"letter-spacing:-.45pt\"> <\/span>(i)<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members\u2019<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">relative<span style=\"letter-spacing:-.35pt\"> <\/span>contributions<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund,<span style=\"letter-spacing:-.45pt\">\n<\/span>(ii)<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>interests<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Members<span style=\"letter-spacing:-.4pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>economic<span style=\"letter-spacing:-.4pt\"> <\/span>profits<span style=\"letter-spacing:-.4pt\">\n<\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>losses<span style=\"letter-spacing:-.4pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>different<span style=\"letter-spacing:-.4pt\"> <\/span>than<span style=\"letter-spacing:-.3pt\"> <\/span>that\nin taxable<span style=\"letter-spacing:.05pt\"> <\/span>income<span style=\"letter-spacing:.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>loss,<span style=\"letter-spacing:.05pt\"> <\/span>(iii)<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:.05pt\"> <\/span>interests<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:\n.05pt\"> <\/span>Members<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:.05pt\"> <\/span>cash<span style=\"letter-spacing:.05pt\"> <\/span>flow<span style=\"letter-spacing:.05pt\"> <\/span>and<span style=\"letter-spacing:.05pt\"> <\/span>other<span style=\"letter-spacing:.05pt\"> <\/span>non-liquidating<span style=\"letter-spacing:\n.05pt\"> <\/span>distributions,<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(iv)<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>rights<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>distributions<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>capital<span style=\"letter-spacing:-.2pt\"> <\/span>upon<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">liquidation.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Without\nlimiting the foregoing, the Company may allocate items of ordinary income or\nloss and\/or capital gain or loss (including short-term capital gain or loss) to\na<span style=\"letter-spacing:-.1pt\"> <\/span>Member in connection<span style=\"letter-spacing:-.05pt\"> <\/span>with a<span style=\"letter-spacing:-.1pt\">\n<\/span>Redemption so as to reduce or eliminate the difference between the fair\nmarket value of the amount to be distributed to such Member in the Redemption\nand the adjusted tax basis of the Units being redeemed.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Note that\ntaxable losses (mostly from depreciation deductions) from the ownership and\noperation of real estate held by the REIT Subsidiary cannot be allocated from\nthe REIT Subsidiary to the Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>Accordingly,\nthese taxable<span style=\"letter-spacing:-.2pt\"> <\/span>losses<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>available<span style=\"letter-spacing:\n-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>allocated<span style=\"letter-spacing:-.15pt\">\n<\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Members.<span style=\"letter-spacing:2.0pt\"> <\/span>This<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>major<span style=\"letter-spacing:-.2pt\"> <\/span>difference<span style=\"letter-spacing:\n-.2pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>having the real\nestate being owned by the REIT Subsidiary, rather than having the real estate\nowned by the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>Net<span style=\"letter-spacing:-.2pt\"> <\/span>Investment<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Income.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Members\nare likely subject to a 3.8 percent (3.8%) Medicare tax, in addition to regular\ntax on income and gains, on some or all of their \u201cnet investment income\u201d to the\nextent they meet certain requirements.<span style=\"letter-spacing:2.0pt\"> <\/span>\u201cNet\ninvestment income\u201d generally includes<span style=\"letter-spacing:-.05pt\"> <\/span>net\nincome from interest, dividends, annuities, royalties, rents, and substitute\ninterest and dividend payments that do not rise in the ordinary course of a\ntrade or business, and net gains on the disposition<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>property<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>than<span style=\"letter-spacing:-.05pt\"> <\/span>property<span style=\"letter-spacing:-.05pt\">\n<\/span>held<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>trade<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>business.<span style=\"letter-spacing:2.0pt\"> <\/span>\u201cNet<span style=\"letter-spacing:-.15pt\"> <\/span>investment<span style=\"letter-spacing:-.25pt\"> <\/span>income\u201d<span style=\"letter-spacing:-.1pt\">\n<\/span>includes<span style=\"letter-spacing:-.15pt\"> <\/span>net<span style=\"letter-spacing:-.1pt\"> <\/span>income from a trade or business, and net\ngains realized on the disposition of property held in a trade or business, that\nis a passive activity with respect to a taxpayer.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Members should consult their tax advisors regarding the\napplicability of this tax in respect of their ownership of Units in the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Certain<span style=\"letter-spacing:-.2pt\"> <\/span>Limitations<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Deductibility<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Losses<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Expenses.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Various<span style=\"letter-spacing:-.3pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Code<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>apply<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>restrict<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>deductibility<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>capital<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>ordinary<span style=\"letter-spacing:-.2pt\"> <\/span>losses<span style=\"letter-spacing:-.3pt\"> <\/span>realized,\nor expenses incurred, by the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>For example, the ability<span style=\"letter-spacing:-.1pt\"> <\/span>of the Members (other than widely held<span style=\"letter-spacing:-.05pt\"> <\/span>corporations)<span style=\"letter-spacing:\n-.05pt\"> <\/span>to deduct their shares of any losses attributable to the Fund\nmay be limited by the tax basis a Member has in the Units, and<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>\u201cpassive<span style=\"letter-spacing:-.2pt\"> <\/span>activity<span style=\"letter-spacing:-.2pt\"> <\/span>loss\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>limitations<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Code,<span style=\"letter-spacing:-.2pt\"> <\/span>the\n\u201cat<span style=\"letter-spacing:-.25pt\"> <\/span>risk\u201d<span style=\"letter-spacing:\n-.2pt\"> <\/span>limitations<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Code,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the\nCode provisions for \u201cexcess business losses of noncorporate taxpayers\u201d.<span style=\"letter-spacing:2.0pt\"> <\/span>Note that taxable losses (mostly from depreciation\ndeductions) from the ownership and operation of real estate held by the REIT\nSubsidiary cannot be allocated from the REIT Subsidiary to the Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>Accordingly, these taxable losses are not\navailable to be allocated from the Fund to the Members.<span style=\"letter-spacing:\n2.0pt\"> <\/span>This is a major difference with having the real estate being\nowned by the REIT Subsidiary, rather than having the real estate owned by the\nFund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.2pt\"> <\/span>Basis<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Limitation.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.2pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Code<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Section 704(d) prohibits<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">a<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Member<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">from<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">claiming<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">partnership\nlosses<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">in excess<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">of the<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Member\u2019s<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">adjusted <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">basis\nin its partnership interest.<span style=\"letter-spacing:2.0pt\"> <\/span>This\nlimitation will apply to both individual and corporate Members.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Income<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>Losses<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.25pt\"> <\/span>Passive<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Activities.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Passive\nactivity limitations of Code Section 469 impose certain restrictions on the\nability of noncorporate taxpayers,<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>well<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>certain<span style=\"letter-spacing:-.6pt\">\n<\/span>closely<span style=\"letter-spacing:-.55pt\"> <\/span>held<span style=\"letter-spacing:-.55pt\"> <\/span>subchapter<span style=\"letter-spacing:\n-.6pt\"> <\/span>C<span style=\"letter-spacing:-.6pt\"> <\/span>corporations<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>personal<span style=\"letter-spacing:-.6pt\"> <\/span>service<span style=\"letter-spacing:-.6pt\">\n<\/span>corporations,<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>deduct<span style=\"letter-spacing:-.6pt\"> <\/span>losses\nand credits from passive activities.<span style=\"letter-spacing:2.0pt\"> <\/span>In\ngeneral, a passive activity is a trade or business activity in which a taxpayer\ndoes<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:\n-.25pt\"> <\/span>materially<span style=\"letter-spacing:-.3pt\"> <\/span>participate.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>trade<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>activity<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>leasing<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>treated<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>passive<span style=\"letter-spacing:-.2pt\">\n<\/span>activity.<span style=\"letter-spacing:2.0pt\"> <\/span>Code<span style=\"letter-spacing:-.2pt\"> <\/span>Section 469 generally provides that losses\nand credits from a passive activity may be used only to offset income from\nother passive activities, but not portfolio income.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Conversely, income from a passive activity generally may be\noffset by losses<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>credits<span style=\"letter-spacing:-.65pt\">\n<\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>passive<span style=\"letter-spacing:-.6pt\">\n<\/span>activities<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.6pt\"> <\/span>an<span style=\"letter-spacing:-.35pt\"> <\/span>\u201cactive\u201d<span style=\"letter-spacing:-.6pt\">\n<\/span>business.<span style=\"letter-spacing:1.3pt\"> <\/span>However,<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>respect<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>certain<span style=\"letter-spacing:-.6pt\"> <\/span>closely held subchapter C corporations,\npassive losses and net income from an active business may be offset against\neach other.<span style=\"letter-spacing:2.0pt\"> <\/span>Members should consult\ntheir own tax advisors concerning the application of the passive activity\nrules.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:43.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Application<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>At-Risk<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Limitations.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Generally, the\nlosses that a taxpayer can claim in certain activities are limited by Code\nSection 465 to the amount<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>taxpayer<span style=\"letter-spacing:-.15pt\"> <\/span>has<span style=\"letter-spacing:-.15pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>risk<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>respect<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>activities.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Losses<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>disallowed<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>year<span style=\"letter-spacing:-.1pt\"> <\/span>because<span style=\"letter-spacing:-.1pt\"> <\/span>of the at-risk limitations are carried\nover to succeeding years and can be used in those years to the extent that the\nMember\u2019s at-risk amount has increased.<span style=\"letter-spacing:2.0pt\"> <\/span>A\ntaxpayer is considered to be at risk in any activity with respect to (i) the\nnet<span style=\"letter-spacing:-.5pt\"> <\/span>amount<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>money<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>adjusted<span style=\"letter-spacing:-.45pt\">\n<\/span>basis<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.6pt\">\n<\/span>contributed<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>taxpayer<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>activity;<span style=\"letter-spacing:-.5pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>(ii)<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>amount\nborrowed with respect to the activity to the extent that: (a) the taxpayer is\nconsidered personally liable for the repayment<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>amount;<span style=\"letter-spacing:-.5pt\">\n<\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>(b)<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>net<span style=\"letter-spacing:-.55pt\"> <\/span>fair<span style=\"letter-spacing:-.55pt\"> <\/span>market<span style=\"letter-spacing:-.55pt\"> <\/span>value<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>taxpayer\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>interest<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>assets<span style=\"letter-spacing:-.5pt\">\n<\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>used<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>activity which he has pledged as security\nfor such borrowed amount.<span style=\"letter-spacing:2.0pt\"> <\/span>A\ntaxpayer\u2019s at-risk amount is increased by profits earned<span style=\"letter-spacing:\n-.55pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>activity<span style=\"letter-spacing:-.6pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>decreased<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>losses<span style=\"letter-spacing:-.65pt\"> <\/span>occurring<span style=\"letter-spacing:\n-.6pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>activity.<span style=\"letter-spacing:1.3pt\">\n<\/span>Members<span style=\"letter-spacing:-.65pt\"> <\/span>should<span style=\"letter-spacing:-.6pt\"> <\/span>consult<span style=\"letter-spacing:-.65pt\">\n<\/span>their<span style=\"letter-spacing:-.6pt\"> <\/span>own<span style=\"letter-spacing:-.55pt\"> <\/span>tax<span style=\"letter-spacing:-.55pt\"> <\/span>advisors\nconcerning the application of at-risk rules.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Excess<span style=\"letter-spacing:-.3pt\"> <\/span>Business<span style=\"letter-spacing:-.3pt\"> <\/span>Losses<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Noncorporate<span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Taxpayers<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Code Section\n461(l) provides that a noncorporate taxpayer is not allowed to claim a\ndeduction for excess business<span style=\"letter-spacing:-.65pt\"> <\/span>losses.<span style=\"letter-spacing:.4pt\"> <\/span>An<span style=\"letter-spacing:-.65pt\"> <\/span>\u201cexcess<span style=\"letter-spacing:-.6pt\"> <\/span>business<span style=\"letter-spacing:-.65pt\">\n<\/span>loss\u201d<span style=\"letter-spacing:-.6pt\"> <\/span>(an<span style=\"letter-spacing:-.5pt\"> <\/span><i>\u201cEBL\u201d<\/i>)<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>excess,<span style=\"letter-spacing:-.65pt\">\n<\/span>if<span style=\"letter-spacing:-.6pt\"> <\/span>any,<span style=\"letter-spacing:\n-.65pt\"> <\/span>of:<span style=\"letter-spacing:-.6pt\"> <\/span>(1)<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>taxpayer\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>aggregate<span style=\"letter-spacing:\n-.6pt\"> <\/span>deductions for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>taxpayer\u2019s<span style=\"letter-spacing:\n-.45pt\"> <\/span>trade<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>businesses,<span style=\"letter-spacing:\n-.4pt\"> <\/span>determined<span style=\"letter-spacing:-.3pt\"> <\/span>without<span style=\"letter-spacing:-.4pt\"> <\/span>regard<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>whether<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>deductions<span style=\"letter-spacing:-.4pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>disallowed<span style=\"letter-spacing:-.3pt\"> <\/span>for such<span style=\"letter-spacing:-.1pt\">\n<\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>year<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>EBL<span style=\"letter-spacing:-.15pt\"> <\/span>limitation<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>deduction<span style=\"letter-spacing:\n-.1pt\"> <\/span>allowable<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>NOLs<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>qualified<span style=\"letter-spacing:\n-.15pt\"> <\/span>business<span style=\"letter-spacing:-.15pt\"> <\/span>income;<span style=\"letter-spacing:-.15pt\"> <\/span>over<span style=\"letter-spacing:-.15pt\"> <\/span>(2)\nthe<span style=\"letter-spacing:.4pt\"> <\/span>sum<span style=\"letter-spacing:\n.4pt\"> <\/span>(x)<span style=\"letter-spacing:.4pt\"> <\/span>the<span style=\"letter-spacing:.4pt\"> <\/span>taxpayer\u2019s<span style=\"letter-spacing:.35pt\">\n<\/span>aggregate<span style=\"letter-spacing:.4pt\"> <\/span>gross<span style=\"letter-spacing:.35pt\"> <\/span>income<span style=\"letter-spacing:.4pt\"> <\/span>or<span style=\"letter-spacing:.3pt\"> <\/span>gain<span style=\"letter-spacing:.3pt\"> <\/span>for<span style=\"letter-spacing:.4pt\"> <\/span>the<span style=\"letter-spacing:.4pt\"> <\/span>tax<span style=\"letter-spacing:.3pt\"> <\/span>year<span style=\"letter-spacing:.4pt\"> <\/span>from<span style=\"letter-spacing:.4pt\"> <\/span>such<span style=\"letter-spacing:.45pt\"> <\/span>trades<span style=\"letter-spacing:.4pt\"> <\/span>or<span style=\"letter-spacing:.4pt\"> <\/span>businesses,<span style=\"letter-spacing:.4pt\"> <\/span>plus<span style=\"letter-spacing:.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">(y)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.55pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">$270,000 (or $540,000 in the\ncase of a married couple filing a joint return).<span style=\"letter-spacing:\n2.0pt\"> <\/span>Currently, the previous mentioned provisions in Code Section\n461(l) apply to taxable years that begin before January 1, 2029.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:43.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any<span style=\"letter-spacing:.8pt\"> <\/span>excess<span style=\"letter-spacing:.6pt\"> <\/span>business<span style=\"letter-spacing:.7pt\"> <\/span>loss<span style=\"letter-spacing:.7pt\"> <\/span>that<span style=\"letter-spacing:.8pt\"> <\/span>is<span style=\"letter-spacing:.7pt\"> <\/span>disallowed<span style=\"letter-spacing:.8pt\"> <\/span>would<span style=\"letter-spacing:.65pt\"> <\/span>be<span style=\"letter-spacing:.8pt\"> <\/span>carried<span style=\"letter-spacing:.8pt\"> <\/span>forward<span style=\"letter-spacing:.7pt\"> <\/span>as<span style=\"letter-spacing:.75pt\"> <\/span>a<span style=\"letter-spacing:.65pt\"> <\/span>net<span style=\"letter-spacing:.7pt\"> <\/span>operating<span style=\"letter-spacing:.7pt\"> <\/span>loss<span style=\"letter-spacing:.7pt\"> <\/span>(a<span style=\"letter-spacing:1.1pt\"> <\/span><i><span style=\"letter-spacing:-.1pt\">\u201cNOL\u201d<\/span><\/i><span style=\"letter-spacing:-.1pt\">).<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:7.0pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">NOLs<span style=\"letter-spacing:\n-.25pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>limited<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>offset<span style=\"letter-spacing:-.2pt\"> <\/span>up<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>eighty<span style=\"letter-spacing:-.15pt\">\n<\/span>(80%)<span style=\"letter-spacing:-.15pt\"> <\/span>percent<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>taxpayer\u2019s<span style=\"letter-spacing:\n-.2pt\"> <\/span>taxable<span style=\"letter-spacing:-.2pt\"> <\/span>income<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">year.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limitations<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>Certain<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Deductions.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.1pt\"> <\/span>expenses<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:\n-.05pt\"> <\/span>individual<span style=\"letter-spacing:-.2pt\"> <\/span>taxpayer<span style=\"letter-spacing:-.15pt\"> <\/span>paid<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>incurred<span style=\"letter-spacing:-.15pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>production<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>income,<span style=\"letter-spacing:-.2pt\">\n<\/span>but<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>attributable<span style=\"letter-spacing:\n-.1pt\"> <\/span>to a trade or business (\u201c<i>Section\n212 Expenses<\/i>\u201d), as itemized deductions, are not deductible for tax years\n2018 through 2025 pursuant to the Tax Cuts and Jobs Act.<span style=\"letter-spacing:\n4.0pt\"> <\/span>After 2025, such expenses would be deductible only to the extent\nthat they, along with certain other \u201cmiscellaneous itemized deductions,\u201d exceed\ntwo (2%) percent of the taxpayer\u2019s adjusted gross income for that taxable year.<span style=\"letter-spacing:2.0pt\"> <\/span>Section 212 Expenses are generally not\ndeductible by a noncorporate taxpayer in calculating its alternative minimum\ntax liability.<span style=\"letter-spacing:2.0pt\"> <\/span>Corporate taxpayers\nand tax-exempt organizations are not affected by the two (2%) percent floor.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limitations<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>Interest<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Deductions.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Code Section\n163(d) disallows a noncorporate taxpayer\u2019s deduction for \u201cinvestment interest\u201d\nin excess of \u201cnet investment income,\u201d as those terms are defined in Code\nSection 163(d).<span style=\"letter-spacing:2.0pt\"> <\/span>It is possible that\nthis limitation may limit<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>deductibility<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>noncorporate<span style=\"letter-spacing:\n-.45pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>share<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>interest<span style=\"letter-spacing:-.5pt\">\n<\/span>paid<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>(if<span style=\"letter-spacing:-.55pt\"> <\/span>any)<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>could<span style=\"letter-spacing:-.4pt\"> <\/span>potentially limit the deductibility of\ninterest paid by a noncorporate Investors on indebtedness incurred to finance\nhis or her purchase of Units.<span style=\"letter-spacing:2.0pt\"> <\/span>Again,\nthis discussion does not address any income tax consequences where the\nindebtedness is made to the REIT Subsidiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Organizational<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Syndication<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Costs.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Expenses<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>organizing<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>promoting<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>sale<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.6pt\"> <\/span>(i.e.,<span style=\"letter-spacing:-.5pt\"> <\/span>\u201csyndication<span style=\"letter-spacing:\n-.45pt\"> <\/span>expenses,\u201d which include<span style=\"letter-spacing:-.1pt\"> <\/span>sales\ncommissions (including to the Managing Member or its Affiliates and if any,\nbroker-dealers), professional fees for preparing the subscription agreement and\nattachments, and printing costs) must be capitalized, and not deducted, by the\nFund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Adjustments<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>Basis<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Assets.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund may\nmake an election under Code Section 754 to adjust the tax basis of the assets\nof the Fund in connection<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>transfer<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>Units<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>certain<span style=\"letter-spacing:-.5pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.6pt\"> <\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund.<span style=\"letter-spacing:1.45pt\">\n<\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>also<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">generally<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">be<span style=\"letter-spacing:-.15pt\"> <\/span>required,<span style=\"letter-spacing:\n-.25pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>certain<span style=\"letter-spacing:-.1pt\"> <\/span>circumstances,<span style=\"letter-spacing:\n-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>reduce<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>basis<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>assets<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>connection<span style=\"letter-spacing:\n-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>certain<span style=\"letter-spacing:-.1pt\"> <\/span>transfers<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units and certain\ndistributions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Other<span style=\"letter-spacing:-.2pt\"> <\/span>Tax<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Considerations<\/span><\/span><\/u><\/i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.2pt\"> <\/span>Shelter<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Disclosure<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Certain rules\nrequire taxpayers to disclose &#8212; on their Federal income tax returns and, under\ncertain circumstances, separately to<span style=\"letter-spacing:-.05pt\"> <\/span>the\nOffice<span style=\"letter-spacing:-.05pt\"> <\/span>of Tax Shelter Analysis &#8212;\ntheir<span style=\"letter-spacing:-.05pt\"> <\/span>participation in \u201creportable\ntransactions\u201d and require \u201cmaterial advisors\u201d to maintain investor lists with\nrespect thereto.<span style=\"letter-spacing:2.0pt\"> <\/span>These rules apply to\na broad range of transactions,<span style=\"letter-spacing:-.3pt\"> <\/span>including<span style=\"letter-spacing:-.3pt\"> <\/span>transactions<span style=\"letter-spacing:\n-.35pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>would<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>ordinarily<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>viewed<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>tax<span style=\"letter-spacing:-.3pt\"> <\/span>shelters,<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:\n-.3pt\"> <\/span>indirect<span style=\"letter-spacing:-.35pt\"> <\/span>participation<span style=\"letter-spacing:-.3pt\"> <\/span>in a<span style=\"letter-spacing:-.15pt\"> <\/span>\u201creportable<span style=\"letter-spacing:-.15pt\"> <\/span>transaction\u201d<span style=\"letter-spacing:\n-.25pt\"> <\/span>(such<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>through<span style=\"letter-spacing:-.1pt\">\n<\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>partnership).<span style=\"letter-spacing:4.0pt\"> <\/span>Investors<span style=\"letter-spacing:-.2pt\">\n<\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>urged<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>consult<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>their<span style=\"letter-spacing:-.1pt\"> <\/span>own<span style=\"letter-spacing:-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>advisers with respect to the Treasury\nRegulations\u2019 effect on an investment in the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.25pt\"> <\/span>Shelter<span style=\"letter-spacing:-.3pt\">\n<\/span>Reporting<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Rules<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A<span style=\"letter-spacing:-.45pt\"> <\/span>participant<span style=\"letter-spacing:\n-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>\u201creportable<span style=\"letter-spacing:\n-.45pt\"> <\/span>transaction\u201d<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>required<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>disclose<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>participation<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>filing Form 8886\n(the \u201c<i>Reportable Transaction Disclosure\nStatement<\/i>\u201d), with its tax return for each taxable year in which the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>participates<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>\u201creportable<span style=\"letter-spacing:\n-.15pt\"> <\/span>transaction.\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.1pt\"> <\/span>addition,<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>material<span style=\"letter-spacing:-.15pt\"> <\/span>advisors<span style=\"letter-spacing:-.2pt\">\n<\/span>to the Fund may be required to file Form 8264 (the \u201c<i>Application for Registration of a Tax Shelter<\/i>\u201d), containing certain\ninformation about the \u201creportable transaction\u201d and comply with detailed\nlist-maintenance requirements specified in the<span style=\"letter-spacing:-.15pt\">\n<\/span>Code<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>Treasury<span style=\"letter-spacing:-.1pt\">\n<\/span>Regulations.<span style=\"letter-spacing:2.0pt\"> <\/span>Additionally,<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>treated<span style=\"letter-spacing:-.1pt\">\n<\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>participating<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>\u201creportable<span style=\"letter-spacing:\n-.15pt\"> <\/span>transaction\u201d of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>required<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>file<span style=\"letter-spacing:\n-.35pt\"> <\/span>Form<span style=\"letter-spacing:-.2pt\"> <\/span>8886<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>return.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Member,<span style=\"letter-spacing:-.2pt\"> <\/span>respectively,<span style=\"letter-spacing:\n-.2pt\"> <\/span>must<span style=\"letter-spacing:-.25pt\"> <\/span>also submit a\ncopy of the completed form with the IRS\u2019s Office of Tax Shelter Analysis.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing\nMember cannot predict whether any of the Fund\u2019s transactions will subject it,\nthe Fund, or any of the Members to the aforementioned requirements.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.2pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">INVESTORS\nSHOULD CONSULT THEIR OWN TAX ADVISERS ABOUT THEIR OBLIGATION TO REPORT OR\nDISCLOSE TO THE IRS INFORMATION ABOUT THEIR INVESTMENT IN THE FUND AND\nPARTICIPATION IN THE FUND\u2019S ITEMS OF INCOME, GAIN, LOSS OR DEDUCTION WITH\nRESPECT TO TRANSACTIONS OR INVESTMENTS SUBJECT TO THESE RULES.<span style=\"letter-spacing:2.0pt\"> <\/span>IT IS POSSIBLE THAT THE FUND COULD<span style=\"letter-spacing:-.55pt\"> <\/span>INVEST<span style=\"letter-spacing:-.55pt\">\n<\/span>IN<span style=\"letter-spacing:-.55pt\"> <\/span>A<span style=\"letter-spacing:\n-.45pt\"> <\/span>TRANSACTION<span style=\"letter-spacing:-.45pt\"> <\/span>THAT<span style=\"letter-spacing:-.5pt\"> <\/span>LATER<span style=\"letter-spacing:-.5pt\"> <\/span>BECOMES<span style=\"letter-spacing:-.45pt\"> <\/span>A<span style=\"letter-spacing:-.55pt\"> <\/span>LISTED<span style=\"letter-spacing:-.55pt\"> <\/span>TRANSACTION<span style=\"letter-spacing:\n-.55pt\"> <\/span>(A<span style=\"letter-spacing:-.45pt\"> <\/span>CATEGORY OF\nREPORTABLE TRANSACTION), WHICH IN ADDITION TO THE ITEMS ABOVE, COULD RESULT IN\nAN EXCISE TAX TO APPLY TO THE MEMBERS.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.2pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In addition,\npursuant to these rules, the Fund may provide to its advisers identifying\ninformation about the Members and their participation in the Fund and the\nFund\u2019s items of income, gain, loss or deduction from those transactions or\ninvestments, and the Fund or its advisers may disclose this information to the\nIRS upon its request.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Audit<span style=\"letter-spacing:-.25pt\"> <\/span>Risk<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>Resolution<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Disputes<span style=\"letter-spacing:-.2pt\"> <\/span>Involving<span style=\"letter-spacing:-.15pt\">\n<\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>Tax<span style=\"letter-spacing:-.2pt\"> <\/span>Liability<span style=\"letter-spacing:-.2pt\"> <\/span>Resulting<span style=\"letter-spacing:-.1pt\">\n<\/span>From<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Audit.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Recent IRS\nprocedures apply<span style=\"letter-spacing:-.1pt\"> <\/span>to the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>These\nnew partnership audit procedures will require the Fund to pay tax (including\ninterest and penalties) on any adjustments to taxable income made as a result\nof an audit.<span style=\"letter-spacing:2.0pt\"> <\/span>The amount<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>paid<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>determined<span style=\"letter-spacing:\n-.4pt\"> <\/span>without<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>benefit<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>level<span style=\"letter-spacing:-.35pt\">\n<\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>items<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>could<span style=\"letter-spacing:-.35pt\"> <\/span>otherwise reduce<span style=\"letter-spacing:\n-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>due<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>adjustment.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Because<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>audit<span style=\"letter-spacing:-.15pt\"> <\/span>adjustment<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>economic<span style=\"letter-spacing:-.2pt\"> <\/span>burden<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>any such<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>would<span style=\"letter-spacing:-.3pt\"> <\/span>fall<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Members<span style=\"letter-spacing:-.25pt\">\n<\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>time<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>audit<span style=\"letter-spacing:-.25pt\"> <\/span>adjustment<span style=\"letter-spacing:-.25pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>paid.<span style=\"letter-spacing:2.0pt\"> <\/span>However,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>may instead<span style=\"letter-spacing:\n-.2pt\"> <\/span>elect<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>pass<span style=\"letter-spacing:-.35pt\"> <\/span>through<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>audit<span style=\"letter-spacing:-.3pt\"> <\/span>adjustments<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>those<span style=\"letter-spacing:-.35pt\"> <\/span>who<span style=\"letter-spacing:-.2pt\"> <\/span>were<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>\u201creviewed<span style=\"letter-spacing:-.2pt\"> <\/span>year\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>to\nwhich the audit adjustment relates.<span style=\"letter-spacing:2.0pt\"> <\/span>If\nthe Fund were to make such election with respect to an audit adjustment, the\ntax burden associated with such adjustment would fall on those Members who held\nUnits in the \u201creviewed year\u201d to which the audit adjustment relates.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Code\nprovides for one person to be designated as the \u201cPartnership Representative\u201d\nfor these purposes, who is<span style=\"letter-spacing:-.05pt\"> <\/span>generally\nthe person that will be responsible for handling the audit.<span style=\"letter-spacing:2.0pt\"> <\/span>The LLC<span style=\"letter-spacing:-.05pt\">\n<\/span>Agreement appoints<span style=\"letter-spacing:-.05pt\"> <\/span>Managing\nMember<span style=\"letter-spacing:.2pt\"> <\/span>as<span style=\"letter-spacing:\n.1pt\"> <\/span>the<span style=\"letter-spacing:.2pt\"> <\/span>Partnership<span style=\"letter-spacing:.2pt\"> <\/span>Representative<span style=\"letter-spacing:\n.15pt\"> <\/span>for<span style=\"letter-spacing:.2pt\"> <\/span>the<span style=\"letter-spacing:.15pt\"> <\/span>Fund.<span style=\"letter-spacing:2.9pt\"> <\/span>If<span style=\"letter-spacing:.05pt\"> <\/span>an<span style=\"letter-spacing:.25pt\"> <\/span>entity<span style=\"letter-spacing:.15pt\"> <\/span>is<span style=\"letter-spacing:.15pt\"> <\/span>appointed<span style=\"letter-spacing:.2pt\"> <\/span>as<span style=\"letter-spacing:.1pt\"> <\/span>the<span style=\"letter-spacing:.2pt\"> <\/span>Partnership<span style=\"letter-spacing:\n.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Representative,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">then<span style=\"letter-spacing:1.0pt\"> <\/span>an<span style=\"letter-spacing:.85pt\"> <\/span>individual<span style=\"letter-spacing:.9pt\"> <\/span>still<span style=\"letter-spacing:.85pt\"> <\/span>needs<span style=\"letter-spacing:.75pt\"> <\/span>to<span style=\"letter-spacing:.95pt\"> <\/span>be<span style=\"letter-spacing:.95pt\"> <\/span>appointed<span style=\"letter-spacing:.95pt\">\n<\/span>by<span style=\"letter-spacing:.95pt\"> <\/span>the<span style=\"letter-spacing:\n.8pt\"> <\/span>Fund<span style=\"letter-spacing:.75pt\"> <\/span>as<span style=\"letter-spacing:.9pt\"> <\/span>a<span style=\"letter-spacing:.95pt\"> <\/span>designated<span style=\"letter-spacing:1.0pt\"> <\/span>individual<span style=\"letter-spacing:\n.9pt\"> <\/span>to<span style=\"letter-spacing:.85pt\"> <\/span>act<span style=\"letter-spacing:.9pt\"> <\/span>on<span style=\"letter-spacing:.85pt\"> <\/span>behalf<span style=\"letter-spacing:.95pt\"> <\/span>Partnership <span style=\"letter-spacing:\n-.1pt\">Representative.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If the<span style=\"letter-spacing:-.05pt\"> <\/span>IRS<span style=\"letter-spacing:-.05pt\"> <\/span>(or\nany<span style=\"letter-spacing:-.05pt\"> <\/span>state<span style=\"letter-spacing:\n-.05pt\"> <\/span>or local<span style=\"letter-spacing:-.05pt\"> <\/span>taxing\nauthority,<span style=\"letter-spacing:-.1pt\"> <\/span>to the<span style=\"letter-spacing:-.05pt\"> <\/span>extent<span style=\"letter-spacing:-.05pt\">\n<\/span>similar audit<span style=\"letter-spacing:-.05pt\"> <\/span>procedures<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>followed\nby such taxing<span style=\"letter-spacing:-.2pt\"> <\/span>authority)<span style=\"letter-spacing:-.25pt\"> <\/span>audits<span style=\"letter-spacing:-.35pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>information<span style=\"letter-spacing:\n-.2pt\"> <\/span>return<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>taxable<span style=\"letter-spacing:-.25pt\">\n<\/span>years<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>makes<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>adjustments<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>taxable<span style=\"letter-spacing:-.25pt\"> <\/span>income as<span style=\"letter-spacing:\n-.65pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>result<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>audit,<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Partnership<span style=\"letter-spacing:-.55pt\"> <\/span>Representative<span style=\"letter-spacing:\n-.6pt\"> <\/span>will,<span style=\"letter-spacing:-.65pt\"> <\/span>at<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>direction<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing\nMember\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>sole<span style=\"letter-spacing:\n-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>absolute<span style=\"letter-spacing:-.4pt\"> <\/span>discretion,<span style=\"letter-spacing:\n-.35pt\"> <\/span>determine<span style=\"letter-spacing:-.35pt\"> <\/span>whether<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>elect<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>pass<span style=\"letter-spacing:-.45pt\"> <\/span>through<span style=\"letter-spacing:-.35pt\">\n<\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>audit<span style=\"letter-spacing:-.55pt\"> <\/span>adjustments<span style=\"letter-spacing:\n-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>those<span style=\"letter-spacing:-.35pt\"> <\/span>who were<span style=\"letter-spacing:-.3pt\">\n<\/span>members<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>year<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>was<span style=\"letter-spacing:-.15pt\"> <\/span>audited.<span style=\"letter-spacing:1.85pt\"> <\/span>If<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>tax<span style=\"letter-spacing:-.3pt\"> <\/span>liability<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>passed<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Members,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>may not<span style=\"letter-spacing:-.5pt\">\n<\/span>make<span style=\"letter-spacing:-.6pt\"> <\/span>cash<span style=\"letter-spacing:-.45pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>assist<span style=\"letter-spacing:-.5pt\"> <\/span>them<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>paying<span style=\"letter-spacing:-.45pt\">\n<\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>tax<span style=\"letter-spacing:\n-.55pt\"> <\/span>liability<span style=\"letter-spacing:-.45pt\"> <\/span>resulting<span style=\"letter-spacing:-.6pt\"> <\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>audit<span style=\"letter-spacing:-.55pt\">\n<\/span>unless<span style=\"letter-spacing:-.55pt\"> <\/span>otherwise determined<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>sole<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>absolute<span style=\"letter-spacing:-.15pt\"> <\/span>discretion.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Each<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>required<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>cooperate<span style=\"letter-spacing:-.15pt\"> <\/span>with the Partnership Representative and\nto take such actions as requested by the Managing Member in connection with\nsuch audit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Further,<span style=\"letter-spacing:-.35pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>required<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>pay<span style=\"letter-spacing:\n-.3pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>audit<span style=\"letter-spacing:-.4pt\"> <\/span>adjustments<span style=\"letter-spacing:\n-.45pt\"> <\/span>assessed<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>IRS<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>state<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>local<span style=\"letter-spacing:-.4pt\"> <\/span>taxing authorities<span style=\"letter-spacing:\n-.3pt\"> <\/span>resulting<span style=\"letter-spacing:-.2pt\"> <\/span>from<span style=\"letter-spacing:-.25pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>audit,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>allocate<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.2pt\"> <\/span>among<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>current<span style=\"letter-spacing:-.4pt\">\n<\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>former<span style=\"letter-spacing:-.2pt\"> <\/span>Members of the Fund for the \u201creviewed\nyear\u201d to which the assessment relates in a manner that reflects the current or\nformer Members\u2019 respective interests in the Fund for that reviewed year based\non such Member\u2019s share of such assessment as would have occurred if the Fund\nhad amended the tax returns for such reviewed year and such Member incurred the\ntax liability directly (using the tax rates applicable to the Fund under Code\nSection 6225(b)).<span style=\"letter-spacing:2.0pt\"> <\/span>To the extent the\nFund is<span style=\"letter-spacing:-.05pt\"> <\/span>assessed amounts, the\ncurrent or<span style=\"letter-spacing:-.1pt\"> <\/span>former Member(s)<span style=\"letter-spacing:-.1pt\"> <\/span>to which this<span style=\"letter-spacing:\n-.05pt\"> <\/span>audit adjustment relates are required under the<span style=\"letter-spacing:-.25pt\"> <\/span>LLC<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>pay<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>such\nMember\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>share<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>audit<span style=\"letter-spacing:-.3pt\"> <\/span>adjustments<span style=\"letter-spacing:-.3pt\"> <\/span>including<span style=\"letter-spacing:-.2pt\">\n<\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>share of<span style=\"letter-spacing:-.35pt\">\n<\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>additional<span style=\"letter-spacing:-.4pt\"> <\/span>accrued<span style=\"letter-spacing:-.3pt\">\n<\/span>penalties<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>interest<span style=\"letter-spacing:-.4pt\">\n<\/span>assessed<span style=\"letter-spacing:-.3pt\"> <\/span>against<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>relating<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.45pt\">\n<\/span>share<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>audit\nadjustments.<span style=\"letter-spacing:2.0pt\"> <\/span>If a Member does not\ntimely pay to the Fund the full amount of its share of the audit adjustment,\nthen the shortfall will be treated as an amount due and payable by the Fund to\nthe defaulting Member, bearing interest at the<span style=\"letter-spacing:-.5pt\">\n<\/span>rate<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:\n-.55pt\"> <\/span>ten<span style=\"letter-spacing:-.55pt\"> <\/span>percent<span style=\"letter-spacing:-.6pt\"> <\/span>(10%)<span style=\"letter-spacing:-.55pt\"> <\/span>per<span style=\"letter-spacing:-.45pt\"> <\/span>annum,<span style=\"letter-spacing:-.5pt\">\n<\/span>compounded<span style=\"letter-spacing:-.45pt\"> <\/span>annually,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>pursue<span style=\"letter-spacing:-.5pt\">\n<\/span>several<span style=\"letter-spacing:-.5pt\"> <\/span>remedies<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>set<span style=\"letter-spacing:-.5pt\"> <\/span>forth in the LLC Agreement.<span style=\"letter-spacing:2.0pt\"> <\/span>These provisions survive the dissolution\nof the Fund and the withdrawal of any Member or the transfer or redemption of\nany of the Member\u2019s Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading8\" align=\"left\" style=\"margin: 0.05pt 0in 0.0001pt 43pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">General<span style=\"letter-spacing:-.3pt\"> <\/span>Rules<span style=\"letter-spacing:-.3pt\"> <\/span>Applicable<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>Tax-Exempt<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Organizations<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:11.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A tax-exempt organization\ngenerally is exempt from Federal income tax on its passive investment income,\nsuch as dividends, interest, and capital gains, whether realized by the\norganization directly or indirectly through a partnership in which it<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>partner.<span style=\"letter-spacing:-.05pt\">\n<\/span>(Tax-exempt<span style=\"letter-spacing:-.05pt\"> <\/span>organizations<span style=\"letter-spacing:-.05pt\"> <\/span>which are<span style=\"letter-spacing:\n-.15pt\"> <\/span>private foundations<span style=\"letter-spacing:-.05pt\"> <\/span>currently<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.05pt\"> <\/span>subject<span style=\"letter-spacing:-.05pt\"> <\/span>to a tax on their \u201cnet investment\nincome.\u201d)<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The general\nexemption from tax afforded to tax-exempt organizations does not apply to their\n\u201cunrelated business<span style=\"letter-spacing:-.15pt\"> <\/span>taxable<span style=\"letter-spacing:-.1pt\"> <\/span>income\u201d<span style=\"letter-spacing:-.2pt\">\n<\/span>(\u201c<i>UBTI<\/i>\u201d).<span style=\"letter-spacing:-.1pt\"> <\/span>A<span style=\"letter-spacing:-.1pt\"> <\/span>type<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>UBTI<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>income<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>gain<span style=\"letter-spacing:-.15pt\"> <\/span>derived<span style=\"letter-spacing:-.05pt\">\n<\/span>directly<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>through<span style=\"letter-spacing:-.05pt\">\n<\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>partnership<span style=\"letter-spacing:-.05pt\"> <\/span>from \u201cdebt-financed property\u201d, which is\nany income-producing property with respect to which there is \u201cacquisition\nindebtedness\u201d<span style=\"letter-spacing:-.5pt\"> <\/span>at<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>time<span style=\"letter-spacing:-.6pt\"> <\/span>during<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>taxable<span style=\"letter-spacing:-.6pt\"> <\/span>year.<span style=\"letter-spacing:2.0pt\"> <\/span>Gain<span style=\"letter-spacing:-.55pt\"> <\/span>from<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>sale<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>exchange<span style=\"letter-spacing:-.5pt\">\n<\/span>of,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:\n-.6pt\"> <\/span>derived<span style=\"letter-spacing:-.45pt\"> <\/span>from,<span style=\"letter-spacing:-.6pt\"> <\/span>debt-financed property generally is\ntaxable in the proportion in which the property is financed by \u201cacquisition\nindebtedness.\u201d The LLC Agreement allows the Fund to incur indebtedness.\nTax-exempt organizations which are Members would be subject to Federal income\ntax on such portion of their income from the Fund that is considered to be\nUBTI.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Please note\nthat this discussion does not take into account the application of UBTI with\nrespect to the two- tiered<span style=\"letter-spacing:-.45pt\"> <\/span>structure<span style=\"letter-spacing:-.45pt\"> <\/span>whereby<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>makes<span style=\"letter-spacing:-.55pt\">\n<\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>investment<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>which<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>turn<span style=\"letter-spacing:-.6pt\"> <\/span>makes<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>investment<span style=\"letter-spacing:\n-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT Subsidiary.<span style=\"letter-spacing:\n2.0pt\"> <\/span>A tax-exempt organization should consult with its tax advisor as\nto such income tax treatment and the application of the rules with respect to\nUBTI.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_244\" o:spid=\"_x0000_s2215\" style=\"width:470.95pt;height:1.45pt;\n mso-position-horizontal-relative:char;mso-position-vertical-relative:line\" coordsize=\"59810,184\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1028\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-right:3.95pt\"><a name=\"_bookmark15\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">ERISA<span style=\"letter-spacing:\n-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">CONSIDERATIONS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_246\" o:spid=\"_x0000_s2214\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825349;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The\nEmployee Retirement Income Security Act of 1974, as amended (\u201c<u>ERISA<\/u>\u201d), is a broad statutory framework that\ngoverns most U.S. retirement and other U.S. employee benefit plans. ERISA and\nthe rules and regulations of the Department of Labor (the \u201c<u>DOL<\/u>\u201d) under ERISA contain provisions that should be considered by\nfiduciaries of employee benefit plans subject to the provisions or Title I of\nERISA (\u201cERISA Plans\u201d) and their legal advisors. In particular, a fiduciary of\nan ERISA Plan should consider whether an investment in the Units (or, in the\ncase<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:\n-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>participant-directed<span style=\"letter-spacing:-.4pt\"> <\/span>defined<span style=\"letter-spacing:-.4pt\">\n<\/span>contribution<span style=\"letter-spacing:-.4pt\"> <\/span>plan<span style=\"letter-spacing:-.4pt\"> <\/span>(a<span style=\"letter-spacing:-.45pt\"> <\/span>\u201cParticipant-Directed<span style=\"letter-spacing:-.4pt\"> <\/span>Plan\u201d),<span style=\"letter-spacing:-.45pt\">\n<\/span>making<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>available<span style=\"letter-spacing:-.45pt\"> <\/span>for investment under the Participant-Directed\nPlan) satisfies the requirements set forth in Part 4 of Title I of ERISA,\nincluding the requirements that (1) the investment satisfy the prudence and\ndiversification standards of ERISA, (2) the investment be in the best interests\nof the participants and beneficiaries of the ERISA Plan, (3) the investment be\npermissible<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>terms<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>ERISA<span style=\"letter-spacing:-.65pt\"> <\/span>Plan\u2019s<span style=\"letter-spacing:-.6pt\"> <\/span>investment<span style=\"letter-spacing:\n-.65pt\"> <\/span>policies<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>governing<span style=\"letter-spacing:\n-.6pt\"> <\/span>instruments<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>(4)<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">investment\n<span style=\"color:#221F1F\">does not give rise to a non-exempt prohibited\ntransaction under ERISA.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">In\ndetermining whether an investment in the Units (or making the Units available\nas an investment option under a Participant-Directed Plan) is prudent for ERISA\npurposes, a fiduciary of an ERISA Plan should consider all relevant facts and\ncircumstances including, without limitation, possible limitations on the\ntransferability of shares of the<span style=\"letter-spacing:-.2pt\"> <\/span>Units,<span style=\"letter-spacing:-.2pt\"> <\/span>whether<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:-.25pt\"> <\/span>provides<span style=\"letter-spacing:-.25pt\">\n<\/span>sufficient<span style=\"letter-spacing:-.25pt\"> <\/span>liquidity<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>light<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>foreseeable<span style=\"letter-spacing:\n-.2pt\"> <\/span>needs<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>ERISA<span style=\"letter-spacing:-.25pt\"> <\/span>Plan<span style=\"letter-spacing:-.2pt\"> <\/span>(or\nthe participant account in a Participant-Directed Plan), and<span style=\"letter-spacing:-.05pt\"> <\/span>whether the investment is<span style=\"letter-spacing:-.05pt\"> <\/span>reasonably<span style=\"letter-spacing:\n-.05pt\"> <\/span>designed, as part of the ERISA Plan\u2019s portfolio, to further the\nERISA Plan\u2019s purposes, taking into consideration the risk of loss and the\nopportunity for gain (or other return) associated with the investment. It\nshould be noted that the Fund will invest its assets in accordance with the\ninvestment objectives and guidelines described herein, and that neither\nManaging Member<span style=\"letter-spacing:-.2pt\"> <\/span>nor<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.25pt\"> <\/span>has<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>responsibility<span style=\"letter-spacing:\n-.3pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>developing<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>overall<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:\n-.25pt\"> <\/span>strategy<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>ERISA\nPlan (or the participant account in a Participant-Directed Plan) or for\nadvising any ERISA Plan (or participant in a Participant-Directed Plan) as to\nthe advisability or<span style=\"letter-spacing:-.1pt\"> <\/span>prudence<span style=\"letter-spacing:-.1pt\"> <\/span>of an investment in the Fund.<span style=\"letter-spacing:-.1pt\"> <\/span>Rather, it is<span style=\"letter-spacing:\n-.05pt\"> <\/span>the obligation of the appropriate fiduciary for each ERISA Plan\n(or participant in a Participant-Directed Plan) to consider whether an\ninvestment in the Units by the ERISA Plan (or making the Units available for\ninvestment under a <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Participant<span style=\"color:#221F1F\">&#8211; Directed Plan in which event it is<span style=\"letter-spacing:-.05pt\"> <\/span>the obligation of the participant to\nconsider whether an investment in shares of the Units is advisable), when\njudged in light of the overall portfolio of the ERISA Plan, will meet the\nprudence, diversification and other applicable requirements of ERISA.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Section\n406 of ERISA and Section 4975 of the Code prohibit certain transactions\ninvolving the assets of an ERISA Plan, as well as those plans that are not\nsubject to ERISA but that are subject to Section 4975 of the Code, such as\nindividual retirement accounts (\u201cIRAs\u201d) and non-ERISA Keogh plans (collectively\nwith ERISA Plans, \u201cPlans\u201d), and certain<span style=\"letter-spacing:-.05pt\"> <\/span>persons<span style=\"letter-spacing:-.05pt\"> <\/span>(referred<span style=\"letter-spacing:\n-.05pt\"> <\/span>to as \u201cparties<span style=\"letter-spacing:-.05pt\"> <\/span>in\ninterest\u201d for purposes of ERISA or<span style=\"letter-spacing:-.1pt\"> <\/span>\u201cdisqualified\npersons\u201d for <span style=\"letter-spacing:-.1pt\">purposes of the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Code)<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">having<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">certain\nrelationships<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Plans, unless<\/span><span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">a statutory or<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">administrative\nexemption is<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">applicable <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>transaction.<span style=\"letter-spacing:-.1pt\"> <\/span>A<span style=\"letter-spacing:-.1pt\"> <\/span>party<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>interest<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>disqualified<span style=\"letter-spacing:-.05pt\"> <\/span>person<span style=\"letter-spacing:-.15pt\">\n<\/span>who<span style=\"letter-spacing:-.05pt\"> <\/span>engages<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>non-exempt<span style=\"letter-spacing:\n-.25pt\"> <\/span>prohibited<span style=\"letter-spacing:-.05pt\"> <\/span>transaction<span style=\"letter-spacing:-.05pt\"> <\/span>may be subject to non-deductible excise\ntaxes and other penalties and liabilities under ERISA and the Code, and the\ntransaction<span style=\"letter-spacing:-.1pt\"> <\/span>might<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>rescinded.<span style=\"letter-spacing:-.15pt\"> <\/span>In<span style=\"letter-spacing:-.1pt\"> <\/span>addition,<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>fiduciary<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>causes<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>ERISA<span style=\"letter-spacing:-.2pt\"> <\/span>Plan<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>engage<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:\n-.25pt\"> <\/span>non-exempt prohibited<span style=\"letter-spacing:-.15pt\"> <\/span>transaction<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>personally<span style=\"letter-spacing:\n-.05pt\"> <\/span>liable<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>resultant<span style=\"letter-spacing:-.15pt\"> <\/span>loss<span style=\"letter-spacing:-.15pt\"> <\/span>incurred<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>ERISA<span style=\"letter-spacing:-.15pt\"> <\/span>Plan<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>subject\nto other potential remedies.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">A<span style=\"letter-spacing:-.35pt\"> <\/span>Plan<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>proposes<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>invest<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>(or<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>make<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>available<span style=\"letter-spacing:-.35pt\">\n<\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>investment<span style=\"letter-spacing:-.35pt\"> <\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>Participant- Directed Plan) may already\nmaintain a relationship with the Managing Member or one or more of its\nAffiliates, as a result of <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">which\n<span style=\"color:#221F1F\">the Managing Member or such affiliate may be a\n\u201cparty in interest\u201d under ERISA or a \u201cdisqualified person\u201d<span style=\"letter-spacing:-.45pt\"> <\/span>under<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Code,<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:\n-.4pt\"> <\/span>Plan<span style=\"letter-spacing:-.4pt\"> <\/span>(e.g.,<span style=\"letter-spacing:-.45pt\"> <\/span>if<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\">\n<\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>affiliate<span style=\"letter-spacing:-.45pt\"> <\/span>provides<span style=\"letter-spacing:-.5pt\">\n<\/span>investment management, investment advisory or other services to that\nPlan). ERISA (and the Code) prohibits plan <\/span>assets <span style=\"color:#221F1F\">from being<span style=\"letter-spacing:-.65pt\"> <\/span>used<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>benefit<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:\n-.6pt\"> <\/span>party<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>interest<span style=\"letter-spacing:-.6pt\">\n<\/span>(or<span style=\"letter-spacing:-.55pt\"> <\/span>disqualified<span style=\"letter-spacing:-.55pt\"> <\/span>person).<span style=\"letter-spacing:-.55pt\">\n<\/span>This<span style=\"letter-spacing:-.6pt\"> <\/span>prohibition<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>triggered<span style=\"letter-spacing:-.55pt\">\n<\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>\u201cincidental\u201d benefits<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>party<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>interest<span style=\"letter-spacing:-.4pt\">\n<\/span>(or<span style=\"letter-spacing:-.35pt\"> <\/span>disqualified<span style=\"letter-spacing:-.45pt\"> <\/span>person)<span style=\"letter-spacing:-.35pt\">\n<\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>result<span style=\"letter-spacing:-.1pt\"> <\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.45pt\"> <\/span>involving<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Plan<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>motivated\nsolely by the interests of the Plan. ERISA (and the Code) also prohibits a\nfiduciary from using its position to cause the Plan to make an investment from\nwhich the fiduciary, its Affiliates, or certain parties in which it has an\ninterest would receive a fee or other consideration or benefit. In this\ncircumstance, Plans that propose to invest in the Units<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#221F1F\">should<span style=\"letter-spacing:-.25pt\"> <\/span>consult<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>their<span style=\"letter-spacing:-.25pt\"> <\/span>counsel<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>determine<span style=\"letter-spacing:-.25pt\"> <\/span>whether<span style=\"letter-spacing:-.2pt\">\n<\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>would<span style=\"letter-spacing:-.25pt\"> <\/span>result<span style=\"letter-spacing:-.3pt\">\n<\/span>in a<span style=\"letter-spacing:-.25pt\"> <\/span>transaction<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>is\nprohibited by ERISA or the Code.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">If\nthe Fund\u2019s assets were considered to be assets of a Plan (referred to herein as\n\u201c<u>Plan Assets<\/u>\u201d), the Fund\u2019s management\nmight be deemed to be fiduciaries of the investing Plan. In this event, the\noperation of the Fund could become subject to the restrictions of the fiduciary\nresponsibility and prohibited transaction provisions of Title I of ERISA and\/or\nthe prohibited transaction rules of the Code.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Neither\nERISA nor the Code contains a definition of Plan Assets. The DOL has\npromulgated a final regulation under ERISA, 29 C.F.R. \u00a72510.3-101 (as amended\nby Section 3(42) of ERISA, the \u201c<u>Plan<\/u> <u>Assets<\/u> <u>Regulation<\/u>\u201d),<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>provides<span style=\"letter-spacing:-.4pt\"> <\/span>guidelines<span style=\"letter-spacing:\n-.35pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>whether,<span style=\"letter-spacing:-.4pt\">\n<\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>under<span style=\"letter-spacing:-.25pt\"> <\/span>what<span style=\"letter-spacing:-.4pt\"> <\/span>circumstances,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>underlying<span style=\"letter-spacing:-.25pt\"> <\/span>assets<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>an entity will be <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">deemed <span style=\"color:#221F1F\">to constitute Plan Assets for purposes of applying the\nfiduciary requirements of Title I of ERISA (including<span style=\"letter-spacing:\n-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>prohibited<span style=\"letter-spacing:-.45pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.45pt\"> <\/span>rules<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Section<span style=\"letter-spacing:-.55pt\">\n<\/span>406<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:\n-.6pt\"> <\/span>ERISA)<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>prohibited<span style=\"letter-spacing:-.55pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.45pt\"> <\/span>provisions<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>Code Section 4975.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Under<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Plan<span style=\"letter-spacing:-.25pt\"> <\/span>Assets<span style=\"letter-spacing:-.3pt\">\n<\/span>Regulation,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>assets<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>an<span style=\"letter-spacing:\n-.3pt\"> <\/span>entity<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>Plan<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>IRA<span style=\"letter-spacing:-.25pt\"> <\/span>makes<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>equity<span style=\"letter-spacing:-.25pt\"> <\/span>investment will generally be deemed to be\nassets of such Plan or IRA unless the entity satisfies one of the exceptions to\nthis general rule. Generally, the exceptions require that the investment in the\nentity be one of the following:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:11.1pt;margin-bottom:\n0in;margin-left:119.55pt;margin-bottom:.0001pt;text-indent:-40.6pt;mso-list:\nl7 level1 lfo49;tab-stops:119.55pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">a.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:\n-.2pt\"> <\/span>securities<span style=\"letter-spacing:-.3pt\"> <\/span>issued<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:\n-.3pt\"> <\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>registered<span style=\"letter-spacing:-.2pt\"> <\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.4pt\"> <\/span>Company <span style=\"letter-spacing:-.2pt\">Act;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:11.25pt;\nmargin-bottom:0in;margin-left:119.55pt;margin-bottom:.0001pt;text-indent:-40.6pt;\nmso-list:l7 level1 lfo49;tab-stops:119.55pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">b.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:\n4.0pt\"> <\/span>\u201cpublicly<span style=\"letter-spacing:4.0pt\"> <\/span>offered<span style=\"letter-spacing:4.0pt\"> <\/span>securities,\u201d<span style=\"letter-spacing:\n4.0pt\"> <\/span>defined<span style=\"letter-spacing:4.0pt\"> <\/span>generally<span style=\"letter-spacing:4.0pt\"> <\/span>as<span style=\"letter-spacing:4.0pt\"> <\/span>interests<span style=\"letter-spacing:4.0pt\"> <\/span>that<span style=\"letter-spacing:4.0pt\"> <\/span>are<span style=\"letter-spacing:4.0pt\"> <\/span>\u201cfreely transferable,\u201d \u201cwidely held\u201d and\nregistered with the SEC;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:11.2pt;margin-bottom:\n0in;margin-left:119.55pt;margin-bottom:.0001pt;text-indent:-40.6pt;mso-list:\nl7 level1 lfo49;tab-stops:119.55pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">c.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in an \u201coperating company\u201d\nwhich includes \u201cventure capital operating companies\u201d and<span style=\"letter-spacing:\n2.0pt\"> <\/span>\u201creal estate operating companies;\u201d or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:119.55pt;margin-bottom:.0001pt;text-indent:-40.55pt;mso-list:\nl7 level1 lfo49;tab-stops:119.55pt\"><!--[if !supportLists]--><span style=\"font-size:10.0pt;mso-font-width:99%\">d.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:10.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:\n-.2pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>equity<span style=\"letter-spacing:-.2pt\"> <\/span>participation<span style=\"letter-spacing:\n-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>\u201cbenefit<span style=\"letter-spacing:-.35pt\"> <\/span>plan<span style=\"letter-spacing:-.2pt\"> <\/span>investors\u201d<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">significant.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">[<i>The Units offered hereunder will not be issued by a registered\ninvestment company. In addition, the Plan Assets Regulation provides that\nequity participation in an entity by benefit plan investors is \u201csignificant\u201d if\nat any time<span style=\"letter-spacing:-.2pt\"> <\/span>twenty-five<span style=\"letter-spacing:-.2pt\"> <\/span>(25%)<span style=\"letter-spacing:-.15pt\"> <\/span>percent<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>more<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>value<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>class<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>equity<span style=\"letter-spacing:-.2pt\"> <\/span>interest<span style=\"letter-spacing:-.1pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>held<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>\u201cbenefit<span style=\"letter-spacing:-.25pt\"> <\/span>plan<span style=\"letter-spacing:-.15pt\"> <\/span>investors.\u201d\nThe<span style=\"letter-spacing:-.25pt\"> <\/span>term<span style=\"letter-spacing:\n-.3pt\"> <\/span>\u201cbenefit<span style=\"letter-spacing:-.3pt\"> <\/span>plan<span style=\"letter-spacing:-.2pt\"> <\/span>investors\u201d<span style=\"letter-spacing:\n-.3pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>purpose<span style=\"letter-spacing:-.35pt\">\n<\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>ERISA<span style=\"letter-spacing:-.25pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\">\n<\/span>3(42),<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>calculating<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>value\nof a class of equity interests, the value of any equity interests held by the\nManaging Member or any of its Affiliates must<span style=\"letter-spacing:-.15pt\">\n<\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>excluded.<span style=\"letter-spacing:-.1pt\"> <\/span>Less<span style=\"letter-spacing:-.15pt\"> <\/span>than<span style=\"letter-spacing:-.05pt\"> <\/span>25%<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>total<span style=\"letter-spacing:-.25pt\"> <\/span>number<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>sold<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>sold<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>Qualified<span style=\"letter-spacing:-.05pt\"> <\/span>Plans,<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>transfer<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the\nUnits<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>Qualified<span style=\"letter-spacing:-.05pt\"> <\/span>Plans<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>restricted<span style=\"letter-spacing:\n-.05pt\"> <\/span>so<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>less than<span style=\"letter-spacing:\n-.05pt\"> <\/span>twenty-five<span style=\"letter-spacing:-.1pt\"> <\/span>(25%)<span style=\"letter-spacing:-.1pt\"> <\/span>percent<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>outstanding<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>any\ntime will be owned by Qualified Plans<\/i>.] [<b>Note: <\/b>subject to review following integration of Feeder Fund.]<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As\nnoted above, the Plan Assets Regulation provides an exception with respect to\nsecurities issued by an \u201coperating<span style=\"letter-spacing:-.45pt\"> <\/span>company,\u201d<span style=\"letter-spacing:-.4pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">which<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"color:#221F1F\">includes<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>\u201cventure<span style=\"letter-spacing:-.5pt\"> <\/span>capital<span style=\"letter-spacing:-.4pt\">\n<\/span>operating<span style=\"letter-spacing:-.35pt\"> <\/span>company\u201d<span style=\"letter-spacing:-.5pt\"> <\/span>(a<span style=\"letter-spacing:-.35pt\"> <\/span>\u201c<u>VCOC<\/u>\u201d)<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>\u201creal<span style=\"letter-spacing:-.4pt\"> <\/span>estate<span style=\"letter-spacing:-.4pt\"> <\/span>operating\ncompany\u201d<span style=\"letter-spacing:-.35pt\"> <\/span>(a<span style=\"letter-spacing:\n-.35pt\"> <\/span>\u201cREOC\u201d).<span style=\"letter-spacing:-.35pt\"> <\/span>Under<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Plan<span style=\"letter-spacing:-.35pt\"> <\/span>Assets<span style=\"letter-spacing:-.3pt\">\n<\/span>Regulation,<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>entity<span style=\"letter-spacing:-.35pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>qualify<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>VCOC<span style=\"letter-spacing:-.4pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>(a)<span style=\"letter-spacing:-.35pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>certain<span style=\"letter-spacing:-.35pt\">\n<\/span>specified testing dates, at least fifty (50%) percent of the entity\u2019s\nassets, valued at cost, are invested in \u201cventure capital investments,\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>investments<span style=\"letter-spacing:\n-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>operating<span style=\"letter-spacing:-.2pt\"> <\/span>companies<span style=\"letter-spacing:-.45pt\">\n<\/span>(other<span style=\"letter-spacing:-.2pt\"> <\/span>than<span style=\"letter-spacing:-.2pt\"> <\/span>VCOCs)<span style=\"letter-spacing:-.25pt\">\n<\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>respect<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>entity<span style=\"letter-spacing:-.35pt\"> <\/span>has or obtains direct contractual<span style=\"letter-spacing:-.1pt\"> <\/span>rights<span style=\"letter-spacing:-.05pt\">\n<\/span>to substantially participate in the management of such<span style=\"letter-spacing:-.05pt\"> <\/span>operating company and (b) the entity in\nthe ordinary course of its business actually exercises such management rights.\nUnder the Plan Assets <\/span>Regulation<span style=\"color:#221F1F\">,<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.15pt\"> <\/span>entity<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>constitute<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>REOC<span style=\"letter-spacing:-.25pt\"> <\/span>if<span style=\"letter-spacing:-.2pt\"> <\/span>(i)<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>certain<span style=\"letter-spacing:-.3pt\"> <\/span>specified<span style=\"letter-spacing:-.15pt\">\n<\/span>testing<span style=\"letter-spacing:-.15pt\"> <\/span>dates,<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>least<span style=\"letter-spacing:-.25pt\"> <\/span>fifty<span style=\"letter-spacing:-.2pt\"> <\/span>(50%)<span style=\"letter-spacing:-.2pt\"> <\/span>percent<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the entity\u2019s assets, valued\nat cost, are invested in real estate that is managed or developed and with\nrespect to which the entity has the right to substantially participate directly\nin the management or development of the real estate and (ii) the<span style=\"letter-spacing:-.65pt\"> <\/span>entity<span style=\"letter-spacing:-.6pt\">\n<\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>ordinary<span style=\"letter-spacing:-.65pt\"> <\/span>course<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>business<span style=\"letter-spacing:-.65pt\">\n<\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>engaged<span style=\"letter-spacing:-.6pt\"> <\/span>directly<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>real<span style=\"letter-spacing:\n-.6pt\"> <\/span>estate<span style=\"letter-spacing:-.65pt\"> <\/span>management<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>development<span style=\"letter-spacing:-.6pt\"> <\/span>activities. A<span style=\"letter-spacing:\n-.1pt\"> <\/span>REOC<span style=\"letter-spacing:-.15pt\"> <\/span>can<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>venture<span style=\"letter-spacing:-.1pt\">\n<\/span>capital<span style=\"letter-spacing:-.15pt\"> <\/span>investment.<span style=\"letter-spacing:-.1pt\"> <\/span>Because<span style=\"letter-spacing:-.1pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>intends<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>invest<span style=\"letter-spacing:-.15pt\"> <\/span>primarily<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>single<span style=\"letter-spacing:-.2pt\"> <\/span>tenant,<span style=\"letter-spacing:-.2pt\">\n<\/span>triple-net lease industrial and office buildings, the operating\npartnership may not be able to qualify as a REOC because such properties are\ntypically not subject to sufficient ongoing management to qualify as a good\nREOC asset for testing purposes. In such event, the Fund would not be able to\nqualify as a VCOC.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt;margin-right:11.35pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">However,\nas noted above, if a Plan acquires \u201cpublicly offered securities,\u201d (the assets\nof the issuer of the securities will not be deemed to be Plan Assets under the\nPlan Assets Regulation. The definition of publicly offered securities requires\nthat such securities be \u201cwidely held,\u201d \u201cfreely transferable\u201d and satisfy\ncertain registration requirements under <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">federal\n<span style=\"color:#221F1F\">securities laws.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Under\nthe Plan<span style=\"letter-spacing:-.05pt\"> <\/span>Assets Regulation, a class<span style=\"letter-spacing:-.05pt\"> <\/span>of securities<span style=\"letter-spacing:\n-.05pt\"> <\/span>will meet the registration<span style=\"letter-spacing:-.05pt\"> <\/span>requirements<span style=\"letter-spacing:-.05pt\"> <\/span>under<span style=\"letter-spacing:-.05pt\">\n<\/span>federal securities laws if they are (i) part of a class of securities\nregistered under section 12(b) or 12(g) of the Exchange Act or<span style=\"letter-spacing:-.2pt\"> <\/span>(ii)<span style=\"letter-spacing:-.2pt\"> <\/span>part<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.15pt\"> <\/span>offering<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>securities<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>public<span style=\"letter-spacing:-.2pt\"> <\/span>pursuant<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.15pt\"> <\/span>effective<span style=\"letter-spacing:\n-.2pt\"> <\/span>registration<span style=\"letter-spacing:-.15pt\"> <\/span>statement<span style=\"letter-spacing:-.25pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Securities Act and the\nclass of securities of which such security is a part is registered under the\nExchange Act within 120 days (or<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>later<span style=\"letter-spacing:-.55pt\">\n<\/span>time<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>allowed<span style=\"letter-spacing:-.5pt\">\n<\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>SEC)<span style=\"letter-spacing:-.55pt\"> <\/span>after<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>end<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>fiscal<span style=\"letter-spacing:-.6pt\">\n<\/span>year<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>issuer<span style=\"letter-spacing:-.55pt\"> <\/span>during<span style=\"letter-spacing:-.65pt\">\n<\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">offering\n<span style=\"color:#221F1F\">of such securities to the public occurred. The Fund\nwill not meet the registration requirements under the Plan Assets Regulation.\nAlso under the Plan Assets Regulation, a class of securities will be \u201cwidely\nheld\u201d if it is held by 100 or more persons independent of the issuer. The\nrequirement will not be met by the Fund in the near future, if ever.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Prospective<span style=\"letter-spacing:-.2pt\"> <\/span>investors<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>provisions<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Title<span style=\"letter-spacing:-.2pt\"> <\/span>I<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>ERISA<span style=\"letter-spacing:-.25pt\"> <\/span>and\/or<span style=\"letter-spacing:-.2pt\">\n<\/span>Code<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>4975<span style=\"letter-spacing:-.15pt\"> <\/span>should\nconsult<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:\n-.05pt\"> <\/span>their <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">counsel<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"color:#221F1F\">and<span style=\"letter-spacing:-.15pt\"> <\/span>advisors<span style=\"letter-spacing:-.15pt\">\n<\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>provisions<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Title<span style=\"letter-spacing:-.15pt\"> <\/span>I<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>ERISA<span style=\"letter-spacing:-.15pt\"> <\/span>and\/or<span style=\"letter-spacing:-.1pt\"> <\/span>Code<span style=\"letter-spacing:-.1pt\"> <\/span>Section<span style=\"letter-spacing:-.05pt\"> <\/span>4975<span style=\"letter-spacing:-.15pt\"> <\/span>relevant<span style=\"letter-spacing:-.15pt\"> <\/span>to an investment in the Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:18.3pt;margin-bottom:\n0in;margin-left:13.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">As\ndiscussed above, although IRAs and non-ERISA Keogh plans are not subject to\nERISA, they are subject to the provisions of Section 4975 of the Code prohibiting\ntransactions with \u201cdisqualified persons\u201d and investments and transactions\ninvolving certain fiduciary conflicts. A prohibited transaction or conflict of\ninterest could<span style=\"letter-spacing:-.1pt\"> <\/span>arise<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>fiduciary<span style=\"letter-spacing:\n-.2pt\"> <\/span>making<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>decision<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>invest<span style=\"letter-spacing:-.2pt\"> <\/span>has<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>personal<span style=\"letter-spacing:-.15pt\">\n<\/span>interest<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>affiliation<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>our<span style=\"letter-spacing:-.15pt\"> <\/span>company or<span style=\"letter-spacing:\n-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>respective<span style=\"letter-spacing:-.35pt\"> <\/span>affiliates.<span style=\"letter-spacing:\n-.35pt\"> <\/span>In<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>case<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>IRA,<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>prohibited<span style=\"letter-spacing:-.35pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>conflict<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>interest<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>involves\nthe<span style=\"letter-spacing:-.35pt\"> <\/span>beneficiary<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>IRA<span style=\"letter-spacing:-.4pt\"> <\/span>could<span style=\"letter-spacing:-.35pt\"> <\/span>result<span style=\"letter-spacing:-.4pt\">\n<\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>disqualification<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>IRA.<span style=\"letter-spacing:-.35pt\"> <\/span>A<span style=\"letter-spacing:-.5pt\"> <\/span>fiduciary<span style=\"letter-spacing:-.45pt\">\n<\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:\n-.45pt\"> <\/span>IRA<span style=\"letter-spacing:-.4pt\"> <\/span>who<span style=\"letter-spacing:-.45pt\"> <\/span>has<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>personal interest<span style=\"letter-spacing:\n-.5pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>affiliation<span style=\"letter-spacing:\n-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>respective<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliates,<span style=\"letter-spacing:\n-.45pt\"> <\/span>should<span style=\"letter-spacing:-.4pt\"> <\/span>consult<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>his<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>her<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>legal advisors regarding the impact such\ninterest may have on an investment in the Units with assets of the IRA.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Units\nsold by the Fund may be purchased or owned by investors who are investing Plan\nassets. The Fund\u2019s acceptance of an investment by a Plan should not be\nconsidered to be a determination or representation by the Fund or any of its <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">respective <span style=\"color:#221F1F\">Affiliates that such an investment is appropriate for a\nPlan. In consultation with its advisors, each prospective Plan investor should\ncarefully consider whether an investment in the Units is appropriate for, and\npermissible under, the terms of the Plan\u2019s governing documents.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">Governmental\nplans, foreign plans, and most church plans, while not subject to the fiduciary\nresponsibility provisions of ERISA or the provisions of Code Section 4975, may\nnevertheless be subject to local, foreign, state, or other<span style=\"letter-spacing:-.35pt\"> <\/span>federal<span style=\"letter-spacing:-.4pt\">\n<\/span>laws<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>substantially<span style=\"letter-spacing:-.35pt\"> <\/span>similar<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>foregoing<span style=\"letter-spacing:-.35pt\"> <\/span>provisions<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>ERISA<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Code.<span style=\"letter-spacing:-.35pt\">\n<\/span>Fiduciaries<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>any such plans should consult with their\ncounsel and advisors before deciding to invest in the Units.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection181\">\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;line-height:1.4pt;mso-line-height-rule:\nexactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\nstyle='mso-element:field-begin;mso-field-lock:yes'><\/span><span\nstyle='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\nstyle='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_253\" o:spid=\"_x0000_s2212\" style=\"width:470.95pt;height:1.45pt;\n 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap type=\"none\">\n <w:anchorlock>\n<\/w:anchorlock><\/w:wrap><\/v:group><!--[if mso & !supportInlineShapes & supportFields]><v:shape id=\"_x0000_i1027\"\n type=\"#_x0000_t75\" style='width:470.95pt;height:1.45pt'>\n <v:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\/>\n<\/v:shape><span style='mso-element:field-end'><\/span><![endif]--><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoHeading7\" style=\"margin-top:0in;margin-right:53.85pt;margin-bottom:\n0in;margin-left:49.95pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">SUPPLEMENTAL<span style=\"letter-spacing:-.45pt\"> <\/span>SALES<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MATERIALS<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_255\" o:spid=\"_x0000_s2211\" style=\"position:absolute;margin-left:70.6pt;\n  margin-top:15pt;width:470.95pt;height:1.45pt;z-index:-1895825348;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"5981065,18415\" 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path=\"m5981065,l,,,18288r5981065,l5981065,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.1pt\"> <\/span>addition<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Memorandum,<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>utilize<span style=\"letter-spacing:-.15pt\"> <\/span>certain<span style=\"letter-spacing:-.1pt\">\n<\/span>sales<span style=\"letter-spacing:-.2pt\"> <\/span>material<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>connection<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Offering of the Units, although only when\naccompanied by or preceded by the delivery of this Memorandum. The sales materials<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>include<span style=\"letter-spacing:-.2pt\"> <\/span>information<span style=\"letter-spacing:\n-.15pt\"> <\/span>relating<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Offering,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>past<span style=\"letter-spacing:-.25pt\"> <\/span>performance<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Sponsors<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>their<span style=\"letter-spacing:-.2pt\"> <\/span>Affiliates, real estate indices, the\nperformance of this Offering, and as it compares to a benchmark, the\nperformance of an investment<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>real<span style=\"letter-spacing:-.3pt\"> <\/span>estate<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>compared<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>asset<span style=\"letter-spacing:-.25pt\">\n<\/span>classes<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>industry<span style=\"letter-spacing:-.2pt\">\n<\/span>trends.<span style=\"letter-spacing:-.25pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>sales<span style=\"letter-spacing:-.3pt\"> <\/span>material<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>form of property brochures and articles\nand publications concerning real estate. In certain jurisdictions, some or all\nof our sales material may not be permitted and will not be used in those\njurisdictions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#221F1F\">The<span style=\"letter-spacing:-.15pt\"> <\/span>Offering<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">made<span style=\"letter-spacing:\n-.1pt\"> <\/span><span style=\"color:#221F1F\">only<span style=\"letter-spacing:\n-.1pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>means<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Memorandum.<span style=\"letter-spacing:\n-.15pt\"> <\/span>Although<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>information<span style=\"letter-spacing:\n-.1pt\"> <\/span>contained<span style=\"letter-spacing:-.2pt\"> <\/span>in the\nsupplemental sales material will not conflict with any of the information\ncontained in this Memorandum, the supplemental materials do not purport to be\ncomplete, and should not be considered a part of this Memorandum.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:7.95pt;margin-right:66.4pt;\nmargin-bottom:0in;margin-left:49.9pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">APPENDIX\n<span style=\"letter-spacing:-.5pt\">A<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.15pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_258\" o:spid=\"_x0000_s2210\" style=\"position:absolute;margin-left:124.6pt;\n  margin-top:19.9pt;width:362.95pt;height:2.2pt;z-index:-1895825347;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  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path=\"m4609465,l,,,27431r4609465,l4609465,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.3pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:49.9pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">LIMITED<span style=\"letter-spacing:-.35pt\"> <\/span>LIABILITY<span style=\"letter-spacing:\n-.35pt\"> <\/span>COMPANY<span style=\"letter-spacing:-.3pt\"> <\/span>AGREEMENT<span style=\"letter-spacing:-.35pt\"> <\/span>OF<span style=\"letter-spacing:-.3pt\"> <\/span>CLOUD\nTORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME\nFUND LLC<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.9pt;\nmargin-bottom:0in;margin-left:49.9pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">A<span style=\"letter-spacing:\n-.05pt\"> <\/span>NEW YORK<span style=\"letter-spacing:-.05pt\"> <\/span>LIMITED<span style=\"letter-spacing:-.05pt\"> <\/span>LIABILITY <span style=\"letter-spacing:\n-.1pt\">COMPANY<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 align=\"center\" style=\"margin-top:12.0pt;margin-right:3.95pt;margin-bottom:\n0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">October 16, 2023 <o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.85pt\"><o:wrapblock><v:shape id=\"Graphic_x0020_259\" o:spid=\"_x0000_s2209\" style=\"position:absolute;margin-left:124.6pt;\n  margin-top:19.55pt;width:362.95pt;height:2.2pt;z-index:-1895825346;\n  visibility:visible;mso-wrap-style:square;mso-wrap-distance-left:0;\n  mso-wrap-distance-top:0;mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n  mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n  mso-position-vertical:absolute;mso-position-vertical-relative:text;\n  v-text-anchor:top\" coordsize=\"4609465,27940\" 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path=\"m4609465,l,,,27431r4609465,l4609465,xe\" fillcolor=\"black\" stroked=\"f\">\n  <v:path arrowok=\"t\">\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><\/v:path><\/v:shape><\/o:wrapblock><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.35pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n86%\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">NEITHER<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.75pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">THE<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">UNITED<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">STATES<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">SECURITIES<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">AND<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">EXCHANGE<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">COMMISSION<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">NOR<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">ANY <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">STATE REGULATORY AUTHORITY NOR THE REGULATORY\nAUTHORITY OF ANY OTHER COUNTRY HAS APPROVED OR DISAPPROVED THIS LIMITED\nLIABILITY COMPANY AGREEMENT OR THE UNITS (\u201cUNITS\u201d) PROVIDED FOR HEREIN.<span style=\"letter-spacing:2.0pt\"> <\/span>ANY REPRESENTATION TO THE CONTRARY IS\nUNLAWFUL.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.2pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n86%\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">THE<span style=\"letter-spacing:-.65pt\">\n<\/span>UNITS<span style=\"letter-spacing:-.6pt\"> <\/span>HAVE<span style=\"letter-spacing:-.7pt\"> <\/span>NOT<span style=\"letter-spacing:-.65pt\"> <\/span>BEEN<span style=\"letter-spacing:-.7pt\"> <\/span>REGISTERED<span style=\"letter-spacing:\n-.75pt\"> <\/span>UNDER<span style=\"letter-spacing:-.6pt\"> <\/span>THE<span style=\"letter-spacing:-.65pt\"> <\/span>UNITED<span style=\"letter-spacing:-.6pt\">\n<\/span>STATES<span style=\"letter-spacing:-.65pt\"> <\/span>SECURITIES ACT<span style=\"letter-spacing:-.3pt\"> <\/span>OF<span style=\"letter-spacing:-.4pt\"> <\/span>1933<span style=\"letter-spacing:-.3pt\"> <\/span>(THE<span style=\"letter-spacing:-.3pt\"> <\/span>\u201cSECURITIES<span style=\"letter-spacing:-.25pt\"> <\/span>ACT\u201d),<span style=\"letter-spacing:-.3pt\">\n<\/span>NOR<span style=\"letter-spacing:-.4pt\"> <\/span>UNDER<span style=\"letter-spacing:-.25pt\"> <\/span>THE<span style=\"letter-spacing:-.3pt\"> <\/span>SECURITIES<span style=\"letter-spacing:-.25pt\"> <\/span>LAWS<span style=\"letter-spacing:-.25pt\"> <\/span>OF<span style=\"letter-spacing:-.4pt\"> <\/span>ANY <span style=\"letter-spacing:-.2pt\">OTHER<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">COUNTRY,<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">AND<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">THE<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">COMPANY<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">IS<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">UNDER<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">NO<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">OBLIGATION<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">TO<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">REGISTER<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">THE <\/span>UNITS<span style=\"letter-spacing:-.2pt\"> <\/span>UNDER<span style=\"letter-spacing:-.25pt\"> <\/span>THE<span style=\"letter-spacing:-.4pt\"> <\/span>SECURITIES<span style=\"letter-spacing:\n-.2pt\"> <\/span>ACT<span style=\"letter-spacing:-.3pt\"> <\/span>OR<span style=\"letter-spacing:-.25pt\"> <\/span>ANY<span style=\"letter-spacing:-.3pt\"> <\/span>OTHER<span style=\"letter-spacing:-.35pt\"> <\/span>SUCH<span style=\"letter-spacing:-.3pt\"> <\/span>LAWS<span style=\"letter-spacing:-.35pt\"> <\/span>IN<span style=\"letter-spacing:-.3pt\"> <\/span>THE<span style=\"letter-spacing:-.3pt\"> <\/span>FUTURE.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.2pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.6pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n86%\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">UNITS MAY NOT BE SOLD, PLEDGED,\nHYPOTHECATED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO A \u201cU.S.\nPERSON,\u201d WITHIN THE MEANING<span style=\"letter-spacing:-.75pt\"> <\/span>OF<span style=\"letter-spacing:-.75pt\"> <\/span>REGULATION<span style=\"letter-spacing:\n-.75pt\"> <\/span>S<span style=\"letter-spacing:-.7pt\"> <\/span>UNDER<span style=\"letter-spacing:-.7pt\"> <\/span>THE<span style=\"letter-spacing:-.75pt\"> <\/span>SECURITIES<span style=\"letter-spacing:-.7pt\"> <\/span>ACT,<span style=\"letter-spacing:-.75pt\"> <\/span>IN<span style=\"letter-spacing:-.75pt\"> <\/span>THE<span style=\"letter-spacing:-.75pt\"> <\/span>ABSENCE<span style=\"letter-spacing:-.75pt\"> <\/span>OF<span style=\"letter-spacing:-.75pt\"> <\/span>AN\nEFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR AN OPINION OF <span style=\"letter-spacing:-.1pt\">COUNSEL<\/span><span style=\"letter-spacing:-.75pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">SATISFACTORY<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">TO<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">THE<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MANAGING<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MEMBER<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">THAT<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">SUCH<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">REGISTRATION\n<\/span>IS NOT REQUIRED.<span style=\"letter-spacing:2.0pt\"> <\/span>HEDGING\nTRANSACTIONS INVOLVING UNITS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE\nSECURITIES ACT.<span style=\"letter-spacing:2.0pt\"> <\/span>ADDITIONAL <span style=\"letter-spacing:-.1pt\">RESTRICTIONS<\/span><span style=\"letter-spacing:\n-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ON<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">THE<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">TRANSFER<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">OF<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">UNITS<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ARE<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">CONTAINED<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">IN<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">SECTION<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">9<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">OF<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">THIS <\/span>AGREEMENT.<span style=\"letter-spacing:2.0pt\"> <\/span>BASED<span style=\"letter-spacing:-.65pt\"> <\/span>UPON<span style=\"letter-spacing:-.55pt\"> <\/span>THE<span style=\"letter-spacing:-.55pt\"> <\/span>FOREGOING,<span style=\"letter-spacing:-.55pt\"> <\/span>EACH<span style=\"letter-spacing:-.55pt\"> <\/span>ACQUIROR<span style=\"letter-spacing:-.65pt\"> <\/span>OF<span style=\"letter-spacing:-.6pt\"> <\/span>UNITS<span style=\"letter-spacing:-.5pt\"> <\/span>MUST<span style=\"letter-spacing:-.55pt\"> <\/span>BE\nPREPARED TO BEAR THE ECONOMIC RISK OF INVESTMENT THEREIN FOR AN INDEFINITE\nPERIOD OF TIME.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:86%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection182\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.25pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.95pt;\nmargin-bottom:0in;margin-left:49.9pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Table<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\">\nContents<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"right\" style=\"margin-right:16.5pt;text-align:right\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">Page<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection183\"><w:sdt sdtdocpart=\"t\" docparttype=\"Table of Contents\" docpartunique=\"t\" id=\"-2064011259\">\n <p class=\"MsoToc1\" style=\"margin-top:23.75pt;tab-stops:right dotted 471.45pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark16\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.15pt\"> <\/span>1<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">DEFINITIONS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.5pt\">1<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><b><w:sdtpr><\/w:sdtpr><\/b><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l55 level2 lfo48;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark17\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Defined<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Terms<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.6pt;\">1<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark18\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.15pt\"> <\/span>2<span style=\"letter-spacing:-.05pt\"> <\/span>FORMATION;<span style=\"letter-spacing:\n -.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">PURPOSE<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">13<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark19\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Formation<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">13<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc3\"><!--[if !supportLists]--><span style=\"font-size: 12pt;\">2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark20\"><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.2pt;\">Term<\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">13<\/span><\/a><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc3\"><!--[if !supportLists]--><span style=\"font-size: 12pt;\">2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark21\"><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.2pt;\">Name<\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">13<\/span><\/a><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->2.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark22\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Purpose<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">13<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->2.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark23\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Place<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Business<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">13<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->2.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark24\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Nature<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">13<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->2.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark25\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Name<span style=\"letter-spacing:-.15pt\"> <\/span>and <span style=\"letter-spacing:-.2pt\">Mark<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">14<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->2.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark26\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Parallel<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Funds<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">14<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark27\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.3pt\"> <\/span>3<span style=\"letter-spacing:-.1pt\"> <\/span>CONTRIBUTIONS;<span style=\"letter-spacing:\n -.15pt\"> <\/span>CAPITAL<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ACCOUNTS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">16<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark28\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Member<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\">\n <\/span>and Member<span style=\"letter-spacing:-.1pt\"> <\/span>Capital <span style=\"letter-spacing:-.1pt\">Accounts<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">16<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark29\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Capital<span style=\"letter-spacing:-.05pt\"> <\/span>Contributions;<span style=\"letter-spacing:\n -.2pt\"> <\/span>Admission<span style=\"letter-spacing:-.05pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">Members.<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">16<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l36 level2 lfo46;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->3.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark30\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\">\n <\/span>Capital <span style=\"letter-spacing:-.1pt\">Accounts<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">17<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->3.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark31\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Investor<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\">\n <\/span><span style=\"letter-spacing:-.2pt\">Loans<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">17<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->3.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark32\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\">\n Loans<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">17<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->3.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Additional<span style=\"letter-spacing:-.15pt\"> <\/span>Adjustments.<span style=\"letter-spacing:\n 2.85pt\"> <\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.25pt;\">18<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->3.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark33\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Other<span style=\"letter-spacing:-.1pt\"> Matters<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">18<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark34\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.5pt\">4<\/span><\/span><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark35\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">CAPITALIZATION;<span style=\"letter-spacing:-.2pt\"> <\/span>ISSUANCE<span style=\"letter-spacing:-.2pt\"> <\/span>OF<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">UNITS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">18<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark36\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Description<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">18<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark37\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.2pt\"> <\/span>5<span style=\"letter-spacing:-.15pt\"> <\/span>DISTRIBUTIONS;<span style=\"letter-spacing:\n -.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ALLOCATIONS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">21<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark38\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Distributions;<span style=\"letter-spacing:-.05pt\"> <\/span>Tax <span style=\"letter-spacing:-.1pt\">Distributions.<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">21<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l11 level2 lfo44;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark39\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Allocation of\n Profits<span style=\"letter-spacing:-.05pt\"> <\/span>and <span style=\"letter-spacing:\n -.1pt\">Losses<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">22<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->5.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemption<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Participating\n Member<span style=\"letter-spacing:-.1pt\"> Units<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.25pt;\">22<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->5.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark40\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Discretionary<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemptions<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">24<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark41\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.1pt\"> <\/span>6<span style=\"letter-spacing:-.05pt\"> <\/span>MANAGING <span style=\"letter-spacing:\n -.1pt\">MEMBER<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.25pt\">25<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark42\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Management<span style=\"letter-spacing:-.1pt\"> Powers<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">25<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark43\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Limitations<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">28<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-bottom:1.0pt;mso-list:l5 level2 lfo43;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->6.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark44\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Selection<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.45pt;\"> <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">of<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.6pt;\"> <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">the<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.55pt;\"> <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Managing<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.45pt;\"> <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Member<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">29<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc5\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Table<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Contents\n <span style=\"letter-spacing:-.1pt\">(continued)<\/span><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc6\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n letter-spacing:-.2pt\">Page<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:23.75pt;mso-list:l5 level2 lfo43;\n tab-stops:79.0pt\"><!--[if !supportLists]-->6.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark45\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Duties<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Obligations<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n <\/span>Member\/Fees<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc4\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark45\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Reimbursement<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">29<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->6.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark46\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Exculpation\/Indemnification<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n Member<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">31<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc3\" style=\"margin-top:6.05pt;mso-list:l5 level2 lfo43;tab-stops:\n 79.0pt dotted 459.45pt\"><!--[if !supportLists]--><span style=\"font-size: 12pt;\">6.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark47\"><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Compensation<\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">32<\/span><\/span><\/a><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->6.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark48\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Advisory <span style=\"letter-spacing:-.2pt\">Board<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">32<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->6.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark49\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Competition<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">33<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->6.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark50\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Selling <span style=\"letter-spacing:-.1pt\">Expenses<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">33<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark51\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.1pt\"> <\/span>7<span style=\"letter-spacing:-.05pt\"> <\/span>RIGHTS<span style=\"letter-spacing:-.05pt\">\n <\/span>AND<span style=\"letter-spacing:-.1pt\"> <\/span>OBLIGATIONS<span style=\"letter-spacing:-.05pt\"> <\/span>OF<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MEMBERS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">35<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark52\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Limitation<span style=\"letter-spacing:.05pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">Liability<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">35<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark53\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Priority<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Return<span style=\"letter-spacing:-.05pt\"> <\/span>of Capital &#8211;<span style=\"letter-spacing:\n -.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">35<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark54\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Services<span style=\"letter-spacing:-.1pt\"> <\/span>Provided<span style=\"letter-spacing:-.1pt\">\n <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:\n -.1pt\">Members<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">35<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark55\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">No<span style=\"letter-spacing:-.05pt\"> <\/span>Management<span style=\"letter-spacing:\n -.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">35<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark56\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Representations,<span style=\"letter-spacing:-.25pt\"> <\/span>Warranties<span style=\"letter-spacing:\n -.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>Acknowledgments<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> Members<\/span>&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">36<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark57\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Confidentiality<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">37<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark58\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Disclosures<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">39<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l44 level2 lfo42;\n tab-stops:79.0pt dotted 459.45pt\"><!--[if !supportLists]-->7.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark59\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Possible<span style=\"letter-spacing:-.1pt\"> <\/span>Carried<span style=\"letter-spacing:-.05pt\">\n <\/span>Interest<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Legislation<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">39<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark60\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Acknowledgment<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Liability<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\">\n Taxes<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">39<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->7.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark61\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Withholding<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">39<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark62\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.1pt\"> <\/span>8<span style=\"letter-spacing:-.05pt\"> <\/span>MEETINGS;<span style=\"letter-spacing:\n -.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">VOTING<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.25pt\">40<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->8.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark63\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Meetings<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\n <span style=\"letter-spacing:-.1pt\">Members<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">40<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->8.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark64\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Record<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Date<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">40<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->8.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark65\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Method<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Voting<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">40<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->8.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark66\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Meetings<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">40<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l38 level2 lfo41;\n tab-stops:79.0pt dotted 459.45pt\"><!--[if !supportLists]-->8.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark67\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Action<span style=\"letter-spacing:-.05pt\"> <\/span>Without<span style=\"letter-spacing:-.05pt\">\n <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>Meeting;<span style=\"letter-spacing:-.05pt\"> <\/span>Telephone<span style=\"letter-spacing:\n -.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Meetings<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">40<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark68\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.1pt\"> <\/span>9\n BOOKS<span style=\"letter-spacing:-.05pt\"> <\/span>AND<span style=\"letter-spacing:\n -.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">RECORDS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">41<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->9.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark69\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Books<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Records<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">41<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->9.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark70\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Tax <span style=\"letter-spacing:-.1pt\">Information<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">41<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->9.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark71\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Fiscal<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Year<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">41<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark72\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.1pt\"> <\/span>10\n TRANSFER<span style=\"letter-spacing:-.05pt\"> <\/span>OF<span style=\"letter-spacing:\n -.1pt\"> <\/span><span style=\"letter-spacing:-.2pt\">UNITS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.35pt\">41<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-bottom:7.0pt;mso-list:l1 level2 lfo39;\n tab-stops:79.0pt dotted 459.45pt\"><!--[if !supportLists]-->10.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark73\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Transfer<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">41<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc5\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Table<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Contents\n <span style=\"letter-spacing:-.1pt\">(continued)<\/span><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc6\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n letter-spacing:-.2pt\">Page<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:23.75pt;mso-list:l1 level2 lfo39;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->10.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark74\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Permitted<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Transfers<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">42<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->10.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark75\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Conditions<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>Permitted<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Transfers<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">42<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->10.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark76\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Prohibited<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Transfers<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">43<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l1 level2 lfo39;tab-stops:\n 79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->10.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark77\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Rights of<span style=\"letter-spacing:-.1pt\"> <\/span>Unadmitted <span style=\"letter-spacing:\n -.1pt\">Assignees<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">43<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->10.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark78\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Admission<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>Transferees<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>Substitute<span style=\"letter-spacing:-.1pt\"> Members<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">43<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->10.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark79\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Distributions<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>Allocations<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>Respect<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>Transferred<span style=\"letter-spacing:-.1pt\"> Units<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">44<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark80\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.15pt\"> <\/span>11\n WITHDRAWAL<span style=\"letter-spacing:-.1pt\"> <\/span>OF<span style=\"letter-spacing:\n -.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MEMBER<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <span style=\"letter-spacing:-.25pt\">44<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->11.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark81\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Covenant<span style=\"letter-spacing:-.1pt\"> <\/span>Not<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>Withdraw<span style=\"letter-spacing:-.05pt\">\n <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:\n -.1pt\">Dissolve<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">44<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->11.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark82\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Consequences<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\">\n Withdrawal<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">44<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->11.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark83\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Breach<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Payments<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">45<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->11.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark84\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">No <span style=\"letter-spacing:-.1pt\">Bonding<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">45<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark85\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.2pt\"> <\/span>12<span style=\"letter-spacing:-.05pt\"> <\/span>DISSOLUTION<span style=\"letter-spacing:\n -.1pt\"> <\/span>OF<span style=\"letter-spacing:-.15pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">COMPANY<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.25pt\">45<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->12.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark86\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Liquidating<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Events<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">45<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->12.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark87\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Winding<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">Up<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">47<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l47 level2 lfo37;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->12.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark88\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Distributions<span style=\"letter-spacing:-.1pt\"> <\/span>Held<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>Trust<span style=\"letter-spacing:-.05pt\">\n <\/span><span style=\"letter-spacing:-.1pt\">Reserves<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">47<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->12.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark89\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Certificate<span style=\"letter-spacing:-.15pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">Cancellation<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">48<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->12.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark90\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Return<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Contribution<span style=\"letter-spacing:-.1pt\"> <\/span>Nonrecourse<span style=\"letter-spacing:\n -.05pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> Members<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">48<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->12.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark91\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Corporate<span style=\"letter-spacing:2.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Reorganization<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">48<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark92\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.1pt\"> <\/span>13<span style=\"letter-spacing:-.05pt\"> <\/span>COMPANY <span style=\"letter-spacing:\n -.1pt\">VALUATION<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">49<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->13.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark93\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">By Whom<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Determined<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">49<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->13.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark94\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">When<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Determined.<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">49<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->13.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark95\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Valuation of <span style=\"letter-spacing:-.1pt\">Units.<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">49<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->13.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark96\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Valuation <span style=\"letter-spacing:-.1pt\">Rules.<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">49<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l41 level2 lfo36;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->13.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark97\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Suspension<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Valuations<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\">\n Redemptions<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">50<\/span><\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-left:43.0pt;text-indent:0in;tab-stops:79.0pt right dotted 471.45pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark98\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.2pt;\">13.7<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&nbsp;&nbsp;&nbsp;&nbsp; Adjustments<span style=\"letter-spacing:\n -.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\"> Valuations<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">50<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark99\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.15pt\"> <\/span>14<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">REMEDIES<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <span style=\"letter-spacing:-.25pt\">50<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->14.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark100\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Default<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">50<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->14.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark101\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Suspension<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Rights<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">50<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-bottom:12.0pt;mso-list:l18 level2 lfo35;\n tab-stops:79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->14.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark102\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Security<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Interest<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.35pt;\">51<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc5\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Table<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Contents\n <span style=\"letter-spacing:-.1pt\">(continued)<\/span><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc6\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n letter-spacing:-.2pt\">Page<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc1\" style=\"margin-top:23.75pt;tab-stops:right dotted 471.45pt\"><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark103\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">SECTION<span style=\"letter-spacing:-.15pt\"> <\/span>15<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">MISCELLANEOUS<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <span style=\"letter-spacing:-.25pt\">51<\/span><\/span><\/a><span style=\"font-family:\n &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark104\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Addresses<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Notices<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">51<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark105\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Creditors<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">52<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc3\" style=\"margin-top:6.05pt;mso-list:l4 level2 lfo34;tab-stops:\n 79.0pt right dotted 471.45pt\"><!--[if !supportLists]--><span style=\"font-size: 12pt;\">15.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark106\"><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Waiver<\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">52<\/span><\/a><span style=\"font-size: 12pt; font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark107\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Severability<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">53<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark108\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Governing<span style=\"letter-spacing:-.05pt\"> <\/span>Law;<span style=\"letter-spacing:-.15pt\">\n <\/span>Parties<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Interest<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">53<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark109\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Exclusive <span style=\"letter-spacing:-.1pt\">Jurisdiction<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">53<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark110\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Waiver<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>Lis\n Pendens<span style=\"letter-spacing:-.05pt\"> <\/span>and <span style=\"letter-spacing:\n -.1pt\">Partition<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark111\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Execution<span style=\"letter-spacing:-.05pt\"> <\/span>in <span style=\"letter-spacing:-.1pt\">Counterparts<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark112\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Incorporation<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Reference<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark113\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Computation<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Time<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark114\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Titles<span style=\"letter-spacing:-.15pt\"> <\/span>and <span style=\"letter-spacing:-.1pt\">Captions<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark115\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Pronouns<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Plurals<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark116\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Construction<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\" style=\"margin-top:6.05pt;mso-list:l4 level2 lfo34;tab-stops:\n 79.0pt right dotted 471.45pt\"><!--[if !supportLists]-->15.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark117\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Entire<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.15<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark118\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Limitation<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>Benefits<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.16<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark119\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Additional<span style=\"letter-spacing:-.05pt\"> <\/span>Actions<span style=\"letter-spacing:-.05pt\">\n <\/span>and<span style=\"letter-spacing:-.1pt\"> Documents<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">54<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.17<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark120\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Leveraging<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">55<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.18<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark121\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Spousal <span style=\"letter-spacing:-.1pt\">Consent<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">55<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.19<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark122\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">Side<span style=\"letter-spacing:-.1pt\"> Letters<\/span>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">55<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n <p class=\"MsoToc2\"><!--[if !supportLists]-->15.20<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n <\/span><!--[endif]--><a href=\"https:\/\/cloudtorontous-my.sharepoint.com\/personal\/dilipr_cloudtoronto_us\/Documents\/Flow\/Cloud%20Toronto%20FYBN%20%20Core+%20Growth%20&amp;amp;%20Income%20Fund%20LLC%20-%20Class%20B%20Units%20-%20PPM%202-11-2023%20-%20Flow.docx#_bookmark123\"><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.1pt;\">Amendment<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext;\">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; color: windowtext; letter-spacing: -0.25pt;\">55<\/span><\/a><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/p>\n<\/w:sdt><\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection184\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:105.3pt;\nmargin-bottom:0in;margin-left:101.45pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">LIMITED<span style=\"letter-spacing:-.65pt\"> <\/span>LIABILITY<span style=\"letter-spacing:\n-.65pt\"> <\/span>COMPANY<span style=\"letter-spacing:-.6pt\"> <\/span>AGREEMENT <span style=\"letter-spacing:-.3pt\">OF<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD TORONTO &#8211; FYBN <span style=\"letter-spacing:-.05pt\">&nbsp;<\/span>CORE+\nGROWTH &amp;<span style=\"letter-spacing:-.05pt\"> <\/span>INCOME FUND <span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.2pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:43.0pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">THIS<span style=\"letter-spacing:1.4pt\"> <\/span>LIMITED<span style=\"letter-spacing:1.5pt\"> <\/span>LIABILITY<span style=\"letter-spacing:1.55pt\">\n<\/span>COMPANY<span style=\"letter-spacing:1.65pt\"> <\/span>AGREEMENT<span style=\"letter-spacing:1.65pt\"> <\/span>OF<span style=\"letter-spacing:1.6pt\"> <\/span>CLOUD\nTORONTO &#8211; FYBN <span style=\"letter-spacing:1.6pt\">&nbsp;<\/span><span style=\"letter-spacing:-.1pt\">CORE+<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">GROWTH<span style=\"letter-spacing:\n-.35pt\"> <\/span>&amp;<span style=\"letter-spacing:-.4pt\"> <\/span>INCOME<span style=\"letter-spacing:-.35pt\"> <\/span>FUND<span style=\"letter-spacing:-.4pt\"> <\/span>LLC<span style=\"letter-spacing:-.35pt\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(this<span style=\"letter-spacing:-.4pt\"> <\/span>\u201c<u>Agreement<\/u>\u201d),<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>entered<span style=\"letter-spacing:-.4pt\"> <\/span>into<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>effective<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the 6<sup>th<\/sup> day of March, 2023, by\nand among Cloud Toronto &#8211; FYBN &nbsp;Core+\nGrowth &amp; Income Fund LLC, a New York limited liability company (the &#8220;<u>Company<\/u>&#8220;),\nCloud Toronto &#8211; FYBN &nbsp;Core+ Growth &amp;\nIncome Fund GP, LLC, a New York limited liability company, as the \u201c<u>Managing\nMember<\/u>,\u201d and those persons set forth on <u>Exhibit<span style=\"letter-spacing:\n-.4pt\"> <\/span>\u201cA\u201d<\/u><span style=\"letter-spacing:-.4pt\"> <\/span>attached<span style=\"letter-spacing:-.35pt\"> <\/span>hereto<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>incorporated<span style=\"letter-spacing:-.35pt\"> <\/span>herein<span style=\"letter-spacing:-.3pt\">\n<\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>reference,<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>their<span style=\"letter-spacing:-.4pt\"> <\/span>capacity<span style=\"letter-spacing:-.3pt\">\n<\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">\u201c<u>Members.<\/u>\u201d<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.05pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.0pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">RECITALS<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">WHEREAS,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>was<span style=\"letter-spacing:-.5pt\"> <\/span>formed<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.45pt\">\n<\/span>liability<span style=\"letter-spacing:-.55pt\"> <\/span>company<span style=\"letter-spacing:-.55pt\"> <\/span>under<span style=\"letter-spacing:-.55pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>laws<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the\nState of New York by the filing of a Certificate of Formation (the \u201c<u>Certificate<\/u>\u201d)\ndated as of March 9, 2012, which was filed for recordation in the office of the\nSecretary of State of <span style=\"letter-spacing:-.1pt\">New York.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:10.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">NOW, THEREFORE, for and in consideration of the\nforegoing premises, the mutual covenants<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>agreements<span style=\"letter-spacing:\n-.75pt\"> <\/span>contained<span style=\"letter-spacing:-.7pt\"> <\/span>herein,<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\"> <\/span>good<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>valuable<span style=\"letter-spacing:-.75pt\">\n<\/span>consideration,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>receipt and sufficiency of which are\nhereby acknowledged, the parties agree as follows:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">1<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.0pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark16\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">DEFINITIONS<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l30 level2 lfo33;tab-stops:78.95pt\"><a name=\"_bookmark17\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Defined\nTerms<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Unless otherwise stated, the terms used in this Agreement shall have the\nusual and customary meanings associated with their use, and shall be\ninterpreted in the context of this Agreement.<span style=\"letter-spacing:2.0pt\">\n<\/span>The following terms, when used in this Agreement and capitalized, shall\nhave the meanings stated below:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.05pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Act<\/u>\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>means<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>New York<span style=\"letter-spacing:-.25pt\">\n<\/span>Limited<span style=\"letter-spacing:-.25pt\"> <\/span>Liability<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>Act, New York Code, Title 6, Section 18-101, et seq., as amended from\ntime to time, (or any corresponding provisions of succeeding Applicable Law),\nand all references to specific sections thereof shall include any amended or\nsuccessor provisions thereto.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Accounting<span style=\"letter-spacing:-.7pt\"> <\/span>Period<\/u>\u201d<span style=\"letter-spacing:\n-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.65pt\"> <\/span>mean<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>period<span style=\"letter-spacing:-.7pt\"> <\/span>beginning<span style=\"letter-spacing:-.7pt\">\n<\/span>on<span style=\"letter-spacing:-.7pt\"> <\/span>the day the Company\ncommences operations and thereafter on the day immediately succeeding the last\nday of the immediately preceding Accounting Period and ending on the last day\nof the calendar month, or any other day determined by the Managing Member as\nappropriate for ending a NAV Capital Account\u2019s Accounting Period.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Additional<span style=\"letter-spacing:-.2pt\"> <\/span>Soliciting<span style=\"letter-spacing:\n-.05pt\"> <\/span>Dealer<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth in <u><span style=\"letter-spacing:\n-.1pt\">Section<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection185\">\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.2pt\">6.9<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.95pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:65.55pt;margin-bottom:.0001pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section<span style=\"letter-spacing:-.1pt\"> 6.7.1<\/span><\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0.05pt 0in 0.0001pt 54.25pt; text-indent: -50.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Advisory<span style=\"letter-spacing:3.65pt\"> <\/span>Board<\/u>\u201d<span style=\"letter-spacing:\n3.75pt\"> <\/span>shall<span style=\"letter-spacing:3.85pt\"> <\/span>have<span style=\"letter-spacing:3.85pt\"> <\/span>the<span style=\"letter-spacing:3.8pt\"> <\/span>meaning<span style=\"letter-spacing:3.85pt\"> <\/span>set<span style=\"letter-spacing:3.85pt\"> <\/span>forth<span style=\"letter-spacing:3.85pt\"> <\/span><span style=\"letter-spacing:-.25pt\">in<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Advisory<span style=\"letter-spacing:-.3pt\"> <\/span>Board<span style=\"letter-spacing:-.3pt\"> <\/span>Member<\/u>\u201d<span style=\"letter-spacing:-.3pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>meaning<span style=\"letter-spacing:-.2pt\"> <\/span>set<span style=\"letter-spacing:-.3pt\"> <\/span>forth\nin <u>Section 6.7.1<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Affiliate<\/u>\u201d means, as\nto any Person, any other Person that, directly or indirectly, is in Control of,\nis Controlled by or is under common Control with such Person, or is a director\nor officer of such Person, or of an Affiliate of such <span style=\"letter-spacing:\n-.1pt\">Person.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Agreement<\/u>\u201d<span style=\"letter-spacing:-.2pt\"> <\/span>has<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>meaning set<span style=\"letter-spacing:\n-.05pt\"> <\/span>forth in<span style=\"letter-spacing:-.05pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">preamble.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.95pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Applicable Law<\/u>\u201d means\nany applicable law, rule, regulation, case law, judicial or administrative\nruling, order, decree or directive, or any license, permit or other similar\napproval or sanction of any Governmental Authority, now or hereafter in effect,\nto which a Member (or any of its Affiliates) is or may be subject.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Appraisal<\/u>\u201d means a\nfair market value appraisal of the Company\u2019s assets conducted by one or more\nappraisers selected by the Managing <span style=\"letter-spacing:-.1pt\">Member.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Bankruptcy<\/u>\u201d<span style=\"letter-spacing:-.35pt\"> <\/span>means,<span style=\"letter-spacing:-.15pt\">\n<\/span>with respect to any Person:<span style=\"letter-spacing:-.15pt\"> <\/span>(i)<span style=\"letter-spacing:-.05pt\"> <\/span>if such Person (A) makes an assignment\nfor the benefit of creditors, (B) files a voluntary petition<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>bankruptcy,<span style=\"letter-spacing:-.55pt\"> <\/span>(C)<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>adjudged<span style=\"letter-spacing:-.55pt\">\n<\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>bankrupt<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>insolvent,<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>has<span style=\"letter-spacing:-.5pt\"> <\/span>entered<span style=\"letter-spacing:-.55pt\">\n<\/span>against it<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:-.25pt\"> <\/span>order<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>relief,<span style=\"letter-spacing:-.3pt\">\n<\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:\n-.25pt\"> <\/span>bankruptcy<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>insolvency<span style=\"letter-spacing:\n-.25pt\"> <\/span>proceedings,<span style=\"letter-spacing:-.1pt\"> <\/span>(D)<span style=\"letter-spacing:-.15pt\"> <\/span>files<span style=\"letter-spacing:-.25pt\">\n<\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>petition or answer seeking\nfor itself any reorganization, arrangement, composition, readjustment,<span style=\"letter-spacing:-.65pt\"> <\/span>liquidation<span style=\"letter-spacing:\n-.75pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>similar<span style=\"letter-spacing:-.7pt\"> <\/span>relief<span style=\"letter-spacing:-.7pt\"> <\/span>under<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>statute,<span style=\"letter-spacing:-.65pt\"> <\/span>law<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>regulation,<span style=\"letter-spacing:\n-.65pt\"> <\/span>(E)<span style=\"letter-spacing:-.7pt\"> <\/span>files an answer\nor other pleading admitting or failing<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>contest the material allegations of a<span style=\"letter-spacing:-.05pt\"> <\/span>petition filed against it in any\nproceeding of<span style=\"letter-spacing:-.05pt\"> <\/span>this nature, or<span style=\"letter-spacing:-.05pt\"> <\/span>(F)<span style=\"letter-spacing:-.05pt\"> <\/span>seeks,\nconsents to or acquiesces in the appointment of a trustee, receiver or\nliquidator of the Person or of all<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>substantial<span style=\"letter-spacing:-.25pt\"> <\/span>part<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>properties;<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>(ii)<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.3pt\"> <\/span>120<span style=\"letter-spacing:-.3pt\"> <\/span>days<span style=\"letter-spacing:-.3pt\"> <\/span>after<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>commencement\nof any proceeding against the Person seeking reorganization, arrangement,\ncomposition, readjustment, liquidation or similar relief under any statute, law\nor regulation,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>proceeding<span style=\"letter-spacing:\n-.3pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>been<span style=\"letter-spacing:-.2pt\"> <\/span>dismissed,<span style=\"letter-spacing:-.3pt\"> <\/span>(A)<span style=\"letter-spacing:-.2pt\"> <\/span>without<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>Person\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>consent or acquiescence, within 90 days\nafter the appointment of a trustee, receiver or liquidator of such Person or of\nall or any substantial part of its properties, the appointment<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>vacated<span style=\"letter-spacing:-.25pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>stayed,<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>(B)<span style=\"letter-spacing:-.3pt\"> <\/span>within<span style=\"letter-spacing:-.35pt\">\n<\/span>90<span style=\"letter-spacing:-.25pt\"> <\/span>days<span style=\"letter-spacing:-.25pt\"> <\/span>after<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>expiration<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>any such stay, the\nappointment is not vacated.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.1pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Baseline<span style=\"letter-spacing:-.2pt\"> <\/span>Property<span style=\"letter-spacing:-.05pt\">\n<\/span>Valuation<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span><u><span style=\"letter-spacing:\n-.1pt\">Section<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">13.4.1.1<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Beginning<span style=\"letter-spacing:.6pt\"> <\/span>Value<\/u>\u201d<span style=\"letter-spacing:.7pt\">\n<\/span>means,<span style=\"letter-spacing:.65pt\"> <\/span>with<span style=\"letter-spacing:.6pt\"> <\/span>respect<span style=\"letter-spacing:.65pt\"> <\/span>to<span style=\"letter-spacing:.8pt\"> <\/span>any<span style=\"letter-spacing:.75pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Accounting<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:0in;\nmargin-left:65.55pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Period<span style=\"letter-spacing:-.75pt\"> <\/span>(or<span style=\"letter-spacing:-.8pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>shorter<span style=\"letter-spacing:-.75pt\">\n<\/span>period<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.8pt\">\n<\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>determine),<span style=\"letter-spacing:-.8pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Net<span style=\"letter-spacing:-.75pt\"> <\/span>Asset Value of the Company\u2019s capital at\nthe beginning of such Accounting Period.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>BPO<\/u>\u201d means an opinion\nas to the price or value of a Portfolio Property prepared by a<span style=\"letter-spacing:-.05pt\"> <\/span>third-party valuation expert who is not<span style=\"letter-spacing:-.05pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>employee\nof the Managing Member or its Affiliates, or otherwise affiliated with the\nManaging<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member or\nits Affiliates, which is based upon such factors as the Managing Member and\nvaluation expert performing such opinion may determine to be relevant.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Breach<span style=\"letter-spacing:-.1pt\"> <\/span>Amount<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:.05pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">11.3<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.15<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Breach<span style=\"letter-spacing:-.05pt\"> <\/span>Payments<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">11.3<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.16<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Breaching<span style=\"letter-spacing:-.05pt\"> <\/span>Member<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth\nin <u>Section <span style=\"letter-spacing:-.1pt\">11.2<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.17<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Business Day<\/u>\u201d means\nany day other than Saturday or Sunday, or any other day on which banks in New\nYork are permitted or required by applicable law to be closed.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.18<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Capital<span style=\"letter-spacing:-.05pt\"> <\/span>Accounts<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.05pt\"> <\/span>as set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section <span style=\"letter-spacing:-.2pt\">3.1<\/span><\/u><span style=\"letter-spacing:-.2pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.19<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Capital<span style=\"letter-spacing:-.5pt\"> <\/span>Contribution<\/u>\u201d<span style=\"letter-spacing:\n-.5pt\"> <\/span>means<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>respect<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>each<span style=\"letter-spacing:-.4pt\"> <\/span>Member, the Class A Capital Contributions,\nthe Class B Capital Contributions, and the Class I Capital Contributions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.20<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Cash<span style=\"letter-spacing:-.55pt\"> <\/span>Available<span style=\"letter-spacing:\n-.6pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>Distribution<\/u>\u201d<span style=\"letter-spacing:-.5pt\"> <\/span>means<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Net<span style=\"letter-spacing:-.25pt\"> <\/span>Cash<span style=\"letter-spacing:-.25pt\"> <\/span>Flow (as defined in the REIT Subsidiary\nLLC Agreement) received by the Company, <u>less<\/u> any amounts that the\nManaging Member determines in its sole discretion shall be utilized<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>satisfy<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\">\n<\/span>Expenses<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>payments<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Redemption<span style=\"letter-spacing:-.7pt\"> <\/span>proceeds<span style=\"letter-spacing:-.7pt\">\n<\/span>pursuant to Section 5.5 and 5.6, which for the avoidance of doubt, shall\nbe paid in priority to any distributions to Participating Members.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.21<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Cause<\/u>\u201d<span style=\"letter-spacing:-.45pt\"> <\/span>means,<span style=\"letter-spacing:-.4pt\">\n<\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>respect<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member,<span style=\"letter-spacing:-.4pt\"> <\/span>fraud, embezzlement,<span style=\"letter-spacing:-.7pt\"> <\/span>gross<span style=\"letter-spacing:-.7pt\"> <\/span>negligence<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>willful<span style=\"letter-spacing:-.7pt\"> <\/span>neglect,<span style=\"letter-spacing:-.7pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>misconduct<span style=\"letter-spacing:-.7pt\"> <\/span>which,<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>each<span style=\"letter-spacing:-.6pt\"> <\/span>case,\ncauses material harm to the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.22<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Certificate<\/u>\u201d<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>meaning<span style=\"letter-spacing:-.6pt\"> <\/span>set<span style=\"letter-spacing:-.55pt\"> <\/span>forth<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Recitals.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.23<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>meaning\nset<span style=\"letter-spacing:-.05pt\"> <\/span>forth in<span style=\"letter-spacing:\n-.05pt\"> <\/span>Section <span style=\"letter-spacing:-.1pt\">4.1.1.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.24<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class A Capital\nContribution<\/u>\u201d means, with respect to any Class A Member, the amount of\nmoney and the fair market value (as agreed by the Company and the contributing\nClass A Member) of any property contributed in-kind to<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>respect<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.15pt\">\n<\/span>A<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>held<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Class\nA Member, whether directly or indirectly, provided, however, that unless\notherwise approved<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member,<span style=\"letter-spacing:-.75pt\">\n<\/span>all<span style=\"letter-spacing:-.75pt\"> <\/span>Class<span style=\"letter-spacing:-.75pt\"> <\/span>A<span style=\"letter-spacing:-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.75pt\"> <\/span>Contributions<span style=\"letter-spacing:\n-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>cash.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.25<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class A Member<\/u>\u201d means\nany Person who (i) executes this Agreement as a Class A Member or who has been\nadmitted as an additional or Substitute Class A Member pursuant to the terms of\nthis Agreement and (ii) is the owner of Class A Units.<span style=\"letter-spacing:\n2.0pt\"> <\/span>\u201cClass A Member(s)\u201d means all such Persons.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.26<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class A Member Units<\/u>\u201d\nmeans the number of Class A Units<span style=\"letter-spacing:-.7pt\"> <\/span>held<span style=\"letter-spacing:-.7pt\"> <\/span>by<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>Class<span style=\"letter-spacing:-.6pt\"> <\/span>A<span style=\"letter-spacing:-.65pt\"> <\/span>Member,<span style=\"letter-spacing:-.7pt\">\n<\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>set<span style=\"letter-spacing:\n-.7pt\"> <\/span>forth<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>Register,<span style=\"letter-spacing:-.65pt\">\n<\/span>as<span style=\"letter-spacing:-.7pt\"> <\/span>updated<span style=\"letter-spacing:-.75pt\"> <\/span>from time to time by the Managing Member\nin accordance with the terms and conditions set forth herein.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.27<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class B Capital\nContribution<\/u>\u201d means, with respect to any Class B Member, the amount of\nmoney and the fair market value (as agreed by the Company and the contributing\nClass B Member) of any property contributed in-kind to the Company with respect\nto the Class B Member Units in the Company held by such Class B Member, whether\ndirectly or indirectly, provided, however, that unless otherwise approved by\nthe Managing Member, all Class B Member Capital Contributions shall be in cash.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.28<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class B Member<\/u>\u201d means\nany Person who (i) executes this Agreement as a Class B Member or who has been\nadmitted as an additional or Substitute Class B Member pursuant to the terms of\nthis Agreement and (ii) is the owner of a Class B Member Units.<span style=\"letter-spacing:2.0pt\"> <\/span>\u201cClass B Members\u201d means all such Persons.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.29<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class<span style=\"letter-spacing:-.75pt\"> <\/span>B<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>Units<\/u>\u201d<span style=\"letter-spacing:\n-.75pt\"> <\/span>means<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>number<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Class<span style=\"letter-spacing:-.75pt\"> <\/span>B<span style=\"letter-spacing:-.75pt\"> <\/span>Units\nheld<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:\n-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Class<span style=\"letter-spacing:-.35pt\"> <\/span>B<span style=\"letter-spacing:-.35pt\"> <\/span>Member,<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>set<span style=\"letter-spacing:-.35pt\"> <\/span>forth<span style=\"letter-spacing:-.35pt\">\n<\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>Register,<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>updated<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>time\nto<span style=\"letter-spacing:-.75pt\"> <\/span>time<span style=\"letter-spacing:\n-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>accordance<span style=\"letter-spacing:\n-.75pt\"> <\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>terms<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>conditions<span style=\"letter-spacing:-.75pt\"> <\/span>set<span style=\"letter-spacing:-.75pt\"> <\/span>forth\n<span style=\"letter-spacing:-.1pt\">herein.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.30<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class I Capital\nContribution<\/u>\u201d means, with respect to any Class I Member, the amount of\nmoney and the fair market value (as agreed by the Company and the contributing\nClass I Member) of any property contributed in-kind to the Company with respect\nto the Class I Units in the Company held by such Class I Member, whether\ndirectly or indirectly (provided, however, that unless otherwise approved<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member,<span style=\"letter-spacing:-.7pt\"> <\/span>all<span style=\"letter-spacing:-.7pt\"> <\/span>Class<span style=\"letter-spacing:-.5pt\"> <\/span>I<span style=\"letter-spacing:-.8pt\"> <\/span>Capital<span style=\"letter-spacing:-.75pt\">\n<\/span>Contributions<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>cash).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.31<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class I Member<\/u>\u201d means\nany Person who (i) executes this Agreement as a Class I Member or who has been\nadmitted as an additional or Substitute Class I Member pursuant to the terms of\nthis Agreement and (ii) is the owner of Class I Units.<span style=\"letter-spacing:\n2.0pt\"> <\/span>\u201cClass I Member(s)\u201d means all such Persons.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.32<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Class I<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\">\n<\/span>Units<\/u>\u201d<span style=\"letter-spacing:-.05pt\"> <\/span>means the number<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>Class\nI<span style=\"letter-spacing:-.15pt\"> <\/span>Units held<span style=\"letter-spacing:\n-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>Class I<span style=\"letter-spacing:-.3pt\">\n<\/span>Member,<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.1pt\"> <\/span>forth<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\">\n<\/span>Register,<span style=\"letter-spacing:-.1pt\"> <\/span>as updated<span style=\"letter-spacing:-.1pt\"> <\/span>from<span style=\"letter-spacing:-.1pt\"> <\/span>time\nto<span style=\"letter-spacing:-.75pt\"> <\/span>time<span style=\"letter-spacing:\n-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>accordance<span style=\"letter-spacing:\n-.75pt\"> <\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>terms<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>conditions<span style=\"letter-spacing:-.75pt\"> <\/span>set<span style=\"letter-spacing:-.75pt\"> <\/span>forth\n<span style=\"letter-spacing:-.1pt\">herein.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 11.15pt 0.0001pt 65.55pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.33<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Code<\/u>\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>means<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>Internal<span style=\"letter-spacing:2.0pt\">\n<\/span>Revenue<span style=\"letter-spacing:2.0pt\"> <\/span>Code<span style=\"letter-spacing:2.0pt\"> <\/span>of<span style=\"letter-spacing:2.0pt\"> <\/span>1986,<span style=\"letter-spacing:2.0pt\"> <\/span>as<span style=\"letter-spacing:4.0pt\"> <\/span>amended\nfrom time to time (or any corresponding provisions of succeeding law).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-right: 11pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.34<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Company<\/u>\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>means<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>limited<span style=\"letter-spacing:2.0pt\">\n<\/span>liability<span style=\"letter-spacing:2.0pt\"> <\/span>company<span style=\"letter-spacing:2.0pt\"> <\/span>formed pursuant<span style=\"letter-spacing:\n-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>identified<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>opening<span style=\"letter-spacing:-.65pt\">\n<\/span>paragraph<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-right: 11.05pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.35<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Company Assets<\/u>\u201d means\nall securities, real property, and other assets held by the Company, including\nwithout limitation, Company Property.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.36<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Company<span style=\"letter-spacing:-.05pt\"> <\/span>Documents<\/u>\u201d means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\">\n<\/span>in <u>Section <span style=\"letter-spacing:-.1pt\">7.5.8<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.37<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><v:group 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path=\"m405057,-2l24057,-2,6014,30282,,68042r6014,37759l24057,136087r381000,l423100,105801r6014,-37759l423100,30282,405057,-2xe\" stroked=\"f\">\n <v:fill opacity=\"26214f\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\">\n<\/w:wrap><\/v:path><\/v:fill><\/v:shape><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Company<span style=\"letter-spacing:1.3pt\"> <\/span>Expenses<\/u>\u201d<span style=\"letter-spacing:1.35pt\"> <\/span>means<span style=\"letter-spacing:1.45pt\">\n<\/span>expenses<span style=\"letter-spacing:1.4pt\"> <\/span>to<span style=\"letter-spacing:1.55pt\"> <\/span>be<span style=\"letter-spacing:1.35pt\"> <\/span>borne<span style=\"letter-spacing:1.35pt\"> <\/span>by<span style=\"letter-spacing:1.4pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><p><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.38<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Company Property<\/u>\u201d or\n\u201c<u>Company Properties<\/u>\u201d means any property held by the Company, and\nincludes, without limitation, any Portfolio <span style=\"letter-spacing:-.1pt\">Property.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.95pt;margin-right:11.2pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.39<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8220;<u>Control<\/u>\u201d means\nthe power to direct the management and policies of an entity, directly or\nindirectly, whether through the ownership of voting securities or other\nbeneficial interests, by contract or otherwise.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The terms \u201cControlled\u201d and \u201cControlling\u201d shall have correlative\nmeanings.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.95pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.40<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Covered Person<\/u>\u201d means\nthe Managing Member, the Partnership<span style=\"letter-spacing:-.55pt\"> <\/span>Representative,<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>Advisory<span style=\"letter-spacing:-.55pt\"> <\/span>Board<span style=\"letter-spacing:-.55pt\">\n<\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliate<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>them\nand, directly or indirectly, the respective officers, directors, shareholders,\npartners, members, trustees, beneficiaries, employees, representatives or\nagents of the Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Partnership<span style=\"letter-spacing:-.6pt\"> <\/span>Representative,<span style=\"letter-spacing:\n-.6pt\"> <\/span>an<span style=\"letter-spacing:-.6pt\"> <\/span>Advisory<span style=\"letter-spacing:-.6pt\"> <\/span>Board<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>an\nAffiliate of any of them.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.15pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.41<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Dealing Day<\/u>\u201d shall\nhave the meaning ascribed to it in <u>Section 4.1.2<\/u> hereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.42<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Defaulting<span style=\"letter-spacing:-.15pt\"> <\/span>Member<\/u>\u201d<span style=\"letter-spacing:\n-.15pt\"> <\/span>means<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>set<span style=\"letter-spacing:-.15pt\"> <\/span>forth<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section<span style=\"letter-spacing:-.15pt\"> <\/span>1.7.2<\/u><span style=\"letter-spacing:\n-.1pt\"> <\/span>of the<u> Tax Matters Schedule<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.43<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Defaulting<span style=\"letter-spacing:-.05pt\"> <\/span>Party<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section <span style=\"letter-spacing:\n-.1pt\">14.1<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.44<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Disabled<\/u>\u201d and \u201c<u>Disability<\/u>\u201d\nmeans, with respect to any Member or the Managing Member:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l30 level4 lfo33;tab-stops:169.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.44.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n2.0pt\"> <\/span>appointment<span style=\"letter-spacing:2.0pt\"> <\/span>by<span style=\"letter-spacing:2.0pt\"> <\/span>a<span style=\"letter-spacing:2.0pt\"> <\/span>court<span style=\"letter-spacing:2.0pt\"> <\/span>of<span style=\"letter-spacing:2.0pt\"> <\/span>competent<span style=\"letter-spacing:2.0pt\"> <\/span>jurisdiction<span style=\"letter-spacing:\n2.0pt\"> <\/span>of<span style=\"letter-spacing:2.0pt\"> <\/span>a<span style=\"letter-spacing:2.0pt\"> <\/span>guardian or conservator to act for such\nparty;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:169.85pt;text-indent:-50.25pt;\nmso-list:l30 level4 lfo33;tab-stops:169.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.44.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.1pt\"> <\/span>party<span style=\"letter-spacing:-.05pt\"> <\/span>hereto<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">that:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:79.0pt;margin-bottom:.0001pt;text-indent:.5in;\nmso-list:l53 level1 lfo32;tab-stops:150.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">is<span style=\"letter-spacing:\n-.4pt\"> <\/span>\u201cdisabled,\u201d<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>term<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>defined<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>disability<span style=\"letter-spacing:\n-.4pt\"> <\/span>income<span style=\"letter-spacing:-.45pt\"> <\/span>policy\nmaintained by the Company or such party at the time in question, and such\ndisability continues for a consecutive period of 360 calendar days or for\nshorter periods aggregating 360 calendar days (including sick leave days)\nduring any 18- month period; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:79.0pt;margin-bottom:.0001pt;text-indent:.5in;\nmso-list:l53 level1 lfo32;tab-stops:150.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">if<span style=\"letter-spacing:\n-.65pt\"> <\/span>no<span style=\"letter-spacing:-.65pt\"> <\/span>disability<span style=\"letter-spacing:-.65pt\"> <\/span>income<span style=\"letter-spacing:-.7pt\">\n<\/span>policy<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>maintained<span style=\"letter-spacing:\n-.65pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\">\n<\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>such party, and such party\nis an employee of Company, is found to be unable to fully perform substantially\nall material aspects of such party\u2019s duties as an employee of the Company on a\nregular and consistent basis for a consecutive period of 360 calendar<span style=\"letter-spacing:-.1pt\"> <\/span>days or for<span style=\"letter-spacing:\n-.15pt\"> <\/span>shorter<span style=\"letter-spacing:-.15pt\"> <\/span>periods<span style=\"letter-spacing:-.05pt\"> <\/span>aggregating<span style=\"letter-spacing:\n-.05pt\"> <\/span>360<span style=\"letter-spacing:-.05pt\"> <\/span>calendar<span style=\"letter-spacing:-.1pt\"> <\/span>days<span style=\"letter-spacing:-.05pt\"> <\/span>(including<span style=\"letter-spacing:-.05pt\"> <\/span>sick leave days), during any 18-month\nperiod; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:169.85pt;margin-bottom:.0001pt;text-indent:-50.25pt;mso-list:\nl30 level4 lfo33;tab-stops:169.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.44.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">for<span style=\"letter-spacing:\n-.1pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>period of<span style=\"letter-spacing:-.05pt\"> <\/span>six months or<span style=\"letter-spacing:\n.05pt\"> <\/span><span style=\"letter-spacing:-.2pt\">more:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:151.0pt;text-indent:-35.95pt;\nmso-list:l61 level1 lfo31;tab-stops:151.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">is<span style=\"letter-spacing:\n-.1pt\"> <\/span>unaccountably<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">absent;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:151.0pt;text-indent:-35.95pt;\nmso-list:l61 level1 lfo31;tab-stops:151.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">is<span style=\"letter-spacing:\n-.05pt\"> <\/span>being<span style=\"letter-spacing:-.05pt\"> <\/span>detained<span style=\"letter-spacing:-.05pt\"> <\/span>under<span style=\"letter-spacing:-.05pt\">\n<\/span>duress;<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:151.0pt;text-indent:-35.95pt;\nmso-list:l61 level1 lfo31;tab-stops:151.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">is<span style=\"letter-spacing:\n-.1pt\"> <\/span>incarcerated<span style=\"letter-spacing:-.05pt\"> <\/span>by a<span style=\"letter-spacing:-.1pt\"> <\/span>government<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">body.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:10.65pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If such party is a trust, this definition shall\napply in the event of the death or Disability of the<span style=\"letter-spacing:\n-.4pt\"> <\/span>trustor\/settlor<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>trust<span style=\"letter-spacing:-.4pt\"> <\/span>who<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>involved<span style=\"letter-spacing:-.4pt\">\n<\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>day-to-day<span style=\"letter-spacing:-.4pt\"> <\/span>operation<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company.<span style=\"letter-spacing:2.0pt\">\n<\/span>If<span style=\"letter-spacing:-.35pt\"> <\/span>such party<span style=\"letter-spacing:-.75pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>entity,<span style=\"letter-spacing:-.65pt\">\n<\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>definition<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>relate<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>death<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>Disability<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>individual<span style=\"letter-spacing:\n-.55pt\"> <\/span>who<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>involved in the day-to-day operation of\nthe Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.45<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Ending Value<\/u>\u201d means,\nwith respect to any Fiscal Year (or such<span style=\"letter-spacing:-.4pt\"> <\/span>shorter<span style=\"letter-spacing:-.45pt\"> <\/span>period<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>determine),<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Net<span style=\"letter-spacing:-.4pt\"> <\/span>Asset<span style=\"letter-spacing:-.4pt\"> <\/span>Value<span style=\"letter-spacing:-.35pt\"> <\/span>of the Company\u2019s capital at the end of\nsuch Accounting Period, before giving effect to <span style=\"letter-spacing:\n-.1pt\">redemptions.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.46<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Expense<span style=\"letter-spacing:-.1pt\"> <\/span>Cap<\/u>\u201d<span style=\"letter-spacing:-.1pt\">\n<\/span>means<span style=\"letter-spacing:.05pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">6.4.3<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.47<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Fiscal<span style=\"letter-spacing:-.05pt\"> <\/span>Year<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section <span style=\"letter-spacing:\n-.2pt\">9.3<\/span><\/u><span style=\"letter-spacing:-.2pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.48<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Initial<span style=\"letter-spacing:-.7pt\"> <\/span>Closing<\/u>\u201d<span style=\"letter-spacing:\n-.75pt\"> <\/span>means<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>first<span style=\"letter-spacing:-.65pt\">\n<\/span>date<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Company accepts subscription agreements\nsubmitted to the Company from one or more Participating Members.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.49<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Initial Members<\/u>\u201d\nshall mean the Participating Members admitted as of the date of the Initial\nClosing.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.50<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Initial<span style=\"letter-spacing:-.05pt\"> <\/span>Offer Price<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>shall<span style=\"letter-spacing:.1pt\"> <\/span>have the meaning<span style=\"letter-spacing:.05pt\"> <\/span>ascribed<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>it <span style=\"letter-spacing:\n-.25pt\">in<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection186\">\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section<span style=\"letter-spacing:-.1pt\"> 3.2.2<\/span><\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 54.25pt; text-indent: -50.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.51<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Law<span style=\"letter-spacing:-.05pt\"> <\/span>Firm<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:.05pt\"> <\/span>forth<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section\n<span style=\"letter-spacing:-.1pt\">7.5.8<\/span><\/u><span style=\"letter-spacing:\n-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 54.25pt; text-indent: -50.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.52<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Liquidating<span style=\"letter-spacing:-.05pt\"> <\/span>Event<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">12.1<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 54.25pt; text-indent: -50.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.53<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Lock-up<span style=\"letter-spacing:.65pt\"> <\/span>Period<\/u>\u201d<span style=\"letter-spacing:\n.65pt\"> <\/span>means<span style=\"letter-spacing:.75pt\"> <\/span>the<span style=\"letter-spacing:.6pt\"> <\/span>one<span style=\"letter-spacing:.65pt\"> <\/span>(1)<span style=\"letter-spacing:.65pt\"> <\/span>year<span style=\"letter-spacing:.6pt\"> <\/span>period<span style=\"letter-spacing:.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">following<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection187\">\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:-.15pt\"> <\/span>issuance<span style=\"letter-spacing:-.05pt\">\n<\/span>of Participating Member <span style=\"letter-spacing:-.1pt\">Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.54<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Loss Carryover Account<\/u>\u201d\nshall mean a loss carryover account for each Member operated as follows.<span style=\"letter-spacing:2.0pt\"> <\/span>For each Fiscal Year (or such shorter\nperiod depending on the date that a Member is admitted to the Company), each\nMember\u2019s<span style=\"letter-spacing:-.5pt\"> <\/span>Loss<span style=\"letter-spacing:\n-.45pt\"> <\/span>Carryover<span style=\"letter-spacing:-.5pt\"> <\/span>Account<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>debited<span style=\"letter-spacing:-.35pt\">\n<\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>Net<span style=\"letter-spacing:-.45pt\"> <\/span>Capital<span style=\"letter-spacing:-.45pt\"> <\/span>Depreciation of the Company, with the\nFiscal Year (or shorter period, if applicable), and further adjusted<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>reflect<span style=\"letter-spacing:-.45pt\"> <\/span>Redemptions,<span style=\"letter-spacing:\n-.45pt\"> <\/span>if<span style=\"letter-spacing:-.5pt\"> <\/span>any,<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n<\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.45pt\">\n<\/span>Year<span style=\"letter-spacing:-.5pt\"> <\/span>(or<span style=\"letter-spacing:-.55pt\"> <\/span>such shorter period, if applicable).<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member will not be entitled\nto any Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.6pt\"> <\/span>Allocation<span style=\"letter-spacing:-.65pt\"> <\/span>until<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>has<span style=\"letter-spacing:-.55pt\"> <\/span>recovered<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>Net<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Capital<span style=\"letter-spacing:1.45pt\"> <\/span>Depreciation<span style=\"letter-spacing:\n1.45pt\"> <\/span>debited<span style=\"letter-spacing:1.45pt\"> <\/span>to<span style=\"letter-spacing:1.45pt\"> <\/span>its<span style=\"letter-spacing:1.45pt\"> <\/span>Loss<span style=\"letter-spacing:1.45pt\"> <\/span>Carryover<span style=\"letter-spacing:\n1.4pt\"> <\/span>Account<span style=\"letter-spacing:1.45pt\"> <\/span>and<span style=\"letter-spacing:1.45pt\"> <\/span>subject<span style=\"letter-spacing:1.45pt\">\n<\/span>to<span style=\"letter-spacing:1.45pt\"> <\/span>further restrictions as\ndescribed in the Private Placement Memoranda.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.55<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Majority in Interest<\/u>\u201d\nmeans any combination of the Participating Members owning more than 50% of the\nUnits held by all Participating Members at that time.<span style=\"letter-spacing:\n2.0pt\"> <\/span>All references in this Agreement to an approval or a vote by\nspecified percentage of the Participating Members means any combination of\nParticipating Members collectively holding such specified percentage of the\nUnits then held by all Participating Members at that time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.56<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Managing Member<\/u>\u201d\nmeans \u201cCloud Toronto &#8211; FYBN &nbsp;Core+ Growth\n&amp; <span style=\"letter-spacing:-.1pt\">Income<\/span><span style=\"letter-spacing:\n-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Fund<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">GP<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">LLC\u201d,<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">a<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">New\nYork<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">limited<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">liability<\/span><span style=\"letter-spacing:-.55pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">company,<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">includes<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">any<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Person <\/span>who<span style=\"letter-spacing:-.55pt\"> <\/span>becomes<span style=\"letter-spacing:-.5pt\">\n<\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>additional<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>successor<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\">\n<\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\"> <\/span>pursuant to the provisions of this\nAgreement, each in such Person\u2019s capacity as a Managing Member of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.57<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>Related<span style=\"letter-spacing:-.25pt\"> <\/span>Party<span style=\"letter-spacing:-.25pt\">\n<\/span>Transactions<\/u>\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>have the meaning set forth in <u>Section\n6.4.4<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.58<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>Units<\/u>\u201d<span style=\"letter-spacing:-.45pt\"> <\/span>means<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>number<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Managing\nMember<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:\n-.25pt\"> <\/span>held<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\">\n<\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.25pt\"> <\/span>forth<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span><u>Exhibit<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cA\u201d<\/u>,<span style=\"letter-spacing:-.3pt\">\n<\/span>which<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>be updated from time to time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.59<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member<\/u>\u201d means, where\nno differentiation is required, any Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.15pt\"> <\/span>A<span style=\"letter-spacing:-.15pt\"> <\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.15pt\">\n<\/span>B<span style=\"letter-spacing:-.15pt\"> <\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.15pt\">\n<\/span>I<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>other Member holding a series of Units\ndesignated by the Managing Member as a Unit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.60<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member<span style=\"letter-spacing:-.75pt\"> <\/span>Assessment<\/u>\u201d<span style=\"letter-spacing:\n-.75pt\"> <\/span>means<span style=\"letter-spacing:-.7pt\"> <\/span>as<span style=\"letter-spacing:-.7pt\"> <\/span>set<span style=\"letter-spacing:-.7pt\"> <\/span>forth<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span><u>Section<span style=\"letter-spacing:-.65pt\"> <\/span>1.7.2<\/u><span style=\"letter-spacing:\n-.7pt\"> <\/span>of the Tax Matters Schedule.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.61<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member<span style=\"letter-spacing:-.15pt\"> <\/span>Register<\/u>\u201d<span style=\"letter-spacing:\n-.15pt\"> <\/span>means the list maintained (and updated from time to time as\nneeded) by the Managing Member that sets forth the full name, last known\nbusiness, residence or mailing addresses (as applicable), Capital Contribution\nand number of Units of each Member.<span style=\"letter-spacing:2.0pt\"> <\/span>No\nParticipating Member shall be entitled to view the details of the Member\nRegister with respect to any other Participating Member without the consent of\nthe Managing Member, which consent will be determined in the sole discretion of\nthe Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.62<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member Unit<\/u>\u201d means\nthe Units of a Member in the Company at any particular time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.63<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Name<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>Mark<\/u>\u201d<span style=\"letter-spacing:-.55pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>mean<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>\u201cCloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.5pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:-.45pt\">\n<\/span>Growth<span style=\"letter-spacing:-.5pt\"> <\/span>&amp; Income Fund LLC\u201d\nand \u201cCloud Toronto &#8211; FYBN \u201d related names and marks, together with any\nassociated URL, any other \u201cCloud Toronto &#8211; FYBN \u201d formatives, and any abbreviated\nmarks thereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.64<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>NAV Capital Accounts<\/u>\u201d\nmeans individual accounts established and maintained in accordance with <u>Section\n5.2<\/u> for each Participating Member and the Managing Member.<span style=\"letter-spacing:3.75pt\"> <\/span>The Participating Members and the\nManaging Member acknowledge that a separate NAV Capital Account will be\nestablished for each Participating Member and the Managing Member.<span style=\"letter-spacing:2.0pt\"> <\/span>The NAV Capital Account of each\nParticipating Member and the Managing Member shall be subject to adjustment as\nprovided elsewhere in this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.65<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Net<span style=\"letter-spacing:3.2pt\"> <\/span>Asset<span style=\"letter-spacing:3.25pt\"> <\/span>Value<\/u>\u201d<span style=\"letter-spacing:3.1pt\"> <\/span>shall<span style=\"letter-spacing:3.25pt\"> <\/span>have<span style=\"letter-spacing:3.1pt\"> <\/span>the<span style=\"letter-spacing:3.3pt\"> <\/span>meaning<span style=\"letter-spacing:3.2pt\"> <\/span>set<span style=\"letter-spacing:3.35pt\"> <\/span>forth<span style=\"letter-spacing:3.25pt\"> <\/span><span style=\"letter-spacing:-.25pt\">in<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section<span style=\"letter-spacing:-.1pt\"> 13.3<\/span><\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.66<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Net<span style=\"letter-spacing:-.7pt\"> <\/span>Asset<span style=\"letter-spacing:-.6pt\"> <\/span>Value<span style=\"letter-spacing:-.65pt\"> <\/span>per<span style=\"letter-spacing:-.65pt\"> <\/span>Class<\/u>\u201d<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>have<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>meaning<span style=\"letter-spacing:-.6pt\"> <\/span>set<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">forth<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">13.3<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.95pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.67<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Net<span style=\"letter-spacing:-.3pt\"> <\/span>Asset<span style=\"letter-spacing:-.3pt\"> <\/span>Value<span style=\"letter-spacing:-.25pt\"> <\/span>per<span style=\"letter-spacing:-.2pt\"> <\/span>Unit<\/u>\u201d<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>meaning<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.3pt\"> <\/span>forth\nin <u>Section 13.4<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.68<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Net Capital Appreciation<\/u>\u201d\nshall mean, with respect to any Accounting<span style=\"letter-spacing:-.25pt\"> <\/span>Period<span style=\"letter-spacing:-.2pt\"> <\/span>(or<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>shorter<span style=\"letter-spacing:-.25pt\">\n<\/span>period<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n<\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>determine), the<span style=\"letter-spacing:-.45pt\"> <\/span>excess,<span style=\"letter-spacing:-.4pt\">\n<\/span>if<span style=\"letter-spacing:-.3pt\"> <\/span>any,<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Ending<span style=\"letter-spacing:-.4pt\"> <\/span>Value<span style=\"letter-spacing:-.45pt\"> <\/span>over<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Beginning<span style=\"letter-spacing:\n-.4pt\"> <\/span>Value,<span style=\"letter-spacing:-.45pt\"> <\/span>adjusted<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>Capital\nContributions and Redemptions, net of all expenses, not including the\nManagement Fee and Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.69<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Net Capital Depreciation<\/u>\u201d\nshall mean, with respect to any Accounting<span style=\"letter-spacing:-.2pt\"> <\/span>Period<span style=\"letter-spacing:-.2pt\"> <\/span>(or<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>shorter<span style=\"letter-spacing:-.25pt\">\n<\/span>period<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>determine), the<span style=\"letter-spacing:\n-.45pt\"> <\/span>excess,<span style=\"letter-spacing:-.4pt\"> <\/span>if<span style=\"letter-spacing:-.3pt\"> <\/span>any,<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Beginning<span style=\"letter-spacing:-.4pt\"> <\/span>Value<span style=\"letter-spacing:-.45pt\"> <\/span>over<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Ending<span style=\"letter-spacing:-.4pt\"> <\/span>Value,<span style=\"letter-spacing:-.45pt\">\n<\/span>adjusted<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>Capital Contributions and Redemptions, net\nof all expenses, not including the Management Fee and Performance Allocation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.70<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Parallel<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<\/u>\u201d<span style=\"letter-spacing:\n-.15pt\"> <\/span>means<span style=\"letter-spacing:.05pt\"> <\/span>as set<span style=\"letter-spacing:-.1pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">2.8.1<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.71<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Participating Member<\/u>\u201d\nmeans, where no differentiation is required, any Class A Member, Class B\nMember, or Class I Member or any other Person holding any other units\ndesignated by the Managing Member as Participating Member Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.72<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Participating Member\nUnits<\/u>\u201d means the Class A Units, Class B Units, and Class I Units, as\napplicable.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.73<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Percentage<span style=\"letter-spacing:-.15pt\"> <\/span>Interest<\/u>\u201d<span style=\"letter-spacing:\n-.15pt\"> <\/span>means the percentage interest of each Member holding Units <i>vis a vis <\/i>the other Members holding\nUnits, calculated by dividing the sum of the amounts of the Net Asset Value per\nUnit for all of the Units held by such Member, as of the relevant Valuation\nDate, by the sum of the amounts of the Net Asset Value per Unit for all of the\nUnits held by all of the Members, expressed as a percentage. The sum of the\nPercentage Interests of all Members aggregated across each of the Units for\neach Fiscal Year shall equal 100%.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.74<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Permitted<span style=\"letter-spacing:-.15pt\"> <\/span>Transfer<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section <span style=\"letter-spacing:\n-.1pt\">10.2<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l30 level3 lfo33;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.75<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Person<\/u>\u201d means any\nindividual, corporation, partnership, joint venture, limited liability company,\nestate, trust, unincorporated association, any federal, state, county or\nmunicipal government or any bureau, department or agency thereof, and any\nfiduciary acting in such capacity on behalf of any of the foregoing.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.76<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Personal<span style=\"letter-spacing:3.5pt;mso-font-width:150%\"> <\/span>Representative<\/u>\u201d<span style=\"letter-spacing:3.4pt;mso-font-width:150%\"> <\/span>means,<span style=\"letter-spacing:3.45pt;mso-font-width:150%\"> <\/span>with<span style=\"letter-spacing:3.5pt;mso-font-width:150%\"> <\/span>respect<span style=\"letter-spacing:3.5pt;mso-font-width:150%\"> <\/span>to<span style=\"letter-spacing:3.5pt;mso-font-width:150%\"> <\/span><span style=\"letter-spacing:-.25pt\">any<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Member:<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:223.05pt;text-indent:-45.0pt;\nmso-list:l30 level4 lfo33;tab-stops:223.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.76.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:1.7pt\"> <\/span>person<span style=\"letter-spacing:1.75pt\">\n<\/span>or<span style=\"letter-spacing:1.75pt\"> <\/span>persons,<span style=\"letter-spacing:1.75pt\"> <\/span>including<span style=\"letter-spacing:\n1.75pt\"> <\/span>any<span style=\"letter-spacing:1.75pt\"> <\/span>bank<span style=\"letter-spacing:1.75pt\"> <\/span>or<span style=\"letter-spacing:1.75pt\"> <\/span><span style=\"letter-spacing:-.1pt\">trust<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:70.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">company,<span style=\"letter-spacing:3.95pt;mso-font-width:150%\"> <\/span>who<span style=\"letter-spacing:3.95pt;mso-font-width:150%\"> <\/span>shall<span style=\"letter-spacing:4.0pt;mso-font-width:150%\"> <\/span>be<span style=\"letter-spacing:3.95pt;mso-font-width:150%\"> <\/span>the<span style=\"letter-spacing:3.95pt;mso-font-width:150%\"> <\/span>duly<span style=\"letter-spacing:4.0pt;mso-font-width:150%\"> <\/span>appointed,<span style=\"letter-spacing:4.0pt\"> <\/span>qualified<span style=\"letter-spacing:3.95pt;\nmso-font-width:150%\"> <\/span>and<span style=\"letter-spacing:3.95pt;mso-font-width:\n150%\"> <\/span>acting<span style=\"letter-spacing:3.95pt;mso-font-width:150%\"> <\/span>personal\nrepresentative, executor or administrator of a such party\u2019s estate;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l30 level4 lfo33;tab-stops:223.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.76.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in\nthe absence of a duly appointed personal representative, executor or\nadministrator, the trustee of such party\u2019s <i>inter\nvivos <\/i>trust which holds title to the Member Units; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l30 level4 lfo33;tab-stops:223.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.76.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:-.75pt\"> <\/span>case<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.7pt\"> <\/span>party\u2019s<span style=\"letter-spacing:-.75pt\"> <\/span>Disability,<span style=\"letter-spacing:\n-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>duly<span style=\"letter-spacing:-.75pt\"> <\/span>appointed, qualified and acting\nconservator or guardian of such party\u2019s estate or the agent of such party\nacting pursuant to a duly executed durable power of attorney.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.55pt;mso-list:l30 level3 lfo33;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.77<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">\u201c<u>Portfolio<\/u><\/span><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><\/u><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Assets<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">\u201d<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">means<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">and<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">all<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">interests<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">(or<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">portion thereof,<\/span><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">including,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">but<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">not<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">limited<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">fractional<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">interests,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">leasehold<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">interests,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">undivided\ninterests,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">or<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">remainders)<\/span><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">of<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">real,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">personal,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">or<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">intangible<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">property<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">(not<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">including<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">and <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">all<span style=\"letter-spacing:-.15pt\"> <\/span>interests<span style=\"letter-spacing:\n-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Portfolio<span style=\"letter-spacing:-.2pt\">\n<\/span>Company),<span style=\"letter-spacing:-.1pt\"> <\/span>together with any\nimprovements thereon and any and all personal property, tangible or intangible,\nrelated thereto or used in the ownership, operation or maintenance of such real\nor personal property, or otherwise in<span style=\"letter-spacing:-.3pt\"> <\/span>connection<span style=\"letter-spacing:-.35pt\"> <\/span>therewith,<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.3pt\"> <\/span>additions<span style=\"letter-spacing:-.3pt\">\n<\/span>thereto<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>replacements<span style=\"letter-spacing:\n-.15pt\"> <\/span>thereof;<span style=\"letter-spacing:-.3pt\"> <\/span>provided,\nthis shall include any interest held by the Company through an entity that for\nfederal income tax purposes is considered to be disregarded as being separate\nfrom the <span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.78<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Portfolio<span style=\"letter-spacing:-.5pt\"> <\/span>Company<\/u>\u201d<span style=\"letter-spacing:\n-.55pt\"> <\/span>means<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>direct<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>indirect<span style=\"letter-spacing:-.4pt\">\n<\/span>wholly<span style=\"letter-spacing:-.5pt\"> <\/span>or partially owned\nsubsidiary of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.79<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Portfolio<span style=\"letter-spacing:-.4pt\"> <\/span>Property<\/u>\u201d<span style=\"letter-spacing:\n-.4pt\"> <\/span>means<span style=\"letter-spacing:-.35pt\"> <\/span>(i)<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>Portfolio<span style=\"letter-spacing:-.2pt\"> <\/span>Assets,<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>(ii) any interests issued\nto the Company in any Portfolio Company in exchange for cash.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.80<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Private Placement\nMemorandum<\/u>\u201d means any private placement<span style=\"letter-spacing:-.7pt\"> <\/span>memoranda<span style=\"letter-spacing:-.7pt\"> <\/span>pursuant<span style=\"letter-spacing:-.7pt\">\n<\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>which<span style=\"letter-spacing:-.65pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.7pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>Units<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company are sold to investors, as\nsupplemented from time to time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.81<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Qualified<span style=\"letter-spacing:-.2pt\"> <\/span>Plans<\/u>\u201d<span style=\"letter-spacing:\n-.15pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>individual<span style=\"letter-spacing:\n-.2pt\"> <\/span>retirement<span style=\"letter-spacing:-.1pt\"> <\/span>account, simplified\nemployee pension qualifying under Section 408 of the Code, KEOGH plans,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>retirement<span style=\"letter-spacing:-.5pt\"> <\/span>plans<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>described<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>Title I<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Employee<span style=\"letter-spacing:-.6pt\">\n<\/span>Retirement<span style=\"letter-spacing:-.5pt\"> <\/span>Income Security Act\nof 1974, as amended.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:4.5pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.82<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Redemption<\/u>\u201d means the\nredemptions of a Participating Member\u2019s Units in accordance with <u>Section 5<\/u>\nhereof, as applicable.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section<span style=\"letter-spacing:-.1pt\"> 5.5.2<\/span><\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Redemption<span style=\"letter-spacing:.8pt\"> <\/span>Request<\/u>\u201d<span style=\"letter-spacing:\n.85pt\"> <\/span>shall<span style=\"letter-spacing:.95pt\"> <\/span>have<span style=\"letter-spacing:.85pt\"> <\/span>the<span style=\"letter-spacing:.85pt\"> <\/span>meaning<span style=\"letter-spacing:.95pt\"> <\/span>set<span style=\"letter-spacing:.9pt\"> <\/span>forth<span style=\"letter-spacing:.95pt\"> <\/span><span style=\"letter-spacing:-.25pt\">in<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 54.25pt; text-indent: -50.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.83<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Redemption<span style=\"letter-spacing:3.65pt\"> <\/span>Date<\/u>\u201d<span style=\"letter-spacing:\n3.7pt\"> <\/span>means<span style=\"letter-spacing:3.75pt\"> <\/span>the<span style=\"letter-spacing:3.75pt\"> <\/span>last<span style=\"letter-spacing:3.8pt\"> <\/span>Business<span style=\"letter-spacing:3.9pt\"> <\/span>Day<span style=\"letter-spacing:3.75pt\"> <\/span>of<span style=\"letter-spacing:3.85pt\"> <\/span><span style=\"letter-spacing:-.5pt\">a<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">calendar<span style=\"letter-spacing:-.1pt\"> quarter.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.84<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Redemption<span style=\"letter-spacing:3.4pt\"> <\/span>Fee<\/u>\u201d<span style=\"letter-spacing:3.6pt\">\n<\/span>shall<span style=\"letter-spacing:3.65pt\"> <\/span>have<span style=\"letter-spacing:3.6pt\"> <\/span>the<span style=\"letter-spacing:3.5pt\"> <\/span>meaning<span style=\"letter-spacing:3.55pt\"> <\/span>set<span style=\"letter-spacing:3.65pt\"> <\/span>forth<span style=\"letter-spacing:3.55pt\"> <\/span><span style=\"letter-spacing:-.25pt\">in<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section<span style=\"letter-spacing:-.1pt\"> 5.5.4<\/span><\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.85<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Regulations<\/u>\u201d<span style=\"letter-spacing:3.35pt\"> <\/span>mean<span style=\"letter-spacing:3.4pt\"> <\/span>the<span style=\"letter-spacing:3.45pt\"> <\/span>federal<span style=\"letter-spacing:3.4pt\">\n<\/span>income<span style=\"letter-spacing:3.4pt\"> <\/span>tax<span style=\"letter-spacing:3.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">regulations,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">including\nany temporary regulations, promulgated under the Code, as the same may be\namended from time to time (including corresponding provisions of successor <span style=\"letter-spacing:-.1pt\">regulations).<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.86<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>REIT<span style=\"letter-spacing:-.4pt\"> <\/span>Subsidiary<\/u>\u201d<span style=\"letter-spacing:\n-.45pt\"> <\/span>means<span style=\"letter-spacing:-.4pt\"> <\/span>Cloud Toronto &#8211;\nFYBN <span style=\"letter-spacing:-.45pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:-.35pt\">\n<\/span>Growth<span style=\"letter-spacing:-.25pt\"> <\/span>&amp;<span style=\"letter-spacing:-.35pt\"> <\/span>Income Fund REIT, LLC (or any successor\nthereto).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.95pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.87<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>REIT LLC Agreement<\/u>\u201d\nmeans the limited liability company agreement of the REIT Subsidiary dated as\nof February 28, 2023.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.88<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Stated Rate of Interest<\/u>\u201d\nmeans such rate as the Managing Member may determine or successfully negotiate\nin its reasonable discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.89<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Subscription Agreement<\/u>\u201d\nshall mean the Subscription Agreement<span style=\"letter-spacing:-.15pt\"> <\/span>executed<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>form<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>substance<span style=\"letter-spacing:-.25pt\">\n<\/span>satisfactory<span style=\"letter-spacing:-.2pt\"> <\/span>to the Managing\nMember evidencing its agreement to be bound hereby.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.90<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Substitute Member<\/u>\u201d\nmeans, with respect to the transferee of Member Units, any Person admitted to\nthe Company as a \u201cMember\u201d pursuant to <u>Section 10.6<\/u> hereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.91<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Tax<span style=\"letter-spacing:-.45pt\"> <\/span>Payable<\/u>\u201d<span style=\"letter-spacing:\n-.5pt\"> <\/span>means<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>set<span style=\"letter-spacing:-.45pt\"> <\/span>forth<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span><u>Section<span style=\"letter-spacing:-.45pt\"> <\/span>1.7.2<\/u><span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<u><span style=\"letter-spacing:-.45pt\"> <\/span>Tax<\/u> <u>Matters Schedule<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.92<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Transfer<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section<span style=\"letter-spacing:\n.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">10.1<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.93<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>UCC<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>means<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Uniform<span style=\"letter-spacing:-.05pt\">\n<\/span>Commercial<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Code.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.95pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.94<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Unit<span style=\"letter-spacing:-.4pt\"> <\/span>Holder<\/u>\u201d<span style=\"letter-spacing:\n-.45pt\"> <\/span>means<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>Person<span style=\"letter-spacing:-.45pt\">\n<\/span>who<span style=\"letter-spacing:-.35pt\"> <\/span>holds<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>Unit,<span style=\"letter-spacing:-.3pt\"> <\/span>whether<span style=\"letter-spacing:-.35pt\">\n<\/span>or not such Person has been admitted as a Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.95<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">\u201c<u>Units<\/u>\u201d<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">means<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">with<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">respect<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Member,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">the<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Participating\n<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Member Units or the Managing Member Units, or\nany other class of units issued by the Company in accordance with the terms and\nconditions of this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l30 level3 lfo33;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.96<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Valuation Date<\/u>\u201d shall\nmean the last Business Day of each month, or such other date as the Managing\nMember shall determine in its sole <span style=\"letter-spacing:-.1pt\">discretion.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.97<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Withdrawal<\/u>\u201d<span style=\"letter-spacing:-.15pt\"> <\/span>means<span style=\"letter-spacing:.05pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.1pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in <u>Section<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">11.1<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">2<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.1pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark18\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">FORMATION;<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">PURPOSE<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l12 level2 lfo30;tab-stops:79.0pt\"><a name=\"_bookmark19\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Formation<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.5pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Company<span style=\"letter-spacing:-.6pt\"> <\/span>was<span style=\"letter-spacing:-.55pt\"> <\/span>formed<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>limited<span style=\"letter-spacing:-.6pt\">\n<\/span>liability<span style=\"letter-spacing:-.55pt\"> <\/span>limited<span style=\"letter-spacing:-.55pt\"> <\/span>company<span style=\"letter-spacing:-.55pt\">\n<\/span>upon the filing of the Certificate with the Secretary of State of the\nState of New York<i>.<o:p><\/o:p><\/i><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l12 level2 lfo30;\ntab-stops:79.0pt\"><a name=\"_bookmark20\"><\/a><!--[if !supportLists]-->2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Term<\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l12 level3 lfo30;\ntab-stops:187.7pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.45pt\"> <\/span>term<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\"> <\/span>commenced<span style=\"letter-spacing:-.3pt\">\n<\/span>upon<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>filing<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the Certificate<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Secretary<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>State<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>State<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>New York<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>continue<span style=\"letter-spacing:-.65pt\">\n<\/span>until the Company dissolved as provided in <u>Section 12<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l12 level3 lfo30;\ntab-stops:187.7pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.75pt\"> <\/span>existence<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>separate<span style=\"letter-spacing:-.75pt\">\n<\/span>legal<span style=\"letter-spacing:-.65pt\"> <\/span>entity<span style=\"letter-spacing:-.75pt\"> <\/span>shall continue until cancellation of the\nCertificate in accordance with the Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l12 level2 lfo30;tab-stops:78.85pt\"><a name=\"_bookmark21\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Name<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>name<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cCLOUD TORONTO &#8211; FYBN <span style=\"letter-spacing:-.3pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.25pt\"> <\/span>GROWTH<span style=\"letter-spacing:-.25pt\">\n<\/span>&amp;<span style=\"letter-spacing:-.2pt\"> <\/span>INCOME FUND LLC\u201d.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l12 level2 lfo30;tab-stops:78.85pt\"><a name=\"_bookmark22\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Purpose<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The purpose of the Company shall be to\nacquire, develop, manage, operate,<span style=\"letter-spacing:-.4pt\"> <\/span>lease,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>sell,<span style=\"letter-spacing:-.4pt\"> <\/span>directly<span style=\"letter-spacing:-.4pt\">\n<\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>indirectly,<span style=\"letter-spacing:-.4pt\"> <\/span>commercial<span style=\"letter-spacing:\n-.4pt\"> <\/span>real<span style=\"letter-spacing:-.4pt\"> <\/span>estate<span style=\"letter-spacing:-.4pt\"> <\/span>properties<span style=\"letter-spacing:\n-.4pt\"> <\/span>consistent<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>the Company&#8217;s<span style=\"letter-spacing:\n-.4pt\"> <\/span>investment<span style=\"letter-spacing:-.35pt\"> <\/span>strategy<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>acquiring<span style=\"letter-spacing:-.4pt\"> <\/span>quality<span style=\"letter-spacing:-.4pt\">\n<\/span>income-producing<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>value-add<span style=\"letter-spacing:\n-.25pt\"> <\/span>commercial properties, and as further described in the Private\nPlacement Memorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>The Company may\nachieve its purpose by investing substantially all of its assets into the REIT\nSubsidiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l12 level2 lfo30\"><a name=\"_bookmark23\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Place\nof Business<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Company\u2019s principal place of business shall be 970 Peachtree\nIndustrial Blvd, Suite 1-2, Suwanee, GA 30024, .<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Company may have other or additional places of business\nwithin or outside of the State of New York.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l12 level2 lfo30;tab-stops:78.95pt\"><a name=\"_bookmark24\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Nature\nof Units<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Units shall be personal property for all purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>All property owned by the Company, whether\nreal or personal, tangible or intangible, shall be owned by the Company as an\nentity, and no Member shall have any direct ownership of such property or any\nright to use such property for any purpose other than a purpose of the Company.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l12 level2 lfo30;\ntab-stops:79.0pt\"><a name=\"_bookmark25\"><\/a><!--[if !supportLists]-->2.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Name<span style=\"letter-spacing:-.15pt\"> <\/span>and <span style=\"letter-spacing:-.2pt\">Mark<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.2pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l12 level3 lfo30;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.7.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding any provision\nof this Agreement to the contrary,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Unit<span style=\"letter-spacing:-.75pt\"> <\/span>Holders<span style=\"letter-spacing:-.75pt\"> <\/span>acknowledge<span style=\"letter-spacing:\n-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>agree<span style=\"letter-spacing:-.75pt\"> <\/span>that: (i) the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Name and Mark are the property of the Managing Member or its\nAffiliates (other than the Company) and in no respect shall the limited right\nto use the Name and Mark be deemed an asset of the Company; (ii) the Company\u2019s\nlimited right to use the Name and Mark may be withdrawn by the Managing Member\nor its Affiliates at any time without compensation to the Company; (iii)<span style=\"letter-spacing:-.05pt\"> <\/span>the Company has no right to license,\nsublicense, assign, or otherwise transfer any right, title or interest in or to\nthe Name and Mark; (iv)<span style=\"letter-spacing:-.1pt\"> <\/span>no Member\nother than the Managing Member shall, by virtue of its ownership of an interest\nin the Company, hold any right, title or interest in or to the Name<span style=\"letter-spacing:1.45pt\"> <\/span>and<span style=\"letter-spacing:1.45pt\"> <\/span>Mark;<span style=\"letter-spacing:1.45pt\"> <\/span>(v) all<span style=\"letter-spacing:1.65pt\">\n<\/span>goodwill<span style=\"letter-spacing:1.5pt\"> <\/span>and<span style=\"letter-spacing:1.45pt\"> <\/span>similar<span style=\"letter-spacing:1.45pt\">\n<\/span>value<span style=\"letter-spacing:1.5pt\"> <\/span>associated<span style=\"letter-spacing:1.45pt\"> <\/span>with<span style=\"letter-spacing:1.5pt\"> <\/span>the<span style=\"letter-spacing:1.55pt\"> <\/span>Name<span style=\"letter-spacing:1.5pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Mark<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>owned<span style=\"letter-spacing:-.1pt\"> <\/span>by,<span style=\"letter-spacing:-.1pt\"> <\/span>and\nshall<span style=\"letter-spacing:-.1pt\"> <\/span>accrue<span style=\"letter-spacing:\n-.15pt\"> <\/span>solely<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>benefit<span style=\"letter-spacing:-.1pt\"> <\/span>of,<span style=\"letter-spacing:-.1pt\"> <\/span>the\nManaging<span style=\"letter-spacing:-.1pt\"> <\/span>Member or its Affiliates\n(other than the Company); and (vi)<span style=\"letter-spacing:-.05pt\"> <\/span>following\nthe dissolution and liquidation of the Company, the limited right of the\nCompany to use the Name and Mark<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>terminated.<span style=\"letter-spacing:1.7pt\"> <\/span>Except<span style=\"letter-spacing:-.7pt\"> <\/span>as<span style=\"letter-spacing:-.7pt\"> <\/span>specifically<span style=\"letter-spacing:\n-.7pt\"> <\/span>authorized<span style=\"letter-spacing:-.7pt\"> <\/span>by<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member or its Affiliate in writing, in no\nevent shall any Class A Member use the Name and Mark for its own account.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l12 level3 lfo30;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.7.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject to <u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>2.7.1<\/u>, the Managing Member hereby\ngrants to the Company, and the Company hereby accepts, a non-exclusive, non-\nassignable, non-sublicensable, royalty-free license to use, during the term of\nthe Company, the Name and Mark as part of the legal name of the Company; and\notherwise in connection with the conduct by the Company of its activities in\naccordance with this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l12 level3 lfo30;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.7.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>entitled<span style=\"letter-spacing:-.35pt\">\n<\/span>to take all reasonable actions to protect their ownership of the Name\nand Mark.<span style=\"letter-spacing:2.0pt\"> <\/span>The Company shall use the\nName and Mark only in a manner and format approved in writing by the Managing\nMember, and only in connection with goods or services adhering to such\nstandards, specifications, and instructions as are developed by the Managing\nMember and its Affiliates (other than the Company).<span style=\"letter-spacing:\n2.0pt\"> <\/span>If the Managing Member<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.55pt\"> <\/span>determine<span style=\"letter-spacing:\n-.6pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:\n-.55pt\"> <\/span>using,<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>cannot<span style=\"letter-spacing:-.55pt\">\n<\/span>use,<span style=\"letter-spacing:-.55pt\"> <\/span>the Name and Mark in\naccordance with such format, manner, standards, specifications, and<span style=\"letter-spacing:-.25pt\"> <\/span>instructions,<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>cure<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>cause<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>failure<span style=\"letter-spacing:-.35pt\">\n<\/span>or,<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing Member\ndetermines that the Company cannot or should not cure such failure, discontinue<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>non-conforming<span style=\"letter-spacing:-.25pt\"> <\/span>use.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>right<span style=\"letter-spacing:-.25pt\"> <\/span>to\npresent to its Affiliates all information concerning the Company\u2019s use of the\nName and Mark as shall be reasonably necessary for such Affiliates to determine\nwhether such format, manner, standards, specifications, and instructions have\nbeen, and are likely to be, satisfied.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l12 level3 lfo30;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.7.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>name,<span style=\"letter-spacing:-.15pt\"> <\/span>mark<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>URL<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>changed,<span style=\"letter-spacing:-.15pt\"> <\/span>the foregoing<span style=\"letter-spacing:\n-.15pt\"> <\/span>provisions<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.1pt\"> <\/span><u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>2.7<\/u><span style=\"letter-spacing:-.15pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>apply<span style=\"letter-spacing:-.15pt\"> <\/span>equally<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>new<span style=\"letter-spacing:-.15pt\"> <\/span>name,<span style=\"letter-spacing:-.15pt\"> <\/span>mark<span style=\"letter-spacing:-.15pt\"> <\/span>or\n<span style=\"letter-spacing:-.2pt\">URL.<\/span><o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l12 level2 lfo30;\ntab-stops:79.0pt\"><a name=\"_bookmark26\"><\/a><!--[if !supportLists]-->2.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Parallel<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Funds<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l12 level3 lfo30;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">2.8.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">General<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.\nMembers acknowledge and agree that the Managing Member may organize one or more\nof the investment funds in connection with the organization of the Company for\npurposes including, but not limited to, the following (each a \u201c<u>Parallel Fund<\/u>\u201d):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.1pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l12 level4 lfo30;tab-stops:169.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.8.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">reducing the exposure of\ninvestors to United States income tax liability in respect of \u201ctrade or\nbusiness\u201d income.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l12 level4 lfo30;tab-stops:169.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.8.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">seeking an exemption from\nsuch registration as an \u201cinvestment company,\u201d within the meaning of the\nInvestment Company Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;mso-list:l12 level4 lfo30;\ntab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.8.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">addressing regulatory, tax or\nsimilar considerations applicable to the investors therein (it being\nacknowledged that merely obtaining a more advantageous economic arrangement\nrelative to the Managing Member or the Members is not a \u201csimilar <span style=\"letter-spacing:-.1pt\">consideration\u201d).<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">In order to most efficiently seek exemption from\nregistration requirements for both the Company<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Parallel<span style=\"letter-spacing:-.2pt\"> <\/span>Fund,<span style=\"letter-spacing:-.2pt\"> <\/span>when<span style=\"letter-spacing:-.1pt\"> <\/span>applicable,<span style=\"letter-spacing:-.15pt\"> <\/span>without<span style=\"letter-spacing:-.2pt\">\n<\/span>materially<span style=\"letter-spacing:-.2pt\"> <\/span>altering<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>economic<span style=\"letter-spacing:-.2pt\"> <\/span>rights and obligations of the Members and\nthe Managing Member, in its reasonable discretion, may at any<span style=\"letter-spacing:-.15pt\"> <\/span>time<span style=\"letter-spacing:-.15pt\"> <\/span>cause<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>exchange<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>interest<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:\n-.15pt\"> <\/span>economically<span style=\"letter-spacing:-.15pt\"> <\/span>equivalent\ninterest in the Parallel Fund or vice-versa.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:187.85pt;text-indent:-50.25pt;mso-list:l12 level3 lfo30;\ntab-stops:187.85pt\"><!--[if !supportLists]--><span style=\"letter-spacing:-.15pt\">2.8.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Parallel<span style=\"letter-spacing:-.1pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.1pt\"> Activities<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l12 level4 lfo30;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.8.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.75pt\"> <\/span>one<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>more<span style=\"letter-spacing:-.75pt\"> <\/span>Parallel<span style=\"letter-spacing:-.75pt\"> <\/span>Funds<span style=\"letter-spacing:-.75pt\">\n<\/span>are<span style=\"letter-spacing:-.75pt\"> <\/span>formed,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>such\nParallel Funds shall, to the maximum extent reasonably practicable, jointly\nparticipate in each investment (on substantially identical terms) in any manner\nreasonably determined by the Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member.<span style=\"letter-spacing:2.0pt\"> <\/span>To<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>maximum<span style=\"letter-spacing:-.15pt\">\n<\/span>extent<span style=\"letter-spacing:-.2pt\"> <\/span>reasonably<span style=\"letter-spacing:-.15pt\"> <\/span>practicable,<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Parallel<span style=\"letter-spacing:-.15pt\"> <\/span>Funds<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>not sell<span style=\"letter-spacing:-.2pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>distribute<span style=\"letter-spacing:-.25pt\"> <\/span>portfolio<span style=\"letter-spacing:\n-.2pt\"> <\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>securities<span style=\"letter-spacing:-.2pt\"> <\/span>unless<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>engaging<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>engaged<span style=\"letter-spacing:-.2pt\">\n<\/span>in a proportionate sale or distribution of corresponding securities (in\nthe case of a sale, on substantially the same terms).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l12 level4 lfo30;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">2.8.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Solely<span style=\"letter-spacing:\n-.3pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>respect<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>Parallel<span style=\"letter-spacing:-.15pt\">\n<\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>formed<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>purpose<span style=\"letter-spacing:-.35pt\">\n<\/span>of reducing the exposure of investors to United States income tax\nliability in respect of \u201ctrade or business\u201d income, the Managing Member shall\nexercise its independent business judgment (taking<span style=\"letter-spacing:\n-.4pt\"> <\/span>into<span style=\"letter-spacing:-.4pt\"> <\/span>account<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>separate<span style=\"letter-spacing:-.45pt\"> <\/span>fiduciary<span style=\"letter-spacing:\n-.4pt\"> <\/span>duties<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>fund)<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>determining<span style=\"letter-spacing:-.4pt\"> <\/span>when,<span style=\"letter-spacing:-.4pt\"> <\/span>whether,<span style=\"letter-spacing:-.35pt\"> <\/span>and the extent to which such fund shall\nacquire, hold or dispose of any specific investments.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Members expressly do not intend to directly, or indirectly\nthrough the Company, enter into any actual or constructive partnership with\nsuch Parallel Fund or the equity holders thereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.05pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark27\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">3<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:3.95pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CONTRIBUTIONS;<span style=\"letter-spacing:-.05pt\"> <\/span>CAPITAL<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">ACCOUNTS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l34 level2 lfo29;tab-stops:78.95pt\"><a name=\"_bookmark28\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>Capital<span style=\"letter-spacing:-.15pt\"> <\/span>Accounts<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>A<span style=\"letter-spacing:-.15pt\"> <\/span>separate<span style=\"letter-spacing:-.15pt\"> <\/span>capital<span style=\"letter-spacing:-.15pt\">\n<\/span>account<span style=\"letter-spacing:-.1pt\"> <\/span>shall be established\nfor each Member and the Managing Member (a \u201c<u>Capital Account<\/u>\u201d) and shall\nbe maintained in accordance with Code Section 704 and Treasury Regulations\nSection 1.704- 1(b)(2)(iv)<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>further<span style=\"letter-spacing:-.55pt\">\n<\/span>determined<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>accordance<span style=\"letter-spacing:\n-.6pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span><u>Tax<span style=\"letter-spacing:-.55pt\">\n<\/span>Matters<span style=\"letter-spacing:-.55pt\"> <\/span>Schedule<\/u><span style=\"letter-spacing:-.5pt\"> <\/span>attached<span style=\"letter-spacing:-.55pt\">\n<\/span>hereto<span style=\"letter-spacing:-.45pt\"> <\/span>and incorporated\nherein by reference, and subject to adjustment in accordance with the <u>Tax\nMatters<\/u> <u>Schedule<\/u> attached hereto.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l34 level2 lfo29;\ntab-stops:79.0pt\"><a name=\"_bookmark29\"><\/a><!--[if !supportLists]-->3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Capital<span style=\"letter-spacing:-.05pt\"> <\/span>Contributions;<span style=\"letter-spacing:\n-.2pt\"> <\/span>Admission<span style=\"letter-spacing:-.05pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">Members.<\/span><\/span><\/u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each Participating Member\nshall make a Capital Contribution to the Company in the amount set forth in the\napplicable Subscription Agreement<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>Participating<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company.<span style=\"letter-spacing:1.7pt\"> <\/span>Details<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>name<span style=\"letter-spacing:-.7pt\"> <\/span>and address of<span style=\"letter-spacing:-.1pt\"> <\/span>each Participating Member,<span style=\"letter-spacing:-.05pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>initial Capital Contribution<span style=\"letter-spacing:-.05pt\"> <\/span>to the<span style=\"letter-spacing:-.1pt\">\n<\/span>Company,<span style=\"letter-spacing:-.1pt\"> <\/span>and the initial<span style=\"letter-spacing:-.05pt\"> <\/span>number<span style=\"letter-spacing:-.15pt\">\n<\/span>of Units<span style=\"letter-spacing:-.05pt\"> <\/span>held<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>each\nParticipating Member are set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>Register.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>Register<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>amended\nfrom<span style=\"letter-spacing:-.05pt\"> <\/span>time to<span style=\"letter-spacing:\n.7pt\"> <\/span>time by the Company to<span style=\"letter-spacing:.7pt\"> <\/span>reflect<span style=\"letter-spacing:.7pt\"> <\/span>any additional<span style=\"letter-spacing:\n.7pt\"> <\/span>Capital<span style=\"letter-spacing:.7pt\"> <\/span>Contributions\nmade to<span style=\"letter-spacing:.7pt\"> <\/span>the Company, additional Units\nissued by the Company, any Units transferred in accordance with this Agreement\nand any Person admitted as a Member after the date hereof.<span style=\"letter-spacing:2.0pt\"> <\/span>Members who change their addresses shall\nadvise the Company of any such change of address.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Any reference to the Member Register in this Agreement means the\nMember Register as amended to reflect any changes in the information specified\nherein.<span style=\"letter-spacing:2.0pt\"> <\/span>Each<span style=\"letter-spacing:\n-.15pt\"> <\/span>investor<span style=\"letter-spacing:-.15pt\"> <\/span>desiring<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>become<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\">\n<\/span>submit<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>the applicable Subscription Agreement by\nsuch Member, together with the consent of such<span style=\"letter-spacing:-.3pt\">\n<\/span>investor\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>spouse<span style=\"letter-spacing:-.15pt\"> <\/span>(if<span style=\"letter-spacing:-.2pt\"> <\/span>applicable)<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>cash<span style=\"letter-spacing:-.3pt\"> <\/span>(by<span style=\"letter-spacing:-.15pt\"> <\/span>wire<span style=\"letter-spacing:-.35pt\"> <\/span>transfer<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:\n-.3pt\"> <\/span>cashier\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>check as\ndirected in the applicable Subscription Agreement) in the full amount of the\ninvestor\u2019s initial Capital Contribution.<span style=\"letter-spacing:2.0pt\"> <\/span>In\nthe event that there are more than 95 \u201cpartners\u201d as determined under Code\nSection 7704 and the applicable Treasury Regulations, the Managing Member shall\nhave the ability to amend this Agreement, and the Members agree to be bound by\nsuch amendment, in order to provide for the ability<span style=\"letter-spacing:\n-.4pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.35pt\">\n<\/span>and\/or<span style=\"letter-spacing:-.45pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>engage<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>redemptions<span style=\"letter-spacing:-.4pt\"> <\/span>and\/or<span style=\"letter-spacing:-.45pt\">\n<\/span>transfers<span style=\"letter-spacing:-.35pt\"> <\/span>of Units as\nprescribed in Code Section 7704, and any related authorities, including\nTreasury Regulations Section 1.7704-1, which permit certain redemptions and\ntransfers without causing the Company to be treated as \u201cpublicly traded\npartnership\u201d in Code Section 7704.<span style=\"letter-spacing:2.0pt\"> <\/span>No\nperson shall be admitted into the Company unless such person is a United States\nperson under Code Section 7701(a)(30).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each Member shall make an\ninitial Capital Contribution to the Company in the amount of $1,000 per Unit\nsubscribed (the \u201c<u>Initial Offer Price<\/u>\u201d), payable<span style=\"letter-spacing:\n-.05pt\"> <\/span>in cash or by contribution of<span style=\"letter-spacing:-.05pt\">\n<\/span>other valuable<span style=\"letter-spacing:-.05pt\"> <\/span>property<span style=\"letter-spacing:-.05pt\"> <\/span>(the value of such to be determined<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>reasonable<span style=\"letter-spacing:-.7pt\"> <\/span>discretion)<span style=\"letter-spacing:\n-.55pt\"> <\/span>except<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>otherwise provided<span style=\"letter-spacing:\n-.75pt\"> <\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement.<span style=\"letter-spacing:.4pt\"> <\/span>The<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>may,<span style=\"letter-spacing:-.75pt\"> <\/span>at<span style=\"letter-spacing:-.75pt\"> <\/span>its<span style=\"letter-spacing:-.75pt\"> <\/span>election<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>its<span style=\"letter-spacing:-.75pt\"> <\/span>discretion,\ncause the Company to accept Subscription Agreements for less than the Initial\nOffer Price or the Net Asset Value per Unit and issue fractional Units in\nconnection therewith.<span style=\"letter-spacing:2.0pt\"> <\/span>Units will be\nissued by the Company to an investor, and an investor shall be<span style=\"letter-spacing:-.2pt\"> <\/span>admitted<span style=\"letter-spacing:-.15pt\">\n<\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>respect<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>issued<span style=\"letter-spacing:-.15pt\">\n<\/span>Units,<span style=\"letter-spacing:-.05pt\"> <\/span>only<span style=\"letter-spacing:-.15pt\"> <\/span>upon the receipt and acceptance by the\nCompany of an duly completed and executed Subscription Agreement in form and\nsubstance acceptable to the Company, an executed counterpart signature page to\nthis Agreement indicating the investor\u2019s agreement to be bound by each and\nevery term and condition of this Agreement (to the extent required by the\nCompany); and the delivery to the Company of cash (by wire transfer or by\ncashier\u2019s check as directed by in the applicable Subscription Agreement)<span style=\"letter-spacing:-.2pt\"> <\/span>equal<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>total<span style=\"letter-spacing:-.2pt\"> <\/span>initial<span style=\"letter-spacing:-.2pt\">\n<\/span>Capital<span style=\"letter-spacing:-.2pt\"> <\/span>Contribution<span style=\"letter-spacing:-.2pt\"> <\/span>required<span style=\"letter-spacing:-.2pt\">\n<\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>investor in exchange for the Units to be\nissued to such Person.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.1pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member may elect\nin its absolute discretion to accept subscription payments from a Member, in\nwhole or in part, in specie or in kind rather than in cash.<span style=\"letter-spacing:2.0pt\"> <\/span>This election may be made generally or in\nany particular case. The Managing Member will use the same valuation procedures\nused in determining Net Asset Value to determine the value to be attributed to\nthe relevant assets to be transferred or assigned to the Company as of the\nrelevant Dealing Day. Any<span style=\"letter-spacing:-.1pt\"> <\/span>prospective<span style=\"letter-spacing:-.1pt\"> <\/span>investor seeking<span style=\"letter-spacing:\n-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>contribute assets<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>responsible<span style=\"letter-spacing:\n-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>all<span style=\"letter-spacing:-.05pt\"> <\/span>costs involved in changing the ownership\nof and the transfer of the relevant assets unless the<span style=\"letter-spacing:\n3.0pt\"> <\/span>Managing<span style=\"letter-spacing:3.05pt\"> <\/span>Member<span style=\"letter-spacing:3.1pt\"> <\/span>otherwise<span style=\"letter-spacing:3.0pt\">\n<\/span>agrees.<span style=\"letter-spacing:3.05pt\">&nbsp; <\/span>Upon<span style=\"letter-spacing:3.05pt\">\n<\/span>receipt<span style=\"letter-spacing:3.05pt\"> <\/span>of<span style=\"letter-spacing:3.35pt\"> <\/span>a<span style=\"letter-spacing:3.0pt\"> <\/span>properly<span style=\"letter-spacing:3.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">executed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subscription\nAgreement and such legal and other transfer documentation as the Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.65pt\"> <\/span>sole<span style=\"letter-spacing:-.55pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>require,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n<\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>allot the<span style=\"letter-spacing:-.4pt\"> <\/span>requisite<span style=\"letter-spacing:-.4pt\">\n<\/span>number<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>normal<span style=\"letter-spacing:-.25pt\"> <\/span>manner.<span style=\"letter-spacing:2.0pt\">\n<\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n<\/span>reserves the<span style=\"letter-spacing:-.05pt\"> <\/span>right to decline<span style=\"letter-spacing:-.05pt\"> <\/span>to admit any Member to the Member<span style=\"letter-spacing:-.1pt\"> <\/span>Register until such Member has<span style=\"letter-spacing:-.15pt\"> <\/span>been<span style=\"letter-spacing:-.1pt\"> <\/span>able<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>prove<span style=\"letter-spacing:-.1pt\"> <\/span>title<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>question<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>make<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>valid<span style=\"letter-spacing:-.05pt\"> <\/span>transfer<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">thereof.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.2.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member, either\ndirectly or through an Affiliate<span style=\"letter-spacing:-.15pt\"> <\/span>(in<span style=\"letter-spacing:-.15pt\"> <\/span>which case<span style=\"letter-spacing:\n-.15pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Affiliate<span style=\"letter-spacing:-.15pt\"> <\/span>may acquire Participating<span style=\"letter-spacing:-.1pt\"> <\/span>Member Units)<span style=\"letter-spacing:\n-.15pt\"> <\/span>may acquire Participating Member Units in an amount equal at\nleast one (1%) percent of the<span style=\"letter-spacing:-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.65pt\"> <\/span>Contributions<span style=\"letter-spacing:\n-.75pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.65pt\"> <\/span>Members.<span style=\"letter-spacing:1.75pt\"> <\/span>The<span style=\"letter-spacing:-.7pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member may acquire Participating Member Units no less frequently than\nsemi-annually.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member\nmay offset such acquisitions to the extent Cloud Toronto &#8211; FYBN Cos or its\naffiliates make direct investments in underlying holdings of the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l34 level2 lfo29;tab-stops:78.95pt\"><a name=\"_bookmark30\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing\nMember Capital Accounts<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>A separate Capital Account shall be maintained<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member,<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>respect<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>Units,<span style=\"letter-spacing:-.6pt\">\n<\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>accordance with the <u>Tax\nMatters Schedule<\/u> attached hereto and incorporated herein by reference.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member Units, set forth on\nthe Member Register, have been granted to the Managing Member in exchange for\nservices already provided and\/or to be provided to the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>It is the intention of the Participating\nMembers and the Managing Member that such Managing Member Units shall be\ntreated as a \u201cprofits interest\u201d under Revenue Procedures 93-27 and 2001- 43,<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>similar<span style=\"letter-spacing:-.25pt\">\n<\/span>provisions<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>future<span style=\"letter-spacing:-.1pt\"> <\/span>IRS<span style=\"letter-spacing:-.15pt\"> <\/span>guidance<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>applicable<span style=\"letter-spacing:-.2pt\"> <\/span>law,<span style=\"letter-spacing:-.05pt\"> <\/span>including<span style=\"letter-spacing:-.15pt\"> <\/span>Regulations under Code \u00a783.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l34 level2 lfo29;tab-stops:78.95pt\"><a name=\"_bookmark31\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Participating\nMember Loans<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Subject to the terms of this Agreement, any Participating Member\nmay, with the approval of the Managing Member, lend or advance money to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company;<span style=\"letter-spacing:-.75pt\"> <\/span>provided,<span style=\"letter-spacing:\n-.75pt\"> <\/span>however,<span style=\"letter-spacing:-.75pt\"> <\/span>no<span style=\"letter-spacing:-.7pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>obligated<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>make<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>loans\nto<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company. If<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>makes<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>loan<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>loans<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>advances money on its\nbehalf, the amount of any such loan or advance shall not be treated as a\nCapital Contribution to the Company, but shall be an indebtedness of the\nCompany payable to such Participating<span style=\"letter-spacing:-.75pt\"> <\/span>Member.<span style=\"letter-spacing:-.2pt\"> <\/span>The<span style=\"letter-spacing:-.75pt\"> <\/span>amount<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>loan<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>advance<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>lending<span style=\"letter-spacing:-.7pt\">\n<\/span>Participating<span style=\"letter-spacing:-.75pt\"> <\/span>Member shall be<span style=\"letter-spacing:-.05pt\"> <\/span>repayable out of the<span style=\"letter-spacing:-.05pt\"> <\/span>Company\u2019s cash and shall bear<span style=\"letter-spacing:-.05pt\"> <\/span>interest at the Stated Rate<span style=\"letter-spacing:-.05pt\"> <\/span>of Interest during the period such loan\nis outstanding.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l34 level2 lfo29;tab-stops:78.95pt\"><a name=\"_bookmark32\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n<\/span>Loans<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Subject<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>terms<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing Member<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>lend<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>advance<span style=\"letter-spacing:-.45pt\"> <\/span>money<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company;<span style=\"letter-spacing:-.4pt\"> <\/span>provided,<span style=\"letter-spacing:-.4pt\">\n<\/span>however,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\">\n<\/span>Member shall not be obligated to make any loans to the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>If the Managing Member makes any loan or\nloans to the Company or advances money on its behalf, the amount of any such\nloan or advance<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>not<span style=\"letter-spacing:-.7pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>treated<span style=\"letter-spacing:-.7pt\">\n<\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.7pt\"> <\/span>Contribution<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company,<span style=\"letter-spacing:-.75pt\">\n<\/span>but<span style=\"letter-spacing:-.6pt\"> <\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>an<span style=\"letter-spacing:-.6pt\"> <\/span>indebtedness of the Company payable to the\nManaging Member.<span style=\"letter-spacing:2.0pt\"> <\/span>The amount of any\nsuch loan or advance by the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>repayable<span style=\"letter-spacing:-.15pt\">\n<\/span>out<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>cash<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\">\n<\/span>bear<span style=\"letter-spacing:-.15pt\"> <\/span>interest<span style=\"letter-spacing:-.15pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>the\nStated<span style=\"letter-spacing:-.25pt\"> <\/span>Rate<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Interest;<span style=\"letter-spacing:-.2pt\"> <\/span>provided,<span style=\"letter-spacing:-.25pt\">\n<\/span>however,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Stated<span style=\"letter-spacing:-.25pt\">\n<\/span>Rate<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Interest<span style=\"letter-spacing:-.2pt\">\n<\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>excess<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>ten percent (10%) for amounts loaned by\nthe Managing Member or its Affiliate.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l34 level2 lfo29;\ntab-stops:79.0pt\"><a name=\"_bookmark33\"><\/a><!--[if !supportLists]-->3.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Other<span style=\"letter-spacing:-.1pt\"> Matters<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except as specifically\nprovided in this Agreement, or as otherwise<span style=\"letter-spacing:-.1pt\"> <\/span>approved<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>no Member<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\">\n<\/span>receive<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>interest, salary or draw with respect to\nits Member Capital Contributions or its holdings of Participating Member Units.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject to the terms of this Agreement,\nMembers may, however, at the Managing Member\u2019s discretion, be entitled to\nreceive a salary for services<span style=\"letter-spacing:-.5pt\"> <\/span>rendered<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>behalf<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>otherwise<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>their<span style=\"letter-spacing:-.55pt\"> <\/span>respective<span style=\"letter-spacing:\n-.45pt\"> <\/span>capacities as Members.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except as otherwise provided\nby this Agreement or by a separate agreement or with third-party creditors or\nin the Act or otherwise at law, no Member shall be liable for the debts,\nliabilities, contracts or any other obligations of the Company beyond its respective\nMember Capital Contribution and no Managing Member shall be liable for the\ndebts, liabilities, contracts or any other obligations of the Company beyond\nthe Managing Member Capital Contribution.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l34 level3 lfo29;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">3.6.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">None<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.6pt\"> <\/span>whether<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>regard to contributions or otherwise, is\nintended for the benefit of, nor shall such provisions be enforceable by,\ncreditors of the Company beyond the Capital Contributions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">4<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.1pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark35\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CAPITALIZATION;<span style=\"letter-spacing:-.15pt\"> <\/span>ISSUA<a name=\"_bookmark34\"><\/a>NCE<span style=\"letter-spacing:-.05pt\"> <\/span>OF<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">UNITS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l71 level2 lfo28;\ntab-stops:79.0pt\"><a name=\"_bookmark36\"><\/a><!--[if !supportLists]-->4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Description<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><\/span><\/u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.35pt\"> <\/span>beneficial<span style=\"letter-spacing:-.25pt\"> <\/span>interest<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\">\n<\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>divided<span style=\"letter-spacing:-.25pt\">\n<\/span>into an indefinite number of Units of one or more classes as described\nin the Private Placement Memoranda (each a \u201c<u>Class<\/u>\u201d and collectively, the\n\u201c<u>Classes<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>Each Class of\nUnits shall be identical in all respects with every other Class of Units except\nas described<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Private<span style=\"letter-spacing:-.75pt\">\n<\/span>Placement<span style=\"letter-spacing:-.75pt\"> <\/span>Memoranda<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>represent an undivided beneficial\ninterest in the Company Assets; provided, however, that a fractional Unit shall\ncarry proportionately all the rights and obligations of a full Unit of the\nCompany, including rights and obligations with respect to receipt of\ndistributions, Redemption of Units and liquidation of the Company. The Managing\nMember may create additional classes of Units in its sole discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Upon satisfaction of the\nrequirements in <u>Section 3.2.2<\/u> hereof,<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>hold<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Initial<span style=\"letter-spacing:-.1pt\"> <\/span>Closing<span style=\"letter-spacing:-.1pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>commence<span style=\"letter-spacing:-.15pt\"> <\/span>admitting Participating Members.<span style=\"letter-spacing:2.0pt\"> <\/span>The Company shall have authority to issue\nan unlimited number of Units (including fractional Units) and the Company may\nissue additional Units effective prior to the opening of business on the first\nBusiness Day of each month unless prohibited by the Managing Member (each a \u201c<u>Dealing\nDay<\/u>\u201d) for such consideration and on such terms as may be determined by the\nManaging Member. Notwithstanding the foregoing, any issuance of Units following\nthe admission of Initial Members shall be effected at not less than the Net\nAsset Value per Unit of the applicable Class determined as provided in Section\n13 hereof on the Valuation Date that occurs on the Business Day immediately\nprior to the relevant Dealing Day.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The offering price of each\nUnit upon the admission of subscribers as Initial Members shall be the Initial\nOffer Price and thereafter all Units shall be issued at a per Unit price equal\nto the Net Asset Value per Unit of the applicable<span style=\"letter-spacing:\n-.75pt\"> <\/span>Class<span style=\"letter-spacing:-.75pt\"> <\/span>determined<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>set<span style=\"letter-spacing:-.75pt\"> <\/span>forth<span style=\"letter-spacing:-.75pt\">\n<\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>Section<span style=\"letter-spacing:-.75pt\"> <\/span>13<span style=\"letter-spacing:-.75pt\"> <\/span>hereof<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>close<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>business\non the Valuation Date that occurs on the Business Day immediately prior to the\nAdmission Date.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">There shall be a class of\nMember Units that shall be designated<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>\u201c<u>Class<span style=\"letter-spacing:-.15pt\">\n<\/span>A<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>Units<\/u>\u201d<span style=\"letter-spacing:\n-.2pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>rights<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:\n-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the obligations<span style=\"letter-spacing:\n-.3pt\"> <\/span>set<span style=\"letter-spacing:-.25pt\"> <\/span>forth<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Private<span style=\"letter-spacing:-.3pt\">\n<\/span>Placement<span style=\"letter-spacing:-.3pt\"> <\/span>Memorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>It<span style=\"letter-spacing:-.25pt\"> <\/span>is\nintended that the Class A Member Units shall be issued to Persons who,\nindividually or<span style=\"letter-spacing:-.5pt\"> <\/span>through<span style=\"letter-spacing:-.5pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.45pt\"> <\/span>and\/or<span style=\"letter-spacing:-.5pt\"> <\/span>referrals,<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>responsible<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>least<span style=\"letter-spacing:-.25pt\">\n<\/span>fifty<span style=\"letter-spacing:-.45pt\"> <\/span>thousand<span style=\"letter-spacing:-.45pt\"> <\/span>dollars ($250,000) in Capital\nContributions, provided, however, that the Managing Member shall<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.45pt\"> <\/span>full<span style=\"letter-spacing:-.45pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>issue<span style=\"letter-spacing:-.55pt\"> <\/span>Class<span style=\"letter-spacing:-.4pt\"> <\/span>A<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>Units<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>Persons<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>determined\nby the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">There shall be a class of\nMember Units that shall be designated<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>\u201c<u>Class<span style=\"letter-spacing:-.15pt\">\n<\/span>B<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>Units<\/u>\u201d<span style=\"letter-spacing:\n-.2pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>shall have<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>rights<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the obligations<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.25pt\"> <\/span>forth<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Private<span style=\"letter-spacing:-.3pt\">\n<\/span>Placement<span style=\"letter-spacing:-.3pt\"> <\/span>Memorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>It<span style=\"letter-spacing:-.25pt\"> <\/span>is\nintended that the Class B Member Units shall be issued to Persons who,\nindividually or<span style=\"letter-spacing:-.5pt\"> <\/span>through<span style=\"letter-spacing:-.5pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.45pt\"> <\/span>and\/or<span style=\"letter-spacing:-.5pt\"> <\/span>referrals,<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>responsible<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>least<span style=\"letter-spacing:-.25pt\">\n<\/span>fifty<span style=\"letter-spacing:-.45pt\"> <\/span>thousand<span style=\"letter-spacing:-.45pt\"> <\/span>dollars ($250,000) in Capital\nContributions, provided, however, that the Managing Member shall<span style=\"letter-spacing:-.4pt\"> <\/span>have<span style=\"letter-spacing:-.45pt\"> <\/span>full<span style=\"letter-spacing:-.4pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>issue<span style=\"letter-spacing:-.45pt\"> <\/span>Class<span style=\"letter-spacing:-.4pt\"> <\/span>B<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>Persons<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>determined\nby the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">There shall be a class of\nMember Units that shall be designated as \u201c<u>Class I<span style=\"letter-spacing:\n-.05pt\"> <\/span>Member Units<\/u>\u201d that shall have the rights and be subject to\nthe obligations<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.25pt\"> <\/span>forth<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Private<span style=\"letter-spacing:-.3pt\">\n<\/span>Placement<span style=\"letter-spacing:-.3pt\"> <\/span>Memorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>It<span style=\"letter-spacing:-.25pt\"> <\/span>is\nintended that the Class I Member Units shall be issued to Persons who,\nindividually or<span style=\"letter-spacing:-.5pt\"> <\/span>through<span style=\"letter-spacing:-.45pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.45pt\"> <\/span>and\/or<span style=\"letter-spacing:-.5pt\"> <\/span>referrals,<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>responsible<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>least<span style=\"letter-spacing:-.25pt\">\n<\/span>fifty<span style=\"letter-spacing:-.45pt\"> <\/span>thousand<span style=\"letter-spacing:-.45pt\"> <\/span>dollars ($250,000) in Capital\nContributions, provided, however, that the Managing Member shall<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>full<span style=\"letter-spacing:-.1pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>issue<span style=\"letter-spacing:-.1pt\"> <\/span>Class I<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>Persons<span style=\"letter-spacing:-.1pt\">\n<\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>determined by the Managing\nMember.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">There shall be a class of\nUnits issued to the Managing Member in exchange for services provided and\/or to\nbe provided by Managing Member to the Company that shall be designated as \u201c<u>Managing\nMember Units<\/u>\u201d that shall<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>rights<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>obligations<span style=\"letter-spacing:-.15pt\"> <\/span>set<span style=\"letter-spacing:-.15pt\"> <\/span>forth<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:\n-.15pt\"> <\/span>Agreement.<span style=\"letter-spacing:-.15pt\"> <\/span>It<span style=\"letter-spacing:-.15pt\"> <\/span>is the intention of the Managing Member\nand all of the Members that the Managing Member Units and any Managing Member\nPerformance Allocation attributable to such Units be treated as a \u201cprofits\ninterest\u201d as that term is described in Revenue Procedures 93-27 and 2001-43.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member may,<span style=\"letter-spacing:-.1pt\"> <\/span>but<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.05pt\"> <\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>required\nto,<span style=\"letter-spacing:-.05pt\"> <\/span>convert the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>existing\nParticipating Member<span style=\"letter-spacing:-.15pt\"> <\/span>into another<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>time as determined by the Managing Member\nin its sole and absolute discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding<span style=\"letter-spacing:-.7pt\"> <\/span>anything<span style=\"letter-spacing:-.7pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>contrary<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement,\nfor<span style=\"letter-spacing:-.25pt\"> <\/span>so<span style=\"letter-spacing:\n-.15pt\"> <\/span>long<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>invests<span style=\"letter-spacing:-.15pt\">\n<\/span>substantially<span style=\"letter-spacing:-.15pt\"> <\/span>all<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\"> <\/span>Subsidiary,\nin the event that a Member holds Units in excess of the Ownership Limit (as\ndefined in the <u>Excess Share Schedule<\/u> attached hereto and incorporated\nherein by reference), such Member shall be subject to the provisions of the <u>Excess\nShare Schedule<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l71 level3 lfo28;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">4.1.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In addition, notwithstanding\nanything to the contrary contained<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.35pt\"> <\/span>Agreement,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>hereby<span style=\"letter-spacing:-.35pt\">\n<\/span>authorized<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>cause<span style=\"letter-spacing:-.4pt\"> <\/span>the\nCompany<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:\n-.4pt\"> <\/span>issue<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>classes<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company,<span style=\"letter-spacing:-.4pt\">\n<\/span>and to<span style=\"letter-spacing:-.25pt\"> <\/span>create<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>additional<span style=\"letter-spacing:-.15pt\"> <\/span>classes<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Units,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>amend<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement<span style=\"letter-spacing:-.3pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>connection therewith,<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n<\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>determine<span style=\"letter-spacing:-.1pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:\n-.05pt\"> <\/span>sole<span style=\"letter-spacing:-.1pt\"> <\/span>discretion.<span style=\"letter-spacing:2.0pt\"> <\/span>Additional Member Units in the Company and\nadditional classes of Members may have such relative<span style=\"letter-spacing:\n-.3pt\"> <\/span>rights,<span style=\"letter-spacing:-.25pt\"> <\/span>power<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>duties<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>determine<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the best\ninterests of the Company in its sole discretion, including, without limitation,\nrights, powers and duties senior to the Member Units, the Members and any other\nexisting classes or groups of Members, providing for priority returns on\ncapital contributed, providing for ownership which is not proportionate to the\nUnits of the existing Members, and\/or providing for such other rights, powers\nand duties as the Managing Member may determine in its sole discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.05pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">5<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:3.95pt;\nmargin-bottom:0in;margin-left:.25pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark37\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">DISTRIBUTIONS;<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">ALLOCATIONS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l10 level2 lfo27;\ntab-stops:79.0pt\"><a name=\"_bookmark38\"><\/a><!--[if !supportLists]-->5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Distributions<\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Distributions<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.9pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\">\n<\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>determine,<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>its\nsole discretion, to distribute Cash Available for Distribution to the\nParticipating Members and the Managing Member which shall be based upon their Percentage\nInterests. For so long as the Company invests substantially all its assets in\nthe REIT Subsidiary, the Managing Member shall make distributions of Cash\nAvailable for Distribution to the Participating Members and the Managing Member\nas shall be necessary<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>qualify<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>real<span style=\"letter-spacing:-.5pt\"> <\/span>estate<span style=\"letter-spacing:-.55pt\"> <\/span>investment<span style=\"letter-spacing:\n-.5pt\"> <\/span>trust<span style=\"letter-spacing:-.5pt\"> <\/span>under<span style=\"letter-spacing:-.55pt\"> <\/span>the Code<span style=\"letter-spacing:-.35pt\">\n<\/span>(so<span style=\"letter-spacing:-.3pt\"> <\/span>long<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>qualification<span style=\"letter-spacing:\n-.3pt\"> <\/span>is,<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>opinion<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\">\n<\/span>Member,<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the best interests of the Company).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>provision<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.2pt\"> <\/span>the Company shall not be required to make a distribution to the\nUnit Holders or the Managing Member in violation of the Act and other\napplicable law.<span style=\"letter-spacing:2.0pt\"> <\/span>Further, the Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\">\n<\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>have<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>sole<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>absolute<span style=\"letter-spacing:-.7pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>invest<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>reinvest<span style=\"letter-spacing:-.65pt\"> <\/span>any Cash Available for Distribution\nconsistent with the purpose of the Company, rather than making a distribution\npursuant to <u>Section 5.1.1<\/u>, provided, however, that the Managing Member\nshall make a good faith effort to set aside cash available to the Company to\nmake a timely distribution pursuant to <u>Section 5.1.1<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The holder of the Managing\nMember Units may, in its sole and<span style=\"letter-spacing:-.4pt\"> <\/span>absolute<span style=\"letter-spacing:-.45pt\"> <\/span>discretion,<span style=\"letter-spacing:\n-.4pt\"> <\/span>elect<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>defer<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>waive<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>receipt<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>distribution<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>which it<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>otherwise<span style=\"letter-spacing:-.3pt\"> <\/span>entitled<span style=\"letter-spacing:-.25pt\">\n<\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Following<span style=\"letter-spacing:-.25pt\"> <\/span>one<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>more<span style=\"letter-spacing:-.3pt\"> <\/span>elections<span style=\"letter-spacing:-.25pt\">\n<\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the holder of the Managing\nMember Units, the holder of the Managing Member Units may, in its sole and\nabsolute discretion, elect to receive an additional portion of any distribution<span style=\"letter-spacing:-.6pt\"> <\/span>pursuant<span style=\"letter-spacing:-.65pt\">\n<\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span><u>Sections<span style=\"letter-spacing:-.55pt\"> <\/span>5.1.1<\/u><span style=\"letter-spacing:\n-.55pt\"> <\/span>up<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>amount<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>deferred<span style=\"letter-spacing:-.6pt\">\n<\/span>distribution<span style=\"letter-spacing:-.6pt\"> <\/span>(to the extent\nsuch amount was deferred and not waived by the holder of the Managing Member\nUnit<a name=\"_bookmark39\"><\/a>s).<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l10 level2 lfo27;\ntab-stops:79.0pt\"><!--[if !supportLists]-->5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">NAV<span style=\"letter-spacing:-.2pt\"> <\/span>Capital<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Accounts<\/span><\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">.<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">A capital account for\npurposes of tracking each Member\u2019s NAV per Unit shall be established for each\nParticipating Member and the Managing Member<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>maintained<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>set<span style=\"letter-spacing:-.5pt\"> <\/span>forth<span style=\"letter-spacing:-.55pt\"> <\/span>below<span style=\"letter-spacing:-.35pt\"> <\/span>(each,<span style=\"letter-spacing:-.4pt\">\n<\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>\u201c<u>NAV<span style=\"letter-spacing:-.45pt\"> <\/span>Capital<span style=\"letter-spacing:-.5pt\">\n<\/span>Account<\/u>\u201d). Each Participating Member\u2019s and the Managing Member\u2019s NAV\nCapital Account shall have an initial aggregate balance equal to the amount of\ncash or other assets constituting each such Participating Member\u2019s and the\nManaging Member&#8217;s initial Capital Contribution.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each Participating Member\u2019s\nand the Managing Member\u2019s NAV<span style=\"letter-spacing:-.65pt\"> <\/span>Capital<span style=\"letter-spacing:-.6pt\"> <\/span>Account<span style=\"letter-spacing:-.6pt\">\n<\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>increased<span style=\"letter-spacing:\n-.6pt\"> <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>sum<span style=\"letter-spacing:-.6pt\"> <\/span>of:<span style=\"letter-spacing:-.6pt\"> <\/span>(i)<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>amount<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>cash<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>other\nassets<span style=\"letter-spacing:-.35pt\"> <\/span>constituting<span style=\"letter-spacing:-.35pt\"> <\/span>additional<span style=\"letter-spacing:\n-.3pt\"> <\/span>Capital<span style=\"letter-spacing:-.3pt\"> <\/span>Contributions,<span style=\"letter-spacing:-.35pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>any,<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>Member;<span style=\"letter-spacing:-.1pt\">\n<\/span>(ii)<span style=\"letter-spacing:-.35pt\"> <\/span>with respect<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member,<span style=\"letter-spacing:-.55pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>amount<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Performance<span style=\"letter-spacing:\n-.6pt\"> <\/span>Allocation,<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>set<span style=\"letter-spacing:-.55pt\"> <\/span>forth\nin<span style=\"letter-spacing:-.65pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.65pt\"> <\/span>6.6<\/u>,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>(iii)<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Net<span style=\"letter-spacing:\n-.5pt\"> <\/span>Capital<span style=\"letter-spacing:-.65pt\"> <\/span>Appreciation<span style=\"letter-spacing:-.55pt\"> <\/span>allocated<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>Member&#8217;s<span style=\"letter-spacing:-.55pt\">\n<\/span>NAV Capital Account.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each Participating Member\u2019s\nand the Managing Member\u2019s NAV<span style=\"letter-spacing:-.15pt\"> <\/span>Capital<span style=\"letter-spacing:-.1pt\"> <\/span>Account<span style=\"letter-spacing:-.1pt\">\n<\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>reduced<span style=\"letter-spacing:-.1pt\">\n<\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>sum<span style=\"letter-spacing:-.1pt\"> <\/span>of:<span style=\"letter-spacing:-.1pt\"> <\/span>(i)<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>amount<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>cash<span style=\"letter-spacing:-.1pt\"> <\/span>and the distributions to such Member; (ii)\nthe Net Capital Depreciation allocated to such Participating<span style=\"letter-spacing:-.3pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>NAV<span style=\"letter-spacing:-.35pt\"> <\/span>Capital<span style=\"letter-spacing:-.3pt\">\n<\/span>Account;<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>(iii) such Participating Member\u2019s and the\nManaging Member\u2019s pro rata share of expense items, Management Fee and\nPerformance Allocation (solely with respect to Participating<span style=\"letter-spacing:-.05pt\"> <\/span>Members),<span style=\"letter-spacing:\n-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span><u>Section<span style=\"letter-spacing:-.05pt\"> <\/span>6.6<\/u>,<span style=\"letter-spacing:-.05pt\">\n<\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>any,<span style=\"letter-spacing:\n-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\">\n<\/span>non-pro<span style=\"letter-spacing:-.1pt\"> <\/span>rata expenses\n(including, without limitation, withholding taxes) charged to each such\nParticipating Member\u2019s and the Managing Member\u2019s NAV Capital Account.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.2.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any<span style=\"letter-spacing:\n-.75pt\"> <\/span>increase<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>reduction<span style=\"letter-spacing:\n-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.75pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">Managing<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member\u2019s<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">NAV<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Capital<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Account<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">under<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><u><span style=\"letter-spacing:-.1pt\">Section<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">5.2.2<\/span><\/u><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><u><span style=\"letter-spacing:-.1pt\">Section<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">5.2.3<\/span><\/u><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">may <\/span>be\nsubject to further adjustment by the Managing Member, in its sole discretion,\nto provide for the allocation of fees or other expenses to be borne by a<span style=\"letter-spacing:-.05pt\"> <\/span>specific Class of Units held by a Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt 417.55pt\"><!--[if !supportLists]--><b><span style=\"font-size:\n12.0pt\">5.2.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No Participating Member or\nthe Managing Member with a deficit balance in its NAV Capital Account shall\nhave any obligation to make any contribution<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>capital<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>respect<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>deficit,<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>deficit shall not be considered a debt\nowed to the Company or to any other person for any <span style=\"letter-spacing:\n-.1pt\">purpose<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.1pt\">whatsoever.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection188\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l10 level2 lfo27;tab-stops:78.95pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Allocation<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Net<span style=\"letter-spacing:-.25pt\"> <\/span>Capital<span style=\"letter-spacing:-.25pt\">\n<\/span>Appreciation\/Depreciation<\/span><\/u><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span><u>Section<span style=\"letter-spacing:-.25pt\"> <\/span>5.4<\/u>,<span style=\"letter-spacing:-.25pt\">\n<\/span>at the<span style=\"letter-spacing:-.55pt\"> <\/span>end<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>each<span style=\"letter-spacing:-.55pt\"> <\/span>Accounting<span style=\"letter-spacing:\n-.55pt\"> <\/span>Period,<span style=\"letter-spacing:-.55pt\"> <\/span>Net<span style=\"letter-spacing:-.55pt\"> <\/span>Capital<span style=\"letter-spacing:-.65pt\">\n<\/span>Appreciation,<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>Net<span style=\"letter-spacing:-.55pt\"> <\/span>Capital<span style=\"letter-spacing:-.5pt\"> <\/span>Depreciation<span style=\"letter-spacing:\n-.55pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>the Accounting<span style=\"letter-spacing:-.75pt\"> <\/span>Period<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>allocated<span style=\"letter-spacing:\n-.75pt\"> <\/span>among<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member in proportion to their respective\nPercentage Interests. <b><u>Additional\nAdjustments<\/u>.<o:p><\/o:p><\/b><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">It<span style=\"letter-spacing:\n-.05pt\"> <\/span>is<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>intent<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Company,<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n<\/span>Member, and the<span style=\"letter-spacing:-.75pt\"> <\/span>Participating<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\">\n<\/span>that<span style=\"letter-spacing:-.75pt\"> <\/span>(i)<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>aggregate<span style=\"letter-spacing:-.75pt\"> <\/span>Net<span style=\"letter-spacing:-.75pt\"> <\/span>Asset<span style=\"letter-spacing:-.75pt\"> <\/span>Value<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>shall at<span style=\"letter-spacing:-.75pt\"> <\/span>all<span style=\"letter-spacing:-.75pt\"> <\/span>times<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>equal<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>sum<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>NAV<span style=\"letter-spacing:-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.75pt\">\n<\/span>Accounts<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member and the Participating Members, and\n(ii) the amount of the product of the number of Units of a specific class of\nUnit held by the Managing Member or any of the Participating<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\">\n<\/span>times<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>aggregate<span style=\"letter-spacing:-.3pt\">\n<\/span>Net<span style=\"letter-spacing:-.3pt\"> <\/span>Asset<span style=\"letter-spacing:-.3pt\"> <\/span>Value<span style=\"letter-spacing:-.3pt\"> <\/span>per<span style=\"letter-spacing:-.35pt\"> <\/span>Unit<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>class<span style=\"letter-spacing:-.3pt\"> <\/span>of Unit<span style=\"letter-spacing:-.2pt\">\n<\/span>held<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:\n-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>Participating<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\">\n<\/span>(as<span style=\"letter-spacing:-.2pt\"> <\/span>determined<span style=\"letter-spacing:-.2pt\"> <\/span>for all<span style=\"letter-spacing:-.75pt\">\n<\/span>classes<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Units<span style=\"letter-spacing:-.75pt\">\n<\/span>held<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.75pt\"> <\/span>Member)<span style=\"letter-spacing:-.75pt\"> <\/span>shall at all\ntimes be equal to the NAV Capital Account of the Managing Member or such\nParticipating Member.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing\nMember, in its reasonable discretion, may make<span style=\"letter-spacing:-.35pt\">\n<\/span>adjustments<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Net<span style=\"letter-spacing:-.25pt\"> <\/span>Asset<span style=\"letter-spacing:-.25pt\">\n<\/span>Value<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.3pt\"> <\/span>and\/or<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Net<span style=\"letter-spacing:-.25pt\"> <\/span>Asset<span style=\"letter-spacing:-.3pt\"> <\/span>Value per<span style=\"letter-spacing:-.45pt\">\n<\/span>Unit<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>class<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Unit<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>extent<span style=\"letter-spacing:-.4pt\">\n<\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>calculations<span style=\"letter-spacing:\n-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>clauses<span style=\"letter-spacing:-.25pt\">\n<\/span>set forth in this <u>Section 5.4.1<\/u> are not equal as described\nherein.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Further,<span style=\"letter-spacing:-.3pt\"> <\/span>notwithstanding<span style=\"letter-spacing:\n-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>provision<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span><u>Section<\/u> <u>5<\/u>,<span style=\"letter-spacing:-.75pt\"> <\/span>additional<span style=\"letter-spacing:\n-.75pt\"> <\/span>adjustments<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>NAV<span style=\"letter-spacing:-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.75pt\">\n<\/span>Accounts<span style=\"letter-spacing:-.75pt\"> <\/span>within<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>relevant<span style=\"letter-spacing:-.75pt\"> <\/span>Accounting Period which the Managing\nMember may deem necessary or desirable may be made at the sole discretion of\nthe Managing Member to (i) accurately allocate Net Capital Appreciation or Net\nCapital Depreciation and applicable fees and expenses allocable to a Class of\nUnits, (ii) comply with the provisions or intent of this Agreement (including\nwithout limitation the immediately preceding sentence), or (iii) comply with\nprovisions of the Code or other controlling law; such adjustments shall be\ndetermined in good faith by the Managing Member, whose determination shall be\nfinal,<span style=\"letter-spacing:-.35pt\"> <\/span>binding<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>conclusive<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Members.<span style=\"letter-spacing:2.0pt\">\n<\/span>Notwithstanding<span style=\"letter-spacing:-.35pt\"> <\/span>anything<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the\ncontrary in this Agreement, the Managing Member may allocate any items of Net\nCapital Appreciation, Net Capital Depreciation, income, gains and expenses on a\nClass by Class basis as necessary for the operation of the Fund.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l10 level2 lfo27;\ntab-stops:79.0pt\"><!--[if !supportLists]-->5.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemption<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Participating<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\">\nUnits<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No Participating Member may\nredeem Participating Member<span style=\"letter-spacing:-.75pt\"> <\/span>Units<span style=\"letter-spacing:-.75pt\"> <\/span>during<span style=\"letter-spacing:-.75pt\">\n<\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Lockup<span style=\"letter-spacing:-.75pt\"> <\/span>Period,<span style=\"letter-spacing:-.75pt\">\n<\/span>except<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.7pt\"> <\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>permitted<span style=\"letter-spacing:\n-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Managing Member in its sole discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Following<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>expiration<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Lockup<span style=\"letter-spacing:-.75pt\">\n<\/span>Period,<span style=\"letter-spacing:-.75pt\"> <\/span>Participating Members\nmay request Redemptions of their Participating Member Units as of the relevant<span style=\"letter-spacing:-.25pt\"> <\/span>Redemption<span style=\"letter-spacing:\n-.25pt\"> <\/span>Date<span style=\"letter-spacing:-.35pt\"> <\/span>upon<span style=\"letter-spacing:-.3pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>least<span style=\"letter-spacing:-.25pt\"> <\/span>60<span style=\"letter-spacing:-.3pt\"> <\/span>days\u2019<span style=\"letter-spacing:-.3pt\"> <\/span>prior<span style=\"letter-spacing:-.35pt\"> <\/span>written<span style=\"letter-spacing:-.3pt\"> <\/span>notice<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Managing Member (a \u201c<u>Redemption Request<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member, may in its sole\ndiscretion, accept Redemption Requests on less than 60 days\u2019 prior written\nnotice.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">With respect to each\nParticipating Member that has made a Redemption<span style=\"letter-spacing:\n3.55pt\"> <\/span>Request,<span style=\"letter-spacing:3.55pt\"> <\/span>the<span style=\"letter-spacing:3.65pt\"> <\/span>Managing<span style=\"letter-spacing:3.55pt\">\n<\/span>Member<span style=\"letter-spacing:3.65pt\"> <\/span>shall<span style=\"letter-spacing:3.55pt\"> <\/span>have<span style=\"letter-spacing:3.5pt\"> <\/span>the<span style=\"letter-spacing:3.6pt\"> <\/span>right,<span style=\"letter-spacing:3.55pt\">\n<\/span>but<span style=\"letter-spacing:3.55pt\"> <\/span>not<span style=\"letter-spacing:3.55pt\"> <\/span>the<\/span><v:shape id=\"Graphic_x0020_272\" o:spid=\"_x0000_s2202\" style=\"position: absolute; left: 0px; margin-left: 175.35pt; margin-top: 67.75pt; width: 54.05pt; height: 0.6pt; z-index: 251658241; visibility: visible;\" coordsize=\"686435,7620\" 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path=\"m686104,l,,,7620r686104,l686104,xe\" fillcolor=\"black\" stroked=\"f\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"> obligation,<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>redeem<span style=\"letter-spacing:-.7pt\">\n<\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>Units<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Participating<span style=\"letter-spacing:-.65pt\"> <\/span>Member.<span style=\"letter-spacing:1.65pt\">\n<\/span>The<span style=\"letter-spacing:-.75pt\"> <\/span>submission of a\nRedemption Request by a Participating Member shall constitute an irrevocable\noffer by such Participating Member to have its Participating Member Units that\nare the subject of the Redemption Request be redeemed by the Company in\naccordance with this Section 5.5.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><v:shape id=\"Graphic_x0020_273\" o:spid=\"_x0000_s2201\" style=\"position: absolute; left: 0px; margin-left: 228.4pt; margin-top: 93.55pt; width: 79.15pt; height: 0.6pt; z-index: 251658242; visibility: visible;\" coordsize=\"1005205,7620\" 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path=\"m1004620,l,,,7620r1004620,l1004620,xe\" fillcolor=\"black\" stroked=\"f\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If a Participating Member submits a Redemption\nRequest within<span style=\"letter-spacing:-.65pt\"> <\/span>three<span style=\"letter-spacing:-.65pt\"> <\/span>(3)<span style=\"letter-spacing:-.7pt\"> <\/span>years<span style=\"letter-spacing:-.7pt\"> <\/span>following<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>expiration<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Lockup<span style=\"letter-spacing:-.65pt\">\n<\/span>Period<span style=\"letter-spacing:-.65pt\"> <\/span>applicable<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>such\nMember\u2019s Units, the amount of any such redemption proceeds paid to the Member\nwill be reduced by an amount calculated in accordance with the methodology\napplicable to the relevant Class of Units described in the Private Placement\nMemorandum (the \u201cRedemption Fee).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The aggregate Net Asset Value\nof total Redemptions of all classes<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>limited<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>no<span style=\"letter-spacing:-.15pt\"> <\/span>more<span style=\"letter-spacing:-.25pt\"> <\/span>than<span style=\"letter-spacing:-.15pt\"> <\/span>five<span style=\"letter-spacing:-.15pt\"> <\/span>(5%)<span style=\"letter-spacing:-.15pt\"> <\/span>percent<span style=\"letter-spacing:-.15pt\">\n<\/span>of the Company\u2019s Net Asset Value per calendar quarter (measured using\nthe average aggregate<span style=\"letter-spacing:-.1pt\"> <\/span>Net<span style=\"letter-spacing:-.05pt\"> <\/span>Asset<span style=\"letter-spacing:-.05pt\">\n<\/span>Value<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>end<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>immediately<span style=\"letter-spacing:-.05pt\"> <\/span>preceding<span style=\"letter-spacing:\n-.05pt\"> <\/span>three<span style=\"letter-spacing:-.1pt\"> <\/span>months). In the<span style=\"letter-spacing:-.05pt\"> <\/span>event that the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Managing Member<span style=\"letter-spacing:-.1pt\"> <\/span>determines\nto redeem some<span style=\"letter-spacing:-.05pt\"> <\/span>but not all of<span style=\"letter-spacing:-.05pt\"> <\/span>the Participating Member Units submitted\nfor Redemption during any quarter, Participating<span style=\"letter-spacing:\n-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>redeemed<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>end<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>quarter<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>redeemed<span style=\"letter-spacing:-.15pt\">\n<\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>a pro rata basis. All\nunsatisfied redemption requests must be resubmitted after the start of the next\nquarter.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To the extent the Managing\nMember agrees to choose to redeem Participating Member Units in a particular\nquarter, it will only redeem Participating Member Units as of the opening of\nthe Redemption Date. Redemptions will be made at the Net Asset Value per Unit\non the relevant Redemption Date. As a result, it may take a substantial amount\nof time for the Company to complete the Redemption of one or more Participating\nMembers\u2019 Units.<span style=\"letter-spacing:2.0pt\"> <\/span>Until all required\nRedemption payments have been made (i.e., the Participating Member has received\n100% of the amount described above), such Participating Member shall remain a\nParticipating Member of the Company, entitled to receive all the benefits of a\nParticipating Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.6pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.7pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">The<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Managing<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Member,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">in<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">its<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">sole<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">discretion,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">may<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">require<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">any <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Participating\nMember to redeem such Participating Member\u2019s Units at a redemption price<span style=\"letter-spacing:-.5pt\"> <\/span>equal<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Net<span style=\"letter-spacing:-.5pt\"> <\/span>Asset<span style=\"letter-spacing:-.5pt\"> <\/span>Value<span style=\"letter-spacing:-.5pt\"> <\/span>per<span style=\"letter-spacing:-.5pt\"> <\/span>Unit<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Dealing<span style=\"letter-spacing:-.5pt\"> <\/span>Day<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>next<span style=\"letter-spacing:-.5pt\"> <\/span>follows<span style=\"letter-spacing:-.5pt\"> <\/span>the notice of the redemption to such\nParticipating Member (which date shall also be <span style=\"letter-spacing:\n-.2pt\">considered<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">a<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Redemption<\/span><span style=\"letter-spacing:-.5pt\">\n<\/span><span style=\"letter-spacing:-.2pt\">Date<\/span><span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">for<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">purposes<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">of<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">this<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Agreement),<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">or<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">using\nsuch alternative <\/span>methodology as the Managing Member may determine in its\nsole and absolute discretion as being in the best interests of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.7pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">All Redemptions shall be\nbased upon the Net Asset Value per Unit of the Participating Member Units as of\nthe relevant Redemption Date.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l10 level3 lfo27;\ntab-stops:187.7pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In the event the Managing Member\nelects to make Redemptions<span style=\"letter-spacing:1.35pt\"> <\/span>incrementally<span style=\"letter-spacing:1.3pt\"> <\/span>over<span style=\"letter-spacing:1.3pt\"> <\/span>time,<span style=\"letter-spacing:1.3pt\"> <\/span>it<span style=\"letter-spacing:1.25pt\"> <\/span>is<span style=\"letter-spacing:1.35pt\"> <\/span>possible<span style=\"letter-spacing:1.3pt\">\n<\/span>such<span style=\"letter-spacing:1.3pt\"> <\/span>Redemptions<span style=\"letter-spacing:1.35pt\"> <\/span>would<span style=\"letter-spacing:1.3pt\"> <\/span>take<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection189\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">place<span style=\"letter-spacing:-.75pt\"> <\/span>over<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>number<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>months<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>even<span style=\"letter-spacing:-.7pt\"> <\/span>years.<span style=\"letter-spacing:1.65pt\">\n<\/span>As<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n-.65pt\"> <\/span>result,<span style=\"letter-spacing:-.7pt\"> <\/span>fluctuations<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Net<span style=\"letter-spacing:-.7pt\"> <\/span>Asset\nValue<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>adjustments<span style=\"letter-spacing:-.15pt\"> <\/span>thereto<span style=\"letter-spacing:-.15pt\">\n<\/span>could<span style=\"letter-spacing:-.15pt\"> <\/span>affect<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>amounts<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>to\na Participating Member whose Units are being redeemed with respect to different\nMember Units redeemed at different times, taking into account the Net Asset\nValue of the Participating Member Units at the time of each Redemption.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l10 level3 lfo27;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">The<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Managing<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Member<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">may<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">utilize<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">source<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">of<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.6pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">proceeds<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.6pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">effectuate<span style=\"letter-spacing:-.35pt\"> <\/span>Redemptions,<span style=\"letter-spacing:\n-.4pt\"> <\/span>including,<span style=\"letter-spacing:-.4pt\"> <\/span>but<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>limited<span style=\"letter-spacing:-.5pt\"> <\/span>to,<span style=\"letter-spacing:-.4pt\"> <\/span>Cash<span style=\"letter-spacing:-.35pt\"> <\/span>Available<span style=\"letter-spacing:\n-.35pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>Distribution\nand\/or the use of funds borrowed by the Company from third parties.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.5pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">At<span style=\"letter-spacing:\n-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>time<span style=\"letter-spacing:-.75pt\"> <\/span>that<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>Units<span style=\"letter-spacing:-.75pt\"> <\/span>are<span style=\"letter-spacing:-.75pt\"> <\/span>redeemed<span style=\"letter-spacing:-.75pt\">\n<\/span>pursuant<span style=\"letter-spacing:-.75pt\"> <\/span>to this <u>Section\n5.5<\/u>, the Managing Member shall be entitled to the Managing Member\nPerformance<span style=\"letter-spacing:-.55pt\"> <\/span>Allocation<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>respect<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>Units,<span style=\"letter-spacing:-.5pt\"> <\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>calculated by<span style=\"letter-spacing:\n-.5pt\"> <\/span>reference<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Net<span style=\"letter-spacing:-.55pt\"> <\/span>Asset<span style=\"letter-spacing:-.55pt\">\n<\/span>Value<span style=\"letter-spacing:-.5pt\"> <\/span>per<span style=\"letter-spacing:-.5pt\"> <\/span>Unit<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>redeeming<span style=\"letter-spacing:-.6pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.65pt\">\n<\/span>Participating Member Units as of<span style=\"letter-spacing:-.1pt\"> <\/span>the\nrelevant Redemption Date.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>event<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>Redeems<span style=\"letter-spacing:-.25pt\">\n<\/span>100%<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:\n-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>Participating\nMember\u2019s Member Units, said Participating Member shall no longer have any\nright, title or interest in, to or under this Agreement as a Participating\nMember as of such <span style=\"letter-spacing:-.1pt\">date.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.45pt;mso-list:l10 level3 lfo27;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.6pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">payments<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">made<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">a<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.6pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Participating<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Member<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">in<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">connection\n<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">with the Redemption of such Participating\nMember\u2019s interest shall be subject to all applicable withholdings with regard\nto the collection of taxes, interest, and penalties <span style=\"letter-spacing:\n-.1pt\">attributable<\/span><span style=\"letter-spacing:-.75pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">such<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Participating<\/span><span style=\"letter-spacing:\n-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member.<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">If<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">deems<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">it<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">necessary,\n<\/span><span style=\"letter-spacing:-.2pt\">the<\/span><span style=\"letter-spacing:\n-.4pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Managing<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Member<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">may<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">set<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">up<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">an<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">escrow<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.2pt\">account<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">or<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">otherwise<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">set<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">aside<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.2pt\">any<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">amounts\n<\/span>as reasonably determined by the Managing Member pending the\ndetermination of <span style=\"letter-spacing:-.1pt\">whether<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">any<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">withholding<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">is<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">required.<\/span><span style=\"letter-spacing:1.1pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Any<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">such<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">amounts<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">withheld<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">with <\/span>regard\nto the collection of taxes, interest, and penalties attributable to such\nParticipating Member in connection with a Redemption and paid to any taxing\njurisdiction<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>treated<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>payment<span style=\"letter-spacing:-.35pt\">\n<\/span>under<span style=\"letter-spacing:-.4pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.25pt\"> <\/span>5.4<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.5pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Following the Redemption of\nany Participating Member interest, the Participating Member shall continue to\nbe subject to the provisions of <u>Section 1.7<\/u> of the <u>Tax Matters\nSchedule<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.15<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding<span style=\"letter-spacing:-.65pt\"> <\/span>anything<span style=\"letter-spacing:-.7pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>contrary<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>Agreement,\nthe<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:\n-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>does<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>intend<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>cause<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>to redeem<span style=\"letter-spacing:\n-.2pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>Member Units if\nthe Redemption could cause the Company to become a \u201cpublicly traded Company\u201d\nwithin the meaning of Code Section 7704(b).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.4.16<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">For purposes of this <u>Section\n5.5<\/u>, the term \u201cParticipating Member\u201d shall also include a Unit Holder.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l10 level2 lfo27;\ntab-stops:79.0pt\"><a name=\"_bookmark40\"><\/a><!--[if !supportLists]-->5.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Discretionary<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemptions<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding any other\nprovision contained in this Agreement, the Managing Member may redeem any\nMember\u2019s Units upon ten (10) days advance notice.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Notwithstanding the foregoing, the Managing Member may redeem\nany Member\u2019s Units immediately upon notice, where in its sole discretion it\nbelieves such action to be in the best interests of the Company, including\nwithout limitation, to maintain the status of the REIT Subsidiary as a real estate\ninvestment trust<span style=\"letter-spacing:-.75pt\"> <\/span>under<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Code,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>prevent<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>Assets<span style=\"letter-spacing:-.65pt\"> <\/span>constituting \u201cplan\nassets\u201d within the meaning of U.S. Department of Labor Regulation \u00a72510.3- <span style=\"letter-spacing:-.2pt\">101.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.05pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Redemptions under this <u>Section\n5.5<\/u> shall be at an amount that is equal to the Net Asset Value of the\napplicable Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">All<span style=\"letter-spacing:\n-.15pt\"> <\/span>Redemptions<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>5.5<\/u><span style=\"letter-spacing:-.15pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>based<span style=\"letter-spacing:-.15pt\"> <\/span>upon\nthe<span style=\"letter-spacing:-.2pt\"> <\/span>Net<span style=\"letter-spacing:\n-.2pt\"> <\/span>Asset<span style=\"letter-spacing:-.2pt\"> <\/span>Value<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>being<span style=\"letter-spacing:-.3pt\"> <\/span>redeemed<span style=\"letter-spacing:-.2pt\">\n<\/span>based<span style=\"letter-spacing:-.2pt\"> <\/span>upon<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>reference\n<span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.45pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:\n-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Net<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Asset<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Value<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">redeeming<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member\u2019s<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">as<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">relevant<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Redemption\nDate.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.5pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">The<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Managing<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Member<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">may<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">utilize<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">source<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">of<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">proceeds<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.6pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">effectuate\nRedemptions under this <u>Section 5.5<\/u>, including, but not limited to, Cash <span style=\"letter-spacing:-.1pt\">Available<\/span><span style=\"letter-spacing:-.75pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">for<\/span><span style=\"letter-spacing:\n-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Distribution;<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">additional<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Capital<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Contributions<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members,<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and\/or<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">use <\/span>of\nfunds borrowed by the Company from third parties.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.55pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">At any time that any Units\nare redeemed pursuant to this <u>Section 5.5<\/u>, the Managing Member shall be\nentitled to the Managing Member Performance Allocation with respect to such<span style=\"letter-spacing:2.0pt\"> <\/span>Units, which shall be calculated as the\namount<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:\n-.75pt\"> <\/span>reference<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Net<span style=\"letter-spacing:-.75pt\"> <\/span>Asset<span style=\"letter-spacing:-.75pt\">\n<\/span>Value<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>redeeming<span style=\"letter-spacing:-.75pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.75pt\">\n<\/span>Units<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the\nrelevant Redemption Date.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In the event the Company\nRedeems 100% of a Member\u2019s Units,<span style=\"letter-spacing:-.05pt\"> <\/span>said<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>no<span style=\"letter-spacing:-.05pt\"> <\/span>longer<span style=\"letter-spacing:-.15pt\">\n<\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>right,<span style=\"letter-spacing:-.05pt\">\n<\/span>title<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>interest<span style=\"letter-spacing:-.05pt\">\n<\/span>in,<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>this Agreement as a Member as of such\ndate.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.55pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any payments made to a Member\nin connection with the Redemption under this <u>Section 5.5<\/u> of such\nMember\u2019s interest shall be subject to all applicable withholdings with regard\nto the collection of taxes, interest, and penalties attributable to such\nMember.<span style=\"letter-spacing:2.0pt\"> <\/span>If the Managing Member deems\nit necessary, the <span style=\"letter-spacing:-.1pt\">Managing<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">may<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">set<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">up<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">an<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">escrow<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">account<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">otherwise<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">set<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">aside<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">any<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">amounts<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">as\nreasonably<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">determined<\/span><span style=\"letter-spacing:-.6pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:\n-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Managing<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Member<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pending<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">determination<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">whether\n<\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>withholding<span style=\"letter-spacing:-.75pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>required.<span style=\"letter-spacing:1.85pt\"> <\/span>Any<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>amounts<span style=\"letter-spacing:-.6pt\">\n<\/span>withheld<span style=\"letter-spacing:-.6pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>regard\nto the collection of taxes, interest, and penalties attributable to such Member\nin connection<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>Redemption<span style=\"letter-spacing:-.1pt\"> <\/span>and paid<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:\n-.4pt\"> <\/span>taxing<span style=\"letter-spacing:-.4pt\"> <\/span>jurisdiction<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>treated<span style=\"letter-spacing:-.3pt\">\n<\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>a payment under this <u>Section\n5.6<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Following the Redemption\nunder this <u>Section 5.6<\/u> of any Participation Member interest, the Member\nshall continue to be subject to the provisions of Section 1.7 of the <u>Tax\nMatters Schedule<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.05pt;mso-list:l10 level3 lfo27;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.5.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">For purposes of this <u>Section\n5.6<\/u>, the term \u201cMember\u201d shall also include a Unit Holder.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection190\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l10 level2 lfo27;\ntab-stops:78.95pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">5.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Book<span style=\"letter-spacing:-.75pt\"> <\/span>Profits,<span style=\"letter-spacing:-.75pt\">\n<\/span>Book<span style=\"letter-spacing:-.75pt\"> <\/span>Losses,<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>Tax<span style=\"letter-spacing:-.75pt\"> <\/span>Allocations<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.5pt\"> <\/span>Book<span style=\"letter-spacing:-.75pt\"> <\/span>Profits,<span style=\"letter-spacing:-.75pt\"> <\/span>Book<span style=\"letter-spacing:-.75pt\"> <\/span>Losses,<span style=\"letter-spacing:-.75pt\"> <\/span>and Tax Allocations shall be allocated in\naccordance with the <u>Tax Matters Schedule<\/u> attached hereto and\nincorporated herein by reference.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">6 <\/span><a name=\"_bookmark41\"><\/a>MANAGING<span style=\"letter-spacing:-.1pt\"> MEMBER<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l46 level2 lfo26;tab-stops:78.95pt\"><a name=\"_bookmark42\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Management\nPowers<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>The Managing Member shall have control of and shall be responsible for\nthe management of the Company business (and any Portfolio Company, to the\nextent applicable), with all rights and powers generally conferred by this\nAgreement and by the Act, subject only to any the limitations set forth in this\nAgreement, including <u>Section 6.2<\/u> below. Without limiting the generality\nof the foregoing, and subject to <u>Section 6.2<\/u> below, the Managing Member\nshall have full power and authority to do the following:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 11.05pt 0.0001pt 65.55pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Perform<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.1pt\">administrative<\/span>&nbsp;&nbsp; <span style=\"letter-spacing:-.2pt\">and<\/span>&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.1pt\">ministerial<\/span>&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.1pt\">functions<\/span>&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.3pt\">in <\/span>connection\nwith the day-to-day operation of the Company;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Perform<span style=\"letter-spacing:-.35pt\"> <\/span>sales<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>accounting<span style=\"letter-spacing:\n-.25pt\"> <\/span>management<span style=\"letter-spacing:-.2pt\"> <\/span>functions<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\">\nthe <\/span><span style=\"letter-spacing:-.1pt\">Company;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Maintain<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>books<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">records;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin-left: 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Negotiate<span style=\"letter-spacing:1.8pt\"> <\/span>and<span style=\"letter-spacing:1.95pt\"> <\/span>enter<span style=\"letter-spacing:1.75pt\"> <\/span>into<span style=\"letter-spacing:1.95pt\"> <\/span>any<span style=\"letter-spacing:1.85pt\"> <\/span>and<span style=\"letter-spacing:1.85pt\"> <\/span>all<span style=\"letter-spacing:1.85pt\"> <\/span>contracts<span style=\"letter-spacing:\n1.85pt\"> <\/span>by<span style=\"letter-spacing:1.85pt\"> <\/span>and<span style=\"letter-spacing:1.9pt\"> <\/span><span style=\"letter-spacing:-.25pt\">on<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">behalf<span style=\"letter-spacing:1.55pt\"> <\/span>of<span style=\"letter-spacing:1.55pt\"> <\/span>the<span style=\"letter-spacing:1.55pt\"> <\/span>Company<span style=\"letter-spacing:1.55pt\">\n<\/span>deemed<span style=\"letter-spacing:1.55pt\"> <\/span>appropriate<span style=\"letter-spacing:1.55pt\"> <\/span>by<span style=\"letter-spacing:1.55pt\"> <\/span>the<span style=\"letter-spacing:1.75pt\"> <\/span>Managing<span style=\"letter-spacing:1.65pt\">\n<\/span>Member,<span style=\"letter-spacing:1.55pt\"> <\/span>in<span style=\"letter-spacing:1.55pt\"> <\/span>its<span style=\"letter-spacing:1.6pt\"> <\/span>sole\ndiscretion, in connection with the operation of the Company\u2019s business;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">Borrow<span style=\"letter-spacing:\n-.75pt\"> <\/span>money<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.7pt\"> <\/span>behalf<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company,<span style=\"letter-spacing:-.75pt\"> <\/span>including,<span style=\"letter-spacing:\n-.7pt\"> <\/span>but<span style=\"letter-spacing:-.7pt\"> <\/span>not limited<span style=\"letter-spacing:-.4pt\"> <\/span>to,<span style=\"letter-spacing:-.35pt\"> <\/span>establishing<span style=\"letter-spacing:-.35pt\"> <\/span>lines<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>credit<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>name<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company,<span style=\"letter-spacing:-.25pt\"> <\/span>and,<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>connection therewith, to execute and\ndeliver for, on behalf of and in the name of the Company, bonds, notes,\npledges, security agreements, financing statements, profits interest\nagreements, assignments and other agreements and documents creating liens on,\nor granting security interests in or otherwise affecting, the assets and\nproperties of the Company (any of which loan documents may contain confessions\nof judgment and powers of attorney) including, without limitation, any Company\nProperty, and extensions, renewals and modifications thereof, and to prepay in\nwhole or in part, refinance,<span style=\"letter-spacing:-.65pt\"> <\/span>recast,<span style=\"letter-spacing:-.6pt\"> <\/span>increase,<span style=\"letter-spacing:-.65pt\">\n<\/span>modify<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>extend<span style=\"letter-spacing:-.55pt\">\n<\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>indebtedness<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company.<span style=\"letter-spacing:1.75pt\">\n<\/span>There shall<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>no<span style=\"letter-spacing:-.5pt\"> <\/span>limit<span style=\"letter-spacing:-.45pt\"> <\/span>on<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>amount<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>money<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>can<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>borrowed<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>connection<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>any\none Company Property;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cause<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>guarantee<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>debts<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>obligations<span style=\"letter-spacing:-.2pt\"> <\/span>of third parties that own real estate\nassets and in which entities the Company has an <span style=\"letter-spacing:\n-.1pt\">interest;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:6.5pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:6.5pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection191\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.5pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Property;<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 4.5pt 0in 0.0001pt 75.65pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Hold,<span style=\"letter-spacing:\n1.1pt\"> <\/span>operate,<span style=\"letter-spacing:1.2pt\"> <\/span>manage,<span style=\"letter-spacing:1.2pt\"> <\/span>and<span style=\"letter-spacing:1.15pt\"> <\/span>otherwise<span style=\"letter-spacing:1.1pt\"> <\/span>deal<span style=\"letter-spacing:1.15pt\"> <\/span>with<span style=\"letter-spacing:1.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 75.65pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Purchase,<span style=\"letter-spacing:1.9pt\"> <\/span>sell,<span style=\"letter-spacing:2.0pt\"> <\/span>convey,<span style=\"letter-spacing:2.2pt\"> <\/span>assign,<span style=\"letter-spacing:2.0pt\">\n<\/span>lease,<span style=\"letter-spacing:2.05pt\"> <\/span>rent,<span style=\"letter-spacing:2.05pt\"> <\/span>exchange,<span style=\"letter-spacing:\n2.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection192\">\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">otherwise<span style=\"letter-spacing:-.2pt\"> <\/span>dispose<span style=\"letter-spacing:-.05pt\">\n<\/span>of,<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:\n.05pt\"> <\/span>whole<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>in part,<span style=\"letter-spacing:-.05pt\">\n<\/span>any<span style=\"letter-spacing:.05pt\"> <\/span>Company <span style=\"letter-spacing:-.1pt\">Assets;<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection193\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:11.15pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Loan Company funds and enter\ninto any modifications of any such loans;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Sell all or substantially all\nCompany Assets in a single transaction or plan;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Engage, on behalf of the\nCompany, all employees, agents, contractors, property Managing Members,\nattorneys, accountants, investment advisers, securities broker-dealers,\nconsultants or any other Persons (including Affiliates<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member),<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member,<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:\n-.15pt\"> <\/span>sole<span style=\"letter-spacing:-.15pt\"> <\/span>discretion,\ndeems appropriate for the performance of services in connection with the\nconduct, operation and management of the Company\u2019s business and affairs, all on\nsuch terms and for such compensation as the Managing Member, in its sole\ndiscretion, deems proper and to replace any such employees, agents,\ncontractors, property Managing Members, attorneys, accountants, securities\nbroker-dealers, consultants, or any other Persons, in the sole discretion of\nthe Managing Member;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Establish and maintain\nworking capital reserves for operating<span style=\"letter-spacing:-.75pt\"> <\/span>expenses,<span style=\"letter-spacing:-.75pt\"> <\/span>capital<span style=\"letter-spacing:-.75pt\">\n<\/span>expenditures,<span style=\"letter-spacing:-.75pt\"> <\/span>normal<span style=\"letter-spacing:-.75pt\"> <\/span>repairs,<span style=\"letter-spacing:-.75pt\">\n<\/span>replacements,<span style=\"letter-spacing:-.75pt\"> <\/span>contingencies,\nand<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:\n-.6pt\"> <\/span>anticipated<span style=\"letter-spacing:-.55pt\"> <\/span>costs<span style=\"letter-spacing:-.5pt\"> <\/span>relating<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>assets<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>retaining<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>portion\nof Company proceeds as determined from time to time by the Managing Member to\nbe reasonable under the then-existing circumstances;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Determine the amounts of Cash\nAvailable for Distribution and when and in what amounts such funds shall be\ndistributed;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Pay the expenses of the\nCompany from the funds of the Company, provided that all of the Company\u2019s\nexpenses shall, to the extent feasible, be billed directly to and paid by the\nCompany;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.15<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">File, on behalf<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Company,<span style=\"letter-spacing:-.05pt\">\n<\/span>all required local, state<span style=\"letter-spacing:-.05pt\"> <\/span>and\nfederal<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:\n-.45pt\"> <\/span>returns<span style=\"letter-spacing:-.4pt\"> <\/span>relating<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:\n-.5pt\"> <\/span>assets<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>properties,<span style=\"letter-spacing:\n-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>make<span style=\"letter-spacing:-.5pt\"> <\/span>or\ndetermine not to make any and all elections with respect thereto;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.16<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Invest and reinvest the funds\nof the Company and to establish bank, money market and other accounts for the\ndeposit of the Company\u2019s funds and permit withdrawals therefrom upon such\nsignatures as the Managing Member designates;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.17<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Execute<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>deliver<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>instruments<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>documents,\nand<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:\n-.75pt\"> <\/span>do<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>all<span style=\"letter-spacing:-.75pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\">\n<\/span>things<span style=\"letter-spacing:-.75pt\"> <\/span>necessary<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>appropriate,<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member\u2019s sole<span style=\"letter-spacing:-.2pt\"> <\/span>discretion,<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>accomplishment<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>purposes<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company or necessary or incidental to the\nprotection and benefit of the Company;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.18<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prosecute, defend, settle or\ncompromise, at the Company\u2019s expense, any suits, actions or claims at law or in\nequity to which the Company is a party or by which it is affected as may be\nnecessary or proper in the Managing Member\u2019s<span style=\"letter-spacing:-.55pt\">\n<\/span>sole<span style=\"letter-spacing:-.65pt\"> <\/span>discretion,<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>enforce<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>protect<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>interests,<span style=\"letter-spacing:\n-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>satisfy<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:11.0pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">out\nof Company funds any judgment, decree or decision of any court, board, agency\nor authority having jurisdiction or any settlement of any suit, action or claim\nprior to judgment or final decision thereon;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.19<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Issue additional Units or\nother forms of interest in the Company, admit additional Members, and amend the\nAgreement in connection with the creation of such additional Units or other\nforms of interest in the Company to incorporate<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>rights and\nobligations relating to such additional Units or<span style=\"letter-spacing:\n-.05pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>forms of\ninterest in the Company, as the Managing Member may determine in its sole and\nabsolute discretion;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.20<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend<span style=\"letter-spacing:\n-.25pt\"> <\/span><u>Exhibit<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cA\u201d<\/u><span style=\"letter-spacing:-.3pt\"> <\/span>attached<span style=\"letter-spacing:-.25pt\">\n<\/span>hereto<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>reflect<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>admission of<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>new<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Members\u2019 respective Percentage Interests\nas of that time;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.21<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject to the terms of <u>Section\n5<\/u> above, redeem Members\u2019 Units in the Company and determine the methodology\nfor carrying out any <span style=\"letter-spacing:-.1pt\">Redemptions;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.22<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Negotiate the terms of<span style=\"letter-spacing:-.05pt\"> <\/span>and cause<span style=\"letter-spacing:\n-.05pt\"> <\/span>the Company to<span style=\"letter-spacing:-.1pt\"> <\/span>enter<span style=\"letter-spacing:-.05pt\"> <\/span>into joint ventures or other legal\nstructures with one or more third parties, including with Affiliates of the\nManaging Member, as the Managing Member may determine in its sole discretion,\nin connection with the operation of the Company\u2019s business;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.23<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Reinvest<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>Cash<span style=\"letter-spacing:-.05pt\"> <\/span>Available<span style=\"letter-spacing:\n-.05pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Distribution;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.24<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Enter<span style=\"letter-spacing:\n-.75pt\"> <\/span>into<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>transactions<span style=\"letter-spacing:\n-.75pt\"> <\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>an<span style=\"letter-spacing:-.75pt\"> <\/span>Affiliate<span style=\"letter-spacing:\n-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing Member or any Member at arm\u2019s\nlength terms;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.25<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend<span style=\"letter-spacing:\n-.4pt\"> <\/span>this<span style=\"letter-spacing:-.4pt\"> <\/span>Agreement<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>comply<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the Bipartisan\nBudget Act of 2015, and any U.S. Treasury Regulations or other administrative<span style=\"letter-spacing:-.45pt\"> <\/span>pronouncements<span style=\"letter-spacing:\n-.4pt\"> <\/span>promulgated<span style=\"letter-spacing:-.4pt\"> <\/span>thereunder,<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>administer<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>effects of<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>provisions<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>equitable<span style=\"letter-spacing:\n-.45pt\"> <\/span>manner,<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>each<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member hereby agreeing to be bound by the\nprovisions of any such amendment;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.1pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.26<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend this Agreement to\naddress or reconcile any inconsistencies between the terms hereof;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.27<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amend this Agreement to\naddress any operational or administrative changes necessary to facilitate the\noperation of the Company and the administration of Member Units, and the NAV\nCapital Accounts, provided that such amendment shall not have a material adverse\neffect on any Member or Class of <span style=\"letter-spacing:-.1pt\">Members;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:11.1pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.28<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Require any and all Members\nto execute an amended and restated Limited Liability Company Agreement for<span style=\"letter-spacing:-.05pt\"> <\/span>the Company, which<span style=\"letter-spacing:\n-.1pt\"> <\/span>will replace and supersede this Agreement, but only to the\nextent such agreement is amended per the<span style=\"letter-spacing:1.8pt\"> <\/span>terms<span style=\"letter-spacing:1.85pt\"> <\/span>of<span style=\"letter-spacing:1.75pt\"> <\/span>this<span style=\"letter-spacing:1.8pt\"> <\/span>Agreement<span style=\"letter-spacing:1.8pt\">\n<\/span>and<span style=\"letter-spacing:1.8pt\"> <\/span>prior<span style=\"letter-spacing:1.75pt\"> <\/span>to<span style=\"letter-spacing:1.85pt\"> <\/span>any<span style=\"letter-spacing:1.8pt\"> <\/span>such<span style=\"letter-spacing:1.8pt\"> <\/span>required<span style=\"letter-spacing:1.8pt\"> <\/span>execution,<span style=\"letter-spacing:\n2.0pt\"> <\/span>Managing Member provides each Member hereof with a written\nstatement verifying and representing that the agreement is being amended per\nthe terms of this Agreement; <span style=\"letter-spacing:-.2pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.1.29<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To the extent each and every\nrequirement of <u>Section 6.1.27<\/u> immediately<span style=\"letter-spacing:\n-.4pt\"> <\/span>above<span style=\"letter-spacing:-.45pt\"> <\/span>has<span style=\"letter-spacing:-.4pt\"> <\/span>been<span style=\"letter-spacing:-.4pt\"> <\/span>satisfied<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>fails<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>timely<span style=\"letter-spacing:-.4pt\"> <\/span>execute<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>an\namended and restated Limited Liability Company Agreement for the Company, to\nexecute said agreement on behalf of such party, in such party\u2019s name and as its\n<span style=\"letter-spacing:-.1pt\">attorney-in-fact.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l46 level2 lfo26;tab-stops:78.95pt\"><a name=\"_bookmark43\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limitations<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Without the consent of a Majority in\nInterest of the Members, the Managing Member shall not have authority to:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.05pt 0in 0.0001pt 187.85pt; text-indent: -50.25pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Do<span style=\"letter-spacing:\n-.05pt\"> <\/span>any act<span style=\"letter-spacing:-.05pt\"> <\/span>in\ncontravention<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>this <span style=\"letter-spacing:-.1pt\">Agreement;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Do any act which would make\nit impossible to carry on the ordinary business of the Company, except as\notherwise provided in this Agreement;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.05pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Possess Company Property, or\nassign rights in specific Company Property, for other than a Company purpose.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.55pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l46 level2 lfo26;tab-stops:78.85pt\"><a name=\"_bookmark44\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Selection<\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.75pt\"> <\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">of<\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">the<\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Managing<\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><\/u><\/b><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Member<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">The<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">initial<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Managing<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Member<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">shall<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">be<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Cloud\nToronto &#8211; FYBN &nbsp;<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Core+\nGrowth &amp; Income Fund GP, LLC, a New York limited liability company.<span style=\"letter-spacing:2.0pt\"> <\/span>Any Managing Member<span style=\"letter-spacing:\n-.1pt\"> <\/span>can<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>removed for<span style=\"letter-spacing:\n-.15pt\"> <\/span>Cause<span style=\"letter-spacing:-.1pt\"> <\/span>upon<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>approval<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\nParticipating Members<span style=\"letter-spacing:-.05pt\"> <\/span>holding<span style=\"letter-spacing:-.05pt\"> <\/span>75% of the Units of the Participating\nMembers in the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing\nMember may also withdraw<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>providing<span style=\"letter-spacing:\n-.75pt\"> <\/span>written<span style=\"letter-spacing:-.75pt\"> <\/span>notice<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Members.<span style=\"letter-spacing:1.25pt\">\n<\/span>In<span style=\"letter-spacing:-.75pt\"> <\/span>either<span style=\"letter-spacing:-.65pt\"> <\/span>event,<span style=\"letter-spacing:-.75pt\">\n<\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>new Managing Member shall\nbe elected by the approval of a Majority in Interest, and the Majority in\nInterest shall vote to continue the business of the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>The Members hereby specifically authorize\nthe Managing Member to execute documents and sign agreements on behalf of the\nCompany<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:\n-.15pt\"> <\/span>lieu<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>requiring<span style=\"letter-spacing:-.05pt\">\n<\/span>execution<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Members,<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>third<span style=\"letter-spacing:-.05pt\"> <\/span>parties<span style=\"letter-spacing:-.1pt\">\n<\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>entitled<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>rely upon<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>signature<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\">\n<\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>having<span style=\"letter-spacing:-.35pt\">\n<\/span>authority<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>bind<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l46 level2 lfo26;\ntab-stops:79.0pt\"><a name=\"_bookmark45\"><\/a><!--[if !supportLists]-->6.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Duties<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Obligations<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n<\/span>Member\/Fees<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Reimbursement<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member shall\ntake all actions which may be necessary<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>appropriate<span style=\"letter-spacing:\n-.75pt\"> <\/span>for:<span style=\"letter-spacing:-.75pt\"> <\/span>(i)<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>continuation<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:\n-.75pt\"> <\/span>valid<span style=\"letter-spacing:-.7pt\"> <\/span>existence<span style=\"letter-spacing:-.75pt\"> <\/span>and qualification as a limited liability\nlimited Company under the laws of the State of New York; and (ii) the\naccomplishment of the Company\u2019s purposes, including the maintenance,<span style=\"letter-spacing:-.75pt\"> <\/span>preservation,<span style=\"letter-spacing:\n-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>operation<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>Property<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>accordance<span style=\"letter-spacing:\n-.75pt\"> <\/span>with the provisions of this Agreement and applicable laws and\nregulations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member shall\ndevote to the Company such time as may be necessary for the proper performance\nof all duties hereunder, but the Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.7pt\"> <\/span>required<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>devote<span style=\"letter-spacing:-.55pt\"> <\/span>full<span style=\"letter-spacing:-.65pt\"> <\/span>time<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>performance<span style=\"letter-spacing:\n-.7pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>such <span style=\"letter-spacing:-.1pt\">duties.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 11.45pt 10.85pt 0.0001pt 65.55pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.4.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>pay<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>reimburse<span style=\"letter-spacing:\n-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member and its Affiliates, as applicable,\nfor certain Organizational and Operating Expenses,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Underwriting<span style=\"letter-spacing:-.05pt\"> <\/span>Expenses<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Other<span style=\"letter-spacing:-.1pt\"> <\/span>Expenses<span style=\"letter-spacing:-.05pt\">\n<\/span>(in<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>case as<span style=\"letter-spacing:-.05pt\">\n<\/span>defined<span style=\"letter-spacing:-.05pt\"> <\/span>below)<span style=\"letter-spacing:-.1pt\"> <\/span>incurred <span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">paid<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">on<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">behalf<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">REIT<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Subsidiary<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">prior<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">after<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">formation\n<\/span>of the Company and the REIT Subsidiary.<span style=\"letter-spacing:2.0pt\">\n<\/span>The aggregate amount of the Organizational and Operating expenses will\nnot exceed 1% of the total Capital Contributions of all Participating Members\nas of the termination of the offering of Participating Units (the \u201cExpense\nCap\u201d). The amount of any Organizational and Operating<span style=\"letter-spacing:\n-.05pt\"> <\/span>Expenses<span style=\"letter-spacing:-.05pt\"> <\/span>incurred<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>behalf<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\nCompany<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.1pt\"> <\/span>shall be accrued and at the end of each calendar quarter the\nManaging Member shall determine the amount of any new Capital Contributions\nover such period, and the Company<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>reimburse<span style=\"letter-spacing:-.5pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>accordingly,<span style=\"letter-spacing:-.5pt\"> <\/span>up<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>amount<span style=\"letter-spacing:-.5pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the Expense Cap.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;text-indent:49.45pt;\nmso-list:l46 level4 lfo26;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.4.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201cOrganizational and Operating\nExpenses\u201d include, but are not limited to (i) legal fees for preparing Company\nand REIT Subsidiary organizational documents<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>related<span style=\"letter-spacing:-.2pt\"> <\/span>agreements<span style=\"letter-spacing:\n-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>resolutions,<span style=\"letter-spacing:-.3pt\"> <\/span>(ii)<span style=\"letter-spacing:-.35pt\"> <\/span>organizational<span style=\"letter-spacing:-.3pt\"> <\/span>expenses<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the Company (i.e., fees,\ncosts and expenses of and incidental to the formation, qualifications to do\nbusiness and fund raising of the Company (iii) due diligence expenses\n(including travel and marketing expenses of the Managing Member, its affiliates\nand agents); (iv) technology processing platforms; (v) filing fees; (vi)\nmarketing due diligence fees including third party due diligence reports; (vi)\nsales team travel, seminars, and broker dealer conferences; (vii) training and\neducation meetings for registered representatives of our participating\nbroker-dealers (viii) permissible forms of non-cash compensation to registered\nrepresentatives of our participating broker-dealers (in each case to the extent\nconsistent with Cloud Toronto &#8211; FYBN Cos internal policies and procedures).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;text-indent:49.45pt;\nmso-list:l46 level4 lfo26;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.4.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201cUnderwriting<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>Other<span style=\"letter-spacing:-.4pt\"> <\/span>Expenses\u201d<span style=\"letter-spacing:-.5pt\">\n<\/span>include,<span style=\"letter-spacing:-.5pt\"> <\/span>but<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>limited to: (i) underwriting fees and\nexpenses (subject to applicable FINRA limitations) including<span style=\"letter-spacing:-.05pt\"> <\/span>without<span style=\"letter-spacing:-.05pt\">\n<\/span>limitation,<span style=\"letter-spacing:-.05pt\"> <\/span>travel and\nentertainment<span style=\"letter-spacing:-.05pt\"> <\/span>expenses;<span style=\"letter-spacing:-.05pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>the\nManagement Fee and affiliate fees including, but not limited to, accounting\nexpenses, acquisition and<span style=\"letter-spacing:-.65pt\"> <\/span>disposition,<span style=\"letter-spacing:-.65pt\"> <\/span>loan<span style=\"letter-spacing:-.7pt\"> <\/span>placement<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>loan<span style=\"letter-spacing:-.65pt\"> <\/span>guaranty,<span style=\"letter-spacing:\n-.5pt\"> <\/span>construction<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>development<span style=\"letter-spacing:\n-.65pt\"> <\/span>fees and the Managing Member Performance Allocation; (iii)\ntaxes payable by the Company (iv)<span style=\"letter-spacing:-.05pt\"> <\/span>interest\nand other<span style=\"letter-spacing:-.05pt\"> <\/span>expenses relating to any\nCompany indebtedness; (v) bonding expenses; (vi) premiums for insurance\nprotecting the Company and the partners and employees of the Managing Member\nand its affiliates and other persons entitled to indemnification from the\nCompany from liabilities to third parties for activities on behalf of the\nCompany; (vii) fees incurred by the Company for special advisory or consulting\nservices; (viii) the legal and other fees, costs and expenses of and incidental\nto the purchase and sale (including qualification and registration) of\nportfolio assets, including fees associated with the development and management\nof portfolio properties (payable at then-current market rates in the Managing\nMember\u2019s discretion), (ix) banking, dead deals, registration, qualification,\ndepositary, custodial and similar fees and expenses; (x) transfer, capital and\nother taxes, duties and costs incurred<span style=\"letter-spacing:1.0pt\"> <\/span>in<span style=\"letter-spacing:1.25pt\"> <\/span>acquiring,<span style=\"letter-spacing:\n1.2pt\"> <\/span>holding,<span style=\"letter-spacing:1.1pt\"> <\/span>selling<span style=\"letter-spacing:1.2pt\"> <\/span>and<span style=\"letter-spacing:1.1pt\"> <\/span>otherwise<span style=\"letter-spacing:1.1pt\"> <\/span>disposing<span style=\"letter-spacing:1.2pt\">\n<\/span>of<span style=\"letter-spacing:1.35pt\"> <\/span>Company<span style=\"letter-spacing:1.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">assets;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:10.75pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(xi)<span style=\"letter-spacing:-.7pt\"> <\/span>costs<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>expenses<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>tax<span style=\"letter-spacing:-.7pt\"> <\/span>matters<span style=\"letter-spacing:-.65pt\"> <\/span>partner;<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>(xii)<span style=\"letter-spacing:-.7pt\"> <\/span>all<span style=\"letter-spacing:-.65pt\"> <\/span>extraordinary<span style=\"letter-spacing:-.7pt\"> <\/span>fees,<span style=\"letter-spacing:-.65pt\"> <\/span>costs\nand expenses; (xii) the accounting fees, costs and expenses of the Company and\nthe REIT<span style=\"letter-spacing:.35pt\"> <\/span>Subsidiary,<span style=\"letter-spacing:.3pt\"> <\/span>including<span style=\"letter-spacing:.3pt\">\n<\/span>without<span style=\"letter-spacing:.3pt\"> <\/span>limitation,<span style=\"letter-spacing:.35pt\"> <\/span>the<span style=\"letter-spacing:.3pt\"> <\/span>annual<span style=\"letter-spacing:.35pt\"> <\/span>audit<span style=\"letter-spacing:.3pt\"> <\/span>of<span style=\"letter-spacing:.3pt\"> <\/span>the<span style=\"letter-spacing:.8pt\"> <\/span>Company<span style=\"letter-spacing:.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and <\/span>the\nREIT Subsidiary (as applicable), (xiii) the preparation of the annual and any\ninterim<span style=\"letter-spacing:-.2pt\"> <\/span>financial<span style=\"letter-spacing:-.2pt\"> <\/span>statements<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>REIT<span style=\"letter-spacing:-.2pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>federal and state tax returns of the\nCompany and the REIT Subsidiary; (xiv) costs and expenses associated with\nmeetings of the Members, communications with Members and preparation of Company\nstatus reports; (xv) costs and expenses associated with informal<span style=\"letter-spacing:-.05pt\"> <\/span>meetings<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Members<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\">\n<\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>committees<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\nCompany,<span style=\"letter-spacing:-.35pt\"> <\/span>including<span style=\"letter-spacing:-.3pt\"> <\/span>costs<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>expenses<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>Advisory<span style=\"letter-spacing:-.35pt\"> <\/span>Board;<span style=\"letter-spacing:-.35pt\"> <\/span>(xvi)<span style=\"letter-spacing:-.4pt\"> <\/span>indemnification\ncosts<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:\n-.15pt\"> <\/span>expenses,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>legal<span style=\"letter-spacing:-.15pt\"> <\/span>fees,<span style=\"letter-spacing:-.05pt\">\n<\/span>cost<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>expenses<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>counsel<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>the\nCompany in any legal action, proceeding or investigation, including any\nthreatened action, proceeding or investigation, and the amount of any judgments\nor settlements paid in connection with such action, proceeding or\ninvestigation; (xvii) the fees, costs and expenses relating to the evaluation,\npurchase, holding and sale of portfolio assets, including (without limitation)\nexpenses related to due diligence and other fees and <span style=\"letter-spacing:\n-.1pt\">expenses,<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">including<\/span><span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">salaries<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Cloud\nToronto &#8211; FYBN Cos<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">employees<\/span><span style=\"letter-spacing:-.2pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">with<\/span><span style=\"letter-spacing:\n-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">respect<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">work<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">attributable\n<\/span>to investments made by the Company, (xviii) all other legal fees, costs\nand expenses incident to the Company, its management and activities; (xix)fees\nincurred by the Company for special advisory or consulting services; and (xx) costs\nand expenses associated with the dissolution and winding up of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.4.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Members understand and\nacknowledge that the Company,<span style=\"letter-spacing:-.45pt\"> <\/span>one<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>more<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\">\n<\/span>subsidiaries<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>Affiliates<span style=\"letter-spacing:\n-.4pt\"> <\/span>thereof<span style=\"letter-spacing:-.25pt\"> <\/span>(and<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing\nMember on behalf of the Company, one or more Company subsidiaries or Affiliates\nthereof) may be transacting business with the Managing Member and its\nAffiliates (any such transactions, the \u201c<u>Managing Member Related Party\nTransactions<\/u>\u201d), including, without limitation, those set forth on <u>Exhibit\nB<\/u> attached hereto; <i><u>provided<\/u><\/i>,\n<i><u>however<\/u><\/i>,<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.5pt\">\n<\/span>Related<span style=\"letter-spacing:-.45pt\"> <\/span>Party<span style=\"letter-spacing:-.5pt\"> <\/span>Transactions<span style=\"letter-spacing:\n-.45pt\"> <\/span>must<span style=\"letter-spacing:-.4pt\"> <\/span>be:<span style=\"letter-spacing:2.0pt\"> <\/span>(i)<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>set<span style=\"letter-spacing:-.45pt\"> <\/span>forth\non <u>Exhibit B<\/u>, (ii) on such terms and conditions that are no more\nfavorable to the Managing Member or its Affiliate than would be given to a third-party\nservice provider<span style=\"letter-spacing:-.1pt\"> <\/span>providing<span style=\"letter-spacing:-.05pt\"> <\/span>similar<span style=\"letter-spacing:-.1pt\">\n<\/span>services<span style=\"letter-spacing:-.05pt\"> <\/span>based<span style=\"letter-spacing:-.05pt\"> <\/span>on arms-length<span style=\"letter-spacing:\n-.05pt\"> <\/span>terms,<span style=\"letter-spacing:-.05pt\"> <\/span>or (iii)<span style=\"letter-spacing:-.05pt\"> <\/span>immaterial<span style=\"letter-spacing:\n-.05pt\"> <\/span>to the overall business or financial performance of the Company\n(which the Members acknowledge and agree that \u201cimmaterial\u201d shall be deemed to\nmean no more than 0.05%<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>total<span style=\"letter-spacing:-.25pt\"> <\/span>assets<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.3pt\"> <\/span>(with<span style=\"letter-spacing:-.3pt\"> <\/span>\u201ctotal<span style=\"letter-spacing:-.25pt\">\n<\/span>assets\u201d<span style=\"letter-spacing:-.35pt\"> <\/span>determined<span style=\"letter-spacing:-.3pt\"> <\/span>based<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the total assets of the Company as\nreported on its balance sheet from time to time (<i>i.e. <\/i>total<span style=\"letter-spacing:-.05pt\"> <\/span>property,<span style=\"letter-spacing:-.1pt\"> <\/span>plant<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>equipment<span style=\"letter-spacing:\n-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>reported<span style=\"letter-spacing:-.05pt\"> <\/span>on the<span style=\"letter-spacing:-.1pt\">\n<\/span>balance<span style=\"letter-spacing:-.1pt\"> <\/span>sheet)<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>aggregate for all services performed that\nare deemed \u201cimmaterial\u201d), with items (ii) and (iii) immediately above being\ndetermined by the Managing Member in its reasonable discretion.<span style=\"letter-spacing:2.0pt\"> <\/span>Such<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\">\n<\/span>Related<span style=\"letter-spacing:-.4pt\"> <\/span>Party<span style=\"letter-spacing:-.4pt\"> <\/span>Transactions<span style=\"letter-spacing:\n-.4pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>include<span style=\"letter-spacing:-.45pt\"> <\/span>but<span style=\"letter-spacing:-.4pt\"> <\/span>may\nnot be limited to asset management, accounting and reporting services, property\nmanagement, construction, development, technical and pre-opening, renovation\nmanagement,<span style=\"letter-spacing:-.65pt\"> <\/span>procurement,<span style=\"letter-spacing:-.6pt\"> <\/span>general<span style=\"letter-spacing:-.6pt\">\n<\/span>contractor,<span style=\"letter-spacing:-.65pt\"> <\/span>legal,<span style=\"letter-spacing:-.65pt\"> <\/span>accounting,<span style=\"letter-spacing:\n-.65pt\"> <\/span>centralized<span style=\"letter-spacing:-.65pt\"> <\/span>services,\nmedia, advertising and signage, branding and outlet consulting, servicing,\nfinance, origination,<span style=\"letter-spacing:-.6pt\"> <\/span>guaranty,<span style=\"letter-spacing:-.6pt\"> <\/span>sale<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>disposition<span style=\"letter-spacing:\n-.6pt\"> <\/span>fees<span style=\"letter-spacing:-.6pt\"> <\/span>payable<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>any other Affiliate of the Managing\nMember.<span style=\"letter-spacing:2.0pt\"> <\/span>To the extent such Managing\nMember Related Party Transactions have been described herein, including on <u>Exhibit\nB<\/u>, or in the Subscription Agreement, such transactions are hereby deemed\nratified and approved<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>provided<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>Affiliates of<span style=\"letter-spacing:\n-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:\n-.3pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>benefit<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Company,<span style=\"letter-spacing:-.3pt\"> <\/span>one<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>more<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company\n<\/span>subsidiaries<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>reimbursed<span style=\"letter-spacing:\n-.05pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>or Company subsidiary, as the case may be, at the rates set forth on <u>Exhibit\nB<\/u>, which rates<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>deemed<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:\n-.3pt\"> <\/span>fair<span style=\"letter-spacing:-.3pt\"> <\/span>market<span style=\"letter-spacing:-.1pt\"> <\/span>rates<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>date<span style=\"letter-spacing:-.25pt\"> <\/span>hereof<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>performance<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>such\nservices and the payment of such compensation shall be deemed approved by the\nMembers.<span style=\"letter-spacing:2.0pt\"> <\/span>No professional or other\nservice provider will be disqualified from providing<span style=\"letter-spacing:\n-.2pt\"> <\/span>services<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\"> <\/span>Member,<span style=\"letter-spacing:-.2pt\">\n<\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\"> <\/span>subsidiary or<span style=\"letter-spacing:\n-.75pt\"> <\/span>their<span style=\"letter-spacing:-.75pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>reason<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>provision<span style=\"letter-spacing:\n-.7pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>services<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.7pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>professional<span style=\"letter-spacing:\n-.7pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>service provider\nto the Managing Member or its Affiliates, whether or not related to the\nCompany\u2019s business or other activities.<span style=\"letter-spacing:2.0pt\"> <\/span>Absent\nmanifest abuse, the Managing Member will not be deemed to have breached any\nobligations it may have to the Company or any subsidiary of the Company as a\nresult of causing the Company or such<span style=\"letter-spacing:-.65pt\"> <\/span>subsidiary<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>enter<span style=\"letter-spacing:-.7pt\"> <\/span>into<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\">\n<\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>Related<span style=\"letter-spacing:-.65pt\"> <\/span>Party<span style=\"letter-spacing:-.65pt\">\n<\/span>Transactions.<span style=\"letter-spacing:1.75pt\"> <\/span>The Managing\nMember may, in its sole and absolute discretion, waive payment of any Managing\nMember Related Party Transaction fees for any Affiliates or pursuant to any\nside letter or other agreement.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l46 level2 lfo26;\ntab-stops:79.0pt\"><a name=\"_bookmark46\"><\/a><!--[if !supportLists]-->6.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Exculpation\/Indemnification<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\nMember<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To the maximum extent\npermitted under the Act in effect from<span style=\"letter-spacing:-.75pt\"> <\/span>time<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>time,<span style=\"letter-spacing:-.75pt\"> <\/span>no<span style=\"letter-spacing:-.75pt\"> <\/span>Covered<span style=\"letter-spacing:-.75pt\"> <\/span>Person<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>liable<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>Member for<span style=\"letter-spacing:\n-.45pt\"> <\/span>(i)<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>act<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>omission<span style=\"letter-spacing:-.35pt\">\n<\/span>performed<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>failed<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:\n-.4pt\"> <\/span>performed<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>it,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>losses, claims, costs, damages, or\nliabilities arising from any such act or omission, except to the<span style=\"letter-spacing:-.5pt\"> <\/span>extent<span style=\"letter-spacing:-.45pt\">\n<\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>loss,<span style=\"letter-spacing:-.45pt\"> <\/span>claim,<span style=\"letter-spacing:-.45pt\">\n<\/span>cost<span style=\"letter-spacing:-.45pt\"> <\/span>damage,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>liability<span style=\"letter-spacing:-.45pt\"> <\/span>results<span style=\"letter-spacing:-.45pt\">\n<\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>Person\u2019s<span style=\"letter-spacing:-.5pt\">\n<\/span>willful misconduct<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>fraud;<span style=\"letter-spacing:-.2pt\"> <\/span>(ii)<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.2pt\"> <\/span>liability<span style=\"letter-spacing:-.2pt\">\n<\/span>(including<span style=\"letter-spacing:-.2pt\"> <\/span>additions,<span style=\"letter-spacing:-.2pt\"> <\/span>interest,<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>penalties) imposed on the\nCompany or any Member; or (iii) any losses due to the misconduct, gross\nnegligence, dishonesty or bad faith of any agents of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.6pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To the maximum extent\npermitted under the Act in effect from time to time, the Company, its receiver,\nor its trustee (in the case of its receiver or<span style=\"letter-spacing:-.75pt\">\n<\/span>trustee,<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>extent<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Portfolio<span style=\"letter-spacing:\n-.7pt\"> <\/span>Properties)<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>indemnify,<span style=\"letter-spacing:\n-.75pt\"> <\/span>save<span style=\"letter-spacing:-.75pt\"> <\/span>harmless,<span style=\"letter-spacing:-.7pt\"> <\/span>and pay all judgments and claims against\nthe Covered Person relating to any liability or damage incurred by reason of\nany act performed or omitted to be performed by the Covered Person solely in\nconnection with the business of the Company, including attorneys\u2019 fees incurred\nin connection with the defense of any action arising from or based upon any\nsuch act or omission, which attorneys\u2019 fees may be paid as incurred.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.5.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In the event of any action by\na Member against a Covered Person<span style=\"letter-spacing:-.05pt\"> <\/span>relating\nto any liability or<span style=\"letter-spacing:-.05pt\"> <\/span>damage incurred\nby reason of any act performed<span style=\"letter-spacing:-.05pt\"> <\/span>or\nomitted<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:\n-.45pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>performed<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Covered<span style=\"letter-spacing:-.5pt\">\n<\/span>Person<span style=\"letter-spacing:-.4pt\"> <\/span>solely<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>connection<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>business of the Company, including a\nderivative suit, the Company shall indemnify, save harmless,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>pay<span style=\"letter-spacing:-.15pt\"> <\/span>all<span style=\"letter-spacing:-.15pt\"> <\/span>expenses<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Member,<span style=\"letter-spacing:-.15pt\">\n<\/span>including<span style=\"letter-spacing:-.15pt\"> <\/span>attorneys\u2019<span style=\"letter-spacing:-.1pt\"> <\/span>fees<span style=\"letter-spacing:-.2pt\"> <\/span>incurred<span style=\"letter-spacing:-.05pt\"> <\/span>in the defense of such action, if such\nMember is successful in such action.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.5.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member shall\nhave authority to cause the Company<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>acquire<span style=\"letter-spacing:-.15pt\">\n<\/span>and maintain<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>equivalent<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>directors\u2019<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>officers\u2019<span style=\"letter-spacing:-.05pt\"> <\/span>insurance coverage<span style=\"letter-spacing:\n1.85pt\"> <\/span>insuring<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>actions<span style=\"letter-spacing:1.9pt\">\n<\/span>of<span style=\"letter-spacing:1.85pt\"> <\/span>the<span style=\"letter-spacing:\n2.0pt\"> <\/span>Covered<span style=\"letter-spacing:1.9pt\"> <\/span>Persons<span style=\"letter-spacing:1.9pt\"> <\/span>in<span style=\"letter-spacing:1.95pt\"> <\/span>such<span style=\"letter-spacing:1.9pt\"> <\/span>amounts<span style=\"letter-spacing:2.0pt\">\n<\/span>as<span style=\"letter-spacing:1.9pt\"> <\/span>it<span style=\"letter-spacing:\n1.95pt\"> <\/span>may<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">determine<span style=\"letter-spacing:1.7pt\"> <\/span>appropriate<span style=\"letter-spacing:\n1.7pt\"> <\/span>and<span style=\"letter-spacing:1.6pt\"> <\/span>customary<span style=\"letter-spacing:1.7pt\"> <\/span>for<span style=\"letter-spacing:1.65pt\"> <\/span>a<span style=\"letter-spacing:1.65pt\"> <\/span>business<span style=\"letter-spacing:1.65pt\">\n<\/span>of<span style=\"letter-spacing:1.7pt\"> <\/span>the<span style=\"letter-spacing:\n1.6pt\"> <\/span>type<span style=\"letter-spacing:1.7pt\"> <\/span>conducted<span style=\"letter-spacing:1.6pt\"> <\/span>by<span style=\"letter-spacing:1.6pt\"> <\/span>the\n<span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.5.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding the\nprovisions of <u>Sections 6.5.1<\/u>,<span style=\"letter-spacing:-.05pt\"> <\/span>and\n<u>6.5.2<\/u> above, a Covered Person shall not be indemnified from any\nliability for fraud, bad faith, or willful misconduct in its duties and\nresponsibilities to the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.5.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding<span style=\"letter-spacing:-.75pt\"> <\/span>anything<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>contrary<span style=\"letter-spacing:-.75pt\"> <\/span>above,<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>event that any provision in this <u>Section\n6.5<\/u> is determined to be invalid in whole or in part, the remainder of such\nSection shall be enforced to the maximum extent permitted by <span style=\"letter-spacing:-.2pt\">law.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l46 level2 lfo26;tab-stops:78.95pt\"><a name=\"_bookmark47\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Compensation<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.8pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>its<span style=\"letter-spacing:\n-.55pt\"> <\/span>Affiliates<span style=\"letter-spacing:-.6pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>entitled<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>receive\nthe compensation described in the Private Placement Memorandum (the \u201c<u>Management\nFee<\/u>\u201d). Members may also obtain a performance allocation (the \u201c<u>Managing\nMember Performance<\/u> <u>Allocation<\/u>\u201d) as described in the Private\nPlacement Memoranda.<span style=\"letter-spacing:2.0pt\"> <\/span>As of the close\nof each Fiscal Year and subject to the limitations described in the Private\nPlacement Memoranda (including the applicability<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Loss<span style=\"letter-spacing:-.5pt\"> <\/span>Carryover<span style=\"letter-spacing:-.55pt\"> <\/span>Account),<span style=\"letter-spacing:\n-.7pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\">\n<\/span>Performance<span style=\"letter-spacing:-.6pt\"> <\/span>Allocation<span style=\"letter-spacing:-.65pt\"> <\/span>may be debited against the NAV Capital\nAccount of each Participating Member and simultaneously credited<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>NAV<span style=\"letter-spacing:-.6pt\"> <\/span>Capital<span style=\"letter-spacing:-.55pt\"> <\/span>Account<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>respect<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\"> <\/span>Member Units, and such adjustments shall\nimpact the Net Asset Value per Unit.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l46 level2 lfo26;\ntab-stops:79.0pt\"><a name=\"_bookmark48\"><\/a><!--[if !supportLists]-->6.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Advisory<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Board<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.5pt\"> <\/span>Company<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.5pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>\u201c<u>Advisory<span style=\"letter-spacing:\n-.5pt\"> <\/span>Board<\/u>\u201d<span style=\"letter-spacing:-.5pt\"> <\/span>consisting<span style=\"letter-spacing:-.45pt\"> <\/span>of at least three members (the \u201c<u>Advisory\nBoard Members<\/u>\u201d) appointed by the Managing Member; provided, however, that\nall of the of the Advisory Board Members shall be Members or their designated\nrepresentatives (or equity holders of any Parallel Funds or<span style=\"letter-spacing:-.2pt\"> <\/span>their<span style=\"letter-spacing:-.15pt\"> <\/span>designated<span style=\"letter-spacing:-.1pt\"> <\/span>representatives).<span style=\"letter-spacing:\n2.0pt\"> <\/span>Subject<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>foregoing,<span style=\"letter-spacing:-.1pt\"> <\/span>the Managing<span style=\"letter-spacing:\n-.1pt\"> <\/span>Member may,<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>sole<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>absolute<span style=\"letter-spacing:-.25pt\"> <\/span>discretion,<span style=\"letter-spacing:\n-.25pt\"> <\/span>increase<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>size<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Advisory<span style=\"letter-spacing:-.25pt\"> <\/span>Board.<span style=\"letter-spacing:2.0pt\">\n<\/span>Any Advisory Board Member may, at any time, resign from the Advisory\nBoard or be removed, with or without cause, by the Managing Member.<span style=\"letter-spacing:2.0pt\"> <\/span>All such appointments, designations,\nresignations, and removals shall be effective upon notice to the <span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member may\nconsult with the Advisory Board<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:\n-.4pt\"> <\/span>matters<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>determined<span style=\"letter-spacing:\n-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>sole\nand absolute discretion, but the Advisory Board shall have no other power to\nparticipate in the management of the Company.<span style=\"letter-spacing:2.0pt\">\n<\/span>Without limiting the Managing Member\u2019s<span style=\"letter-spacing:-.55pt\">\n<\/span>ability<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>demonstrate<span style=\"letter-spacing:\n-.65pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>it<span style=\"letter-spacing:-.6pt\"> <\/span>has<span style=\"letter-spacing:-.55pt\"> <\/span>acted<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>good<span style=\"letter-spacing:-.65pt\"> <\/span>faith,<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member shall be deemed to have acted in\ngood faith when acting in accordance with the approval of the Advisory Board,\nprovided that the Managing Member made a good faith effort to inform the\nAdvisory Board of all the facts pertinent to such approval.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">A Person\u2019s status as an\nAdvisory Board Member shall not constitute<span style=\"letter-spacing:2.0pt\"> <\/span>such<span style=\"letter-spacing:2.0pt\"> <\/span>Person<span style=\"letter-spacing:2.0pt\"> <\/span>as<span style=\"letter-spacing:2.0pt\"> <\/span>an<span style=\"letter-spacing:2.0pt\"> <\/span>agent<span style=\"letter-spacing:2.0pt\"> <\/span>of<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>Company,<span style=\"letter-spacing:2.0pt\">\n<\/span>and,<span style=\"letter-spacing:2.0pt\"> <\/span>except<span style=\"letter-spacing:2.0pt\"> <\/span>as<span style=\"letter-spacing:2.0pt\"> <\/span>specifically<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection194\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">provided\nin this Agreement, the Advisory Board shall have no power or authority to\nmanage, direct or act for the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If a Parallel Fund is formed,\nthe Advisory Board shall function<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>joint<span style=\"letter-spacing:-.2pt\"> <\/span>committee<span style=\"letter-spacing:-.5pt\">\n<\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>Parallel<span style=\"letter-spacing:-.25pt\">\n<\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:\n-.4pt\"> <\/span>the same<span style=\"letter-spacing:-.25pt\"> <\/span>manner<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Parallel<span style=\"letter-spacing:-.1pt\">\n<\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>were<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>single<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>all the equity holders of\nthe Company and the Parallel Fund were constituent partners <span style=\"letter-spacing:-.1pt\">thereof.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.95pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any Advisory Board Member\nmay, at its sole and absolute discretion, decline to participate in any\nspecific deliberation or vote of the Advisory <span style=\"letter-spacing:-.1pt\">Board.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any recommendation,\ndetermination, approval, or other action of<span style=\"letter-spacing:-.05pt\">\n<\/span>the Advisory<span style=\"letter-spacing:-.05pt\"> <\/span>Board<span style=\"letter-spacing:-.05pt\"> <\/span>shall require<span style=\"letter-spacing:\n-.1pt\"> <\/span>the approval of<span style=\"letter-spacing:-.05pt\"> <\/span>a\nmajority of<span style=\"letter-spacing:-.05pt\"> <\/span>its members. No such\naction shall require an actual meeting of the Advisory Board, but meetings may<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>held<span style=\"letter-spacing:-.25pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>request<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Advisory<span style=\"letter-spacing:-.3pt\">\n<\/span>Board<span style=\"letter-spacing:-.2pt\"> <\/span>Member. The<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>intends<span style=\"letter-spacing:-.75pt\"> <\/span>to,<span style=\"letter-spacing:-.75pt\"> <\/span>but<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\">\n<\/span>not<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:\n-.75pt\"> <\/span>required<span style=\"letter-spacing:-.75pt\"> <\/span>to,<span style=\"letter-spacing:-.75pt\"> <\/span>hold<span style=\"letter-spacing:-.75pt\"> <\/span>quarterly<span style=\"letter-spacing:-.75pt\"> <\/span>meetings of<span style=\"letter-spacing:\n-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Advisory<span style=\"letter-spacing:-.55pt\"> <\/span>Board.<span style=\"letter-spacing:1.95pt\">\n<\/span>With<span style=\"letter-spacing:-.55pt\"> <\/span>respect<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>meeting<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>Advisory<span style=\"letter-spacing:-.55pt\"> <\/span>Board<span style=\"letter-spacing:-.45pt\"> <\/span>held<span style=\"letter-spacing:-.5pt\"> <\/span>at<span style=\"letter-spacing:-.5pt\"> <\/span>the request<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\">\n<\/span>Member,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>costs<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>meeting<span style=\"letter-spacing:-.4pt\"> <\/span>(including<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>reasonable\nout-of-pocket costs incurred by the Managing Member and the Advisory Board\nmembers<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:\n-.6pt\"> <\/span>attending<span style=\"letter-spacing:-.6pt\"> <\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>meeting)<span style=\"letter-spacing:-.65pt\">\n<\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\"> <\/span>Expense,<span style=\"letter-spacing:-.5pt\">\n<\/span>reimbursable<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the Managing<span style=\"letter-spacing:\n-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>Advisory<span style=\"letter-spacing:-.3pt\">\n<\/span>Board<span style=\"letter-spacing:-.35pt\"> <\/span>Members.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.35pt\"> <\/span>costs<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>meeting<span style=\"letter-spacing:-.3pt\"> <\/span>of the Advisory Board shall not be a\nCompany Expense and shall not be reimbursed by the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l46 level3 lfo26;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.7.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>provision<span style=\"letter-spacing:-.3pt\"> <\/span>contained<span style=\"letter-spacing:-.3pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:\n-.4pt\"> <\/span>Agreement to the contrary, the acquisition or disposition of\nassets held or to be held directly or indirectly by the Company which involves\nthe sale to or the sale from an Affiliate of the Managing Member (or any other\nfund sponsored or co-sponsored by an Affiliate of the Managing Member) shall\nrequire the approval of the Advisory Board.<span style=\"letter-spacing:4.0pt\"> <\/span>With\nrespect to any proposed transaction involving the acquisition or disposition of\nreal property<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>related<span style=\"letter-spacing:-.75pt\">\n<\/span>improvements<span style=\"letter-spacing:-.75pt\"> <\/span>thereon,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Advisory<span style=\"letter-spacing:-.75pt\"> <\/span>Board<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>supplied<span style=\"letter-spacing:-.75pt\">\n<\/span>with a third party opinion of value (appraiser, broker opinion-of-value,\nor such other third party valuation instrument) prior to providing any approval\nof such transaction (with such third party valuation document to be dated no\nearlier than sixty (60) days prior to the approval provided by the Advisory\nBoard.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l46 level2 lfo26;tab-stops:78.95pt\"><a name=\"_bookmark49\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Competition<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Nothing contained in this<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement shall be<span style=\"letter-spacing:\n-.05pt\"> <\/span>construed to<span style=\"letter-spacing:-.1pt\"> <\/span>prohibit\nthe Managing Member or any Affiliate of the Managing Member from conducting or\npossessing an interest in any other business or activity whatsoever,\nindependently or with others, including, without limitation, the ownership,\nfinancing, leasing, operation, sale, management, syndication, and development\nof real property even if such business or activity competes with the business\nof the Company, without any accountability to the Company or to any other\nMember, and no other Member<span style=\"letter-spacing:-.15pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>rights<span style=\"letter-spacing:-.05pt\">\n<\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>virtue<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>independent<span style=\"letter-spacing:\n-.05pt\"> <\/span>business<span style=\"letter-spacing:-.05pt\"> <\/span>or activity\nor to the income or profits derived by the Managing Member therefrom.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l46 level2 lfo26;tab-stops:78.95pt\"><a name=\"_bookmark50\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">6.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Selling\nExpenses<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>The Company will engage a duly licensed and registered managing\nbroker-dealer (\u201c<u>Managing Broker-Dealer<\/u>\u201d) to assist with its offer and\nsale of Participating Member Units. Such Managing Broker-Dealer may also enter\ninto soliciting dealer agreements<span style=\"letter-spacing:-.15pt\"> <\/span>between<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Broker-Dealer<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>duly<span style=\"letter-spacing:-.15pt\"> <\/span>licensed<span style=\"letter-spacing:-.05pt\"> <\/span>broker-dealers<span style=\"letter-spacing:\n-.15pt\"> <\/span>who<span style=\"letter-spacing:-.05pt\"> <\/span>are members of\nFINRA (each an \u201c<u>Additional Soliciting Dealer<\/u>\u201d) to assist with the offer\nand sale of Participating Member Units.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nManaging Member may engage and terminate such Managing Broker-Dealer<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>it<span style=\"letter-spacing:-.75pt\"> <\/span>determines<span style=\"letter-spacing:\n-.75pt\"> <\/span>necessary<span style=\"letter-spacing:-.75pt\"> <\/span>(and<span style=\"letter-spacing:-.75pt\"> <\/span>subject<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:\n-.75pt\"> <\/span>contractual<span style=\"letter-spacing:-.75pt\"> <\/span>arrangements<span style=\"letter-spacing:-.75pt\"> <\/span>entered<span style=\"letter-spacing:-.75pt\">\n<\/span>into by and between the Managing Broker-Dealer and the Company), and the\nCompany may contract for the payment of placement fees and compensation to be\npaid to<span style=\"letter-spacing:-.05pt\"> <\/span>such Managing Broker-Dealer\nand Additional Soliciting Dealers in connection with such placement and selling\nservices; <u>provided<\/u>, <u>however<\/u>, such placement fees and selling\ncommissions payable to Managing Broker- Dealer and Additional Soliciting\nDealers shall not exceed the amount set forth in the Private Placement\nMemorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>Amounts paid to the\nManaging Broker-Dealer and any Additional Soliciting Dealers, if applicable,\nshall be Company-level expenses, generally payable by the <span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.25pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">7<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.9pt;\nmargin-bottom:0in;margin-left:49.9pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark51\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">RIGHTS<span style=\"letter-spacing:-.05pt\"> <\/span>AND OBLIGATIONS<span style=\"letter-spacing:\n-.05pt\"> <\/span>OF <span style=\"letter-spacing:-.1pt\">MEMBERS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark52\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limitation\nof Liability<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Except as otherwise expressly provided by the Act, the debts,\nobligations and liabilities of the Company, whether arising in contract, tort\nor otherwise, shall be the debts, obligations and liabilities solely of the\nCompany, and no Member shall be obligated<span style=\"letter-spacing:-.05pt\"> <\/span>personally\nfor any such debt, obligation or<span style=\"letter-spacing:-.05pt\"> <\/span>liability\nof<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Company solely by reason of being a Member of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark53\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Priority<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>Return<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Capital<span style=\"letter-spacing:-.2pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.35pt\"> <\/span>Members<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>No<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\">\n<\/span>have<span style=\"letter-spacing:-.35pt\"> <\/span>priority<span style=\"letter-spacing:-.3pt\"> <\/span>over any other Member(s), either as to the\nreturn of Capital Contributions or as to Profits, Losses or distributions,<span style=\"letter-spacing:-.65pt\"> <\/span>except<span style=\"letter-spacing:-.65pt\">\n<\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>set<span style=\"letter-spacing:\n-.65pt\"> <\/span>forth<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.6pt\"> <\/span>5<\/u><span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement;<span style=\"letter-spacing:-.65pt\"> <\/span>provided<span style=\"letter-spacing:-.65pt\">\n<\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.6pt\"> <\/span>7.2<\/u><span style=\"letter-spacing:-.65pt\"> <\/span>shall not<span style=\"letter-spacing:-.2pt\"> <\/span>apply<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>loans<span style=\"letter-spacing:-.15pt\"> <\/span>(as<span style=\"letter-spacing:-.25pt\"> <\/span>distinguished<span style=\"letter-spacing:\n-.25pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>Capital<span style=\"letter-spacing:-.1pt\"> <\/span>Contributions)<span style=\"letter-spacing:\n-.25pt\"> <\/span>which<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>made<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark54\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Services\nProvided by Members<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Members and\/or their Affiliates may provide services<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:\n-.75pt\"> <\/span>compensated<span style=\"letter-spacing:-.75pt\"> <\/span>therefor,<span style=\"letter-spacing:-.75pt\"> <\/span>so<span style=\"letter-spacing:-.75pt\"> <\/span>long<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>compensation<span style=\"letter-spacing:\n-.75pt\"> <\/span>arrangements are affirmatively approved by the Managing Member\nand the party providing such services, and the<span style=\"letter-spacing:-.3pt\">\n<\/span>fees<span style=\"letter-spacing:-.3pt\"> <\/span>paid<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.4pt\"> <\/span>no<span style=\"letter-spacing:-.3pt\"> <\/span>greater<span style=\"letter-spacing:-.35pt\">\n<\/span>than<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.3pt\">\n<\/span>would<span style=\"letter-spacing:-.3pt\"> <\/span>incur<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>third<span style=\"letter-spacing:-.35pt\"> <\/span>parties<span style=\"letter-spacing:-.4pt\">\n<\/span>providing<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>services in either (i) Maricopa County, New\nYork, for services provided to the Company as a whole, or (ii) the<span style=\"letter-spacing:-.05pt\"> <\/span>county and state where<span style=\"letter-spacing:-.1pt\"> <\/span>any Company<span style=\"letter-spacing:\n-.05pt\"> <\/span>Property is located,<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>services provided in connection with a\nspecific Company Property.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark55\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No\nManagement by Members.<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:2.0pt\"> <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No Member, in its capacity as\nsuch, except as otherwise provided herein, shall take part in the day-to-day\nmanagement, operation or control of the business and affairs at the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>The Members, in their capacity as such,\nshall not have any<span style=\"letter-spacing:-.25pt\"> <\/span>right,<span style=\"letter-spacing:-.25pt\"> <\/span>power,<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>authority<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>transact<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>name<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>act<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>or on<span style=\"letter-spacing:-.3pt\"> <\/span>behalf<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>bind<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Company.<span style=\"letter-spacing:2.0pt\"> <\/span>A<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\">\n<\/span>have<span style=\"letter-spacing:-.35pt\"> <\/span>no<span style=\"letter-spacing:-.3pt\"> <\/span>rights<span style=\"letter-spacing:-.25pt\">\n<\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>than<span style=\"letter-spacing:-.3pt\"> <\/span>those<span style=\"letter-spacing:-.3pt\"> <\/span>specifically\nprovided herein or granted by law.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l25 level2 lfo25;\ntab-stops:78.95pt\"><a name=\"_bookmark56\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Representations,\nWarranties and Acknowledgments of the Members.<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.0pt\"> <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each\nMember, as a condition to its admission as a<span style=\"letter-spacing:-.05pt\">\n<\/span>Member,<span style=\"letter-spacing:-.05pt\"> <\/span>as the<span style=\"letter-spacing:-.05pt\"> <\/span>case<span style=\"letter-spacing:-.05pt\"> <\/span>may\nbe, does hereby represent, warrant and acknowledge to the Company, the other\nMembers and the Managing Member that such party:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Authority to Act<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Has full power and authority to execute\nand<span style=\"letter-spacing:-.7pt\"> <\/span>agree<span style=\"letter-spacing:\n-.75pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>this<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.7pt\">\n<\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:\n-.7pt\"> <\/span>perform<span style=\"letter-spacing:-.7pt\"> <\/span>its<span style=\"letter-spacing:-.7pt\"> <\/span>obligations<span style=\"letter-spacing:\n-.7pt\"> <\/span>hereunder<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>all<span style=\"letter-spacing:-.65pt\"> <\/span>necessary\nactions and approvals by the board of directors, shareholders, managers,\npartners, or such other Persons necessary for the due authorization, execution,\ndelivery and performance of this Agreement have been taken;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Review of Documents<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Has carefully read this Agreement and<span style=\"letter-spacing:-.4pt\"> <\/span>each<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Exhibits<span style=\"letter-spacing:-.5pt\"> <\/span>attached<span style=\"letter-spacing:-.4pt\">\n<\/span>hereto,<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>well<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>documents<span style=\"letter-spacing:\n-.4pt\"> <\/span>relevant<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the investment contemplated hereby; has\nadequate familiarity with investments and businesses of the type contemplated\nby the Company to appreciate and understand each of such documents; has been\nafforded an adequate opportunity to retain legal and\/or financial advisors of\nsuch party\u2019s choice to advise such party with respect to the investment\ncontemplated hereby;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Risks of Investment<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Understands that the Company is recently\norganized and has minimal financial or operating history and that there are\nrisks incident to the investment contemplated hereby which are applicable to\nsuch party\u2019s investment in the Company; and has adequate experience and\nbackground in investing in investments of this type such that such party is\nable to adequately assess the risks of an investment herein;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Illiquidity<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Understands that<span style=\"letter-spacing:\n-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>party\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>investment in the Company will be\nilliquid; that such party must bear the economic risk of such investment for an\nindefinite period of time, because the Units (as applicable) hereunder are not\nregistered under the Securities Act of 1933 or any applicable state securities\nlaws, to the extent applicable, and therefore cannot be sold unless they are\nsubsequently registered under the Securities Act of 1933 and\/or any applicable\nstate securities laws, or an exemption from such registration is available; and\nthat such party\u2019s right to assign any Units in the Company is further\nrestricted by the other provisions of this Agreement;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Independent Analysis<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Has independently conducted such party\u2019s\ndue diligence and evaluation with regard to the investment contemplated hereby;\nhas been encouraged by the Company and the Managing Member to engage such\nparty\u2019s own legal, financial and tax advisors and has done so to the extent\nsuch party deemed appropriate; and has had access to all information such party\nconsiders necessary or appropriate to complete such party\u2019s due diligence and\nevaluation;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Access to Information<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Has been afforded the opportunity to\nobtain any additional information such party deems necessary to verify any of\nthe information<span style=\"letter-spacing:-.75pt\"> <\/span>set<span style=\"letter-spacing:-.65pt\"> <\/span>forth<span style=\"letter-spacing:-.75pt\">\n<\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.75pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Exhibits<span style=\"letter-spacing:-.75pt\">\n<\/span>attached<span style=\"letter-spacing:-.75pt\"> <\/span>hereto,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>other information such party deems\nappropriate concerning the proposed investment; has<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">received<span style=\"letter-spacing:-.35pt\"> <\/span>answers<span style=\"letter-spacing:-.35pt\">\n<\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.3pt\"> <\/span>inquiries<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>party<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>asked<span style=\"letter-spacing:-.35pt\"> <\/span>of the Managing Member concerning the\nCompany;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Reliance<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member<\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:.75pt\"> <\/span>Understands that the Company and the\nManaging Member are permitting such party to acquire Units in reliance upon\nsuch party\u2019s representations and warranties as set forth in this <u>Section<span style=\"letter-spacing:-.05pt\"> <\/span>7.5<\/u>;<span style=\"letter-spacing:-.1pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>party<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>acquiring<span style=\"letter-spacing:-.1pt\">\n<\/span>said<span style=\"letter-spacing:-.2pt\"> <\/span>interest<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>party\u2019s<span style=\"letter-spacing:-.1pt\">\n<\/span>own<span style=\"letter-spacing:-.15pt\"> <\/span>account,<span style=\"letter-spacing:-.1pt\"> <\/span>as a principal, for investment, and not\nwith a view to the resale or distribution of all or any<span style=\"letter-spacing:\n-.25pt\"> <\/span>part<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Units,<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>case<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>be,<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>behalf<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:\n-.15pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>Person;<span style=\"letter-spacing:-.25pt\"> <\/span>and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Representation<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Acknowledges that this Agreement, and\ncertain documents related to the organization of the Company (collectively, the\n\u201c<u>Company<span style=\"letter-spacing:2.0pt\"> <\/span>Documents<\/u>\u201d),<span style=\"letter-spacing:2.0pt\"> <\/span>were<span style=\"letter-spacing:2.0pt\"> <\/span>prepared<span style=\"letter-spacing:2.0pt\"> <\/span>by<span style=\"letter-spacing:2.0pt\"> <\/span>Mills\nand Hoopes,<span style=\"letter-spacing:2.0pt\"> <\/span>L.L.P.<span style=\"letter-spacing:2.0pt\"> <\/span>(\u201c<u>Law<\/u> <u>Firm<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>With respect to Law Firm\u2019s participation\n(including rendering of advice) in the<span style=\"letter-spacing:-.4pt\"> <\/span>preparation<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\">\n<\/span>Documents,<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>party<span style=\"letter-spacing:-.4pt\"> <\/span>agrees<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company,<span style=\"letter-spacing:-.4pt\">\n<\/span>the Managing Member and the Members as follows:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.5pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l25 level4 lfo25;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.8.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding any prior,\npresent and\/or continuing representation<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>Law<span style=\"letter-spacing:-.3pt\"> <\/span>Firm<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Person<span style=\"letter-spacing:-.3pt\"> <\/span>comprising<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:\n-.3pt\"> <\/span>Member,<span style=\"letter-spacing:-.35pt\"> <\/span>or any of\ntheir respective Affiliates or principals, with respect to other matters, Law\nFirm is only representing the Company and the Managing Member and neither any\nMember (other than the Managing Member) nor any of their respective principals\nin connection with the preparation of the Company Documents or thereafter;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.15pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l25 level4 lfo25;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.8.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Law Firm has expressly\nrecommended to each Member that it obtain appropriate independent legal, tax\nand other professional consultation and advice with respect to the Company\nDocuments and all aspects of the effect and enforceability thereof, and by executing\nthis Agreement, each respective party to this Agreement confirms said\nrecommendation by Law Firm; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l25 level4 lfo25;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.5.8.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Law Firm has no obligation to\nrender or provide any advice to any Member, or any of their respective\nAffiliates or principals, with respect to any of the Company Documents, or the\neffect or enforceability thereof.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l25 level2 lfo25;\ntab-stops:79.0pt\"><a name=\"_bookmark57\"><\/a><!--[if !supportLists]-->7.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Confidentiality<\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Members hereby\nacknowledge that the Company will be in possession of confidential information\nthe improper use or disclosure of which could<span style=\"letter-spacing:-.65pt\">\n<\/span>have<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:\n-.7pt\"> <\/span>material<span style=\"letter-spacing:-.65pt\"> <\/span>adverse<span style=\"letter-spacing:-.75pt\"> <\/span>effect<span style=\"letter-spacing:-.65pt\">\n<\/span>upon<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\">\n<\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>upon<span style=\"letter-spacing:\n-.65pt\"> <\/span>one<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>more<span style=\"letter-spacing:-.6pt\"> <\/span>Members\nor Portfolio Companies.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Members acknowledge and\nagree that all information provided to them by or on behalf of the Company or\nthe Managing Member concerning the Company, a Member or a Portfolio Company\n(including all information contained in any private placement memorandum or\nother materials provided in connection with the formation of the Company or the\nplacement of interests<span style=\"letter-spacing:-.05pt\"> <\/span>therein)<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be\ndeemed<span style=\"letter-spacing:-.1pt\"> <\/span>strictly<span style=\"letter-spacing:-.05pt\"> <\/span>confidential<span style=\"letter-spacing:\n-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>not,<span style=\"letter-spacing:-.05pt\"> <\/span>without<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>prior\nconsent<span style=\"letter-spacing:2.85pt\"> <\/span>of<span style=\"letter-spacing:\n2.8pt\"> <\/span>the<span style=\"letter-spacing:2.85pt\"> <\/span>Managing<span style=\"letter-spacing:2.8pt\"> <\/span>Member,<span style=\"letter-spacing:2.8pt\">\n<\/span>be<span style=\"letter-spacing:2.75pt\"> <\/span>(i)<span style=\"letter-spacing:\n-.15pt\"> <\/span>disclosed<span style=\"letter-spacing:2.8pt\"> <\/span>to<span style=\"letter-spacing:2.85pt\"> <\/span>any<span style=\"letter-spacing:2.8pt\"> <\/span>Person<span style=\"letter-spacing:2.8pt\"> <\/span>(other<span style=\"letter-spacing:2.8pt\"> <\/span>than<span style=\"letter-spacing:2.8pt\"> <\/span>a<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member)\nor (ii)<span style=\"letter-spacing:-.1pt\"> <\/span>used by a Member other than\nfor a Company purpose or a purpose reasonably related to protecting such\nMember\u2019s interest in the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nManaging Member hereby consents to the disclosure by each Member of Company\ninformation<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:\n-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>accountants,<span style=\"letter-spacing:\n-.3pt\"> <\/span>attorneys<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>similar<span style=\"letter-spacing:-.45pt\">\n<\/span>advisors<span style=\"letter-spacing:-.45pt\"> <\/span>bound<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>a\nduty of confidentiality.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing\nMember consents to the use by any Member of Company information solely for such\nMember\u2019s internal purposes to assess investment and other similar opportunities\nand circumstances, so long as such use causes no material harm to the Company,\nany other Member, or any Portfolio Company and so long as, in any event, such\nuse conforms to the requirements of all applicable laws (including laws\nrelating to \u201cinsider trading\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>The\nforegoing requirements of this <u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>6.6<\/u>\nshall not apply to a Member with regard to any information that is currently or\nbecomes: (i) required to be disclosed pursuant to applicable law or a domestic\nnational securities exchange rule (but in each case only to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>extent<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>requirement);<span style=\"letter-spacing:\n-.5pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>required<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>disclosed<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>order<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>protect<span style=\"letter-spacing:-.5pt\"> <\/span>such Member\u2019s interest in the Company (but\nonly to the extent of such requirement and only<span style=\"letter-spacing:\n-.3pt\"> <\/span>after<span style=\"letter-spacing:-.4pt\"> <\/span>consultation<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member);<span style=\"letter-spacing:-.35pt\"> <\/span>(iii)<span style=\"letter-spacing:-.2pt\"> <\/span>publicly<span style=\"letter-spacing:-.3pt\">\n<\/span>known<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>available in<span style=\"letter-spacing:\n1.05pt\"> <\/span>the<span style=\"letter-spacing:1.15pt\"> <\/span>absence<span style=\"letter-spacing:1.05pt\"> <\/span>of<span style=\"letter-spacing:1.15pt\"> <\/span>any<span style=\"letter-spacing:1.15pt\"> <\/span>improper<span style=\"letter-spacing:1.1pt\">\n<\/span>or<span style=\"letter-spacing:1.15pt\"> <\/span>unlawful<span style=\"letter-spacing:1.1pt\"> <\/span>action<span style=\"letter-spacing:1.2pt\"> <\/span>on<span style=\"letter-spacing:1.15pt\"> <\/span>the<span style=\"letter-spacing:1.1pt\"> <\/span>part<span style=\"letter-spacing:1.15pt\"> <\/span>of<span style=\"letter-spacing:1.1pt\"> <\/span>such<span style=\"letter-spacing:1.3pt\"> <\/span>Member;<span style=\"letter-spacing:1.2pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:10.65pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(iv)<span style=\"letter-spacing:-.1pt\"> <\/span>known or available to such Member via\nlegitimate means other than through or on<span style=\"letter-spacing:-.6pt\"> <\/span>behalf<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\"> <\/span>Member.<span style=\"letter-spacing:1.95pt\"> <\/span>For<span style=\"letter-spacing:-.65pt\"> <\/span>purposes<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.1pt\"> <\/span>7.6.<\/u> Company information (including information relating to\na Portfolio Company or another Member) provided by one Member to another shall\nbe deemed to have been provided on behalf of the Company. Notwithstanding\nanything contained in this Agreement to the contrary, the Member Register is a\nconfidential document of the Company and the Managing Member, and no other\nMember shall have a right to receive information contained on the Member\nRegister except to the extent the information contained thereon relates specifically\nto the Member (<i>i.e.<\/i>, Units held by\nMember, its Capital Contribution amount, etc.).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.6.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Provided<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.5pt\">\n<\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>may disclose any\ninformation to the extent necessary or convenient for the formation, operation,<span style=\"letter-spacing:-.15pt\"> <\/span>dissolution,<span style=\"letter-spacing:\n-.15pt\"> <\/span>winding-up,<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>termination<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>(as<span style=\"letter-spacing:-.15pt\"> <\/span>determined<span style=\"letter-spacing:-.15pt\"> <\/span>by the Managing Member in its reasonable\ndiscretion), the Company and the Managing Member<span style=\"letter-spacing:\n-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.65pt\"> <\/span>similarly<span style=\"letter-spacing:-.7pt\"> <\/span>refrain<span style=\"letter-spacing:-.55pt\">\n<\/span>from<span style=\"letter-spacing:-.7pt\"> <\/span>disclosing<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.7pt\"> <\/span>confidential<span style=\"letter-spacing:-.7pt\"> <\/span>information<span style=\"letter-spacing:\n-.7pt\"> <\/span>furnished by a Member pursuant to <u>Section 7.6<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.6.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To the extent permitted by\napplicable law, the Managing Member may, in its reasonable discretion, keep\nconfidential from any Member information<span style=\"letter-spacing:4.0pt\"> <\/span>to<span style=\"letter-spacing:4.0pt\"> <\/span>the<span style=\"letter-spacing:4.0pt\"> <\/span>extent<span style=\"letter-spacing:4.0pt\"> <\/span>the<span style=\"letter-spacing:4.0pt\"> <\/span>Managing<span style=\"letter-spacing:4.0pt\"> <\/span>Member<span style=\"letter-spacing:4.0pt\"> <\/span>reasonably<span style=\"letter-spacing:4.0pt\"> <\/span>determines<span style=\"letter-spacing:\n4.0pt\"> <\/span>that:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:10.75pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(i)<span style=\"letter-spacing:-.15pt\"> <\/span>disclosure of such information to such\nMember likely would have a material adverse<span style=\"letter-spacing:-.25pt\">\n<\/span>effect<span style=\"letter-spacing:-.25pt\"> <\/span>upon<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company,<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Portfolio<span style=\"letter-spacing:-.3pt\">\n<\/span>Company<span style=\"letter-spacing:-.3pt\"> <\/span>due<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>actual or likely conflict of business\ninterests between such Member and one or more other parties<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>an<span style=\"letter-spacing:-.75pt\"> <\/span>actual<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>likely<span style=\"letter-spacing:-.75pt\"> <\/span>imposition<span style=\"letter-spacing:\n-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>additional<span style=\"letter-spacing:-.75pt\"> <\/span>statutory<span style=\"letter-spacing:\n-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>regulatory<span style=\"letter-spacing:-.75pt\"> <\/span>constraints upon<span style=\"letter-spacing:\n-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company,<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>Portfolio<span style=\"letter-spacing:\n-.55pt\"> <\/span>Company;<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>case<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Member that the Managing Member reasonably\ndetermines cannot or will not adequately protect against the disclosure of\nconfidential information, the disclosure of such information to a non-Member\nlikely would have a material adverse effect upon the Company, a Member, or a\nPortfolio Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.6.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding any other\nprovisions in this Agreement, any information regarding the tax treatment or\ntax structure of the transactions described in this Agreement or any related\ntax strategies (if any) shall not be limited in any manner with respect to any\ndisclosure by any of the Members or the Unit Holders<span style=\"letter-spacing:\n-.7pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>provide<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>confidentiality<span style=\"letter-spacing:-.65pt\"> <\/span>restrictions<span style=\"letter-spacing:\n-.65pt\"> <\/span>whatsoever<span style=\"letter-spacing:-.7pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the Members or the Unit Holders.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark58\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Disclosures.<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.0pt\"> <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each\nMember shall furnish to the Company upon request any information with respect\nto such Member<span style=\"letter-spacing:-.05pt\"> <\/span>reasonably determined\nby the Managing Member<span style=\"letter-spacing:-.05pt\"> <\/span>to be\nnecessary or convenient for the formation, operation, dissolution, winding-up,\nor termination of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark59\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Possible\nCarried Interest Legislation<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In the\nevent of changes to United States Federal<span style=\"letter-spacing:-.2pt\"> <\/span>income<span style=\"letter-spacing:-.3pt\"> <\/span>tax<span style=\"letter-spacing:-.25pt\"> <\/span>law<span style=\"letter-spacing:-.25pt\"> <\/span>adversely<span style=\"letter-spacing:\n-.2pt\"> <\/span>affecting<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>taxation<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>interest<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the Company,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Members\nwill<span style=\"letter-spacing:-.1pt\"> <\/span>negotiate<span style=\"letter-spacing:\n-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>good<span style=\"letter-spacing:-.1pt\"> <\/span>faith<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>amend<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>manner<span style=\"letter-spacing:-.05pt\"> <\/span>as to minimize the adverse consequences\nfor the Managing Member and its members without a material increase to the\nafter-tax consequences for the Members.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l25 level2 lfo25;tab-stops:78.95pt\"><a name=\"_bookmark60\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Acknowledgment<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>Liability<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.7pt\"> <\/span>Taxes<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.8pt\"> <\/span>To<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>extent<span style=\"letter-spacing:-.6pt\">\n<\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>laws<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>taxing\njurisdiction require, each Member and Unit Holder requested to do so by the\nManaging Member shall submit an agreement indicating that such person shall\nmake timely income tax payments to the<span style=\"letter-spacing:-.15pt\"> <\/span>taxing<span style=\"letter-spacing:-.15pt\"> <\/span>jurisdiction<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>person<span style=\"letter-spacing:-.15pt\"> <\/span>accepts<span style=\"letter-spacing:-.15pt\">\n<\/span>personal<span style=\"letter-spacing:-.15pt\"> <\/span>jurisdiction<span style=\"letter-spacing:-.15pt\"> <\/span>of the<span style=\"letter-spacing:-.15pt\">\n<\/span>taxing<span style=\"letter-spacing:-.15pt\"> <\/span>jurisdiction with\nregard to the collection of taxes, interest, and penalties<span style=\"letter-spacing:-.05pt\"> <\/span>attributable to such person\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>income.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n79.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l25 level2 lfo25;\ntab-stops:79.0pt\"><a name=\"_bookmark61\"><\/a><!--[if !supportLists]-->7.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Withholding<\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.10.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>withhold<span style=\"letter-spacing:-.75pt\">\n<\/span>taxes<span style=\"letter-spacing:-.75pt\"> <\/span>from<span style=\"letter-spacing:-.75pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.75pt\"> <\/span>to,<span style=\"letter-spacing:-.75pt\"> <\/span>and allocations\namong, the Members and Unit Holders to the extent required by law (as\ndetermined by the Managing Member in its reasonable discretion).<span style=\"letter-spacing:2.0pt\"> <\/span>Except as otherwise<span style=\"letter-spacing:\n-.7pt\"> <\/span>provided<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span><u>Section<span style=\"letter-spacing:-.2pt\"> <\/span>7.10<\/u>,<span style=\"letter-spacing:-.65pt\">\n<\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>amount<span style=\"letter-spacing:-.6pt\"> <\/span>so<span style=\"letter-spacing:-.65pt\"> <\/span>withheld<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\">\n<\/span>with regard<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>Unit<span style=\"letter-spacing:-.15pt\"> <\/span>Holder<span style=\"letter-spacing:-.15pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>treated<span style=\"letter-spacing:-.15pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>purposes<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.15pt\"> <\/span>as an<span style=\"letter-spacing:-.05pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\"> <\/span>actually<span style=\"letter-spacing:-.05pt\">\n<\/span>distributed<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>or Unit<span style=\"letter-spacing:-.05pt\">\n<\/span>Holder<span style=\"letter-spacing:-.1pt\"> <\/span>pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to <u>Section 5<\/u>. An<span style=\"letter-spacing:-.15pt\"> <\/span>amount<span style=\"letter-spacing:-.15pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>considered<span style=\"letter-spacing:\n-.15pt\"> <\/span>withheld<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>if,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>time,<span style=\"letter-spacing:-.15pt\"> <\/span>remitted\nto a taxing jurisdiction without regard to whether such remittance occurs at\nthe same time as the distribution or allocation to which it relates.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.10.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If, pursuant to <u>Section\n7.10.1<\/u>, an amount withheld with regard to a Member or Unit Holder is\ntreated for purposes of this Agreement as an amount<span style=\"letter-spacing:\n-.15pt\"> <\/span>distributed<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>Unit<span style=\"letter-spacing:-.15pt\"> <\/span>Holder<span style=\"letter-spacing:-.15pt\">\n<\/span>pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.15pt\"> <\/span>5<\/u>,<span style=\"letter-spacing:-.15pt\"> <\/span>subsequent\nactual distributions to such Member or Unit Holder pursuant to <u>Section 5<\/u>\nshall be reduced as necessary to, as quickly as possible, cause the aggregate\ndistributions to such Member or Unit Holder over the term of the Company\n(including actual distributions and distributions deemed to have<span style=\"letter-spacing:-.05pt\"> <\/span>occurred pursuant to <u>Section<span style=\"letter-spacing:-.2pt\"> <\/span>7.10.1<\/u> to equal the actual\ndistributions that would have been made to such Member or Unit Holder if <u>Section\n7.10.1<\/u> were not part of this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l25 level3 lfo25;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">7.10.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each<span style=\"letter-spacing:\n-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>Unit<span style=\"letter-spacing:-.75pt\"> <\/span>Holder<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\">\n<\/span>reimburse<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company and the Managing Member for any\nliability they may incur for failure to properly withhold taxes in respect of\nsuch Member or Unit Holder.<span style=\"letter-spacing:2.0pt\"> <\/span>Each\nMember and Unit Holder hereby agrees that neither the Company nor the Managing\nMember shall be liable for any excess taxes withheld in respect of such\nMember&#8217;s or Unit Holder\u2019s interest<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>that,<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>event<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>over<span style=\"letter-spacing:-.4pt\"> <\/span>withholding<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Member&#8217;s<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>Unit\nHolder\u2019s sole recourse shall be to apply for a refund from the appropriate\ntaxing <span style=\"letter-spacing:-.1pt\">jurisdiction.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">8<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.0pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark62\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">MEETINGS;<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">VOTING<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l65 level2 lfo24;tab-stops:78.95pt\"><a name=\"_bookmark63\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">8.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Meetings\nof the Members<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Meetings of the Members, or a vote of the Members without a\nmeeting, may be called by the Managing Member upon the written request of any\none or more of the Members holding 10% or more of the Units.<span style=\"letter-spacing:2.0pt\"> <\/span>The call shall state the nature of the\nbusiness<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:\n-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>transacted<span style=\"letter-spacing:-.05pt\"> <\/span>or,<span style=\"letter-spacing:-.1pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>no<span style=\"letter-spacing:-.1pt\"> <\/span>meeting<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>held,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>matter<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>voted<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>day<span style=\"letter-spacing:-.1pt\"> <\/span>that\nthe votes shall be counted.<span style=\"letter-spacing:2.0pt\"> <\/span>Notice of\nany such meeting shall be given to the Managing Member and all Members not less\nthan 10 Business Days or more than 30 days prior to the date of such meeting\nunless waived in writing.<span style=\"letter-spacing:2.0pt\"> <\/span>Whenever\nthe vote or consent of Members is permitted or required under this Agreement,\nsuch vote or consent may be given at a meeting of Members or may be given in\naccordance with the procedure prescribed in <u>Section 8.3<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l65 level2 lfo24;tab-stops:78.95pt\"><a name=\"_bookmark64\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">8.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Record\nDate<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>For the purpose of determining the Members entitled to vote on a matter,\nor to vote at any meeting of the Members or any adjournment thereof, the Member\nrequesting<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>meeting<span style=\"letter-spacing:-.3pt\">\n<\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>fix,<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>advance,<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>date<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>record<span style=\"letter-spacing:-.35pt\">\n<\/span>date<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>determination. Such<span style=\"letter-spacing:\n-.35pt\"> <\/span>date<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>more<span style=\"letter-spacing:-.45pt\"> <\/span>than<span style=\"letter-spacing:-.4pt\"> <\/span>30<span style=\"letter-spacing:-.35pt\"> <\/span>days<span style=\"letter-spacing:-.35pt\"> <\/span>nor<span style=\"letter-spacing:-.4pt\"> <\/span>less<span style=\"letter-spacing:-.35pt\"> <\/span>than<span style=\"letter-spacing:-.35pt\"> <\/span>10<span style=\"letter-spacing:-.35pt\"> <\/span>Business<span style=\"letter-spacing:-.35pt\">\n<\/span>Days<span style=\"letter-spacing:-.35pt\"> <\/span>before<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>meeting.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l65 level2 lfo24;tab-stops:78.95pt\"><a name=\"_bookmark65\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">8.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Method\nof Voting<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Each Member may cast the number of votes equal to such Member\u2019s Units.<span style=\"letter-spacing:2.0pt\"> <\/span>A Member may vote in person at a meeting,\nby written proxy or by a signed writing<span style=\"letter-spacing:-.4pt\"> <\/span>directing<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>manner<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>desires<span style=\"letter-spacing:-.4pt\">\n<\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>vote<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>cast,<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>writing<span style=\"letter-spacing:-.4pt\">\n<\/span>must be<span style=\"letter-spacing:-.3pt\"> <\/span>received<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>Member(s)<span style=\"letter-spacing:-.3pt\"> <\/span>prior<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>date<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>which<span style=\"letter-spacing:-.25pt\"> <\/span>votes<span style=\"letter-spacing:-.25pt\">\n<\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:\n-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>counted.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>proxy\nof a Member may authorize any Person or Persons to act for it on all matters in\nwhich a Member is entitled to participate, including waiving notice of any\nmeeting, or voting or participating at a meeting.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Every proxy must be signed by the Member or its\nattorney-in-fact.<span style=\"letter-spacing:2.0pt\"> <\/span>No proxy shall be\nvalid after the expiration of 11 months from the date thereof unless otherwise\nprovided in the proxy.<span style=\"letter-spacing:2.0pt\"> <\/span>Every proxy\nshall be revocable at the pleasure of the Member executing it.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l65 level2 lfo24;tab-stops:78.95pt\"><a name=\"_bookmark66\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">8.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Meetings<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Each meeting of Members shall be conducted\nby the Managing <span style=\"letter-spacing:-.1pt\">Member.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l65 level2 lfo24;tab-stops:78.95pt\"><a name=\"_bookmark67\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">8.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Action<span style=\"letter-spacing:-.65pt\"> <\/span>Without<span style=\"letter-spacing:-.7pt\">\n<\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>Meeting;<span style=\"letter-spacing:-.7pt\"> <\/span>Telephone<span style=\"letter-spacing:-.7pt\">\n<\/span>Meetings<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n1.75pt\"> <\/span>Any<span style=\"letter-spacing:-.7pt\"> <\/span>action<span style=\"letter-spacing:-.65pt\"> <\/span>required<span style=\"letter-spacing:-.65pt\">\n<\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>Act or this Agreement to be taken at any annual or special\nmeeting of the Members, or any action which<span style=\"letter-spacing:-.7pt\"> <\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>taken<span style=\"letter-spacing:-.7pt\"> <\/span>at<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.7pt\"> <\/span>annual<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>special<span style=\"letter-spacing:-.7pt\">\n<\/span>meeting<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Members,<span style=\"letter-spacing:-.7pt\">\n<\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:\n-.75pt\"> <\/span>taken<span style=\"letter-spacing:-.7pt\"> <\/span>without<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>meeting,\nwithout<span style=\"letter-spacing:-.45pt\"> <\/span>prior<span style=\"letter-spacing:\n-.55pt\"> <\/span>notice,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>without<span style=\"letter-spacing:-.45pt\">\n<\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>vote,<span style=\"letter-spacing:-.5pt\"> <\/span>if<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>consent<span style=\"letter-spacing:-.45pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>consents<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>writing,<span style=\"letter-spacing:-.5pt\"> <\/span>setting<span style=\"letter-spacing:-.45pt\">\n<\/span>forth<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>action so taken, shall be signed<span style=\"letter-spacing:-.1pt\"> <\/span>by the Members holding<span style=\"letter-spacing:-.05pt\"> <\/span>not less than the<span style=\"letter-spacing:\n-.1pt\"> <\/span>minimum percentage of Units that<span style=\"letter-spacing:\n-.1pt\"> <\/span>would<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>necessary<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>authorize<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>take<span style=\"letter-spacing:-.15pt\"> <\/span>such action<span style=\"letter-spacing:\n-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>meeting<span style=\"letter-spacing:-.1pt\">\n<\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Members\nwere<span style=\"letter-spacing:2.0pt\"> <\/span>present.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Any<span style=\"letter-spacing:2.0pt\"> <\/span>electronic<span style=\"letter-spacing:2.0pt\"> <\/span>communication,<span style=\"letter-spacing:\n2.0pt\"> <\/span>including,<span style=\"letter-spacing:2.0pt\"> <\/span>but<span style=\"letter-spacing:2.0pt\"> <\/span>not<span style=\"letter-spacing:2.0pt\"> <\/span>limited<span style=\"letter-spacing:2.0pt\"> <\/span>to,<span style=\"letter-spacing:2.0pt\"> <\/span>electronic<span style=\"letter-spacing:2.0pt\"> <\/span>mail,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.75pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">photographic,<span style=\"letter-spacing:-.45pt\"> <\/span>photostatic,<span style=\"letter-spacing:\n-.45pt\"> <\/span>facsimile<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>similar<span style=\"letter-spacing:-.45pt\">\n<\/span>reproduction<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>writing<span style=\"letter-spacing:-.4pt\"> <\/span>signed<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>shall be<span style=\"letter-spacing:-.2pt\">\n<\/span>regarded<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>signed<span style=\"letter-spacing:-.15pt\">\n<\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>purposes<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this\n<u>Section<span style=\"letter-spacing:-.15pt\"> <\/span>8.5<\/u>.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>provisions of applicable law and this Agreement regarding\nnotice of meetings, Members may participate in and hold a meeting by using a conference\ntelephone or similar communications equipment by means<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>which<span style=\"letter-spacing:-.25pt\"> <\/span>all<span style=\"letter-spacing:-.2pt\"> <\/span>persons<span style=\"letter-spacing:-.25pt\"> <\/span>participating<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>meeting<span style=\"letter-spacing:-.25pt\">\n<\/span>can<span style=\"letter-spacing:-.25pt\"> <\/span>hear<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.25pt\"> <\/span>other,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>participation<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>a\ntelephone<span style=\"letter-spacing:-.4pt\"> <\/span>meeting<span style=\"letter-spacing:-.35pt\"> <\/span>pursuant<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.35pt\"> <\/span>8.5<\/u><span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>constitute<span style=\"letter-spacing:\n-.4pt\"> <\/span>presence<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>person<span style=\"letter-spacing:-.4pt\">\n<\/span>at<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>meeting, except when a person\nparticipates in the meeting for the express purpose of objecting to the\ntransaction of any business on the ground that the meeting was not lawfully\ncalled or convened.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">9<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.0pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark68\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">BOOKS\nAND <span style=\"letter-spacing:-.1pt\">RECORDS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l17 level2 lfo23;tab-stops:78.95pt\"><a name=\"_bookmark69\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">9.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Books\nand Records<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Company shall keep adequate books and records at its\nprincipal place of business, setting forth a true and accurate account of all\nbusiness transactions arising out of and in connection with the conduct of the\nCompany.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject to <u>Section 7.6<\/u>,\nany Member<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:\n-.15pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>respective<span style=\"letter-spacing:-.1pt\"> <\/span>designated<span style=\"letter-spacing:\n-.15pt\"> <\/span>representative<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>right,<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:\n-.15pt\"> <\/span>reasonable<span style=\"letter-spacing:-.15pt\"> <\/span>time,<span style=\"letter-spacing:-.15pt\"> <\/span>to have access to and inspect and copy\nthe contents of such books and records provided, however, that confidential\ncommunications between the Company and its legal counsel may be withheld from a\nMember in the Managing Member\u2019s reasonable discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l17 level2 lfo23;tab-stops:78.95pt\"><a name=\"_bookmark70\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">9.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax\nInformation<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Necessary tax information shall be delivered to each Member\nafter<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>end<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.25pt\"> <\/span>Year<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company.<span style=\"letter-spacing:2.0pt\"> <\/span>Such<span style=\"letter-spacing:-.25pt\"> <\/span>tax<span style=\"letter-spacing:-.25pt\"> <\/span>information<span style=\"letter-spacing:\n-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>include,<span style=\"letter-spacing:-.05pt\"> <\/span>but<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>in no<span style=\"letter-spacing:-.4pt\"> <\/span>event<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>limited<span style=\"letter-spacing:-.45pt\"> <\/span>to,<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>Form<span style=\"letter-spacing:-.45pt\"> <\/span>K-1<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>internally<span style=\"letter-spacing:\n-.4pt\"> <\/span>prepared<span style=\"letter-spacing:-.4pt\"> <\/span>balance<span style=\"letter-spacing:-.45pt\"> <\/span>sheet<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>related<span style=\"letter-spacing:-.4pt\">\n<\/span>statements of income, cash flow and Members\u2019 capital for the most\nrecently ended Fiscal Year of the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>Any\nand all statements of income, cash flow and Members\u2019 capital shall be prepared\nin accordance with United States generally accepted accounting principles\nconsistently applied and<span style=\"letter-spacing:-.05pt\"> <\/span>certified<span style=\"letter-spacing:-.05pt\"> <\/span>(or reviewed)<span style=\"letter-spacing:\n-.1pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>independent\ncertified<span style=\"letter-spacing:-.05pt\"> <\/span>public<span style=\"letter-spacing:-.1pt\"> <\/span>accountants<span style=\"letter-spacing:\n-.05pt\"> <\/span>retained<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the Managing Member<span style=\"letter-spacing:-.7pt\"> <\/span>on<span style=\"letter-spacing:-.65pt\"> <\/span>behalf<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>include<span style=\"letter-spacing:-.7pt\">\n<\/span>a<span style=\"letter-spacing:-.7pt\"> <\/span>statement<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>certification<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>financial statements have been prepared\nin accordance with generally accepted accounting principles consistently\napplied.<span style=\"letter-spacing:2.0pt\"> <\/span>Every effort shall be made\nto furnish a Form K-1 to each Member (or a reasonable<span style=\"letter-spacing:\n-.1pt\"> <\/span>estimate<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>taxable income<span style=\"letter-spacing:\n-.05pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>loss of each<span style=\"letter-spacing:-.05pt\"> <\/span>Member)<span style=\"letter-spacing:-.1pt\">\n<\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>March<span style=\"letter-spacing:-.05pt\"> <\/span>31 of<span style=\"letter-spacing:-.05pt\">\n<\/span>each<span style=\"letter-spacing:.05pt\"> <\/span>Fiscal <span style=\"letter-spacing:-.1pt\">Year.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l17 level2 lfo23;tab-stops:78.95pt\"><a name=\"_bookmark71\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">9.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Fiscal<span style=\"letter-spacing:-.75pt\"> <\/span>Year<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.6pt\"> <\/span>The<span style=\"letter-spacing:-.7pt\"> <\/span>\u201c<u>Fiscal<span style=\"letter-spacing:-.65pt\"> <\/span>Year<\/u>\u201d<span style=\"letter-spacing:\n-.7pt\"> <\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>begin<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.75pt\"> <\/span>January<span style=\"letter-spacing:-.75pt\"> <\/span>1st<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>each year<span style=\"letter-spacing:\n-.1pt\"> <\/span>(provided<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.2pt\"> <\/span>Year<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>first<span style=\"letter-spacing:-.2pt\"> <\/span>year<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>begin<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>date<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the formation<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company)<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>end<span style=\"letter-spacing:\n-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>December<span style=\"letter-spacing:-.35pt\"> <\/span>31st<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>each<span style=\"letter-spacing:-.3pt\"> <\/span>year<span style=\"letter-spacing:-.35pt\"> <\/span>(provided<span style=\"letter-spacing:\n-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.25pt\">\n<\/span>Year for the last year of the Company shall end on the date of the\nliquidation of the Company).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.05pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">10<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.0pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark72\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">TRANSFER<span style=\"letter-spacing:-.05pt\"> <\/span>OF <span style=\"letter-spacing:-.1pt\">UNITS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l9 level2 lfo22;tab-stops:78.95pt\"><a name=\"_bookmark73\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Transfer\nof Units<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Except as otherwise expressly provided in this <u>Section 10<\/u>, no\nUnit Holder may voluntarily withdraw from the Company and no Units in the\nCompany may be transferred without the consent of the Managing Member.<span style=\"letter-spacing:2.0pt\"> <\/span>As used in this Section, \u201c<u>Transfer<\/u>\u201d\nmeans to transfer, sell, assign, pledge, hypothecate, or otherwise dispose of\nany Units in the Company, including any transfer by death, Disability or\ninvoluntarily by operation of law.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l9 level2 lfo22;tab-stops:78.85pt\"><a name=\"_bookmark74\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Permitted\nTransfers<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Notwithstanding any of the other requirements of this <u>Section 10<\/u>,\nexcept subject to the conditions and restrictions set forth in <u>Sections 10.3<\/u>\nand <u>10.7<\/u> hereof, a Member may at any time Transfer all or any portion of\nits Units in the Company to (i) the other Members; (ii) any Affiliate of the\ntransferor but only so long as the only party with authority to bind such\nAffiliate is the Member making such Transfer; (iii) to a trust for estate\nplanning purposes, but only so long as the only party with authority to bind\nsuch trust is the Member making such Transfer; or (iv) its Personal\nRepresentative or heirs or beneficiaries upon the Disability or death of a\nMember (any such Transfer referred to in (i) through (iv) above shall be\nreferred to in this Agreement as a \u201c<u>Permitted Transfer<\/u>\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l9 level2 lfo22;tab-stops:78.95pt\"><a name=\"_bookmark75\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Conditions<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>Permitted<span style=\"letter-spacing:-.75pt\"> <\/span>Transfers<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.75pt\"> <\/span>A<span style=\"letter-spacing:-.7pt\"> <\/span>Transfer<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.7pt\"> <\/span>treated<span style=\"letter-spacing:-.7pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.7pt\"> <\/span>Permitted Transfer<span style=\"letter-spacing:\n-.75pt\"> <\/span>under<span style=\"letter-spacing:-.75pt\"> <\/span><u>Section<span style=\"letter-spacing:-.75pt\"> <\/span>10.2<\/u><span style=\"letter-spacing:-.75pt\">\n<\/span>hereof<span style=\"letter-spacing:-.75pt\"> <\/span>unless<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>until<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>following<span style=\"letter-spacing:-.75pt\"> <\/span>conditions<span style=\"letter-spacing:\n-.7pt\"> <\/span>are<span style=\"letter-spacing:-.75pt\"> <\/span>satisfied,<span style=\"letter-spacing:-.75pt\"> <\/span>provided that the Managing Member may in\nits sole and absolute discretion waive any of the following <span style=\"letter-spacing:-.1pt\">conditions:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.65pt\"> <\/span>transferor<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>transferee<span style=\"letter-spacing:\n-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>execute<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>deliver<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the\nCompany such documents and instruments of conveyance as may be necessary or\nappropriate in the opinion of counsel to the Company to effect such Transfer\nand to confirm the agreement of the<span style=\"letter-spacing:-.05pt\"> <\/span>transferee<span style=\"letter-spacing:-.05pt\"> <\/span>to be<span style=\"letter-spacing:-.05pt\">\n<\/span>bound by the<span style=\"letter-spacing:-.05pt\"> <\/span>provisions of<span style=\"letter-spacing:-.05pt\"> <\/span>this <u>Section<\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">10<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In any case not described in the preceding\nsentence, the Transfer shall be confirmed<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>presentation<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>legal<span style=\"letter-spacing:-.5pt\"> <\/span>evidence<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>Transfer,<span style=\"letter-spacing:\n-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>form and<span style=\"letter-spacing:-.6pt\"> <\/span>substance<span style=\"letter-spacing:-.65pt\">\n<\/span>satisfactory<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>counsel<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.6pt\"> <\/span>Company.<span style=\"letter-spacing:1.9pt\"> <\/span>In<span style=\"letter-spacing:-.6pt\"> <\/span>all<span style=\"letter-spacing:-.55pt\"> <\/span>cases,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Company<span style=\"letter-spacing:-.6pt\"> <\/span>shall be reimbursed by the transferor\nand\/or transferee for all costs and expenses that it reasonably incurs in\nconnection with such Transfer.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">The<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Units<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">which<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">are<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">the<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">subject<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">of<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">the<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Transfer<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">are<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">registered\n<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">under<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.55pt\"> <\/span>Act<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>1933,<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>amended,<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.7pt\"> <\/span>state<span style=\"letter-spacing:-.7pt\"> <\/span>securities<span style=\"letter-spacing:-.65pt\"> <\/span>laws, or<span style=\"letter-spacing:-.75pt\">\n<\/span>alternatively,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>proposed<span style=\"letter-spacing:-.65pt\"> <\/span>transferee<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Units<span style=\"letter-spacing:-.75pt\"> <\/span>obtains<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.75pt\"> <\/span>opinion\nof<span style=\"letter-spacing:-.45pt\"> <\/span>counsel<span style=\"letter-spacing:\n-.4pt\"> <\/span>satisfactory<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.4pt\"> <\/span>legal<span style=\"letter-spacing:-.25pt\"> <\/span>counsel<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>effect<span style=\"letter-spacing:-.4pt\">\n<\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Transfer is exempt from all applicable\nregistration requirements or that such Transfer will not violate any applicable\nsecurities laws.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Transfer does not cause\nthe Company to become a \u201cpublicly traded Company\u201d within the meaning of Code\nSection 7704(b).<span style=\"letter-spacing:2.0pt\"> <\/span>The transferor may\nbe required to furnish the Company an opinion of counsel, which counsel and\nopinion shall be satisfactory to the Company, that the Transfer will not cause\nthe Company to become a \u201cpublicly traded Company\u201d within the meaning of Code\nSection 7704(b).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.45pt\"> <\/span>Transfer<span style=\"letter-spacing:-.45pt\"> <\/span>does<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>result<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>25%<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>more<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>(as\ndetermined by the Managing Member) being owned by Qualified Plans.<span style=\"letter-spacing:2.0pt\"> <\/span>The transferor may be required to furnish\nthe Company an opinion of counsel, which counsel and opinion shall be\nsatisfactory to the Company, that the Transfer will not cause 25% or more of\nthe Units (as determined by the Managing Member) being owned by Qualified\nPlans.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Transfer does not cause\nthe Company to terminate for federal income tax purposes. The transferor may be\nrequired to furnish the Company an opinion of counsel, which counsel and\nopinion shall be satisfactory to the Company, that the Transfer will not cause\nthe Company to terminate for federal income tax purposes.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The transferor and transferee\nshall furnish the transferee\u2019s taxpayer identification number, sufficient\ninformation to determine the transferee\u2019s initial tax basis in the Units\ntransferred, and any other information reasonably necessary to permit the Company\nto file all required federal and state tax returns and other legally required\ninformation statements or returns.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:187.85pt;margin-bottom:.0001pt;text-indent:-50.25pt;\nmso-list:l9 level3 lfo22;tab-stops:187.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.3.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n.8pt\"> <\/span>Managing<span style=\"letter-spacing:1.0pt\"> <\/span>Member<span style=\"letter-spacing:1.1pt\"> <\/span>shall<span style=\"letter-spacing:1.05pt\"> <\/span>have<span style=\"letter-spacing:.95pt\"> <\/span>consented<span style=\"letter-spacing:.95pt\">\n<\/span>in<span style=\"letter-spacing:1.15pt\"> <\/span>writing<span style=\"letter-spacing:1.0pt\"> <\/span><span style=\"letter-spacing:-.25pt\">to<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">such<span style=\"letter-spacing:-.1pt\"> Transfer.<\/span><o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l9 level2 lfo22;\ntab-stops:79.0pt\"><!--[if !supportLists]-->10.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><v:shape id=\"Graphic_x0020_274\" o:spid=\"_x0000_s2200\" style=\"position: absolute; left: 0px; margin-left: 2in; margin-top: 24.55pt; width: 107.7pt; height: 1.2pt; z-index: 251658243; visibility: visible;\" coordsize=\"1367790,15240\" 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path=\"m1367282,l,,,15239r1367282,l1367282,xe\" fillcolor=\"black\" stroked=\"f\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><a name=\"_bookmark76\"><\/a><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prohibited<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Transfers<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><v:shape id=\"Graphic_x0020_275\" o:spid=\"_x0000_s2199\" style=\"position: absolute; left: 0px; margin-left: 252.9pt; margin-top: 24.55pt; width: 24pt; height: 0.6pt; z-index: 251658244; visibility: visible;\" coordsize=\"304800,7620\" 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path=\"m304800,l,,,7620r304800,l304800,xe\" fillcolor=\"black\" stroked=\"f\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Void.<span style=\"letter-spacing:2.0pt\"> <\/span>Any\npurported Transfer of Units that is not a Permitted Transfer shall, to the\nfullest extent permitted by law, be null and void and of<span style=\"letter-spacing:\n-.55pt\"> <\/span>no<span style=\"letter-spacing:-.55pt\"> <\/span>effect<span style=\"letter-spacing:-.5pt\"> <\/span>whatsoever;<span style=\"letter-spacing:\n-.55pt\"> <\/span>provided<span style=\"letter-spacing:-.55pt\"> <\/span>that,<span style=\"letter-spacing:-.55pt\"> <\/span>if<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>required<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>law<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>recognize\na Transfer that is not a Permitted Transfer (or if the Company, in its sole\ndiscretion, elects to recognize a Transfer that is not a Permitted Transfer),\nthe Units transferred shall be strictly limited to the transferor\u2019s rights to\nallocations and distributions as provided by this Agreement with respect to the\ntransferred Units, which allocations and distributions may be applied (without\nlimiting any other legal or equitable rights of the Company) to satisfy any\ndebts, obligations, or liabilities for damages that the transferor or\ntransferee of such Units may have to the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Indemnification<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In the case of a Transfer or attempted\nTransfer of any Units that is not a Permitted Transfer, the parties engaging or\nattempting to engage in such Transfer shall be liable to indemnify and hold\nharmless the Company, the Managing Member and the other Members from all cost,\nliability, and damage that any of such indemnified Persons may incur\n(including, without limitation, incremental tax liability and attorneys\u2019 fees\nand expenses) as a result of such Transfer or attempted Transfer and efforts to\nenforce the indemnity granted <span style=\"letter-spacing:-.1pt\">hereby.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l9 level2 lfo22;tab-stops:78.95pt\"><a name=\"_bookmark77\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Rights<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Unadmitted<span style=\"letter-spacing:-.25pt\"> <\/span>Assignees<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>A<span style=\"letter-spacing:-.3pt\"> <\/span>Person<span style=\"letter-spacing:-.3pt\"> <\/span>who<span style=\"letter-spacing:-.3pt\"> <\/span>acquires<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>but<span style=\"letter-spacing:-.25pt\"> <\/span>who is not admitted as a Substitute\nMember pursuant to <u>Section 10<\/u> hereof shall be entitled only to\nallocations and distributions with respect to such Member Units in accordance\nwith this Agreement,<span style=\"letter-spacing:-.5pt\"> <\/span>but<span style=\"letter-spacing:-.6pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>have<span style=\"letter-spacing:-.65pt\"> <\/span>no<span style=\"letter-spacing:-.6pt\"> <\/span>right<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>information<span style=\"letter-spacing:\n-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>accounting<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>affairs<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>Company, shall not be entitled to inspect the books or records\nof the Company, shall not have the voting rights as a Member, and shall not\nhave any of the rights of a Member under the Act or this <span style=\"letter-spacing:-.1pt\">Agreement.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:11.0pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l9 level2 lfo22;\ntab-stops:78.95pt\"><a name=\"_bookmark78\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Admission\nof Transferees as Substitute Members<\/span><\/u><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject to the other provisions of this <u>Section\n10<\/u>, a transferee of any Units may be admitted to the Company as a\nSubstitute Member only if each of the following conditions is satisfied:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:187.85pt;text-indent:-50.25pt;\nmso-list:l9 level3 lfo22;tab-stops:187.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.15pt\"> <\/span>Managing Member<span style=\"letter-spacing:-.05pt\"> <\/span>consents\nto<span style=\"letter-spacing:-.05pt\"> <\/span>such <span style=\"letter-spacing:\n-.1pt\">admission;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Units with respect to\nwhich the transferee is being admitted was acquired by means of a Permitted\nTransfer;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.6.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The transferee becomes a\nparty to this Agreement and executes<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>documents<span style=\"letter-spacing:-.1pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>instruments<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>reasonably<span style=\"letter-spacing:-.2pt\"> <\/span>request<span style=\"letter-spacing:-.2pt\">\n<\/span>to confirm<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>transferee<span style=\"letter-spacing:\n-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>transferee\u2019s<span style=\"letter-spacing:\n-.25pt\"> <\/span>agreement<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>bound<span style=\"letter-spacing:-.2pt\"> <\/span>by the terms and conditions hereof;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l9 level3 lfo22;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.6.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The transferee pays or\nreimburses the Company for all reasonable legal, filing, and publication costs\nthat the Company incurs in connection with<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>admission<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>transferee<span style=\"letter-spacing:\n-.6pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>respect<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>transferred<span style=\"letter-spacing:-.55pt\"> <\/span>Units; <span style=\"letter-spacing:-.2pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.05pt;mso-list:l9 level3 lfo22;\ntab-stops:187.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.6.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.2pt\"> <\/span>transferee<span style=\"letter-spacing:-.05pt\"> <\/span>executes a<span style=\"letter-spacing:-.05pt\"> <\/span>statement<span style=\"letter-spacing:\n-.1pt\"> <\/span>that it<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>acquiring<span style=\"letter-spacing:-.15pt\">\n<\/span>such Units for investment and not for resale.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l9 level2 lfo22;tab-stops:78.95pt\"><a name=\"_bookmark79\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">10.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Distributions\nand Allocations in<span style=\"letter-spacing:-.05pt\"> <\/span>Respect<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>Transferred\nUnits<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>If<span style=\"letter-spacing:-.05pt\"> <\/span>any Units in the<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>transferred<span style=\"letter-spacing:-.55pt\"> <\/span>during<span style=\"letter-spacing:-.55pt\">\n<\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>accounting<span style=\"letter-spacing:-.55pt\"> <\/span>period<span style=\"letter-spacing:-.55pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>compliance<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>this <u>Section<span style=\"letter-spacing:-.4pt\"> <\/span>10<\/u>,<span style=\"letter-spacing:-.4pt\">\n<\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>Book<span style=\"letter-spacing:-.5pt\"> <\/span>Profits,<span style=\"letter-spacing:-.35pt\">\n<\/span>Book<span style=\"letter-spacing:-.5pt\"> <\/span>Losses,<span style=\"letter-spacing:-.4pt\"> <\/span>each<span style=\"letter-spacing:-.4pt\"> <\/span>item<span style=\"letter-spacing:-.4pt\"> <\/span>thereof,<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:\n-.4pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>items<span style=\"letter-spacing:-.4pt\"> <\/span>attributable<span style=\"letter-spacing:\n-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the transferred\nUnits for such period shall be divided and allocated between the transferor and\nthe transferee<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>manner<span style=\"letter-spacing:-.1pt\"> <\/span>set<span style=\"letter-spacing:-.2pt\"> <\/span>forth<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.25pt\"> <\/span>1.6<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span><u>Tax<span style=\"letter-spacing:-.25pt\"> <\/span>Matters<span style=\"letter-spacing:-.25pt\">\n<\/span>Schedule<\/u>.<span style=\"letter-spacing:2.0pt\"> <\/span>All<span style=\"letter-spacing:-.2pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.25pt\"> <\/span>on or before the date of such Transfer shall be made to the\ntransferor, and all distributions thereafter shall be made to the transferee.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.05pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">11<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:3.95pt;text-align:center\"><a name=\"_bookmark80\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">WITHDRAWAL<span style=\"letter-spacing:-.05pt\"> <\/span>OF <span style=\"letter-spacing:-.1pt\">MEMBER<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l58 level2 lfo21;tab-stops:78.95pt\"><a name=\"_bookmark81\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Covenant\nNot to Withdraw or Dissolve<\/span><\/u><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Notwithstanding any provision of the Act,\neach Member recognizes that the Members have entered into this Agreement based\non their mutual expectation that all Members will continue as Members and carry\nout the duties and obligations undertaken by them hereunder and that, except as\notherwise expressly required or permitted<span style=\"letter-spacing:-.25pt\"> <\/span>hereby,<span style=\"letter-spacing:-.25pt\"> <\/span>each Member<span style=\"letter-spacing:\n-.3pt\"> <\/span>hereby<span style=\"letter-spacing:-.15pt\"> <\/span>covenants<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>agrees<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>(i)<span style=\"letter-spacing:-.2pt\"> <\/span>take<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>action<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>dissolve\nor<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:\n-.1pt\"> <\/span>file<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>certificate<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>dissolution<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>equivalent<span style=\"letter-spacing:\n-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>respect<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>itself,<span style=\"letter-spacing:-.05pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>take<span style=\"letter-spacing:-.15pt\"> <\/span>any action<span style=\"letter-spacing:\n-.1pt\"> <\/span>that would<span style=\"letter-spacing:-.65pt\"> <\/span>cause<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.7pt\"> <\/span>Bankruptcy<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>Member,<span style=\"letter-spacing:-.65pt\">\n<\/span>(iii)<span style=\"letter-spacing:-.65pt\"> <\/span>voluntarily<span style=\"letter-spacing:-.65pt\"> <\/span>withdraw<span style=\"letter-spacing:-.7pt\">\n<\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>attempt<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>withdraw<span style=\"letter-spacing:-.7pt\"> <\/span>from the Company, (iv) to the fullest\nextent permitted by law, exercise any power under the Act to dissolve the\nCompany, (v) to the fullest extent permitted by law, petition for judicial\ndissolution of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\">\n<\/span>(to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>fullest<span style=\"letter-spacing:-.35pt\"> <\/span>extent<span style=\"letter-spacing:-.35pt\"> <\/span>permitted<span style=\"letter-spacing:\n-.35pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>law),<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>(vi)<span style=\"letter-spacing:-.4pt\"> <\/span>demand<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>return<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>Member\u2019s\ncontributions<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>profits<span style=\"letter-spacing:-.75pt\">\n<\/span>without<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>unanimous<span style=\"letter-spacing:\n-.75pt\"> <\/span>consent<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\"> <\/span>(collectively,<span style=\"letter-spacing:\n-.75pt\"> <\/span>(i)-(vi)<span style=\"letter-spacing:-.75pt\"> <\/span>above shall\nbe referred to as \u201c<u>Withdrawal<\/u>\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l58 level2 lfo21;tab-stops:78.95pt\"><a name=\"_bookmark82\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Consequences<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Withdrawal<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>attempts<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>take<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>action<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>breach of <u>Section 11.1<\/u> hereof, such\nMember (the \u201c<u>Breaching Member<\/u>\u201d) shall immediately cease to be a<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>have<span style=\"letter-spacing:-.4pt\"> <\/span>no<span style=\"letter-spacing:-.35pt\"> <\/span>further<span style=\"letter-spacing:-.3pt\">\n<\/span>power<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>act<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company,<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>bind<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company,<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>vote,<span style=\"letter-spacing:-.4pt\"> <\/span>or to consent, and the Breaching Member\nshall be liable in damages, without requirement of a prior accounting, to the\nCompany for all costs and liabilities that the Company or any Member may incur\nas a result of such breach.<span style=\"letter-spacing:2.0pt\"> <\/span>In\naddition:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l58 level3 lfo21;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Company shall have no\nobligation to pay to the Breaching Member its contributions, capital, or\nProfits, but may, by notice to the Breaching<span style=\"letter-spacing:-.2pt\">\n<\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>within<span style=\"letter-spacing:-.2pt\"> <\/span>30<span style=\"letter-spacing:-.2pt\"> <\/span>days<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>Withdrawal,<span style=\"letter-spacing:\n-.2pt\"> <\/span>elect<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>make<span style=\"letter-spacing:-.3pt\"> <\/span>Breach<span style=\"letter-spacing:-.2pt\"> <\/span>Payments (as defined below) in complete\nsatisfaction of the Breaching Member\u2019s Units in the <span style=\"letter-spacing:\n-.1pt\">Company;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l58 level3 lfo21;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>does<span style=\"letter-spacing:-.75pt\"> <\/span>not<span style=\"letter-spacing:-.75pt\"> <\/span>elect<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>make<span style=\"letter-spacing:-.75pt\"> <\/span>Breach<span style=\"letter-spacing:-.75pt\">\n<\/span>Payments,<span style=\"letter-spacing:-.75pt\"> <\/span>the Company<span style=\"letter-spacing:-.55pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>treat<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Breaching<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>if<span style=\"letter-spacing:-.55pt\"> <\/span>it<span style=\"letter-spacing:-.5pt\"> <\/span>were<span style=\"letter-spacing:-.6pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>unadmitted<span style=\"letter-spacing:\n-.55pt\"> <\/span>assignee<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the Units<span style=\"letter-spacing:\n-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Breaching<span style=\"letter-spacing:\n-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\">\n<\/span>make<span style=\"letter-spacing:-.75pt\"> <\/span>distributions<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Breaching<span style=\"letter-spacing:\n-.7pt\"> <\/span>Member only of those amounts otherwise payable with respect to\nsuch Units hereunder;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l58 level3 lfo21;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Company may apply any\ndistributions otherwise payable<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>respect<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:\n-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>(including<span style=\"letter-spacing:-.2pt\"> <\/span>Breach<span style=\"letter-spacing:-.2pt\"> <\/span>Payments)<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>satisfy<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>claims\nit may have against the Breaching Member; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l58 level3 lfo21;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.2.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding anything to\nthe contrary hereinabove provided,<span style=\"letter-spacing:-.4pt\"> <\/span>unless<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\"> <\/span>has<span style=\"letter-spacing:-.4pt\"> <\/span>elected<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>make<span style=\"letter-spacing:-.35pt\"> <\/span>Breach<span style=\"letter-spacing:-.4pt\">\n<\/span>Payments<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Breaching\nMember in satisfaction of its Units, the Company may offer and sell (on any\nterms that<span style=\"letter-spacing:-.3pt\"> <\/span>are<span style=\"letter-spacing:\n-.4pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>manifestly<span style=\"letter-spacing:-.3pt\"> <\/span>unreasonable)<span style=\"letter-spacing:\n-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Breaching<span style=\"letter-spacing:-.25pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>other\nMembers or other Persons on the Breaching Member\u2019s behalf, provided that any\nPerson<span style=\"letter-spacing:-.5pt\"> <\/span>acquiring<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:-.45pt\"> <\/span>becomes<span style=\"letter-spacing:-.4pt\">\n<\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>respect<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>agrees to perform the duties and\nobligations imposed by this Agreement on the Breaching <span style=\"letter-spacing:\n-.1pt\">Member.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l58 level2 lfo21;tab-stops:78.95pt\"><a name=\"_bookmark83\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Breach\nPayments<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>A Breaching Member may be redeemed out of its equity interest in the\nCompany by the Company making payment (\u201c<u>Breach Payments<\/u>\u201d) equal to the\nBreach Amount, which shall be determined and paid in accordance with the terms\nhereof. For purposes hereof, Breach Payments shall be made in five equal\ninstallments, without any interest thereon.<span style=\"letter-spacing:2.0pt\"> <\/span>Each\npayment shall be equal to one-fifth of the Breach Amount (as defined below) and\nshall be paid on the next five consecutive anniversaries of the breach by the\nBreaching Member. The \u201c<u>Breach Amount<\/u>\u201d shall be an amount equal to the\ngreater of $1 or one-half the Net Asset Value of the Breaching Member\u2019s Units\non the day of such breach.<span style=\"letter-spacing:2.0pt\"> <\/span>The Net\nAsset Value of a Member\u2019s Units in the Company shall be determined in\naccordance with the provisions of this Agreement. The Net Asset Value\ndetermination shall be final and binding in the absence of a showing<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>gross<span style=\"letter-spacing:-.6pt\"> <\/span>negligence<span style=\"letter-spacing:\n-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>willful<span style=\"letter-spacing:-.6pt\"> <\/span>misconduct.<span style=\"letter-spacing:\n1.8pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\"> <\/span>may,<span style=\"letter-spacing:-.65pt\"> <\/span>at<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>sole<span style=\"letter-spacing:-.6pt\"> <\/span>election,<span style=\"letter-spacing:-.6pt\">\n<\/span>prepay all or any portion of the Breach Payments at any time without\npenalty.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l58 level2 lfo21;tab-stops:78.95pt\"><a name=\"_bookmark84\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">11.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No\nBonding<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Notwithstanding anything to the contrary in the Act, the Company shall<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>obligated<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>secure<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>value<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Breaching<span style=\"letter-spacing:-.1pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>Units<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>bond<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>otherwise;\nprovided, however, that if a court of competent jurisdiction determines that,\nin order to continue the business of the Company such value must be so secured,\nthe Company may provide such security.<span style=\"letter-spacing:3.15pt\"> <\/span>If\nthe Company provides such security, the Breaching Member shall not have any\nright to<span style=\"letter-spacing:-.05pt\"> <\/span>participate<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\"> <\/span>profits<span style=\"letter-spacing:-.05pt\">\n<\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>distributions<span style=\"letter-spacing:-.1pt\"> <\/span>during<span style=\"letter-spacing:-.05pt\">\n<\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>term<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Breach,<span style=\"letter-spacing:-.05pt\">\n<\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>receive<span style=\"letter-spacing:-.05pt\"> <\/span>any interest\non the value of such Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">12<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:49.95pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark85\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">DISSOLUTION<span style=\"letter-spacing:-.05pt\"> <\/span>OF<span style=\"letter-spacing:-.15pt\"> <\/span>THE\n<span style=\"letter-spacing:-.1pt\">COMPANY<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l0 level2 lfo20;tab-stops:79.0pt\"><a name=\"_bookmark86\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">12.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Liquidating<span style=\"letter-spacing:-.75pt\"> <\/span>Events<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:.45pt\"> <\/span>The<span style=\"letter-spacing:-.8pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\">\n<\/span>dissolve<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>commence<span style=\"letter-spacing:-.75pt\">\n<\/span>winding<span style=\"letter-spacing:-.75pt\"> <\/span>up<span style=\"letter-spacing:-.75pt\"> <\/span>upon the first to occur of any of the\nfollowing (each a \u201c<u>Liquidating Event<\/u>\u201d):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.95pt;mso-list:l0 level3 lfo20;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.25pt\"> <\/span>determination<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member,<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:\n-.15pt\"> <\/span>sole<span style=\"letter-spacing:-.2pt\"> <\/span>and absolute\ndiscretion, to dissolve, wind up, and liquidate the Company;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l0 level3 lfo20;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The happening of any event\nthat makes it unlawful or impossible to carry on the business of the Company;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.0pt;mso-list:l0 level3 lfo20;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The termination of the legal\nexistence of the last remaining Member of the Company or the occurrence of any\nother event that causes the last remaining<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>cease<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company,<span style=\"letter-spacing:-.15pt\">\n<\/span>unless the Company is continued without dissolution in a manner\npermitted by this Agreement or the Act;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.85pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An event of withdrawal or the\nremoval of a Managing Member, unless at the time there is at least one other\nManaging Member who shall carry<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>business<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company,<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>unless<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>is<span style=\"letter-spacing:-.7pt\"> <\/span>continued<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>manner permitted by this Agreement or the\nAct; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l0 level3 lfo20;\ntab-stops:187.65pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The entry of a decree of\njudicial dissolution under Section 17-802 of the Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Upon the occurrence of an event of withdrawal or\nthe removal of the Managing Member (unless at the time there is at least one\nother Managing Member, who shall carry on the business of the Company), to the\nfullest extent permitted by law, the Members are hereby authorized to, and\nshall, within 90 days after the occurrence of the event of withdrawal or the\nremoval of the Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member,<span style=\"letter-spacing:-.75pt\"> <\/span>agree<span style=\"letter-spacing:-.75pt\">\n<\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>writing<span style=\"letter-spacing:-.75pt\"> <\/span>(i)<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>continue<span style=\"letter-spacing:-.75pt\">\n<\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>business<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>(ii)<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>appoint,\neffective as of the date of withdrawal or removal, one or more additional\nManaging Members pursuant to <u>Section 6.3<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Upon<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>occurrence<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>any event that\ncauses the<span style=\"letter-spacing:-.05pt\"> <\/span>last remaining Member<span style=\"letter-spacing:-.1pt\"> <\/span>of the<span style=\"letter-spacing:-.05pt\">\n<\/span>Company to cease to be a Member of the Company, to the fullest extent\npermitted by law, the Managing Member and the Personal Representative of such\nMember are hereby authorized to, and shall, within<span style=\"letter-spacing:\n-.25pt\"> <\/span>90<span style=\"letter-spacing:-.25pt\"> <\/span>days<span style=\"letter-spacing:-.25pt\"> <\/span>after<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>occurrence<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>event<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>causes<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>last<span style=\"letter-spacing:-.25pt\"> <\/span>remaining<span style=\"letter-spacing:\n-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>cease<span style=\"letter-spacing:-.3pt\"> <\/span>to\nbe a Member of the Company, agree in writing (i) to continue the Company, and\n(ii) to the admission of the Personal Representative or its nominee or\ndesignee, as the case may be, as a Substitute<span style=\"letter-spacing:-.45pt\">\n<\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company,<span style=\"letter-spacing:-.45pt\"> <\/span>effective<span style=\"letter-spacing:\n-.5pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>occurrence<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>event<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>caused<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>last remaining Member of\nthe Company to cease to be a Member of the Company.Notwithstanding any other\nprovision of this Agreement, the Bankruptcy of a Member or Managing<span style=\"letter-spacing:2.05pt\"> <\/span>Member<span style=\"letter-spacing:2.0pt\">\n<\/span>shall<span style=\"letter-spacing:2.05pt\"> <\/span>not<span style=\"letter-spacing:2.05pt\"> <\/span>cause<span style=\"letter-spacing:2.0pt\"> <\/span>said<span style=\"letter-spacing:2.05pt\"> <\/span>Member<span style=\"letter-spacing:2.1pt\">\n<\/span>or<span style=\"letter-spacing:2.2pt\"> <\/span>Managing<span style=\"letter-spacing:2.05pt\"> <\/span>Member<span style=\"letter-spacing:2.3pt\">\n<\/span>to<span style=\"letter-spacing:2.05pt\"> <\/span>cease<span style=\"letter-spacing:1.95pt\"> <\/span>to<span style=\"letter-spacing:2.05pt\"> <\/span>be,<span style=\"letter-spacing:2.0pt\"> <\/span>or<span style=\"letter-spacing:2.0pt\"> <\/span><span style=\"letter-spacing:-.25pt\">to<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection195\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">withdraw\nas a Member or Managing Member of the Company, and upon the occurrence of such\nan event, the Company shall continue without dissolution.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:10.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding any other provision of this\nAgreement, each of the Members, and the Managing Member waives any right it\nmight have to agree in writing to dissolve the Company upon<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Bankruptcy<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>occurrence<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>an<span style=\"letter-spacing:-.35pt\"> <\/span>event<span style=\"letter-spacing:-.35pt\">\n<\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>causes such party to\ncease to be, or to withdraw as, a Member of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:11.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>event<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>dissolution,<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>conduct<span style=\"letter-spacing:-.65pt\"> <\/span>only<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>activities<span style=\"letter-spacing:\n-.65pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>necessary to wind up its affairs\n(including the sale of the assets of the Company in an orderly manner), and the<span style=\"letter-spacing:-.05pt\"> <\/span>assets of<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Company shall be\napplied in the manner, and in the order of<span style=\"letter-spacing:-.05pt\"> <\/span>priority,\nset forth in Section 17-804 of the Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l0 level2 lfo20;tab-stops:78.95pt\"><a name=\"_bookmark87\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">12.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Winding\nUp<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Upon the occurrence of a Liquidating Event, the Company shall continue\nsolely for the purposes of winding up its affairs in an orderly manner,\nliquidating its assets,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>satisfying<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>claims<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>creditors,<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member,<span style=\"letter-spacing:-.4pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Members,<span style=\"letter-spacing:-.4pt\"> <\/span>and\/or<span style=\"letter-spacing:-.3pt\"> <\/span>Unit\nHolders.<span style=\"letter-spacing:2.0pt\"> <\/span>No Member shall take any\naction that is inconsistent with, or not necessary to or appropriate for, the\nwinding up of the Company\u2019s business and affairs.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Managing Member shall be<span style=\"letter-spacing:-.05pt\">\n<\/span>responsible<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>overseeing the winding up and liquidation\nof<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\"> <\/span>and shall\ntake full account of the Company\u2019s liabilities and the Company Properties shall\nbe liquidated as promptly as is consistent<span style=\"letter-spacing:-.05pt\"> <\/span>with\nobtaining the fair value thereof, and the proceeds therefrom, to the extent\nsufficient therefor, shall be applied and distributed in the following order:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.7pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">First,<span style=\"letter-spacing:\n-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>payment<span style=\"letter-spacing:-.05pt\">\n<\/span>and discharge<span style=\"letter-spacing:-.05pt\"> <\/span>of all<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company\u2019s debts and liabilities to\ncreditors other than Members, Unit Holders, or the Managing <span style=\"letter-spacing:-.1pt\">Member;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Second, to the payment and\ndischarge of all of the Company\u2019s debts and liabilities to Members, Unit\nHolders, and\/or the Managing Member; then<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The balance, if any, to the\nManaging Member and the Participating Members in proportion to their respective\nPercentage Interests as recorded in the stock ledger books of the Company after\nthe Shares are properly tendered for redemption as determined by the Managing\nMember.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Notwithstanding<span style=\"letter-spacing:-.15pt\">\n<\/span>anything<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>contrary<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.05pt\"> <\/span>upon<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>liquidation<span style=\"letter-spacing:\n-.15pt\"> <\/span>within<span style=\"letter-spacing:-.15pt\"> <\/span>the meaning<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Regulations<span style=\"letter-spacing:-.5pt\"> <\/span>\u00a71.704-1(b)(2)(ii)(<i>g<\/i>),<span style=\"letter-spacing:-.45pt\"> <\/span>if<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Participating\nMembers has a deficit balance in its capital account (after giving effect to\nall contributions, distributions,<span style=\"letter-spacing:-.2pt\"> <\/span>allocations<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>capital<span style=\"letter-spacing:-.2pt\">\n<\/span>account<span style=\"letter-spacing:-.1pt\"> <\/span>adjustments<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>all<span style=\"letter-spacing:-.2pt\"> <\/span>taxable<span style=\"letter-spacing:-.2pt\">\n<\/span>years,<span style=\"letter-spacing:-.2pt\"> <\/span>including<span style=\"letter-spacing:-.2pt\"> <\/span>the year<span style=\"letter-spacing:-.2pt\">\n<\/span>during<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>liquidation<span style=\"letter-spacing:-.2pt\"> <\/span>occurs), the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Participating<span style=\"letter-spacing:\n-.1pt\"> <\/span>Member shall have no obligation to make any contribution to the\ncapital of the Company with respect to such<span style=\"letter-spacing:-.6pt\"> <\/span>deficit,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>negative<span style=\"letter-spacing:-.65pt\">\n<\/span>balance<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>party\u2019s<span style=\"letter-spacing:-.65pt\"> <\/span>capital<span style=\"letter-spacing:-.45pt\">\n<\/span>account<span style=\"letter-spacing:-.6pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>considered<span style=\"letter-spacing:\n-.5pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>debt owed by the\nManaging Member or such Participating Member to the Company or to any other\nperson for any purpose whatsoever.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection196\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l0 level2 lfo20;\ntab-stops:78.95pt\"><a name=\"_bookmark88\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">12.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Distributions\nHeld in Trust Reserves<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>At the discretion of the Managing Member, a Pro Rata share of\nthe distributions that would otherwise be made to the Managing Member and the\nParticipating Members pursuant to this <u>Section 12<\/u> may be:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Distributed to a trust\nestablished for the benefit of the Managing Member and the Participating\nMembers for the purposes of liquidating Company assets, collecting amounts owed\nto the Company, and paying any contingent, conditional or unmatured liabilities\nor obligations of the Company or of the<span style=\"letter-spacing:-.05pt\"> <\/span>Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Participating Members<span style=\"letter-spacing:-.1pt\"> <\/span>arising<span style=\"letter-spacing:-.05pt\">\n<\/span>out<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>connection with the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>The assets of any such trust shall be\ndistributed to the Managing Member<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Participating<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.7pt\">\n<\/span>from<span style=\"letter-spacing:-.75pt\"> <\/span>time<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>time,<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>reasonable<span style=\"letter-spacing:\n-.65pt\"> <\/span>discretion of the Managing Member, in the same proportions as\nthe amount distributed to such trust<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>would<span style=\"letter-spacing:-.75pt\">\n<\/span>otherwise<span style=\"letter-spacing:-.75pt\"> <\/span>have<span style=\"letter-spacing:-.75pt\"> <\/span>been<span style=\"letter-spacing:-.75pt\"> <\/span>distributed<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member and the Participating Members pursuant to this Agreement; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.7pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Withheld to provide a\nreasonable reserve for Company liabilities (contingent or otherwise) and to\nreflect the unrealized portion of any installment obligations owed to the\nCompany, provided that such withheld amounts shall be distributed to the\nManaging Member and the Participating Members as soon as practicable.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l0 level2 lfo20;tab-stops:78.95pt\"><a name=\"_bookmark89\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">12.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Certificate\nof Cancellation<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Company shall terminate when (i) all of the assets of the\nCompany, after payment of or due provision for all debts, liabilities and\nobligations of the Company shall have been distributed to the Members in the\nmanner provided for in this Agreement, and (ii) the Certificate shall have been\ncanceled in the manner required by the Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l0 level2 lfo20;tab-stops:78.95pt\"><a name=\"_bookmark90\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">12.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Return\nof Contribution Nonrecourse to Members<\/span><\/u><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Except as provided by law, upon<span style=\"letter-spacing:-.1pt\"> <\/span>dissolution,<span style=\"letter-spacing:\n-.1pt\"> <\/span>each<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>look<span style=\"letter-spacing:-.1pt\"> <\/span>solely<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>return<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>its Capital<span style=\"letter-spacing:\n-.35pt\"> <\/span>Contributions.<span style=\"letter-spacing:2.0pt\"> <\/span>If<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\"> <\/span>Properties<span style=\"letter-spacing:\n-.25pt\"> <\/span>remaining<span style=\"letter-spacing:-.35pt\"> <\/span>after<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>payment<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>discharge<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the\ndebts and liabilities of the Company is insufficient to return the Capital\nContributions of one or more Members, such party or parties shall have no\nrecourse against any Member, the Managing Member or any other party.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l0 level2 lfo20;\ntab-stops:79.0pt\"><a name=\"_bookmark91\"><\/a><!--[if !supportLists]-->12.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-font-width:105%\">Corporate<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Reorganization<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:.15in;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">General<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If the Managing Member determines that it\nis advisable<span style=\"letter-spacing:1.35pt\"> <\/span>and<span style=\"letter-spacing:1.2pt\"> <\/span>in<span style=\"letter-spacing:1.2pt\"> <\/span>the<span style=\"letter-spacing:1.35pt\"> <\/span>best<span style=\"letter-spacing:1.35pt\"> <\/span>interests<span style=\"letter-spacing:1.45pt\"> <\/span>of<span style=\"letter-spacing:1.35pt\"> <\/span>the<span style=\"letter-spacing:1.2pt\"> <\/span>Company<span style=\"letter-spacing:1.35pt\">\n<\/span>and<span style=\"letter-spacing:1.2pt\"> <\/span>the<span style=\"letter-spacing:\n1.35pt\"> <\/span>Members<span style=\"letter-spacing:1.35pt\"> <\/span>to<span style=\"letter-spacing:1.35pt\"> <\/span>undertake a conversion of the Company\nfrom a subchapter K tax entity to (i) a subchapter C corporation (a \u201c<u>Corporate\nSuccessor<\/u>\u201d) and\/or (ii) an overall plan to restructure the Company and its\nassets so that it will qualify as a real estate investment trust under Section<span style=\"letter-spacing:-.55pt\"> <\/span>856<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Code<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>federal<span style=\"letter-spacing:-.5pt\"> <\/span>income<span style=\"letter-spacing:-.6pt\"> <\/span>tax<span style=\"letter-spacing:-.55pt\"> <\/span>purposes,<span style=\"letter-spacing:\n-.5pt\"> <\/span>whether<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>connection with or anticipation of a\nPublic Registration, and whether by conversion, merger or consolidation with\nand into another Person, recapitalization, Unit exchange, or otherwise (as\napplicable, a \u201c<u>Corporate Reorganization<\/u>\u201d), the Managing Member<span style=\"letter-spacing:2.0pt\"> <\/span>shall have the power and authority to\neffect such Corporate Reorganization in any manner whatsoever.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member shall use reasonable\nefforts to<span style=\"letter-spacing:2.0pt\"> <\/span>undertake<span style=\"letter-spacing:1.75pt\"> <\/span>any<span style=\"letter-spacing:1.6pt\"> <\/span>Corporate<span style=\"letter-spacing:1.6pt\"> <\/span>Reorganization<span style=\"letter-spacing:\n1.6pt\"> <\/span>in<span style=\"letter-spacing:1.6pt\"> <\/span>such<span style=\"letter-spacing:1.6pt\"> <\/span>manner<span style=\"letter-spacing:1.7pt\"> <\/span>as<span style=\"letter-spacing:1.75pt\"> <\/span>would<span style=\"letter-spacing:1.75pt\">\n<\/span>provide<span style=\"letter-spacing:1.6pt\"> <\/span>for<span style=\"letter-spacing:1.9pt\"> <\/span><span style=\"letter-spacing:-.25pt\">no <\/span>tax<span style=\"letter-spacing:-.5pt\"> <\/span>gain<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>loss<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.55pt\">\n<\/span>solely<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>result<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Corporate<span style=\"letter-spacing:-.65pt\">\n<\/span>Reorganization; provided, however, the Managing Member and the Company\nshall have no liability<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>responsible<span style=\"letter-spacing:\n-.45pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>taxable<span style=\"letter-spacing:-.5pt\"> <\/span>gain<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>loss<span style=\"letter-spacing:-.25pt\"> <\/span>attributable<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the\n<span style=\"letter-spacing:-.1pt\">Members.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.75pt;mso-list:l0 level3 lfo20;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt;\nletter-spacing:-.15pt\">12.6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:105%\">Further\nAssurances<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:105%\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In connection with a Corporate Reorganization<span style=\"letter-spacing:-.8pt\"> <\/span>effected<span style=\"letter-spacing:-.8pt\">\n<\/span>by<span style=\"letter-spacing:-.8pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.8pt\"> <\/span>Member<span style=\"letter-spacing:-.8pt\"> <\/span>in<span style=\"letter-spacing:-.8pt\"> <\/span>accordance<span style=\"letter-spacing:-.75pt\"> <\/span>with<span style=\"letter-spacing:-.8pt\"> <\/span>this<span style=\"letter-spacing:-.8pt\"> <\/span><u>Section<\/u> <u>12.6<\/u>,<span style=\"letter-spacing:-.25pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>take<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>all<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>action<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>execute<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>deliver<span style=\"letter-spacing:-.2pt\"> <\/span>any and all such instruments and other\ndocuments as the Managing Member may reasonably request in order to effect or\nevidence such Corporate Reorganization, including (without limitation) a\nstockholders agreement.<span style=\"letter-spacing:2.0pt\"> <\/span>Without\nlimiting the generality of the foregoing, no Member shall have or be entitled\nto exercise any dissenters\u2019 rights, appraisal rights or other similar rights in\nconnection with a Corporate Reorganization.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nMembers shall cooperate with the Managing Member<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>respects<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>connection<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Corporate<span style=\"letter-spacing:-.35pt\">\n<\/span>Reorganization<span style=\"letter-spacing:-.35pt\"> <\/span>effected<span style=\"letter-spacing:-.35pt\"> <\/span>in compliance<span style=\"letter-spacing:\n-.1pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span>Agreement.<\/span><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.05pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">13<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark92\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">COMPANY<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">VALUATION<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l43 level2 lfo19;tab-stops:78.95pt\"><a name=\"_bookmark93\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">By<span style=\"letter-spacing:-.55pt\"> <\/span>Whom<span style=\"letter-spacing:-.45pt\"> <\/span>Determined<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.85pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>(or<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>service<span style=\"letter-spacing:-.6pt\"> <\/span>provider<span style=\"letter-spacing:-.55pt\">\n<\/span>selected<span style=\"letter-spacing:-.55pt\"> <\/span>by the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Member<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>behalf)<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.45pt\"> <\/span>have<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>power<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>duty<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>determine<span style=\"letter-spacing:-.55pt\"> <\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>time<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>time\nthe Net Asset Value of the Company and may appoint one or more persons to\nassist it in the determination of the value of Company Assets and to make<span style=\"letter-spacing:-.05pt\"> <\/span>the actual calculations pursuant to its\ndirections.<span style=\"letter-spacing:2.0pt\"> <\/span>The Net Asset Value of\nthe Company<span style=\"letter-spacing:-.1pt\"> <\/span>shall be determined\npursuant to this<span style=\"letter-spacing:-.05pt\"> <\/span>Section 13 shall be\nbinding on all parties concerned.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l43 level2 lfo19;tab-stops:78.95pt\"><a name=\"_bookmark94\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">When\nDetermined<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Net\nAsset Value of<span style=\"letter-spacing:-.05pt\"> <\/span>the Company shall be<span style=\"letter-spacing:-.05pt\"> <\/span>determined as of the close of business on\nthe last Business Day of each month (each a \u201c<u>Valuation Date<\/u>\u201d).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l43 level2 lfo19;tab-stops:78.95pt\"><a name=\"_bookmark95\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Net<span style=\"letter-spacing:-.5pt\"> <\/span>Asset<span style=\"letter-spacing:-.5pt\"> <\/span>Value<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">For<span style=\"letter-spacing:\n-.5pt\"> <\/span>purposes<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>determining<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>net<span style=\"letter-spacing:-.45pt\"> <\/span>asset<span style=\"letter-spacing:-.5pt\"> <\/span>value<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Company, the Managing Member, in its sole\ndiscretion, shall first determine the Net Asset Value of each Class<span style=\"letter-spacing:-.15pt\"> <\/span>(\u201c<u>Net<span style=\"letter-spacing:-.1pt\">\n<\/span>Asset<span style=\"letter-spacing:-.1pt\"> <\/span>Value<span style=\"letter-spacing:-.05pt\"> <\/span>per<span style=\"letter-spacing:-.1pt\"> <\/span>Class<\/u>\u201d)<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>equal<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>aggregate<span style=\"letter-spacing:\n-.15pt\"> <\/span>value<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the assets<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\">\n<\/span>less<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>accrued<span style=\"letter-spacing:-.35pt\">\n<\/span>liabilities<span style=\"letter-spacing:-.25pt\"> <\/span>incurred<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>attributable<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>each<span style=\"letter-spacing:-.35pt\"> <\/span>Class<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Units the<span style=\"letter-spacing:-.15pt\"> <\/span>Company,<span style=\"letter-spacing:-.15pt\">\n<\/span>including<span style=\"letter-spacing:-.15pt\"> <\/span>but<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>limited<span style=\"letter-spacing:-.15pt\"> <\/span>to,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>Expenses<span style=\"letter-spacing:-.15pt\"> <\/span>attributable<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>period<span style=\"letter-spacing:-.15pt\">\n<\/span>prior to such Valuation Date.<span style=\"letter-spacing:2.0pt\"> <\/span>The\naggregate Net Asset Value per Class of each Class of Units shall equal<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>\u201c<u>Net<span style=\"letter-spacing:-.15pt\"> <\/span>Asset<span style=\"letter-spacing:-.15pt\">\n<\/span>Value<\/u>\u201d<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company.<span style=\"letter-spacing:-.2pt\"> <\/span>Except<span style=\"letter-spacing:-.15pt\">\n<\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>otherwise<span style=\"letter-spacing:-.15pt\"> <\/span>provided<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.15pt\"> <\/span>in determining the Net Asset Value per Class, there shall be\ntaken into consideration any items of income earned but not yet received,\nexpenses incurred but not yet paid, liabilities fixed or contingent, and\nprepaid expenses to the extent not otherwise reflected in the books of account.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l43 level2 lfo19;tab-stops:78.95pt\"><a name=\"_bookmark96\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Net<span style=\"letter-spacing:-.1pt\"> <\/span>Asset<span style=\"letter-spacing:-.1pt\"> <\/span>Value<span style=\"letter-spacing:-.15pt\"> <\/span>per<span style=\"letter-spacing:-.15pt\"> <\/span>Unit<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n4.0pt;mso-font-width:150%\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">At the inception\nof the Company, the value of each Unit shall be deemed to be one thousand\ndollars ($1,000.00), except for the Managing Member Units which shall have zero\nvalue ($0) and, on each Valuation Date thereafter, the value of each Unit shall\nbe<span style=\"letter-spacing:-.05pt\"> <\/span>determined by dividing the<span style=\"letter-spacing:-.05pt\"> <\/span>aggregate Net Asset Value per Class of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\"> <\/span>in<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.7pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S.\ndollars as of such Valuation Date by the number of Units of the Company\noutstanding for such<span style=\"letter-spacing:.05pt\"> <\/span>Class<span style=\"letter-spacing:.25pt\"> <\/span>on<span style=\"letter-spacing:.15pt\"> <\/span>the<span style=\"letter-spacing:.2pt\"> <\/span>Valuation<span style=\"letter-spacing:.25pt\">\n<\/span>Date<span style=\"letter-spacing:.15pt\"> <\/span>(considering<span style=\"letter-spacing:.2pt\"> <\/span>any<span style=\"letter-spacing:.15pt\"> <\/span>Units<span style=\"letter-spacing:.25pt\"> <\/span>to<span style=\"letter-spacing:.25pt\"> <\/span>be<span style=\"letter-spacing:.1pt\"> <\/span>redeemed<span style=\"letter-spacing:.2pt\"> <\/span>on<span style=\"letter-spacing:.15pt\"> <\/span>such<span style=\"letter-spacing:.2pt\"> <\/span>Valuation<span style=\"letter-spacing:.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Date <\/span>as\noutstanding for such purposes) (the \u201c<u>Net Asset Value per Unit<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>The Company may, in its discretion, accept\na lesser amount for a subscription for Units and issue fractional Units in\nconnection therewith.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l43 level2 lfo19;tab-stops:78.95pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Valuation<span style=\"letter-spacing:-.2pt\"> <\/span>Rules.<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt\"> <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">All<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>Assets<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>valued<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>prices<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>opinion\nof the Managing Member (or a service provider on its behalf) represents the\nfair value of such <span style=\"letter-spacing:-.1pt\">assets.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l43 level3 lfo19;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Valuation of Company Property<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.\nThe Managing Member shall cause the value of Company Property to be determined\ninitially at cost, and thereafter using (A) any Appraisals conducted for\npurposes of and immediately prior to the performance of such Property Valuation\nor (B) BPOs conducted for purposes of and immediately prior to such Property\nValuation, or (C) any combination of Appraisals and BPOs.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l43 level4 lfo19;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.5.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The first required valuation\nof Company Property must be performed within 12 months after the Initial\nClosing (the \u201c<u>Baseline Property Valuation<\/u>\u201d). Member<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.35pt\"> <\/span>purchased<span style=\"letter-spacing:-.3pt\"> <\/span>immediately<span style=\"letter-spacing:\n-.35pt\"> <\/span>following<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Baseline<span style=\"letter-spacing:-.4pt\">\n<\/span>Property<span style=\"letter-spacing:-.35pt\"> <\/span>Valuation<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>continuing\nuntil<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>next<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>Valuation<span style=\"letter-spacing:\n-.75pt\"> <\/span>is<span style=\"letter-spacing:-.75pt\"> <\/span>performed<span style=\"letter-spacing:-.75pt\"> <\/span>will<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>based<span style=\"letter-spacing:-.75pt\">\n<\/span>on<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Baseline<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>Valuation, as the same may be adjusted\npursuant to <u>Section 13.7<\/u> below.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:11.55pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l43 level4 lfo19;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.5.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Thereafter, at least one time\nper calendar year, the Company shall be required to obtain a Property\nValuation.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member may\nelect to have additional<span style=\"letter-spacing:-.35pt\"> <\/span>Property<span style=\"letter-spacing:-.35pt\"> <\/span>Valuations<span style=\"letter-spacing:\n-.3pt\"> <\/span>performed<span style=\"letter-spacing:-.35pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>times<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>it<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>determine<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>sole<span style=\"letter-spacing:-.35pt\"> <\/span>discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:98.95pt;\nmso-list:l43 level3 lfo19;tab-stops:187.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Valuation of Securities<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.\nThe Managing Member and any agent selected by the Managing Member may\nconclusively rely upon any regularly published reports of sales, bid, asked and\nclosing prices, and over the counter quotations for the values of any<span style=\"letter-spacing:-.15pt\"> <\/span>listed<span style=\"letter-spacing:-.15pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>unlisted<span style=\"letter-spacing:-.15pt\"> <\/span>securities<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>use<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>services<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:\n-.15pt\"> <\/span>recognized<span style=\"letter-spacing:-.15pt\"> <\/span>pricing<span style=\"letter-spacing:-.15pt\"> <\/span>service<span style=\"letter-spacing:-.25pt\">\n<\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>the purpose<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>establishing<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>fair<span style=\"letter-spacing:-.15pt\"> <\/span>value<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>security<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>asset.<span style=\"letter-spacing:2.0pt\">\n<\/span>The<span style=\"letter-spacing:-.25pt\"> <\/span>reasonable<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>equitable\ndecision of the Managing Member regarding whether a method of valuation fairly\nindicates fair value, and the selection of a pricing service, shall be\nconclusive and binding upon all persons.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l43 level2 lfo19;tab-stops:78.95pt\"><a name=\"_bookmark97\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">13.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Suspension\nof Valuations and Redemptions<\/span><\/u><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Notwithstanding anything to the contrary\nelsewhere in this Agreement, the Managing Member may suspend the determination\nof the<span style=\"letter-spacing:-.25pt\"> <\/span>Net<span style=\"letter-spacing:\n-.2pt\"> <\/span>Asset<span style=\"letter-spacing:-.2pt\"> <\/span>Value<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>pursuant<span style=\"letter-spacing:-.2pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:\n-.2pt\"> <\/span><u>Section<span style=\"letter-spacing:-.25pt\"> <\/span>13<\/u><span style=\"letter-spacing:-.2pt\"> <\/span>and\/or<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>right<span style=\"letter-spacing:-.25pt\"> <\/span>or obligation<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>redeem<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:-.35pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>accordance<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span><u>Section<span style=\"letter-spacing:-.35pt\"> <\/span>6<\/u><span style=\"letter-spacing:-.35pt\">\n<\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>whole<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>part\nof any period when; (i) there exists any state of affairs which, in the reasonable\nopinion of the Managing Member, constitutes an emergency as a result of which\ndisposition of the assets of the Company would not<span style=\"letter-spacing:\n-.05pt\"> <\/span>be reasonably practicable or would be seriously prejudicial to\nthe Members;(ii) any market or exchange on which a significant portion of\nsecurities held by the Company are quoted is closed (other than for ordinary\nholidays) or during which dealings therein are<span style=\"letter-spacing:-.05pt\">\n<\/span>restricted or<span style=\"letter-spacing:-.15pt\"> <\/span>suspended,<span style=\"letter-spacing:-.05pt\"> <\/span>(iii)<span style=\"letter-spacing:-.15pt\">\n<\/span>there<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:-.15pt\"> <\/span>been<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>breakdown<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>means<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>communication<span style=\"letter-spacing:\n-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>software\nand\/or<span style=\"letter-spacing:-.45pt\"> <\/span>hardware<span style=\"letter-spacing:-.5pt\"> <\/span>systems<span style=\"letter-spacing:-.4pt\">\n<\/span>normally<span style=\"letter-spacing:-.4pt\"> <\/span>employed<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>determining<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>price<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>value<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Company\nAssets, or, or when for any reason the prices or values of any Company cannot\nreasonably be promptly and accurately ascertained; (iv) the transfer of funds\ninvolved in the realization or acquisition<span style=\"letter-spacing:1.45pt\"> <\/span>of<span style=\"letter-spacing:1.5pt\"> <\/span>any<span style=\"letter-spacing:1.6pt\"> <\/span>investment<span style=\"letter-spacing:1.55pt\"> <\/span>cannot,<span style=\"letter-spacing:1.6pt\">\n<\/span>in<span style=\"letter-spacing:1.55pt\"> <\/span>the<span style=\"letter-spacing:\n1.55pt\"> <\/span>reasonable<span style=\"letter-spacing:1.5pt\"> <\/span>opinion<span style=\"letter-spacing:1.6pt\"> <\/span>of<span style=\"letter-spacing:1.5pt\"> <\/span>the<span style=\"letter-spacing:1.55pt\"> <\/span>Managing<span style=\"letter-spacing:1.55pt\">\n<\/span>Member,<span style=\"letter-spacing:1.6pt\"> <\/span><span style=\"letter-spacing:-.25pt\">be<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection197\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:11.15pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">effected\nat normal rates of exchange; or (v) there has been a delay or default in any\npayment due to the Company from any other person.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:.15in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><a name=\"_bookmark98\"><\/a><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Adjustments<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.35pt\"> <\/span>Valuations<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Net<span style=\"letter-spacing:-.35pt\"> <\/span>Asset<span style=\"letter-spacing:-.35pt\">\n<\/span>Value<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>also<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>struck\nand<span style=\"letter-spacing:-.6pt\"> <\/span>adjusted<span style=\"letter-spacing:\n-.6pt\"> <\/span>at<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>times<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\">\n<\/span>Member<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>reasonably<span style=\"letter-spacing:\n-.3pt\"> <\/span>determine<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>accurately reflect the state of the\nCompany\u2019s value.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member\nshall determine when and in what amounts the Net Asset Value of the Company is\nto be adjusted.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">14<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.0pt;margin-bottom:.0001pt;text-align:center\"><a name=\"_bookmark99\"><\/a><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">REMEDIES<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l49 level2 lfo18;tab-stops:78.95pt\"><a name=\"_bookmark100\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Default<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>event<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>(the<span style=\"letter-spacing:-.35pt\"> <\/span>\u201c<u>Defaulting<span style=\"letter-spacing:-.3pt\"> <\/span>Party<\/u>\u201d)<span style=\"letter-spacing:\n-.35pt\"> <\/span>fails<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>timely<span style=\"letter-spacing:-.4pt\">\n<\/span>perform any duty or obligation required under the terms of this\nAgreement, the Company shall have the right to pursue such legal remedies as\nare available under the Act and the laws of the State of New York in such\nmanner and to such extent deemed to be in the best interest of the Company\nunder<span style=\"letter-spacing:-.05pt\"> <\/span>the prevailing facts and\ncircumstances, including, but not limited<span style=\"letter-spacing:-.05pt\"> <\/span>to,\nthe<span style=\"letter-spacing:-.05pt\"> <\/span>institution of<span style=\"letter-spacing:-.05pt\"> <\/span>legal proceedings to specifically enforce\nthe obligation of the Defaulting Party in accordance with this Agreement;<span style=\"letter-spacing:-.5pt\"> <\/span>provided,<span style=\"letter-spacing:-.55pt\">\n<\/span>however,<span style=\"letter-spacing:-.55pt\"> <\/span>before<span style=\"letter-spacing:-.6pt\"> <\/span>pursuing<span style=\"letter-spacing:-.55pt\">\n<\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>remedies<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Defaulting<span style=\"letter-spacing:-.55pt\"> <\/span>Party<span style=\"letter-spacing:-.55pt\">\n<\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>given written<span style=\"letter-spacing:\n-.25pt\"> <\/span>notice<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>default<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>period<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>10<span style=\"letter-spacing:\n-.15pt\"> <\/span>days<span style=\"letter-spacing:-.25pt\"> <\/span>after<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>notice<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>given<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>cure<span style=\"letter-spacing:-.35pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">default.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l49 level2 lfo18;tab-stops:78.95pt\"><a name=\"_bookmark101\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Suspension<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Rights<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Without<span style=\"letter-spacing:-.2pt\">\n<\/span>limiting<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>rights<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing\nMember, any Member under this <u>Section 14<\/u>, and without being deemed an\nelection of remedies, subsequent<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>default<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Defaulting<span style=\"letter-spacing:\n-.5pt\"> <\/span>Party<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>until<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>time<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>default<span style=\"letter-spacing:-.5pt\"> <\/span>has<span style=\"letter-spacing:-.5pt\"> <\/span>been<span style=\"letter-spacing:-.4pt\"> <\/span>cured, the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Defaulting<span style=\"letter-spacing:-.05pt\"> <\/span>Party<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>no<span style=\"letter-spacing:-.05pt\"> <\/span>right<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>receive\nany<span style=\"letter-spacing:-.05pt\"> <\/span>distribution<span style=\"letter-spacing:-.05pt\"> <\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>nor<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>vote or<span style=\"letter-spacing:-.15pt\"> <\/span>otherwise<span style=\"letter-spacing:-.15pt\"> <\/span>participate<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>management<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>affairs<span style=\"letter-spacing:-.15pt\">\n<\/span>(as<span style=\"letter-spacing:-.15pt\"> <\/span>applicable)<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\">\n<\/span>rights as a Member under this Agreement or under the Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l49 level2 lfo18;tab-stops:78.95pt\"><a name=\"_bookmark102\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Security\nInterest<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Without limiting the rights of the Company, the Managing Member, any\nMember under this <u>Section 14<\/u>, and without the exercise of any rights\nunder this <u>Section<span style=\"letter-spacing:-.4pt\"> <\/span>14.3<\/u><span style=\"letter-spacing:-.4pt\"> <\/span>being<span style=\"letter-spacing:-.4pt\"> <\/span>deemed<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>election<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>remedies,<span style=\"letter-spacing:-.4pt\"> <\/span>each<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>hereby<span style=\"letter-spacing:-.4pt\">\n<\/span>grants<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>security<span style=\"letter-spacing:-.4pt\">\n<\/span>interest in its Units to the Company to secure the performance of its\nobligations as a Member under this Agreement, including, without limitation,\nits obligation to make<span style=\"letter-spacing:-.05pt\"> <\/span>capital\ncontributions pursuant to <u>Section 3<\/u> hereof.<span style=\"letter-spacing:\n2.0pt\"> <\/span>This <u>Section 14.3<\/u> is a Security Agreement for purposes of\nthe UCC.<span style=\"letter-spacing:2.0pt\"> <\/span>Each Member hereby warrants,\ncovenants and agrees with respect to its Units that:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l49 level3 lfo18;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except for the security\ninterests granted hereby, such party is the legal owner and holder of all\nrights, title and interest in its Member Units, free from any claim, security\ninterest or encumbrance, and has the full power and lawful authority to sell and\nassign the same in accordance with the terms and provisions hereof.<span style=\"letter-spacing:2.0pt\"> <\/span>Such party agrees not to Transfer any\nright, title or interest in all or any part of such Member Units in violation\nof this Agreement;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:11.05pt;mso-list:l49 level3 lfo18;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Such<span style=\"letter-spacing:\n-.5pt\"> <\/span>party<span style=\"letter-spacing:-.55pt\"> <\/span>authorizes<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>file<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>UCC<span style=\"letter-spacing:-.6pt\"> <\/span>Financing Statement covering the Member\nUnits;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.65pt;mso-list:l49 level3 lfo18;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.3.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If an event of default by\nsuch party has occurred, then the Company<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.7pt\"> <\/span>entitled<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>rights<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>remedies<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.7pt\"> <\/span>secured<span style=\"letter-spacing:-.65pt\">\n<\/span>party<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.7pt\"> <\/span>UCC,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.65pt;margin-bottom:\n0in;margin-left:65.55pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">as<span style=\"letter-spacing:-.35pt\"> <\/span>enacted<span style=\"letter-spacing:-.3pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>State<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>New York,<span style=\"letter-spacing:-.25pt\">\n<\/span>including,<span style=\"letter-spacing:-.35pt\"> <\/span>without<span style=\"letter-spacing:-.35pt\"> <\/span>limitation,<span style=\"letter-spacing:\n-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>right<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>power\nto<span style=\"letter-spacing:-.4pt\"> <\/span>sell,<span style=\"letter-spacing:\n-.45pt\"> <\/span>at<span style=\"letter-spacing:-.4pt\"> <\/span>public<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>private<span style=\"letter-spacing:-.45pt\"> <\/span>sale<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>sales,<span style=\"letter-spacing:-.45pt\">\n<\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>otherwise<span style=\"letter-spacing:-.45pt\"> <\/span>dispose<span style=\"letter-spacing:-.45pt\">\n<\/span>of,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:\n-.45pt\"> <\/span>utilize<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Member Units<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>manner<span style=\"letter-spacing:-.2pt\">\n<\/span>authorized<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>permitted<span style=\"letter-spacing:-.2pt\">\n<\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>UCC<span style=\"letter-spacing:-.2pt\"> <\/span>after<span style=\"letter-spacing:-.2pt\"> <\/span>default<span style=\"letter-spacing:-.2pt\">\n<\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:\n-.25pt\"> <\/span>debtor, and to apply the proceeds toward the payment of any\namounts owed to the Company and any costs and expenses and attorneys\u2019 fees and\nother legal expenses thereby incurred by the Company.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Security Agreement described in this <u>Section 13.3<\/u>\nshall<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:\n-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>construed<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>relieving<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>party<span style=\"letter-spacing:-.1pt\"> <\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>personal<span style=\"letter-spacing:-.15pt\">\n<\/span>liability<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>loan,\nor<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:\n-.15pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>deficiency<span style=\"letter-spacing:-.05pt\"> <\/span>thereon.<span style=\"letter-spacing:2.0pt\">\n<\/span>All<span style=\"letter-spacing:-.05pt\"> <\/span>expenses<span style=\"letter-spacing:-.05pt\"> <\/span>(including,<span style=\"letter-spacing:\n-.05pt\"> <\/span>without<span style=\"letter-spacing:-.05pt\"> <\/span>limitation,<span style=\"letter-spacing:-.3pt\"> <\/span>attorneys\u2019 fees<span style=\"letter-spacing:\n-.5pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>legal<span style=\"letter-spacing:-.5pt\"> <\/span>expenses)<span style=\"letter-spacing:-.55pt\"> <\/span>actually<span style=\"letter-spacing:-.5pt\">\n<\/span>incurred<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>paid<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>connection\nwith or incident to any action to protect or enforce the Security Agreement\nshall be borne by such party.<span style=\"letter-spacing:2.0pt\"> <\/span>No\ndelay or omission on the part of the Company in exercising any right hereunder\nshall operate as a waiver of any such right or any other right.<span style=\"letter-spacing:2.0pt\"> <\/span>A waiver on any one or more occasions\nshall not be construed as a bar to or waiver of any right or remedy on any\nfuture occasion; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l49 level3 lfo18;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">14.3.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Company shall, at its\noption, be entitled to bring suit against such party for any default (plus\ninterest thereon at a default rate of 20% per annum) without exhausting or\npursuing any other remedies provided herein.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.05pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SECTION<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">15<a name=\"_bookmark103\"><\/a> <\/span><span style=\"letter-spacing:-.1pt\">MISCELLANEOUS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 style=\"margin-left:79.0pt;text-indent:-.5in;mso-list:l2 level2 lfo17;\ntab-stops:79.0pt\"><a name=\"_bookmark104\"><\/a><!--[if !supportLists]-->15.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Addresses<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Notices<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any notice, demand, request,\nreport, document, or proxy materials<span style=\"letter-spacing:-.75pt\"> <\/span>required<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>permitted<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>given<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>made<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>under<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement shall be in writing and shall\nbe deemed delivered and received by the intended recipient: (i) on the Business\nDay that such notice is sent by electronic mail or facsimile<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>hand<span style=\"letter-spacing:-.25pt\"> <\/span>delivered<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>intended<span style=\"letter-spacing:-.25pt\">\n<\/span>recipient,<span style=\"letter-spacing:-.2pt\"> <\/span>provided<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>notice<span style=\"letter-spacing:-.3pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>also sent<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>United<span style=\"letter-spacing:-.7pt\"> <\/span>States<span style=\"letter-spacing:-.65pt\">\n<\/span>Mail,<span style=\"letter-spacing:-.65pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>certified<span style=\"letter-spacing:\n-.65pt\"> <\/span>mail,<span style=\"letter-spacing:-.65pt\"> <\/span>return<span style=\"letter-spacing:-.55pt\"> <\/span>receipt<span style=\"letter-spacing:-.6pt\">\n<\/span>requested<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>postage<span style=\"letter-spacing:-.75pt\">\n<\/span>paid thereon; (ii) the third Business Day after the date placed in\nUnited States Mail, certified mail, return receipt requested and postage paid\nthereon; and (iii) the first Business Day after notice is sent by express mail\nor other overnight mail service.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.6pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">All notices shall be\ndelivered to the address of the name of such Person on the subscription\nagreement completed by such Person for its acquisition<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>address<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Person<span style=\"letter-spacing:-.45pt\">\n<\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>time<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>time specify<span style=\"letter-spacing:\n-.05pt\"> <\/span>by written<span style=\"letter-spacing:-.05pt\"> <\/span>notice to\nthe Company.<span style=\"letter-spacing:2.0pt\"> <\/span>If a<span style=\"letter-spacing:-.05pt\"> <\/span>notice<span style=\"letter-spacing:-.05pt\">\n<\/span>is sent to the<span style=\"letter-spacing:-.05pt\"> <\/span>Company,<span style=\"letter-spacing:-.05pt\"> <\/span>it shall be<span style=\"letter-spacing:\n-.75pt\"> <\/span>sent<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.75pt\"> <\/span>principal<span style=\"letter-spacing:\n-.75pt\"> <\/span>place<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>business.<span style=\"letter-spacing:\n-.75pt\"> <\/span>The<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>rely and shall be\nprotected in<span style=\"letter-spacing:-.05pt\"> <\/span>relying on any notice\nor other document from a Member or other Person if believed by it<span style=\"letter-spacing:2.0pt\"> <\/span>to be genuine.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any payment, distribution, or\nother matter to be given or made to a Member hereunder shall be deemed\nconclusively to have been given or made, and the obligation to give such notice\nor report or to make such payment shall be<span style=\"letter-spacing:-.6pt\"> <\/span>deemed<span style=\"letter-spacing:-.55pt\"> <\/span>conclusively<span style=\"letter-spacing:\n-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>been<span style=\"letter-spacing:-.55pt\"> <\/span>fully<span style=\"letter-spacing:-.5pt\"> <\/span>satisfied,<span style=\"letter-spacing:\n-.55pt\"> <\/span>when<span style=\"letter-spacing:-.55pt\"> <\/span>delivered<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>person<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>upon\nsending<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:\n-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>payment,<span style=\"letter-spacing:-.55pt\"> <\/span>distribution,<span style=\"letter-spacing:\n-.65pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.6pt\"> <\/span>matter<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>record<span style=\"letter-spacing:-.55pt\"> <\/span>holder<span style=\"letter-spacing:-.6pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>Units<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:65.55pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">as<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>address<span style=\"letter-spacing:-.6pt\"> <\/span>indicated<span style=\"letter-spacing:-.5pt\">\n<\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>records<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company,<span style=\"letter-spacing:-.6pt\"> <\/span>regardless<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>claim<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>any Person<span style=\"letter-spacing:\n-.1pt\"> <\/span>who<span style=\"letter-spacing:-.05pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>have an<span style=\"letter-spacing:.05pt\">\n<\/span>interest<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>such Units<span style=\"letter-spacing:\n-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>reason<span style=\"letter-spacing:-.05pt\"> <\/span>of assignment<span style=\"letter-spacing:\n-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">otherwise.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.55pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An<span style=\"letter-spacing:\n-.2pt\"> <\/span>affidavit<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>certificate<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>making<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>notice,<span style=\"letter-spacing:-.1pt\">\n<\/span>demand, request, report, document, proxy material, payment,\ndistribution, or other matter in accordance with the provisions of this <u>Section\n15.1<\/u> executed by the Managing Member<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.05pt\"> <\/span>agents<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>mailing<span style=\"letter-spacing:-.05pt\">\n<\/span>organization<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>prima<span style=\"letter-spacing:-.1pt\"> <\/span>facie<span style=\"letter-spacing:-.1pt\"> <\/span>evidence<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the\ngiving or making of such notice, demand, request report, document, proxy\nmaterial, payment, distribution, or other matter. If any notice, demand,\nrequest, report, document, proxy<span style=\"letter-spacing:2.0pt\"> <\/span>material,\npayment, distribution, or other matter given or made in accordance<span style=\"letter-spacing:-.5pt\"> <\/span>with<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:2.0pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.6pt\"> <\/span>15.1<\/u><span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>returned<span style=\"letter-spacing:-.6pt\">\n<\/span>marked<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>indicate<span style=\"letter-spacing:-.65pt\">\n<\/span>that it<span style=\"letter-spacing:-.35pt\"> <\/span>was<span style=\"letter-spacing:-.45pt\"> <\/span>unable<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:\n-.4pt\"> <\/span>delivered,<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>notice,<span style=\"letter-spacing:-.4pt\">\n<\/span>demand,<span style=\"letter-spacing:2.0pt\"> <\/span>request,<span style=\"letter-spacing:-.4pt\"> <\/span>report,<span style=\"letter-spacing:-.35pt\">\n<\/span>documents,<span style=\"letter-spacing:-.45pt\"> <\/span>proxy materials,<span style=\"letter-spacing:-.2pt\"> <\/span>payment,<span style=\"letter-spacing:-.15pt\">\n<\/span>distribution,<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\">\n<\/span>matter<span style=\"letter-spacing:-.25pt\"> <\/span>and,<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>returned<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>United<span style=\"letter-spacing:-.35pt\">\n<\/span>States Postal Service (or<span style=\"letter-spacing:-.1pt\"> <\/span>other\nphysical mail delivery<span style=\"letter-spacing:-.15pt\"> <\/span>mail service\noutside<span style=\"letter-spacing:-.05pt\"> <\/span>the United States of<span style=\"letter-spacing:2.0pt\"> <\/span>America), any subsequent notices, demands,\nrequests, reports, documents, proxy materials,<span style=\"letter-spacing:-.7pt\">\n<\/span>payments,<span style=\"letter-spacing:2.0pt\"> <\/span>distributions,<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\"> <\/span>matters<span style=\"letter-spacing:-.7pt\">\n<\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>deemed<span style=\"letter-spacing:-.6pt\">\n<\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>have<span style=\"letter-spacing:\n-.65pt\"> <\/span>been<span style=\"letter-spacing:-.6pt\"> <\/span>duly given or\nmade without further mailing<span style=\"letter-spacing:2.0pt\"> <\/span>(until\nsuch time as such record Member or another Person notifies the Company of<span style=\"letter-spacing:2.0pt\"> <\/span>a change in his, her, or its address) or other\ndelivery if they are available for the Member at the principal office of the<span style=\"letter-spacing:2.0pt\"> <\/span>Company for<span style=\"letter-spacing:\n-.3pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>period<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>one<span style=\"letter-spacing:-.25pt\"> <\/span>year<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>date<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>giving<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>making<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>notice,<span style=\"letter-spacing:-.35pt\">\n<\/span>demand, request,<span style=\"letter-spacing:.4pt\"> <\/span>report,<span style=\"letter-spacing:-.75pt\"> <\/span>document,<span style=\"letter-spacing:\n-.7pt\"> <\/span>proxy<span style=\"letter-spacing:-.75pt\"> <\/span>material,<span style=\"letter-spacing:-.75pt\"> <\/span>payment,<span style=\"letter-spacing:-.75pt\">\n<\/span>distribution,<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\">\n<\/span>matter<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the other Members..<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark105\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Creditors<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>None<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>provisions<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>benefit<span style=\"letter-spacing:-.25pt\">\n<\/span>of,<span style=\"letter-spacing:-.3pt\"> <\/span>or shall be enforceable\nby, any creditor of the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark106\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Waiver<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>No failure by any party to insist upon the\nstrict performance of any covenant, duty, agreement or<span style=\"letter-spacing:\n2.0pt\"> <\/span>condition of this Agreement or to exercise any right or remedy\nconsequent<span style=\"letter-spacing:-.75pt\"> <\/span>upon<span style=\"letter-spacing:-.75pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>breach<span style=\"letter-spacing:-.75pt\"> <\/span>thereof<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:.85pt\"> <\/span>constitute<span style=\"letter-spacing:-.75pt\"> <\/span>waiver<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:\n-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>breach<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\">\n<\/span>covenant, duty, agreement or condition.<span style=\"letter-spacing:2.0pt\">\n<\/span>The due performance or observance by a party of any of its obligations\nunder this Agreement may be waived only by a writing signed by the party\nagainst whom enforcement of such waiver is sought, and any such waiver shall be\neffective only to the extent specifically set forth in such writing.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark107\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Severability<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Every provision of this Agreement is\nintended to be severable.<span style=\"letter-spacing:2.0pt\"> <\/span>If any\nportion of this Agreement is determined to be illegal or<span style=\"letter-spacing:\n-.05pt\"> <\/span>invalid for any reason, it is the<span style=\"letter-spacing:\n-.05pt\"> <\/span>intent of the parties that such determination shall not affect\nthe validity or legality of the remainder of this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark108\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Governing\nLaw; Parties in Interest<\/span><\/u><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>This Agreement will be governed by and\nconstrued according to the laws of the State of New York, without regard to the\nprinciples of conflict<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>laws,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>bind<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>inure<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>benefit<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>Members<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\"> <\/span>Member, and their respective heirs,\nexecutors, administrators, successors, legal representatives, permitted assigns\nand Personal Representatives. The Covered Persons<span style=\"letter-spacing:\n2.0pt\"> <\/span>and their heirs, executors, administrators and successors shall\nbe entitled to receive the benefits of this<span style=\"letter-spacing:2.0pt\"> <\/span>Agreement.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection198\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:10.45pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark109\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Exclusive<span style=\"letter-spacing:-.75pt\"> <\/span>Jurisdiction<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.25pt\"> <\/span>Each<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Members<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>each Person holding any beneficial\ninterest in the Company (whether through a broker, dealer, bank, trust company,\nor clearing corporation or an agent of any of the foregoing or otherwise), to\nthe fullest<span style=\"letter-spacing:-.7pt\"> <\/span>extent<span style=\"letter-spacing:-.7pt\"> <\/span>permitted<span style=\"letter-spacing:-.7pt\">\n<\/span>by<span style=\"letter-spacing:-.7pt\"> <\/span>law,<span style=\"letter-spacing:\n-.7pt\"> <\/span>(i)<span style=\"letter-spacing:-.65pt\"> <\/span>irrevocably<span style=\"letter-spacing:-.6pt\"> <\/span>agrees<span style=\"letter-spacing:-.7pt\"> <\/span>that<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>claims,<span style=\"letter-spacing:-.7pt\"> <\/span>suits,<span style=\"letter-spacing:-.7pt\"> <\/span>actions,<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>proceedings\narising out of our relating in any way to this Agreement (including any claims,\nsuits, actions to interpret, apply, or enforce (A) the provisions of this\nAgreement, (B) the duties, obligations, or liabilities of the Company to the\nMembers or the Managing Member, or of Members or the Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company,<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>among<span style=\"letter-spacing:-.75pt\">\n<\/span>Members,<span style=\"letter-spacing:-.75pt\"> <\/span>(C)<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>rights<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>powers<span style=\"letter-spacing:-.75pt\"> <\/span>of,<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>restrictions on, the Company, the Members\nor the Managing Member, (D) any provision of the New York Limited<span style=\"letter-spacing:-.05pt\"> <\/span>Liability<span style=\"letter-spacing:\n-.05pt\"> <\/span>Company Act, or<span style=\"letter-spacing:-.05pt\"> <\/span>(E)\nany other<span style=\"letter-spacing:-.15pt\"> <\/span>instrument,<span style=\"letter-spacing:2.0pt\"> <\/span>document, agreement or<span style=\"letter-spacing:-.05pt\"> <\/span>certificate contemplated by any provision\nof the New York Limited Liability Company Act relating to the Company\n(regardless of<span style=\"letter-spacing:-.15pt\"> <\/span>whether<span style=\"letter-spacing:-.15pt\"> <\/span>such claims, suits, actions or<span style=\"letter-spacing:-.25pt\"> <\/span>proceedings (x)<span style=\"letter-spacing:\n-.2pt\"> <\/span>sound<span style=\"letter-spacing:2.0pt\"> <\/span>in contract,\ntort,<span style=\"letter-spacing:-.45pt\"> <\/span>fraud<span style=\"letter-spacing:\n-.55pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>otherwise,<span style=\"letter-spacing:-.65pt\"> <\/span>(y)<span style=\"letter-spacing:-.5pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>based<span style=\"letter-spacing:-.45pt\">\n<\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>common<span style=\"letter-spacing:-.55pt\"> <\/span>law,<span style=\"letter-spacing:-.45pt\"> <\/span>statutory,<span style=\"letter-spacing:-.45pt\"> <\/span>equitable,<span style=\"letter-spacing:\n-.65pt\"> <\/span>legal<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:2.0pt\"> <\/span>grounds,\nor<span style=\"letter-spacing:-.65pt\"> <\/span>(z)<span style=\"letter-spacing:\n-.55pt\"> <\/span>are<span style=\"letter-spacing:-.55pt\"> <\/span>derivative<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>direct<span style=\"letter-spacing:-.5pt\"> <\/span>claims)),<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>exclusively<span style=\"letter-spacing:\n-.7pt\"> <\/span>brought<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Superior<span style=\"letter-spacing:-.65pt\"> <\/span>Court<span style=\"letter-spacing:-.7pt\"> <\/span>located<span style=\"letter-spacing:-.75pt\"> <\/span>in <span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">City<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">New\nYork<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">of<\/span><span style=\"letter-spacing:2.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">State<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">New York<\/span><span style=\"letter-spacing:-.65pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">or,<\/span><span style=\"letter-spacing:\n-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">if<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">such<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">court<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">does<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">not<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">have<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">subject<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">matter<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">jurisdiction\n<\/span>thereof, any other court in<span style=\"letter-spacing:2.0pt\"> <\/span>the\nState of New York with subject matter jurisdiction; (ii) irrevocably submits<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>exclusive<span style=\"letter-spacing:\n-.45pt\"> <\/span>jurisdiction<span style=\"letter-spacing:2.0pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>courts<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>connection<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>claim,<span style=\"letter-spacing:-.35pt\"> <\/span>suit,<span style=\"letter-spacing:-.4pt\"> <\/span>action\nor<span style=\"letter-spacing:-.75pt\"> <\/span>proceeding;<span style=\"letter-spacing:-.6pt\"> <\/span>(iii)<span style=\"letter-spacing:-.75pt\"> <\/span>irrevocably<span style=\"letter-spacing:-.6pt\"> <\/span>agrees<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.6pt\"> <\/span>to,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>waives<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>right<span style=\"letter-spacing:-.6pt\"> <\/span>to,<span style=\"letter-spacing:-.75pt\"> <\/span>assert<span style=\"letter-spacing:-.75pt\">\n<\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:\n-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>claim,<span style=\"letter-spacing:-.6pt\"> <\/span>suit, action or proceeding that (A) it is\nnot<span style=\"letter-spacing:2.0pt\"> <\/span>personally subject to the\njurisdiction of such courts or any other court to which proceedings in such\ncourts<span style=\"letter-spacing:2.0pt\"> <\/span>may be appealed, (B) such\nclaim, suit, action or proceeding is brought in an inconvenient forum, or (C)<span style=\"letter-spacing:2.0pt\"> <\/span>the venue of such claim, suit, action or\nproceeding<span style=\"letter-spacing:-.75pt\"> <\/span>is<span style=\"letter-spacing:\n-.65pt\"> <\/span>improper;<span style=\"letter-spacing:-.65pt\"> <\/span>(iv)<span style=\"letter-spacing:-.6pt\"> <\/span>expressly<span style=\"letter-spacing:-.7pt\">\n<\/span>waives<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>requirement<span style=\"letter-spacing:\n-.55pt\"> <\/span>for<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>posting<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:\n-.75pt\"> <\/span>bond<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>party\nbringing such claim, suit, action or proceeding; (v) consents to process<span style=\"letter-spacing:2.0pt\"> <\/span>being served in any such claim,<span style=\"letter-spacing:-.75pt\"> <\/span>suit,<span style=\"letter-spacing:-.7pt\"> <\/span>action<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>proceeding<span style=\"letter-spacing:-.7pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>mailing,<span style=\"letter-spacing:-.6pt\"> <\/span>certified<span style=\"letter-spacing:-.6pt\">\n<\/span>mail,<span style=\"letter-spacing:-.6pt\"> <\/span>return<span style=\"letter-spacing:-.65pt\"> <\/span>receipt<span style=\"letter-spacing:1.45pt\">\n<\/span>requested,<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>copy<span style=\"letter-spacing:-.75pt\"> <\/span>thereof\nto such party at the address in effect for notices hereunder, and agrees that\nsuch<span style=\"letter-spacing:2.0pt\"> <\/span>service shall <span style=\"letter-spacing:-.1pt\">constitute<\/span><span style=\"letter-spacing:-.6pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">good<\/span><span style=\"letter-spacing:\n-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">sufficient<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">service<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">process<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">notice<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">thereof;\n<i>provided<\/i>,<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">that<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">nothing<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in<\/span><span style=\"letter-spacing:2.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">clause<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.1pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(v)<span style=\"letter-spacing:-.55pt\"> <\/span>hereof<span style=\"letter-spacing:-.55pt\">\n<\/span>shall<span style=\"letter-spacing:-.4pt\"> <\/span>affect<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>limit<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>right<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>serve<span style=\"letter-spacing:-.35pt\"> <\/span>process<span style=\"letter-spacing:-.5pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:\n-.55pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>manner<span style=\"letter-spacing:-.35pt\"> <\/span>permitted<span style=\"letter-spacing:\n-.45pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>law;<span style=\"letter-spacing:-.25pt\"> and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">(vi)<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">irrevocably<\/span><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">waives<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">and<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">all<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">right<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">trial<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">by<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.4pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">jury<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.5pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">in<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">any<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">such<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.3pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">claim,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">suit,<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">action<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">or<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">proceeding.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark110\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Waiver<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Lis<span style=\"letter-spacing:-.5pt\"> <\/span>Pendens<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>Partition<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.9pt\"> <\/span>The<span style=\"letter-spacing:-.6pt\"> <\/span>Members<span style=\"letter-spacing:-.5pt\"> <\/span>recognize<span style=\"letter-spacing:-.6pt\">\n<\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>no<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>party\nhas any direct right in the Company Properties but only an interest in the\nCompany which is deemed to be personal property.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Nevertheless, because the Company may suffer irreparable\nfinancial injury if a <i>lis pendens <\/i>or\nan action for partition were filed with respect to the Company Properties in\nconnection with a Company dispute, each Member hereby waives, to the fullest\nextent<span style=\"letter-spacing:-.15pt\"> <\/span>permitted<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>law,\nany<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:\n-.05pt\"> <\/span>right<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>file<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>lis<span style=\"letter-spacing:-.05pt\"> <\/span>pendens<span style=\"letter-spacing:-.05pt\"> <\/span>against<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>Properties<span style=\"letter-spacing:\n-.15pt\"> <\/span>or an action for partition thereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark111\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Execution<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>Counterparts<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.95pt\"> <\/span>This<span style=\"letter-spacing:-.4pt\"> <\/span>Agreement<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>executed<span style=\"letter-spacing:-.45pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>counterparts,<span style=\"letter-spacing:-.55pt\"> <\/span>all of which taken together shall be\ndeemed one original.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark112\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Incorporation<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>Reference<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.1pt\"> <\/span>Every<span style=\"letter-spacing:-.75pt\"> <\/span>exhibit,<span style=\"letter-spacing:-.75pt\"> <\/span>schedule<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\"> <\/span>appendix<span style=\"letter-spacing:-.75pt\">\n<\/span>attached to this Agreement is deemed incorporated herein by this\nreference.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.05pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark113\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Computation\nof Time<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>In computing any period of time pursuant to this Agreement,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>day<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>act,<span style=\"letter-spacing:-.35pt\"> <\/span>date<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>notice,<span style=\"letter-spacing:-.35pt\"> <\/span>event<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>default<span style=\"letter-spacing:-.35pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>designated<span style=\"letter-spacing:-.35pt\"> <\/span>period<span style=\"letter-spacing:-.4pt\">\n<\/span>of time begins to run will not be included.<span style=\"letter-spacing:\n3.15pt\"> <\/span>The last day of the period so computed will be included, unless\nit is a Saturday, Sunday or legal holiday in<span style=\"letter-spacing:-.05pt\">\n<\/span>the State of New York, in<span style=\"letter-spacing:-.05pt\"> <\/span>which\nevent the period shall run until the end of the next day that is not a\nSaturday, Sunday or legal holiday.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.1pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark114\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Titles and\nCaptions<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>All article, section or paragraph titles or captions contained in this\nAgreement are for convenience only and are not deemed part of the context\nhereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark115\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Pronouns\nand Plurals<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>All pronouns and any variations thereof are deemed to refer<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>masculine,<span style=\"letter-spacing:\n-.05pt\"> <\/span>feminine,<span style=\"letter-spacing:-.1pt\"> <\/span>neuter,<span style=\"letter-spacing:-.05pt\"> <\/span>singular<span style=\"letter-spacing:-.15pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>plural<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>identity<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>person<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>Persons may require.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark116\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Construction<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Every covenant, term and provision of this\nAgreement shall be construed simply according to its fair meaning and not\nstrictly for or against any Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark117\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Entire\nAgreement<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Subject to any Side Letters entered into by the Managing Member<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Member,<span style=\"letter-spacing:-.45pt\">\n<\/span>this<span style=\"letter-spacing:-.4pt\"> <\/span>Agreement<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>documents<span style=\"letter-spacing:\n-.4pt\"> <\/span>referenced<span style=\"letter-spacing:-.4pt\"> <\/span>herein<span style=\"letter-spacing:-.4pt\"> <\/span>contain<span style=\"letter-spacing:-.3pt\">\n<\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>entire understanding\namongst the Company, the Managing Member and the Members, and supersedes any<span style=\"letter-spacing:-.2pt\"> <\/span>prior<span style=\"letter-spacing:-.2pt\"> <\/span>understandings<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>agreements<span style=\"letter-spacing:-.2pt\"> <\/span>amongst<span style=\"letter-spacing:-.2pt\">\n<\/span>them<span style=\"letter-spacing:-.2pt\"> <\/span>representing<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\"> <\/span>matter<span style=\"letter-spacing:-.2pt\"> <\/span>contained\n<span style=\"letter-spacing:-.1pt\">herein.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark118\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.15<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limitation\non Benefits of this Agreement<\/span><\/u><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>No Person or entity other than the Members\nand the Company (or the Covered Persons) is or shall be entitled to bring any\naction to enforce any provision of this Agreement against any Member or the\nCompany.<span style=\"letter-spacing:2.0pt\"> <\/span>All covenants, undertakings,\nand agreements set forth in this Agreement shall be solely for the benefit of,\nand shall<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n-.45pt\"> <\/span>enforceable<span style=\"letter-spacing:-.45pt\"> <\/span>only<span style=\"letter-spacing:-.25pt\"> <\/span>by,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Members<span style=\"letter-spacing:-.4pt\">\n<\/span>(or<span style=\"letter-spacing:-.5pt\"> <\/span>their<span style=\"letter-spacing:-.35pt\"> <\/span>respective<span style=\"letter-spacing:\n-.45pt\"> <\/span>successors<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>assigns<span style=\"letter-spacing:-.4pt\">\n<\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>permitted hereunder) and\nthe Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark119\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.16<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Additional<span style=\"letter-spacing:-.65pt\"> <\/span>Actions<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>Documents<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.75pt\"> <\/span>Each<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>take<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>cause<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.7pt\"> <\/span>taken such<span style=\"letter-spacing:\n-.1pt\"> <\/span>further<span style=\"letter-spacing:-.15pt\"> <\/span>actions<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>execute,<span style=\"letter-spacing:-.15pt\">\n<\/span>acknowledge,<span style=\"letter-spacing:-.1pt\"> <\/span>deliver,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>file<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>further<span style=\"letter-spacing:-.15pt\"> <\/span>documents<span style=\"letter-spacing:\n-.1pt\"> <\/span>and instruments, and use reasonable efforts to obtain such\nconsents, and provide all information and take or refrain from taking action,\nas may be necessary or as may be reasonably requested to achieve the purposes\nof this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark120\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.17<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Leveraging<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No Member or Unit Holder is\npermitted to leverage such Member\u2019s or Unit Holder\u2019s Units for any purpose\nunless otherwise approved by the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.65pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark121\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.18<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Spousal<span style=\"letter-spacing:-.6pt\"> <\/span>Consent<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.9pt\"> <\/span>Any<span style=\"letter-spacing:-.7pt\"> <\/span>married<span style=\"letter-spacing:-.55pt\"> <\/span>individual<span style=\"letter-spacing:\n-.55pt\"> <\/span>who<span style=\"letter-spacing:-.55pt\"> <\/span>becomes<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>Unit<span style=\"letter-spacing:-.5pt\"> <\/span>Holder must have his or her non-Member or\nnon-Unit Holder spouse execute the Spousal Consent in the form<span style=\"letter-spacing:-.4pt\"> <\/span>attached<span style=\"letter-spacing:-.4pt\">\n<\/span>hereto<span style=\"letter-spacing:-.35pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>amended<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>time<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>time,<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>\u201c<u>Spousal<span style=\"letter-spacing:-.4pt\"> <\/span>Consent<\/u>\u201d),<span style=\"letter-spacing:\n-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>the execution of<span style=\"letter-spacing:-.05pt\"> <\/span>such Spousal Consent shall be<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>condition\nprecedent to becoming a<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>or Unit Holder.<span style=\"letter-spacing:\n2.0pt\"> <\/span>If an individual becomes married after such individual is\nalready a Member or Unit Holder, then such individual shall cause his or her\nnon-Member or non-Unit Holder spouse to execute the Spousal Consent as soon as\npracticable after the individual becomes married.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:7.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l2 level2 lfo17;tab-stops:78.95pt\"><a name=\"_bookmark122\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.19<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Side\nLetters<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Notwithstanding any provisions of this Agreement (including <u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>15.14<\/u> hereof) to the contrary, it is\nhereby acknowledged and agreed that the Company, and the Managing Member on its\nown behalf or on behalf of the Company, may, without the approval<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>Member,<span style=\"letter-spacing:-.25pt\"> <\/span>enter<span style=\"letter-spacing:-.3pt\"> <\/span>into<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>side<span style=\"letter-spacing:-.25pt\"> <\/span>letter<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>similar<span style=\"letter-spacing:-.3pt\"> <\/span>agreement<span style=\"letter-spacing:-.1pt\">\n<\/span>(each,<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>\u201c<u>Side<span style=\"letter-spacing:-.25pt\">\n<\/span>Letter<\/u>\u201d) to<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>has<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>effect<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>establishing<span style=\"letter-spacing:\n-.4pt\"> <\/span>rights<span style=\"letter-spacing:-.4pt\"> <\/span>under,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>altering<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">supplementing<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:10.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the\nterms of, this Agreement or of any subscription agreements between such Member\nand the Company.<span style=\"letter-spacing:2.0pt\"> <\/span>The parties hereto\nagree that any terms contained in a Side Letter shall govern with respect to\nsuch Member notwithstanding the provisions of this Agreement or of any\nsubscription agreement or Private Placement Memoranda.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Except as required by law, the Managing Member and the Company\nshall not be required to deliver the Side Letter or disclose the existence of\nany Side Letter or the terms and agreements contained therein to any Member.<span style=\"letter-spacing:2.0pt\"> <\/span>Notwithstanding the above, a Side Letter\nmay not modify, terminate, amend, or change the rights of the Managing Member\nwithout the express written consent of the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"right\" style=\"margin-top:12.0pt;margin-right:\n10.9pt;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:\nright;text-indent:-.5in;mso-list:l2 level2 lfo17;tab-stops:.5in\"><a name=\"_bookmark123\"><\/a><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amendment<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.55pt\"> <\/span><\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.25pt\"> <\/span>provisions<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Agreement<span style=\"letter-spacing:-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>amended<span style=\"letter-spacing:-.2pt\">\n<\/span>only<span style=\"letter-spacing:-.15pt\"> <\/span>as <span style=\"letter-spacing:-.1pt\">follows:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-right:10.9pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Managing Member Amendments<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Pursuant to its special power<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>attorney<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>provided<span style=\"letter-spacing:-.6pt\"> <\/span>below,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>unilaterally<span style=\"letter-spacing:\n-.55pt\"> <\/span>execute and make the following amendments to this Agreement:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.9pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n-.75pt\"> <\/span>amend<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>Register<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>appropriate from time to time to update\nthe information therein;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to cure any ambiguity or\nmistake, to correct or<span style=\"letter-spacing:-.6pt\"> <\/span>supplement<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>provision<span style=\"letter-spacing:-.55pt\"> <\/span>herein<span style=\"letter-spacing:-.55pt\">\n<\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>inconsistent<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>other<span style=\"letter-spacing:-.75pt\"> <\/span>provision\nherein, or to make any other provision with respect to matters or questions\narising under this Agreement that will not be inconsistent with the provisions\nof this Agreement or any private placement memorandum or other offering\ndocuments;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"right\" style=\"margin-top:12.05pt;margin-right:\n11.0pt;margin-bottom:0in;margin-left:81.0pt;margin-bottom:.0001pt;text-align:\nright;text-indent:-81.0pt;mso-list:l2 level4 lfo17;tab-stops:81.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n.4pt\"> <\/span>make<span style=\"letter-spacing:.45pt\"> <\/span>any<span style=\"letter-spacing:.45pt\"> <\/span>amendment<span style=\"letter-spacing:.5pt\">\n<\/span>as<span style=\"letter-spacing:.45pt\"> <\/span>described<span style=\"letter-spacing:.4pt\"> <\/span>in<span style=\"letter-spacing:.6pt\"> <\/span><span style=\"letter-spacing:-.2pt\">this<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:70.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Agreement;<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:259.05pt;text-indent:-81.0pt;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n1.3pt\">&nbsp; <\/span>delete<span style=\"letter-spacing:1.25pt\">&nbsp; <\/span>or<span style=\"letter-spacing:1.35pt\">&nbsp; <\/span>add<span style=\"letter-spacing:1.35pt\">&nbsp; <\/span>any<span style=\"letter-spacing:1.3pt\">&nbsp; <\/span>provision<span style=\"letter-spacing:1.35pt\">&nbsp; <\/span>of<span style=\"letter-spacing:1.25pt\">&nbsp; <\/span><span style=\"letter-spacing:-.2pt\">this<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:.15in;margin-bottom:0in;\nmargin-left:70.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Agreement<span style=\"letter-spacing:-.25pt\"> <\/span>required<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:\n-.3pt\"> <\/span>so<span style=\"letter-spacing:-.35pt\"> <\/span>deleted<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>added<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>benefit<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Members<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>staff of the U.S. Securities and Exchange\nCommission or by a state \u201cBlue Sky\u201d Commissioner or similar official;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n-.65pt\"> <\/span>minimize<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>adverse<span style=\"letter-spacing:-.75pt\">\n<\/span>impact<span style=\"letter-spacing:-.65pt\"> <\/span>of,<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>comply\nwith,<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:\n-.05pt\"> <\/span>final<span style=\"letter-spacing:-.05pt\"> <\/span>regulation of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>United<span style=\"letter-spacing:-.1pt\"> <\/span>States<span style=\"letter-spacing:-.05pt\">\n<\/span>Department<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Labor,<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>federal\nagency having jurisdiction, defining \u201cplan assets\u201d for ERISA purposes;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n-.75pt\"> <\/span>comply<span style=\"letter-spacing:-.75pt\"> <\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.75pt\"> <\/span>governmental<span style=\"letter-spacing:-.75pt\"> <\/span>laws\nand regulations governing monetary laws and investments as in effect from time\nto time, including without limitation the USA Patriot\/Freedom Act;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:259.05pt;margin-bottom:.0001pt;text-indent:-81.0pt;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">as<span style=\"letter-spacing:\n.55pt\"> <\/span>required<span style=\"letter-spacing:.55pt\"> <\/span>by<span style=\"letter-spacing:.7pt\"> <\/span>a<span style=\"letter-spacing:.45pt\"> <\/span>lender<span style=\"letter-spacing:.65pt\"> <\/span>making<span style=\"letter-spacing:.55pt\"> <\/span>a<span style=\"letter-spacing:.45pt\"> <\/span>loan<span style=\"letter-spacing:.65pt\"> <\/span>to<span style=\"letter-spacing:.6pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:70.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">Company;<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:259.05pt;text-indent:-81.0pt;\nmso-list:l2 level4 lfo17;tab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n2.4pt\"> <\/span>modify<span style=\"letter-spacing:2.35pt\"> <\/span>the<span style=\"letter-spacing:2.35pt\"> <\/span>allocation<span style=\"letter-spacing:\n2.35pt\"> <\/span>provisions<span style=\"letter-spacing:2.4pt\"> <\/span>of<span style=\"letter-spacing:2.35pt\"> <\/span><span style=\"letter-spacing:-.2pt\">this<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:70.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Agreement<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>comply\nwith<span style=\"letter-spacing:-.05pt\"> <\/span>Code<span style=\"letter-spacing:\n-.1pt\"> <\/span>\u00a7\u00a7 704(b)<span style=\"letter-spacing:-.05pt\"> <\/span>and <span style=\"letter-spacing:-.1pt\">514(c)(9);<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection199\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:11.0pt;margin-bottom:\n0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;mso-list:l2 level4 lfo17;\ntab-stops:259.05pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to specially allocate any\nincome tax deduction for the Company as a result of paying Placement Fees and\nSales <span style=\"letter-spacing:-.1pt\">Commissions;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to change the name and\nprincipal place of business of the Company;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to decrease the rights and\npowers of the Managing Member (so long as such decrease does not impair the\nability of the Managing Member to manage the Company and conduct its business\naffairs); and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:10.85pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l2 level4 lfo17;tab-stops:259.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.1.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">to make any amendments that\nexpand or improve the rights, benefits and\/or economic interests of Members\nunder this Agreement (without, in more than a de minimis manner, adversely\naffecting the economic interests or voting rights of any Members, unless each\nsuch adversely affected Member consents in writing).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:.15in;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member Amendments<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>All other amendments (not described in <u>Section\n15.20.1<\/u>) to this Agreement require the written approval of each of the\nManaging Member and the Members by Majority in Interest (which shall in each\ncase be in its or their sole and absolute discretion), unless the provision\nthat is the<span style=\"letter-spacing:-.45pt\"> <\/span>subject<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>amendment<span style=\"letter-spacing:-.4pt\">\n<\/span>includes<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>part<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>provision<span style=\"letter-spacing:\n-.4pt\"> <\/span>that<span style=\"letter-spacing:-.4pt\"> <\/span>requires<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>vote,\nconsent, or approval of a greater or less vote, in which case such amendment\nmust have the written approval of the Managing Member and such Members by\nMajority in Interest as are required by such provisions that is the subject of\nsuch amendment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:10.75pt;\nmargin-bottom:0in;margin-left:65.55pt;margin-bottom:.0001pt;mso-list:l2 level3 lfo17;\ntab-stops:187.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Attorney-in-Fact<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Each Member hereby grants to the Managing\nMember a special power of attorney irrevocably making, constituting and\nappointing<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>attorney-in-fact,<span style=\"letter-spacing:\n-.45pt\"> <\/span>with<span style=\"letter-spacing:-.45pt\"> <\/span>full<span style=\"letter-spacing:-.45pt\"> <\/span>power of substitution, with power and\nauthority to act in such Member\u2019s name and on its behalf<span style=\"letter-spacing:\n-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>execute,<span style=\"letter-spacing:-.55pt\"> <\/span>acknowledge<span style=\"letter-spacing:\n-.7pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>swear<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>execution,<span style=\"letter-spacing:-.65pt\"> <\/span>acknowledgment,<span style=\"letter-spacing:\n-.65pt\"> <\/span>filing and\/or recording of any of the following (such special\npower of attorney granted by each<span style=\"letter-spacing:-.6pt\"> <\/span>Member<span style=\"letter-spacing:-.55pt\"> <\/span>(i)<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>special<span style=\"letter-spacing:-.6pt\"> <\/span>power<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>attorney<span style=\"letter-spacing:-.6pt\">\n<\/span>coupled<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>an<span style=\"letter-spacing:-.6pt\"> <\/span>interest,<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>irrevocable,\nshall survive the incapacity of the granting Member and is limited to the\nmatters set forth in this Agreement, and (ii) may be exercised by the Managing\nMember acting for the Member by a facsimile signature of such Member):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:11.1pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:45.0pt;\nmso-list:l2 level4 lfo17;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any\nseparate Certificate of Formation, as well as any amendments thereto or to this\nAgreement, which, under the laws of the State of New York<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>laws<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>state,<span style=\"letter-spacing:-.25pt\">\n<\/span>are<span style=\"letter-spacing:-.35pt\"> <\/span>required<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>executed<span style=\"letter-spacing:-.25pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>filed<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>which\nis deemed advisable by the Managing Member to execute or file;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:11.0pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:45.0pt;\nmso-list:l2 level4 lfo17;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any\nother instrument or document which may be required to be filed<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>laws<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>state<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>governmental<span style=\"letter-spacing:-.2pt\"> <\/span>agency,<span style=\"letter-spacing:-.2pt\">\n<\/span>or which is deemed advisable by the Managing Member to file;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:10.95pt;\nmargin-bottom:0in;margin-left:70.0pt;margin-bottom:.0001pt;text-indent:45.0pt;\nmso-list:l2 level4 lfo17;tab-stops:169.8pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.3.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any<span style=\"letter-spacing:-.6pt\"> <\/span>instrument<span style=\"letter-spacing:\n-.55pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>document<span style=\"letter-spacing:-.5pt\"> <\/span>which<span style=\"letter-spacing:-.6pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>required<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>effect<span style=\"letter-spacing:-.55pt\"> <\/span>the continuation<span style=\"letter-spacing:\n4.0pt\"> <\/span>of<span style=\"letter-spacing:4.0pt\"> <\/span>the<span style=\"letter-spacing:4.0pt\"> <\/span>Company,<span style=\"letter-spacing:4.0pt\">\n<\/span>the<span style=\"letter-spacing:4.0pt\"> <\/span>admission<span style=\"letter-spacing:4.0pt\"> <\/span>of<span style=\"letter-spacing:4.0pt\"> <\/span>additional<span style=\"letter-spacing:4.0pt\"> <\/span>Members,<span style=\"letter-spacing:4.0pt\">\n<\/span>or<span style=\"letter-spacing:4.0pt\"> <\/span>the dissolution and\ntermination of the Company (provided the continuation, admission, or\ndissolution and termination are in accordance with the terms of this\nAgreement); <span style=\"letter-spacing:-.2pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:169.85pt;text-indent:-54.8pt;\nmso-list:l2 level4 lfo17;tab-stops:169.85pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">15.20.3.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any<span style=\"letter-spacing:3.4pt\"> <\/span>amendment<span style=\"letter-spacing:3.55pt\">\n<\/span>to<span style=\"letter-spacing:3.6pt\"> <\/span>this<span style=\"letter-spacing:\n3.55pt\"> <\/span>Agreement<span style=\"letter-spacing:3.55pt\"> <\/span>as<span style=\"letter-spacing:3.65pt\"> <\/span>set<span style=\"letter-spacing:3.7pt\"> <\/span>forth<span style=\"letter-spacing:3.5pt\"> <\/span>in<span style=\"letter-spacing:3.85pt\"> <\/span><u><span style=\"letter-spacing:-.1pt\">Section<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:70.0pt\"><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">15.20.1<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:53.85pt;\nmargin-bottom:0in;margin-left:50.1pt;margin-bottom:.0001pt;text-align:center\"><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SIGNATURE<span style=\"letter-spacing:-.05pt\"> <\/span>PAGE<span style=\"letter-spacing:-.05pt\"> <\/span>TO\n<span style=\"letter-spacing:-.1pt\">FOLLOW<\/span><\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">IN<span style=\"letter-spacing:-.3pt\"> <\/span>WITNESS<span style=\"letter-spacing:-.2pt\">\n<\/span>WHEREOF,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Persons<span style=\"letter-spacing:-.2pt\">\n<\/span>comprising<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>Members<span style=\"letter-spacing:-.2pt\"> <\/span>have executed\nthis Agreement as of the date first set forth above.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.1pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h6><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">COMPANY:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h6>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.85pt;margin-right:65.9pt;margin-bottom:\n0in;margin-left:223.05pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:-.3pt\">\n<\/span>Growth<span style=\"letter-spacing:-.45pt\"> <\/span>&amp;<span style=\"letter-spacing:-.25pt\"> <\/span>Income<span style=\"letter-spacing:-.4pt\">\n<\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>LLC a New York limited\nliability company<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p 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annotation=\"t\">\n<\/o:ink><\/o:lock><\/v:path><\/v:stroke><\/v:rect><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;<span style=\"position:relative;top:4.0pt;\nmso-text-raise:-4.0pt\">Name: Dilip Mooparakath<\/span><\/span><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:88%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.45pt;margin-right:0in;margin-bottom:0in;\nmargin-left:259.05pt;margin-bottom:.0001pt;tab-stops:295.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Its:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Person<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:54.05pt;\nmargin-bottom:0in;margin-left:49.9pt;margin-bottom:.0001pt;text-align:center\"><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">EXHIBIT<span style=\"letter-spacing:1.8pt\"> <\/span><span style=\"letter-spacing:-.25pt\">\u201cA\u201d<\/span><\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 style=\"margin-top:12.0pt;margin-right:103.4pt;margin-bottom:0in;margin-left:\n113.95pt;margin-bottom:.0001pt;text-indent:33.35pt;line-height:186%\"><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Names and Addresses of\nMembers,<\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"> <u>Percentage\nInterests and Capital Contributions<\/u><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.35pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:11.2pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:double black 1.5pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.5pt double black;mso-border-insidev:1.5pt double black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:57.7pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.55pt;border:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:8.1pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:21.95pt;margin-bottom:.0001pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Name<span style=\"letter-spacing:-.1pt\"> <\/span>and\n  Address of<span style=\"letter-spacing:.05pt\"> <\/span>Managing <span style=\"letter-spacing:-.1pt\">Member<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"94\" valign=\"top\" style=\"width:70.8pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:1.15pt;margin-right:\n  5.95pt;margin-bottom:0in;margin-left:6.6pt;margin-bottom:.0001pt;text-align:\n  center;text-indent:-.2pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Managing Member Percentage Interest<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.95pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:1.15pt;margin-right:\n  0in;margin-bottom:0in;margin-left:.6pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Managing\n  Member Units<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.25pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:1.5pt;text-indent:14.6pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Capital\n  Contribution<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:143.5pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.55pt;border:double black 1.5pt;\n  border-top:none;mso-border-top-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:143.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n  0in;margin-left:1.3pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud\n  Toronto &#8211; FYBN <span style=\"letter-spacing:-.35pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:\n  -.35pt\"> <\/span>Growth<span style=\"letter-spacing:-.3pt\"> <\/span>&amp;<span style=\"letter-spacing:-.3pt\"> <\/span>Income<span style=\"letter-spacing:-.25pt\">\n  <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>GP<span style=\"letter-spacing:-.3pt\"> <\/span>LLC 970 Peachtree Industrial Blvd, Suite\n  1-2, Suwanee, GA 30024<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"94\" valign=\"top\" style=\"width:70.8pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:143.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:20.9pt\"><span style=\"font-size:\n  12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.2pt\">100%<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.95pt;border-top:none;border-left:\n  none;border-bottom:double black 1.5pt;border-right:double black 1.5pt;\n  mso-border-top-alt:double black 1.5pt;mso-border-left-alt:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:143.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:20.95pt\"><span style=\"font-size:\n  12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">1,000<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.25pt;border-top:none;border-left:\n  none;border-bottom:double black 1.5pt;border-right:double black 1.5pt;\n  mso-border-top-alt:double black 1.5pt;mso-border-left-alt:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:143.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-left:.5pt;text-align:center\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.25pt\">$0<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.35pt;margin-right:0in;margin-bottom:\n.05pt;margin-left:0in\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:11.2pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:double black 1.5pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.5pt double black;mso-border-insidev:1.5pt double black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:57.7pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.25pt;border:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.2pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:26.05pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Name<span style=\"letter-spacing:-.1pt\"> <\/span>and\n  Address of<span style=\"letter-spacing:.05pt\"> <\/span>Class A <span style=\"letter-spacing:-.1pt\">Members<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.3pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:1.15pt;margin-right:\n  0in;margin-bottom:0in;margin-left:.65pt;margin-bottom:.0001pt;text-align:\n  center\"><b><span style=\"font-size:12.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Participating Member Percentage Interest<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.65pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt;margin-right:14.05pt;\n  margin-bottom:0in;margin-left:20.6pt;margin-bottom:.0001pt;text-indent:-5.8pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.75pt\"> <\/span>A <span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.2pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt;margin-right:0in;margin-bottom:\n  0in;margin-left:1.6pt;margin-bottom:.0001pt;text-indent:14.6pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Capital\n  Contribution<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:111.55pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.25pt;border:double black 1.5pt;\n  border-top:none;mso-border-top-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:111.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:1.3pt\"><span style=\"font-size:\n  12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">*maintained<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>separate\n  Member Register.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.3pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:111.55pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.65pt;border-top:none;border-left:\n  none;border-bottom:double black 1.5pt;border-right:double black 1.5pt;\n  mso-border-top-alt:double black 1.5pt;mso-border-left-alt:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:111.55pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.2pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:111.55pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.4pt;margin-right:0in;margin-bottom:\n.05pt;margin-left:0in\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:11.2pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:double black 1.5pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.5pt double black;mso-border-insidev:1.5pt double black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:57.7pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.25pt;border:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:26.3pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Name<span style=\"letter-spacing:-.1pt\"> <\/span>and\n  Address of<span style=\"letter-spacing:.05pt\"> <\/span>Class B <span style=\"letter-spacing:-.1pt\">Members<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.3pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:1.15pt;margin-right:\n  0in;margin-bottom:0in;margin-left:.65pt;margin-bottom:.0001pt;text-align:\n  center\"><b><span style=\"font-size:12.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Participating Member Percentage Interest<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.65pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt;margin-right:14.5pt;\n  margin-bottom:0in;margin-left:20.6pt;margin-bottom:.0001pt;text-indent:-5.55pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.75pt\"> <\/span>B <span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.2pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt;margin-right:0in;margin-bottom:\n  0in;margin-left:1.6pt;margin-bottom:.0001pt;text-indent:14.6pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Capital\n  Contribution<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:71.35pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.25pt;border:double black 1.5pt;\n  border-top:none;mso-border-top-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:71.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:1.3pt\"><span style=\"font-size:\n  12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">*maintained<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>separate\n  Member Register.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.3pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:71.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.65pt;border-top:none;border-left:\n  none;border-bottom:double black 1.5pt;border-right:double black 1.5pt;\n  mso-border-top-alt:double black 1.5pt;mso-border-left-alt:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:71.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.2pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:71.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection200\">\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.2pt;margin-right:0in;margin-bottom:\n.05pt;margin-left:0in\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:11.2pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:double black 1.5pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.5pt double black;mso-border-insidev:1.5pt double black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:57.7pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.25pt;border:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:27.95pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Name<span style=\"letter-spacing:-.1pt\"> <\/span>and\n  Address of<span style=\"letter-spacing:.05pt\"> <\/span>Class I <span style=\"letter-spacing:-.1pt\">Members<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.3pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:1.15pt;margin-right:\n  0in;margin-bottom:0in;margin-left:.65pt;margin-bottom:.0001pt;text-align:\n  center\"><b><span style=\"font-size:12.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Participating Member Percentage Interest<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.65pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt;margin-right:16.1pt;\n  margin-bottom:0in;margin-left:20.6pt;margin-bottom:.0001pt;text-indent:-3.85pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.75pt\"> <\/span>I <span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.2pt;border:double black 1.5pt;\n  border-left:none;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:57.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.15pt;margin-right:0in;margin-bottom:\n  0in;margin-left:1.6pt;margin-bottom:.0001pt;text-indent:14.6pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Capital\n  Contribution<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;mso-yfti-lastrow:yes;height:99.0pt\">\n  <td width=\"343\" valign=\"top\" style=\"width:257.25pt;border:double black 1.5pt;\n  border-top:none;mso-border-top-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:99.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:1.3pt\"><span style=\"font-size:\n  12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">*maintained<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>separate\n  Member Register.<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.3pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:99.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"93\" valign=\"top\" style=\"width:69.65pt;border-top:none;border-left:\n  none;border-bottom:double black 1.5pt;border-right:double black 1.5pt;\n  mso-border-top-alt:double black 1.5pt;mso-border-left-alt:double black 1.5pt;\n  padding:0in 0in 0in 0in;height:99.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"95\" valign=\"top\" style=\"width:71.2pt;border-top:none;border-left:none;\n  border-bottom:double black 1.5pt;border-right:double black 1.5pt;mso-border-top-alt:\n  double black 1.5pt;mso-border-left-alt:double black 1.5pt;padding:0in 0in 0in 0in;\n  height:99.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection201\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:256.35pt;\nmargin-bottom:0in;margin-left:255.7pt;margin-bottom:.0001pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">EXHIBIT <span style=\"letter-spacing:-.25pt\">\u201cB\u201d<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.0pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:256.35pt;\nmargin-bottom:0in;margin-left:255.55pt;margin-bottom:.0001pt;text-align:center;\nline-height:286%\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:286%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">RELATED PARTY FEE SCHEDULE AFFILIATE<span style=\"letter-spacing:-.1pt\"> <\/span>SERVICES<span style=\"letter-spacing:-.1pt\">\n<\/span>AND<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:\n-.2pt\">RATES<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:.05pt;margin-right:256.4pt;\nmargin-bottom:0in;margin-left:255.55pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(<i>see<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">attached<\/span><\/i><span style=\"letter-spacing:\n-.1pt\">)<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection202\">\n\n<p class=\"MsoNormal\" style=\"margin-top:7.9pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">DocuSign<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Envelope<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">ID:<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.75pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">992CF002-D1BA-4AC4-889B-1CFC72EB5F70<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:4.2pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#231F20;mso-font-width:130%\">EXHIBIT<span style=\"letter-spacing:-.8pt\"> <\/span><\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n-.6pt;mso-font-width:135%\">B<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection203\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:.2pt\"><b><span style=\"font-size:1.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:8.5pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:61.55pt\">\n  <td width=\"1008\" colspan=\"7\" valign=\"top\" style=\"width:10.5in;border:solid black 1.0pt;\n  border-bottom:solid white 2.25pt;background:#DBAC77;padding:0in 0in 0in 0in;\n  height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:4.15pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.5pt;margin-bottom:.0001pt;line-height:11.6pt;mso-line-height-rule:\n  exactly\"><b><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:125%\">Company<span style=\"letter-spacing:.45pt\">\n  <\/span>Level<span style=\"letter-spacing:.45pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:4.5pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The below\n  are fees that are paid directly from the Company to Cloud Toronto &#8211; FYBN &nbsp;Services, its Affiliates, or other related\n  or third parties as listed in the Payee column.<span style=\"letter-spacing:\n  2.0pt\"> <\/span>No similar fees (for the same services performed) will be\n  taken at multiple entity levels with respect to the same investor Capital\n  Contributions.<span style=\"letter-spacing:2.0pt\"> <\/span>For example, if the\n  Company invests 50% equity into a single asset offering, to the extent that\n  offering\u2019s entity charges a similar fee, the fee owed by the Company will be\n  offset, dollar for dollar, by the asset-level fee (or vice versa ),\n  eliminating the instance of paying extra, or double fees for the same<span style=\"letter-spacing:-.1pt\"> <\/span>services<span style=\"letter-spacing:\n  -.1pt\"> <\/span>performed.<span style=\"letter-spacing:2.0pt\"> <\/span>Please<span style=\"letter-spacing:-.1pt\"> <\/span>note<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>after<span style=\"letter-spacing:-.1pt\">\n  <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Notes<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>converted<span style=\"letter-spacing:-.1pt\"> <\/span>(if<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>event<span style=\"letter-spacing:-.1pt\">\n  <\/span>occurs),<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>those<span style=\"letter-spacing:-.1pt\">\n  <\/span>re-occuring<span style=\"letter-spacing:-.1pt\"> <\/span>fees,<span style=\"letter-spacing:-.1pt\"> <\/span>similar<span style=\"letter-spacing:-.1pt\">\n  <\/span>fees<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>taken<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>respect<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>deemed<span style=\"letter-spacing:-.1pt\">\n  <\/span>\u201cCapital<span style=\"letter-spacing:-.1pt\"> <\/span>Contributions\u201d made\n  by the note holders to the Company.<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:50.25pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:79.7pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;\n  height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.5pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Service<span style=\"letter-spacing:\n  -.55pt\"> <\/span>or <span style=\"letter-spacing:-.4pt\">Arrangement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payor<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.25pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:9.6pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt\">Agreement <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">Where<span style=\"letter-spacing:-.5pt\"> <\/span>Descrip- <span style=\"letter-spacing:\n  -.1pt\">tion<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Services <\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">Performed<span style=\"letter-spacing:-.55pt\"> <\/span>is <span style=\"letter-spacing:-.1pt\">Located<\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"178\" valign=\"top\" style=\"width:133.4pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#ECD5BA;padding:0in 0in 0in 0in;height:50.25pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Off-Sets;<span style=\"letter-spacing:-.4pt\">\n  <\/span>Carve-<span style=\"letter-spacing:-.2pt\">Outs<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:155.85pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:79.7pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n  height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.5pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Management<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:9.1pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Managing<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.35pt;line-height:9.1pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt;mso-font-width:110%\">Member<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Management Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.85pt\"><b><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:8.85pt;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The<span style=\"letter-spacing:-.4pt\"> <\/span>Asset<span style=\"letter-spacing:-.4pt\">\n  <\/span>Management<span style=\"letter-spacing:-.4pt\"> <\/span>Fee<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>equal<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>one<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>one\n  half (1.5%) percent of the Net Asset Value of the Participating<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\">\n  <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:\n  -.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>close<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>business<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the\n  last Business Day of the relevant month, calculated before deduction of the\n  Asset Management Fee,<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:3.35pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">or any\n  accrued but unallocated Managing Member Performance<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Allocation<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>before<span style=\"letter-spacing:-.1pt\">\n  <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>withdrawals.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">The<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Management<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">Fee<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.45pt;mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">is<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">a<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt;mso-font-width:\n  105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt;mso-font-width:105%\">re-occur- <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">ring,<span style=\"letter-spacing:-.2pt\"> <\/span>annual<span style=\"letter-spacing:-.2pt\">\n  <\/span>fee,<span style=\"letter-spacing:-.2pt\"> <\/span>payable<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>arrears\n  each month based on the current NAV of the Members as of the last day of each\n  such month.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:8.9pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">It is\n  anticipated that the source of <span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">used<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pay<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fee<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initially\n  <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Capital<span style=\"letter-spacing:-.3pt\"> <\/span>Contributions<span style=\"letter-spacing:\n  -.3pt\"> <\/span>of the Members and then, if available, from financing proceeds\n  and\/or operational cash flow.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"178\" valign=\"top\" style=\"width:133.4pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:155.85pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:2.45pt;margin-right:3.3pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:86%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">If<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\">\n  <\/span>direct<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>indirect<span style=\"letter-spacing:\n  -.05pt\"> <\/span>subsidiary of the Company pays to Cloud Toronto &#8211; FYBN &nbsp;Services<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>Affiliate<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>similar\n  fee, the Management Fee de- scribed herein shall be reduced on a\n  dollar-for-dollar basis with respect to the capital contribu- tions made by\n  the Company to such direct or indirect subsidiary.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:7.95pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:86%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:110%\">For example,\n  if the Company invests<span style=\"letter-spacing:-.25pt\"> <\/span>50%<span style=\"letter-spacing:-.25pt\"> <\/span>equity<span style=\"letter-spacing:-.25pt\">\n  <\/span>into<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>single asset<span style=\"letter-spacing:\n  -.35pt\"> <\/span>offering,<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\">\n  <\/span>extent<span style=\"letter-spacing:-.35pt\"> <\/span>that <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">offering&#8217;s entity charges a\n  similar <span style=\"letter-spacing:-.1pt;mso-font-width:110%\">fee,<\/span><span style=\"letter-spacing:-.55pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">the<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">fee<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">owed<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">by<\/span><span style=\"letter-spacing:-.55pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">the<\/span><span style=\"letter-spacing:-.5pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">Compa- <\/span>ny<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>offset,<span style=\"letter-spacing:-.6pt\"> <\/span>dollar<span style=\"letter-spacing:-.65pt\">\n  <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>dollar, by the\n  asset-level fee, eliminating the instance\n  of paying extra, or double<span style=\"letter-spacing:-.35pt\"> <\/span>fees.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:86%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:279.1pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:79.7pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n  height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.95pt;margin-right:6.75pt;\n  margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;line-height:80%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:80%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Managing <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:80%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:90%\">Broker<span style=\"letter-spacing:-.5pt\"> <\/span>Fees<span style=\"letter-spacing:-.4pt\"> <\/span>and\n  <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n  80%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:\n  -.1pt\">Commissions<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:80%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:8.95pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Skyway<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.5pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Cap- <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">ital<span style=\"letter-spacing:\n  -.1pt\"> <\/span>Markets <span style=\"letter-spacing:-.2pt\">LLC<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Private Placement <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;\n  letter-spacing:-.1pt\">Engagement Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:8.85pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">The Company has an agreement\n  with Young America Capital LLC, a registered broker\/dealer and member\n  FINRA\/SIPC (&#8220;Managing Broker&#8221;), pursuant to which the<span style=\"letter-spacing:-.45pt\"> <\/span>securities<span style=\"letter-spacing:-.45pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\">\n  <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>offered<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\">\n  <\/span>sold.<span style=\"letter-spacing:3.6pt\"> <\/span>Please<span style=\"letter-spacing:-.45pt\"> <\/span>note that salespersons\n  affiliated with Cloud Toronto &#8211; FYBN &nbsp;(but who are<span style=\"letter-spacing:\n  2.0pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;\n  mso-font-width:110%\">licensed<\/span><span style=\"letter-spacing:-.3pt;\n  mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:\n  110%\">and<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">managed<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">through<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">a<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">Broker<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">Dealer)<\/span><span style=\"letter-spacing:-.3pt;mso-font-width:110%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:110%\">will <\/span>receive selling\n  commissions up to 2.00% of the gross proceeds<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Offering.<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Other<span style=\"letter-spacing:-.65pt\"> <\/span>fees<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>will<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>paid\n  to Young America Capital LLC include the following:<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:.05pt;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">(1) a\n  non-refundable engagement fee of $10,000 that was or will be paid upon\n  execution of a placement agreement between the Company and the Managing\n  Broker; (2) a Managing Broker Dealer (MBD) Fee of 0.7%<span style=\"letter-spacing:\n  -.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>all<span style=\"letter-spacing:-.3pt\"> <\/span>sales<span style=\"letter-spacing:-.3pt\">\n  <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>Class<span style=\"letter-spacing:-.3pt\"> <\/span>B<span style=\"letter-spacing:-.3pt\"> <\/span>shares<span style=\"letter-spacing:-.3pt\"> <\/span>(3)<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>Marketing<span style=\"letter-spacing:\n  -.3pt\"> <\/span>and Due<span style=\"letter-spacing:-.6pt\"> <\/span>Diligence<span style=\"letter-spacing:-.6pt\"> <\/span>Fee<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>up<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>1.00%<span style=\"letter-spacing:.35pt\">\n  <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>all<span style=\"letter-spacing:-.6pt\"> <\/span>sales<span style=\"letter-spacing:-.6pt\">\n  <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Class<span style=\"letter-spacing:-.6pt\"> <\/span>B Shares (based on the principal amount\n  of the securi- ties<span style=\"letter-spacing:-.2pt\"> <\/span>issued).<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.65pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:3.35pt;margin-bottom:.0001pt;line-height:97%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Vary (see description to the\n  left that described different fees paid and\n  when paid).<span style=\"letter-spacing:2.0pt\"> <\/span>Fees are\n  generally paid in arrears on a monthly\n  basis.<span style=\"letter-spacing:2.0pt\"> <\/span>All such MBD fees and\n  selling commis- sions will be paid from\n  proceeds received from the Offering.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:97%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"178\" valign=\"top\" style=\"width:133.4pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:279.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:3.35pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:17.45pt\">\n  <td width=\"1008\" colspan=\"7\" valign=\"top\" style=\"width:10.5in;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid white 2.25pt;padding:0in 0in 0in 0in;\n  height:17.45pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New 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filled=\"f\" stroked=\"f\">\n <v:textbox inset=\"0,0,0,0\">\n  <!--[if !mso]-->\n  <\/v:textbox><\/v:shape><\/p><table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n   <tbody><tr>\n    <td><!--[endif]-->\n    <div>\n    <table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:3.35pt;border-collapse:collapse;mso-table-layout-alt:\n     fixed;border:none;mso-border-alt:solid white 2.25pt;mso-yfti-tbllook:480;\n     mso-padding-alt:0in 0in 0in 0in;mso-border-insideh:2.25pt solid white;\n     mso-border-insidev:2.25pt solid white\">\n     <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:42.25pt\">\n      <td width=\"1008\" colspan=\"7\" valign=\"top\" style=\"width:10.5in;border:none;\n      border-bottom:solid white 2.25pt;background:#DBAC77;padding:0in 0in 0in 0in;\n      height:42.25pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:4.15pt;margin-right:0in;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:\n      11.9pt;mso-line-height-rule:exactly\"><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Calibri&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;mso-font-width:130%\">Asset<span style=\"letter-spacing:-.7pt\">\n      <\/span>Level<span style=\"letter-spacing:-.7pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Fees<\/span><\/span><\/b><b><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Calibri&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/b><\/p>\n      <p class=\"TableParagraph\" style=\"margin-left:4.0pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">The\n      below asset level fee descriptions relate to fees paid by the project\n      level entities (e.g., direct or indirect subsidiaries of the Company that\n      hold title or a leasehold interest to real property), with such fees and\n      other amounts paid to Cloud Toronto &#8211; FYBN &nbsp;Services, LLC, its Affiliates or other\n      related persons in connection with services performed or other\n      commitments made.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n     <\/tr>\n     <tr style=\"mso-yfti-irow:1;height:59.85pt\">\n      <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;\n      height:59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:\n      85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20\">Service<span style=\"letter-spacing:-.55pt\"> <\/span>or <span style=\"letter-spacing:-.4pt\">Arrangement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.1pt\">Payee<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.1pt\">Payor<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.25pt;margin-right:16.5pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      9.6pt;mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.1pt\">Agreement Where Description <\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20\">of<span style=\"letter-spacing:-.55pt\"> <\/span>Services <span style=\"letter-spacing:\n      -.4pt\">Performed<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.4pt\">is <\/span><span style=\"letter-spacing:-.1pt\">Located<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:\n      90%\">Approved<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.2pt\">Rate<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#ECD5BA;padding:0in 0in 0in 0in;height:59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:\n      90%\">Approved<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.2pt\">Rate<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:\n      solid white 2.25pt;mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:\n      solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;height:\n      59.85pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:\n      90%\">Off-Sets;<span style=\"letter-spacing:-.4pt\"> <\/span>Carve-<span style=\"letter-spacing:-.2pt\">Outs<\/span><\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n     <\/tr>\n     <tr style=\"mso-yfti-irow:2;height:117.45pt\">\n      <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n      height:117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:\n      10.45pt;mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:\n      90%\">Loan<span style=\"letter-spacing:-.3pt\"> <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.1pt\">Guaranty<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-left:4.0pt;line-height:10.45pt;\n      mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">Fee<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">Entities<span style=\"letter-spacing:-.2pt\"> <\/span>or <span style=\"letter-spacing:-.1pt\">persons\n      providing guarantees<\/span><\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.75pt\"><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\">&nbsp;<\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:110%\">(or,<span style=\"letter-spacing:-.35pt\"> <\/span>if <span style=\"letter-spacing:\n      -.1pt\">different, <\/span><span style=\"letter-spacing:-.2pt\">the <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.1pt\">applicable\n      borrower)<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.25pt;mso-font-width:105%\">N\/A<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:8.85pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">0.25%<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\">\n      <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>gross<span style=\"letter-spacing:-.35pt\"> <\/span>value<span style=\"letter-spacing:\n      -.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>loan<span style=\"letter-spacing:\n      -.35pt\"> <\/span>guaranteed<span style=\"letter-spacing:-.35pt\"> <\/span>by\n      such<span style=\"letter-spacing:-.2pt\"> <\/span>guarantor.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.1pt;\n      mso-font-width:105%\">The<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Loan<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.45pt;\n      mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.1pt;mso-font-width:105%\">Guaranty<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.5pt;\n      mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.1pt;mso-font-width:105%\">Fee<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.45pt;\n      mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.1pt;mso-font-width:105%\">is<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.5pt;\n      mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.1pt;mso-font-width:105%\">a<\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.45pt;mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.1pt;\n      mso-font-width:105%\">re-occur- <\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;mso-font-width:105%\">ring, annual fee, payable in arrears\n      each<span style=\"letter-spacing:-.05pt\"> <\/span>month<span style=\"letter-spacing:-.05pt\"> <\/span>based<span style=\"letter-spacing:\n      -.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>aggregate gross amount guaranteed\n      by the guarantor under the applicable loan.<\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.25pt\"><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\">&nbsp;<\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-left:2.85pt;line-height:9.5pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;mso-font-width:110%\">It is anticipated that the source of <span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:\n      -.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">used<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pay<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fee<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initially\n      <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\">\n      <\/span>Capital<span style=\"letter-spacing:-.3pt\"> <\/span>Contributions<span style=\"letter-spacing:-.3pt\"> <\/span>of the Members and then, if\n      available, from financing proceeds and\/or operational cash flow.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:\n      solid white 2.25pt;mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:\n      solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:\n      117.45pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n     <\/tr>\n     <tr style=\"mso-yfti-irow:3;height:112.3pt\">\n      <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n      height:112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:\n      85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;mso-font-width:90%\">Loan<span style=\"letter-spacing:-.5pt\">\n      <\/span>Placement <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.2pt\">Fee<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt\"><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\">&nbsp;<\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:11.35pt;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:\n      85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.3pt\">(if<\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.6pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.3pt\">permitted<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.6pt\"> <\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.3pt\">by <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;color:#231F20;mso-font-width:90%\">applicable<span style=\"letter-spacing:-.35pt\"> <\/span><\/span><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.2pt\">law)<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      line-height:85%;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:4.65pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.1pt;\n      mso-font-width:105%\">Cloud Toronto &#8211; FYBN&nbsp;\n      Services<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">or<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.5pt;\n      mso-font-width:105%\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.1pt;mso-font-width:105%\">its Affiliate<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.75pt\"><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\">&nbsp;<\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:4.4pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">(or,\n      if not the<span style=\"letter-spacing:-.2pt\"> <\/span>RE <span style=\"letter-spacing:-.1pt\">Holding Company, <\/span><span style=\"letter-spacing:-.2pt\">the <\/span><span style=\"letter-spacing:-.1pt\">applicable\n      borrower)<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:8.15pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.1pt;\n      mso-font-width:105%\">Loan<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.5pt;mso-font-width:105%\"> <\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Placement\n      Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;mso-font-width:105%\">Up<span style=\"letter-spacing:-.25pt\">\n      <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>1%<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\">\n      <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>gross<span style=\"letter-spacing:-.25pt\"> <\/span>loan<span style=\"letter-spacing:\n      -.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">proceeds.<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">The\n      Loan Placement Fee is a one- time<span style=\"letter-spacing:-.15pt\"> <\/span>fee,<span style=\"letter-spacing:-.15pt\"> <\/span>payable<span style=\"letter-spacing:\n      -.15pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>date<span style=\"letter-spacing:\n      -.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the\n      applicable<span style=\"letter-spacing:-.2pt\"> <\/span>financing.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.45pt\"><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\">&nbsp;<\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:110%\">It\n      is anticipated that the source of <span style=\"letter-spacing:-.1pt\">funds<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">used<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">pay<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">fee<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">will<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initially\n      <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\">\n      <\/span>Capital<span style=\"letter-spacing:-.3pt\"> <\/span>Contributions<span style=\"letter-spacing:-.3pt\"> <\/span>of the Members and then, if\n      available, from financing proceeds and\/or operational cash flow.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:\n      solid white 2.25pt;mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:\n      solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:\n      112.3pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n     <\/tr>\n     <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:215.15pt\">\n      <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;\n      height:215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:\n      10.45pt;mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;\n      mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.1pt\">Construction<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-left:4.0pt;line-height:10.45pt;\n      mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;mso-font-width:90%\">Management<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      .6pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.25pt\">Fee<\/span><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:7.9pt;margin-right:0in;\n      margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:\n      90%\">(if<span style=\"letter-spacing:-.3pt\"> <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:\n      -.1pt\">applicable)<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;font-family:&quot;Arial Black&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;letter-spacing:-.1pt;\n      mso-font-width:105%\">Cloud Toronto &#8211; FYBN&nbsp;\n      Development, <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.2pt;mso-font-width:105%\">LLC<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.1pt;margin-right:9.6pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">(an<span style=\"letter-spacing:-.6pt\"> <\/span>affiliate of<span style=\"letter-spacing:\n      -.2pt\"> <\/span>Cloud Toronto &#8211; FYBN &nbsp;<span style=\"letter-spacing:-.1pt\">Services)<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:18.4pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;text-align:\n      justify;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;\n      letter-spacing:-.1pt;mso-font-width:105%\">Construction Management\n      Agreement<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:8.85pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">Up<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\">\n      <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>maximum<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\">\n      <\/span>4%<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>hard<span style=\"letter-spacing:\n      -.2pt\"> <\/span>project<span style=\"letter-spacing:-.2pt\"> <\/span>costs<span style=\"letter-spacing:-.2pt\"> <\/span>(which, generally speaking, is\n      intended to be based on the gross payments to the general contractor,\n      plus at times certain other amounts paid (e.g. furniture, fix- tures and\n      equipment).<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n      line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n      none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n      mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n      background:#F4EEEB;padding:0in 0in 0in 0in;height:215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:11.2pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:105%\">The<span style=\"letter-spacing:-.7pt\"> <\/span>Construction<span style=\"letter-spacing:\n      -.6pt\"> <\/span>Management<span style=\"letter-spacing:-.55pt\"> <\/span>Fee\n      is typically paid to the payee on a monthly<span style=\"letter-spacing:\n      -.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>quarterly<span style=\"letter-spacing:-.1pt\"> <\/span>basis<span style=\"letter-spacing:\n      -.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>costs are<span style=\"letter-spacing:-.2pt\"> <\/span>incurred).<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\n      font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:\n      8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\">&nbsp;<\/span><\/p>\n      <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.25pt;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:\n      103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:\n      103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:&quot;Times New Roman&quot;;\n      mso-bidi-font-family:&quot;Times New Roman&quot;;color:#231F20;mso-font-width:110%\">It\n      is anticipated that the source of funds used to pay this fee will be <span style=\"letter-spacing:-.1pt\">from<\/span><span style=\"letter-spacing:-.4pt\">\n      <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">initial<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Capital<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Contributions\n      <\/span>of the Members or from proceeds received in connection with a con-\n      struction loan financing.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n      11.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;mso-hansi-font-family:\n      &quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n      <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:\n      solid white 2.25pt;mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:\n      solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:\n      215.15pt\">\n      <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;\n      margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\n      color:#231F20;letter-spacing:-.2pt;mso-font-width:105%\">None<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n      mso-hansi-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;\"><o:p><\/o:p><\/span><\/p>\n      <\/td>\n     <\/tr>\n    <\/tbody><\/table>\n    <p class=\"MsoBodyText\"><o:p>&nbsp;<\/o:p><\/p>\n    <\/div>\n    <!--[if !mso]--><\/td>\n   <\/tr>\n  <\/tbody><\/table>\n  <!--[endif]-->\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">DocuSign<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Envelope<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">ID:<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.75pt\"> <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">992CF002-D1BA-4AC4-889B-1CFC72EB5F70<o:p><\/o:p><\/span><p><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:3.9pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;tab-stops:270.75pt 767.1pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:3.9pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;tab-stops:270.75pt 767.1pt\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection205\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:8.35pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid white 2.25pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:2.25pt solid white;mso-border-insidev:2.25pt solid white\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:61.55pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border:solid white 2.25pt;\n  border-left:none;background:#ECD5BA;padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Service<span style=\"letter-spacing:\n  -.55pt\"> <\/span>or <span style=\"letter-spacing:-.4pt\">Arrangement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">Payor<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:16.5pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt\">Agreement\n  Where Description <\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:85%;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">of<span style=\"letter-spacing:-.55pt\"> <\/span>Services <span style=\"letter-spacing:\n  -.4pt\">Performed<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.4pt\">is <\/span><span style=\"letter-spacing:-.1pt\">Located<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border:solid white 2.25pt;\n  border-left:none;mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;\n  padding:0in 0in 0in 0in;height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Approved<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.6pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.2pt\">Rate<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border-top:solid white 2.25pt;\n  border-left:none;border-bottom:solid white 2.25pt;border-right:none;\n  mso-border-left-alt:solid white 2.25pt;background:#ECD5BA;padding:0in 0in 0in 0in;\n  height:61.55pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:90%\">Off-Sets;<span style=\"letter-spacing:-.4pt\">\n  <\/span>Carve-<span style=\"letter-spacing:-.2pt\">Outs<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:63.9pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:85%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Real<span style=\"letter-spacing:\n  -.55pt\"> <\/span>Estate <span style=\"letter-spacing:-.1pt;mso-font-width:90%\">Brokerage<\/span><span style=\"letter-spacing:-.35pt;mso-font-width:90%\"> <\/span><span style=\"letter-spacing:-.1pt;mso-font-width:90%\">Fee<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:85%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:.3pt\">&nbsp;<\/span><span style=\"letter-spacing:-.1pt\">Realty,<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">LLC<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:26.3pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">Real<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Estate <span style=\"letter-spacing:-.1pt\">Brokerage Services\n  Agreement<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">A<span style=\"letter-spacing:-.4pt\"> <\/span>market-rate<span style=\"letter-spacing:\n  -.4pt\"> <\/span>fee<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>real<span style=\"letter-spacing:-.4pt\"> <\/span>estate<span style=\"letter-spacing:-.4pt\"> <\/span>brokerage<span style=\"letter-spacing:\n  -.4pt\"> <\/span>services, ranging from 2%-6% on the purchase or sale of<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">any real\n  property held by the RE Holding Company, depending<span style=\"letter-spacing:\n  -.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>asset<span style=\"letter-spacing:-.3pt\">\n  <\/span>class,<span style=\"letter-spacing:-.3pt\"> <\/span>representation<span style=\"letter-spacing:-.3pt\"> <\/span>(dual<span style=\"letter-spacing:-.3pt\">\n  <\/span>or single), and transaction size.<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:19.55pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20\">The<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Real<span style=\"letter-spacing:-.25pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\"> <\/span>Brokerage<span style=\"letter-spacing:\n  -.25pt\"> <\/span>Fee<span style=\"letter-spacing:-.25pt\"> <\/span>is a<span style=\"letter-spacing:-.1pt\"> <\/span>one-time<span style=\"letter-spacing:-.1pt\"> <\/span>fee<span style=\"letter-spacing:-.1pt\"> <\/span>payable<span style=\"letter-spacing:-.1pt\"> <\/span>upon<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">closing<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>real<span style=\"letter-spacing:-.45pt\">\n  <\/span>estate<span style=\"letter-spacing:-.45pt\"> <\/span>acquisition or\n  disposition by the RE Holding <span style=\"letter-spacing:-.1pt\">Company.<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:63.9pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The Real\n  Estate Brokerage Fee may be reduced by any com- missions paid by the RE\n  Holding Company to any third party engaged<span style=\"letter-spacing:-.6pt\">\n  <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>RE<span style=\"letter-spacing:-.6pt\"> <\/span>Holding<span style=\"letter-spacing:-.6pt\"> <\/span>Com- <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.1pt\">pany<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:1.2pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.1pt\">performing<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:1.25pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.1pt\">similar<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:1.2pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt\">services.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;mso-yfti-lastrow:yes;height:400.95pt\">\n  <td width=\"106\" valign=\"top\" style=\"width:1.1in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.2pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt;line-height:10.45pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:85%\">Acquisition<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;mso-font-width:85%\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:.7pt\"> <\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.5pt;mso-font-width:85%\">\/<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:4.0pt;line-height:10.45pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:\n  90%\">Disposition<span style=\"letter-spacing:-.35pt\"> <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">Fee<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"82\" valign=\"top\" style=\"width:.85in;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:.3pt\">&nbsp;<\/span><span style=\"letter-spacing:-.1pt\">Realty,<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt\">LLC<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"64\" valign=\"top\" style=\"width:48.0pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.25pt;mso-font-width:95%\">RE<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Holding<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.4pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  color:#231F20;letter-spacing:-.1pt;mso-font-width:105%\">Company<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.2pt;border-top:none;border-left:none;\n  border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;mso-border-top-alt:\n  solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;background:#F4EEEB;\n  padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:4.35pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;letter-spacing:-.1pt;mso-font-width:\n  105%\">Acquisition Services Agreement<\/span><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"284\" valign=\"top\" style=\"width:212.9pt;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">Up<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>2%<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>price<span style=\"letter-spacing:-.25pt\"> <\/span>paid<span style=\"letter-spacing:-.25pt\">\n  <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>purchase<span style=\"letter-spacing:\n  -.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>sale<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>any\n  real property held by the RE Holding Company.<\/span><span style=\"font-size:\n  8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:2.05in;border-top:none;border-left:\n  none;border-bottom:solid white 2.25pt;border-right:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:13.4pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">The\n  Acquisition \/ Disposition Fee<span style=\"letter-spacing:2.0pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>one-time<span style=\"letter-spacing:-.3pt\"> <\/span>fee<span style=\"letter-spacing:-.3pt\"> <\/span>payable<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.3pt\"> <\/span>the<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:6.95pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">closing<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>real<span style=\"letter-spacing:-.45pt\">\n  <\/span>estate<span style=\"letter-spacing:-.45pt\"> <\/span>acquisition or\n  disposition by the RE Holding <span style=\"letter-spacing:-.1pt\">Company.<\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt\"><span style=\"font-size:8.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:2.25pt;margin-bottom:\n  0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">It is\n  anticipated that the source of funds used to pay any such fee in connection<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>RE<span style=\"letter-spacing:-.55pt\"> <\/span>Holding<span style=\"letter-spacing:\n  -.6pt\"> <\/span>Company acquiring real estate will be paid by the selling\n  party when the property<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.15pt;margin-right:5.25pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">is being\n  acquired by the RE Holding Company.<span style=\"letter-spacing:2.0pt\"> <\/span>Any\n  such fee paid with respect<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\">\n  <\/span>disposition<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\">\n  <\/span>real property is anticipated to be paid from proceeds received from such\n  sale<span style=\"letter-spacing:-.2pt\"> <\/span>transaction.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"179\" valign=\"top\" style=\"width:133.9pt;border:none;border-bottom:solid white 2.25pt;\n  mso-border-top-alt:solid white 2.25pt;mso-border-left-alt:solid white 2.25pt;\n  background:#F4EEEB;padding:0in 0in 0in 0in;height:400.95pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.5pt;margin-right:1.1pt;\n  margin-bottom:0in;margin-left:2.85pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;color:#231F20;mso-font-width:105%\">If a Real\n  Estate Brokerage Fee (described above) is paid to Cloud Toronto &#8211; FYBN &nbsp;Realty, LLC, then no Acquisition<span style=\"letter-spacing:-.6pt\"> <\/span>\/<span style=\"letter-spacing:-.6pt\"> <\/span>Disposition<span style=\"letter-spacing:-.55pt\"> <\/span>Fee<span style=\"letter-spacing:-.6pt\"> <\/span>(as\n  applicable) will be paid.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:\n  11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection206\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.65pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">TAX<span style=\"letter-spacing:-.1pt\"> <\/span>MATTERS\n<span style=\"letter-spacing:-.1pt\">SCHEDULE<\/span><\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.0pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l67 level2 lfo16;\ntab-stops:97.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Definitions<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>capitalized<span style=\"letter-spacing:-.2pt\"> <\/span>words<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>phrases<span style=\"letter-spacing:-.2pt\">\n<\/span>used<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:\n-.2pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span><u>Tax<span style=\"letter-spacing:-.2pt\"> <\/span>Matters<span style=\"letter-spacing:-.2pt\">\n<\/span>Schedule<\/u> shall have the following meanings:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Adjusted<span style=\"letter-spacing:-.75pt\"> <\/span>Agreed<span style=\"letter-spacing:-.75pt\">\n<\/span>Value<\/u>\u201d<span style=\"letter-spacing:-.75pt\"> <\/span>means,<span style=\"letter-spacing:-.75pt\"> <\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>respect<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>Property, the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>Property\u2019s<span style=\"letter-spacing:\n-.7pt\"> <\/span>Initial<span style=\"letter-spacing:-.7pt\"> <\/span>Agreed<span style=\"letter-spacing:-.7pt\"> <\/span>Value<span style=\"letter-spacing:-.75pt\"> <\/span>with<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>adjustments<span style=\"letter-spacing:-.7pt\"> <\/span>required<span style=\"letter-spacing:-.7pt\">\n<\/span>under<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Adjusted Capital Account\nBalance<\/u>\u201d means, with respect to any Unit Holder,<span style=\"letter-spacing:\n-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Unit<span style=\"letter-spacing:-.75pt\"> <\/span>Holder\u2019s<span style=\"letter-spacing:-.75pt\">\n<\/span>Capital<span style=\"letter-spacing:-.75pt\"> <\/span>Account<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>end<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>relevant<span style=\"letter-spacing:-.75pt\">\n<\/span>Fiscal<span style=\"letter-spacing:-.75pt\"> <\/span>Year,<span style=\"letter-spacing:-.75pt\"> <\/span>after<span style=\"letter-spacing:-.75pt\">\n<\/span>increasing the Capital Account by the amounts which the Unit Holder is\nobligated to restore under this Agreement<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>deemed<span style=\"letter-spacing:-.5pt\"> <\/span>obligated<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>restore<span style=\"letter-spacing:-.5pt\"> <\/span>pursuant<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>Regulation<span style=\"letter-spacing:-.55pt\"> <\/span>Sections<span style=\"letter-spacing:-.45pt\">\n<\/span>1.704-2(g)<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>(i)(5) (i.e., the Unit Holder\u2019s share of\nMinimum Gain and Member Minimum Gain).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Adjusted Capital Account\nDeficit<\/u>\u201d means, with respect to any Unit Holder,<span style=\"letter-spacing:\n-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>deficit<span style=\"letter-spacing:-.75pt\"> <\/span>balance,<span style=\"letter-spacing:-.75pt\">\n<\/span>if<span style=\"letter-spacing:-.75pt\"> <\/span>any,<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Unit<span style=\"letter-spacing:-.75pt\"> <\/span>Holder\u2019s<span style=\"letter-spacing:-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.75pt\">\n<\/span>Account<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>end<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>relevant\nFiscal Year, after giving effect to the following adjustments:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.3.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.75pt\"> <\/span>Capital<span style=\"letter-spacing:-.7pt\"> <\/span>Account<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>increased<span style=\"letter-spacing:\n-.7pt\"> <\/span>by<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>amounts<span style=\"letter-spacing:-.7pt\">\n<\/span>which<span style=\"letter-spacing:-.7pt\"> <\/span>the Unit<span style=\"letter-spacing:-.65pt\"> <\/span>Holder<span style=\"letter-spacing:-.7pt\">\n<\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>obligated<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>restore<span style=\"letter-spacing:-.7pt\"> <\/span>under<span style=\"letter-spacing:-.7pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.65pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>deemed<span style=\"letter-spacing:-.7pt\"> <\/span>obligated<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>restore<span style=\"letter-spacing:-.7pt\"> <\/span>pursuant to Regulation Sections 1.704-2(g)\nand (i)(5) (i.e., the Unit Holder\u2019s share of Minimum Gain and Member Minimum Gain);\nand<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:25.1pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.3.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.65pt\"> <\/span>Capital<span style=\"letter-spacing:-.55pt\"> <\/span>Account<span style=\"letter-spacing:-.55pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\">\n<\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>decreased<span style=\"letter-spacing:-.6pt\"> <\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>items<span style=\"letter-spacing:-.55pt\"> <\/span>described<span style=\"letter-spacing:-.6pt\"> <\/span>in Regulation Sections\n1.704-1(b)(2)(ii)(d)(4), (5) and (6).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:25.05pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">This definition of Adjusted Capital Account\nDeficit is intended to comply with Section 1.704-1(b)(2)(ii)(d) of the Treasury\nRegulations and shall be interpreted and applied in a manner consistent with\nthat Regulation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:25.15pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Capital Account<\/u>\u201d\nmeans, with respect to each Unit Holder, the capital account maintained in the\nCompany\u2019s books and records in the following manner:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:183.4pt;text-indent:-50.35pt;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each<span style=\"letter-spacing:\n-.1pt\"> <\/span>Unit<span style=\"letter-spacing:-.05pt\"> <\/span>Holder\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>Capital<span style=\"letter-spacing:-.05pt\">\n<\/span>Account<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be credited<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">by:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:226.6pt;text-indent:-57.55pt;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.1.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.1pt\"> <\/span>amount<span style=\"letter-spacing:.05pt\"> <\/span>of money\ncontributed<span style=\"letter-spacing:.1pt\"> <\/span>by<span style=\"letter-spacing:\n.05pt\"> <\/span>the Unit<span style=\"letter-spacing:.05pt\"> <\/span>Holder<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">to<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the <span style=\"letter-spacing:-.1pt\">Company;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:226.6pt;text-indent:-57.55pt;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.1pt\"> <\/span>fair<span style=\"letter-spacing:-.05pt\"> <\/span>market<span style=\"letter-spacing:-.05pt\"> <\/span>value<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>property<span style=\"letter-spacing:-.05pt\"> <\/span>contributed<span style=\"letter-spacing:\n-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Unit<span style=\"letter-spacing:1.5pt\"> <\/span>Holder<span style=\"letter-spacing:1.45pt\">\n<\/span>to<span style=\"letter-spacing:1.5pt\"> <\/span>the<span style=\"letter-spacing:\n1.6pt\"> <\/span>Company<span style=\"letter-spacing:1.45pt\"> <\/span>(net<span style=\"letter-spacing:1.65pt\"> <\/span>of<span style=\"letter-spacing:1.45pt\"> <\/span>liabilities<span style=\"letter-spacing:1.5pt\"> <\/span>secured<span style=\"letter-spacing:1.6pt\">\n<\/span>by<span style=\"letter-spacing:1.5pt\"> <\/span>such<span style=\"letter-spacing:\n1.6pt\"> <\/span>property<span style=\"letter-spacing:1.6pt\"> <\/span>that<span style=\"letter-spacing:1.5pt\"> <\/span>the<span style=\"letter-spacing:1.45pt\"> <\/span>Company<span style=\"letter-spacing:1.45pt\"> <\/span>is considered to assume or take subject\nto under Code Section 752);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.1.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.35pt\"> <\/span>amount<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>Book<span style=\"letter-spacing:-.35pt\"> <\/span>Profits<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>items<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>income<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>gain\nallocated<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Unit<span style=\"letter-spacing:-.1pt\"> <\/span>Holder<span style=\"letter-spacing:-.1pt\"> <\/span>pursuant<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>Sections\n1.2,<span style=\"letter-spacing:-.1pt\"> <\/span>1.3<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>1.5 of<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.1pt\"> <\/span>Tax\nMatters<span style=\"letter-spacing:-.1pt\"> <\/span>Schedule,<span style=\"letter-spacing:-.1pt\"> <\/span>but not items of income and gain allocated\nto the Unit Holder pursuant to Section 1.4 of this Tax Matters Schedule, and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.95pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the amount of Company\nliabilities that are assumed by the Unit Holder under Regulation Section\n1.704-1(b)(2)(iv)(c).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:183.4pt;text-indent:-50.35pt;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each<span style=\"letter-spacing:\n-.15pt\"> <\/span>Unit<span style=\"letter-spacing:-.05pt\"> <\/span>Holder\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>Capital<span style=\"letter-spacing:-.05pt\">\n<\/span>Account<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>debited<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">by<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:226.6pt;text-indent:-57.55pt;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.05pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\"> <\/span>of money<span style=\"letter-spacing:-.05pt\"> <\/span>distributed<span style=\"letter-spacing:\n-.05pt\"> <\/span>to the<span style=\"letter-spacing:-.1pt\"> <\/span>Unit <span style=\"letter-spacing:-.1pt\">Holder;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the fair market value of any\nproperty distributed to the Unit<span style=\"letter-spacing:-.75pt\"> <\/span>Holder<span style=\"letter-spacing:-.75pt\"> <\/span>(net<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.75pt\"> <\/span>secured<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>property<span style=\"letter-spacing:-.75pt\"> <\/span>that<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Unit<span style=\"letter-spacing:-.75pt\"> <\/span>Holder<span style=\"letter-spacing:-.75pt\"> <\/span>is<span style=\"letter-spacing:-.75pt\"> <\/span>considered<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>assume\nor take subject to under Code Section 752);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the amount of Book Losses and\nitems of<span style=\"letter-spacing:-.05pt\"> <\/span>deduction and loss<span style=\"letter-spacing:-.25pt\"> <\/span>allocated<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Unit<span style=\"letter-spacing:-.4pt\"> <\/span>Holder<span style=\"letter-spacing:-.35pt\"> <\/span>pursuant<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>Sections<span style=\"letter-spacing:-.3pt\"> <\/span>1.2,<span style=\"letter-spacing:-.3pt\"> <\/span>1.3<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>1.5<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.4pt\"> <\/span>Tax<span style=\"letter-spacing:-.3pt\"> <\/span>Matters<span style=\"letter-spacing:-.3pt\"> <\/span>Schedule, but not items of income and gain\nallocated to the Unit Holder pursuant to Section 1.4 of this Tax Matters\nSchedule; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.2.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n2.0pt\"> <\/span>amount<span style=\"letter-spacing:2.0pt\"> <\/span>of<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>Unit<span style=\"letter-spacing:2.0pt\"> <\/span>Holder\u2019s<span style=\"letter-spacing:2.0pt\">\n<\/span>liabilities<span style=\"letter-spacing:2.0pt\"> <\/span>that<span style=\"letter-spacing:2.0pt\"> <\/span>are assumed by the Company under\nRegulation Section 1.704-1(b)(2)(iv)(c).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If Company Property is\ndistributed to a Unit Holder, the Capital Accounts of all Unit Holders shall be\nadjusted in the same manner as if the distributed Company Property were sold in\na taxable transaction for an amount equal to the gross fair market value of\nsuch<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:\n-.7pt\"> <\/span>Property<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>date<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>distribution<span style=\"letter-spacing:-.55pt\"> <\/span>(taking<span style=\"letter-spacing:-.65pt\">\n<\/span>into<span style=\"letter-spacing:-.65pt\"> <\/span>account<span style=\"letter-spacing:-.45pt\"> <\/span>Code<span style=\"letter-spacing:-.65pt\"> <\/span>Section<span style=\"letter-spacing:-.65pt\"> <\/span>7701(g))<span style=\"letter-spacing:-.6pt\">\n<\/span>and the Profit or Loss from such disposition were allocated among the\nUnit Holders pursuant to this <span style=\"letter-spacing:-.1pt\">Agreement.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:183.4pt;margin-bottom:.0001pt;text-indent:-50.35pt;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.15pt\"> <\/span>money or other property (other<span style=\"letter-spacing:-.1pt\">\n<\/span>than a<span style=\"letter-spacing:-.1pt\"> <\/span>de<span style=\"letter-spacing:-.05pt\"> <\/span>minimis amount) <span style=\"letter-spacing:\n-.25pt\">is<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">contributed to the Company by\na new or existing Unit Holder in exchange for Units, or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">distributed by the Company to\na retiring or continuing Unit Holder as consideration for Units in the Company,\nor<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:2.0in;\nmso-list:l67 level5 lfo16;tab-stops:226.6pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.4.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any Units are granted to a\nnew or existing Member in exchange for services rendered to the Company, then,\nif the Managing Member deems such an adjustment necessary to reflect the\neconomic interests of the Unit Holders, the Adjusted Agreed Value<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>Property<span style=\"letter-spacing:-.15pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>adjusted<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>equal<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>gross<span style=\"letter-spacing:-.15pt\"> <\/span>fair<span style=\"letter-spacing:-.15pt\"> <\/span>market<span style=\"letter-spacing:-.15pt\"> <\/span>value<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>date\n(taking into account Section 7701(g) of the Code) and the Capital Accounts of\nall Unit Holders shall be adjusted in the same manner as if all the Company\nProperty had been sold in a taxable transaction for such amount on such date\nand the Book Profits or Book Losses allocated to the Unit Holders pursuant to\nthis Agreement; provided, however, the Managing Member may make such\nadjustments at any time that it determines such adjustments are necessary to\ncomport with the economics with this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">To the extent that Regulation\nSection 1.704-1(b)(2)(iv)(m) requires<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>adjustment<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>tax<span style=\"letter-spacing:-.3pt\"> <\/span>basis<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.3pt\">\n<\/span>Property<span style=\"letter-spacing:-.3pt\"> <\/span>pursuant<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>Code<span style=\"letter-spacing:-.35pt\"> <\/span>Section<span style=\"letter-spacing:-.3pt\">\n<\/span>734(b) or<span style=\"letter-spacing:.65pt\"> <\/span>Code<span style=\"letter-spacing:.65pt\"> <\/span>Section<span style=\"letter-spacing:.7pt\"> <\/span>743(b)<span style=\"letter-spacing:.65pt\"> <\/span>to<span style=\"letter-spacing:.7pt\"> <\/span>be<span style=\"letter-spacing:.65pt\"> <\/span>taken<span style=\"letter-spacing:.7pt\"> <\/span>into<span style=\"letter-spacing:.7pt\"> <\/span>account<span style=\"letter-spacing:.75pt\"> <\/span>in<span style=\"letter-spacing:.75pt\"> <\/span>determining<span style=\"letter-spacing:\n.75pt\"> <\/span>Capital<span style=\"letter-spacing:.75pt\"> <\/span>Accounts,<span style=\"letter-spacing:.7pt\"> <\/span>the<span style=\"letter-spacing:.7pt\"> <\/span>Adjusted<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Agreed<span style=\"letter-spacing:1.0pt\"> <\/span>Value of the Company Property and the\nCapital Accounts of the<span style=\"letter-spacing:1.1pt\"> <\/span>Unit Holders\nshall be<span style=\"letter-spacing:4.0pt\"> <\/span>adjusted in the manner\nrequired under that Section of the Regulations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.4.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The transferee of any Units\ntransferred pursuant to this Agreement shall succeed to the Capital Account of\nthe transferor that is attributable to the transferred Units.<span style=\"letter-spacing:2.0pt\"> <\/span>The parties intend that the Capital\nAccounts of all Unit<span style=\"letter-spacing:-.15pt\"> <\/span>Holders be\nmaintained in<span style=\"letter-spacing:-.5pt\"> <\/span>accordance<span style=\"letter-spacing:-.6pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>Regulation<span style=\"letter-spacing:-.55pt\"> <\/span>Section<span style=\"letter-spacing:-.4pt\">\n<\/span>1.704-1(b),<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>all<span style=\"letter-spacing:-.5pt\"> <\/span>provisions<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>this<span style=\"letter-spacing:-.5pt\"> <\/span>Agreement<span style=\"letter-spacing:-.45pt\">\n<\/span>relating<span style=\"letter-spacing:-.5pt\"> <\/span>to the<span style=\"letter-spacing:-.1pt\"> <\/span>maintenance<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Capital<span style=\"letter-spacing:-.1pt\"> <\/span>Accounts<span style=\"letter-spacing:-.1pt\">\n<\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>interpreted<span style=\"letter-spacing:\n-.1pt\"> <\/span>in a<span style=\"letter-spacing:-.15pt\"> <\/span>manner<span style=\"letter-spacing:-.05pt\"> <\/span>consistent<span style=\"letter-spacing:\n-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>Section of the Regulations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:25.0pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Code<\/u>\u201d means the\nInternal Revenue Code of 1986, as amended, or any corresponding provision of\nany succeeding law.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.95pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Company Minimum Gain<\/u>\u201d\nhas the meaning set forth in Regulation Section 1.704-2(b)(2) for \u201cpartnership\nminimum gain.\u201d<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Initial Agreed Value<\/u>\u201d\nmeans, with respect to Company Property contributed to the Company, the Company\nProperty\u2019s fair market value upon contribution (as determined by mutual\nagreement of the contributing Unit Holder and the Company) and, with respect<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>all<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\">\n<\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>Property,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>Property\u2019s<span style=\"letter-spacing:\n-.2pt\"> <\/span>adjusted<span style=\"letter-spacing:-.15pt\"> <\/span>basis<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>federal<span style=\"letter-spacing:-.15pt\"> <\/span>income tax purposes at the time it is\nacquired.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.5pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.8<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member<span style=\"letter-spacing:-.75pt\"> <\/span>Nonrecourse<span style=\"letter-spacing:\n-.75pt\"> <\/span>Debt<\/u>\u201d<span style=\"letter-spacing:-.75pt\"> <\/span>has<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>meaning<span style=\"letter-spacing:-.7pt\"> <\/span>set<span style=\"letter-spacing:-.7pt\"> <\/span>forth<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>Section<span style=\"letter-spacing:-.7pt\"> <\/span>1.704- 2(b)(4) of the Treasury Regulations\nfor \u201cpartner nonrecourse debt.\u201d<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:25.0pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.9<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member Nonrecourse<span style=\"letter-spacing:-.05pt\"> <\/span>Debt Minimum Gain<\/u>\u201d has the meaning\nset forth in Regulation Section 1.704-2(i) for \u201cpartner nonrecourse debt\nminimum gain.\u201d<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Member Nonrecourse Deductions<\/u>\u201d\nhas the meaning set forth in Regulation Section 1.704-2(i) for \u201cpartner\nnonrecourse deductions.\u201d<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.95pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Nonrecourse Deductions<\/u>\u201d\nhas the meaning set forth in Regulation Section 1.704-2(b)(1).<span style=\"letter-spacing:2.0pt\"> <\/span>The amount of Nonrecourse Deductions shall\nbe determined according to the provisions of Regulation Section 1.704-2(c).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:147.4pt;text-indent:-.7in;\nmso-list:l67 level3 lfo16;tab-stops:147.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Nonrecourse<span style=\"letter-spacing:-.4pt\"> <\/span>Liability<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>meaning<span style=\"letter-spacing:-.15pt\">\n<\/span>set<span style=\"letter-spacing:-.15pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Regulation<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Section<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">1.704-2(b)(3)<i>.<\/i><\/span><i><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:147.4pt;text-indent:-.7in;\nmso-list:l67 level3 lfo16;tab-stops:147.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Book<span style=\"letter-spacing:.95pt\"> <\/span>Profits<span style=\"letter-spacing:1.0pt\">\n<\/span>and<span style=\"letter-spacing:1.05pt\"> <\/span>Book<span style=\"letter-spacing:1.05pt\"> <\/span>Losses<\/u>\u201d<span style=\"letter-spacing:\n.95pt\"> <\/span>means,<span style=\"letter-spacing:.95pt\"> <\/span>for<span style=\"letter-spacing:1.05pt\"> <\/span>each<span style=\"letter-spacing:1.0pt\"> <\/span>Fiscal<span style=\"letter-spacing:1.0pt\"> <\/span>Year<span style=\"letter-spacing:.95pt\"> <\/span>or<span style=\"letter-spacing:.95pt\"> <\/span><span style=\"letter-spacing:-.1pt\">other<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:24.45pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">period<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>which<span style=\"letter-spacing:-.65pt\"> <\/span>Book<span style=\"letter-spacing:-.6pt\"> <\/span>Profits<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>Book<span style=\"letter-spacing:-.65pt\"> <\/span>Losses<span style=\"letter-spacing:-.65pt\">\n<\/span>must<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:\n-.7pt\"> <\/span>computed,<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.65pt\">\n<\/span>taxable<span style=\"letter-spacing:-.7pt\"> <\/span>income or loss\ndetermined in accordance with Code Section 703(a), adjusted as follows:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Taxable income or loss shall\ninclude all items of income, gain, loss, or deduction which Code Section\n703(a)(1) requires to be stated separately;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Book Profits or Book Losses\nshall include any tax-exempt income of the Company not otherwise taken into\naccount in computing Book Profits or Book <span style=\"letter-spacing:-.1pt\">Losses;<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection207\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Book Profits or Book Losses shall\ninclude Company expenditures which are described in Code Section 705(a)(2)(B)\n(or treated as such pursuant to Regulation Section 1.704-1(b)(2)(iv)(i)) and\nwhich are not otherwise taken into account in computing Book Profits or Book\nLosses;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">gain or loss resulting from\nany taxable disposition of Company Property<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>computed<span style=\"letter-spacing:-.75pt\">\n<\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>reference<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>Property\u2019s<span style=\"letter-spacing:-.75pt\"> <\/span>Adjusted<span style=\"letter-spacing:-.75pt\"> <\/span>Agreed<span style=\"letter-spacing:-.75pt\">\n<\/span>Value,<span style=\"letter-spacing:-.75pt\"> <\/span>rather than by\nreference to the Company Property\u2019s adjusted basis for federal income tax\npurposes;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in computing Book Profits and\nBook Losses, if the Adjusted Agreed Value of Company Property differs from the\nCompany Property\u2019s adjusted basis for federal income tax purposes, then the\namount of depreciation, depletion, or amortization for a period<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>respect<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>Property<span style=\"letter-spacing:-.1pt\"> <\/span>shall be<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>bears<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>same<span style=\"letter-spacing:-.1pt\"> <\/span>relationship to the Adjusted Agreed Value\nof such Company Property as the depreciation (or cost recovery deduction),\ndepletion, or amortization computed for tax purposes with respect to such Company\nProperty for such period bears to the adjusted tax basis of such Company\nProperty or, if the Company<span style=\"letter-spacing:-.4pt\"> <\/span>Property<span style=\"letter-spacing:-.4pt\"> <\/span>has<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>zero<span style=\"letter-spacing:-.4pt\"> <\/span>basis<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>purposes,<span style=\"letter-spacing:-.35pt\">\n<\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>amount<span style=\"letter-spacing:-.35pt\"> <\/span>determined<span style=\"letter-spacing:\n-.25pt\"> <\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>reasonable method selected by the\nManaging Member; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l67 level4 lfo16;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.13.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Book<span style=\"letter-spacing:\n-.25pt\"> <\/span>Profits<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>Book<span style=\"letter-spacing:-.35pt\"> <\/span>Losses<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\">\n<\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>include<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>items<span style=\"letter-spacing:-.25pt\"> <\/span>which are specially allocated pursuant to\nSection 1.5 or 1.6 of this Tax Matters Schedule.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.95pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l67 level3 lfo16;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.1.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Treasury Regulations<\/u>\u201d\nor \u201c<u>Regulations<\/u>\u201d means the income tax regulations, including any\ntemporary regulations, promulgated pursuant to the Code as such regulations may\nbe amended or superseded from time to time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.65pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l67 level2 lfo16;tab-stops:96.95pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">General\nAllocations of Book Profits and Book Losses.<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nrules set forth below in this Section<span style=\"letter-spacing:-.1pt\"> <\/span>1.2\nof this Tax Matters Schedule shall apply for the purpose of determining each\nMember\u2019s and the Managing Member\u2019s allocable share of the items of income,\ngain, loss and expense<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>comprising<span style=\"letter-spacing:\n-.75pt\"> <\/span>Book<span style=\"letter-spacing:-.75pt\"> <\/span>Profits<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>Book<span style=\"letter-spacing:-.75pt\"> <\/span>Losses<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>each<span style=\"letter-spacing:-.75pt\"> <\/span>taxable\nyear, determining special allocations of other items of income, gain, loss and\nexpense, and adjusting the balance of each Member\u2019s and the Managing Member\u2019s\nCapital Account to reflect the<span style=\"letter-spacing:-.1pt\"> <\/span>aforementioned<span style=\"letter-spacing:-.05pt\"> <\/span>general<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>special<span style=\"letter-spacing:-.05pt\"> <\/span>allocations.<span style=\"letter-spacing:\n2.0pt\"> <\/span>For<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>taxable<span style=\"letter-spacing:-.1pt\">\n<\/span>year,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>special<span style=\"letter-spacing:-.05pt\">\n<\/span>allocations in Tax Matters Schedule shall be made immediately prior to\nthe general allocations of this Tax Matters Schedule.For each Fiscal Year of\nthe Company, after adjusting each Member\u2019s and the Managing Member\u2019s Capital\nAccount for all Capital Contributions and distributions during such Fiscal<span style=\"letter-spacing:-.75pt\"> <\/span>Year<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>all<span style=\"letter-spacing:-.75pt\"> <\/span>special<span style=\"letter-spacing:-.75pt\"> <\/span>allocations<span style=\"letter-spacing:\n-.75pt\"> <\/span>pursuant<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>Tax<span style=\"letter-spacing:-.75pt\"> <\/span>Matters<span style=\"letter-spacing:-.75pt\"> <\/span>Schedule<span style=\"letter-spacing:-.75pt\">\n<\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>respect<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>Fiscal Year, all Book Profits and Book\nLosses (other than Book Profits and Book Losses specially allocated pursuant to\nthis Tax Matters Schedule) shall be allocated to each Member\u2019s and the Managing\nMember\u2019s Capital Accounts in a manner such that, as of the end of such Fiscal\nYear, the Capital Account of each Member and the Managing Member (which may be\neither a positive or<span style=\"letter-spacing:-.1pt\"> <\/span>negative<span style=\"letter-spacing:-.1pt\"> <\/span>balance)<span style=\"letter-spacing:-.1pt\">\n<\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>equal<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>(a)<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\">\n<\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>would<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>distributed<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>such\nMember and the Managing Member, determined as if the Company were to sell all\nof its assets for the Adjusted Agreed Value thereof and distribute the proceeds\nthereof pursuant to <u>Section<span style=\"letter-spacing:-.15pt\"> <\/span>5.1.1<\/u>,\nminus (b) the sum of (i) such each Member\u2019s and the Managing Member\u2019s share of\nCompany Minimum Gain (as determined according to Treasury Regulation Section\n1.704-2(d) and (g)(3)) and<span style=\"letter-spacing:-.55pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\"> <\/span>Nonrecourse<span style=\"letter-spacing:\n-.6pt\"> <\/span>Debt<span style=\"letter-spacing:-.5pt\"> <\/span>Minimum<span style=\"letter-spacing:-.5pt\"> <\/span>Gain<span style=\"letter-spacing:-.4pt\"> <\/span>(as<span style=\"letter-spacing:-.55pt\"> <\/span>determined<span style=\"letter-spacing:\n-.4pt\"> <\/span>according<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>Treasury<span style=\"letter-spacing:-.55pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Regulation<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section<span style=\"letter-spacing:-.1pt\"> <\/span>1.704-2(i)) and (ii) the amount, if any,\nwhich such each Member and the Managing Member is obligated to contribute to\nthe capital of the Company as of the last day of such Fiscal\nYear.Notwithstanding anything to the contrary in this Section<span style=\"letter-spacing:-.15pt\"> <\/span>1.2 of this Tax Matters Schedule, the\namount of items of Company expense and loss allocated pursuant to this Section<span style=\"letter-spacing:-.1pt\"> <\/span>1.2 of this Tax Matters Schedule to any\nMember or the Managing Member shall not exceed the maximum amount<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>items<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>can<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>so<span style=\"letter-spacing:-.5pt\"> <\/span>allocated<span style=\"letter-spacing:-.55pt\"> <\/span>without<span style=\"letter-spacing:-.5pt\">\n<\/span>causing<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>Managing<span style=\"letter-spacing:-.5pt\">\n<\/span>Member to have an Adjusted Capital Account Deficit at the end of any\ntaxable year.<span style=\"letter-spacing:2.0pt\"> <\/span>All such items in\nexcess<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>limitation<span style=\"letter-spacing:-.35pt\"> <\/span>set<span style=\"letter-spacing:-.35pt\"> <\/span>forth<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>Section<span style=\"letter-spacing:-.1pt\">\n<\/span>1.2<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:\n-.4pt\"> <\/span>this<span style=\"letter-spacing:-.35pt\"> <\/span>Tax<span style=\"letter-spacing:-.35pt\"> <\/span>Matters<span style=\"letter-spacing:-.4pt\">\n<\/span>Schedule<span style=\"letter-spacing:-.3pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>allocated\nfirst to Members and the Managing Member who would not have an Adjusted Capital\nAccount Deficit, pro rata in proportion to their Capital Account balances as\nadjusted in accordance with Section 1.1.3.1 and Section 1.1.3.2 of the\ndefinition of Adjusted Capital Account Deficit in this Tax Matters Schedule.<span style=\"letter-spacing:2.0pt\"> <\/span><b><u>Reserved<\/u><\/b>.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n97.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l68 level2 lfo15;\ntab-stops:97.0pt\"><!--[if !supportLists]-->1.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax\n<span style=\"letter-spacing:-.1pt\">Allocations<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax Allocations<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Except as provided in this Section 1.4 of\nthis Tax Matters<span style=\"letter-spacing:-.4pt\"> <\/span>Schedule,<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>income<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>purposes,<span style=\"letter-spacing:-.35pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>items<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>income,<span style=\"letter-spacing:-.35pt\"> <\/span>gain,<span style=\"letter-spacing:-.4pt\"> <\/span>loss,<span style=\"letter-spacing:-.5pt\"> <\/span>deduction<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>credit<span style=\"letter-spacing:-.35pt\"> <\/span>of the<span style=\"letter-spacing:-.25pt\">\n<\/span>Company<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>period<span style=\"letter-spacing:-.25pt\">\n<\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>allocated<span style=\"letter-spacing:-.15pt\">\n<\/span>among<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Unit<span style=\"letter-spacing:-.15pt\"> <\/span>Holders<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>accordance<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>the\nallocation<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:\n-.75pt\"> <\/span>Book<span style=\"letter-spacing:-.65pt\"> <\/span>Profits<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>Book<span style=\"letter-spacing:-.7pt\"> <\/span>Losses<span style=\"letter-spacing:-.7pt\"> <\/span>prescribed<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>Section<span style=\"letter-spacing:-.7pt\"> <\/span>1.2<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>this<span style=\"letter-spacing:-.7pt\"> <\/span>Tax<span style=\"letter-spacing:-.7pt\"> <\/span>Matters<span style=\"letter-spacing:-.7pt\">\n<\/span>Schedule.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Contributed Company Property<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In accordance with Code Section 704(c) and\nthe Regulations thereunder, as well as Regulation Section\n1.704-1(b)(2)(iv)(d)(3), income,<span style=\"letter-spacing:-.65pt\"> <\/span>gain,<span style=\"letter-spacing:-.65pt\"> <\/span>loss,<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>deduction<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>respect<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>property<span style=\"letter-spacing:-.65pt\">\n<\/span>contributed<span style=\"letter-spacing:-.65pt\"> <\/span>(or<span style=\"letter-spacing:-.65pt\"> <\/span>deemed<span style=\"letter-spacing:-.7pt\">\n<\/span>contributed) to the Company shall be allocated among the Unit Holders,\nsolely for tax purposes, so as to take into account any variation between the\nadjusted basis of the property to the Company for federal income<span style=\"letter-spacing:-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>purposes<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>fair<span style=\"letter-spacing:-.15pt\"> <\/span>market<span style=\"letter-spacing:-.15pt\"> <\/span>value<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>date<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>contribution<span style=\"letter-spacing:-.15pt\"> <\/span>(or<span style=\"letter-spacing:-.1pt\"> <\/span>deemed<span style=\"letter-spacing:-.15pt\"> <\/span>contribution) using any method available\nto the Company under Regulation Section 1.704-3 as determined by the Managing\nMember in its sole and absolute discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Adjustments to Agreed Value<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If the Adjusted Agreed Value of any\nCompany Property is adjusted as provided in Section 1.1.4.4 of this Tax Matters\nSchedule, subsequent<span style=\"letter-spacing:-.3pt\"> <\/span>allocations<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>income,<span style=\"letter-spacing:-.35pt\"> <\/span>gain,<span style=\"letter-spacing:-.3pt\"> <\/span>loss,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>deduction<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>respect<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Company<span style=\"letter-spacing:-.35pt\">\n<\/span>Property shall, solely for tax purposes, take account of any variation\nbetween the adjusted basis of the Company<span style=\"letter-spacing:-.05pt\"> <\/span>Property<span style=\"letter-spacing:-.05pt\"> <\/span>for federal income tax<span style=\"letter-spacing:-.05pt\"> <\/span>purposes and its Adjusted Agreed Value<span style=\"letter-spacing:-.05pt\"> <\/span>in the<span style=\"letter-spacing:-.05pt\">\n<\/span>manner as<span style=\"letter-spacing:-.65pt\"> <\/span>provided<span style=\"letter-spacing:-.65pt\"> <\/span>under<span style=\"letter-spacing:-.7pt\"> <\/span>Code<span style=\"letter-spacing:-.7pt\"> <\/span>Section<span style=\"letter-spacing:-.65pt\">\n<\/span>704(c)<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Regulations<span style=\"letter-spacing:-.65pt\"> <\/span>thereunder<span style=\"letter-spacing:\n-.7pt\"> <\/span>using<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>method<span style=\"letter-spacing:-.65pt\">\n<\/span>available to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>Regulation<span style=\"letter-spacing:-.05pt\"> <\/span>Section<span style=\"letter-spacing:-.05pt\">\n<\/span>1.704-3<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>determined<span style=\"letter-spacing:\n-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the Managing<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>its sole and absolute\ndiscretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:147.4pt;margin-bottom:.0001pt;text-indent:-.7in;\nmso-list:l68 level3 lfo15;tab-stops:147.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:\n-.15pt\"> <\/span>the event<span style=\"letter-spacing:-.05pt\"> <\/span>of a<span style=\"letter-spacing:-.1pt\"> <\/span>Redemption<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any <span style=\"letter-spacing:-.1pt\">Units:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l68 level4 lfo15;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.4.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201cnet<span style=\"letter-spacing:\n-.7pt\"> <\/span>income\u201d,<span style=\"letter-spacing:-.7pt\"> <\/span>as<span style=\"letter-spacing:-.7pt\"> <\/span>defined<span style=\"letter-spacing:-.6pt\">\n<\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>federal<span style=\"letter-spacing:-.7pt\"> <\/span>income<span style=\"letter-spacing:-.75pt\">\n<\/span>tax<span style=\"letter-spacing:-.75pt\"> <\/span>purposes,<span style=\"letter-spacing:-.7pt\"> <\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>be\nallocated to the Unit Holder whose Units have been redeemed up to the excess,\nif any, of the amount received in the Redemption by such Unit Holder, over such\nUnit Holder\u2019s adjusted tax basis in such Units (determined without regard to\nthe Unit Holder\u2019s share of the liabilities of the Company under Code Section\n752).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.95pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l68 level4 lfo15;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.4.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201cnet loss\u201d, as defined for\nfederal income tax purposes, may be allocated to the Member whose Units have\nbeen redeemed up to the excess, if any, of such Member\u2019s adjusted tax basis in\nsuch Units, over the amount received in the Redemption by such Member<span style=\"letter-spacing:-.65pt\"> <\/span>(determined<span style=\"letter-spacing:\n-.6pt\"> <\/span>without<span style=\"letter-spacing:-.6pt\"> <\/span>regard<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>share<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>liabilities<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>under Code Section 752).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.4.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Allocations<span style=\"letter-spacing:-.45pt\"> <\/span>pursuant<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>this<span style=\"letter-spacing:-.45pt\"> <\/span>Section<span style=\"letter-spacing:-.4pt\">\n<\/span>1.4<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:\n-.5pt\"> <\/span>this<span style=\"letter-spacing:-.45pt\"> <\/span>Tax<span style=\"letter-spacing:-.45pt\"> <\/span>Matters<span style=\"letter-spacing:-.5pt\">\n<\/span>Schedule<span style=\"letter-spacing:-.5pt\"> <\/span>are solely<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>purposes<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>federal,<span style=\"letter-spacing:-.45pt\"> <\/span>state<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>local<span style=\"letter-spacing:-.45pt\"> <\/span>taxes<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>shall<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>affect,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>way<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>taken<span style=\"letter-spacing:-.5pt\"> <\/span>into account in computing, any unit\nHolder\u2019s Capital Account or share of Book Profits, Book Losses or other items\nor distributions pursuant to any provision of this Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:97.0pt;text-indent:-.5in;\nmso-list:l68 level2 lfo15;tab-stops:97.0pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Special<span style=\"letter-spacing:1.6pt\"> <\/span>Allocations<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.55pt\">&nbsp; <\/span>The<span style=\"letter-spacing:1.6pt\"> <\/span>following<span style=\"letter-spacing:1.6pt\">\n<\/span>allocations<span style=\"letter-spacing:1.65pt\"> <\/span>shall<span style=\"letter-spacing:1.65pt\"> <\/span>be<span style=\"letter-spacing:1.55pt\"> <\/span>made<span style=\"letter-spacing:1.55pt\"> <\/span>in<span style=\"letter-spacing:1.6pt\"> <\/span>the<span style=\"letter-spacing:1.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">following<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">order:<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:147.4pt;text-indent:-.7in;\nmso-list:l68 level3 lfo15;tab-stops:147.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Company<span style=\"letter-spacing:-.7pt\"> <\/span>Minimum<span style=\"letter-spacing:-.5pt\">\n<\/span>Gain<span style=\"letter-spacing:-.55pt\"> <\/span>Chargeback<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.9pt\"> <\/span>Except<span style=\"letter-spacing:-.55pt\">\n<\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>set<span style=\"letter-spacing:\n-.55pt\"> <\/span>forth<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Regulation<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Section\n1.704-2(f)(2), (3), (4), and (5), if, during any Fiscal Year, there is a net\ndecrease in Company Minimum Gain, each Unit Holder, prior to any other\nallocation pursuant to this <u>Tax<\/u> <u>Matters<span style=\"letter-spacing:\n-.4pt\"> <\/span>Schedule<\/u>,<span style=\"letter-spacing:-.25pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>specially<span style=\"letter-spacing:-.2pt\"> <\/span>allocated<span style=\"letter-spacing:-.4pt\">\n<\/span>items<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>gross<span style=\"letter-spacing:-.4pt\"> <\/span>income<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>gain<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.35pt\">\n<\/span>Year (and,<span style=\"letter-spacing:-.05pt\"> <\/span>if<span style=\"letter-spacing:-.05pt\"> <\/span>necessary,<span style=\"letter-spacing:\n-.05pt\"> <\/span>succeeding<span style=\"letter-spacing:-.05pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.05pt\"> <\/span>Years)<span style=\"letter-spacing:-.1pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>an<span style=\"letter-spacing:\n-.05pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\"> <\/span>equal<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>Unit<span style=\"letter-spacing:-.05pt\"> <\/span>Holder\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>share<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the net<span style=\"letter-spacing:-.7pt\">\n<\/span>decrease<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>Minimum<span style=\"letter-spacing:-.7pt\"> <\/span>Gain,<span style=\"letter-spacing:-.7pt\"> <\/span>computed<span style=\"letter-spacing:-.7pt\">\n<\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>accordance<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.7pt\"> <\/span>Regulation<span style=\"letter-spacing:-.7pt\"> <\/span>Section<span style=\"letter-spacing:-.7pt\">\n<\/span>1.704- 2(g)(2).<span style=\"letter-spacing:2.0pt\"> <\/span>Allocations of\ngross income and gain pursuant to this Section 1.5.1 of this Tax Matters\nSchedule shall be made first from gain recognized from the disposition of\nCompany Property subject<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>Nonrecourse<span style=\"letter-spacing:\n-.6pt\"> <\/span>Liabilities<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>extent<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Minimum<span style=\"letter-spacing:-.5pt\">\n<\/span>Gain<span style=\"letter-spacing:-.5pt\"> <\/span>attributable<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>Company Property,<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>thereafter,<span style=\"letter-spacing:-.1pt\"> <\/span>from<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>pro<span style=\"letter-spacing:-.1pt\"> <\/span>rata<span style=\"letter-spacing:-.25pt\"> <\/span>portion<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.3pt\"> <\/span>items<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>income<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>gain for<span style=\"letter-spacing:-.4pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.15pt\"> <\/span>Year.<span style=\"letter-spacing:2.6pt\"> <\/span>It<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>intent<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>parties<span style=\"letter-spacing:-.2pt\"> <\/span>hereto<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>allocation<span style=\"letter-spacing:\n-.2pt\"> <\/span>pursuant<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Section<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:25.15pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">1.5.1<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Tax<span style=\"letter-spacing:-.75pt\"> <\/span>Matters<span style=\"letter-spacing:-.75pt\"> <\/span>Schedule<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>constitute<span style=\"letter-spacing:-.75pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>\u201cminimum<span style=\"letter-spacing:-.75pt\"> <\/span>gain<span style=\"letter-spacing:-.75pt\"> <\/span>chargeback\u201d<span style=\"letter-spacing:-.75pt\"> <\/span>under<span style=\"letter-spacing:-.75pt\">\n<\/span>Regulation Section 1.704-2(f).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member Nonrecourse Debt\nMinimum Gain Chargeback<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Except as set forth in Regulation Section 1.704-2(i)(4), if,\nduring any Fiscal Year, there is a net decrease in Member Nonrecourse Debt\nMinimum Gain, each Unit Holder with a share of that Member Nonrecourse Debt\nMinimum Gain (determined under Regulation Section 1.704-2(i)(5)) as of the\nbeginning<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.2pt\"> <\/span>Year,<span style=\"letter-spacing:-.3pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>specially<span style=\"letter-spacing:-.2pt\"> <\/span>allocated<span style=\"letter-spacing:-.25pt\">\n<\/span>items<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>income<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>gain<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Fiscal Year (and, if necessary, succeeding\nFiscal Years) in an amount equal to that Unit Holder\u2019s share of the net\ndecrease in Member Nonrecourse Debt Minimum Gain, computed in accordance with\nRegulation Section 1.704-2(i)(4).<span style=\"letter-spacing:3.85pt\"> <\/span>Allocations\nof gross income and gain pursuant to this Section<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">1.5.2\nof this Tax Matters Schedule shall be made first from gain recognized from the\ndisposition of<span style=\"letter-spacing:-.7pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\"> <\/span>Property<span style=\"letter-spacing:-.65pt\">\n<\/span>subject<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\">\n<\/span>Nonrecourse<span style=\"letter-spacing:-.75pt\"> <\/span>Debt<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>extent<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>Member<span style=\"letter-spacing:-.7pt\"> <\/span>Minimum Gain\nattributable to that Company Property, and thereafter, from a pro rata portion\nof the Company\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>other<span style=\"letter-spacing:-.55pt\"> <\/span>items<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>income<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>gain<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.35pt\">\n<\/span>Year.<span style=\"letter-spacing:2.0pt\"> <\/span>It<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>intent<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>parties<span style=\"letter-spacing:-.35pt\"> <\/span>hereto that\nany allocation pursuant to this Section 1.5.2 of this Tax Matters Schedule\nshall constitute a \u201cpartner nonrecourse debt minimum gain chargeback\u201d under\nRegulation Section 1.704-2(i)(4).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Qualified Income Offset<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If an Unit Holder unexpectedly receives an\nadjustment,<span style=\"letter-spacing:-.15pt\"> <\/span>allocation,<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>distribution<span style=\"letter-spacing:-.15pt\"> <\/span>described<span style=\"letter-spacing:\n-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>Regulation<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\">\n<\/span>1.704-1(b)(2)(ii)(d)(4),(5), or (6), then, to the extent required under\nRegulations Section 1.704-1(b)(2)(d), such Unit Holder shall<span style=\"letter-spacing:.6pt\"> <\/span>be<span style=\"letter-spacing:.55pt\"> <\/span>allocated<span style=\"letter-spacing:.65pt\"> <\/span>items<span style=\"letter-spacing:.6pt\"> <\/span>of<span style=\"letter-spacing:.55pt\"> <\/span>income<span style=\"letter-spacing:.55pt\"> <\/span>and<span style=\"letter-spacing:.6pt\"> <\/span>gain<span style=\"letter-spacing:.6pt\"> <\/span>of<span style=\"letter-spacing:.55pt\"> <\/span>the<span style=\"letter-spacing:.55pt\"> <\/span>Company<span style=\"letter-spacing:.55pt\"> <\/span>(consisting<span style=\"letter-spacing:\n.6pt\"> <\/span>of<span style=\"letter-spacing:.55pt\"> <\/span>a<span style=\"letter-spacing:.55pt\"> <\/span>pro<span style=\"letter-spacing:.65pt\"> <\/span>rata<span style=\"letter-spacing:.55pt\"> <\/span>portion<span style=\"letter-spacing:.6pt\"> <\/span>of\neach item of Company income, including gross income and gain for that Fiscal\nYear) before any other<span style=\"letter-spacing:-.05pt\"> <\/span>allocation is\nmade of<span style=\"letter-spacing:-.05pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\"> <\/span>items for that Fiscal Year,<span style=\"letter-spacing:-.05pt\"> <\/span>in the amount and in proportions required\nto eliminate the Unit Holder\u2019s Adjusted Capital Account Deficit as quickly as\npossible. This<span style=\"letter-spacing:-.75pt\"> <\/span>Section<span style=\"letter-spacing:-.75pt\"> <\/span>1.5.3<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>this<span style=\"letter-spacing:-.75pt\"> <\/span>Tax<span style=\"letter-spacing:-.75pt\"> <\/span>Matters<span style=\"letter-spacing:-.75pt\"> <\/span>Schedule<span style=\"letter-spacing:-.75pt\">\n<\/span>is<span style=\"letter-spacing:-.75pt\"> <\/span>intended<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>comply<span style=\"letter-spacing:-.75pt\"> <\/span>with,<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>interpreted\nconsistently with, the \u201cqualified income offset\u201d provisions of the Regulations\npromulgated under Code Section 704(b).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Nonrecourse Deductions<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Nonrecourse Deductions for a Fiscal Year\nor other period shall be allocated among the Unit Holders in the ratio that\nthey share Book Profits and Book Losses for that period, as reasonably\ndetermined by the Company\u2019s tax advisors under the direction of the Managing\nMember.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Member Nonrecourse Deductions<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Any Member Nonrecourse Deduction<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>Fiscal<span style=\"letter-spacing:-.4pt\"> <\/span>Year<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>period<span style=\"letter-spacing:-.45pt\">\n<\/span>attributable<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>Member<span style=\"letter-spacing:-.45pt\"> <\/span>Nonrecourse<span style=\"letter-spacing:\n-.45pt\"> <\/span>Debt<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.4pt\"> <\/span>be allocated to the Unit Holder who bears\nthe risk of loss for the Member Nonrecourse Debt in accordance with Regulation\nSection 1.704-2(i).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.5.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Regulatory Allocations<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The allocations included in Section 1.5 of\nthis Tax Matters Schedule are included to comply with the Regulations under\nSection 704(b) of the Code.<span style=\"letter-spacing:2.0pt\"> <\/span>In\nallocating other items of income, gain, loss and deduction, the allocations\nincluded in Section<span style=\"letter-spacing:-.6pt\"> <\/span>1.5<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>Tax<span style=\"letter-spacing:-.5pt\"> <\/span>Matters<span style=\"letter-spacing:-.65pt\"> <\/span>Schedule<span style=\"letter-spacing:-.5pt\">\n<\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>taken<span style=\"letter-spacing:-.6pt\"> <\/span>into<span style=\"letter-spacing:-.5pt\"> <\/span>account<span style=\"letter-spacing:-.45pt\">\n<\/span>so<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>maximum<span style=\"letter-spacing:-.55pt\">\n<\/span>extent possible<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>net amount of<span style=\"letter-spacing:\n-.1pt\"> <\/span>income,<span style=\"letter-spacing:-.1pt\"> <\/span>gain,<span style=\"letter-spacing:-.1pt\"> <\/span>loss and deduction allocated<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.1pt\"> <\/span>Unit<span style=\"letter-spacing:-.1pt\"> <\/span>Holder<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be\nequal<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:\n-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>amount<span style=\"letter-spacing:-.7pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>would<span style=\"letter-spacing:-.7pt\"> <\/span>have<span style=\"letter-spacing:-.75pt\"> <\/span>been<span style=\"letter-spacing:-.65pt\"> <\/span>allocated<span style=\"letter-spacing:\n-.7pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>each<span style=\"letter-spacing:-.65pt\"> <\/span>Unit<span style=\"letter-spacing:-.7pt\"> <\/span>Holder<span style=\"letter-spacing:-.65pt\"> <\/span>if<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>allocations<span style=\"letter-spacing:\n-.7pt\"> <\/span>contained in Section 1.5 of this Tax Matters Schedule had not\nbeen made.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l68 level2 lfo15;tab-stops:96.95pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><b><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Varying\nInterests; Allocations in Respect to Transferred Units<\/span><\/u><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Book Profits, Book Losses, and other items\nshall be calculated on a monthly, daily, or other basis permitted under<span style=\"letter-spacing:-.55pt\"> <\/span>Code<span style=\"letter-spacing:-.6pt\"> <\/span>Section<span style=\"letter-spacing:-.55pt\"> <\/span>706<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Regulations,<span style=\"letter-spacing:-.55pt\"> <\/span>using<span style=\"letter-spacing:-.6pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>conventions<span style=\"letter-spacing:\n-.5pt\"> <\/span>permitted<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>law<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>selected by the Managing Member.<span style=\"letter-spacing:2.0pt\"> <\/span>If any Units are sold, assigned, or\ntransferred during any Fiscal Year in compliance with the provisions of this\nAgreement, Book Profits, Book Losses, each item thereof, and all other items\nattributable to such Units for such Fiscal Year shall be divided and allocated\nbetween the transferor and the transferee by taking into account their varying\ninterests during the Fiscal Year in accordance with Code Section 706(d), using\nany conventions permitted by law and selected by the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:0in;margin-left:\n25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:71.95pt;mso-list:\nl68 level3 lfo15;tab-stops:97.0pt 147.35pt\"><!--[if !supportLists]-->1.6.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Partnership<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Representative<\/span><\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member shall designate the\nCompany\u2019s \u201cPartnership Representative\u201d,<span style=\"letter-spacing:-.55pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>defined<span style=\"letter-spacing:-.55pt\">\n<\/span>under<span style=\"letter-spacing:-.55pt\"> <\/span>Code<span style=\"letter-spacing:-.6pt\"> <\/span>Section<span style=\"letter-spacing:-.55pt\">\n<\/span>6223.<span style=\"letter-spacing:1.95pt\"> <\/span>The<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.55pt\">\n<\/span>Member<span style=\"letter-spacing:-.5pt\"> <\/span>initially<span style=\"letter-spacing:-.55pt\"> <\/span>designates itself<span style=\"letter-spacing:\n-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>serve<span style=\"letter-spacing:-.75pt\"> <\/span>as<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>initial<span style=\"letter-spacing:-.75pt\">\n<\/span>Partnership<span style=\"letter-spacing:-.75pt\"> <\/span>Representative.<span style=\"letter-spacing:.65pt\"> <\/span>The<span style=\"letter-spacing:-.7pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>also<span style=\"letter-spacing:-.75pt\"> <\/span>designate an individual representative to\nact on behalf of the Partnership Representative where the Partnership\nRepresentative is an entity.<span style=\"letter-spacing:4.0pt\"> <\/span>The\nManaging Member initially designates reflect Dilip Mooparakath as the\ndesignated individual.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nPartnership Representative (including any individuals required to be designated\nin connection with the designation of the Partnership Representative) may only\nbe removed and replaced by the Managing Member in its sole and absolute<span style=\"letter-spacing:-.75pt\"> <\/span>discretion.<span style=\"letter-spacing:\n1.3pt\"> <\/span>All<span style=\"letter-spacing:-.65pt\"> <\/span>material<span style=\"letter-spacing:-.75pt\"> <\/span>decisions<span style=\"letter-spacing:\n-.75pt\"> <\/span>made<span style=\"letter-spacing:-.75pt\"> <\/span>by,<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.8pt\"> <\/span>action<span style=\"letter-spacing:-.75pt\"> <\/span>taken<span style=\"letter-spacing:-.7pt\"> <\/span>by,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.75pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Partnership<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Representative<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\">\n<\/span>be<span style=\"letter-spacing:-.8pt\"> <\/span>made<span style=\"letter-spacing:\n-.8pt\"> <\/span>at<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>direction<span style=\"letter-spacing:\n-.75pt\"> <\/span>of<span style=\"letter-spacing:-.8pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Member,<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Member\u2019s sole and absolute discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.6pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Partnership\nRepresentative shall represent the Company in any disputes, controversies or\nproceedings with the IRS or with any state, local, or non-U.S. taxing\nauthority.<span style=\"letter-spacing:2.0pt\"> <\/span>The Partnership\nRepresentative shall, at the direction of the Managing Member in the Managing\nMember\u2019s sole and absolute discretion, have the power to take such actions on\nbehalf of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>proceedings<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>IRS<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>taxing<span style=\"letter-spacing:-.4pt\"> <\/span>authority<span style=\"letter-spacing:-.4pt\">\n<\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>the Managing Member\ndetermines to be appropriate and any decision made by the Partnership\nRepresentative<span style=\"letter-spacing:-.5pt\"> <\/span>at<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>direction<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing<span style=\"letter-spacing:-.6pt\">\n<\/span>Member<span style=\"letter-spacing:-.6pt\"> <\/span>shall<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>binding<span style=\"letter-spacing:-.6pt\"> <\/span>on<span style=\"letter-spacing:-.6pt\"> <\/span>all<span style=\"letter-spacing:-.55pt\"> <\/span>Members<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>Unit Holders.<span style=\"letter-spacing:1.75pt\"> <\/span>The<span style=\"letter-spacing:-.7pt\"> <\/span>Members<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>Unit<span style=\"letter-spacing:-.65pt\"> <\/span>Holders<span style=\"letter-spacing:-.7pt\">\n<\/span>acknowledge<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>agree<span style=\"letter-spacing:-.7pt\"> <\/span>that,<span style=\"letter-spacing:-.65pt\"> <\/span>if<span style=\"letter-spacing:-.65pt\"> <\/span>directed<span style=\"letter-spacing:-.7pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Managing Member, the Partnership\nRepresentative shall have the power to cause the Company to elect out of the\npartnership-level audit procedures to the extent allowed under Code Section\n6221(b) or to elect out of partnership-level tax assessments under Code Section\n6226, in each instance, as directed by the Managing Member in the Managing\nMember\u2019s sole and absolute discretion. Further, to the extent requested to do\nso by the Partnership Representative at the direction of the Managing Member,\nthe Members and Unit Holders<span style=\"letter-spacing:-.05pt\"> <\/span>shall timely\nfile<span style=\"letter-spacing:-.05pt\"> <\/span>amended returns and pay tax\nliabilities (including interest and penalties) under Code Section 6225(c)(2).<span style=\"letter-spacing:2.0pt\"> <\/span>The Members and Unit Holders agree to\ncooperate in good faith, including, without limitation, by timely providing\ninformation<span style=\"letter-spacing:-.45pt\"> <\/span>requested<span style=\"letter-spacing:-.45pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Partnership<span style=\"letter-spacing:\n-.45pt\"> <\/span>Representative<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>making<span style=\"letter-spacing:-.45pt\">\n<\/span>elections<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>filing<span style=\"letter-spacing:-.45pt\">\n<\/span>amended returns requested by the Partnership Representative, to give\neffect to the preceding sentence. Subject to the foregoing, to the extent\nrequired to do so under the Subchapter C of Subtitle A, Chapter<span style=\"letter-spacing:-.1pt\"> <\/span>63 of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Code, as amended by P.L.<span style=\"letter-spacing:-.05pt\"> <\/span>114-74, the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Bipartisan Budget Act of<span style=\"letter-spacing:-.05pt\"> <\/span>2015\n(together with any subsequent amendments thereto, Treasury Regulations\npromulgated thereunder, and published administrative interpretations thereof)\n(the \u201c<u>Post-2017 Company Audit Procedures<\/u>\u201d), the<span style=\"letter-spacing:\n-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>make<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>payments<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>assessed<span style=\"letter-spacing:-.3pt\"> <\/span>amounts<span style=\"letter-spacing:-.35pt\">\n<\/span>under<span style=\"letter-spacing:-.4pt\"> <\/span>Code<span style=\"letter-spacing:-.4pt\"> <\/span>Section<span style=\"letter-spacing:-.35pt\">\n<\/span>6221<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Post-\n2017 Company Audit Procedures and shall allocate any such assessment among the\ncurrent or former Members and former Unit Holders of the Company for the\n\u201creviewed year\u201d to which the assessment relates in a manner that reflects the\ncurrent or former Members\u2019 or Unit Holders\u2019 respective interests in the Company\nfor that reviewed year based on such Member\u2019s or Unit Holder\u2019s share of such\nassessment as would have occurred if the Company had amended the tax returns\nfor such reviewed year and such Member or Unit Holder incurred the assessment\ndirectly (using the tax rates applicable to the Company pursuant to Code\nSection 6225(b)).<span style=\"letter-spacing:2.0pt\"> <\/span>To the extent that\nthe Company is assessed amounts under Code Section 6221(a), the current or\nformer Member(s) or Unit Holder(s) to which this assessment relates shall pay\nto the Company such Member\u2019s or Unit Holder\u2019s share of the assessed amounts\nincluding such Member\u2019s or Unit Holder\u2019s share of any additional accrued\npenalties and interest assessed against the Company relating to such Member\u2019s\nor Unit Holder\u2019s share of the assessment (together, the \u201c<u>Member<\/u> <u>Assessment<\/u>\u201d),\nupon thirty (30) days of written notice from the Partnership Representative\nrequesting<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>payment.<span style=\"letter-spacing:2.0pt\">\n<\/span>If<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:\n-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>Unit<span style=\"letter-spacing:-.15pt\"> <\/span>Holder<span style=\"letter-spacing:-.15pt\"> <\/span>does<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>timely<span style=\"letter-spacing:-.15pt\">\n<\/span>pay<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>full\namount of the Member Assessment (the \u201c<u>Defaulting Member<\/u>\u201d), and a\n\u201cDefaulting Member\u201d as defined in <u>Section 13<\/u> of this Agreement, then the\nshortfall shall be treated as an amount due and payable (the \u201c<u>Tax Payable<\/u>\u201d)\nby the Company to the Defaulting Member, with the following <span style=\"letter-spacing:-.1pt\">results:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:24.45pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l68 level4 lfo15;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.2.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the unpaid balance<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the\nTax Payable shall bear<span style=\"letter-spacing:-.05pt\"> <\/span>default\ninterest at<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>rate<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>10%,<span style=\"letter-spacing:-.1pt\"> <\/span>compounded<span style=\"letter-spacing:-.25pt\"> <\/span>quarterly,<span style=\"letter-spacing:\n-.1pt\"> <\/span>from<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>day<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>amount<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Tax<span style=\"letter-spacing:-.25pt\"> <\/span>Payable<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>due\nand<span style=\"letter-spacing:-.35pt\"> <\/span>payable<span style=\"letter-spacing:\n-.4pt\"> <\/span>until<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>date<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Tax<span style=\"letter-spacing:-.35pt\"> <\/span>Payable,<span style=\"letter-spacing:-.35pt\">\n<\/span>together<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>accrued<span style=\"letter-spacing:-.35pt\"> <\/span>default<span style=\"letter-spacing:-.35pt\">\n<\/span>interest,<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>repaid to the Company;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l68 level4 lfo15;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.2.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">all amounts otherwise\ndistributable or payable by the Company to the Defaulting Member shall be and\nis used to offset the amount that the Defaulting Member owes<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\">\n<\/span>until<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\">\n<\/span>due<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:\n-.05pt\"> <\/span>all<span style=\"letter-spacing:-.05pt\"> <\/span>accrued<span style=\"letter-spacing:-.05pt\"> <\/span>default<span style=\"letter-spacing:-.05pt\">\n<\/span>interest<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.1pt\"> <\/span>been<span style=\"letter-spacing:-.05pt\"> <\/span>paid<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>full;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:1.5in;\nmso-list:l68 level4 lfo15;tab-stops:183.4pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.2.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in<span style=\"letter-spacing:\n-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>sole<span style=\"letter-spacing:-.75pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Managing<span style=\"letter-spacing:-.75pt\">\n<\/span>Members,<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>extent permitted<span style=\"letter-spacing:\n-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>law,<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>payment<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Tax<span style=\"letter-spacing:-.25pt\"> <\/span>Payable<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>accrued<span style=\"letter-spacing:-.15pt\"> <\/span>default<span style=\"letter-spacing:-.2pt\">\n<\/span>interest<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>secured<span style=\"letter-spacing:-.15pt\"> <\/span>by a security interest in the Defaulting\nMember\u2019s Units; and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">in addition to the other\nrights and remedies granted to it under this Agreement, the<span style=\"letter-spacing:-.05pt\"> <\/span>Company has the right to take any action\navailable at law or<span style=\"letter-spacing:-.05pt\"> <\/span>in equity, at\nthe<span style=\"letter-spacing:-.05pt\"> <\/span>cost and expense of the\nDefaulting Member, to obtain payment from the Defaulting Member of the unpaid\nbalance in default of the Tax Payable and all accrued and unpaid default\ninterest.<span style=\"letter-spacing:2.0pt\"> <\/span>As a result<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>default,<span style=\"letter-spacing:-.4pt\">\n<\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>sole<span style=\"letter-spacing:-.45pt\"> <\/span>discretion<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\">\n<\/span>Members,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>extent<span style=\"letter-spacing:-.4pt\">\n<\/span>permitted by law, the Company shall be entitled to all the rights and\nremedies of a secured party under the Uniform Commercial Code of the applicable\nstate (or states), as reasonably determined by the Managing<span style=\"letter-spacing:-.75pt\"> <\/span>Members,<span style=\"letter-spacing:-.75pt\">\n<\/span>with<span style=\"letter-spacing:-.75pt\"> <\/span>respect<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>security<span style=\"letter-spacing:-.75pt\">\n<\/span>interest<span style=\"letter-spacing:-.75pt\"> <\/span>granted.<span style=\"letter-spacing:1.35pt\"> <\/span>Each<span style=\"letter-spacing:-.75pt\"> <\/span>Defaulting<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>hereby authorizes the Company, as applicable, to prepare and file\nfinancing statements and other instruments that the Managing Members may deem\nnecessary to effectuate and carry out the preceding provisions of this Section.<span style=\"letter-spacing:2.0pt\"> <\/span>Each Member agrees that the aforesaid\nliquidated damages provisions constitute reasonable compensation to the Company\nand its non-Defaulting Members for<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>additional<span style=\"letter-spacing:\n-.75pt\"> <\/span>risks<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>damages<span style=\"letter-spacing:-.75pt\">\n<\/span>sustained<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>each<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>them<span style=\"letter-spacing:-.75pt\"> <\/span>when<span style=\"letter-spacing:-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>if<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>Defaulting<span style=\"letter-spacing:-.75pt\"> <\/span>Member shall default on an obligation to\npay any Member Assessment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.1pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">At the sole and absolute\ndiscretion of the Managing Member, with respect<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>current<span style=\"letter-spacing:-.25pt\"> <\/span>Members<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>current<span style=\"letter-spacing:-.15pt\"> <\/span>Unit<span style=\"letter-spacing:-.25pt\"> <\/span>Holders,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.3pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>alternatively<span style=\"letter-spacing:-.25pt\"> <\/span>allow<span style=\"letter-spacing:-.3pt\"> <\/span>some\nor all of a Member\u2019s or Holder\u2019s obligation pursuant to this Section 1.7 of\nthis Tax Matters Schedule to be applied to, and reduce, the next\ndistribution(s) or payments otherwise payable to such Member or Unit Holder<span style=\"letter-spacing:-.05pt\"> <\/span>under this Agreement.<span style=\"letter-spacing:2.0pt\"> <\/span>Notwithstanding anything to the contrary\nin this Agreement, the provisions contained in this Section 1.7 of this Tax\nMatters Schedule shall survive<span style=\"letter-spacing:-.15pt\"> <\/span>(w)<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>dissolution<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company,<span style=\"letter-spacing:-.1pt\">\n<\/span>(y)<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>withdrawal<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>Redemption<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>or\nUnit Holder, or (z) the Transfer of any Member\u2019s or Unit Holder\u2019s Interests.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:25.05pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.5<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Any Person designated as the Partnership\nRepresentative shall receive no compensation (other than compensation, if any,\notherwise specified in this Agreement) from the Company or its Members or Unit\nHolders for its services in that capacity.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.6<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member may, with\nrespect to the Company, make the election provided under Code Section 754 of\nthe Code and any corresponding provision of applicable state law in its sole\nand absolute discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.6.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each<span style=\"letter-spacing:\n-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Unit<span style=\"letter-spacing:-.25pt\"> <\/span>Holder<span style=\"letter-spacing:-.35pt\"> <\/span>covenants<span style=\"letter-spacing:\n-.25pt\"> <\/span>(i)<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>timely<span style=\"letter-spacing:-.4pt\"> <\/span>file<span style=\"letter-spacing:-.45pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>returns required<span style=\"letter-spacing:\n-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>filed<span style=\"letter-spacing:-.15pt\">\n<\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Person<span style=\"letter-spacing:-.15pt\">\n<\/span>pursuant<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>laws<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>applicable<span style=\"letter-spacing:\n-.15pt\"> <\/span>taxing<span style=\"letter-spacing:-.15pt\"> <\/span>jurisdiction,<span style=\"letter-spacing:-.15pt\"> <\/span>(ii) to timely provide any information\nrequested by the Managing Member, the Tax Matters Representative<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>comply<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>law<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>in\nconnection<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company\u2019s<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">obligation\nrelating to any taxing jurisdiction, including, without limitation, to timely\nprovide information<span style=\"letter-spacing:-.05pt\"> <\/span>requested<span style=\"letter-spacing:-.1pt\"> <\/span>by the<span style=\"letter-spacing:-.1pt\"> <\/span>Partnership<span style=\"letter-spacing:-.05pt\"> <\/span>Representative<span style=\"letter-spacing:\n-.1pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>needed<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>comply<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>provisions of the Post-2017 Company Audit Procedures,\nand (iii) with respect to each such filing, to report all Company items on such\nPerson\u2019s income tax return in a manner consistent with the tax return of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Company.<span style=\"letter-spacing:2.0pt\"> <\/span>However,<span style=\"letter-spacing:-.4pt\">\n<\/span>if<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:\n-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>Unit<span style=\"letter-spacing:-.35pt\"> <\/span>Holder<span style=\"letter-spacing:-.4pt\"> <\/span>reports<span style=\"letter-spacing:-.35pt\">\n<\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>item<span style=\"letter-spacing:-.35pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>Person\u2019s\nincome tax return in a manner inconsistent with the tax return of the Company,\nthen such Person shall<span style=\"letter-spacing:-.75pt\"> <\/span>notify<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Managing<span style=\"letter-spacing:-.65pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>treatment<span style=\"letter-spacing:\n-.7pt\"> <\/span>before<span style=\"letter-spacing:-.7pt\"> <\/span>filing<span style=\"letter-spacing:-.7pt\"> <\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>Person\u2019s<span style=\"letter-spacing:-.75pt\"> <\/span>income<span style=\"letter-spacing:-.75pt\">\n<\/span>tax<span style=\"letter-spacing:-.75pt\"> <\/span>return. If a Member or\nUnit Holder fails to comply with any provision of this Section 1.7.7 of this\nTax Matters Schedule, then such Person shall be liable to the Company for any\nexpenses, including professionals\u2019 fees, tax, interest, penalties, or litigation\ncosts, that may arise as a consequence of such inconsistent reporting or\nbreach, including those arising as a result of an audit by a taxing\njurisdiction.<span style=\"letter-spacing:2.0pt\"> <\/span>The obligations of any\nMember or Unit Holder set forth in this Section 1.7.7 of this Tax Matters Schedule\nshall apply on a flow through basis and apply to the ultimate beneficial owners\nof Interests.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n97.0pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l68 level2 lfo15;\ntab-stops:97.0pt\"><!--[if !supportLists]-->1.7<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Miscellaneous<\/span><\/u><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.7.1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Returns and Other Elections<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member shall cause the\npreparation and timely filing of all tax returns required pursuant to the Code\nand all other tax returns deemed necessary and required in each jurisdiction in\nwhich the Company does business. All elections permitted to be made by the\nCompany under federal or state laws shall be made by the Managing Member in his\nsole discretion.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:25.0pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.7.2<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Knowledge<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Each Unit Holder acknowledges that he\nunderstands the economic and income tax consequences of the allocations under\nthis Agreement and agrees to be bound by the provisions of this Tax Matters\nSchedule in reporting the Unit Holder\u2019s taxable income and loss from the\nCompany.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.7.3<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Amendment<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.\nThe Managing Member may amend this Tax Matters Schedule to comply with the Code\nand the Regulations promulgated under Code Section 704(b) and<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>extent<span style=\"letter-spacing:-.3pt\"> <\/span>necessary<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>(i)<span style=\"letter-spacing:-.35pt\"> <\/span>comply<span style=\"letter-spacing:-.4pt\">\n<\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Bipartisan<span style=\"letter-spacing:\n-.3pt\"> <\/span>Budget<span style=\"letter-spacing:-.25pt\"> <\/span>Act<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>2015\nand any U.S. Treasury Regulations or other administrative pronouncements\npromulgated thereunder, and (ii) administer the effects of such provisions in\nan equitable manner, and each Member and Unit Holder agrees to be bound by the\nprovisions of any such amendment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l68 level3 lfo15;tab-stops:147.35pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">1.7.4<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><\/b><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">FATCA<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Each Member and Unit Holder shall deliver\nto the Company such other tax forms or other documents as shall be prescribed\nby applicable law, to the extent applicable, (i) to demonstrate that payments\nto such Member and Unit Holder under this Agreement are exempt<span style=\"letter-spacing:.65pt\"> <\/span>from<span style=\"letter-spacing:.65pt\"> <\/span>any\nUnited States withholding<span style=\"letter-spacing:.65pt\"> <\/span>tax imposed\npursuant<span style=\"letter-spacing:.65pt\"> <\/span>to<span style=\"letter-spacing:\n.65pt\"> <\/span>FATCA or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(ii)\nto allow the Company to determine the amount to deduct or withhold under FATCA\nfrom a payment hereunder.<span style=\"letter-spacing:2.0pt\"> <\/span>Each Member\nand Unit Holder further agrees to complete and to deliver to the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>time<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>time,<span style=\"letter-spacing:-.15pt\"> <\/span>so<span style=\"letter-spacing:-.3pt\"> <\/span>long<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>it<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>eligible<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>do<span style=\"letter-spacing:-.25pt\"> <\/span>so,<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>successor<span style=\"letter-spacing:\n-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>additional<span style=\"letter-spacing:-.15pt\"> <\/span>form required by the Internal Revenue\nService or reasonably requested by the Company in order to secure an exemption\nfrom, or reduction in the rate of, United States withholding tax.<span style=\"letter-spacing:2.0pt\"> <\/span>\u201cFATCA\u201d shall mean Sections 1471 through\n1474 of the Code and any applicable Treasury regulation promulgated thereunder\nor published administrative guidance implementing such Sections whether in\nexistence on the date hereof or promulgated or published hereafter.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-left:.05pt;text-align:center\"><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">EXCESS<span style=\"letter-spacing:-.05pt\"> <\/span>SHARE<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">SCHEDULE<\/span><\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.0pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l50 level2 lfo14;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.01<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Definitions<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>For<span style=\"letter-spacing:-.4pt\"> <\/span>purposes<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>Excess<span style=\"letter-spacing:-.3pt\"> <\/span>Share<span style=\"letter-spacing:-.4pt\"> <\/span>Schedule,<span style=\"letter-spacing:-.35pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>following<span style=\"letter-spacing:-.35pt\"> <\/span>terms<span style=\"letter-spacing:-.3pt\"> <\/span>shall\nhave the meanings set forth below.<span style=\"letter-spacing:2.0pt\"> <\/span>References\nto sections shall refer to sections in this Excess Share Schedule.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.95pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Beneficial<span style=\"letter-spacing:-.05pt\">\n<\/span>Ownership<\/u>\u201d shall<span style=\"letter-spacing:-.05pt\"> <\/span>mean<span style=\"letter-spacing:-.05pt\"> <\/span>ownership<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>Person<span style=\"letter-spacing:-.1pt\"> <\/span>who<span style=\"letter-spacing:-.1pt\"> <\/span>would<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>treated as an owner of such Units either\ndirectly, indirectly or constructively through the application of Code Section\n544, as modified by Code Section 856(h)(1)(B).<span style=\"letter-spacing:2.0pt\">\n<\/span>The terms \u201cBeneficial Owner,\u201d \u201cBeneficially Owns,\u201d \u201cBeneficially Own\u201d\nand \u201cBeneficially Owned\u201d shall have correlative <span style=\"letter-spacing:\n-.1pt\">meanings.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Charitable Beneficiary<\/u>\u201d shall mean an\norganization or organizations described in Code Sections 170(b)(1)(A) and\n170(c) and identified by the Managing Member as the beneficiary or\nbeneficiaries of the Excess Share Trust.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:97.15pt;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n186%\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:186%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Excess Shares<\/u>\u201d shall have\nthe meaning given to it in <u>Section 1.3(a)<\/u>. \u201c<u>Excess<span style=\"letter-spacing:-.05pt\"> <\/span>Share<span style=\"letter-spacing:-.1pt\"> <\/span>Trust<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>shall mean<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>trust<span style=\"letter-spacing:-.05pt\"> <\/span>created<span style=\"letter-spacing:.05pt\">\n<\/span>pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to <u>Section<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">1.14<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Excess<span style=\"letter-spacing:-.15pt\"> <\/span>Share<span style=\"letter-spacing:-.25pt\"> <\/span>Trustee<\/u>\u201d<span style=\"letter-spacing:\n-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>mean<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>Person,<span style=\"letter-spacing:-.1pt\"> <\/span>who shall<span style=\"letter-spacing:-.15pt\">\n<\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>unaffiliated<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Company, any Purported Beneficial\nTransferee and any Purported Record Transferee, identified by the Managing\nMember as the trustee of the Excess Share Trust.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Existing<span style=\"letter-spacing:-.75pt\">\n<\/span>Holder<\/u>\u201d<span style=\"letter-spacing:-.75pt\"> <\/span>shall<span style=\"letter-spacing:-.75pt\"> <\/span>mean<span style=\"letter-spacing:-.75pt\"> <\/span>(a)<span style=\"letter-spacing:-.75pt\"> <\/span>Members,<span style=\"letter-spacing:-.75pt\">\n<\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>(b)<span style=\"letter-spacing:-.75pt\"> <\/span>any<span style=\"letter-spacing:-.75pt\"> <\/span>Person<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>whom<span style=\"letter-spacing:-.75pt\"> <\/span>an<span style=\"letter-spacing:-.75pt\"> <\/span>Existing<span style=\"letter-spacing:-.75pt\"> <\/span>Holder Transfers, subject to the\nlimitations provided in this Agreement, Beneficial Ownership of Units causing\nsuch transferee to Beneficially Own Units in excess of the Ownership Limit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Existing Holder Limit<\/u>\u201d (a) for the\nCompany shall mean, initially, the Units representing a<span style=\"letter-spacing:\n-.6pt\"> <\/span>Percentage<span style=\"letter-spacing:-.45pt\"> <\/span>Interest<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>100%,<span style=\"letter-spacing:-.55pt\"> <\/span>and,<span style=\"letter-spacing:-.55pt\"> <\/span>after<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>adjustment<span style=\"letter-spacing:-.5pt\"> <\/span>pursuant<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span><u>Section<span style=\"letter-spacing:-.45pt\"> <\/span>1.09<\/u>,<span style=\"letter-spacing:\n-.55pt\"> <\/span>shall<span style=\"letter-spacing:-.5pt\"> <\/span>mean<span style=\"letter-spacing:-.55pt\"> <\/span>such percentage of the outstanding Units,\nas the case may be, as so adjusted, and (b) for any Existing Holder who becomes\nan Existing Holder by virtue of clause (b) of the definition thereof, shall\nmean, initially, the Percentage Interest of the outstanding Units Beneficially\nOwned by such Existing<span style=\"letter-spacing:-.35pt\"> <\/span>Holder<span style=\"letter-spacing:-.4pt\"> <\/span>at<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>time<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>Existing<span style=\"letter-spacing:-.35pt\"> <\/span>Holder<span style=\"letter-spacing:-.4pt\">\n<\/span>becomes<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.35pt\"> <\/span>Existing<span style=\"letter-spacing:-.25pt\">\n<\/span>Holder,<span style=\"letter-spacing:-.4pt\"> <\/span>but<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>no<span style=\"letter-spacing:-.15pt\"> <\/span>event shall such Percentage Interest be\ngreater than the Existing Holder Limit for the Existing Holder who Transferred\nBeneficial Ownership of such Units or, in the case of more than one transferor,\nin no event shall such Percentage Interest be greater than the smallest\nExisting Holder Limit of any transferring Existing Holder, and, after any\nadjustment pursuant to <u>Section 1.09<\/u> hereof, shall mean such Percentage\nInterest of the outstanding Units as so adjusted.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:25.05pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Market Price<\/u>\u201d shall mean the market\nprice of such class of Units on the relevant date as determined in good faith\nby the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Ownership Limit<\/u>\u201d shall initially mean a\nPercentage Interest of 7.1%, and after any adjustment as set forth in <u>Section\n1.10<\/u>, shall mean such Percentage Interest as so adjusted.<span style=\"letter-spacing:2.0pt\"> <\/span>The Percentage Interests shall be\ndetermined by the Managing Member in good faith, which determination shall be\nconclusive for all purposes hereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Person<\/u>\u201d shall mean an individual,\ncorporation, partnership, limited liability company, estate, trust (including,\nwithout limitation, a trust qualified under Code Section 401(a) or 501(c)(17)),<span style=\"letter-spacing:-.15pt\"> <\/span>portion<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.15pt\"> <\/span>trust<span style=\"letter-spacing:-.15pt\"> <\/span>permanently<span style=\"letter-spacing:-.15pt\"> <\/span>set<span style=\"letter-spacing:-.15pt\"> <\/span>aside<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>used<span style=\"letter-spacing:-.05pt\"> <\/span>exclusively<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>purposes described in Code Section\n642(c), association, private foundation within the meaning of Code Section\n509(a), joint stock company or other Entity.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Prohibited<span style=\"letter-spacing:-.15pt\"> <\/span>Owner<span style=\"letter-spacing:-.05pt\">\n<\/span>Event<\/u>\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>meaning<span style=\"letter-spacing:-.05pt\"> <\/span>provided<span style=\"letter-spacing:-.05pt\">\n<\/span>in <u>Section <span style=\"letter-spacing:-.1pt\">1.03(c)<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Purported Beneficial Transferee<\/u>\u201d shall\nmean, with respect to any purported Transfer which results in Excess Shares,\nthe<span style=\"letter-spacing:-.05pt\"> <\/span>beneficial holder<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units, if<span style=\"letter-spacing:\n-.05pt\"> <\/span>such Transfer<span style=\"letter-spacing:-.05pt\"> <\/span>had\nbeen valid under <u>Section 1.02<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.95pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Purported Record Transferee<\/u>\u201d shall mean,\nwith respect to any purported Transfer which results in Excess Shares, the\nrecord holder of the Units, if such Transfer had been valid under <u>Section\n1.2<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Redemption<span style=\"letter-spacing:-.05pt\"> <\/span>Price<\/u>\u201d<span style=\"letter-spacing:\n-.1pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>meaning<span style=\"letter-spacing:-.05pt\">\n<\/span>provided<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:.1pt\"> <\/span><u>Section<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">1.18<\/span><\/u><span style=\"letter-spacing:-.1pt\">.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Restriction Termination Date<\/u>\u201d shall mean\nthe first day on which the Managing Member determines<span style=\"letter-spacing:\n-.75pt\"> <\/span>that<span style=\"letter-spacing:-.75pt\"> <\/span>it<span style=\"letter-spacing:-.75pt\"> <\/span>is<span style=\"letter-spacing:-.75pt\"> <\/span>no<span style=\"letter-spacing:-.75pt\"> <\/span>longer<span style=\"letter-spacing:-.75pt\">\n<\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>best<span style=\"letter-spacing:-.75pt\"> <\/span>interests<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\">\n<\/span>that<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>REIT<span style=\"letter-spacing:-.75pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.75pt\"> <\/span>attempt to, or continue to, qualify as a\nreal estate investment trust under the Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201c<u>Transfer<\/u>\u201d<span style=\"letter-spacing:\n-.25pt\"> <\/span>means<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>give,<span style=\"letter-spacing:-.3pt\"> <\/span>sell,<span style=\"letter-spacing:-.3pt\"> <\/span>assign,<span style=\"letter-spacing:-.3pt\">\n<\/span>pledge,<span style=\"letter-spacing:-.3pt\"> <\/span>hypothecate,<span style=\"letter-spacing:-.3pt\"> <\/span>devise,<span style=\"letter-spacing:-.3pt\">\n<\/span>bequeath,<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>otherwise dispose<span style=\"letter-spacing:\n-.6pt\"> <\/span>of,<span style=\"letter-spacing:-.6pt\"> <\/span>transfer,<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>permit<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>transferred,<span style=\"letter-spacing:\n-.45pt\"> <\/span>during<span style=\"letter-spacing:-.55pt\"> <\/span>life<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>at<span style=\"letter-spacing:-.4pt\"> <\/span>death.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.5pt\"> <\/span>word<span style=\"letter-spacing:-.55pt\"> <\/span>\u201cTransfer,\u201d<span style=\"letter-spacing:-.6pt\"> <\/span>when used as a noun, shall mean a Transfer\nrestriction.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:97.0pt;margin-bottom:.0001pt;text-indent:-.5in;\nmso-list:l50 level2 lfo14;tab-stops:97.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.02<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Ownership<span style=\"letter-spacing:-.1pt\"> Limitation<\/span><\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except<span style=\"letter-spacing:\n-.15pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>provided<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span><u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>1.12<\/u>,<span style=\"letter-spacing:-.15pt\">\n<\/span>until<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Restriction<span style=\"letter-spacing:\n-.15pt\"> <\/span>Termination<span style=\"letter-spacing:-.15pt\"> <\/span>Date, no<span style=\"letter-spacing:-.75pt\"> <\/span>Person<span style=\"letter-spacing:-.75pt\">\n<\/span>(other<span style=\"letter-spacing:-.75pt\"> <\/span>than<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.5pt\"> <\/span>Existing<span style=\"letter-spacing:-.7pt\"> <\/span>Holder)<span style=\"letter-spacing:-.75pt\">\n<\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>Beneficially<span style=\"letter-spacing:-.7pt\"> <\/span>Own<span style=\"letter-spacing:-.6pt\"> <\/span>Units<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>excess<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Ownership Limit<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>no<span style=\"letter-spacing:-.3pt\"> <\/span>Existing<span style=\"letter-spacing:-.3pt\">\n<\/span>Holder<span style=\"letter-spacing:-.35pt\"> <\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>Beneficially<span style=\"letter-spacing:\n-.25pt\"> <\/span>Own<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>excess<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Existing<span style=\"letter-spacing:-.25pt\">\n<\/span>Holder<span style=\"letter-spacing:-.35pt\"> <\/span>Limit for such\nExisting Holder.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except<span style=\"letter-spacing:\n-.15pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>provided<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span><u>Section<span style=\"letter-spacing:-.1pt\"> <\/span>1.12,<\/u><span style=\"letter-spacing:-.15pt\">\n<\/span>until<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Restriction<span style=\"letter-spacing:\n-.15pt\"> <\/span>Termination<span style=\"letter-spacing:-.15pt\"> <\/span>Date,\nany Transfer that, if effective, would result in any Person (other than an\nExisting Holder) Beneficially Owning Units in excess of the Ownership Limit\nshall be void <i>ab initio <\/i>as to the\nTransfer of the Units which would otherwise be Beneficially Owned by such\nPerson in excess of the Ownership Limit; and the intended transferee shall\nacquire no rights in such Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except as provided in <u>Sections\n1.09<\/u> and <u>1.12<\/u>, until the Restriction Termination<span style=\"letter-spacing:-.4pt\"> <\/span>Date,<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Transfer<span style=\"letter-spacing:-.35pt\">\n<\/span>that,<span style=\"letter-spacing:-.4pt\"> <\/span>if<span style=\"letter-spacing:-.3pt\"> <\/span>effective,<span style=\"letter-spacing:\n-.3pt\"> <\/span>would<span style=\"letter-spacing:-.4pt\"> <\/span>result<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>Existing<span style=\"letter-spacing:-.4pt\">\n<\/span>Holder<span style=\"letter-spacing:-.45pt\"> <\/span>Beneficially Owning\nUnits in excess of the applicable Existing Holder Limit shall be void <i>ab initio <\/i>as to the Transfer of the\nUnits which would be otherwise Beneficially Owned by such Existing Holder in excess\nof the applicable Existing Holder Limit; and such Existing Holder shall acquire\nno rights in such Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:25.15pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:133.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(d)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Until<span style=\"letter-spacing:\n2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>Restriction<span style=\"letter-spacing:2.0pt\"> <\/span>Termination<span style=\"letter-spacing:\n2.0pt\"> <\/span>Date,<span style=\"letter-spacing:2.0pt\"> <\/span>any<span style=\"letter-spacing:2.0pt\"> <\/span>Transfer<span style=\"letter-spacing:2.0pt\">\n<\/span>that,<span style=\"letter-spacing:2.0pt\"> <\/span>if<span style=\"letter-spacing:2.0pt\"> <\/span>effective, would<span style=\"letter-spacing:\n1.95pt\"> <\/span>result<span style=\"letter-spacing:2.0pt\"> <\/span>in<span style=\"letter-spacing:2.0pt\"> <\/span>the<span style=\"letter-spacing:2.0pt\"> <\/span>REIT<span style=\"letter-spacing:1.95pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n2.0pt\"> <\/span>being<span style=\"letter-spacing:2.0pt\"> <\/span>beneficially<span style=\"letter-spacing:2.0pt\"> <\/span>owned<span style=\"letter-spacing:2.0pt\"> <\/span>(as<span style=\"letter-spacing:2.0pt\"> <\/span>provided<span style=\"letter-spacing:1.95pt\">\n<\/span>in<span style=\"letter-spacing:2.0pt\"> <\/span>Code<span style=\"letter-spacing:\n1.95pt\"> <\/span>Section 856(a)) by less than 100 Persons (determined without\nreference to any rules of attribution) shall be void <i>ab initio <\/i>as to the Transfer of Units which would be otherwise\nbeneficially owned (as provided in Code Section 856(a)) by the transferee; and\nthe intended transferee shall acquire no rights in such Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(e)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Until the Restriction\nTermination Date, any Transfer that, if effective, would result in the Company,\nand subsequently the REIT Subsidiary being \u201cclosely held\u201d within the meaning of\nCode Section 856(h) shall be void <i>ab\ninitio <\/i>as to the Transfer of the Units which would<span style=\"letter-spacing:\n-.55pt\"> <\/span>cause<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>REIT<span style=\"letter-spacing:-.5pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>\u201cclosely<span style=\"letter-spacing:-.5pt\">\n<\/span>held\u201d<span style=\"letter-spacing:-.5pt\"> <\/span>within<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>meaning<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>Code<span style=\"letter-spacing:-.55pt\"> <\/span>Section<span style=\"letter-spacing:-.55pt\">\n<\/span>856(h); and the intended transferee shall acquire no rights in such\nUnits.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(f)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Until the Restriction\nTermination Date, any Transfer that, if effective, would result in the REIT\nSubsidiary otherwise failing to qualify as a real estate investment trust under\nthe Code shall be void <i>ab initio <\/i>as\nto the Transfer of Units that would result in the REIT Subsidiary failing to\nqualify as a real estate investment trust under the Code; and the intended\ntransferee shall acquire no rights in such Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(g)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Until the Restriction\nTermination Date, any Transfer that, if effective, would<span style=\"letter-spacing:\n-.3pt\"> <\/span>result<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.2pt\"> <\/span>becoming<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>\u201cpension-held<span style=\"letter-spacing:\n-.25pt\"> <\/span>REIT\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.3pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Code<span style=\"letter-spacing:\n-.2pt\"> <\/span>Section 856(h)<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.7pt\"> <\/span>void<span style=\"letter-spacing:-.6pt\"> <\/span><i>ab<span style=\"letter-spacing:-.65pt\"> <\/span>initio<span style=\"letter-spacing:-.6pt\">\n<\/span><\/i>as<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Transfer<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Units<span style=\"letter-spacing:-.65pt\"> <\/span>which<span style=\"letter-spacing:-.65pt\">\n<\/span>would<span style=\"letter-spacing:-.65pt\"> <\/span>result<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>REIT<span style=\"letter-spacing:-.6pt\"> <\/span>Subsidiary\nbecoming<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:\n-.7pt\"> <\/span>\u201cpension-held<span style=\"letter-spacing:-.65pt\"> <\/span>REIT;\u201d<span style=\"letter-spacing:-.7pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>intended<span style=\"letter-spacing:-.65pt\">\n<\/span>transferee<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.6pt\"> <\/span>acquire<span style=\"letter-spacing:-.7pt\">\n<\/span>no<span style=\"letter-spacing:-.65pt\"> <\/span>rights<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:97.0pt;text-indent:-.5in;\nmso-list:l50 level2 lfo14;tab-stops:97.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.03<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Excess<span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Shares<\/span><\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If, notwithstanding the other\nprovisions contained in this Excess Share Schedule,<span style=\"letter-spacing:\n-.65pt\"> <\/span>at<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>time,<span style=\"letter-spacing:-.7pt\"> <\/span>until<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Restriction<span style=\"letter-spacing:-.65pt\"> <\/span>Termination<span style=\"letter-spacing:\n-.65pt\"> <\/span>Date,<span style=\"letter-spacing:-.7pt\"> <\/span>there<span style=\"letter-spacing:-.7pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>a<span style=\"letter-spacing:-.7pt\"> <\/span>purported<span style=\"letter-spacing:-.65pt\">\n<\/span>Transfer<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>other change in the capital structure of\nthe REIT Subsidiary such that any Person would Beneficially Own Units in excess\nof the<span style=\"letter-spacing:-.05pt\"> <\/span>applicable<span style=\"letter-spacing:-.05pt\"> <\/span>Ownership Limit or<span style=\"letter-spacing:\n-.05pt\"> <\/span>Existing Holder Limit (as applicable), then, except as\notherwise provided in <u>Sections 1.09<\/u> and <u>1.12<\/u>, the Units\nBeneficially Owned in excess of such Ownership Limit or Existing Holder Limit\n(rounded up to the nearest whole Unit) shall constitute \u201c<u>Excess Shares<\/u>\u201d\nand shall be treated as provided in this Excess Share Schedule. Such\ndesignation and treatment shall be effective as of the close of business on the\nbusiness day prior to the date of the purported Transfer or change in capital\nstructure.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If,<span style=\"letter-spacing:\n-.1pt\"> <\/span>notwithstanding<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>provisions<span style=\"letter-spacing:-.1pt\"> <\/span>contained in<span style=\"letter-spacing:\n-.1pt\"> <\/span>this <u>Article<span style=\"letter-spacing:-.15pt\"> <\/span>VI<\/u>,<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>any\ntime, until the Restriction Termination Date, there is a purported Transfer or\nother change in the capital structure of the REIT Subsidiary (as a result of a\ndirect or indirect Transfer or otherwise) which,<span style=\"letter-spacing:\n-.05pt\"> <\/span>if effective, would<span style=\"letter-spacing:-.05pt\"> <\/span>cause\nthe<span style=\"letter-spacing:-.1pt\"> <\/span>REIT Subsidiary to (i)<span style=\"letter-spacing:-.1pt\"> <\/span>be beneficially owned<span style=\"letter-spacing:-.05pt\"> <\/span>(as<span style=\"letter-spacing:-.05pt\"> <\/span>provided\nin Code Section 856(a)) by less than 100 Persons, (ii) become \u201cclosely held\u201d\nwithin the meaning of Code Section 856(h), (iii) become a \u201cpension-held REIT\u201d\nwithin the meaning of Code Section 856(h), or (iv) otherwise fail to qualify as\nreal estate investment trust under the Code, then the Units<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>subject<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>such\nTransfer<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:\n-.15pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>event<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>would<span style=\"letter-spacing:-.05pt\"> <\/span>cause<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>REIT Subsidiary to fail such requirement\nshall constitute \u201cExcess Shares\u201d and shall be treated as provided in this\nExcess Share Schedule.<span style=\"letter-spacing:2.0pt\"> <\/span>Such\ndesignation and treatment shall be effective as of the close of business on the\nbusiness day prior to the date of the purported Transfer or change in capital <span style=\"letter-spacing:-.1pt\">structure.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;mso-list:l50 level3 lfo14;\ntab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;\nletter-spacing:-.1pt\">(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If, at any time prior to the\nRestriction Termination Date, notwithstanding the other provisions contained in\nthis Excess Share Schedule, there is an event (a \u201c<u>Prohibited<\/u> <u>Owner\nEvent<\/u>\u201d) which would result in the disqualification of the REIT Subsidiary\nas a real estate investment<span style=\"letter-spacing:-.4pt\"> <\/span>trust<span style=\"letter-spacing:-.4pt\"> <\/span>under<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Code<span style=\"letter-spacing:-.45pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>virtue<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>actual,<span style=\"letter-spacing:-.4pt\"> <\/span>Beneficial<span style=\"letter-spacing:\n-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>constructive<span style=\"letter-spacing:-.45pt\"> <\/span>ownership<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Units, then Units\nwhich result in such disqualification shall be automatically exchanged for an\nequal number of Excess Shares to the extent necessary to avoid such\ndisqualification.<span style=\"letter-spacing:2.0pt\"> <\/span>Such exchange shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>effective<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>close<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>business<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>business<span style=\"letter-spacing:-.15pt\">\n<\/span>day<span style=\"letter-spacing:-.2pt\"> <\/span>prior<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>date<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Prohibited\nOwner Event.<span style=\"letter-spacing:2.0pt\"> <\/span>In determining which\nUnits are exchanged, Units owned directly or indirectly by any<span style=\"letter-spacing:-.2pt\"> <\/span>Person<span style=\"letter-spacing:-.2pt\"> <\/span>who<span style=\"letter-spacing:-.2pt\"> <\/span>caused<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Prohibited<span style=\"letter-spacing:\n-.2pt\"> <\/span>Owner<span style=\"letter-spacing:-.2pt\"> <\/span>Event<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>occur<span style=\"letter-spacing:-.2pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>exchanged<span style=\"letter-spacing:\n-.2pt\"> <\/span>before<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>Units not so held are exchanged.<span style=\"letter-spacing:2.0pt\"> <\/span>If similarly situated Persons exist, such\nexchange shall be <i>pro rata <\/i>among such\nPersons according to the number of<span style=\"letter-spacing:-.05pt\"> <\/span>Units\nowned by each.<span style=\"letter-spacing:2.0pt\"> <\/span>If the REIT Subsidiary\nis still so disqualified as a real estate investment trust under the Code,\nUnits owned directly or indirectly by Persons who did not cause the Prohibited\nOwner Event to occur shall be chosen by random<span style=\"letter-spacing:-.6pt\">\n<\/span>lot<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>exchanged<span style=\"letter-spacing:-.6pt\">\n<\/span>for<span style=\"letter-spacing:-.7pt\"> <\/span>Excess<span style=\"letter-spacing:-.6pt\"> <\/span>Shares<span style=\"letter-spacing:-.6pt\"> <\/span>until<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.6pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>no<span style=\"letter-spacing:-.6pt\"> <\/span>longer<span style=\"letter-spacing:-.65pt\">\n<\/span>so<span style=\"letter-spacing:-.6pt\"> <\/span>disqualified as a real\nestate investment trust under the Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l50 level2 lfo14;\ntab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.04<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prevention of Transfer<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If the Managing Member or its designee\nshall at any time determine<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>good<span style=\"letter-spacing:-.5pt\"> <\/span>faith<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Transfer<span style=\"letter-spacing:-.4pt\">\n<\/span>has<span style=\"letter-spacing:-.45pt\"> <\/span>taken<span style=\"letter-spacing:-.5pt\"> <\/span>place<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>violation<span style=\"letter-spacing:\n-.5pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span><u>Section<span style=\"letter-spacing:-.4pt\"> <\/span>1.02<\/u><span style=\"letter-spacing:-.5pt\">\n<\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:\n-.5pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Person intends<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>acquire<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>attempted<span style=\"letter-spacing:\n-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>acquire<span style=\"letter-spacing:-.4pt\"> <\/span>beneficial<span style=\"letter-spacing:\n-.35pt\"> <\/span>ownership<span style=\"letter-spacing:-.35pt\"> <\/span>(determined<span style=\"letter-spacing:-.35pt\"> <\/span>without<span style=\"letter-spacing:-.3pt\">\n<\/span>reference to any rules of attribution) or Beneficial Ownership of any\nUnits in violation of <u>Section 1.02<\/u>, the Managing Member or its designee\nshall take such action as it deems advisable to refuse to give effect to or<span style=\"letter-spacing:-.05pt\"> <\/span>to prevent such Transfer,<span style=\"letter-spacing:-.05pt\"> <\/span>including, without limitation,<span style=\"letter-spacing:-.1pt\"> <\/span>refusing to give effect to such Transfer<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>books<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:\n-.75pt\"> <\/span>Company<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>instituting<span style=\"letter-spacing:\n-.75pt\"> <\/span>proceedings<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>enjoin<span style=\"letter-spacing:-.75pt\">\n<\/span>such<span style=\"letter-spacing:-.75pt\"> <\/span>Transfer;<span style=\"letter-spacing:-.75pt\"> <\/span><u>provided<\/u><i>, <\/i><u>however<\/u>,<span style=\"letter-spacing:.05pt\"> <\/span>that<span style=\"letter-spacing:.2pt\"> <\/span>any<span style=\"letter-spacing:.15pt\"> <\/span>Transfers<span style=\"letter-spacing:.15pt\"> <\/span>or<span style=\"letter-spacing:.25pt\"> <\/span>attempted<span style=\"letter-spacing:.2pt\"> <\/span>Transfers<span style=\"letter-spacing:.15pt\">\n<\/span>in<span style=\"letter-spacing:.2pt\"> <\/span>violation<span style=\"letter-spacing:.15pt\"> <\/span>of<span style=\"letter-spacing:.1pt\"> <\/span>paragraph<span style=\"letter-spacing:.2pt\"> <\/span>(b),<span style=\"letter-spacing:.15pt\"> <\/span>(c),<span style=\"letter-spacing:.1pt\"> <\/span>(d),<span style=\"letter-spacing:.1pt\"> <\/span>(e),<span style=\"letter-spacing:.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">(f),<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:25.15pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(g)\nor (h) of <u>Section 1.02<\/u> shall automatically result in the designation and\ntreatment described in <u>Section 1.03<\/u>, irrespective of any action (or\nnon-action) by the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.65pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l50 level2 lfo14;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.05<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notice<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Any Person who acquires or attempts to\nacquire Units in violation of <u>Section<span style=\"letter-spacing:-.15pt\"> <\/span>1.02<\/u>,<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>Person<span style=\"letter-spacing:-.15pt\">\n<\/span>who<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:\n-.15pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>transferee<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>Excess<span style=\"letter-spacing:-.15pt\">\n<\/span>Shares<span style=\"letter-spacing:-.15pt\"> <\/span>result<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.05pt\">\n<\/span><u>Section<span style=\"letter-spacing:-.15pt\"> <\/span>1.03<\/u>, shall\nimmediately give written notice or, in the event of a proposed or attempted\nTransfer, shall give<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>least fifteen (15)<span style=\"letter-spacing:\n-.1pt\"> <\/span>days<span style=\"letter-spacing:-.1pt\"> <\/span>prior<span style=\"letter-spacing:-.15pt\"> <\/span>written<span style=\"letter-spacing:-.1pt\">\n<\/span>notice<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the Company<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>such event<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>provide to the Company such other\ninformation as the Company may request in order to determine the effect, if\nany, of such Transfer or attempted Transfer on the REIT Subsidiary\u2019s status as\na real estate investment trust under the Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-left:97.0pt;text-indent:-.5in;\nmso-list:l50 level2 lfo14;tab-stops:97.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.06<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Information<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the\nCompany<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.9pt\">\n<\/span>Until the<span style=\"letter-spacing:-.05pt\"> <\/span>Restriction<span style=\"letter-spacing:-.05pt\"> <\/span>Termination <span style=\"letter-spacing:\n-.1pt\">Date:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Every Beneficial Owner of\nmore than \u00bd of 1% of the number or value of outstanding<span style=\"letter-spacing:\n-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>shall,<span style=\"letter-spacing:-.4pt\"> <\/span>within<span style=\"letter-spacing:-.15pt\">\n<\/span>thirty<span style=\"letter-spacing:-.15pt\"> <\/span>(30)<span style=\"letter-spacing:-.15pt\"> <\/span>days<span style=\"letter-spacing:-.15pt\"> <\/span>after<span style=\"letter-spacing:-.15pt\"> <\/span>January<span style=\"letter-spacing:-.15pt\">\n<\/span>1<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>year,<span style=\"letter-spacing:-.15pt\"> <\/span>give<span style=\"letter-spacing:-.25pt\"> <\/span>written<span style=\"letter-spacing:-.15pt\"> <\/span>notice<span style=\"letter-spacing:-.25pt\">\n<\/span>to the Company stating the name and address of such Beneficial Owner,\nthe number of Units Beneficially Owned, and a description of how such Units are\nheld.<span style=\"letter-spacing:2.0pt\"> <\/span>Each such Beneficial Owner\nshall<span style=\"letter-spacing:-.6pt\"> <\/span>provide<span style=\"letter-spacing:\n-.7pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>additional<span style=\"letter-spacing:-.65pt\"> <\/span>information<span style=\"letter-spacing:\n-.65pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>may<span style=\"letter-spacing:-.7pt\"> <\/span>reasonably<span style=\"letter-spacing:-.65pt\"> <\/span>request in order to determine the effect,\nif any, of such Beneficial Ownership on the REIT Subsidiary\u2019s status as a real\nestate investment trust under the Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each Person who is a\nBeneficial Owner of Units and each Person who is holding Units for a Beneficial\nOwner shall provide to the<span style=\"letter-spacing:.75pt\"> <\/span>Company in\nwriting such information with respect to direct, indirect and constructive\nownership of Units as the Managing Member deems reasonably necessary to comply\nwith the provisions of the Code applicable to a real estate investment<span style=\"letter-spacing:-.05pt\"> <\/span>trust,<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>determine<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT\nSubsidiary\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>status<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>real<span style=\"letter-spacing:-.05pt\"> <\/span>estate<span style=\"letter-spacing:-.1pt\"> <\/span>investment<span style=\"letter-spacing:\n-.05pt\"> <\/span>trust<span style=\"letter-spacing:-.05pt\"> <\/span>under the\nCode, to comply with the requirements of any taxing authority or governmental\nagency or to determine any such compliance.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l50 level2 lfo14;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.07<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Other Action by Managing\nMember<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Nothing contained in this Excess Share Schedule shall limit the\nauthority of the Managing Member to take such other action as it deems\nnecessary or advisable to protect the REIT Subsidiary and the interests of the\nCompany and its Members by preservation of the REIT Subsidiary\u2019s status as a\nreal estate investment trust under the Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l50 level2 lfo14;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.08<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Ambiguities<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>case<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>ambiguity<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>application<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>provisions of this Excess Share Schedule\nincluding, without limitation, any definition contained in <u>Section<\/u> <u>1.01<\/u>,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member<span style=\"letter-spacing:-.35pt\">\n<\/span>shall<span style=\"letter-spacing:-.35pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>power<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>interpret<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>determine<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>application<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the\nprovisions<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:\n-.4pt\"> <\/span>this<span style=\"letter-spacing:-.35pt\"> <\/span>Excess<span style=\"letter-spacing:-.35pt\"> <\/span>Share<span style=\"letter-spacing:-.45pt\">\n<\/span>Schedule<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>respect<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:\n-.35pt\"> <\/span>situation<span style=\"letter-spacing:-.35pt\"> <\/span>based<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>facts<span style=\"letter-spacing:-.35pt\"> <\/span>known<span style=\"letter-spacing:-.4pt\"> <\/span>to the Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:25.0pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l50 level2 lfo14;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.09<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Modification of Existing\nHolder Limits<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>The Existing Holder Limits may be modified as follows:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.65pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject to the limitations\nprovided in <u>Section 1.11<\/u>, the Managing Member may grant options which\nresult in Beneficial Ownership of Units by an Existing Holder pursuant to<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.1pt\"> <\/span>option<span style=\"letter-spacing:-.1pt\"> <\/span>plan<span style=\"letter-spacing:-.1pt\"> <\/span>approved<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member.<span style=\"letter-spacing:2.0pt\"> <\/span>Any such<span style=\"letter-spacing:-.1pt\"> <\/span>grant<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>increase<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Existing Holder<span style=\"letter-spacing:-.15pt\"> <\/span>Limit<span style=\"letter-spacing:-.15pt\">\n<\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>affected<span style=\"letter-spacing:-.15pt\">\n<\/span>Existing<span style=\"letter-spacing:-.15pt\"> <\/span>Holder<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>maximum<span style=\"letter-spacing:-.15pt\">\n<\/span>extent<span style=\"letter-spacing:-.15pt\"> <\/span>possible<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.05pt\">\n<\/span><u>Section<span style=\"letter-spacing:-.15pt\"> <\/span>1.11<\/u> to permit\nthe Beneficial Ownership of the Units issuable upon the exercise of such\noption.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l50 level3 lfo14;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Managing Member shall\nreduce the Existing Holder Limit for any Existing Holder after any Transfer\npermitted in this Excess Share Schedule by such Existing Holder<span style=\"letter-spacing:-.75pt\"> <\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>Percentage<span style=\"letter-spacing:\n-.75pt\"> <\/span>Interest<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>outstanding<span style=\"letter-spacing:-.75pt\"> <\/span>Units<span style=\"letter-spacing:-.75pt\">\n<\/span>so<span style=\"letter-spacing:-.75pt\"> <\/span>Transferred<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>after<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>lapse<span style=\"letter-spacing:-.75pt\"> <\/span>(without exercise)<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>option<span style=\"letter-spacing:-.3pt\"> <\/span>described<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.25pt\"> <\/span>1.09(a)<\/u><span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Percentage<span style=\"letter-spacing:-.2pt\"> <\/span>Interest<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>that the<span style=\"letter-spacing:-.1pt\"> <\/span>option,<span style=\"letter-spacing:-.1pt\">\n<\/span>if<span style=\"letter-spacing:-.05pt\"> <\/span>exercised,<span style=\"letter-spacing:-.05pt\"> <\/span>would<span style=\"letter-spacing:-.1pt\"> <\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>represented, but<span style=\"letter-spacing:\n-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>either<span style=\"letter-spacing:-.05pt\"> <\/span>case<span style=\"letter-spacing:-.15pt\"> <\/span>no\nExisting<span style=\"letter-spacing:-.1pt\"> <\/span>Holder<span style=\"letter-spacing:-.1pt\"> <\/span>Limit<span style=\"letter-spacing:-.1pt\"> <\/span>shall\nbe reduced to a Percentage Interest which is less than the Ownership Limit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.10<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Increase or Decrease in\nOwnership Limit<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Subject to the limitations provided in <u>Section 1.11<\/u>, the\nManaging Member may from time to time increase or decrease the Ownership Limit\nin order to retain the REIT Subsidiary\u2019s status as a real estate investment\ntrust under the <span style=\"letter-spacing:-.1pt\">Code.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:0in;\nmargin-bottom:0in;margin-left:97.0pt;margin-bottom:.0001pt;text-indent:-.5in;\nmso-list:l42 level2 lfo13;tab-stops:97.0pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.11<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limitations<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>Changes<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>Existing\nHolder<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:\n-.05pt\"> <\/span>Ownership <span style=\"letter-spacing:-.1pt\">Limits<\/span><\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">.<\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l42 level3 lfo13;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Neither the Ownership Limit\nnor any Existing Holder Limit may be increased<span style=\"letter-spacing:-.15pt\">\n<\/span>(nor<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>additional<span style=\"letter-spacing:-.15pt\"> <\/span>Existing<span style=\"letter-spacing:-.15pt\">\n<\/span>Holder<span style=\"letter-spacing:-.25pt\"> <\/span>Limit<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>created)<span style=\"letter-spacing:-.15pt\"> <\/span>if,<span style=\"letter-spacing:-.05pt\"> <\/span>after<span style=\"letter-spacing:-.15pt\"> <\/span>giving<span style=\"letter-spacing:-.15pt\">\n<\/span>effect<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>such increase<span style=\"letter-spacing:\n-.45pt\"> <\/span>(or<span style=\"letter-spacing:-.5pt\"> <\/span>creation),<span style=\"letter-spacing:-.35pt\"> <\/span>five<span style=\"letter-spacing:-.45pt\"> <\/span>(5)<span style=\"letter-spacing:-.5pt\"> <\/span>Beneficial<span style=\"letter-spacing:\n-.4pt\"> <\/span>Owners<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>(including,<span style=\"letter-spacing:-.4pt\"> <\/span>without<span style=\"letter-spacing:-.4pt\">\n<\/span>limitation,<span style=\"letter-spacing:-.4pt\"> <\/span>all<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the\nthen<span style=\"letter-spacing:-.25pt\"> <\/span>Existing<span style=\"letter-spacing:\n-.2pt\"> <\/span>Holders)<span style=\"letter-spacing:-.2pt\"> <\/span>could<span style=\"letter-spacing:-.2pt\"> <\/span>Beneficially<span style=\"letter-spacing:\n-.2pt\"> <\/span>Own,<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>aggregate,<span style=\"letter-spacing:-.15pt\"> <\/span>more<span style=\"letter-spacing:-.15pt\"> <\/span>than<span style=\"letter-spacing:-.15pt\"> <\/span>49.9%<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>value<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the outstanding equity in the REIT\nSubsidiary.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection208\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;mso-list:l42 level3 lfo13;\ntab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;\nletter-spacing:-.1pt\">(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prior<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>modification<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>Existing<span style=\"letter-spacing:-.05pt\">\n<\/span>Holder<span style=\"letter-spacing:-.1pt\"> <\/span>Limit<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>Ownership<span style=\"letter-spacing:-.05pt\"> <\/span>Limit pursuant to <u>Sections 1.09<\/u> or\n<u>1.10<\/u>, the Managing Member may require such opinions of counsel,\naffidavits,<span style=\"letter-spacing:-.6pt\"> <\/span>undertakings<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>agreements<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>it<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>deem<span style=\"letter-spacing:-.6pt\"> <\/span>necessary<span style=\"letter-spacing:-.5pt\">\n<\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>advisable<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>order<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>determine\nor ensure the REIT Subsidiary\u2019s status as a real estate investment trust under\nthe Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:71.95pt;\nmso-list:l42 level3 lfo13;tab-stops:132.9pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.1pt\">(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No<span style=\"letter-spacing:\n-.5pt\"> <\/span>Existing<span style=\"letter-spacing:-.45pt\"> <\/span>Holder<span style=\"letter-spacing:-.5pt\"> <\/span>Limit<span style=\"letter-spacing:-.45pt\"> <\/span>shall<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>reduced<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>Percentage<span style=\"letter-spacing:\n-.35pt\"> <\/span>Interest<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.45pt\"> <\/span>is less than the Ownership Limit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.9pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.12<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Waivers by Managing Member<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The Managing Member, upon receipt of a\nruling from the Internal Revenue Service or an opinion of counsel or other\nevidence satisfactory to the Managing<span style=\"letter-spacing:-.25pt\"> <\/span>Member<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>upon<span style=\"letter-spacing:-.25pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>least<span style=\"letter-spacing:-.2pt\"> <\/span>fifteen<span style=\"letter-spacing:-.25pt\">\n<\/span>(15)<span style=\"letter-spacing:-.3pt\"> <\/span>days<span style=\"letter-spacing:-.25pt\"> <\/span>written<span style=\"letter-spacing:-.25pt\">\n<\/span>notice<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>transferee<span style=\"letter-spacing:-.2pt\"> <\/span>prior<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the proposed Transfer which, if\nconsummated, would result in the intended transferee owning Units having<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Percentage<span style=\"letter-spacing:-.3pt\"> <\/span>Interest<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>excess<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Ownership<span style=\"letter-spacing:-.35pt\">\n<\/span>Limit<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Existing<span style=\"letter-spacing:-.35pt\"> <\/span>Holder<span style=\"letter-spacing:-.4pt\">\n<\/span>Limit,<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>the case<span style=\"letter-spacing:-.35pt\">\n<\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>be,<span style=\"letter-spacing:\n-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>conditions<span style=\"letter-spacing:\n-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Managing<span style=\"letter-spacing:-.25pt\">\n<\/span>Member<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>direct,<span style=\"letter-spacing:-.25pt\">\n<\/span>may<span style=\"letter-spacing:-.3pt\"> <\/span>waive<span style=\"letter-spacing:-.3pt\"> <\/span>the Ownership<span style=\"letter-spacing:\n-.4pt\"> <\/span>Limit<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Existing<span style=\"letter-spacing:-.3pt\"> <\/span>Holder<span style=\"letter-spacing:-.35pt\">\n<\/span>Limit,<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>case<span style=\"letter-spacing:-.35pt\"> <\/span>may<span style=\"letter-spacing:-.35pt\"> <\/span>be,<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>respect<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">transferee.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.13<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Severability<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If any provision of this <u>Excess Share\nSchedule<\/u> or any application of any such provision is determined to be void,\ninvalid or unenforceable by any court having jurisdiction over the issue, the\nvalidity and enforceability of the remaining provisions shall be affected only\nto the extent necessary to comply with the determination of such court.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.14<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Trust<span style=\"letter-spacing:\n-.6pt\"> <\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>Excess<span style=\"letter-spacing:-.65pt\"> <\/span>Shares<\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:1.9pt\"> <\/span>Upon<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>purported<span style=\"letter-spacing:\n-.65pt\"> <\/span>Transfer<span style=\"letter-spacing:-.7pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>results<span style=\"letter-spacing:-.65pt\">\n<\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>Excess<span style=\"letter-spacing:-.5pt\"> <\/span>Shares pursuant to <u>Section 1.03<\/u>,\nsuch Excess Shares shall be deemed to have been transferred to the Excess Share\nTrustee, as trustee of the Excess Share Trust for the exclusive benefit of the\nCharitable<span style=\"letter-spacing:-.45pt\"> <\/span>Beneficiary.<span style=\"letter-spacing:2.0pt\"> <\/span>Excess<span style=\"letter-spacing:-.4pt\"> <\/span>Shares<span style=\"letter-spacing:-.4pt\"> <\/span>so<span style=\"letter-spacing:-.4pt\"> <\/span>held<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>trust<span style=\"letter-spacing:-.4pt\"> <\/span>shall<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>issued<span style=\"letter-spacing:-.4pt\">\n<\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>outstanding<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the Company.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>Purported<span style=\"letter-spacing:-.4pt\"> <\/span>Beneficial<span style=\"letter-spacing:\n-.3pt\"> <\/span>Transferee<span style=\"letter-spacing:-.45pt\"> <\/span>shall<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.45pt\"> <\/span>no<span style=\"letter-spacing:-.3pt\"> <\/span>rights<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>Excess<span style=\"letter-spacing:-.4pt\"> <\/span>Shares<span style=\"letter-spacing:-.3pt\"> <\/span>except\nas provided in <u>Section 1.17<\/u>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.15<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Distributions on Excess\nShares<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Any distributions (whether as dividends, distributions upon liquidation,\ndissolution or winding up or otherwise) on Excess Shares shall be paid to the\nExcess Share Trust for the benefit of the Charitable Beneficiary.<span style=\"letter-spacing:2.0pt\"> <\/span>Upon liquidation, dissolution or winding\nup, the Purported Record Transferee shall receive the lesser of (a) the amount\nof<span style=\"letter-spacing:-.05pt\"> <\/span>any distribution made<span style=\"letter-spacing:-.1pt\"> <\/span>upon liquidation, dissolution or<span style=\"letter-spacing:-.05pt\"> <\/span>winding up or<span style=\"letter-spacing:\n-.05pt\"> <\/span>(b)<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>price<span style=\"letter-spacing:-.05pt\">\n<\/span>paid by the Purported Record Transferee for the Units, or if the\nPurported Record Transferee did not give<span style=\"letter-spacing:-.25pt\"> <\/span>value<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Units,<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Market<span style=\"letter-spacing:-.2pt\"> <\/span>Price<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>day<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>event<span style=\"letter-spacing:-.2pt\"> <\/span>causing<span style=\"letter-spacing:-.2pt\">\n<\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>to be held in trust.<span style=\"letter-spacing:2.0pt\"> <\/span>Any such dividend paid or distribution\npaid to the Purported Record Transferee in<span style=\"letter-spacing:-.4pt\"> <\/span>excess<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>amount<span style=\"letter-spacing:-.4pt\"> <\/span>provided<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>preceding<span style=\"letter-spacing:\n-.25pt\"> <\/span>sentence<span style=\"letter-spacing:-.45pt\"> <\/span>prior<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>discovery<span style=\"letter-spacing:\n-.45pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company that<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>respect<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>dividend<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>distribution<span style=\"letter-spacing:-.55pt\"> <\/span>was<span style=\"letter-spacing:-.4pt\"> <\/span>made<span style=\"letter-spacing:-.5pt\"> <\/span>had<span style=\"letter-spacing:-.4pt\"> <\/span>been<span style=\"letter-spacing:-.4pt\"> <\/span>exchanged<span style=\"letter-spacing:-.4pt\">\n<\/span>for Excess Shares shall be repaid by the Purported Record Transferee to\nthe Excess Share Trust for the benefit of the Charitable Beneficiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.16<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Voting of Excess Shares<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The Excess Share Trustee shall be entitled\nto vote the Excess Shares for the benefit of the Charitable Beneficiary on any\nmatter.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject to New York law,<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>vote<span style=\"letter-spacing:-.15pt\"> <\/span>taken<span style=\"letter-spacing:-.15pt\">\n<\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.1pt\"> <\/span>Purported<span style=\"letter-spacing:-.15pt\"> <\/span>Record<span style=\"letter-spacing:-.15pt\"> <\/span>Transferee<span style=\"letter-spacing:\n-.2pt\"> <\/span>prior<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>discovery<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the\nCompany<span style=\"letter-spacing:-.2pt\"> <\/span>that the<span style=\"letter-spacing:-.1pt\"> <\/span>Excess<span style=\"letter-spacing:-.1pt\"> <\/span>Shares<span style=\"letter-spacing:-.1pt\"> <\/span>were<span style=\"letter-spacing:-.1pt\"> <\/span>held<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>trust<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>rescinded <i>ab<span style=\"letter-spacing:-.1pt\"> <\/span>initio<\/i>.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>owner<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Excess<span style=\"letter-spacing:-.1pt\">\n<\/span>Shares shall<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>deemed<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>have<span style=\"letter-spacing:\n-.45pt\"> <\/span>given<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.4pt\"> <\/span>irrevocable<span style=\"letter-spacing:\n-.45pt\"> <\/span>proxy<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Excess<span style=\"letter-spacing:-.4pt\"> <\/span>Share<span style=\"letter-spacing:-.5pt\"> <\/span>Trustee<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>vote<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Excess\nShares for the benefit of the Charitable Beneficiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;mso-list:l42 level2 lfo13;\ntab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.17<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Non-Transferability<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Excess<span style=\"letter-spacing:-.05pt\"> <\/span>Shares<\/span><\/u><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Excess<span style=\"letter-spacing:-.05pt\">\n<\/span>Shares<span style=\"letter-spacing:-.05pt\"> <\/span>shall<span style=\"letter-spacing:-.05pt\"> <\/span>be transferable only<span style=\"letter-spacing:-.05pt\"> <\/span>as provided<span style=\"letter-spacing:\n-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>this<span style=\"letter-spacing:-.4pt\"> <\/span><u>Section<span style=\"letter-spacing:\n-.4pt\"> <\/span>1.17<\/u>.<span style=\"letter-spacing:-.4pt\"> <\/span>At<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>direction<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Managing<span style=\"letter-spacing:-.4pt\">\n<\/span>Member,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Excess<span style=\"letter-spacing:-.4pt\">\n<\/span>Share<span style=\"letter-spacing:-.5pt\"> <\/span>Trustee shall transfer\nthe Units held in the Excess Share Trust to a person whose ownership of the\nUnits will not violate the Ownership Limit or Existing Holder<span style=\"letter-spacing:-.05pt\"> <\/span>Limit and for whom such transfer would\nnot<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:\n-.1pt\"> <\/span>wholly<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>partially<span style=\"letter-spacing:-.1pt\">\n<\/span>void<span style=\"letter-spacing:-.1pt\"> <\/span>pursuant<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span><u>Section\n1.02<\/u>.<span style=\"letter-spacing:2.0pt\"> <\/span>Such<span style=\"letter-spacing:\n-.1pt\"> <\/span>transfer<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.1pt\"> <\/span>within<span style=\"letter-spacing:-.1pt\"> <\/span>sixty<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(60)\ndays<span style=\"letter-spacing:.3pt\"> <\/span>after<span style=\"letter-spacing:\n.15pt\"> <\/span>the<span style=\"letter-spacing:.25pt\"> <\/span>latest<span style=\"letter-spacing:.35pt\"> <\/span>of<span style=\"letter-spacing:.15pt\"> <\/span>(x)<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:.25pt\"> <\/span>date<span style=\"letter-spacing:.3pt\"> <\/span>of<span style=\"letter-spacing:.15pt\"> <\/span>the<span style=\"letter-spacing:.1pt\"> <\/span>Transfer<span style=\"letter-spacing:.3pt\"> <\/span>which<span style=\"letter-spacing:.2pt\"> <\/span>resulted<span style=\"letter-spacing:.2pt\"> <\/span>in<span style=\"letter-spacing:.2pt\"> <\/span>such<span style=\"letter-spacing:.2pt\"> <\/span>Excess<span style=\"letter-spacing:.25pt\"> <\/span>Shares<span style=\"letter-spacing:.2pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">(y)<span style=\"letter-spacing:-.2pt\"> <\/span>the date the Managing Member determines in\ngood faith that a Transfer resulting in Excess Shares<span style=\"letter-spacing:\n-.65pt\"> <\/span>has<span style=\"letter-spacing:-.5pt\"> <\/span>occurred,<span style=\"letter-spacing:-.55pt\"> <\/span>if<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Company<span style=\"letter-spacing:-.55pt\">\n<\/span>does<span style=\"letter-spacing:-.5pt\"> <\/span>not<span style=\"letter-spacing:-.5pt\"> <\/span>receive<span style=\"letter-spacing:-.6pt\">\n<\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>notice<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>Transfer<span style=\"letter-spacing:-.6pt\">\n<\/span>pursuant<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span><u><span style=\"letter-spacing:-.1pt\">Section<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">1.05<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If such a transfer is made, the interest\nof the Charitable Beneficiary shall terminate and proceeds of the sale shall be\npayable to the Purported Record Transferee and to the Charitable Beneficiary.<span style=\"letter-spacing:2.0pt\"> <\/span>The Purported Record Transferee shall\nreceive the lesser of the price paid by the Purported Record Transferee for the\nUnits or, if the Purported Record Transferee did not give value for the Units,\nthe Market Price of the Units on the day of the event causing the Units to be\nheld<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:\n-.35pt\"> <\/span>trust,<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>price<span style=\"letter-spacing:-.4pt\"> <\/span>received<span style=\"letter-spacing:-.3pt\">\n<\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Excess<span style=\"letter-spacing:-.2pt\"> <\/span>Share<span style=\"letter-spacing:-.45pt\"> <\/span>Trust<span style=\"letter-spacing:-.2pt\"> <\/span>from<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>sale<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.4pt\"> <\/span>disposition<span style=\"letter-spacing:\n-.35pt\"> <\/span>of the<span style=\"letter-spacing:-.5pt\"> <\/span>Units.<span style=\"letter-spacing:2.0pt\"> <\/span>Any<span style=\"letter-spacing:-.5pt\"> <\/span>proceeds<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>excess<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>amount<span style=\"letter-spacing:-.45pt\">\n<\/span>payable<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Purported<span style=\"letter-spacing:-.5pt\"> <\/span>Record<span style=\"letter-spacing:-.5pt\"> <\/span>Transferee<span style=\"letter-spacing:-.55pt\"> <\/span>shall be paid to the Charitable\nBeneficiary.<span style=\"letter-spacing:2.0pt\"> <\/span>Prior to any transfer of\nany Excess Shares by the Excess Share Trustee, the Company must have waived in\nwriting its purchase rights under <u>Section 1.18<\/u>. It<span style=\"letter-spacing:-.25pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>expressly<span style=\"letter-spacing:-.35pt\"> <\/span>understood<span style=\"letter-spacing:\n-.35pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Purported<span style=\"letter-spacing:-.3pt\">\n<\/span>Record<span style=\"letter-spacing:-.35pt\"> <\/span>Transferee<span style=\"letter-spacing:-.4pt\"> <\/span>may enforce<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>provisions<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>this\n<u>Section 1.17<\/u> against the Charitable Beneficiary.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If any of the foregoing restrictions on transfer\nof Excess Shares is determined to be void, invalid or unenforceable by any\ncourt of competent jurisdiction, then the Purported Record Transferee may be\ndeemed, at the option of the Managing Member, to have acted as an agent of the\nCompany in acquiring such Excess Shares and to hold such Excess Shares on\nbehalf of the <span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.8pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l42 level2 lfo13;tab-stops:96.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt\">1.18<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><u><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Call by the Company on Excess\nShares<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\">\n<\/span>Excess Shares shall be deemed to have been offered for<span style=\"letter-spacing:-.1pt\"> <\/span>sale<span style=\"letter-spacing:-.05pt\"> <\/span>to\nthe Company, or<span style=\"letter-spacing:-.05pt\"> <\/span>its designee, at a<span style=\"letter-spacing:-.05pt\"> <\/span>price<span style=\"letter-spacing:-.05pt\">\n<\/span>per<span style=\"letter-spacing:-.05pt\"> <\/span>Unit equal to the<span style=\"letter-spacing:-.05pt\"> <\/span>lesser<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the price<span style=\"letter-spacing:-.35pt\"> <\/span>per<span style=\"letter-spacing:-.3pt\"> <\/span>Unit<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.3pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>created<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>Excess<span style=\"letter-spacing:-.3pt\"> <\/span>Shares<span style=\"letter-spacing:-.3pt\"> <\/span>(or,<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>case<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>devise,<span style=\"letter-spacing:-.25pt\"> <\/span>gift<span style=\"letter-spacing:-.3pt\"> <\/span>or\nother<span style=\"letter-spacing:-.55pt\"> <\/span>transaction<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>no<span style=\"letter-spacing:-.5pt\"> <\/span>value<span style=\"letter-spacing:-.4pt\"> <\/span>was<span style=\"letter-spacing:-.45pt\"> <\/span>given<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>Excess<span style=\"letter-spacing:-.45pt\">\n<\/span>Shares,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Market<span style=\"letter-spacing:-.45pt\">\n<\/span>Price<span style=\"letter-spacing:-.4pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>time\nof such devise, gift or other transaction) and the Market Price of the Units to\nwhich such Excess Shares relates on the date the Company, or its designee,\naccepts such offer (the \u201c<u>Redemption<\/u> <u>Price<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>The Company shall have the right to accept\nsuch offer for a period of ninety (90) days after<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>later<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>(x)<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>date<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Transfer<span style=\"letter-spacing:-.15pt\">\n<\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>resulted<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>Excess<span style=\"letter-spacing:-.15pt\">\n<\/span>Shares<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>(y)<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>date the Managing Member determines in\ngood faith that a Transfer resulting in Excess Shares has occurred, if the\nCompany does not receive a notice of such Transfer pursuant to <u>Section 1.05<\/u>\nbut in<span style=\"letter-spacing:-.5pt\"> <\/span>no<span style=\"letter-spacing:\n-.4pt\"> <\/span>event<span style=\"letter-spacing:-.35pt\"> <\/span>later<span style=\"letter-spacing:-.45pt\"> <\/span>than<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>permitted<span style=\"letter-spacing:\n-.45pt\"> <\/span>Transfer<span style=\"letter-spacing:-.4pt\"> <\/span>pursuant<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>compliance<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>terms<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span><u><span style=\"letter-spacing:-.1pt\">Section<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">1.17<\/span><\/u><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Unless<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member<span style=\"letter-spacing:-.1pt\"> <\/span>determines<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>it<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>interests<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the\nCompany<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:\n-.1pt\"> <\/span>make earlier<span style=\"letter-spacing:-.05pt\"> <\/span>payments\nof<span style=\"letter-spacing:-.05pt\"> <\/span>all of the<span style=\"letter-spacing:\n-.05pt\"> <\/span>amount determined as the<span style=\"letter-spacing:-.05pt\"> <\/span>Redemption\nPrice<span style=\"letter-spacing:-.05pt\"> <\/span>per<span style=\"letter-spacing:\n-.05pt\"> <\/span>Unit in accordance with<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>preceding sentence,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Redemption<span style=\"letter-spacing:-.1pt\"> <\/span>Price<span style=\"letter-spacing:-.15pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>payable<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>option<span style=\"letter-spacing:-.1pt\">\n<\/span>of the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing Member<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>time<span style=\"letter-spacing:-.15pt\"> <\/span>up<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>but<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>later<span style=\"letter-spacing:-.1pt\"> <\/span>than<span style=\"letter-spacing:-.1pt\"> <\/span>one<span style=\"letter-spacing:-.15pt\"> <\/span>year<span style=\"letter-spacing:-.1pt\"> <\/span>after<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>date<span style=\"letter-spacing:-.1pt\"> <\/span>the Company<span style=\"letter-spacing:\n-.1pt\"> <\/span>accepts<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>offer to purchase the Excess Shares.<span style=\"letter-spacing:2.0pt\"> <\/span>In no event shall the Company have an\nobligation to pay interest to the Purported Record Transferee.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection209\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.45pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:0in;margin-right:193.6pt;\nmargin-bottom:0in;margin-left:193.25pt;margin-bottom:.0001pt;text-align:center\"><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SPOUSAL\nCONSENT<\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">\n<u><span style=\"letter-spacing:-.3pt\">TO<\/span><\/u><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:.5pt;text-align:center\"><b><u><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">LIMITED<span style=\"letter-spacing:1.8pt\"> <\/span>LIABILITY<span style=\"letter-spacing:1.85pt\">\n<\/span>COMPANY<span style=\"letter-spacing:2.1pt\"> <\/span><span style=\"letter-spacing:-.1pt\">AGREEMENT<\/span><\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-left:1.8pt;text-align:center;\ntab-stops:218.0pt 243.75pt 277.65pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">dated<span style=\"letter-spacing:\n1.4pt\"> <\/span>and<span style=\"letter-spacing:1.3pt\"> <\/span>effective<span style=\"letter-spacing:1.35pt\"> <\/span>as<span style=\"letter-spacing:1.3pt\"> <\/span>of<span style=\"letter-spacing:1.25pt\"> <\/span><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>,<span style=\"letter-spacing:.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">20<\/span><u>&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned is the spouse of a Member and acknowledges that the undersigned has\nread the foregoing Limited Liability Company Agreement dated and effective as\nof January 3, 2023 (the \u201c<u>Agreement<\/u>\u201d),<span style=\"letter-spacing:-.15pt\">\n<\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:\n-.15pt\"> <\/span>among<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Investor<span style=\"letter-spacing:-.15pt\">\n<\/span>Members<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.2pt\">&nbsp;<\/span>Core+\nGrowth &amp; Income Fund LLC, a New York limited liability company (the \u201c<u>Company<\/u>\u201d)\nand understands<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>provisions.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>undersigned<span style=\"letter-spacing:-.35pt\"> <\/span>hereby<span style=\"letter-spacing:-.35pt\">\n<\/span>expressly<span style=\"letter-spacing:-.25pt\"> <\/span>approves<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>agrees<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:\n-.3pt\"> <\/span>bound by the provisions of the Agreement in its entirety,\nincluding, but not limited to, those provisions relating to the sales and\ntransfers of Units and the restrictions thereon.<span style=\"letter-spacing:\n2.0pt\"> <\/span>If the undersigned predeceases the undersigned\u2019s spouse when the\nundersigned\u2019s spouse owns any Units in the Company,<span style=\"letter-spacing:\n-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>undersigned<span style=\"letter-spacing:-.6pt\"> <\/span>agrees<span style=\"letter-spacing:-.55pt\">\n<\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:\n-.55pt\"> <\/span>devise<span style=\"letter-spacing:-.6pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>bequeath<span style=\"letter-spacing:-.55pt\">\n<\/span>whatever<span style=\"letter-spacing:-.6pt\"> <\/span>community<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.6pt\">\n<\/span>interest or<span style=\"letter-spacing:-.2pt\"> <\/span>quasi-community<span style=\"letter-spacing:-.2pt\"> <\/span>property<span style=\"letter-spacing:-.2pt\">\n<\/span>interest<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.2pt\"> <\/span>may<span style=\"letter-spacing:-.2pt\"> <\/span>have<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>contravention of the\nAgreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.25pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt;text-align:justify;tab-stops:207.75pt 241.0pt 495.8pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Dated:<span style=\"letter-spacing:3.1pt\"> <\/span><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:<span style=\"letter-spacing:2.9pt\">\n<\/span><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:241.05pt;tab-stops:495.8pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Print\nName:<span style=\"letter-spacing:2.0pt\"> <\/span><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection210\">\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:3.65pt;margin-right:6.5pt;\nmargin-bottom:0in;margin-left:1.8pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:14.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">APPENDIX<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.5pt\">B<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.3pt\"><v:shape id=\"Graphic_x0020_291\" o:spid=\"_x0000_s2193\" style=\"position:absolute;margin-left:-10.5pt;\n margin-top:8.75pt;width:539pt;height:719pt;z-index:-1895825390;visibility:visible;\n mso-wrap-style:square;mso-wrap-distance-left:9pt;mso-wrap-distance-top:0;\n mso-wrap-distance-right:9pt;mso-wrap-distance-bottom:0;\n mso-position-horizontal:absolute;mso-position-horizontal-relative:text;\n mso-position-vertical:absolute;mso-position-vertical-relative:text;\n v-text-anchor:top\" coordsize=\"6845300,9131300\" 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n<\/v:path><\/v:shape><span style=\"font-size:14.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><span style=\"font-size:22.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">SUBSCRIPTION<span style=\"letter-spacing:-.95pt\"> <\/span>COMPLETION<span style=\"letter-spacing:\n-.9pt\"> <\/span><span style=\"letter-spacing:-.1pt\">PACKAGE<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"text-align:center\"><span style=\"font-size:22.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" align=\"center\" style=\"text-align:center\"><span style=\"font-size:22.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.5pt;tab-stops:234.8pt\"><span style=\"font-size:22.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><b><span style=\"font-size:16.5pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:80%\">CLOUD TORONTO &#8211; FYBN <\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.4pt\">&nbsp;<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:80%\">CORE+<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.45pt\"> <\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:80%\">GROWTH<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.45pt\"> <\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:80%\">&amp;<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.4pt\"> <\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:80%\">INCOME<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.45pt\"> <\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:80%\">FUND,<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.45pt\"> <\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:80%\">LLC<\/span><\/b><b><span style=\"font-size:16.5pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.4pt;margin-right:316.05pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud Toronto &#8211; FYBN <span style=\"letter-spacing:-.35pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:-.35pt\"> <\/span>Growth<span style=\"letter-spacing:-.35pt\">\n<\/span>&amp;<span style=\"letter-spacing:-.35pt\"> <\/span>Income<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>LLC\nAttention: Subscription Administration<span style=\"letter-spacing:2.0pt\"> 970\nPeachtree Industrial Blvd, Suite 1-2, Suwanee, GA 30024<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;tab-stops:42.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt\">Re:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Purchase<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.3pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:-.1pt\">\n<\/span>Growth<span style=\"letter-spacing:-.2pt\"> <\/span>&amp;<span style=\"letter-spacing:-.1pt\"> <\/span>Income<span style=\"letter-spacing:-.1pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/b><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Ladies<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\">\nGentlemen:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n.5in;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud\nToronto &#8211; FYBN&nbsp; Core+ Growth &amp; Income\nFund LLC, is a New York limited liability company (the \u201cFund\u201d), the managing<span style=\"letter-spacing:-.65pt\"> <\/span>member<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>which<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:-.5pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:-.45pt\">\n<\/span>Growth<span style=\"letter-spacing:-.45pt\"> <\/span>&amp;<span style=\"letter-spacing:-.45pt\"> <\/span>Income<span style=\"letter-spacing:-.45pt\">\n<\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>GP<span style=\"letter-spacing:-.7pt\"> <\/span>LLC,<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>New York<span style=\"letter-spacing:-.45pt\">\n<\/span>limited<span style=\"letter-spacing:-.5pt\"> <\/span>liability<span style=\"letter-spacing:-.5pt\"> <\/span>compa- ny (the \u201cManaging Member\u201d).<span style=\"letter-spacing:-.05pt\"> <\/span>The Fund will be operated by the Managing\nMember in accordance with the terms of that certain Limited Liability Company\nAgreement of the Fund (the \u201cLLC Agreement\u201d), a copy of which has been<span style=\"letter-spacing:-.05pt\"> <\/span>included<span style=\"letter-spacing:-.05pt\">\n<\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>Exhibit<span style=\"letter-spacing:-.05pt\"> <\/span>\u201cA\u201d of that<span style=\"letter-spacing:\n-.05pt\"> <\/span>certain<span style=\"letter-spacing:-.05pt\"> <\/span>confidential<span style=\"letter-spacing:-.05pt\"> <\/span>Private<span style=\"letter-spacing:-.05pt\">\n<\/span>Placement<span style=\"letter-spacing:-.05pt\"> <\/span>Memorandum<span style=\"letter-spacing:-.05pt\"> <\/span>for one Class<span style=\"letter-spacing:\n-.05pt\"> <\/span>of limited liability company Units,<span style=\"letter-spacing:\n-.4pt\"> <\/span>Accredited Investors Only, dated as of October 16, 2023 (the\n\u201cMemorandum\u201d). Capitalized terms used herein and in the other Subscription\nDocuments (as defined below) and not specifically defined, shall have the\nmeanings set forth in the Memorandum.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;\nline-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.4pt\"> <\/span>been<span style=\"letter-spacing:-.4pt\"> <\/span>formed<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>purpose<span style=\"letter-spacing:-.35pt\">\n<\/span>described<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Memorandum.<span style=\"letter-spacing:-.6pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>offering<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>follow-\ning class of Units (of which shall have the rights and interests set forth in\nthe LLC<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 16.85pt 0.0001pt 47.45pt; text-indent: -0.25in; line-height: 103%;\"><!--[if !supportLists]-->\u2022<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class\nB limited liability company units (the \u201cClass B Units\u201d) at a minimum investment\nof $250,000.00. The<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.2pt\"> <\/span>B<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>being<span style=\"letter-spacing:-.15pt\"> <\/span>offered<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.15pt\"> <\/span>price<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>$1,000.00<span style=\"letter-spacing:\n-.15pt\"> <\/span>per<span style=\"letter-spacing:-.15pt\"> <\/span>Class<span style=\"letter-spacing:-.2pt\"> <\/span>B<span style=\"letter-spacing:-.15pt\"> <\/span>Unit,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>thereafter<span style=\"letter-spacing:-.15pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span>their<span style=\"letter-spacing:-.15pt\"> <\/span>Net Asset Value per Unit on the relevant\nDealing Day.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:\n0in;margin-left:6.95pt;margin-bottom:.0001pt;text-indent:.5in;line-height:103%;\nmso-list:l59 level2 lfo12;tab-stops:78.9pt\"><!--[if !supportLists]-->1.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Purchase. <\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned (the \u201cInvestor\u201d), subject to the terms and conditions hereof and\nthe <span style=\"letter-spacing:-.1pt\">provisions<\/span><span style=\"letter-spacing:\n-.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Memorandum<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">LLC<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement,<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">hereby<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">irrevocably<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">tenders<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">this<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">subscription<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">for<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">amount\n<\/span>set forth on the signature page.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:6.9pt;margin-bottom:0in;\nmargin-left:6.95pt;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;\nline-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.05pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.05pt\"> <\/span>understands<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>agrees<span style=\"letter-spacing:-.05pt\">\n<\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>has<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>right<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>accept<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>reject<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span>subscription,<span style=\"letter-spacing:-.05pt\"> <\/span>in whole<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:\n-.3pt\"> <\/span>part,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>this<span style=\"letter-spacing:-.3pt\"> <\/span>subscription<span style=\"letter-spacing:\n-.3pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>deemed<span style=\"letter-spacing:-.3pt\"> <\/span>accepted<span style=\"letter-spacing:-.35pt\"> <\/span>only<span style=\"letter-spacing:-.3pt\"> <\/span>when<span style=\"letter-spacing:-.3pt\"> <\/span>signed<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>accepted<span style=\"letter-spacing:-.35pt\">\n<\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Managing Member. The undersigned agrees that the Fund need not\naccept subscriptions in the order received. If the Fund learns,<span style=\"letter-spacing:-.7pt\"> <\/span>after<span style=\"letter-spacing:-.65pt\"> <\/span>it<span style=\"letter-spacing:-.7pt\"> <\/span>has<span style=\"letter-spacing:-.65pt\"> <\/span>accepted<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>undersigned\u2019s<span style=\"letter-spacing:-.7pt\"> <\/span>subscription,<span style=\"letter-spacing:\n-.65pt\"> <\/span>that<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.7pt\"> <\/span>has<span style=\"letter-spacing:-.65pt\"> <\/span>misrepresented<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>information\nin<span style=\"letter-spacing:-.55pt\"> <\/span>any<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>documents<span style=\"letter-spacing:\n-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>undersigned<span style=\"letter-spacing:-.55pt\"> <\/span>submitted<span style=\"letter-spacing:\n-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>it<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>connection<span style=\"letter-spacing:-.55pt\"> <\/span>with<span style=\"letter-spacing:-.55pt\"> <\/span>this<span style=\"letter-spacing:-.55pt\"> <\/span>subscription,<span style=\"letter-spacing:\n-.55pt\"> <\/span>then,<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>addition<span style=\"letter-spacing:-.55pt\">\n<\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>any other rights available\nto the Fund, it will have the right to acquire the Units from the undersigned\nfor a total price equal<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>amount<span style=\"letter-spacing:-.4pt\"> <\/span>paid<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Investor<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>less<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>amount<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>member<span style=\"letter-spacing:-.4pt\"> <\/span>distributions<span style=\"letter-spacing:-.4pt\"> <\/span>already<span style=\"letter-spacing:-.4pt\">\n<\/span>received by the undersigned.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:78.95pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l59 level2 lfo12;\ntab-stops:78.95pt\"><!--[if !supportLists]-->2.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Adoption of<span style=\"letter-spacing:.05pt\"> <\/span>LLC<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:2.6pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:.05pt\"> <\/span>undersigned hereby<span style=\"letter-spacing:\n.05pt\"> <\/span>specifically accepts<span style=\"letter-spacing:.05pt\"> <\/span>and\nadopts<span style=\"letter-spacing:.05pt\"> <\/span>each <span style=\"letter-spacing:\n-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection211\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.1pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.5pt;margin-bottom:.0001pt;line-height:103%\"><v:shape id=\"Graphic_x0020_294\" o:spid=\"_x0000_s2192\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; margin-top: 36.5pt; width: 539pt; height: 719pt; z-index: -1895825398; visibility: visible;\" coordsize=\"6845300,9131300\" 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">every\nprovision of the LLC<span style=\"letter-spacing:-.35pt\"> <\/span>Agreement, a\ncopy of which has been provided to the undersigned.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The LLC<span style=\"letter-spacing:-.35pt\"> <\/span>Agree- ment\nshall become effective immediately upon the Initial Closing (as defined in the\nLLC<span style=\"letter-spacing:-.35pt\"> <\/span>Agreement).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:79.5pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l59 level2 lfo12;\ntab-stops:79.5pt\"><!--[if !supportLists]-->3.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Conditions<span style=\"letter-spacing:.9pt\"> <\/span>Precedent.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:3.05pt;mso-font-width:150%\"> <\/span><\/b><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">This<span style=\"letter-spacing:.35pt\"> <\/span>Agreement<span style=\"letter-spacing:.9pt\"> <\/span>is<span style=\"letter-spacing:.95pt\"> <\/span>made<span style=\"letter-spacing:.9pt\"> <\/span>and<span style=\"letter-spacing:.95pt\"> <\/span>the<span style=\"letter-spacing:.9pt\"> <\/span>release<span style=\"letter-spacing:.9pt\"> <\/span>of<span style=\"letter-spacing:.95pt\"> <\/span>the<span style=\"letter-spacing:.9pt\"> <\/span>funds<span style=\"letter-spacing:.95pt\"> <\/span>and<span style=\"letter-spacing:.9pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Subscription<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.55pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.5pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Documents<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.05pt\"> <\/span>subject<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>following<span style=\"letter-spacing:-.05pt\"> <\/span>terms<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">conditions:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nManaging Member shall have the right to accept or reject this subscription in\nwhole or<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:\n-.1pt\"> <\/span>part<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>sole<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>absolute<span style=\"letter-spacing:-.1pt\"> <\/span>discretion,<span style=\"letter-spacing:\n-.1pt\"> <\/span>including<span style=\"letter-spacing:-.1pt\"> <\/span>but<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>limited<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Managing<span style=\"letter-spacing:-.1pt\">\n<\/span>Member\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>determination<span style=\"letter-spacing:-.1pt\"> <\/span>of the financial inability of the\nsubscriber to bear the economic risk of this investment or the subscriber\u2019s\ninability to understand the risks and merits of the Offering and\/or his\ninability to obtain the services of a Purchaser Represen- tative (as hereinafter\ndefined) in accordance with Regulation D promulgated under the Securities<span style=\"letter-spacing:-.6pt\"> <\/span>Act of 1933 (the \u201cSecurities Act\u201d) and\napplicable state securities laws.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.45pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Prior<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>delivery<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>funds,<span style=\"letter-spacing:-.4pt\"> <\/span>this<span style=\"letter-spacing:-.4pt\"> <\/span>Subscription<span style=\"letter-spacing:\n-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Subscription<span style=\"letter-spacing:-.4pt\"> <\/span>Docu- ments,<span style=\"letter-spacing:\n-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>received<span style=\"letter-spacing:-.3pt\"> <\/span>subscriptions<span style=\"letter-spacing:\n-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>accordance<span style=\"letter-spacing:-.3pt\"> <\/span>with<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>terms<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.3pt\"> <\/span>forth<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Mem-\n<span style=\"letter-spacing:-.1pt\">orandum.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:103%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\">\n<\/span>Member<span style=\"letter-spacing:-.3pt\"> <\/span>shall<span style=\"letter-spacing:-.3pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>received<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>all<span style=\"letter-spacing:-.3pt\"> <\/span>documents<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Managing<span style=\"letter-spacing:-.3pt\"> <\/span>Member deems necessary to determine and\nverify the status of the subscriber as an \u201cAccredited Investor\u201d (as such term\nis defined<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:\n-.4pt\"> <\/span>Rule<span style=\"letter-spacing:-.4pt\"> <\/span>501<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Regulation<span style=\"letter-spacing:-.4pt\"> <\/span>D,<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>promulgated<span style=\"letter-spacing:\n-.4pt\"> <\/span>under<span style=\"letter-spacing:-.4pt\"> <\/span>Section<span style=\"letter-spacing:-.4pt\"> <\/span>4(2)<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>1933<span style=\"letter-spacing:-.4pt\"> <\/span>(as<span style=\"letter-spacing:-.4pt\"> <\/span>amended, the \u201cSecurities Act\u201d)).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n1.0in;line-height:103%\"><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S.<span style=\"letter-spacing:\n4.0pt\">&nbsp; <\/span>Representations<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>Warranties.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.7pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">To<span style=\"letter-spacing:-.65pt\"> <\/span>induce<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>sell<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Units<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>undersigned, and<span style=\"letter-spacing:\n-.55pt\"> <\/span>knowing<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>relying<span style=\"letter-spacing:-.55pt\"> <\/span>upon<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>truth<span style=\"letter-spacing:-.55pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>accuracy<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>following<span style=\"letter-spacing:\n-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>issuing<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Units<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>establish-\ning compliance with applicable foreign, federal, and state securities laws, the\nundersigned hereby represents, war- rants,<span style=\"letter-spacing:-.55pt\"> <\/span>covenants,<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>acknowledges<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.55pt\"> <\/span>each<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>following<span style=\"letter-spacing:\n-.55pt\"> <\/span>representations<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>warranties<span style=\"letter-spacing:\n-.55pt\"> <\/span>understanding that,<span style=\"letter-spacing:-.45pt\"> <\/span>unless<span style=\"letter-spacing:-.45pt\"> <\/span>specifically<span style=\"letter-spacing:\n-.45pt\"> <\/span>stated<span style=\"letter-spacing:-.45pt\"> <\/span>otherwise,<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>representations<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>warranties<span style=\"letter-spacing:-.45pt\"> <\/span>apply<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>undersigned<span style=\"letter-spacing:-.45pt\"> <\/span>whether<span style=\"letter-spacing:-.45pt\"> <\/span>it<span style=\"letter-spacing:-.45pt\"> <\/span>is\na Person or non-U.S. Person.<span style=\"letter-spacing:-.35pt\"> <\/span>A<span style=\"letter-spacing:-.35pt\"> <\/span>\u201cU.S. Person\u201d is defined in Regulation S\nof the Securities<span style=\"letter-spacing:-.35pt\"> <\/span>Act<sup>1<\/sup>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.45pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n.5in;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nany of these warranties and representations are not true and accurate as of the\ndate of the payment of funds<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>Investor,<span style=\"letter-spacing:\n-.05pt\"> <\/span>then<span style=\"letter-spacing:-.05pt\"> <\/span>Investor<span style=\"letter-spacing:-.05pt\"> <\/span>shall,<span style=\"letter-spacing:-.05pt\">\n<\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>date<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>payment<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>funds<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>Investor,<span style=\"letter-spacing:-.05pt\"> <\/span>deliver<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>the Managing<span style=\"letter-spacing:\n-.2pt\"> <\/span>Member<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>written<span style=\"letter-spacing:-.2pt\">\n<\/span>notice<span style=\"letter-spacing:-.2pt\"> <\/span>stating<span style=\"letter-spacing:-.2pt\"> <\/span>which<span style=\"letter-spacing:-.2pt\"> <\/span>representations<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>warranties<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>true<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>accurate<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>also provide a detailed\nstatement explaining why they are not true and accurate.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.45pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.35pt\"><!--[if !supportLists]-->(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nthe undersigned is a U.S. Person, the undersigned is a bona fide resident of\nthe state represented on the signature page hereof. If the undersigned is not a\nU.S. Person, the undersigned is a bona fide resident<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>country<span style=\"letter-spacing:-.1pt\">\n<\/span>provided<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>signature<span style=\"letter-spacing:-.1pt\"> <\/span>page<span style=\"letter-spacing:-.1pt\"> <\/span>hereof.<span style=\"letter-spacing:-.3pt\"> <\/span>The<span style=\"letter-spacing:-.1pt\"> <\/span>undersigned<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>no<span style=\"letter-spacing:-.1pt\"> <\/span>present<span style=\"letter-spacing:-.1pt\">\n<\/span>intention<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>becom- ing<span style=\"letter-spacing:\n-.05pt\"> <\/span>a resident<span style=\"letter-spacing:-.05pt\"> <\/span>of any<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.05pt\">\n<\/span>state,<span style=\"letter-spacing:-.05pt\"> <\/span>country, or jurisdiction.<span style=\"letter-spacing:-.25pt\"> <\/span>The address<span style=\"letter-spacing:\n-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Social<span style=\"letter-spacing:-.05pt\"> <\/span>Security<span style=\"letter-spacing:-.05pt\">\n<\/span>Number<span style=\"letter-spacing:-.05pt\"> <\/span>(or if<span style=\"letter-spacing:-.05pt\"> <\/span>not a U.S. Person,<span style=\"letter-spacing:\n-.35pt\"> <\/span>equivalent<span style=\"letter-spacing:-.35pt\"> <\/span>federal<span style=\"letter-spacing:-.35pt\"> <\/span>number)<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>Employer<span style=\"letter-spacing:-.35pt\"> <\/span>Identification<span style=\"letter-spacing:\n-.35pt\"> <\/span>Number<span style=\"letter-spacing:-.35pt\"> <\/span>(or<span style=\"letter-spacing:-.35pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>non-U.S.<span style=\"letter-spacing:-.35pt\">\n<\/span>Person,<span style=\"letter-spacing:-.35pt\"> <\/span>equivalent<span style=\"letter-spacing:-.35pt\"> <\/span>federal number)<span style=\"letter-spacing:\n-.45pt\"> <\/span>set<span style=\"letter-spacing:-.45pt\"> <\/span>forth<span style=\"letter-spacing:-.45pt\"> <\/span>on<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>signature<span style=\"letter-spacing:\n-.45pt\"> <\/span>page<span style=\"letter-spacing:-.45pt\"> <\/span>hereof<span style=\"letter-spacing:-.45pt\"> <\/span>are<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>undersigned\u2019s<span style=\"letter-spacing:\n-.45pt\"> <\/span>true<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>correct<span style=\"letter-spacing:-.45pt\">\n<\/span>residential<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>business<span style=\"letter-spacing:-.45pt\">\n<\/span>address and<span style=\"letter-spacing:-.3pt\"> <\/span>Social<span style=\"letter-spacing:-.3pt\"> <\/span>Security<span style=\"letter-spacing:-.3pt\">\n<\/span>Number<span style=\"letter-spacing:-.3pt\"> <\/span>(or<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>non-U.S.<span style=\"letter-spacing:-.3pt\">\n<\/span>Person,<span style=\"letter-spacing:-.3pt\"> <\/span>equivalent<span style=\"letter-spacing:-.3pt\"> <\/span>federal<span style=\"letter-spacing:-.3pt\">\n<\/span>number)<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>Employer<span style=\"letter-spacing:-.3pt\">\n<\/span>Identification<span style=\"letter-spacing:-.3pt\"> <\/span>Num- ber (or if\na non-U.S. Person, equivalent federal number).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.45pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.35pt\"><!--[if !supportLists]-->(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.05pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.05pt\"> <\/span>has<span style=\"letter-spacing:-.05pt\"> <\/span>full<span style=\"letter-spacing:-.05pt\"> <\/span>power<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>execute,<span style=\"letter-spacing:-.05pt\"> <\/span>deliver<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>perform<span style=\"letter-spacing:-.05pt\"> <\/span>under<span style=\"letter-spacing:-.05pt\">\n<\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>follow-\ning: (i) this Subscription<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement;\n(ii) the<span style=\"letter-spacing:-.55pt\"> <\/span>Accredited Investor\nQuestionnaire; and (iii) the LLC<span style=\"letter-spacing:-.55pt\"> <\/span>Agreement,\nand to deliver them to the Fund simultaneously herewith. This Subscription<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement and the other agreements are the<span style=\"letter-spacing:-.15pt\"> <\/span>legal<span style=\"letter-spacing:-.15pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>binding<span style=\"letter-spacing:-.15pt\"> <\/span>obligation<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>enforceable<span style=\"letter-spacing:-.15pt\"> <\/span>against<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>undersigned<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>accordance<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>their<span style=\"letter-spacing:-.15pt\"> <\/span>respective <span style=\"letter-spacing:\n-.1pt\">terms.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.1pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:103%;mso-list:l60 level1 lfo11;tab-stops:115.35pt\"><!--[if !supportLists]-->(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor\nagrees to furnish such information as reasonably requested by Fund to verify\nits Accredited<span style=\"letter-spacing:-.05pt\"> <\/span>Investor<span style=\"letter-spacing:-.05pt\"> <\/span>status,<span style=\"letter-spacing:-.05pt\">\n<\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>may<span style=\"letter-spacing:-.05pt\"> <\/span>include<span style=\"letter-spacing:-.05pt\">\n<\/span>one<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:\n-.05pt\"> <\/span>more<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>those<span style=\"letter-spacing:-.05pt\">\n<\/span>items<span style=\"letter-spacing:-.05pt\"> <\/span>set<span style=\"letter-spacing:-.05pt\"> <\/span>forth<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Securities<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Exchange Commission<span style=\"letter-spacing:-.5pt\"> <\/span>Rule<span style=\"letter-spacing:-.5pt\"> <\/span>506(c)(2)(ii),<span style=\"letter-spacing:-.5pt\"> <\/span>which<span style=\"letter-spacing:-.5pt\"> <\/span>includes<span style=\"letter-spacing:-.5pt\"> <\/span>financial<span style=\"letter-spacing:-.5pt\">\n<\/span>information<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>confirmation<span style=\"letter-spacing:-.5pt\"> <\/span>letter<span style=\"letter-spacing:-.5pt\"> <\/span>from<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>registered<span style=\"letter-spacing:-.5pt\"> <\/span>bro-<\/span><v:group id=\"Group_x0020_296\" o:spid=\"_x0000_s2189\" style=\"position: absolute; left: 0px; margin-left: 36pt; 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path=\"m,l2212848,e\" filled=\"f\" strokeweight=\".5pt\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">ker-dealer,<span style=\"letter-spacing:-.5pt\"> <\/span>CPA,<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>attorney<span style=\"letter-spacing:-.25pt\">\n<\/span>familiar<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:\n-.7pt\"> <\/span>Accredited<span style=\"letter-spacing:-.25pt\"> <\/span>Investor<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">status.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(d)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor\nis the sole and true party in interest and is not purchasing for the benefit of\nany other person. The Units are being purchased solely for Investor\u2019s own\naccount, for investment, and are not being purchased with a view to the resale,\ndistribution, subdivision or fractionalization thereof. Investor has no plans\nto enter into any such contract, arrangement or agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(e)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nexecution and delivery of this Subscription Agreement, the consummation of the\ntransactions contemplated hereby, and the fulfillment of the terms hereof, will\nnot result in the breach of any term or<span style=\"letter-spacing:-.4pt\"> <\/span>provision<span style=\"letter-spacing:-.4pt\"> <\/span>of,<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>constitute<span style=\"letter-spacing:\n-.4pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>default<span style=\"letter-spacing:-.4pt\"> <\/span>under,<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>conflict<span style=\"letter-spacing:-.4pt\">\n<\/span>with,<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>cause<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>acceleration<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>obligation<span style=\"letter-spacing:\n-.4pt\"> <\/span>under,<span style=\"letter-spacing:-.4pt\"> <\/span>any agreement\nor other instrument of any description to which the undersigned is a party or\nby which the undersigned is<span style=\"letter-spacing:-.45pt\"> <\/span>bound,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>judgment,<span style=\"letter-spacing:\n-.45pt\"> <\/span>decree,<span style=\"letter-spacing:-.45pt\"> <\/span>order,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>award<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>court,<span style=\"letter-spacing:-.45pt\">\n<\/span>governmental<span style=\"letter-spacing:-.45pt\"> <\/span>body,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>arbitrator,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>applicable law, rule, or regulation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(f)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned has been given access to full and complete information regarding\nthe Fund and has utilized such access to the undersigned\u2019s satisfaction for the\npurpose of obtaining such information regarding<span style=\"letter-spacing:\n-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Fund<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.5pt\"> <\/span>has<span style=\"letter-spacing:-.5pt\"> <\/span>reasonably<span style=\"letter-spacing:-.5pt\"> <\/span>requested.<span style=\"letter-spacing:\n-.5pt\"> <\/span>In<span style=\"letter-spacing:-.5pt\"> <\/span>particular,<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>undersigned:<span style=\"letter-spacing:-.5pt\"> <\/span>(i)<span style=\"letter-spacing:-.5pt\"> <\/span>has<span style=\"letter-spacing:-.5pt\"> <\/span>received<span style=\"letter-spacing:-.5pt\">\n<\/span>and thoroughly read and evaluated the Memorandum, including the\nexhibits, schedules and subsequent amendments<span style=\"letter-spacing:2.0pt\">\n<\/span>or updates thereto; and (ii) has been given a reasonable opportunity to\nreview such documents as the undersigned has requested and to ask questions of,\nand to receive answers from, representatives of the Fund concerning the terms<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>conditions<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>affairs<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Fund<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>obtain<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>additional<span style=\"letter-spacing:-.2pt\"> <\/span>information concerning the Fund\u2019s business\nto the extent reasonably available so as to understand more fully the nature of\nthis investment and to verify the accuracy of the information supplied.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(g)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned represents that he, she or it has consulted with a qualified\nattorney, tax advisor or accountant or has elected not to do so, and\nunderstands the income tax aspects of an investment in the Units. The\nundersigned, in determining to purchase the Units, and if the undersigned\nconsulted the undersigned\u2019s legal<span style=\"letter-spacing:-.1pt\"> <\/span>counsel,<span style=\"letter-spacing:-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>advisor,<span style=\"letter-spacing:-.1pt\"> <\/span>accountants,<span style=\"letter-spacing:\n-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>advisors:<span style=\"letter-spacing:-.1pt\">\n<\/span>(i)<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:\n-.1pt\"> <\/span>been<span style=\"letter-spacing:-.1pt\"> <\/span>encouraged<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>had<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>opportunity<span style=\"letter-spacing:\n-.1pt\"> <\/span>to rely<span style=\"letter-spacing:-.4pt\"> <\/span>upon<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>advice<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>undersigned\u2019s<span style=\"letter-spacing:\n-.4pt\"> <\/span>legal<span style=\"letter-spacing:-.4pt\"> <\/span>counsel,<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>advisor,<span style=\"letter-spacing:-.4pt\"> <\/span>accountants,<span style=\"letter-spacing:\n-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.4pt\"> <\/span>advisors<span style=\"letter-spacing:-.4pt\">\n<\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.4pt\"> <\/span>to the<span style=\"letter-spacing:-.35pt\">\n<\/span>purchase<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Units;<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>(ii)<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>relied<span style=\"letter-spacing:-.35pt\"> <\/span>solely<span style=\"letter-spacing:-.35pt\">\n<\/span>upon<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>advice<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:\n-.35pt\"> <\/span>undersigned\u2019s<span style=\"letter-spacing:2.0pt\"> <\/span>legal<span style=\"letter-spacing:-.35pt\"> <\/span>counsel,<span style=\"letter-spacing:-.35pt\">\n<\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>advisor, accountants, or\nother financial advisors with respect to the financial, tax, and other\nconsiderations relating to the purchase of the Units.<span style=\"letter-spacing:\n-.1pt\"> <\/span>The undersigned acknowledges that neither the Fund nor anyone on\nbehalf of the Fund has made any representations to the undersigned regarding\nthe tax consequences of an investment in the Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.95pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(h)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned understands and acknowledges that all documents are confidential\nand were<span style=\"letter-spacing:-.3pt\"> <\/span>prepared<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>no<span style=\"letter-spacing:-.3pt\"> <\/span>independent<span style=\"letter-spacing:\n-.3pt\"> <\/span>legal<span style=\"letter-spacing:-.3pt\"> <\/span>counsel,<span style=\"letter-spacing:-.3pt\"> <\/span>accountant,<span style=\"letter-spacing:\n-.35pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>Fund<span style=\"letter-spacing:-.3pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>passed<span style=\"letter-spacing:-.3pt\"> <\/span>upon<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>assumed any responsibility for the\naccuracy, completeness, or fairness of information provided to the undersigned\nand no independent<span style=\"letter-spacing:-.35pt\"> <\/span>legal<span style=\"letter-spacing:-.35pt\"> <\/span>counsel,<span style=\"letter-spacing:-.35pt\">\n<\/span>accountant,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>company<span style=\"letter-spacing:-.35pt\">\n<\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>independently<span style=\"letter-spacing:-.35pt\"> <\/span>verified<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>investigated<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>way<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>accu- racy, completeness, or fairness of\nsuch information.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned acknowledges that the Fund is relying on exemptions from the\nregistra- tion requirements of the Securities<span style=\"letter-spacing:-.4pt\">\n<\/span>Act and as afforded by applicable state and foreign statutes and\nregulations.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.95pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n38.2pt;line-height:95%\"><sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">1<\/span><\/sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A<span style=\"letter-spacing:\n-.6pt\"> <\/span>\u201cU.S.<span style=\"letter-spacing:-.65pt\"> <\/span>person\u201d<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>defined<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>Regulation<span style=\"letter-spacing:-.6pt\"> <\/span>S<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Securities<span style=\"letter-spacing:-.65pt\"> <\/span>Act<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>1933,<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>amended<span style=\"letter-spacing:-.45pt\"> <\/span>(the<span style=\"letter-spacing:-.45pt\"> <\/span>\u201cSecurities<span style=\"letter-spacing:-.65pt\"> <\/span>Act\u201d),<span style=\"letter-spacing:-.4pt\">\n<\/span>and used herein means: any natural person resident in the United States;\nany partnership or corporation organized or incorpo- rated under the laws of\nthe United States, its territories or possession, any state, or the District of\nColumbia; any estate of which<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>executor<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>administrator<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>U.S.<span style=\"letter-spacing:-.3pt\"> <\/span>person;<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>trust<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>which<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>trustee<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>U.S.<span style=\"letter-spacing:-.3pt\"> <\/span>person;<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>agency<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>branch\nof a foreign entity located in the United States; any non-discretionary account\nor similar account (other than an estate or trust) held by a dealer or other\nfiduciary for the account of a U.S. person; any discretionary account or\nsimilar account (other<span style=\"letter-spacing:-.45pt\"> <\/span>than<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>estate<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>trust)<span style=\"letter-spacing:-.45pt\"> <\/span>held<span style=\"letter-spacing:-.45pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>dealer<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\"> <\/span>fiduciary<span style=\"letter-spacing:\n-.45pt\"> <\/span>organized,<span style=\"letter-spacing:-.45pt\"> <\/span>incorporated,<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>(if<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>individual)<span style=\"letter-spacing:-.45pt\"> <\/span>resident<span style=\"letter-spacing:-.45pt\">\n<\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the United States; and a\npartnership or corporation if (i) organized or incorporated under the laws of\nany foreign jurisdiction, and (ii) formed by a U.S. person principally for the\npurpose of investing in securities not registered under the Securities Act,<span style=\"letter-spacing:-.05pt\"> <\/span>unless<span style=\"letter-spacing:-.05pt\">\n<\/span>it<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:\n-.05pt\"> <\/span>organized<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>incorporated,<span style=\"letter-spacing:\n-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>owned,<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>accredited<span style=\"letter-spacing:-.1pt\"> <\/span>investors<span style=\"letter-spacing:-.05pt\">\n<\/span>(as<span style=\"letter-spacing:-.05pt\"> <\/span>defined<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>Rule<span style=\"letter-spacing:-.05pt\"> <\/span>501(a)<span style=\"letter-spacing:-.05pt\">\n<\/span>under<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Secu- rities Act) who are not natural\npersons, estates, or trusts.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.1pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(j)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><v:shape id=\"Graphic_x0020_300\" o:spid=\"_x0000_s2188\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; margin-top: 36.5pt; width: 539pt; height: 719pt; z-index: -1895825396; visibility: visible;\" coordsize=\"6845300,9131300\" 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.3pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.3pt\"> <\/span>understands<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>have<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>been<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>registered<span style=\"letter-spacing:-.3pt\"> <\/span>under the<span style=\"letter-spacing:-.15pt\">\n<\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>securities<span style=\"letter-spacing:\n-.15pt\"> <\/span>laws<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>state,<span style=\"letter-spacing:-.15pt\"> <\/span>country,<span style=\"letter-spacing:-.1pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>province<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>substantial<span style=\"letter-spacing:-.15pt\"> <\/span>restrictions on<span style=\"letter-spacing:\n-.35pt\"> <\/span>transfer<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>(i)<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>LLC<span style=\"letter-spacing:-.75pt\"> <\/span>Agreement<span style=\"letter-spacing:\n-.25pt\"> <\/span>prohibits<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>transfer<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>except<span style=\"letter-spacing:-.25pt\">\n<\/span>under<span style=\"letter-spacing:-.25pt\"> <\/span>very<span style=\"letter-spacing:-.25pt\"> <\/span>limited<span style=\"letter-spacing:-.25pt\">\n<\/span>circumstances,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.15pt;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(ii)<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Fund<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>no<span style=\"letter-spacing:-.35pt\"> <\/span>obligation<span style=\"letter-spacing:\n-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>intention<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>register<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Units<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>resale<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>transfer<span style=\"letter-spacing:-.35pt\"> <\/span>under<span style=\"letter-spacing:-.35pt\">\n<\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any state, country, or foreign securities\nlaws, or to take any action (including the filing of reports or the publication\nof information as required by Rule 144 under the Securities<span style=\"letter-spacing:-.1pt\"> <\/span>Act) which would make available any\nexemption from the<span style=\"letter-spacing:-.4pt\"> <\/span>registration<span style=\"letter-spacing:-.4pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>laws,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>(iii)<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>undersigned<span style=\"letter-spacing:-.4pt\"> <\/span>therefore<span style=\"letter-spacing:-.4pt\">\n<\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n-.4pt\"> <\/span>precluded<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>selling<span style=\"letter-spacing:-.4pt\">\n<\/span>or otherwise transferring or disposing of the Units for an indefinite\nperiod of time or at any particular time.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.25pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(k)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor<span style=\"letter-spacing:-.2pt\"> <\/span>agrees<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>indemnify,<span style=\"letter-spacing:-.2pt\"> <\/span>hold<span style=\"letter-spacing:-.2pt\"> <\/span>harmless,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>pay<span style=\"letter-spacing:-.2pt\"> <\/span>all<span style=\"letter-spacing:-.2pt\"> <\/span>judgments<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>claims<span style=\"letter-spacing:-.25pt\"> <\/span>against<span style=\"letter-spacing:-.2pt\">\n<\/span>the Fund,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Managing<span style=\"letter-spacing:-.15pt\">\n<\/span>Member,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>member<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Fund<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>liability<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>injury,<span style=\"letter-spacing:-.15pt\"> <\/span>including,<span style=\"letter-spacing:\n-.15pt\"> <\/span>but<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>limited to, that arising under Federal or\nstate securities laws, incurred as a result of any misrepresentation herein, or\nany warranties not performed, by Investor.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(l)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned (i) agrees that the undersigned will not sell or otherwise transfer\nor dis- pose of the Units, or any portion thereof, unless the transfer is made\nin accordance with the LLC<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement\nand such Units are registered under the Securities<span style=\"letter-spacing:\n-.5pt\"> <\/span>Act and any applicable state or foreign securities laws or the\nunder- signed obtains an opinion of counsel satisfactory to the Company that\nsuch Units may be sold in reliance on an exemption<span style=\"letter-spacing:\n-.1pt\"> <\/span>from<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>registration<span style=\"letter-spacing:\n-.1pt\"> <\/span>requirements,<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>(ii)<span style=\"letter-spacing:-.1pt\"> <\/span>understands<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>documentation<span style=\"letter-spacing:\n-.1pt\"> <\/span>evidencing<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Units, if any, will contain a legend\nreferencing such restrictions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(m)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned understands that no federal, state, or foreign agency, including\nthe Se- curities and Exchange Commission and the securities commission or\nauthorities of any other state or foreign gov- ernment has approved or\ndisapproved the Units, passed upon or endorsed the merits of the Offering, or\nmade any finding or determination as to the fairness of the Units for\ninvestment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(n)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Neither<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\"> <\/span>nor<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>person<span style=\"letter-spacing:-.05pt\">\n<\/span>representing<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>acting<span style=\"letter-spacing:-.05pt\">\n<\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>behalf<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Company,<span style=\"letter-spacing:-.05pt\">\n<\/span>or purportedly<span style=\"letter-spacing:-.7pt\"> <\/span>representing<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>acting<span style=\"letter-spacing:-.65pt\"> <\/span>on<span style=\"letter-spacing:-.7pt\"> <\/span>behalf<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company,<span style=\"letter-spacing:-.7pt\">\n<\/span>has<span style=\"letter-spacing:-.7pt\"> <\/span>made<span style=\"letter-spacing:-.7pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>representations,<span style=\"letter-spacing:-.7pt\"> <\/span>warranties,<span style=\"letter-spacing:\n-.7pt\"> <\/span>agreements, or<span style=\"letter-spacing:-.65pt\"> <\/span>statements<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\">\n<\/span>than<span style=\"letter-spacing:-.65pt\"> <\/span>those<span style=\"letter-spacing:-.65pt\"> <\/span>contained<span style=\"letter-spacing:\n-.65pt\"> <\/span>herein<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.65pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>influenced<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>affected<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>undersigned\u2019s\ndecision to purchase the Units, nor has the undersigned relied on any\nrepresentations, warranties, agreements, or statements<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>belief<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>they<span style=\"letter-spacing:-.2pt\"> <\/span>were<span style=\"letter-spacing:-.2pt\"> <\/span>made<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>behalf<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>forgoing,<span style=\"letter-spacing:-.2pt\"> <\/span>nor<span style=\"letter-spacing:-.2pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>undersigned<span style=\"letter-spacing:-.2pt\"> <\/span>relied<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the absence<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>representations,<span style=\"letter-spacing:-.3pt\"> <\/span>warranties,<span style=\"letter-spacing:\n-.35pt\"> <\/span>agreements,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>statements<span style=\"letter-spacing:\n-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>reaching<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>decision<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>purchase<span style=\"letter-spacing:-.3pt\"> <\/span>the <span style=\"letter-spacing:-.1pt\">Units.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(o)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned acknowledges and agrees that (i) when the Company accepts this sub-\nscription, any funds received by the Company in accordance herewith will be\ndeposited into a separate bank ac- count<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>(ii)<span style=\"letter-spacing:-.65pt\"> <\/span>if<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>rejects<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>subscription<span style=\"letter-spacing:\n-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>if<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Offering<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>terminated<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>withdrawn\nprior<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:\n-.25pt\"> <\/span>acceptance<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>subscription,<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>funds<span style=\"letter-spacing:-.25pt\"> <\/span>deposited<span style=\"letter-spacing:\n-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>refunded<span style=\"letter-spacing:-.25pt\">\n<\/span>promptly<span style=\"letter-spacing:-.25pt\"> <\/span>without <span style=\"letter-spacing:-.1pt\">interest.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.2pt;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(p)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor,<span style=\"letter-spacing:-.2pt\"> <\/span>if<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>corporation,<span style=\"letter-spacing:\n-.25pt\"> <\/span>partnership,<span style=\"letter-spacing:-.25pt\"> <\/span>trust<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>entity,<span style=\"letter-spacing:-.2pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>authorized<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>duly<span style=\"letter-spacing:-.25pt\"> <\/span>empow- ered<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>purchase<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>hold<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Units,<span style=\"letter-spacing:-.3pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>principal<span style=\"letter-spacing:-.3pt\">\n<\/span>place<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>business<span style=\"letter-spacing:-.3pt\">\n<\/span>at<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>address<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.3pt\"> <\/span>forth<span style=\"letter-spacing:-.3pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>signature<span style=\"letter-spacing:-.3pt\"> <\/span>page and has not been formed for the\nspecific purpose of purchasing the Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.45pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(q)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor<span style=\"letter-spacing:-.35pt\"> <\/span>acknowledges<span style=\"letter-spacing:\n-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Company,<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>Managing<span style=\"letter-spacing:-.35pt\"> <\/span>Member,<span style=\"letter-spacing:-.35pt\">\n<\/span>employees,<span style=\"letter-spacing:-.35pt\"> <\/span>their<span style=\"letter-spacing:-.35pt\"> <\/span>agents,<span style=\"letter-spacing:-.35pt\">\n<\/span>any broker or any other person expressly or by implication have not\nrepresented, guaranteed or warranted:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:107.95pt;line-height:\n103%;mso-list:l60 level2 lfo11;tab-stops:151.4pt\"><!--[if !supportLists]-->(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">that\nthe past performance or experience on the part of the Managing Member or any<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>employees,<span style=\"letter-spacing:\n-.35pt\"> <\/span>associates,<span style=\"letter-spacing:-.35pt\"> <\/span>affiliates,<span style=\"letter-spacing:-.35pt\"> <\/span>agents<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:\n-.35pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>person<span style=\"letter-spacing:-.35pt\"> <\/span>(or<span style=\"letter-spacing:-.35pt\"> <\/span>entity),<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>fashion<span style=\"letter-spacing:-.35pt\"> <\/span>indicate<span style=\"letter-spacing:-.35pt\">\n<\/span>actual profitability of the Company or investment performance of this\npurchase;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.6pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l60 level2 lfo11;\ntab-stops:151.45pt\"><!--[if !supportLists]-->(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:-.35pt\"> <\/span>amount<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>type<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>consideration,<span style=\"letter-spacing:-.3pt\"> <\/span>profit<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>loss<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>tax<span style=\"letter-spacing:-.3pt\"> <\/span>consequences<span style=\"letter-spacing:-.3pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">be<\/span>generated\nby the Company; <span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.1pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.45pt;margin-bottom:.0001pt;text-indent:107.95pt;\nline-height:103%;mso-list:l60 level2 lfo11;tab-stops:151.45pt\"><!--[if !supportLists]-->(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><v:shape id=\"Graphic_x0020_302\" o:spid=\"_x0000_s2187\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; margin-top: 36.5pt; width: 539pt; height: 719pt; z-index: -1895825395; visibility: visible;\" coordsize=\"6845300,9131300\" 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">other<span style=\"letter-spacing:-.1pt\"> <\/span>than<span style=\"letter-spacing:-.1pt\"> <\/span>what<span style=\"letter-spacing:-.05pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>stated<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>LLC<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement,<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>timeframe<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>date<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>Investor\nwill receive any distributions or return of its Capital Contributions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h6 style=\"margin-left:7.45pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">SPECIFICALLY<span style=\"letter-spacing:-.7pt\"> <\/span>FOR<span style=\"letter-spacing:-.65pt\"> <\/span>THE<span style=\"letter-spacing:-.25pt\"> <\/span>UNDERSIGNED<span style=\"letter-spacing:\n-.4pt\"> <\/span>WHO<span style=\"letter-spacing:-.7pt\"> <\/span>ARE<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cU.S.<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">PERSONS\u201d:<\/span><o:p><\/o:p><\/span><\/h6>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(r)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nthe undersigned is a \u201cU.S. Person,\u201d the undersigned: (i) if an individual, is\nat least 21 years of age; (ii) if an individual, is a citizen or resident of\nthe Interested States; (iii) maintains the undersigned\u2019s principal<span style=\"letter-spacing:-.2pt\"> <\/span>residence<span style=\"letter-spacing:-.2pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.2pt\"> <\/span>at<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>address<span style=\"letter-spacing:-.2pt\">\n<\/span>shown<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>signature<span style=\"letter-spacing:-.2pt\"> <\/span>page<span style=\"letter-spacing:-.2pt\"> <\/span>hereof;<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>(iv)<span style=\"letter-spacing:-.2pt\"> <\/span>warrants<span style=\"letter-spacing:-.2pt\">\n<\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>finan- cial information that is provided\nherewith by the undersigned, or is subsequently submitted by the undersigned at\nthe request of the Company, does or will accurately reflect the undersigned\u2019s\nfinancial condition with respect to which the undersigned does not anticipate\nany material adverse change.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(s)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nthe undersigned is a \u201cU.S. Person\u201d the undersigned certifies that he, she, or\nit: (i) is an \u201caccredited investor\u201d as that term is defined in Rule 501(a) of\nRegulation D under the Securities<span style=\"letter-spacing:-.35pt\"> <\/span>Act;\nand (ii) has accurately completed and delivered to the Company the<span style=\"letter-spacing:-.2pt\"> <\/span>Accredited Investor Questionnaire attached\nto the Mem- orandum in order to enable the Company to verify the undersigned\u2019s\nstatus as an accredited investor under the Securities<span style=\"letter-spacing:\n-.6pt\"> <\/span>Act.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(t)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>undersigned<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>U.S.<span style=\"letter-spacing:-.15pt\"> <\/span>Person<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>subject<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Employee<span style=\"letter-spacing:-.15pt\">\n<\/span>Retirement<span style=\"letter-spacing:-.15pt\"> <\/span>Income<span style=\"letter-spacing:-.15pt\"> <\/span>Secu- rity<span style=\"letter-spacing:\n-.45pt\"> <\/span>Act (\u201cERISA\u201d), the undersigned is aware of and has taken into\nconsideration the diversification requirements of Section 404(a)(3) of ERISA in\ndetermining to purchase the Units and the undersigned has concluded that the\npurchase of the Units is prudent.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(u)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>undersigned<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>U.S.<span style=\"letter-spacing:-.3pt\"> <\/span>Person,<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>undersigned<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>subject<span style=\"letter-spacing:-.3pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>back-<span style=\"letter-spacing:-.3pt\"> <\/span>up<span style=\"letter-spacing:-.3pt\"> <\/span>withholding\nprovisions of Section 3406(a)(1) of the Internal Revenue Code.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h6 style=\"margin-left:7.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">SPECIFICALLY<span style=\"letter-spacing:-.7pt\"> <\/span>FOR<span style=\"letter-spacing:-.65pt\"> <\/span>THE<span style=\"letter-spacing:-.25pt\"> <\/span>UNDERSIGNED<span style=\"letter-spacing:\n-.4pt\"> <\/span>WHO<span style=\"letter-spacing:-.7pt\"> <\/span>ARE<span style=\"letter-spacing:-.25pt\"> <\/span>\u201cNON-U.S.<span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">PERSONS\u201d:<\/span><o:p><\/o:p><\/span><\/h6>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(v)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>undersigned<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>non-U.S.<span style=\"letter-spacing:-.45pt\"> <\/span>Person:<span style=\"letter-spacing:-.45pt\">\n<\/span>(i)<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.45pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>purchasing<span style=\"letter-spacing:\n-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Units for<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>account<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>benefit<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>U.S.<span style=\"letter-spacing:-.2pt\"> <\/span>person;<span style=\"letter-spacing:-.15pt\"> <\/span>(ii)<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.2pt\"> <\/span>has<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>prearranged<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>sale<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>resale<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Units with any U.S. Person or buyer in\nthe Interested States; (iii) as of the date of this Subscription<span style=\"letter-spacing:-.3pt\"> <\/span>Agreement, the un- dersigned<span style=\"letter-spacing:-.05pt\"> <\/span>has<span style=\"letter-spacing:-.05pt\"> <\/span>no\npresent plan or intention<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>sell<span style=\"letter-spacing:-.05pt\"> <\/span>the\nUnits<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>United<span style=\"letter-spacing:-.05pt\"> <\/span>States<span style=\"letter-spacing:-.05pt\">\n<\/span>at<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:\n-.05pt\"> <\/span>predetermined<span style=\"letter-spacing:-.05pt\"> <\/span>time;<span style=\"letter-spacing:-.05pt\"> <\/span>(iv)<span style=\"letter-spacing:-.05pt\"> <\/span>the\nundersigned has not entered into, does not have the intention of entering into,\nand will not enter into any option, equity swap, or other similar derivative\ninstrument in the United States with respect to the Units at any time until the\nend of a period of one year from the date of this Subscription<span style=\"letter-spacing:-.6pt\"> <\/span>Agreement; (v) the Units were not offered\nto the undersigned in the United States, and at the time of execution of this\nSubscription<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement and at the\ntime of any offer to the undersigned to purchase the Units hereunder, the\nundersigned was physically outside the United States;<span style=\"letter-spacing:\n-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>(vi)<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>undersigned<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.05pt\"> <\/span>resell<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\"> <\/span>only<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>accordance<span style=\"letter-spacing:\n-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>terms<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>LLC<span style=\"letter-spacing:-.6pt\"> <\/span>Agreement<span style=\"letter-spacing:-.05pt\"> <\/span>and Regulation S of the Securities<span style=\"letter-spacing:-.55pt\"> <\/span>Act, pursuant to an effective\nregistration under the Securities<span style=\"letter-spacing:-.55pt\"> <\/span>Act,\nor pursuant to an available exemption from registration under the Securities\nAct.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.05pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(w)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nthe undersigned is a non-U.S. Person, the undersigned understands that the\nUnits are being offered and sold in reliance on Regulation S of the Securities<span style=\"letter-spacing:-.3pt\"> <\/span>Act and any other available exemptions\nfrom the<span style=\"letter-spacing:-.25pt\"> <\/span>registration<span style=\"letter-spacing:-.25pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>federal,<span style=\"letter-spacing:-.25pt\"> <\/span>state,<span style=\"letter-spacing:-.25pt\">\n<\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>foreign<span style=\"letter-spacing:-.25pt\"> <\/span>securities<span style=\"letter-spacing:\n-.25pt\"> <\/span>laws<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\">\n<\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>relying<span style=\"letter-spacing:-.25pt\"> <\/span>upon<span style=\"letter-spacing:-.25pt\"> <\/span>the\ntruth and accuracy of the representations, warranties, acknowledgements, and\nunderstandings set forth herein in order to confirm that the undersigned is a\nnon-U.S. Person.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;line-height:\n103%;mso-list:l60 level1 lfo11;tab-stops:115.4pt\"><!--[if !supportLists]-->(x)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nthe undersigned is a non-U.S. Person, the undersigned understands that non-U.S.\nPer- sons<span style=\"letter-spacing:-.65pt\"> <\/span>contemplating<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.65pt\"> <\/span>investment<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>urged<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>consult<span style=\"letter-spacing:-.65pt\"> <\/span>their<span style=\"letter-spacing:-.65pt\">\n<\/span>own<span style=\"letter-spacing:-.65pt\"> <\/span>tax<span style=\"letter-spacing:-.65pt\"> <\/span>advisors<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company\nwill be required to withhold tax and deposit it with the Internal Revenue\nService (\u201cIRS\u201d) at the highest applicable<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.15pt;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S. marginal tax\nrate on any income allocated<span style=\"letter-spacing:-.05pt\"> <\/span>to an\nInvestor who is a non-U.S. Person, even if no cash is distrib- uted to that\nInvestor.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.3pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:35.95pt;\nline-height:103%;mso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->4.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><v:shape id=\"Graphic_x0020_304\" o:spid=\"_x0000_s2186\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; margin-top: 36.5pt; width: 539pt; height: 719pt; z-index: -1895825394; visibility: visible;\" coordsize=\"6845300,9131300\" 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ACEAnGZGQbsAAAAkAQAAKgAAAAAAAAAAAAAAAADoCwAAY2xpcGJvYXJkL2RyYXdpbmdzL19yZWxz\nL2RyYXdpbmcxLnhtbC5yZWxzUEsFBgAAAAAFAAUAZwEAAOsMAAAAAA==\n\" path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><b><u><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Acceptance.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n2.0pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Execution\nand delivery of this Subscription Agreement shall constitute Investor\u2019s\nirrevocable offer to purchase the Units in accordance with this Subscription\nAgreement and under the terms set forth<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>signature<span style=\"letter-spacing:-.1pt\"> <\/span>page<span style=\"letter-spacing:-.1pt\"> <\/span>(the<span style=\"letter-spacing:-.1pt\"> <\/span>\u201cInvestor<span style=\"letter-spacing:-.1pt\">\n<\/span>Subscription<span style=\"letter-spacing:-.1pt\"> <\/span>Commitment\u201d)<span style=\"letter-spacing:-.1pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>offer<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>accepted<span style=\"letter-spacing:-.1pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>rejected<span style=\"letter-spacing:-.1pt\"> <\/span>by the<span style=\"letter-spacing:-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>discretion<span style=\"letter-spacing:\n-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>cause<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>no<span style=\"letter-spacing:-.2pt\"> <\/span>cause.<span style=\"letter-spacing:-.2pt\"> <\/span>Upon<span style=\"letter-spacing:-.2pt\"> <\/span>furnishing<span style=\"letter-spacing:\n-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>payment<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>accordance<span style=\"letter-spacing:-.2pt\"> <\/span>herewith, Investor\u2019s payment shall be\ndeposited into a bank account in the name of the Company. The Company and\/or\nits Managing Member on the Company\u2019s behalf shall confirm acceptance in\nwriting.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.85pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;line-height:103%;\nmso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->5.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Binding<span style=\"letter-spacing:-.5pt\"> <\/span>Agreement.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:2.0pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor\nagrees that Investor may not cancel, terminate or revoke this Sub- scription<span style=\"letter-spacing:-.65pt\"> <\/span>Agreement (except as permitted<span style=\"letter-spacing:-.05pt\"> <\/span>under state securities laws) or any\nagreement<span style=\"letter-spacing:-.05pt\"> <\/span>Investor makes hereunder,\nand that this Subscription Agreement shall survive upon the death or disability\nof Investor and shall be binding upon and inure to the benefit of the heirs,\nsuccessors, assigns, executors, administrators, guardians, conservators, or\npersonal representatives of Investor. Investor agrees that the Company will\nhave no obligation to recognize the ownership, beneficial or otherwise, of\nInvestor\u2019s interest by anyone other than the undersigned.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;line-height:103%;\nmso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->6.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Right to Refuse to<span style=\"letter-spacing:-.45pt\"> <\/span>Accept Commitment Installment Payments.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:2.0pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nCompany, in its sole dis- cretion,<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>refuse<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>postpone<span style=\"letter-spacing:-.5pt\">\n<\/span>acceptance<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>one<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>more<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:\n-.5pt\"> <\/span>commitment<span style=\"letter-spacing:-.5pt\"> <\/span>installment<span style=\"letter-spacing:-.5pt\"> <\/span>payments,<span style=\"letter-spacing:-.5pt\">\n<\/span>subject to market conditions and keeping consistent with the Company\u2019s\nbusiness plan and performance objectives. If the Company<span style=\"letter-spacing:\n-.8pt\"> <\/span>takes<span style=\"letter-spacing:-.7pt\"> <\/span>such<span style=\"letter-spacing:-.7pt\"> <\/span>action,<span style=\"letter-spacing:-.65pt\">\n<\/span>Investor<span style=\"letter-spacing:-.7pt\"> <\/span>shall<span style=\"letter-spacing:-.7pt\"> <\/span>have<span style=\"letter-spacing:-.7pt\"> <\/span>no<span style=\"letter-spacing:-.65pt\"> <\/span>recourse<span style=\"letter-spacing:-.7pt\">\n<\/span>against<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>its<span style=\"letter-spacing:\n-.7pt\"> <\/span>Managing<span style=\"letter-spacing:-.7pt\"> <\/span>Member,<span style=\"letter-spacing:-.65pt\"> <\/span>officers, agents, employees, or\naffiliates.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:79.5pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l59 level2 lfo12;\ntab-stops:79.5pt\"><!--[if !supportLists]-->7.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Incorporation<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>Reference.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:1.85pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.35pt\"> <\/span>Investor<span style=\"letter-spacing:-.4pt\">\n<\/span>Subscription<span style=\"letter-spacing:-.35pt\"> <\/span>Commitment<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>related<span style=\"letter-spacing:-.4pt\"> <\/span>information<span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.25pt\">set<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.55pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.5pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">forth<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>the\nsignature<span style=\"letter-spacing:-.05pt\"> <\/span>page<span style=\"letter-spacing:-.05pt\"> <\/span>are incorporated<span style=\"letter-spacing:\n-.05pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>integral terms<span style=\"letter-spacing:-.1pt\"> <\/span>of this<span style=\"letter-spacing:-.1pt\">\n<\/span>Subscription<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.35pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;line-height:103%;\nmso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->8.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notices.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:2.0pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Notices<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>communications<span style=\"letter-spacing:\n-.15pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.1pt\">\n<\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>writing<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>shall<span style=\"letter-spacing:-.15pt\"> <\/span>be deemed<span style=\"letter-spacing:\n-.35pt\"> <\/span>delivered<span style=\"letter-spacing:-.35pt\"> <\/span>when<span style=\"letter-spacing:-.35pt\"> <\/span>received<span style=\"letter-spacing:-.35pt\">\n<\/span>or,<span style=\"letter-spacing:-.35pt\"> <\/span>if<span style=\"letter-spacing:\n-.35pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>U.S.<span style=\"letter-spacing:-.35pt\"> <\/span>mail,<span style=\"letter-spacing:-.35pt\">\n<\/span>when<span style=\"letter-spacing:-.35pt\"> <\/span>deposited<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>regularly<span style=\"letter-spacing:\n-.35pt\"> <\/span>maintained<span style=\"letter-spacing:-.35pt\"> <\/span>receptacle,<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>Certi-\nfied First Class Mail, postage prepaid, addressed:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.6pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:7.4pt;margin-bottom:\n0in;margin-left:7.5pt;margin-bottom:.0001pt;line-height:90%;mso-list:l59 level3 lfo12;\ntab-stops:115.45pt\"><!--[if !supportLists]-->(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">if\nto Investor, at the address shown on the signature page hereof unless the\nInvestor has advised<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company,<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>writing,<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>different<span style=\"letter-spacing:\n-.25pt\"> <\/span>address<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>which<span style=\"letter-spacing:-.25pt\"> <\/span>notices<span style=\"letter-spacing:-.25pt\">\n<\/span>shall<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>sent<span style=\"letter-spacing:-.25pt\"> <\/span>under<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement;<span style=\"letter-spacing:-.25pt\"> <\/span>and<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.5pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:90%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">if<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company,<span style=\"letter-spacing:-.45pt\">\n<\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.45pt\"> <\/span>address<span style=\"letter-spacing:-.45pt\"> <\/span>first<span style=\"letter-spacing:-.4pt\"> <\/span>above<span style=\"letter-spacing:-.45pt\"> <\/span>stated,<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>attention<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Managing<span style=\"letter-spacing:-.45pt\">\n<\/span>Mem- ber<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\">\n<\/span>address<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>attention<span style=\"letter-spacing:\n-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>other<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>officer,<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Company<span style=\"letter-spacing:-.65pt\">\n<\/span>shall<span style=\"letter-spacing:-.65pt\"> <\/span>have<span style=\"letter-spacing:-.65pt\"> <\/span>furnished<span style=\"letter-spacing:\n-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>Investor.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.4pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;\nline-height:90%;mso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->9.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Counsel.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.55pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.35pt\"> <\/span>had<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>opportunity<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>consider<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Memorandum,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>LLC<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement,<span style=\"letter-spacing:\n-.35pt\"> <\/span>and this Subscription<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement\nwith Investor\u2019s advisors or legal counsel and has either obtained the advice of\nsuch advisors<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>connection<span style=\"letter-spacing:\n-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>execution<span style=\"letter-spacing:-.1pt\">\n<\/span>hereof<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>does<span style=\"letter-spacing:-.1pt\"> <\/span>hereby<span style=\"letter-spacing:-.1pt\"> <\/span>expressly<span style=\"letter-spacing:-.1pt\">\n<\/span>waive<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>right<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>seek<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>legal counsel in connection with this\ntransaction.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;\nline-height:90%;mso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->10.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Sale\nof the Units in a Permitted Offshore<span style=\"letter-spacing:-.05pt\"> <\/span>Transaction.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\n<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If any\nsubsequent resale of the Units is permitted<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>an<span style=\"letter-spacing:-.35pt\"> <\/span>offshore<span style=\"letter-spacing:-.35pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.35pt\"> <\/span>pursuant<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>LLC<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>Regulation<span style=\"letter-spacing:-.35pt\"> <\/span>S<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act,<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>un- dersigned<span style=\"letter-spacing:\n-.45pt\"> <\/span>agrees<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>cause<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>parties<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>transaction<span style=\"letter-spacing:\n-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>execute<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>Certificate<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>Compliance<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>form<span style=\"letter-spacing:-.45pt\"> <\/span>required\nby the Company and agree to be bound by the terms of the LLC<span style=\"letter-spacing:-.25pt\"> <\/span>Agreement.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;\nline-height:90%;mso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->11.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Miscellaneous.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.35pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This<span style=\"letter-spacing:-.15pt\"> <\/span>Subscription<span style=\"letter-spacing:\n-.7pt\"> <\/span>Agreement,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>LLC<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement,<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>documents<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>agree- ments\nreferenced therein embody the entire agreement and understanding between the\nCompany and the Investor and supersedes all prior agreements and understandings\nrelating to the subject matter hereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:90%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(a)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This\nSubscription<span style=\"letter-spacing:-.5pt\"> <\/span>Agreement does not\nentitle the undersigned to any rights as a holder of Units or as a member of\nthe Company until payment for such Units has been received and accepted by the\nCom- pany.<span style=\"letter-spacing:-.05pt\"> <\/span>This Subscription<span style=\"letter-spacing:-.45pt\"> <\/span>Agreement shall be construed and enforced\nin accordance with and governed by the laws of the State of<span style=\"letter-spacing:-.1pt\"> <\/span>New York. The headings in this<span style=\"letter-spacing:-.1pt\"> <\/span>Agreement are for purposes of reference\nonly and shall not limit or otherwise<span style=\"letter-spacing:-.7pt\"> <\/span>affect<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>meaning<span style=\"letter-spacing:-.45pt\"> <\/span>hereof.<span style=\"letter-spacing:-.6pt\">\n<\/span>This<span style=\"letter-spacing:-.45pt\"> <\/span>Subscription<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.4pt\">\n<\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:\n-.45pt\"> <\/span>executed<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>number<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>counterparts,\neach of which shall be an original, but all of which together shall constitute\none instrument.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:4.05pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:90%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(b)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><v:shape id=\"Graphic_x0020_306\" o:spid=\"_x0000_s2185\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; margin-top: 36.5pt; width: 539pt; height: 719pt; z-index: -1895825393; visibility: visible;\" coordsize=\"6845300,9131300\" 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nundersigned acknowledges and agrees that any action or proceeding of any kind\nagainst the undersigned arising out of or by reason of this Subscription\nAgreement or the obligations hereunder may be brought in any federal or state\ncourt of competent jurisdiction located in the State of<span style=\"letter-spacing:\n-.35pt\"> <\/span>New York, and hereby irrevocably consents to the jurisdiction\nof any such court.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:90%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(c)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nany provision of this Subscription Agreement is invalid or unenforceable under\nany applicable statute or rule of law, then such provision will be deemed\ninoperative to the extent that it may conflict therewith<span style=\"letter-spacing:\n-.65pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>deemed<span style=\"letter-spacing:-.65pt\"> <\/span>modified<span style=\"letter-spacing:-.65pt\">\n<\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>conform<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>statute<span style=\"letter-spacing:-.65pt\">\n<\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>rule<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>law,<span style=\"letter-spacing:-.65pt\"> <\/span>but<span style=\"letter-spacing:-.65pt\"> <\/span>such<span style=\"letter-spacing:-.65pt\"> <\/span>provision<span style=\"letter-spacing:\n-.65pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>affect the validity or enforceability of\nany other provision hereof.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:71.95pt;\nline-height:90%;mso-list:l59 level3 lfo12;tab-stops:115.4pt\"><!--[if !supportLists]-->(d)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This<span style=\"letter-spacing:-.65pt\"> <\/span>Subscription<span style=\"letter-spacing:\n-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.4pt\"> <\/span>may<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>executed<span style=\"letter-spacing:-.4pt\"> <\/span>through<span style=\"letter-spacing:-.4pt\">\n<\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>use<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>separate<span style=\"letter-spacing:-.4pt\"> <\/span>signature<span style=\"letter-spacing:-.4pt\">\n<\/span>pages or in any number of counterparts, and each of such counterparts\nwill, for all purposes, constitute one agreement binding on all parties,\nnotwithstanding that all parties are not signatories to the same counterpart.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.45pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:.5in;\nline-height:90%;mso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->12.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subscription Payments.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\n<\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject to\nSection 13 below, all subscription payments should be made in cash, payable to\n\u201cCloud Toronto &#8211; FYBN &nbsp;Core+ Growth &amp;\nIncome Fund LLC.\u201d The Fund will deposit subscription payments immediately<span style=\"letter-spacing:-.7pt\"> <\/span>on<span style=\"letter-spacing:-.7pt\"> <\/span>acceptance<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>account.<span style=\"letter-spacing:-.65pt\"> <\/span>Such<span style=\"letter-spacing:-.65pt\"> <\/span>deposit<span style=\"letter-spacing:-.65pt\"> <\/span>shall<span style=\"letter-spacing:-.65pt\">\n<\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>itself<span style=\"letter-spacing:-.65pt\"> <\/span>constitute<span style=\"letter-spacing:\n-.65pt\"> <\/span>acceptance<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.65pt\"> <\/span>subscription\nby<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>Fund.<span style=\"letter-spacing:-.15pt\"> <\/span>Persons<span style=\"letter-spacing:-.15pt\"> <\/span>making<span style=\"letter-spacing:-.15pt\">\n<\/span>subscriptions<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>accepted<span style=\"letter-spacing:-.15pt\"> <\/span>will,<span style=\"letter-spacing:-.15pt\">\n<\/span>upon<span style=\"letter-spacing:-.15pt\"> <\/span>payment<span style=\"letter-spacing:-.15pt\"> <\/span>receive<span style=\"letter-spacing:-.15pt\">\n<\/span>notice<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>subscrip-\ntion was accepted. Other subscriptions that are not accepted will be returned.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:11.4pt;margin-right:7.35pt;\nmargin-bottom:0in;margin-left:7.5pt;margin-bottom:.0001pt;text-indent:35.95pt;\nline-height:90%;mso-list:l59 level2 lfo12;tab-stops:79.45pt\"><!--[if !supportLists]-->13.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subscriptions In-Kind.<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nFund may elect in its absolute discretion to accept subscription pay- ments\nfrom an Investor, in whole or in part, in specie or in kind rather than in\ncash.<span style=\"letter-spacing:2.0pt\"> <\/span>This election may be made\ngenerally or in any particular case.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nFund will use the same valuation procedures used in determining Net Asset<span style=\"letter-spacing:-.05pt\"> <\/span>Value to determine the value to be\nattributed to the relevant assets to be transferred or assigned to the Fund as\nof the relevant Dealing Day.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nInvestor agrees that it will be responsible for all costs involved in changing\nthe<span style=\"letter-spacing:-.25pt\"> <\/span>ownership<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>transfer<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>relevant<span style=\"letter-spacing:-.25pt\">\n<\/span>assets<span style=\"letter-spacing:-.25pt\"> <\/span>unless<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Fund<span style=\"letter-spacing:-.25pt\"> <\/span>otherwise<span style=\"letter-spacing:\n-.25pt\"> <\/span>agrees.<span style=\"letter-spacing:2.0pt\"> <\/span>Upon<span style=\"letter-spacing:-.25pt\"> <\/span>receipt<span style=\"letter-spacing:-.25pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>properly completed\nsubscription materials and such legal and other transfer documentation as the\nFund may in its sole dis- cretion<span style=\"letter-spacing:-.4pt\"> <\/span>require,<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>allot<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>requisite<span style=\"letter-spacing:-.4pt\"> <\/span>number<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>normal<span style=\"letter-spacing:-.4pt\"> <\/span>manner.<span style=\"letter-spacing:1.8pt\">\n<\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>reserves<span style=\"letter-spacing:-.4pt\">\n<\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>right to<span style=\"letter-spacing:-.35pt\"> <\/span>decline<span style=\"letter-spacing:-.35pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>register<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.3pt\"> <\/span>prospective<span style=\"letter-spacing:-.4pt\"> <\/span>investor<span style=\"letter-spacing:-.3pt\">\n<\/span>until<span style=\"letter-spacing:-.3pt\"> <\/span>Investor<span style=\"letter-spacing:-.35pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>been<span style=\"letter-spacing:-.3pt\"> <\/span>able<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>prove<span style=\"letter-spacing:-.3pt\"> <\/span>title<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>assets<span style=\"letter-spacing:-.35pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>question<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.65pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.5pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">make a valid transfer <span style=\"letter-spacing:-.1pt\">thereof.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection212\">\n\n<h3 style=\"margin-top:3.95pt;margin-right:0in;margin-bottom:0in;margin-left:\n.1in;margin-bottom:.0001pt;tab-stops:510.95pt\"><v:group id=\"Group_x0020_308\" o:spid=\"_x0000_s2182\" 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path=\"m,l5438775,e\" filled=\"f\" strokeweight=\".37675mm\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;\nletter-spacing:-.1pt\">TITLE<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor<span style=\"letter-spacing:-.35pt\"> <\/span>desires<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>take<span style=\"letter-spacing:\n-.1pt\"> <\/span>title<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>follows<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>indicated<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">selecting<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;tab-stops:186.95pt 294.95pt 330.95pt 438.95pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.05pt\"> <\/span>category<span style=\"letter-spacing:-.1pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>then<span style=\"letter-spacing:-.1pt\"> <\/span>initialing<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.2pt\">here:<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><b><i><span style=\"font-size:11.5pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Initials <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initials <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.1pt\"><b><i><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:61.5pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-1.75pt\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Individual<span style=\"letter-spacing:1.9pt\"> <\/span>\/<span style=\"letter-spacing:1.9pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Joint<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:10.75pt;margin-right:0in;margin-bottom:\n0in;margin-left:137.5pt;margin-bottom:.0001pt;line-height:18.35pt;mso-line-height-rule:\nexactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-4.05pt;mso-font-width:120%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt;mso-font-width:105%\">individually,<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.35pt;mso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">as<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">a<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">single<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">person<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:137.5pt;line-height:16.0pt;mso-line-height-rule:\nexactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Arial&quot;,sans-serif\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-2.7pt\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:.55pt\"> <\/span>married<span style=\"letter-spacing:.45pt\">\n<\/span>person,<span style=\"letter-spacing:.55pt\"> <\/span>as<span style=\"letter-spacing:.5pt\"> <\/span>my<span style=\"letter-spacing:.55pt\"> <\/span>sole<span style=\"letter-spacing:.5pt\"> <\/span>and<span style=\"letter-spacing:.5pt\"> <\/span>separate<span style=\"letter-spacing:.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">property<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:137.5pt;line-height:16.0pt;mso-line-height-rule:\nexactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Arial&quot;,sans-serif\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-2.8pt\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">husband<span style=\"letter-spacing:.4pt\"> <\/span>and<span style=\"letter-spacing:.35pt\"> <\/span>wife,<span style=\"letter-spacing:.45pt\"> <\/span>as<span style=\"letter-spacing:.35pt\"> <\/span>community<span style=\"letter-spacing:.4pt\"> <\/span>property<span style=\"letter-spacing:.45pt\">\n<\/span>with<span style=\"letter-spacing:.35pt\"> <\/span>rights<span style=\"letter-spacing:.35pt\"> <\/span>of<span style=\"letter-spacing:.45pt\"> <\/span><span style=\"letter-spacing:-.1pt\">survivorship<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:137.5pt;line-height:16.0pt;mso-line-height-rule:\nexactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Arial&quot;,sans-serif\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-2.5pt\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">husband<span style=\"letter-spacing:.75pt\"> <\/span>and<span style=\"letter-spacing:.8pt\"> <\/span>wife,<span style=\"letter-spacing:.8pt\"> <\/span>as<span style=\"letter-spacing:.75pt\"> <\/span>community<span style=\"letter-spacing:.85pt\"> <\/span><span style=\"letter-spacing:-.1pt\">property<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:137.5pt;line-height:16.0pt;mso-line-height-rule:\nexactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Arial&quot;,sans-serif;mso-font-width:110%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-3.55pt;mso-font-width:110%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">tenants<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">common<\/span><\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:137.5pt;line-height:18.35pt;mso-line-height-rule:\nexactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;mso-font-width:115%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-3.8pt;mso-font-width:115%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt;mso-font-width:105%\">joint<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">tenants<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">with<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">rights<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">of<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt;\nmso-font-width:105%\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">survivorship<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05in\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:61.5pt;tab-stops:510.45pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\nletter-spacing:.5pt;mso-font-width:125%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-3.25pt;mso-font-width:125%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:120%\">Trust:<span style=\"letter-spacing:.95pt\"> <\/span><\/span><\/b><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.5pt;margin-bottom:.0001pt;tab-stops:510.45pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\nletter-spacing:.5pt;mso-font-width:125%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-3.25pt;mso-font-width:125%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:120%\">Corporate:<span style=\"letter-spacing:.95pt\"> <\/span><\/span><\/b><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.5pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-2.8pt\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">IRA<span style=\"letter-spacing:\n-.3pt\"> <\/span>\/<span style=\"letter-spacing:.4pt\"> <\/span>Employee<span style=\"letter-spacing:.45pt\"> <\/span>Benefit<span style=\"letter-spacing:.4pt\"> <\/span>Plans<span style=\"letter-spacing:.35pt\"> <\/span>\/<span style=\"letter-spacing:.45pt\"> <\/span>Keogh<span style=\"letter-spacing:.35pt\"> <\/span>\/<span style=\"letter-spacing:.45pt\"> <\/span>Other<span style=\"letter-spacing:.1pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Entity:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.0pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:7.45pt;margin-bottom:\n0in;margin-left:137.5pt;margin-bottom:.0001pt;text-indent:-76.0pt;line-height:\n160%;tab-stops:260.35pt 314.8pt 510.45pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;line-height:160%;font-family:&quot;Arial&quot;,sans-serif;\nmso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n11.0pt;line-height:160%;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-2.4pt;mso-font-width:120%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Partnership\n\/ Limited Liability Company: <\/span><\/b><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;Checkbook\nIRA LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:16.0pt;mso-bidi-font-size:11.0pt;line-height:160%;font-family:\n&quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:16.0pt;\nmso-bidi-font-size:11.0pt;line-height:160%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-2.8pt;mso-font-width:120%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:\n110%\">Yes<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:16.0pt;mso-bidi-font-size:\n11.0pt;line-height:160%;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:16.0pt;mso-bidi-font-size:11.0pt;line-height:160%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-1.9pt;mso-font-width:120%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-font-width:110%\">No<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:7.15pt;margin-right:74.45pt;margin-bottom:\n0in;margin-left:137.45pt;margin-bottom:.0001pt;line-height:252%;tab-stops:443.45pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Custodian\nName: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Account Number: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:2.15pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.45pt;margin-bottom:.0001pt;text-indent:.5in;line-height:103%\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S.<span style=\"letter-spacing:-.15pt\"> <\/span>Person.<span style=\"letter-spacing:-.15pt\">\n<\/span>Investor<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>\u201cU.S.<span style=\"letter-spacing:-.15pt\"> <\/span>Person\u201d,<span style=\"letter-spacing:-.15pt\">\n<\/span>indicated<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>Investor\u2019s<span style=\"letter-spacing:\n-.2pt\"> <\/span>single<span style=\"letter-spacing:-.15pt\"> <\/span>check<span style=\"letter-spacing:-.2pt\"> <\/span>mark<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>initials alongside the selection checked:<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.5pt;margin-right:0in;margin-bottom:0in;\nmargin-left:61.5pt;margin-bottom:.0001pt;tab-stops:106.35pt 151.45pt 223.45pt 259.45pt 367.45pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\nletter-spacing:1.0pt;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-2.15pt;mso-font-width:120%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:110%\">Yes<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><b><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:110%\">Initials<\/span><\/i><\/b><b><i><span style=\"font-size:11.5pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initials <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.3pt;margin-right:130.9pt;margin-bottom:\n0in;margin-left:131.0pt;margin-bottom:.0001pt;text-indent:-69.55pt;line-height:\n220%;tab-stops:106.65pt 151.45pt 223.45pt 259.45pt 367.45pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;line-height:220%;font-family:\n&quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;line-height:220%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-4.15pt;mso-font-width:120%\"> <\/span><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:\n105%\">No<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><b><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;line-height:220%;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt;mso-font-width:105%\">Initials<\/span><\/i><\/b><b><i><span style=\"font-size:11.5pt;\nmso-bidi-font-size:11.0pt;line-height:220%;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initials <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;(Signature<span style=\"letter-spacing:-.75pt\">\n<\/span>pages<span style=\"letter-spacing:-.7pt\"> <\/span>for<span style=\"letter-spacing:-.75pt\"> <\/span>individuals<span style=\"letter-spacing:\n-.7pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>entities<span style=\"letter-spacing:-.75pt\"> <\/span>attached.)<o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.5pt;mso-bidi-font-size:11.0pt;line-height:220%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection213\">\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:3.2pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD TORONTO &#8211; FYBN <span style=\"letter-spacing:-.1pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.05pt\"> <\/span>GROWTH<span style=\"letter-spacing:-.05pt\">\n<\/span>&amp;<span style=\"letter-spacing:-.05pt\"> <\/span>INCOME<span style=\"letter-spacing:-.05pt\"> <\/span>FUND,<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.85pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<h3 align=\"center\" style=\"margin-left:0in;text-align:center;tab-stops:503.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">SUBSCRIPTION<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.4pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">AGREEMENT<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">SIGNATURE<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:.5pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.2pt\">PAGE<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:13.05pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt;tab-stops:258.95pt 393.95pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:\n-.3pt\"> <\/span>B<span style=\"letter-spacing:-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>Subscription<span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Commitment<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">$ <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;($250,000 Minimum)<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.3pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Registration<span style=\"letter-spacing:-.15pt\"> <\/span>Name<span style=\"letter-spacing:-.1pt\"> <\/span>(<b>Individual<span style=\"letter-spacing:-.1pt\">\n<\/span>Name,<span style=\"letter-spacing:-.1pt\"> <\/span>Joint<span style=\"letter-spacing:-.65pt\"> <\/span>Account<span style=\"letter-spacing:-.1pt\">\n<\/span>Name,<span style=\"letter-spacing:-.3pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>Name,<span style=\"letter-spacing:-.05pt\"> <\/span>Entity<span style=\"letter-spacing:-.1pt\"> <\/span>Name,<span style=\"letter-spacing:-.1pt\"> <\/span>IRA<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Name)<\/span><o:p><\/o:p><\/b><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.65pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.25pt\"> <\/span>Identification<span style=\"letter-spacing:\n-.2pt\"> <\/span>Number<span style=\"letter-spacing:-.2pt\"> <\/span>(USA)<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>Equivalent<span style=\"letter-spacing:-.2pt\"> <\/span>Federal<span style=\"letter-spacing:-.2pt\">\n<\/span>Number<span style=\"letter-spacing:-.25pt\"> <\/span>(EIN<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\">\nSSN)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection214\">\n\n<p class=\"MsoNormal\" style=\"margin-top:4.45pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">Investor<span style=\"letter-spacing:\n-.25pt\"> #1<\/span><\/span><\/b><b><span style=\"font-size:13.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.9pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor\nFull <span style=\"letter-spacing:-.2pt\">Name<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.6pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Registration<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\n<span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.6pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Street<span style=\"letter-spacing:-.75pt\"> <\/span>Address<span style=\"letter-spacing:-.45pt\">\n<\/span>(Cannot<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>P.O.<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Box)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">City<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;tab-stops:150.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">State<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.25pt\">Zip<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Phone\n<span style=\"letter-spacing:-.1pt\">Number<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Email<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;tab-stops:151.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Title<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoHeading7\" align=\"left\" style=\"margin: 10.5pt 0in 0.0001pt 25pt; line-height: 11.25pt;\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">BY: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt;line-height:11.25pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Signature<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Authorized<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agent<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:43.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">PRINT<span style=\"letter-spacing:-.2pt\"> <\/span>NAME of<span style=\"letter-spacing:-.55pt\">\n<\/span>Authorized<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agent<\/span><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:4.45pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">Investor<span style=\"letter-spacing:\n-.25pt\"> <\/span>#2 (if <span style=\"letter-spacing:-.1pt\">applicable)<\/span><\/span><\/b><b><span style=\"font-size:13.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.9pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor\nFull <span style=\"letter-spacing:-.2pt\">Name<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.6pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Registration<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\n<span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.6pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Street<span style=\"letter-spacing:-.75pt\"> <\/span>Address<span style=\"letter-spacing:-.45pt\">\n<\/span>(Cannot<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>P.O.<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Box)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">City<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;tab-stops:150.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">State<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.25pt\">Zip<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Phone\n<span style=\"letter-spacing:-.1pt\">Number<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Email<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;tab-stops:151.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Title<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:172.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;line-height:286%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Date<span style=\"letter-spacing:\n-.65pt\"> <\/span>Signed Agent Title<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span 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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date Signed <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" 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style=\"letter-spacing:-.1pt\">QUESTIONNAIRE<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.85pt;margin-right:6.95pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n95%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.5pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.5pt\"> <\/span>certifies<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.5pt\"> <\/span>he,<span style=\"letter-spacing:-.5pt\"> <\/span>she,<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>it<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>an<span style=\"letter-spacing:-.5pt\"> <\/span>\u201caccredited<span style=\"letter-spacing:\n-.5pt\"> <\/span>investor\u201d<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>defined<span style=\"letter-spacing:-.5pt\">\n<\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>Rule<span style=\"letter-spacing:\n-.5pt\"> <\/span>501(a)<span style=\"letter-spacing:-.5pt\"> <\/span>under<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Securities\nAct<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:\n-.35pt\"> <\/span>1933,<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>amended<span style=\"letter-spacing:-.35pt\">\n<\/span>(the<span style=\"letter-spacing:-.35pt\"> <\/span>\u201cSecurities<span style=\"letter-spacing:-.7pt\"> <\/span>Act\u201d),<span style=\"letter-spacing:-.3pt\"> <\/span>because<span style=\"letter-spacing:-.35pt\"> <\/span>he,<span style=\"letter-spacing:-.35pt\"> <\/span>she,<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>it<span style=\"letter-spacing:-.35pt\"> <\/span>meets<span style=\"letter-spacing:-.35pt\">\n<\/span>at<span style=\"letter-spacing:-.35pt\"> <\/span>least<span style=\"letter-spacing:-.35pt\"> <\/span>one<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>following<span style=\"letter-spacing:-.35pt\"> <\/span>definitions of \u201caccredited investor\u201d\n(check each one that applies; you must check at least one):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.35pt 30.95pt 0.0001pt 61pt; text-indent: -36.05pt; line-height: 85%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n85%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.2pt\"> <\/span>natural<span style=\"letter-spacing:-.2pt\">\n<\/span>person<span style=\"letter-spacing:-.2pt\"> <\/span>whose<span style=\"letter-spacing:-.2pt\"> <\/span>individual<span style=\"letter-spacing:\n-.2pt\"> <\/span>\u201cnet<span style=\"letter-spacing:-.2pt\"> <\/span>worth\u201d<sup>2<\/sup><span style=\"letter-spacing:2.0pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>joint<span style=\"letter-spacing:-.2pt\"> <\/span>net<span style=\"letter-spacing:-.2pt\"> <\/span>worth<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>Client\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>spouse<span style=\"letter-spacing:-.2pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>spousal equivalent, exceeds\n$1,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.8pt 17.7pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 90%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:90%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.15pt\"> <\/span>natural<span style=\"letter-spacing:-.15pt\"> <\/span>person<span style=\"letter-spacing:-.15pt\"> <\/span>who<span style=\"letter-spacing:-.15pt\"> <\/span>had<span style=\"letter-spacing:-.15pt\"> <\/span>an<span style=\"letter-spacing:-.15pt\"> <\/span>individual<span style=\"letter-spacing:-.15pt\"> <\/span>income<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>excess<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>$200,000<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>two<span style=\"letter-spacing:-.15pt\"> <\/span>most-recent\nyears or joint income with Client\u2019s spouse or spousal equivalent<sup>3<\/sup> in\nexcess of $300,000 in each of those years;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 4.9pt 0in 0.0001pt 59pt; text-indent: -34pt; line-height: 19.65pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.3pt\"> <\/span>director,<span style=\"letter-spacing:-.3pt\"> <\/span>executive<span style=\"letter-spacing:-.25pt\"> <\/span>officer<span style=\"letter-spacing:2.15pt\">\n<\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>manager<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company,<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:\n-.25pt\"> <\/span>director,<span style=\"letter-spacing:-.3pt\"> <\/span>executive<span style=\"letter-spacing:-.3pt\"> <\/span>officers<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">manager<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:60.95pt;line-height:11.6pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">of the\nManaging <span style=\"letter-spacing:-.1pt\">Member<sup>4<\/sup>;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.25pt 0.2in 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 90%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n90%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.2pt\"> <\/span>natural<span style=\"letter-spacing:-.2pt\">\n<\/span>person<span style=\"letter-spacing:-.2pt\"> <\/span>who<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>\u201cknowledgeable<span style=\"letter-spacing:\n-.2pt\"> <\/span>employee\u201d<span style=\"letter-spacing:-.2pt\"> <\/span>(as<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Rule<span style=\"letter-spacing:\n-.2pt\"> <\/span>3c-5(a)(4)<span style=\"letter-spacing:-.2pt\"> <\/span>under<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Invest-\nment Company<span style=\"letter-spacing:-.25pt\"> <\/span>Act) of the Company\nwhere the Company would be an \u201cinvestment company\u201d (as defined in Section 3 of\nInvestment Company<span style=\"letter-spacing:-.35pt\"> <\/span>Act), but for the\nexclusion provided by either Section 3(c)(1) or Section 3(c)(7) of Investment\nCompany Act;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:6.3pt;margin-right:6.85pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.5in;\nline-height:92%;mso-list:l64 level1 lfo10;tab-stops:58.9pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:92%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a \u201cfamily client,\u201d as defined\nin rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, as amended<span style=\"letter-spacing:-.7pt\"> <\/span>(the<span style=\"letter-spacing:-.45pt\"> <\/span>\u201cAdvisers<span style=\"letter-spacing:-.7pt\"> <\/span>Act\u201d),<span style=\"letter-spacing:-.35pt\">\n<\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:\n-.35pt\"> <\/span>family<span style=\"letter-spacing:-.35pt\"> <\/span>office<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>defined<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>rule<span style=\"letter-spacing:-.35pt\"> <\/span>202(a)(11)(G)-1<span style=\"letter-spacing:\n-.35pt\"> <\/span>under<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Advisers Act, (i) with assets under\nmanagement in excess of $5,000,000, (ii) that is not formed for the specific\npurpose of acquiring the securities offered, and (iii) whose prospective\ninvestment is directed by a person who has such knowledge and experience in\nfinancial and business matters that such family office is capable of evaluating\nthe merits and risks of the prospective investment, and whose prospective<span style=\"letter-spacing:.9pt\"> <\/span>investment<span style=\"letter-spacing:.9pt\">\n<\/span>is<span style=\"letter-spacing:.9pt\"> <\/span>directed<span style=\"letter-spacing:.9pt\"> <\/span>by<span style=\"letter-spacing:.9pt\"> <\/span>such<span style=\"letter-spacing:.9pt\"> <\/span>family<span style=\"letter-spacing:.9pt\"> <\/span>office<span style=\"letter-spacing:.9pt\"> <\/span>pursuant<span style=\"letter-spacing:.9pt\"> <\/span>to<span style=\"letter-spacing:.9pt\"> <\/span>clause<span style=\"letter-spacing:.9pt\"> <\/span>(iii)<span style=\"letter-spacing:.9pt\"> <\/span>of<span style=\"letter-spacing:.9pt\"> <\/span>this<span style=\"letter-spacing:.9pt\"> <\/span>sentence:<span style=\"letter-spacing:.9pt\">\n<\/span>or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 5pt 0in 0.0001pt 59pt; text-indent: -34pt; line-height: 19.65pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a natural person holding in\ngood standing one or more of the following professional <span style=\"letter-spacing:\n-.1pt\">licenses:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:114.95pt;margin-bottom:.0001pt;text-indent:-.5in;line-height:\n11.3pt;mso-line-height-rule:exactly;mso-list:l64 level2 lfo10;tab-stops:114.95pt\"><!--[if !supportLists]-->(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">General<span style=\"letter-spacing:-.2pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.15pt\"> <\/span>Representative<span style=\"letter-spacing:-.2pt\"> <\/span>license<span style=\"letter-spacing:-.15pt\"> <\/span>(Series<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">7);<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:114.95pt;margin-bottom:.0001pt;text-indent:-.5in;line-height:\n12.0pt;mso-line-height-rule:exactly;mso-list:l64 level2 lfo10;tab-stops:114.95pt\"><!--[if !supportLists]-->(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Private<span style=\"letter-spacing:-.3pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.35pt\"> <\/span>Offerings<span style=\"letter-spacing:-.3pt\"> <\/span>Representative<span style=\"letter-spacing:-.3pt\"> <\/span>license<span style=\"letter-spacing:-.3pt\">\n<\/span>(Series<span style=\"letter-spacing:-.35pt\"> <\/span>82),<span style=\"letter-spacing:-.25pt\"> and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:114.95pt;margin-bottom:.0001pt;text-indent:-.5in;line-height:\n12.3pt;mso-line-height-rule:exactly;mso-list:l64 level2 lfo10;tab-stops:114.95pt\"><!--[if !supportLists]-->(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment<span style=\"letter-spacing:-.7pt\"> <\/span>Adviser<span style=\"letter-spacing:-.1pt\">\n<\/span>Representative<span style=\"letter-spacing:-.05pt\"> <\/span>license<span style=\"letter-spacing:-.05pt\"> <\/span>(Series<span style=\"letter-spacing:-.1pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">65)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:6.4pt;margin-right:18.4pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.5in;\nline-height:90%;mso-list:l64 level1 lfo10;tab-stops:58.9pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:90%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.2pt\"> <\/span>bank<span style=\"letter-spacing:-.15pt\"> <\/span>(as<span style=\"letter-spacing:-.2pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>3(a)(2)<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act)<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>savings<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>loan<span style=\"letter-spacing:-.15pt\"> <\/span>association<span style=\"letter-spacing:\n-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>other institution<span style=\"letter-spacing:-.15pt\"> <\/span>(as<span style=\"letter-spacing:-.15pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>3(a)(5)(A)<span style=\"letter-spacing:\n-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.7pt\"> <\/span>Act),<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>case<span style=\"letter-spacing:-.15pt\"> <\/span>whether<span style=\"letter-spacing:-.15pt\">\n<\/span>acting<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>its individual or fiduciary capacity;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 4.95pt 0in 0.0001pt 59pt; text-indent: -34pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:\n-.2pt\"> <\/span>insurance<span style=\"letter-spacing:-.1pt\"> <\/span>company<span style=\"letter-spacing:-.1pt\"> <\/span>(as<span style=\"letter-spacing:-.15pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>Section<span style=\"letter-spacing:-.1pt\"> <\/span>2(13)<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Act);<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 3.3pt 0in 0.0001pt 59pt; text-indent: -34pt; line-height: 19.65pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.05pt\"> <\/span>broker<span style=\"letter-spacing:-.05pt\"> <\/span>or dealer<span style=\"letter-spacing:-.05pt\"> <\/span>registered pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to Section<span style=\"letter-spacing:\n-.05pt\"> <\/span>15 of<span style=\"letter-spacing:-.05pt\"> <\/span>the U.S.<span style=\"letter-spacing:-.05pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.05pt\"> <\/span>Exchange<span style=\"letter-spacing:-.7pt\"> <\/span>Act of<span style=\"letter-spacing:-.05pt\"> <\/span>1934, <span style=\"letter-spacing:-.25pt\">as<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:60.95pt;line-height:11.6pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">amended;<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:7.25pt;margin-right:19.55pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.5in;\nline-height:85%;mso-list:l64 level1 lfo10;tab-stops:58.9pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:85%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:\n-.3pt\"> <\/span>investment<span style=\"letter-spacing:-.15pt\"> <\/span>adviser<span style=\"letter-spacing:-.15pt\"> <\/span>registered<span style=\"letter-spacing:\n-.15pt\"> <\/span>pursuant<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\">\n<\/span>203<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Investment<span style=\"letter-spacing:-.7pt\"> <\/span>Advisers<span style=\"letter-spacing:-.7pt\">\n<\/span>Act<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>1940,<span style=\"letter-spacing:-.15pt\"> <\/span>as amended\n(the \u201cAdvisers<span style=\"letter-spacing:-.2pt\"> <\/span>Act\u201d) or registered\npursuant to the laws of a state;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.4pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:7.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-indent:1.45pt;line-height:\n103%\"><sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">2<\/span><\/sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.9pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\u201cNet worth\u201d means the excess\nof total assets at fair market value over total liabilities. For the purposes\nof determining \u201cnet worth\u201d the value of the Client\u2019s primary residence is\nexcluded as an asset. In addition, any liabilities secured by Client\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>primary<span style=\"letter-spacing:-.15pt\">\n<\/span>residence<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>included<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>total<span style=\"letter-spacing:-.15pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.2pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>purposes<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>calculation<span style=\"letter-spacing:\n-.15pt\"> <\/span>only<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>extent<span style=\"letter-spacing:-.15pt\"> <\/span>that:<span style=\"letter-spacing:-.15pt\">\n<\/span>(1) such liabilities exceed the fair market value of the residence; or\n(2) such liabilities were incurred within 60 days before the date hereof (other\nthan as a result of the acquisition of the residence). Joint net worth can be\nthe aggregate net worth of you and your spouse or spousal equivalent, and\nassets need not be held jointly to be included in the calculation. Reli- ance\non the joint net worth standard does not require that the Units be purchased\njointly.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt\"><sup><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">4<\/span><\/sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-1.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.1pt\"> <\/span>term \u201cspousal<span style=\"letter-spacing:\n-.05pt\"> <\/span>equivalent\u201d<span style=\"letter-spacing:-.05pt\"> <\/span>means<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>cohabitant<span style=\"letter-spacing:-.05pt\"> <\/span>occupying<span style=\"letter-spacing:\n-.05pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>relationship<span style=\"letter-spacing:-.05pt\"> <\/span>generally<span style=\"letter-spacing:\n-.05pt\"> <\/span>equivalent to<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>a\n<span style=\"letter-spacing:-.1pt\">spouse.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt;margin-right:7.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-indent:-.05pt;line-height:\n103%\"><sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">5<\/span><\/sup><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.9pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Executive officer means the\npresident, any vice president in charge of a principal business unit, division\nor function (such<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>sales,<span style=\"letter-spacing:-.2pt\">\n<\/span>administration<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>finance),<span style=\"letter-spacing:-.2pt\">\n<\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>officer<span style=\"letter-spacing:-.2pt\">\n<\/span>who<span style=\"letter-spacing:-.2pt\"> <\/span>performs<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>policy<span style=\"letter-spacing:-.2pt\"> <\/span>making<span style=\"letter-spacing:-.2pt\"> <\/span>function,<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>other<span style=\"letter-spacing:-.2pt\"> <\/span>person\nwho performs similar policy making functions for the Issuer.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 3.75pt 0in 0.0001pt 59pt; text-indent: -34pt; line-height: 19.65pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><v:shape id=\"Graphic_x0020_340\" o:spid=\"_x0000_s2155\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; margin-top: 36.5pt; width: 539pt; height: 719pt; z-index: -1895825388; visibility: visible;\" coordsize=\"6845300,9131300\" 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an investment\nadviser relying on the exemption from registering with the SEC under Section\n203(l) <span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:60.95pt;line-height:11.6pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(m)<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Advisers<span style=\"letter-spacing:-.65pt\">\n<\/span><span style=\"letter-spacing:-.2pt\">Act;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.4pt 17.6pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 90%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:90%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an investment company\nregistered under the Investment Company<span style=\"letter-spacing:-.2pt\"> <\/span>Act\nof 1940, as amended (the \u201cInvestment<span style=\"letter-spacing:-.3pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\"> <\/span>Act\u201d),<span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>development<span style=\"letter-spacing:\n-.2pt\"> <\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>(as<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\"> <\/span>2(a)(48)<span style=\"letter-spacing:-.2pt\">\n<\/span>of the Investment Company Act);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.45pt 17.05pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 85%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n85%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.25pt\"> <\/span>Small<span style=\"letter-spacing:-.15pt\">\n<\/span>Business<span style=\"letter-spacing:-.2pt\"> <\/span>Investment<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\">\n<\/span>licensed<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>United<span style=\"letter-spacing:-.15pt\"> <\/span>States<span style=\"letter-spacing:-.2pt\">\n<\/span>Small<span style=\"letter-spacing:-.15pt\"> <\/span>Business<span style=\"letter-spacing:-.7pt\"> <\/span>Administration under Section 301(c) or (d)\nof the Small Business Investment<span style=\"letter-spacing:-.25pt\"> <\/span>Act\nof 1958, as amended;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.65pt 33.55pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 85%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n85%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.3pt\"> <\/span>Rural<span style=\"letter-spacing:-.2pt\"> <\/span>Business<span style=\"letter-spacing:-.25pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.2pt\"> <\/span>Company<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\"> <\/span>348A<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Consolidated<span style=\"letter-spacing:-.2pt\"> <\/span>Farm<span style=\"letter-spacing:-.2pt\"> <\/span>and\nRural Development Act of 1961, as amended;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.65pt 6.9pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 85%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n85%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-1.25pt\"> <\/span>plan<span style=\"letter-spacing:-1.3pt\">\n<\/span>established<span style=\"letter-spacing:-1.3pt\"> <\/span>and<span style=\"letter-spacing:-1.3pt\"> <\/span>maintained<span style=\"letter-spacing:\n-1.3pt\"> <\/span>by<span style=\"letter-spacing:-1.25pt\"> <\/span>a<span style=\"letter-spacing:-1.25pt\"> <\/span>state,<span style=\"letter-spacing:-1.3pt\">\n<\/span>its<span style=\"letter-spacing:-1.3pt\"> <\/span>political<span style=\"letter-spacing:-1.3pt\"> <\/span>subdivisions,<span style=\"letter-spacing:\n-1.25pt\"> <\/span>or<span style=\"letter-spacing:-1.25pt\"> <\/span>any<span style=\"letter-spacing:-1.3pt\"> <\/span>agency<span style=\"letter-spacing:-1.3pt\">\n<\/span>or<span style=\"letter-spacing:-1.25pt\"> <\/span>instrumentality<span style=\"letter-spacing:-1.3pt\"> <\/span>of<span style=\"letter-spacing:-1.25pt\"> <\/span>a\nstate<span style=\"letter-spacing:-1.9pt\"> <\/span>or<span style=\"letter-spacing:\n-1.9pt\"> <\/span>its<span style=\"letter-spacing:-1.9pt\"> <\/span>politicalsubdivisions,<span style=\"letter-spacing:-1.9pt\"> <\/span>for<span style=\"letter-spacing:-1.9pt\"> <\/span>thebenefit<span style=\"letter-spacing:-1.9pt\"> <\/span>of<span style=\"letter-spacing:-1.9pt\"> <\/span>its<span style=\"letter-spacing:-1.9pt\"> <\/span>employees,<span style=\"letter-spacing:\n-1.9pt\"> <\/span>that<span style=\"letter-spacing:-1.9pt\"> <\/span>has<span style=\"letter-spacing:-1.9pt\"> <\/span>total<span style=\"letter-spacing:-1.9pt\">\n<\/span>assets<span style=\"letter-spacing:-1.9pt\"> <\/span>in<span style=\"letter-spacing:-1.9pt\"> <\/span>excess<span style=\"letter-spacing:-1.9pt\">\n<\/span>of<span style=\"letter-spacing:-1.9pt\"> <\/span>$5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:6.3pt;margin-right:6.85pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.5in;\nline-height:92%;mso-list:l64 level1 lfo10;tab-stops:58.9pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:92%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:\n-.7pt\"> <\/span>employee<span style=\"letter-spacing:-.7pt\"> <\/span>benefit<span style=\"letter-spacing:-.65pt\"> <\/span>plan<span style=\"letter-spacing:-.55pt\"> <\/span>within<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>meaning<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Employee<span style=\"letter-spacing:-.55pt\">\n<\/span>Retirement<span style=\"letter-spacing:-.55pt\"> <\/span>Income<span style=\"letter-spacing:-.55pt\"> <\/span>Security<span style=\"letter-spacing:-.7pt\">\n<\/span>Act<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:\n-.55pt\"> <\/span>1974, as<span style=\"letter-spacing:-.15pt\"> <\/span>amended,<span style=\"letter-spacing:-.15pt\"> <\/span>whose<span style=\"letter-spacing:-.15pt\">\n<\/span>investment<span style=\"letter-spacing:-.15pt\"> <\/span>decision<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>plan<span style=\"letter-spacing:-.15pt\"> <\/span>fiduciary,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>3(21)<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the Employee<span style=\"letter-spacing:-.6pt\"> <\/span>Retirement<span style=\"letter-spacing:\n-.35pt\"> <\/span>Income<span style=\"letter-spacing:-.35pt\"> <\/span>Security<span style=\"letter-spacing:-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>1974,<span style=\"letter-spacing:-.35pt\">\n<\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>amended,<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>either<span style=\"letter-spacing:-.35pt\">\n<\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>bank,<span style=\"letter-spacing:-.35pt\"> <\/span>savings<span style=\"letter-spacing:-.35pt\">\n<\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>loan association,<span style=\"letter-spacing:-.65pt\"> <\/span>insurance<span style=\"letter-spacing:\n-.65pt\"> <\/span>company<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>registered<span style=\"letter-spacing:\n-.65pt\"> <\/span>investment<span style=\"letter-spacing:-.65pt\"> <\/span>adviser;<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.65pt\"> <\/span>employee<span style=\"letter-spacing:-.65pt\">\n<\/span>benefit<span style=\"letter-spacing:-.65pt\"> <\/span>plan<span style=\"letter-spacing:-.65pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>total\nassets<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:\n-.5pt\"> <\/span>excess<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>$5,000,000;<span style=\"letter-spacing:\n-.5pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>self-directed<span style=\"letter-spacing:\n-.5pt\"> <\/span>employee<span style=\"letter-spacing:-.5pt\"> <\/span>benefit<span style=\"letter-spacing:-.5pt\"> <\/span>plan<span style=\"letter-spacing:-.5pt\"> <\/span>whose<span style=\"letter-spacing:-.5pt\"> <\/span>investment<span style=\"letter-spacing:\n-.5pt\"> <\/span>decisions<span style=\"letter-spacing:-.5pt\"> <\/span>are made\nsolely by persons that are accredited investors;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:7.3pt;margin-right:9.5pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.5in;\nline-height:85%;mso-list:l64 level1 lfo10;tab-stops:58.9pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:85%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.3pt\"> <\/span>private<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>development<span style=\"letter-spacing:\n-.2pt\"> <\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>(as<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\"> <\/span>202(a)(22)<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.7pt\"> <\/span>Advisers Act of 1940, as amended);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:6.8pt;margin-right:6.85pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.5in;\nline-height:90%;mso-list:l64 level1 lfo10;tab-stops:58.9pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:90%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an organization described in\nSection 501(c)(3) of the Internal Revenue Code of 1986, as amended, a <span style=\"letter-spacing:-.2pt\">corporation, a Massachusetts or similar business\ntrust, a partnership or a limited liability company, in each <\/span><span style=\"letter-spacing:-.1pt\">case<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">not<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">formed<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">for<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">specific<\/span><span style=\"letter-spacing:-.65pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">purpose<\/span><span style=\"letter-spacing:\n-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">purchasing<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">with<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">total<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">assets<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">excess<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$5,000,000;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 4.9pt 0in 0.0001pt 59pt; text-indent: -34pt; line-height: 19.65pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.1pt\"> <\/span>trust<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>excess<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>$5,000,000<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>was<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>formed<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>specific<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">purpose<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:7.45pt;margin-bottom:\n0in;margin-left:60.95pt;margin-bottom:.0001pt;line-height:95%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">of purchasing the Units and\nwhose purchase of the Units is directed by a person who has such knowledge<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>experience<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>financial<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>matters<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>person<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>capable<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>evaluating the merits and\nrisks of an investment in the Units;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.85pt 33.9pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 85%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n85%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.1pt\"> <\/span>revocable<span style=\"letter-spacing:-.1pt\">\n<\/span>trust<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>revoked<span style=\"letter-spacing:-.1pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>amended<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>time<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>grantor(s),<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>whom<span style=\"letter-spacing:-.1pt\"> <\/span>is\neither an accredited investor as determined (i) under any of the paragraphs\nabove;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.65pt 15.3pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 85%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n85%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:-.1pt\"> <\/span>entity<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>equity<span style=\"letter-spacing:-.1pt\"> <\/span>owners<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>accredited<span style=\"letter-spacing:-.1pt\"> <\/span>investors<span style=\"letter-spacing:-.15pt\">\n<\/span>(in<span style=\"letter-spacing:-.1pt\"> <\/span>which<span style=\"letter-spacing:-.1pt\"> <\/span>case<span style=\"letter-spacing:-.1pt\"> <\/span>both<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>entity<span style=\"letter-spacing:-.1pt\"> <\/span>and the equity owners will need to be\naccredited );<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.8pt 6.85pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 90%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:90%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an entity, of a type not\nlisted in the categories above, not formed for the specific purpose of\nacquiring the<span style=\"letter-spacing:-.3pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>offered,<span style=\"letter-spacing:-.3pt\">\n<\/span>owning<span style=\"letter-spacing:-.3pt\"> <\/span>\u201cinvestments\u201d<span style=\"letter-spacing:-.3pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>Rule<span style=\"letter-spacing:-.3pt\"> <\/span>2a51-1(b)<span style=\"letter-spacing:-.3pt\">\n<\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.3pt\"> <\/span>Company Act) in excess of $5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 4.95pt 0in 0.0001pt 59pt; text-indent: -34pt; line-height: 19.65pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.6pt\"> <\/span>\u201cfamily<span style=\"letter-spacing:-.3pt\"> <\/span>office\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>Rule<span style=\"letter-spacing:-.25pt\"> <\/span>202(a)(11)(G)-1<span style=\"letter-spacing:\n-.25pt\"> <\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Advisers<span style=\"letter-spacing:-.7pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Act):<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:114.95pt;margin-bottom:.0001pt;text-indent:-.5in;line-height:\n11.3pt;mso-line-height-rule:exactly;mso-list:l64 level2 lfo10;tab-stops:114.95pt\"><!--[if !supportLists]-->(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">with<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\"> <\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>management<span style=\"letter-spacing:\n-.05pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>excess<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$5,000,000,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:114.95pt;margin-bottom:.0001pt;text-indent:-.5in;line-height:\n12.0pt;mso-line-height-rule:exactly;mso-list:l64 level2 lfo10;tab-stops:114.95pt\"><!--[if !supportLists]-->(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">that<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>formed<span style=\"letter-spacing:-.05pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>specific<span style=\"letter-spacing:-.05pt\"> <\/span>purpose<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>acquiring<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units;<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.15pt;margin-right:13.35pt;\nmargin-bottom:0in;margin-left:114.95pt;margin-bottom:.0001pt;text-indent:-36.05pt;\nline-height:95%;mso-list:l64 level2 lfo10;tab-stops:114.95pt\"><!--[if !supportLists]-->(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">whose<span style=\"letter-spacing:-.15pt\"> <\/span>prospective<span style=\"letter-spacing:\n-.15pt\"> <\/span>investment<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>directed<span style=\"letter-spacing:-.15pt\">\n<\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.15pt\"> <\/span>person<span style=\"letter-spacing:-.15pt\"> <\/span>who<span style=\"letter-spacing:-.15pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>knowledge<span style=\"letter-spacing:\n-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>expe rience in\nfinancial and business matters that such family office is capable of evaluating\nthe merits and risks of the prospective investment; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.2pt 33.9pt 0.0001pt 60.95pt; text-indent: -0.5in; line-height: 91%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:91%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">A<span style=\"letter-spacing:\n-.7pt\"> <\/span>\u201cfamily<span style=\"letter-spacing:-.65pt\"> <\/span>client,\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>Rule<span style=\"letter-spacing:-.25pt\"> <\/span>202(a)(11)(G)-1<span style=\"letter-spacing:\n-.25pt\"> <\/span>under<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Advisers<span style=\"letter-spacing:-.7pt\">\n<\/span>Act<span style=\"letter-spacing:4.0pt\"> <\/span>of<span style=\"letter-spacing:\n-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>family<span style=\"letter-spacing:-.25pt\"> <\/span>office meeting the requirements\nimmediately above and whose prospective investment in the issuer is directed by\nsuch family office pursuant to sub-section (iii) immediately above.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" 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style=\"font-size:11.5pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.05pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\">Signature<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.05pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\">Section<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.35pt\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:24.25pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Registration<span style=\"letter-spacing:-.15pt\"> <\/span>Name<span style=\"letter-spacing:-.1pt\"> <\/span>(<b>Individual<span style=\"letter-spacing:-.1pt\">\n<\/span>Name,<span style=\"letter-spacing:-.1pt\"> <\/span>Joint<span style=\"letter-spacing:-.65pt\"> <\/span>Account<span style=\"letter-spacing:-.1pt\">\n<\/span>Name,<span style=\"letter-spacing:-.3pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>Name,<span style=\"letter-spacing:-.05pt\"> <\/span>Entity<span style=\"letter-spacing:-.1pt\"> <\/span>Name,<span style=\"letter-spacing:-.1pt\"> <\/span>IRA<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Name)<\/span><o:p><\/o:p><\/b><\/span><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.7pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<h2><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;\nletter-spacing:-.35pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">Section:<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h2>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:13.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.55pt\"><i><span style=\"font-size:13.5pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" align=\"right\" style=\"margin-right:151.5pt;text-align:right;\ntab-stops:3.5in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.2pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"right\" style=\"margin-right:151.5pt;text-align:right;\ntab-stops:3.5in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.2pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:60.25pt;tab-stops:420.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">BY:<span style=\"letter-spacing:\n5.45pt\"> <\/span><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"right\" 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path=\"m,l1371600,e\" filled=\"f\" strokeweight=\".18942mm\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD\nTORONTO &#8211; FYBN <span style=\"letter-spacing:-.1pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.05pt\">\n<\/span>GROWTH<span style=\"letter-spacing:-.05pt\"> <\/span>&amp;<span style=\"letter-spacing:-.05pt\"> <\/span>INCOME<span style=\"letter-spacing:-.05pt\">\n<\/span>FUND,<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:\n-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.65pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<h3 align=\"center\" style=\"margin-top:0in;margin-right:1.3pt;margin-bottom:0in;\nmargin-left:0in;margin-bottom:.0001pt;text-align:center;tab-stops:467.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">ACH<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">ELECTRONIC<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">PAYMENT<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.95pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">AUTHORIZATION<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoNormal\" style=\"margin-top:.15pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.05pt\"> <\/span>you<span style=\"letter-spacing:-.05pt\"> <\/span>desire<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>distributions<span style=\"letter-spacing:\n-.05pt\"> <\/span>made<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>direct<span style=\"letter-spacing:-.05pt\">\n<\/span>deposit<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>your<span style=\"letter-spacing:-.05pt\"> <\/span>bank<span style=\"letter-spacing:-.05pt\"> <\/span>account,<span style=\"letter-spacing:-.05pt\">\n<\/span>please<span style=\"letter-spacing:-.05pt\"> <\/span>fill<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>following information. Please note that\nthis option may not be available for qualified or custodial accounts. If your\ncustodian accepts ACH payments, please enter the Custodian\u2019s banking\ninformation and correct funding note to correctly associate your accounts to\ndistributions.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:42.25pt;margin-bottom:.0001pt;text-indent:-.05pt\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Please<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.55pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">select<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">the<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.55pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">appropriate<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">box<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">below,<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.55pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">\u201cyes\u201d<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">if<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">you<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.55pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">wish<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">to<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.55pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">register<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">for<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">direct<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.55pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">deposit<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.5pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">(ACH\/ <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">electronic<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">payment),<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">or<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">\u201cno\u201d<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">if<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">you<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">prefer<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">to<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">receive<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">distributions<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">via<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">live<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">check.<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:5.25pt;margin-right:0in;\nmargin-bottom:2.45pt;margin-left:4.35pt;text-align:center;tab-stops:93.35pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\nletter-spacing:.5pt;mso-font-width:125%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-2.45pt;mso-font-width:125%\"> <\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:120%\">Yes<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:.4pt;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.4pt;mso-font-width:120%\">No<\/span><span style=\"font-size:14.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:52.0pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:33.35pt\">\n  <td width=\"211\" valign=\"top\" style=\"width:157.9pt;border:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:33.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.1pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Financial<span style=\"letter-spacing:-.3pt\"> <\/span>Institution<span style=\"letter-spacing:\n  -.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Name:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"357\" valign=\"top\" style=\"width:268.05pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:33.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:33.35pt\">\n  <td width=\"211\" valign=\"top\" style=\"width:157.9pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:33.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.1pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">ABA\/Routing <span style=\"letter-spacing:-.1pt\">Number:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"357\" valign=\"top\" style=\"width:268.05pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:33.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:33.35pt\">\n  <td width=\"211\" valign=\"top\" style=\"width:157.9pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:33.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.15pt;margin-right:0in;\n  margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Account\n  <span style=\"letter-spacing:-.1pt\">Number:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"357\" valign=\"top\" style=\"width:268.05pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:33.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:33.35pt\">\n  <td width=\"211\" valign=\"top\" style=\"width:157.9pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:33.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.15pt;margin-right:0in;\n  margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Name(s)<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Account:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"357\" valign=\"top\" style=\"width:268.05pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:33.35pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:33.35pt\">\n  <td width=\"211\" valign=\"top\" style=\"width:157.9pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:33.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.15pt;margin-right:0in;\n  margin-bottom:0in;margin-left:4.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Type<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.35pt\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">of<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.65pt\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Account:<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <\/td>\n  <td width=\"357\" valign=\"top\" style=\"width:268.05pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:33.35pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:16.55pt;line-height:16.0pt;\n  mso-line-height-rule:exactly;tab-stops:137.35pt\"><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:110%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Personal<span style=\"letter-spacing:1.9pt\"> <\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt;mso-font-width:105%\">Checking<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:110%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.55pt;mso-font-width:110%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Business<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Checking<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:16.55pt;line-height:16.35pt;\n  mso-line-height-rule:exactly;tab-stops:137.35pt\"><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:110%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Personal<span style=\"letter-spacing:1.9pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Savings<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:110%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.55pt;mso-font-width:110%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Business<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Savings<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoNormal\" style=\"margin-top:14.75pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n.5in;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I,\nthe undersigned Investor, hereby authorize CLOUD TORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME FUND, LLC (the\n\u201cCompany\u201d), the Managing Member or its agent to deposit my distributions to the\nchecking or savings account identified above.<span style=\"letter-spacing:-.15pt\">\n<\/span>This authorization shall remain in effect until I provide written notice\nto the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>terminate<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>authorization.<span style=\"letter-spacing:-.25pt\"> <\/span>In<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>event<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Company<span style=\"letter-spacing:-.25pt\">\n<\/span>deposits<span style=\"letter-spacing:-.25pt\"> <\/span>funds<span style=\"letter-spacing:-.25pt\"> <\/span>erroneously<span style=\"letter-spacing:\n-.25pt\"> <\/span>into my<span style=\"letter-spacing:-.5pt\"> <\/span>account,<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.5pt\"> <\/span>is<span style=\"letter-spacing:-.5pt\"> <\/span>hereby<span style=\"letter-spacing:-.5pt\"> <\/span>authorized<span style=\"letter-spacing:\n-.5pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>debit<span style=\"letter-spacing:-.45pt\"> <\/span>my<span style=\"letter-spacing:-.5pt\"> <\/span>account<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>an<span style=\"letter-spacing:-.5pt\"> <\/span>amount<span style=\"letter-spacing:-.45pt\">\n<\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:\n-.5pt\"> <\/span>exceed<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>amount of the erroneous deposit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.4pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:24.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Registration<span style=\"letter-spacing:-.15pt\"> <\/span>Name<span style=\"letter-spacing:-.1pt\"> <\/span>(<b>Individual<span style=\"letter-spacing:-.1pt\">\n<\/span>Name,<span style=\"letter-spacing:-.1pt\"> <\/span>Joint<span style=\"letter-spacing:-.65pt\"> <\/span>Account<span style=\"letter-spacing:-.1pt\">\n<\/span>Name,<span style=\"letter-spacing:-.3pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>Name,<span style=\"letter-spacing:-.05pt\"> <\/span>Entity<span style=\"letter-spacing:-.1pt\"> <\/span>Name,<span style=\"letter-spacing:-.1pt\"> <\/span>IRA<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Name)<\/span><o:p><\/o:p><\/b><\/span><\/p>\n\n<h2 style=\"margin-top:9.0pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.35pt\">Signature<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">Section:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h2>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:13.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.75pt\"><i><span style=\"font-size:13.5pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:60.25pt;tab-stops:312.3pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:60.25pt;tab-stops:312.3pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Signature<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:11.35pt;margin-right:0in;margin-bottom:\n0in;margin-left:60.25pt;margin-bottom:.0001pt;line-height:12.3pt;mso-line-height-rule:\nexactly;tab-stops:276.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">BY:<span style=\"letter-spacing:5.45pt\"> <\/span><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:96.25pt;line-height:12.3pt;mso-line-height-rule:\nexactly;tab-stops:312.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Signature\nof<span style=\"letter-spacing:-.65pt\"> <\/span>Authorized<span style=\"letter-spacing:\n-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agent<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:-.1pt\"> Signed<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:96.0pt;tab-stops:312.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">PRINT<span style=\"letter-spacing:\n-.2pt\"> <\/span>NAME of<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Authorized<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Title<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:151.55pt;margin-bottom:\n0in;margin-left:96.25pt;margin-bottom:.0001pt;text-indent:-.25pt;line-height:\n103%;tab-stops:312.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Read\n&amp; Approved,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date<span style=\"letter-spacing:-.7pt\"> <\/span>Signed IRA<span style=\"letter-spacing:\n-.5pt\"> <\/span>Account Owner<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection217\">\n\n<h3 style=\"margin-top:3.95pt;tab-stops:510.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">BROKER<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">DEALER<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">INVESTOR<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">QUESTIONNAIRE<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.25pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">IMPORTANT<span style=\"letter-spacing:-.4pt\"> <\/span>INFORMATION<span style=\"letter-spacing:\n-.65pt\"> <\/span>ABOUT<span style=\"letter-spacing:-.35pt\"> <\/span>PRIVATE<span style=\"letter-spacing:-.2pt\"> <\/span>PLACEMENT<span style=\"letter-spacing:-.35pt\">\n<\/span>PURCHASE<span style=\"letter-spacing:-.2pt\"> <\/span>PROCEDURES<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8211;<span style=\"letter-spacing:\n-.2pt\"> <\/span><\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">To<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">help<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.55pt;margin-right:6.9pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the government\nfight the funding of terrorism and money laundering activities and to adhere to\nrequirements of Section<span style=\"letter-spacing:-.7pt\"> <\/span>326<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>USA<span style=\"letter-spacing:-.7pt\"> <\/span>PATRIOT<span style=\"letter-spacing:-.7pt\"> <\/span>Act,<span style=\"letter-spacing:-.25pt\"> <\/span>federal<span style=\"letter-spacing:-.35pt\"> <\/span>law<span style=\"letter-spacing:-.35pt\"> <\/span>requires<span style=\"letter-spacing:-.3pt\"> <\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>financial<span style=\"letter-spacing:-.35pt\"> <\/span>organizations<span style=\"letter-spacing:\n-.35pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>obtain,<span style=\"letter-spacing:-.35pt\"> <\/span>verify,<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>record information<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>identifies<span style=\"letter-spacing:-.6pt\"> <\/span>each<span style=\"letter-spacing:-.6pt\"> <\/span>person<span style=\"letter-spacing:-.6pt\"> <\/span>who<span style=\"letter-spacing:-.6pt\"> <\/span>completes<span style=\"letter-spacing:-.6pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>Investor<span style=\"letter-spacing:-.6pt\"> <\/span>Questionnaire.<span style=\"letter-spacing:\n1.45pt\"> <\/span>What<span style=\"letter-spacing:-.6pt\"> <\/span>this<span style=\"letter-spacing:-.6pt\"> <\/span>means<span style=\"letter-spacing:-.6pt\"> <\/span>for<span style=\"letter-spacing:-.6pt\"> <\/span>you:<span style=\"letter-spacing:1.45pt\"> <\/span>When\nyou complete this form and accompanying subscription documents, we will ask for\nyour name, address, date of birth, and other information that will allow us to\nidentify you.<span style=\"letter-spacing:2.0pt\"> <\/span>The information you\nprovide will be used to verify your identity by using internal sources and\nthird-party vendors.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.35pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h3><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">INVESTOR<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">BACKGROUND<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INFORMATION<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.0pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<h5 style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;margin-left:\n7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Legal<span style=\"letter-spacing:-.85pt\"> <\/span>Address<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>Investor<span style=\"letter-spacing:-.45pt\"> <\/span>(CANNONT<span style=\"letter-spacing:-.45pt\">\n<\/span>BE<span style=\"letter-spacing:-.25pt\"> <\/span>P.O.<span style=\"letter-spacing:-.2pt\"> BOX)<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.9pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New 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path=\"m,l2514600,e\" filled=\"f\" strokeweight=\".17214mm\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">Investor<span style=\"letter-spacing:-.25pt\"> #1<\/span><\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.5pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;tab-stops:150.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Last <span style=\"letter-spacing:\n-.2pt\">Name<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Name<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Date\nof <span style=\"letter-spacing:-.1pt\">Birth<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Social<span style=\"letter-spacing:\n-.4pt\"> <\/span>Security<span style=\"letter-spacing:-.4pt\"> <\/span>Number<span style=\"letter-spacing:-.4pt\"> <\/span>(USA)<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>Equivalent Federal Number<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h4><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Legal<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Residence<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.8pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Address:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h4>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.95pt\"><i><span style=\"font-size:12.5pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Street<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">City<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;tab-stops:150.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">State<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.25pt\">Zip<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Home\n<span style=\"letter-spacing:-.1pt\">Phone<\/span><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:4.5pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">Investor<span style=\"letter-spacing:-.25pt\"> #2<\/span><\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:8.5pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;tab-stops:150.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Last <span style=\"letter-spacing:\n-.2pt\">Name<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Name<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Date\nof <span style=\"letter-spacing:-.1pt\">Birth<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:0in;margin-right:13.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Social<span style=\"letter-spacing:\n-.4pt\"> <\/span>Security<span style=\"letter-spacing:-.4pt\"> <\/span>Number<span style=\"letter-spacing:-.4pt\"> <\/span>(USA)<span style=\"letter-spacing:-.4pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>Equivalent Federal Number<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.15pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h4><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Legal<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Residence<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.8pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Address:<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h4>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.95pt\"><i><span style=\"font-size:12.5pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Street<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">City<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt;tab-stops:150.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">State<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.25pt\">Zip<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:25.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Home\n<span style=\"letter-spacing:-.1pt\">Phone<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection219\">\n\n<h3 style=\"margin-top:3.95pt;tab-stops:510.95pt\"><v:group id=\"Group_x0020_380\" o:spid=\"_x0000_s2117\" style=\"position: absolute; left: 0px; margin-left: 36pt; margin-top: 36pt; width: 540pt; height: 10in; z-index: -1895825384;\" coordsize=\"68580,91440\" 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path=\"m,l6400800,e\" filled=\"f\" strokeweight=\".18942mm\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">INVESTOR<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">EMPLOYMENT<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INFORMATION**<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.25pt;margin-right:0in;margin-bottom:\n.05pt;margin-left:0in\"><b><span style=\"font-size:9.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:7.35pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n mso-yfti-tbllook:480;mso-padding-alt:0in 0in 0in 0in\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:43.7pt\">\n  <td width=\"199\" valign=\"top\" style=\"width:149.2pt;border:none;border-bottom:solid black 1.0pt;\n  mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in;height:43.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:4.0pt;line-height:20.3pt;\n  mso-line-height-rule:exactly\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  mso-font-width:105%\">Are<span style=\"letter-spacing:-.7pt\"> <\/span>you<span style=\"letter-spacing:-.65pt\"> <\/span>currently:<\/span><\/i><i><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:3.15pt;\n  mso-font-width:150%\"> <\/span><\/i><span style=\"font-size:18.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;mso-font-width:\n  105%\">\u25a1<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt;mso-font-width:\n  105%\">Employed<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n  font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"112\" valign=\"top\" style=\"width:84.0pt;border:none;border-bottom:solid black 1.0pt;\n  mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in;height:43.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:4.55pt;line-height:20.3pt;\n  mso-line-height-rule:exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:105%\">\u25a1<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  mso-font-width:105%\">Self-<span style=\"letter-spacing:-.1pt\">Employed<\/span><\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"361\" valign=\"top\" style=\"width:270.9pt;padding:0in 0in 0in 0in;\n  height:43.7pt\">\n  <p class=\"TableParagraph\" style=\"margin-left:4.05pt;line-height:20.3pt;\n  mso-line-height-rule:exactly;tab-stops:270.75pt\"><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:105%\">\u25a1<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  mso-font-width:105%\">Not<span style=\"letter-spacing:-.4pt\"> <\/span>Employed<span style=\"letter-spacing:2.35pt\">&nbsp; <\/span><\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n  mso-font-width:105%\">\u25a1<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:105%\">Retired<span style=\"letter-spacing:2.4pt\">&nbsp; <\/span><\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\n  mso-font-width:105%\">\u25a1<\/span><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:105%\">Other:<span style=\"letter-spacing:.9pt\"> <\/span><\/span><u><span style=\"font-size:10.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:30.1pt\">\n  <td width=\"199\" valign=\"top\" style=\"width:149.2pt;border:none;border-bottom:solid black 1.0pt;\n  mso-border-top-alt:solid black .75pt;mso-border-top-alt:solid black .75pt;\n  mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in;height:30.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.35pt;margin-right:0in;margin-bottom:\n  0in;margin-left:-.05pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Job<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Title<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"112\" valign=\"top\" style=\"width:84.0pt;border:none;border-bottom:solid black 1.0pt;\n  mso-border-top-alt:solid black .75pt;mso-border-top-alt:solid black .75pt;\n  mso-border-bottom-alt:solid black .75pt;padding:0in 0in 0in 0in;height:30.1pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"361\" valign=\"top\" style=\"width:270.9pt;padding:0in 0in 0in 0in;\n  height:30.1pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:-.05in;margin-bottom:\n  0in;margin-left:18.8pt;margin-bottom:.0001pt;line-height:1.0pt;mso-line-height-rule:\n  exactly\"><!--[if mso & !supportInlineShapes & supportFields]><span\n  style='mso-element:field-begin;mso-field-lock:yes'><\/span><span\n  style='mso-spacerun:yes'>\u00a0<\/span>SHAPE <span\n  style='mso-spacerun:yes'>\u00a0<\/span>\\* MERGEFORMAT <span style='mso-element:\n  field-separator'><\/span><![endif]--><v:group id=\"Group_x0020_383\" o:spid=\"_x0000_s2115\" style=\"width:252pt;height:.55pt;mso-position-horizontal-relative:char;\n   mso-position-vertical-relative:line\" coordsize=\"32004,69\" 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style=\"letter-spacing:-.3pt\"> <\/span>source<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>annual<span style=\"letter-spacing:-.3pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">income:<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.85pt\"><o:wrapblock>\n    <!--[if !mso]-->\n    <\/o:wrapblock><\/p><table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n     <tbody><tr>\n      <td><!--[endif]-->\n      <div>\n      <p class=\"MsoNormal\" style=\"margin-top:7.35pt;margin-right:16.35pt;\n      margin-bottom:0in;margin-left:12.5pt;margin-bottom:.0001pt;line-height:\n      103%\">** Decline to Provide \u2013 I certify that the above information is\n      correct and if any requested<span style=\"letter-spacing:-.15pt\"> <\/span>information<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\">\n      <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>above<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:\n      -.15pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>incomplete<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\">\n      <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>provided<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\">\n      <\/span>me,<span style=\"letter-spacing:-.15pt\"> <\/span>I hereby certify\n      that I am declining to provide it.<o:p><\/o:p><\/p>\n      <\/div>\n      <!--[if !mso]--><\/td>\n     <\/tr>\n    <\/tbody><\/table>\n    <!--[endif]-->\n  <v:shape id=\"Textbox_x0020_389\" o:spid=\"_x0000_s2112\" type=\"#_x0000_t202\" style=\"position:absolute;left:63;top:63;width:12738;height:6998;\n   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fillcolor=\"#e6e7e8\" strokecolor=\"#58595b\" strokeweight=\"1pt\">\n   <v:textbox inset=\"0,0,0,0\">\n    <!--[if !mso]-->\n    <table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n     <tbody><tr>\n      <td><!--[endif]-->\n      <div>\n      <p class=\"MsoNormal\"><i><span style=\"color:black\"><o:p>&nbsp;<\/o:p><\/span><\/i><\/p>\n      <p class=\"MsoNormal\"><i><span style=\"color:black\"><o:p>&nbsp;<\/o:p><\/span><\/i><\/p>\n      <p class=\"MsoNormal\" style=\"margin-top:2.35pt\"><i><span style=\"color:black\"><o:p>&nbsp;<\/o:p><\/span><\/i><\/p>\n      <p class=\"MsoNormal\" style=\"margin-left:28.55pt\"><i><span style=\"color:black;letter-spacing:-.1pt\">Initials(s)<\/span><span style=\"color:black\"><o:p><\/o:p><\/span><\/i><\/p>\n      <\/div>\n      <!--[if !mso]--><\/td>\n     <\/tr>\n    <\/tbody><\/table>\n    <!--[endif]--><\/v:textbox>\n  <\/v:shape><w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><br clear=\"ALL\">\n<i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><p><\/p>\n\n<h3 style=\"margin-top:5.45pt;margin-right:0in;margin-bottom:0in;margin-left:\n6.95pt;margin-bottom:.0001pt;tab-stops:510.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INVESTOR<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">ATTESTATIONS<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.95pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Please<span style=\"letter-spacing:-.15pt\"> <\/span>review<span style=\"letter-spacing:-.2pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>following<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>signify<span style=\"letter-spacing:-.1pt\"> <\/span>your<span style=\"letter-spacing:-.15pt\"> <\/span>understanding<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>statements<span style=\"letter-spacing:\n-.2pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>initialing,<span style=\"letter-spacing:-.15pt\"> <\/span>where<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">indicated.<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.6pt\"><i><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<h5 style=\"margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:42.95pt;\nmargin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investor\/Purchaser<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Representations:<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:8.35pt;margin-right:60.9pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.25in;\nline-height:102%;mso-list:l26 level1 lfo9;tab-stops:60.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;line-height:102%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:123%\">\u25a0<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I<span style=\"letter-spacing:\n-.15pt\"> <\/span>am<span style=\"letter-spacing:-.15pt\"> <\/span>able<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>bear<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>economic<span style=\"letter-spacing:-.15pt\"> <\/span>risk<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>investment;<span style=\"letter-spacing:2.0pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:-.15pt\"> <\/span>could<span style=\"letter-spacing:-.15pt\">\n<\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>restricted as to\nassignability and there may be no public market.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:8.15pt;margin-right:60.9pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-18.05pt;\nline-height:102%;mso-list:l26 level1 lfo9;tab-stops:60.85pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;line-height:102%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:123%\">\u25a0<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I recognize that this\ninvestment carries certain risk, including but not limited to lack of liquidity\nfor an extended period;<span style=\"letter-spacing:2.0pt\"> <\/span>this is\nconsidered a speculative venture.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:8.15pt;margin-right:60.85pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-18.05pt;\nline-height:103%;mso-list:l26 level1 lfo9;tab-stops:60.85pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:123%\">\u25a0<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I have received the\nConfidential Private Placement Memorandum, the Supplement(s) (if any) and\nrelated offering documents and I have had the opportunity to ask questions and\nhave received answers to my questions, to my satisfaction.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><o:wrapblock><v:shape id=\"Textbox_x0020_390\" o:spid=\"_x0000_s2109\" 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fillcolor=\"#e6e7e8\" strokecolor=\"#58595b\" strokeweight=\"1pt\">\n  <v:path arrowok=\"t\">\n  <v:textbox inset=\"0,0,0,0\">\n   <!--[if !mso]-->\n   <\/v:textbox><\/v:path><\/v:shape><\/o:wrapblock><\/p><table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n    <tbody><tr>\n     <td><!--[endif]-->\n     <div>\n     <p class=\"MsoBodyText\"><span style=\"color:black\">&nbsp;<\/span><\/p>\n     <p class=\"MsoBodyText\" style=\"margin-top:7.1pt\"><span style=\"color:black\">&nbsp;<\/span><\/p>\n     <p class=\"MsoNormal\" style=\"margin-left:25.4pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n     color:black\">By<span style=\"letter-spacing:-.45pt\"> <\/span>initialing<span style=\"letter-spacing:-.4pt\"> <\/span>above,<span style=\"letter-spacing:\n     -.4pt\"> <\/span>I<span style=\"letter-spacing:-.4pt\"> <\/span>acknowledge<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\">\n     <\/span>understand<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Investor\/Purchaser<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Representations<\/span><o:p><\/o:p><\/span><\/i><\/p>\n     <\/div>\n     <!--[if !mso]--><\/td>\n    <\/tr>\n   <\/tbody><\/table>\n   <!--[endif]-->\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><br clear=\"ALL\">\n<span style=\"font-size:3.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><p><\/p>\n\n<h5 style=\"margin-top:12.9pt;margin-right:0in;margin-bottom:0in;margin-left:\n42.95pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Senior<span style=\"letter-spacing:-.25pt\"> <\/span>Investor<span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Representations:<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:8.35pt;margin-right:60.85pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-.25in;\nline-height:103%;mso-list:l26 level1 lfo9;tab-stops:60.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:123%\">\u25a0<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I am purchasing this\ninvestment for my own account and I acknowledge that this invest- ment<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>liquid<span style=\"letter-spacing:-.65pt\">\n<\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>is<span style=\"letter-spacing:\n-.65pt\"> <\/span>highly<span style=\"letter-spacing:-.65pt\"> <\/span>speculative.<span style=\"letter-spacing:3.7pt\"> <\/span>I<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.65pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>be<span style=\"letter-spacing:-.65pt\"> <\/span>able<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>sell<span style=\"letter-spacing:-.65pt\"> <\/span>this<span style=\"letter-spacing:-.65pt\"> <\/span>investment<span style=\"letter-spacing:\n-.65pt\"> <\/span>and,<span style=\"letter-spacing:-.65pt\"> <\/span>if I<span style=\"letter-spacing:-.25pt\"> <\/span>am<span style=\"letter-spacing:-.25pt\"> <\/span>able<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>sell<span style=\"letter-spacing:-.25pt\"> <\/span>my<span style=\"letter-spacing:-.25pt\"> <\/span>investment,<span style=\"letter-spacing:-.25pt\"> <\/span>I<span style=\"letter-spacing:-.25pt\"> <\/span>may<span style=\"letter-spacing:-.25pt\"> <\/span>receive<span style=\"letter-spacing:-.25pt\">\n<\/span>less<span style=\"letter-spacing:-.25pt\"> <\/span>than<span style=\"letter-spacing:-.25pt\"> <\/span>my<span style=\"letter-spacing:-.25pt\"> <\/span>purchase<span style=\"letter-spacing:-.25pt\"> <\/span>price.<span style=\"letter-spacing:2.0pt\">\n<\/span>I<span style=\"letter-spacing:-.25pt\"> <\/span>have<span style=\"letter-spacing:\n-.25pt\"> <\/span>consid- ered<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>implications<span style=\"letter-spacing:\n-.3pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>investment,<span style=\"letter-spacing:\n-.3pt\"> <\/span>should<span style=\"letter-spacing:-.25pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>become<span style=\"letter-spacing:-.25pt\">\n<\/span>part<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>my<span style=\"letter-spacing:-.25pt\"> <\/span>estate<span style=\"letter-spacing:-.3pt\"> <\/span>at<span style=\"letter-spacing:-.25pt\"> <\/span>my<span style=\"letter-spacing:-.25pt\"> <\/span>death.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:7.95pt;margin-right:60.9pt;\nmargin-bottom:0in;margin-left:60.95pt;margin-bottom:.0001pt;text-indent:-18.05pt;\nline-height:103%;mso-list:l26 level1 lfo9;tab-stops:60.85pt 60.95pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;line-height:103%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:123%\">\u25a0<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Regardless of whether I am\ncurrently employed or retired, I have adequate sources of in- come from\ninvestments (excluding this investment), pensions, savings, and salary to take\ncare of all of my medical, health-related and living expenses for an extended\nperiod, in- cluding in the event of disability or emergency.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" 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fillcolor=\"#e6e7e8\" strokecolor=\"#58595b\" strokeweight=\"1pt\">\n  <v:path arrowok=\"t\">\n  <v:textbox inset=\"0,0,0,0\">\n   <!--[if !mso]-->\n   <\/v:textbox><\/v:path><\/v:shape><\/o:wrapblock><\/p><table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n    <tbody><tr>\n     <td><!--[endif]-->\n     <div>\n     <p class=\"MsoBodyText\"><span style=\"color:black\">&nbsp;<\/span><\/p>\n     <p class=\"MsoBodyText\" style=\"margin-top:7.15pt\"><span style=\"color:black\">&nbsp;<\/span><\/p>\n     <p class=\"MsoNormal\" style=\"margin-left:32.2pt\"><i><span style=\"font-size:10.0pt;mso-bidi-font-size:11.0pt;\n     color:black\">By<span style=\"letter-spacing:-.15pt\"> <\/span>initialing<span style=\"letter-spacing:-.1pt\"> <\/span>above,<span style=\"letter-spacing:\n     -.1pt\"> <\/span>I<span style=\"letter-spacing:-.1pt\"> <\/span>acknowledge<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\">\n     <\/span>understand<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Senior<span style=\"letter-spacing:\n     -.1pt\"> <\/span>Investor<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Representations<\/span><o:p><\/o:p><\/span><\/i><\/p>\n     <\/div>\n     <!--[if !mso]--><\/td>\n    <\/tr>\n   <\/tbody><\/table>\n   <!--[endif]-->\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><br clear=\"ALL\">\n<span style=\"font-size:3.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><p><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:3.5pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection220\">\n\n<h3 style=\"margin-top:3.95pt;tab-stops:510.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INVESTOR<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">ATTESTATIONS<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Check<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>appropriate<span style=\"letter-spacing:-.2pt\"> <\/span>box<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>inquiry<span style=\"letter-spacing:-.2pt\"> <\/span>below,<span style=\"letter-spacing:-.2pt\"> <\/span><i><u>with<span style=\"letter-spacing:-.2pt\"> <\/span>regard<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investment:<\/span><\/u><o:p><\/o:p><\/i><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection221\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.35pt\"><i><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:11.0pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment <span style=\"letter-spacing:-.1pt\">Objective:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.65pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:11.0pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Risk<span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Tolerance:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.7pt;margin-bottom:\n0in;margin-left:11.0pt;margin-bottom:.0001pt;line-height:103%\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Investment<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.6pt\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Time Horizon:<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.2pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:11.0pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Liquidity <span style=\"letter-spacing:-.1pt\">Needs:<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:6.15pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:.5pt\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.5pt\">Capital<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.8pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Preservation<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.15pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.2pt;\nmso-font-width:110%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt;mso-font-width:110%\">Low<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.15pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:.9pt;\nmso-font-width:105%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.9pt;mso-font-width:105%\">0<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.8pt;mso-font-width:105%\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-font-width:105%\">to<span style=\"letter-spacing:.85pt\"> <\/span>2<span style=\"letter-spacing:.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Years<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.15pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:110%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt;mso-font-width:110%\">High<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:6.5pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt;mso-font-width:105%\">Income<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.5pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt;mso-font-width:105%\">Moderate<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.5pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:.9pt\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.9pt\">2<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.5pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">to<span style=\"letter-spacing:\n1.5pt\"> <\/span>5<span style=\"letter-spacing:.85pt\"> <\/span><span style=\"letter-spacing:-.45pt\">Years<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:6.5pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt;mso-font-width:105%\">Medium<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:.1in;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:105%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt;mso-font-width:105%\">Growth<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:.1in\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.1pt;\nmso-font-width:110%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt;mso-font-width:110%\">High<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:.1in\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:.9pt;\nmso-font-width:105%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.9pt;mso-font-width:105%\">5<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:.35pt;mso-font-width:105%\"> <\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;mso-font-width:105%\">or<span style=\"letter-spacing:\n.35pt\"> <\/span>more<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.7pt\">Years<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:.1in\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.2pt;\nmso-font-width:110%\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt;mso-font-width:110%\">Low<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.55pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.1pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:.3pt\">\u25a1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.3pt\">Aggressive<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.05pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Growth<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection222\">\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.1pt\"><v:shape id=\"Graphic_x0020_393\" o:spid=\"_x0000_s2107\" style=\"position:absolute;margin-left:36.5pt;\n margin-top:36.5pt;width:539pt;height:719pt;z-index:-1895825383;visibility:visible;\n mso-wrap-style:square;mso-wrap-distance-left:0;mso-wrap-distance-top:0;\n mso-wrap-distance-right:0;mso-wrap-distance-bottom:0;\n mso-position-horizontal:absolute;mso-position-horizontal-relative:page;\n mso-position-vertical:absolute;mso-position-vertical-relative:page;\n 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<h3><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">FINANCIAL<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.85pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">INFORMATION<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.8pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">AND<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.8pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">INVESTMENT<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.6pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">EXPERIENCE<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.25pt\">**<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:14.1pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In the event of disability or\nemergency, do you have enough insurance and readily-available funds (excluding\nthis<span style=\"letter-spacing:-.15pt\"> <\/span>investment)<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>take<span style=\"letter-spacing:-.1pt\"> <\/span>care<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>all<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>your<span style=\"letter-spacing:-.1pt\"> <\/span>medical,<span style=\"letter-spacing:-.1pt\"> <\/span>health-related<span style=\"letter-spacing:\n-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>living<span style=\"letter-spacing:-.1pt\"> <\/span>expenses<span style=\"letter-spacing:-.15pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:\n-.1pt\"> <\/span>period<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>one<span style=\"letter-spacing:-.1pt\"> <\/span>year<span style=\"letter-spacing:-.1pt\"> <\/span>or <span style=\"letter-spacing:-.1pt\">more?<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:.85pt;margin-right:1.35pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center;\ntab-stops:88.95pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Arial&quot;,sans-serif;letter-spacing:.5pt;mso-font-width:125%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-2.45pt;mso-font-width:125%\"> <\/span><span style=\"font-size:\n14.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt;mso-font-width:120%\">Yes<\/span><span style=\"font-size:\n14.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-size:\n18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;letter-spacing:\n.4pt;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.4pt;\nmso-font-width:120%\">No<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:8.0pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:60.0pt\">\n  <td width=\"671\" colspan=\"3\" valign=\"top\" style=\"width:503.05pt;border:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:60.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:10.35pt;margin-right:17.45pt;\n  margin-bottom:0in;margin-left:13.45pt;margin-bottom:.0001pt;text-align:justify;\n  line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">All<span style=\"letter-spacing:-.2pt\"> <\/span>figures<span style=\"letter-spacing:-.25pt\">\n  <\/span>should<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>expressed<span style=\"letter-spacing:\n  -.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>U.S.<span style=\"letter-spacing:-.2pt\"> <\/span>Dollars.<span style=\"letter-spacing:\n  2.0pt\"> <\/span>Check<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>appropriate<span style=\"letter-spacing:\n  -.2pt\"> <\/span>box<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>inquiry<span style=\"letter-spacing:-.2pt\"> <\/span>below.<span style=\"letter-spacing:4.0pt\">\n  <\/span>If<span style=\"letter-spacing:-.2pt\"> <\/span>you qualified as<span style=\"letter-spacing:-.05pt\"> <\/span>an accredited investor based on joint\n  income with a spouse, please provide combined financial <span style=\"letter-spacing:-.1pt\">information.<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:67.4pt\">\n  <td width=\"232\" valign=\"top\" style=\"width:173.75pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:67.4pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:8.0pt\"><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-left:1.0pt;text-align:\n  center\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">ANNUAL<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">INCOME<\/span><o:p><\/o:p><\/span><\/b><\/p>\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:.55pt;margin-right:\n  0in;margin-bottom:0in;margin-left:1.0pt;margin-bottom:.0001pt;text-align:\n  center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(from all <span style=\"letter-spacing:-.1pt\">sources)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"242\" valign=\"top\" style=\"width:181.45pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:67.4pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:7.45pt;margin-right:10.25pt;\n  margin-bottom:0in;margin-left:19.5pt;margin-bottom:.0001pt;text-indent:31.7pt;\n  line-height:103%\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">NET<span style=\"letter-spacing:\n  -.1pt\"> <\/span>WORTH** <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">(VALUE<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.6pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">OF<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.65pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">ALL<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-1.05pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">ASSETS,EX- <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLUDING\n  VALUE OF<span style=\"letter-spacing:-.2pt\"> <\/span>YOUR<o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.15pt;margin-right:0in;margin-bottom:\n  0in;margin-left:32.7pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">PRIMARY<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.4pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">RESIDENCE)<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:147.85pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:67.4pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:1.3pt\"><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:0in;margin-right:9.25pt;\n  margin-bottom:0in;margin-left:10.2pt;margin-bottom:.0001pt;text-align:center;\n  line-height:103%\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">FEDERAL<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.85pt\"> <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">TAX <\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">BRACKET<\/span><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:.1pt;margin-right:\n  9.3pt;margin-bottom:0in;margin-left:10.2pt;margin-bottom:.0001pt;text-align:\n  center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(highest <span style=\"letter-spacing:-.1pt\">marginal)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:38.5pt\">\n  <td width=\"232\" valign=\"top\" style=\"width:173.75pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:38.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:4.15pt\"><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:27.0pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.8pt;mso-font-width:120%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Below<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$200,000<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"242\" valign=\"top\" style=\"width:181.45pt;border:none;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:38.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:4.15pt\"><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n  0in;margin-left:26.95pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.8pt;mso-font-width:120%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Below<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$1,000,000<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:147.85pt;border:none;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:38.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:22.15pt\">\n  <td width=\"232\" valign=\"top\" style=\"width:173.75pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:22.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:27.0pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;letter-spacing:.2pt\">\u25a1<\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.2pt\">$200,000<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.65pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.2pt\">&#8211;<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.65pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">$399,000<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"242\" valign=\"top\" style=\"width:181.45pt;border:none;border-right:solid black 1.0pt;\n  mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:22.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:26.95pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;letter-spacing:.7pt\">\u25a1<\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.7pt\">$1<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">million<span style=\"letter-spacing:1.3pt\"> <\/span>to<span style=\"letter-spacing:1.3pt\"> <\/span>$4.9<span style=\"letter-spacing:1.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">million<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:147.85pt;border:none;border-right:solid black 1.0pt;\n  mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:22.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:26.95pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;mso-font-width:125%\">\u25a1<\/span><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.65pt;mso-font-width:125%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">0<span style=\"letter-spacing:\n  .25pt\"> <\/span>&#8211;<span style=\"letter-spacing:.25pt\"> <\/span><span style=\"letter-spacing:-.25pt\">25%<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;height:22.15pt\">\n  <td width=\"232\" valign=\"top\" style=\"width:173.75pt;border-top:none;border-left:\n  solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:22.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:27.0pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;letter-spacing:.2pt\">\u25a1<\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.2pt\">$400,000<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.65pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.2pt\">\u2013<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:2.65pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">$1,000,000<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"242\" valign=\"top\" style=\"width:181.45pt;border:none;border-right:solid black 1.0pt;\n  mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:22.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:26.95pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;letter-spacing:.7pt\">\u25a1<\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;letter-spacing:.7pt\">$5<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">million<span style=\"letter-spacing:1.3pt\"> <\/span>to<span style=\"letter-spacing:1.3pt\"> <\/span>9.9<span style=\"letter-spacing:1.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">million<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:147.85pt;border:none;border-right:solid black 1.0pt;\n  mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:22.15pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:26.95pt;margin-bottom:.0001pt;line-height:20.65pt;mso-line-height-rule:\n  exactly\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Arial&quot;,sans-serif;mso-font-width:105%\">\u25a1<\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:105%\">More<span style=\"letter-spacing:2.15pt\"> <\/span>than<span style=\"letter-spacing:2.2pt\">\n  <\/span><span style=\"letter-spacing:-.25pt\">25%<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:5;mso-yfti-lastrow:yes;height:43.5pt\">\n  <td width=\"232\" valign=\"top\" style=\"width:173.75pt;border:solid black 1.0pt;\n  border-top:none;padding:0in 0in 0in 0in;height:43.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:27.0pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.5pt;mso-font-width:120%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Over<span style=\"letter-spacing:.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$1,000,000<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"242\" valign=\"top\" style=\"width:181.45pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:43.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:0in;margin-bottom:\n  0in;margin-left:26.95pt;margin-bottom:.0001pt\"><span style=\"font-size:18.0pt;\n  mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-3.5pt;mso-font-width:120%\"> <\/span><span style=\"font-family:\n  &quot;Quire Sans Light&quot;,sans-serif;mso-font-width:110%\">Over<span style=\"letter-spacing:.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$10,000,000<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"197\" valign=\"top\" style=\"width:147.85pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;height:43.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection223\">\n\n<p class=\"MsoNormal\" style=\"margin-top:.05in;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">How<span style=\"letter-spacing:\n-.1pt\"> <\/span>many<span style=\"letter-spacing:-.05pt\"> <\/span>years<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>experience<span style=\"letter-spacing:-.05pt\"> <\/span>do you<span style=\"letter-spacing:-.05pt\">\n<\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>in investing<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the\nfollowing<span style=\"letter-spacing:-.05pt\"> <\/span>types<span style=\"letter-spacing:-.1pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">investments?<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:8.0pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:27.8pt\">\n  <td width=\"339\" valign=\"top\" style=\"width:254.4pt;border:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:27.8pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"86\" valign=\"top\" style=\"width:.9in;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:27.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:10.2pt;\n  margin-bottom:0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:13.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Years of <span style=\"letter-spacing:-.1pt\">Experience<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"245\" valign=\"top\" style=\"width:183.8pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:27.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:.5pt;margin-right:14.95pt;\n  margin-bottom:0in;margin-left:3.95pt;margin-bottom:.0001pt;line-height:13.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Estimated<span style=\"letter-spacing:-.5pt\"> <\/span>total<span style=\"letter-spacing:-.5pt\">\n  <\/span>amount<span style=\"letter-spacing:-.5pt\"> <\/span>invested<span style=\"letter-spacing:-.5pt\"> <\/span>over the time period you provided<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:26.0pt\">\n  <td width=\"339\" valign=\"top\" style=\"width:254.4pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:26.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:6.55pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Private<span style=\"letter-spacing:-.15pt\"> <\/span>Placements<span style=\"letter-spacing:\n  -.15pt\"> <\/span>(LPs,<span style=\"letter-spacing:-.1pt\"> <\/span>Private<span style=\"letter-spacing:-.1pt\"> Funds)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"86\" valign=\"top\" style=\"width:.9in;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:26.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"245\" valign=\"top\" style=\"width:183.8pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:26.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;mso-yfti-lastrow:yes;height:26.0pt\">\n  <td width=\"339\" valign=\"top\" style=\"width:254.4pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:26.0pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:6.55pt;margin-right:0in;margin-bottom:\n  0in;margin-left:4.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Tax<span style=\"letter-spacing:-.55pt\"> <\/span>credits\/deductions<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>other<span style=\"letter-spacing:-.5pt\"> <\/span>tax-benefit<span style=\"letter-spacing:\n  -.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investments<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"86\" valign=\"top\" style=\"width:.9in;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:26.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"245\" valign=\"top\" style=\"width:183.8pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:26.0pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><o:wrapblock>\n    <!--[if !mso]-->\n    <\/o:wrapblock><\/p><table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n     <tbody><tr>\n      <td><!--[endif]-->\n      <div>\n      <p class=\"MsoNormal\" style=\"margin-top:7.35pt;margin-right:16.35pt;\n      margin-bottom:0in;margin-left:12.5pt;margin-bottom:.0001pt;line-height:\n      103%\">** Decline to Provide \u2013 I certify that the information regarding\n      Investment Experience<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>Financial<span style=\"letter-spacing:\n      -.15pt\"> <\/span>Information<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>correct<span style=\"letter-spacing:\n      -.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:\n      -.15pt\"> <\/span>information<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>left<span style=\"letter-spacing:\n      -.15pt\"> <\/span>blank or not provided by me, I certify that I am\n      declining to provide it.<o:p><\/o:p><\/p>\n      <\/div>\n      <!--[if !mso]--><\/td>\n     <\/tr>\n    <\/tbody><\/table>\n    <!--[endif]-->\n  <v:shape id=\"Textbox_x0020_397\" o:spid=\"_x0000_s2106\" type=\"#_x0000_t202\" style=\"position:absolute;left:63;top:63;width:12738;height:6998;\n   visibility:visible;mso-wrap-style:square;v-text-anchor:top\" 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fillcolor=\"#e6e7e8\" strokecolor=\"#58595b\" strokeweight=\"1pt\">\n   <v:textbox inset=\"0,0,0,0\">\n    <!--[if !mso]-->\n    <table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n     <tbody><tr>\n      <td><!--[endif]-->\n      <div>\n      <p class=\"MsoNormal\"><span style=\"color:black\"><o:p>&nbsp;<\/o:p><\/span><\/p>\n      <p class=\"MsoNormal\"><span style=\"color:black\"><o:p>&nbsp;<\/o:p><\/span><\/p>\n      <p class=\"MsoNormal\" style=\"margin-top:2.35pt\"><span style=\"color:black\"><o:p>&nbsp;<\/o:p><\/span><\/p>\n      <p class=\"MsoNormal\" style=\"margin-left:28.55pt\"><i><span style=\"color:black;letter-spacing:-.1pt\">Initials(s)<\/span><span style=\"color:black\"><o:p><\/o:p><\/span><\/i><\/p>\n      <\/div>\n      <!--[if !mso]--><\/td>\n     <\/tr>\n    <\/tbody><\/table>\n    <!--[endif]--><\/v:textbox>\n  <\/v:shape><w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><br clear=\"ALL\">\n<span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><p><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h3 style=\"text-align:justify;tab-stops:510.95pt\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.1pt\">AFFILIATIONS<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.7pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">AND<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:.2pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">DISCLOSURES<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.6pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">AND<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:.25pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">SIGNATURES<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.75pt\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:11.95pt;margin-bottom:\n0in;margin-left:6.95pt;margin-bottom:.0001pt;text-align:justify;line-height:\n113%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Are<span style=\"letter-spacing:-.05pt\"> <\/span>you<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>member<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>your<span style=\"letter-spacing:-.05pt\"> <\/span>immediate<span style=\"letter-spacing:\n-.05pt\"> <\/span>family<span style=\"letter-spacing:-.05pt\"> <\/span>(family<span style=\"letter-spacing:-.05pt\"> <\/span>members<span style=\"letter-spacing:-.1pt\">\n<\/span>living<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>your<span style=\"letter-spacing:-.05pt\"> <\/span>household)<span style=\"letter-spacing:-.05pt\"> <\/span>licensed<span style=\"letter-spacing:-.05pt\">\n<\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:\n-.05pt\"> <\/span>reg- istered<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>FINRA<span style=\"letter-spacing:-.7pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>associated<span style=\"letter-spacing:\n-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>broker-dealer?<span style=\"letter-spacing:\n2.0pt\"> <\/span>Note<span style=\"letter-spacing:-.15pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>does<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>include<span style=\"letter-spacing:-.15pt\"> <\/span>your<span style=\"letter-spacing:-.15pt\"> <\/span>financial<span style=\"letter-spacing:-.15pt\"> <\/span>advisor<span style=\"letter-spacing:-.15pt\">\n<\/span>unless he\/she is a member of your immediate family?<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;line-height:113%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection224\">\n\n<p class=\"MsoNormal\" style=\"margin-top:9.25pt;margin-right:0in;margin-bottom:\n0in;margin-left:23.5pt;margin-bottom:.0001pt;tab-stops:78.5pt\"><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Arial&quot;,sans-serif;\nletter-spacing:.5pt;mso-font-width:125%\">\u25a1<\/span><span style=\"font-size:18.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-2.45pt;mso-font-width:125%\"> <\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:120%\">Yes<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-size:18.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Arial&quot;,sans-serif;letter-spacing:-.25pt;mso-font-width:120%\">\u25a1<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt;mso-font-width:120%\">No<\/span><span style=\"font-size:\n14.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:1.7pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:15.85pt;tab-stops:395.35pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If yes, provide name of\nbroker-dealer: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection225\">\n\n<p class=\"MsoNormal\" style=\"margin-top:10.35pt;margin-right:0in;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Note:<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:1.9pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">If<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">the<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">above<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.35pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">response<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">is<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">\u201cyes\u201d<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">we<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">will<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.35pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">send<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">the<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">required<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">notification<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">to<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">your<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.35pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">firm<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">under<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">FINRA<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.75pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">Rule<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.4pt\"> <\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\">3210.<\/span><\/i><i><span style=\"font-size:11.5pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><i><span style=\"font-size:11.5pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Are<span style=\"letter-spacing:-.15pt\"> <\/span>you,<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>member<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>your<span style=\"letter-spacing:-.15pt\"> <\/span>immediate<span style=\"letter-spacing:\n-.1pt\"> <\/span>family,<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>director\/officer<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>5%<span style=\"letter-spacing:-.15pt\"> <\/span>owner<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>publicly<span style=\"letter-spacing:-.15pt\"> <\/span>traded<span style=\"letter-spacing:-.1pt\">\ncompany?<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.5pt\"><span style=\"font-size:5.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans 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style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt;\nmso-font-width:120%\">No<\/span><span style=\"font-size:14.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.9pt;margin-right:0in;margin-bottom:0in;\nmargin-left:17.25pt;margin-bottom:.0001pt;tab-stops:396.75pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If yes, provide name of the\ncompany: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection227\">\n\n<h3 style=\"margin-top:3.95pt;tab-stops:510.95pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">AFFILIATIONS<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.6pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">AND<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:.1pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">DISCLOSURES<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.5pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">AND<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">SIGNATURES<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" 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filled=\"f\" strokeweight=\"1pt\">\n  <v:path arrowok=\"t\">\n  <v:textbox inset=\"0,0,0,0\">\n   <!--[if !mso]-->\n   <\/v:textbox><\/v:path><\/v:shape><\/o:wrapblock><\/p><table cellpadding=\"0\" cellspacing=\"0\" width=\"100%\">\n    <tbody><tr>\n     <td><!--[endif]-->\n     <div>\n     <p class=\"MsoNormal\" align=\"center\" style=\"margin-top:3.95pt;text-align:center\"><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;mso-font-width:85%\">THIS<\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;letter-spacing:.4pt\"> <\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;mso-font-width:85%\">AGREEMENT<\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;letter-spacing:1.05pt\"> <\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;mso-font-width:85%\">CONTAINS<\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;letter-spacing:.4pt\"> <\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;mso-font-width:85%\">A<\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;letter-spacing:.45pt\"> <\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;mso-font-width:85%\">LEGAL\/DISCLOSURES<\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;letter-spacing:1.4pt\"> <\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt;letter-spacing:-.1pt;mso-font-width:85%\">CLAUSE<\/span><\/b><b><span style=\"font-size:12.5pt;\n     mso-bidi-font-size:11.0pt\"><o:p><\/o:p><\/span><\/b><\/p>\n     <\/div>\n     <!--[if !mso]--><\/td>\n    <\/tr>\n   <\/tbody><\/table>\n   <!--[endif]-->\n  <w:wrap type=\"topAndBottom\" anchorx=\"page\">\n <\/w:wrap><br clear=\"ALL\">\n<b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><p><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.15pt;margin-right:0in;margin-bottom:\n0in;margin-left:.1in;margin-bottom:.0001pt;text-align:justify\"><b><span style=\"font-size:13.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Important<span style=\"letter-spacing:.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Disclosures<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.3pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">FINRA<span style=\"letter-spacing:-.4pt\"> <\/span>BROKER-CHECK<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">\n&#8211;<span style=\"letter-spacing:2.0pt\"> <\/span><\/span><\/b><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The Financial Industry Regulatory<span style=\"letter-spacing:-.45pt\"> <\/span>Authority\u2019s (FINRA) Broker Check allows\nthe public<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:\n-.05pt\"> <\/span>obtain<span style=\"letter-spacing:-.05pt\"> <\/span>current<span style=\"letter-spacing:-.05pt\"> <\/span>regulatory<span style=\"letter-spacing:\n-.05pt\"> <\/span>information<span style=\"letter-spacing:-.05pt\"> <\/span>about<span style=\"letter-spacing:-.05pt\"> <\/span>FINRA<span style=\"letter-spacing:-.6pt\"> <\/span>member<span style=\"letter-spacing:-.05pt\"> <\/span>firms<span style=\"letter-spacing:-.05pt\">\n<\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>financial<span style=\"letter-spacing:-.05pt\"> <\/span>advisors,<span style=\"letter-spacing:\n-.05pt\"> <\/span>including<span style=\"letter-spacing:-.05pt\"> <\/span>Sky- way<span style=\"letter-spacing:-.7pt\"> <\/span>Capital<span style=\"letter-spacing:-.55pt\">\n<\/span>Markets,<span style=\"letter-spacing:-.55pt\"> <\/span>LLC.<span style=\"letter-spacing:-.7pt\"> <\/span>You<span style=\"letter-spacing:-.5pt\"> <\/span>can<span style=\"letter-spacing:-.55pt\"> <\/span>get<span style=\"letter-spacing:-.55pt\"> <\/span>more<span style=\"letter-spacing:-.55pt\"> <\/span>information,<span style=\"letter-spacing:\n-.55pt\"> <\/span>including<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.55pt\"> <\/span>investor<span style=\"letter-spacing:-.55pt\">\n<\/span>brochure<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>includes<span style=\"letter-spacing:-.55pt\">\n<\/span>information describing FINRA<span style=\"letter-spacing:-.4pt\"> <\/span>Broker\nCheck, by calling its Broker Check hotline at (800) 289-9999 or by visiting its\nwebsite at <u><span style=\"color:#007AC2\">brokercheck.finra.org.<\/span><\/u><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><b><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">DISCLOSURE\nSTATEMENT ABOUT THIS INVESTMENT<\/span><\/u><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"> <\/span><\/b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&#8211; These securities are not\ninsured by SIPC or the<span style=\"letter-spacing:-.1pt\"> <\/span>FDIC<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>Government<span style=\"letter-spacing:-.65pt\"> <\/span>Agency.<span style=\"letter-spacing:2.0pt\">\n<\/span>The<span style=\"letter-spacing:-.1pt\"> <\/span>securities<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>obligations<span style=\"letter-spacing:\n-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>FDIC<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>Government Agency.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The securities are not deposits or other obligations of a\nfinancial institution.<span style=\"letter-spacing:2.0pt\"> <\/span>The securities\nare not guar- anteed by any financial institution and they are subject to\ninvestment risks, including possible loss of the principal <span style=\"letter-spacing:-.1pt\">invested.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p 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style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:42.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">Date<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:4.5pt;margin-right:0in;margin-bottom:0in;\nmargin-left:42.25pt;margin-bottom:.0001pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">Investor<span style=\"letter-spacing:-.25pt\"> #2<\/span><\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.9pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:42.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Signature\n(or<span style=\"letter-spacing:-.65pt\"> <\/span>Authorized <span style=\"letter-spacing:-.1pt\">Signor)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:42.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Print\n<span style=\"letter-spacing:-.2pt\">Name<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:42.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">Date<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection229\">\n\n<h1 align=\"center\" style=\"text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">BENEFICIAL<span style=\"letter-spacing:-1.05pt\"> <\/span>OWNERSHIPS<span style=\"letter-spacing:-.3pt\"> <\/span>FORM<span style=\"letter-spacing:-.9pt\"> <\/span>AND<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">CERTIFICATION<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h1>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:.75pt;text-align:center\"><span style=\"font-size:15.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">FOR<span style=\"letter-spacing:-.95pt\"> <\/span>TRUSTS,<span style=\"letter-spacing:-.6pt\"> <\/span>CORPORATIONS,<span style=\"letter-spacing:\n-.45pt\"> <\/span>LLCs<span style=\"letter-spacing:-.95pt\"> <\/span>AND<span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.25pt\">LPs<\/span><\/span><span style=\"font-size:15.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:4.25pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">This<span style=\"letter-spacing:-.3pt\"> <\/span>form<span style=\"letter-spacing:-.25pt\"> <\/span>should<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>completed<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>investors<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>investing<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>name<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>trust<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>name<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">corporation,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.55pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">limited<span style=\"letter-spacing:-.1pt\"> <\/span>liability<span style=\"letter-spacing:-.05pt\">\n<\/span>company,<span style=\"letter-spacing:-.1pt\"> <\/span>limited<span style=\"letter-spacing:-.05pt\"> <\/span>partnership,<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.1pt\"> <\/span>type<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>legal<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">entity.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:5.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Under<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>U.S.<span style=\"letter-spacing:-.15pt\"> <\/span>Patriot<span style=\"letter-spacing:-.7pt\">\n<\/span>Act,<span style=\"letter-spacing:-.15pt\"> <\/span>we<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>required<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>collect<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>verify<span style=\"letter-spacing:-.15pt\"> <\/span>information<span style=\"letter-spacing:\n-.15pt\"> <\/span>about<span style=\"letter-spacing:-.15pt\"> <\/span>investors<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>offering,<span style=\"letter-spacing:\n-.15pt\"> <\/span>which includes information about the beneficial owners of\ninvestors that choose to invest in the name of a trust or other type of legal\nentity.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:7.0pt;margin-bottom:.0001pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Trust<span style=\"letter-spacing:\n-.35pt\"> <\/span>investors<span style=\"letter-spacing:-.25pt\"> <\/span>should<span style=\"letter-spacing:-.25pt\"> <\/span>complete<span style=\"letter-spacing:-.2pt\">\n<\/span>this<span style=\"letter-spacing:-.25pt\"> <\/span>form<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>submit<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>copy<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>their<span style=\"letter-spacing:-.55pt\"> <\/span>Trust<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Documents\/Certificate.<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.05pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:5.45pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Corporate,<span style=\"letter-spacing:-.7pt\"> <\/span>LLC<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>LP<span style=\"letter-spacing:-.7pt\"> <\/span>investors<span style=\"letter-spacing:-.35pt\"> <\/span>should<span style=\"letter-spacing:-.35pt\">\n<\/span>complete<span style=\"letter-spacing:-.35pt\"> <\/span>this<span style=\"letter-spacing:-.35pt\"> <\/span>form<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>submit<span style=\"letter-spacing:-.35pt\">\n<\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>copy<span style=\"letter-spacing:\n-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Operating<span style=\"letter-spacing:\n-.7pt\"> <\/span>Agreement, Articles of Organization, Shareholders<span style=\"letter-spacing:-.4pt\"> <\/span>Agreement, or other applicable governing\ndocuments for the entity.<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">CHOOSE<span style=\"letter-spacing:-.25pt\"> <\/span>TYPE OF<span style=\"letter-spacing:-.45pt\">\n<\/span>OWNERSHIP<span style=\"letter-spacing:-.65pt\"> <\/span>(choose <span style=\"letter-spacing:-.1pt\">one):<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection230\">\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 9.6pt 0in 0.0001pt 49.45pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Revocable<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Trust<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6pt 0in 0.0001pt 49.45pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limited Liability Company <span style=\"letter-spacing:-.1pt\">(LLC)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6pt 0in 0.0001pt 49.45pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Other <span style=\"letter-spacing:\n-.1pt\">(describe):<\/span><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:10.3pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.45pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Irrevocable<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Trust<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6pt 0in 0.0001pt 49.45pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limited Partnership <span style=\"letter-spacing:-.2pt\">(LP)<\/span><o:p><\/o:p><\/span><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:11.0pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 49.45pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Corporation<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div 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path=\"m,l5760720,e\" filled=\"f\" strokeweight=\"1pt\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-size:13.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<h3><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">AUTHORIZED<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">SIGNOR<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INFORMATION<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.85pt;margin-right:0in;margin-bottom:\n.05pt;margin-left:0in\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:8.0pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:90.4pt\">\n  <td width=\"395\" valign=\"top\" style=\"width:296.15pt;border:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:90.4pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.65pt;margin-right:10.1pt;\n  margin-bottom:0in;margin-left:9.0pt;margin-bottom:.0001pt;line-height:103%\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Provide<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>name<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>person<span style=\"letter-spacing:-.25pt\">\n  <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>authorized<span style=\"letter-spacing:\n  -.25pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>make this\n  investment and sign on behalf of this legal entity.<o:p><\/o:p><\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.65pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:0in;margin-right:10.1pt;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If this investment decision\n  is being made by a third-party administrator<span style=\"letter-spacing:-.3pt\">\n  <\/span>(such<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>Trust<span style=\"letter-spacing:-.3pt\"> <\/span>attorney<span style=\"letter-spacing:\n  -.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>financial<span style=\"letter-spacing:-.3pt\"> <\/span>institution), provide the name and\n  contact information of the <span style=\"letter-spacing:-.1pt\">administrator.<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"278\" valign=\"top\" style=\"width:208.3pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:90.4pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:37.8pt\">\n  <td width=\"395\" valign=\"top\" style=\"width:296.15pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:37.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Provide<span style=\"letter-spacing:-.35pt\"> <\/span>Tax<span style=\"letter-spacing:-.15pt\">\n  <\/span>ID<span style=\"letter-spacing:-.15pt\"> <\/span>Number<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Legal<span style=\"letter-spacing:-.15pt\"> <\/span>Entity<span style=\"letter-spacing:-.15pt\">\n  <\/span>(Trust,<span style=\"letter-spacing:-.1pt\"> <\/span>Corp,<span style=\"letter-spacing:-.15pt\"> <\/span>LLC,<span style=\"letter-spacing:-.1pt\">\n  <\/span><span style=\"letter-spacing:-.25pt\">LP<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt;margin-right:0in;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">or\n  <span style=\"letter-spacing:-.1pt\">Corp)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"278\" valign=\"top\" style=\"width:208.3pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:37.8pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:37.8pt\">\n  <td width=\"395\" valign=\"top\" style=\"width:296.15pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:37.8pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.35pt\"> <\/span>Trust,<span style=\"letter-spacing:-.15pt\">\n  <\/span>provide<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>title<span style=\"letter-spacing:-.15pt\">\n  <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Trust;<span style=\"letter-spacing:-.15pt\">\n  <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>Legal<span style=\"letter-spacing:-.15pt\"> <\/span>Entity,<span style=\"letter-spacing:\n  -.1pt\"> provide<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" style=\"margin-top:.55pt;margin-right:0in;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">the\n  title of the Legal <span style=\"letter-spacing:-.1pt\">Entity.<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"278\" valign=\"top\" style=\"width:208.3pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:37.8pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:24.6pt\">\n  <td width=\"395\" valign=\"top\" style=\"width:296.15pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:24.6pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.45pt\"> <\/span>Trust,<span style=\"letter-spacing:-.1pt\">\n  <\/span>provide<span style=\"letter-spacing:-.15pt\"> <\/span>date<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>Trust<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Agreement<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"278\" valign=\"top\" style=\"width:208.3pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:24.6pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;mso-yfti-lastrow:yes;height:24.6pt\">\n  <td width=\"395\" valign=\"top\" style=\"width:296.15pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:24.6pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:5.85pt;margin-right:0in;margin-bottom:\n  0in;margin-left:9.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.25pt\"> <\/span>Trust,<span style=\"letter-spacing:-.05pt\">\n  <\/span>provide<span style=\"letter-spacing:-.05pt\"> <\/span>date<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>last<span style=\"letter-spacing:-.05pt\"> <\/span>amendment<span style=\"letter-spacing:\n  -.05pt\"> <\/span>(if<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.2pt\">any)<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"278\" valign=\"top\" style=\"width:208.3pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:24.6pt\">\n  <p class=\"TableParagraph\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.3pt;margin-right:0in;\nmargin-bottom:0in;margin-left:1.4pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(continues<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>next<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">page)<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection232\">\n\n<h3 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Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.15pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">BENEFICIAL<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.8pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">OWNERS<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.3pt;margin-right:6.9pt;margin-bottom:\n0in;margin-left:8.4pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">If Trust,\ncomplete the table below, listing each trustee of the trust. For other types of\nlegal entities, complete the table<span style=\"letter-spacing:-.35pt\"> <\/span>below,<span style=\"letter-spacing:-.35pt\"> <\/span>listing<span style=\"letter-spacing:-.35pt\">\n<\/span>(a)<span style=\"letter-spacing:-.35pt\"> <\/span>each<span style=\"letter-spacing:-.35pt\"> <\/span>person<span style=\"letter-spacing:-.35pt\">\n<\/span>who<span style=\"letter-spacing:-.35pt\"> <\/span>owns<span style=\"letter-spacing:-.35pt\"> <\/span>25%<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>more<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>equity<span style=\"letter-spacing:-.35pt\">\n<\/span>interests<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>entity<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>(b)<span style=\"letter-spacing:-.35pt\"> <\/span>each<span style=\"letter-spacing:-.35pt\"> <\/span>person<span style=\"letter-spacing:-.35pt\"> <\/span>that exercises significant management\nresponsibility for the entity (regardless of their ownership).<sup>5<\/sup><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.7pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:8.4pt;text-align:justify\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">For<span style=\"letter-spacing:-.75pt\"> <\/span>each<span style=\"letter-spacing:-.45pt\"> <\/span>person<span style=\"letter-spacing:-.4pt\"> <\/span>owning<span style=\"letter-spacing:-.4pt\"> <\/span>25%<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>more<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>equity<span style=\"letter-spacing:-.4pt\"> <\/span>interests<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>entity,<span style=\"letter-spacing:-.45pt\"> <\/span>please<span style=\"letter-spacing:-.45pt\"> <\/span>submit<span style=\"letter-spacing:-.35pt\">\n<\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>copy<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>their<span style=\"letter-spacing:-.65pt\"> <\/span>photo<span style=\"letter-spacing:-.35pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">ID.<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.3pt\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<table class=\"MsoNormalTable\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" style=\"margin-left:9.4pt;border-collapse:collapse;mso-table-layout-alt:fixed;\n border:none;mso-border-alt:solid black 1.0pt;mso-yfti-tbllook:480;mso-padding-alt:\n 0in 0in 0in 0in;mso-border-insideh:1.0pt solid black;mso-border-insidev:1.0pt solid black\">\n <tbody><tr style=\"mso-yfti-irow:0;mso-yfti-firstrow:yes;height:39.5pt\">\n  <td width=\"166\" valign=\"top\" style=\"width:124.8pt;border:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:39.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:3.65pt;margin-right:10.95pt;\n  margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">Beneficial<span style=\"letter-spacing:-.6pt\"> <\/span>Owner(s)<span style=\"letter-spacing:-.55pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.55pt\"> <\/span>Provide\n  Legal Name of Trustee(s) or Beneficial Owner(s)<o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"90\" valign=\"top\" style=\"width:67.7pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:39.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:4.1pt\"><b><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:10.05pt\"><span style=\"font-size:\n  9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Date\n  of <span style=\"letter-spacing:-.1pt\">Birth<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"88\" valign=\"top\" style=\"width:66.25pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:39.5pt\">\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:9.05pt;margin-right:\n  0in;margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Social\n  <span style=\"letter-spacing:-.1pt\">Security<\/span><o:p><\/o:p><\/span><\/p>\n  <p class=\"TableParagraph\" align=\"center\" style=\"margin-top:.45pt;margin-right:\n  0in;margin-bottom:0in;margin-left:.9pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\n  letter-spacing:-.1pt\">Number<\/span><span style=\"font-size:9.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"227\" valign=\"top\" style=\"width:169.95pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:39.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:4.1pt\"><b><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:\n  &quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n  <p class=\"TableParagraph\" style=\"margin-left:49.0pt\"><span style=\"font-size:\n  9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Residential<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.25pt;border:solid black 1.0pt;\n  border-left:none;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:39.5pt\">\n  <p class=\"TableParagraph\" style=\"margin-top:9.05pt;margin-right:6.1pt;\n  margin-bottom:0in;margin-left:13.65pt;margin-bottom:.0001pt;text-indent:-6.65pt;\n  line-height:103%\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;\n  line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\">%<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>Ownership\n  (Non<span style=\"letter-spacing:-.2pt\"> <\/span>Trusts)<o:p><\/o:p><\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:1;height:30.5pt\">\n  <td width=\"166\" valign=\"top\" style=\"width:124.8pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"90\" valign=\"top\" style=\"width:67.7pt;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"88\" valign=\"top\" style=\"width:66.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"227\" valign=\"top\" style=\"width:169.95pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:2;height:30.5pt\">\n  <td width=\"166\" valign=\"top\" style=\"width:124.8pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"90\" valign=\"top\" style=\"width:67.7pt;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"88\" valign=\"top\" style=\"width:66.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"227\" valign=\"top\" style=\"width:169.95pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:3;height:30.5pt\">\n  <td width=\"166\" valign=\"top\" style=\"width:124.8pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"90\" valign=\"top\" style=\"width:67.7pt;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"88\" valign=\"top\" style=\"width:66.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"227\" valign=\"top\" style=\"width:169.95pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:4;height:30.5pt\">\n  <td width=\"166\" valign=\"top\" style=\"width:124.8pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"90\" valign=\"top\" style=\"width:67.7pt;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"88\" valign=\"top\" style=\"width:66.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"227\" valign=\"top\" style=\"width:169.95pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n <tr style=\"mso-yfti-irow:5;mso-yfti-lastrow:yes;height:30.5pt\">\n  <td width=\"166\" valign=\"top\" style=\"width:124.8pt;border:solid black 1.0pt;\n  border-top:none;mso-border-top-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"90\" valign=\"top\" style=\"width:67.7pt;border-top:none;border-left:none;\n  border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;mso-border-top-alt:\n  solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;padding:0in 0in 0in 0in;\n  height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"88\" valign=\"top\" style=\"width:66.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"227\" valign=\"top\" style=\"width:169.95pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n  <td width=\"98\" valign=\"top\" style=\"width:73.25pt;border-top:none;border-left:\n  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;\n  mso-border-top-alt:solid black 1.0pt;mso-border-left-alt:solid black 1.0pt;\n  padding:0in 0in 0in 0in;height:30.5pt\">\n  <p class=\"TableParagraph\"><span style=\"font-size:10.0pt;mso-bidi-font-size:\n  11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n  <\/td>\n <\/tr>\n<\/tbody><\/table>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<h3 style=\"margin-left:8.4pt;text-align:justify;tab-stops:476.4pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">CERTIFICATION<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:.1pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">OF<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.3pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">BENEFICIAL<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.6pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">OWNERSHIP<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h3>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:8.4pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Please<span style=\"letter-spacing:\n-.05pt\"> <\/span>select<span style=\"letter-spacing:-.05pt\"> <\/span>one<span style=\"letter-spacing:-.05pt\"> <\/span>of the<span style=\"letter-spacing:-.05pt\">\n<\/span>following,<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>applies<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>your<span style=\"letter-spacing:-.05pt\"> <\/span>authority to<span style=\"letter-spacing:\n-.05pt\"> <\/span>make<span style=\"letter-spacing:-.05pt\"> <\/span>this<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">investment:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.95pt;margin-right:6.85pt;\nmargin-bottom:0in;margin-left:48.9pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nline-height:93%;mso-list:l19 level1 lfo8;tab-stops:46.85pt 48.9pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:93%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Beneficial Owner(s)\nlisted above may act independently as provided in the Trust, Operating<span style=\"letter-spacing:-.2pt\"> <\/span>Agree- ment, or Shareholders Agreement (or\nother applicable governing document(s)).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:4.05pt;margin-right:6.9pt;\nmargin-bottom:0in;margin-left:48.9pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nline-height:93%;mso-list:l19 level1 lfo8;tab-stops:46.85pt 48.9pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:93%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.7pt\"> <\/span>Beneficial<span style=\"letter-spacing:-.7pt\"> <\/span>Owner(s)<span style=\"letter-spacing:-.7pt\"> <\/span>listed<span style=\"letter-spacing:-.65pt\">\n<\/span>above<span style=\"letter-spacing:-.7pt\"> <\/span>may<span style=\"letter-spacing:-.7pt\"> <\/span>act<span style=\"letter-spacing:-.7pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>a<span style=\"letter-spacing:-.65pt\"> <\/span>majority<span style=\"letter-spacing:-.65pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>provided<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Trust,<span style=\"letter-spacing:-.6pt\"> <\/span>Operating<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement, or Shareholders Agreement (or\nother applicable governing document(s)).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.25pt;margin-right:6.85pt;\nmargin-bottom:0in;margin-left:48.9pt;margin-bottom:.0001pt;text-indent:-27.05pt;\nline-height:98%;mso-list:l19 level1 lfo8;tab-stops:.65in 48.9pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:98%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Beneficial Owner(s)\nlisted above must act unanimously as provided in the Trust, Operating\nAgreement, or Shareholders<span style=\"letter-spacing:-.35pt\"> <\/span>Agreement\n(or other applicable governing document(s)), and the authoriza- tion of all\nBeneficial Owners is required.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:9.5pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:8.4pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">By completing and\nsigning this Beneficial Ownership Form and Certification, you are certifying\nthat (i) you are authorized to make this investment and such investment is in\nfull compliance with the Trust or Operating<span style=\"letter-spacing:-.25pt\">\n<\/span>Agree- ment,<span style=\"letter-spacing:-.6pt\"> <\/span>(ii)<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>Trust,<span style=\"letter-spacing:-.3pt\"> <\/span>Shareholders<span style=\"letter-spacing:\n-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>Operating<span style=\"letter-spacing:-.7pt\">\n<\/span>Agreement<span style=\"letter-spacing:-.3pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>been<span style=\"letter-spacing:-.3pt\"> <\/span>revoked,<span style=\"letter-spacing:-.3pt\">\n<\/span>modified,<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>amended in any manner that would cause the\nstatements contained in this Certification to be incorrect, (iii) the entity\nexists under applicable state laws, and (iv) you agree to indemnify and hold\nharmless the Cloud Toronto &#8211; FYBN Cos Inc., the Fund, the Manager and Young\nAmerica Capital, LLC for any and all losses, liabilities, claims and costs\n(including reason- able attorneys\u2019<span style=\"letter-spacing:-.7pt\"> <\/span>fees)\nresulting from our effecting this investment or acting upon any instruction\ngiven by you with regard to this investment.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:9.35pt;margin-right:0in;\nmargin-bottom:0in;margin-left:1.4pt;margin-bottom:.0001pt;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(continues<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>next<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">page)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.55pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:7.45pt;margin-bottom:\n0in;margin-left:26.4pt;margin-bottom:.0001pt;line-height:103%\"><sup><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">5<\/span><\/sup><span style=\"font-size:9.0pt;\nmso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:9.0pt;mso-bidi-font-size:\n11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Provide<span style=\"letter-spacing:-.2pt\"> <\/span>detailed<span style=\"letter-spacing:-.2pt\">\n<\/span>information<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.2pt\"> <\/span>layer<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>beneficial<span style=\"letter-spacing:-.2pt\"> <\/span>ownership,<span style=\"letter-spacing:\n-.2pt\"> <\/span>if<span style=\"letter-spacing:-.25pt\"> <\/span>applicable.<span style=\"letter-spacing:-.2pt\"> <\/span>For<span style=\"letter-spacing:-.2pt\"> <\/span>example,<span style=\"letter-spacing:-.2pt\"> <\/span>if<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>beneficial<span style=\"letter-spacing:\n-.2pt\"> <\/span>owner<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>another entity, provide the entity name\nand the beneficial owners of that second layer of owners.<span 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<\/span>to be<span style=\"letter-spacing:-.35pt\"> <\/span>accurate,<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>powers<span style=\"letter-spacing:-.25pt\">\n<\/span>granted<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Trust,<span style=\"letter-spacing:-.2pt\"> <\/span>Operating<span style=\"letter-spacing:-.7pt\">\n<\/span>Agreement,<span style=\"letter-spacing:-.15pt\"> <\/span>Shareholders<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.15pt\">\n<\/span>authorize<span style=\"letter-spacing:-.2pt\"> <\/span>this transaction\nwithout restriction.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p 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style=\"letter-spacing:-.1pt\">Signor<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Co-Beneficial<span style=\"letter-spacing:-.1pt\"> <\/span>Owner<span style=\"letter-spacing:-.1pt\"> <\/span>(if<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">applies)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.2pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-left:5.55pt;tab-stops:257.55pt\"><span 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Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:7.55pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:36.5pt\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">If<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">there<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">are<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">more<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">than<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">two<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">persons<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">that<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">are<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">required<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">to<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">sign<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">this<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Certification,<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">attach<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">additional<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.15pt\"> <\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">pages.<\/span><\/i><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/i><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection234\">\n\n<h1 style=\"margin-left:47.95pt\"><v:group id=\"Group_x0020_430\" o:spid=\"_x0000_s2072\" style=\"position: absolute; left: 0px; margin-left: 36pt; margin-top: 36pt; width: 540pt; height: 10in; z-index: -1895825377;\" coordsize=\"68580,91440\" 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path=\"m,l1828800,e\" filled=\"f\" strokeweight=\".15486mm\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;\nletter-spacing:-.1pt\">ACCREDITED<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.4pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INVESTOR<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">STATUS<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.55pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">VERIFICATION<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">LETTER<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h1>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.7pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:.6pt;text-align:center\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(To<span style=\"letter-spacing:-.4pt\"> <\/span>Be<span style=\"letter-spacing:-.35pt\"> <\/span>Completed<span style=\"letter-spacing:-.45pt\"> <\/span>For<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Individuals)<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.85pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%;tab-stops:216.75pt\"><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">[INSERT NAME OF CLIENT]\n(\u201cClient\u201d) has requested that the undersigned provide CLOUD TORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME FUND, LLC, a New\nYork limited liability company (the \u201cCompany\u201d) with this Accredited Investor\nStatus Verification Letter (this \u201cStatus Letter\u201d)<span style=\"letter-spacing:\n-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>assist<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Company<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>verification<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Client\u2019s<span style=\"letter-spacing:-.45pt\">\n<\/span>status<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>an<span style=\"letter-spacing:-.45pt\"> <\/span>\u201caccredited<span style=\"letter-spacing:-.45pt\"> <\/span>investor\u201d<span style=\"letter-spacing:\n-.45pt\"> <\/span>within<span style=\"letter-spacing:-.45pt\"> <\/span>the meaning\nof Rule 501(a) of the U.S. Securities<span style=\"letter-spacing:-.55pt\"> <\/span>Act\nof 1933, as amended (the \u201c\u2018Securities<span style=\"letter-spacing:-.55pt\"> <\/span>Act\u201d),\nin connec- tion with the Client\u2019s potential purchase of securities (the\n\u201cUnits\u201d) offered for sale by the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:24.25pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I hereby certify that I am\n(please check appropriate <span style=\"letter-spacing:-.1pt\">box):<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.5pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 67.2pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.25pt\"> <\/span>registered<span style=\"letter-spacing:-.1pt\"> <\/span>broker-dealer,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>U.S.<span style=\"letter-spacing:-.15pt\"> <\/span>Securities<span style=\"letter-spacing:-.2pt\"> <\/span>Exchange<span style=\"letter-spacing:-.7pt\">\n<\/span>Act<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>1934,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">amended;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:\n-.05pt\"> <\/span>investment<span style=\"letter-spacing:-.05pt\"> <\/span>advisor<span style=\"letter-spacing:-.05pt\"> <\/span>registered<span style=\"letter-spacing:\n-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>U.S.<span style=\"letter-spacing:-.05pt\"> <\/span>Securities<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Exchange\n<span style=\"letter-spacing:-.1pt\">Commission;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.05pt\"> <\/span>licensed attorney in good standing<span style=\"letter-spacing:\n-.05pt\"> <\/span>under the laws<span style=\"letter-spacing:-.05pt\"> <\/span>of\nthe jurisdiction<span style=\"letter-spacing:-.05pt\"> <\/span>in which he or she <span style=\"letter-spacing:-.25pt\">is<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:64.75pt;line-height:12.2pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">admitted to\npractice law; <span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 8.45pt 28.7pt 0.0001pt 64.75pt; text-indent: -22.5pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n93%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire 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style=\"margin-top:6.0pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:24.25pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Based<span style=\"letter-spacing:\n-.15pt\"> <\/span>solely<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>review<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Client<span style=\"letter-spacing:-.15pt\">\n<\/span>Materials<span style=\"letter-spacing:-.2pt\"> <\/span>(as<span style=\"letter-spacing:-.2pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\">\n<\/span>below),<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>undersigned<span style=\"letter-spacing:\n-.15pt\"> <\/span>hereby<span style=\"letter-spacing:-.15pt\"> <\/span>advises<span style=\"letter-spacing:-.2pt\"> <\/span>the Company that the Client satisfies one\nor more of the following criteria (check all boxes that apply):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 12.5pt 25.45pt 0.0001pt 69.25pt; text-indent: -27.05pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n93%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.2pt\"> <\/span>natural<span style=\"letter-spacing:-.2pt\">\n<\/span>person<span style=\"letter-spacing:-.2pt\"> <\/span>whose<span style=\"letter-spacing:-.2pt\"> <\/span>individual<span style=\"letter-spacing:\n-.2pt\"> <\/span>\u201cnet<span style=\"letter-spacing:-.2pt\"> <\/span>worth\u201d<sup>1<\/sup><span style=\"letter-spacing:-.2pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>joint<span style=\"letter-spacing:-.2pt\"> <\/span>net<span style=\"letter-spacing:-.25pt\"> <\/span>worth<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>Client\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>spouse<span style=\"letter-spacing:-.2pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>spousal equivalent<sup>2<\/sup>,\nexceeds $1,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.7pt 30.35pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 98%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:98%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a natural person who had an\nindividual income in excess of $200,000 in each of the two most- recent<span style=\"letter-spacing:-.2pt\"> <\/span>years<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>joint<span style=\"letter-spacing:-.2pt\"> <\/span>income<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>Client\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span>spouse<span style=\"letter-spacing:-.2pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>spousal<span style=\"letter-spacing:-.2pt\"> <\/span>equivalent<span style=\"letter-spacing:\n-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>excess<span style=\"letter-spacing:-.25pt\"> <\/span>of$300,000<span style=\"letter-spacing:\n-.2pt\"> <\/span>in each of those years;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.4pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.35pt\"> <\/span>director,<span style=\"letter-spacing:-.3pt\"> <\/span>executive<span style=\"letter-spacing:-.35pt\"> <\/span>officer<span style=\"letter-spacing:-.3pt\">\n<\/span>or<span style=\"letter-spacing:-.35pt\"> <\/span>manager<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Company,<span style=\"letter-spacing:-.35pt\">\n<\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:\n-.35pt\"> <\/span>director,<span style=\"letter-spacing:-.3pt\"> <\/span>executive<span style=\"letter-spacing:-.3pt\"> <\/span>officers<span style=\"letter-spacing:-.4pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:69.25pt;line-height:12.2pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">manager of the\n<span style=\"letter-spacing:-.1pt\">Manager<sup>3<\/sup>;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:9.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.3pt\"><span style=\"font-size:9.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:47.1pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><sup><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:\n103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\">1<\/span><\/sup><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\"> <\/span><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">\u201cNet<span style=\"letter-spacing:-.1pt\"> <\/span>worth\u201d<span style=\"letter-spacing:-.1pt\"> <\/span>means<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>excess<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\">\n<\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>fair<span style=\"letter-spacing:\n-.1pt\"> <\/span>market<span style=\"letter-spacing:-.1pt\"> <\/span>value<span style=\"letter-spacing:-.1pt\"> <\/span>over<span style=\"letter-spacing:-.15pt\"> <\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>liabilities.<span style=\"letter-spacing:\n-.1pt\"> <\/span>For<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>purposes<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>determining<span style=\"letter-spacing:-.1pt\"> <\/span>\u201cnet worth\u201d the value of the Client\u2019s\nprimary residence is excluded as an asset. In addition, any<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.1pt;margin-right:34.75pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">liabilities<span style=\"letter-spacing:\n-.2pt\"> <\/span>secured<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>Client\u2019s<span style=\"letter-spacing:-.2pt\">\n<\/span>primary<span style=\"letter-spacing:-.15pt\"> <\/span>residence<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>included<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>total<span style=\"letter-spacing:-.15pt\"> <\/span>liabilities<span style=\"letter-spacing:\n-.2pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>purposes<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>calculation<span style=\"letter-spacing:\n-.15pt\"> <\/span>only<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the extent<span style=\"letter-spacing:\n-.05pt\"> <\/span>that:<span style=\"letter-spacing:-.05pt\"> <\/span>(1)<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>liabilities<span style=\"letter-spacing:-.1pt\"> <\/span>exceed<span style=\"letter-spacing:-.05pt\">\n<\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>fair<span style=\"letter-spacing:-.05pt\"> <\/span>market<span style=\"letter-spacing:-.05pt\">\n<\/span>value<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>residence;<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>(2)<span style=\"letter-spacing:-.05pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>liabilities<span style=\"letter-spacing:-.1pt\"> <\/span>were<span style=\"letter-spacing:-.05pt\"> <\/span>incurred<span style=\"letter-spacing:-.05pt\"> <\/span>within<span style=\"letter-spacing:-.05pt\">\n<\/span>60<span style=\"letter-spacing:-.05pt\"> <\/span>days before the date\nhereof (other than as a result of the acquisition of the residence). Joint net<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.1pt;margin-right:0in;margin-bottom:0in;\nmargin-left:24.25pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">worth<span style=\"letter-spacing:-.05pt\"> <\/span>can be the aggregate<span style=\"letter-spacing:-.05pt\"> <\/span>net worth of you<span style=\"letter-spacing:\n-.05pt\"> <\/span>and your spouse or<span style=\"letter-spacing:-.05pt\"> <\/span>spousal\nequivalent, and assets<span style=\"letter-spacing:-.1pt\"> <\/span>need not be <span style=\"letter-spacing:-.2pt\">held<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.45pt;margin-right:24.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">jointly<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>included<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>calculation.<span style=\"letter-spacing:\n-.1pt\"> <\/span>Reliance<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>joint<span style=\"letter-spacing:-.1pt\"> <\/span>net<span style=\"letter-spacing:-.1pt\"> <\/span>worth<span style=\"letter-spacing:-.1pt\"> <\/span>standard<span style=\"letter-spacing:-.1pt\">\n<\/span>does<span style=\"letter-spacing:-.15pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>require<span style=\"letter-spacing:-.1pt\">\n<\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>purchased <span style=\"letter-spacing:\n-.1pt\">jointly.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:24.25pt;margin-bottom:.0001pt\"><sup><span style=\"font-size:9.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">2<\/span><\/sup><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.25pt\"> <\/span><span style=\"font-size:9.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.05pt\"> <\/span>term \u201cspousal<span style=\"letter-spacing:-.05pt\"> <\/span>equivalent\u201d<span style=\"letter-spacing:-.05pt\"> <\/span>means<span style=\"letter-spacing:-.05pt\">\n<\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>cohabitant occupying<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>relationship\ngenerally<span style=\"letter-spacing:-.05pt\"> <\/span>equivalent to<span style=\"letter-spacing:-.05pt\"> <\/span>that<span style=\"letter-spacing:-.05pt\"> <\/span>of\na<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">spouse.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.45pt;margin-right:26.85pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%\"><sup><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;line-height:103%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">3<\/span><\/sup><span style=\"font-size:9.0pt;\nmso-bidi-font-size:11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\"> <\/span><span style=\"font-size:9.0pt;mso-bidi-font-size:\n11.0pt;line-height:103%;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Executive<span style=\"letter-spacing:-.2pt\"> <\/span>officer<span style=\"letter-spacing:-.2pt\">\n<\/span>means<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>president,<span style=\"letter-spacing:\n-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>vice<span style=\"letter-spacing:-.2pt\"> <\/span>president<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>charge<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>principal<span style=\"letter-spacing:-.2pt\">\n<\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>unit,<span style=\"letter-spacing:-.2pt\"> <\/span>division<span style=\"letter-spacing:-.2pt\">\n<\/span>or<span style=\"letter-spacing:-.2pt\"> <\/span>function<span style=\"letter-spacing:-.2pt\"> <\/span>(such<span style=\"letter-spacing:-.2pt\"> <\/span>as\nsales, administration or finance), any other officer who performs a policy\nmaking function, or any<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.1pt;margin-right:0in;margin-bottom:0in;\nmargin-left:24.25pt;margin-bottom:.0001pt\"><span style=\"font-size:9.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">other<span style=\"letter-spacing:-.2pt\"> <\/span>person<span style=\"letter-spacing:-.1pt\"> <\/span>who<span style=\"letter-spacing:-.05pt\"> <\/span>performs<span style=\"letter-spacing:-.1pt\">\n<\/span>similar<span style=\"letter-spacing:-.1pt\"> <\/span>policy<span style=\"letter-spacing:-.05pt\"> <\/span>making<span style=\"letter-spacing:-.1pt\">\n<\/span>functions<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection235\">\n\n<p class=\"MsoListParagraph\" style=\"margin-top:3.35pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:69.25pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nline-height:100%;mso-list:l69 level1 lfo7;tab-stops:67.2pt 69.25pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:100%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; 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path=\"m,l5486400,e\" filled=\"f\" strokeweight=\".18942mm\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a natural\nperson who is a \u201cknowledgeable employee\u201d (as defined in Rule 3c-5(a)(4) under\nthe Investment Company Act) of the Company where the Company would be an\n\u201cinvestment company\u201d (as defined in Section 3 of Investment Company<span style=\"letter-spacing:-.5pt\"> <\/span>Act), but for the exclusion provided by\neither Section 3(c)(1) or Section 3(c)(7) of Investment Company<span style=\"letter-spacing:-.05pt\"> <\/span>Act;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:7.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:69.25pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nline-height:102%;mso-list:l69 level1 lfo7;tab-stops:67.2pt 69.25pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:102%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a \u201cfamily client,\u201d as defined\nin rule 202(a)(11)(G)-1 under the Investment<span style=\"letter-spacing:-.55pt\">\n<\/span>Advisers<span style=\"letter-spacing:-.55pt\"> <\/span>Act of 1940, as<span style=\"letter-spacing:-.15pt\"> <\/span>amended<span style=\"letter-spacing:-.15pt\">\n<\/span>(the<span style=\"letter-spacing:-.15pt\"> <\/span>\u201cAdvisers<span style=\"letter-spacing:-.7pt\"> <\/span>Act\u201d),<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:\n-.15pt\"> <\/span>family<span style=\"letter-spacing:-.15pt\"> <\/span>office<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>rule<span style=\"letter-spacing:-.15pt\"> <\/span>202(a)(11)(G)-1<span style=\"letter-spacing:\n-.15pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>the Advisers<span style=\"letter-spacing:-.7pt\"> <\/span>Act,<span style=\"letter-spacing:-.7pt\"> <\/span>(i)<span style=\"letter-spacing:-.7pt\"> <\/span>with<span style=\"letter-spacing:-.65pt\"> <\/span>assets<span style=\"letter-spacing:-.5pt\"> <\/span>under<span style=\"letter-spacing:-.55pt\"> <\/span>management<span style=\"letter-spacing:-.55pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>excess<span style=\"letter-spacing:-.55pt\"> <\/span>of$5,000,000,<span style=\"letter-spacing:\n-.55pt\"> <\/span>(ii)<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>formed<span style=\"letter-spacing:-.55pt\">\n<\/span>for the<span style=\"letter-spacing:-.3pt\"> <\/span>specific<span style=\"letter-spacing:-.3pt\"> <\/span>purpose<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>acquiring<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>securities<span style=\"letter-spacing:-.3pt\"> <\/span>offered,<span style=\"letter-spacing:-.3pt\">\n<\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>(iii)<span style=\"letter-spacing:-.3pt\"> <\/span>whose<span style=\"letter-spacing:-.3pt\"> <\/span>prospective<span style=\"letter-spacing:-.3pt\"> <\/span>investment<span style=\"letter-spacing:\n-.3pt\"> <\/span>is directed by a person who has such knowledge and experience in\nfinancial and business matters that<span style=\"letter-spacing:-.55pt\"> <\/span>such<span style=\"letter-spacing:-.55pt\"> <\/span>family<span style=\"letter-spacing:-.55pt\">\n<\/span>office<span style=\"letter-spacing:-.55pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>capable<span style=\"letter-spacing:-.55pt\">\n<\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>evaluating<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>merits<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>risks<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>prospective<span style=\"letter-spacing:\n-.55pt\"> <\/span>investment, and<span style=\"letter-spacing:-.45pt\"> <\/span>whose<span style=\"letter-spacing:-.45pt\"> <\/span>prospective<span style=\"letter-spacing:\n-.45pt\"> <\/span>investment<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>directed<span style=\"letter-spacing:-.45pt\">\n<\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>family<span style=\"letter-spacing:-.45pt\">\n<\/span>office<span style=\"letter-spacing:-.45pt\"> <\/span>pursuant<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>clause<span style=\"letter-spacing:-.45pt\"> <\/span>(iii)<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>this sentence: or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.6pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a natural person holding in\ngood standing one or more of the following professional <span style=\"letter-spacing:\n-.1pt\">licenses:<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:12.3pt;margin-right:0in;margin-bottom:\n0in;margin-left:132.25pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l69 level2 lfo7;\ntab-stops:132.25pt\"><!--[if !supportLists]-->(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">General<span style=\"letter-spacing:-.2pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.15pt\"> <\/span>Representative<span style=\"letter-spacing:-.2pt\"> <\/span>license<span style=\"letter-spacing:-.15pt\"> <\/span>(Series<span style=\"letter-spacing:-.15pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">7);<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:132.25pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l69 level2 lfo7;\ntab-stops:132.25pt\"><!--[if !supportLists]-->(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Private<span style=\"letter-spacing:-.3pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.35pt\"> <\/span>Offerings<span style=\"letter-spacing:-.3pt\"> <\/span>Representative<span style=\"letter-spacing:-.3pt\"> <\/span>license<span style=\"letter-spacing:-.3pt\">\n<\/span>(Series<span style=\"letter-spacing:-.35pt\"> <\/span>82),<span style=\"letter-spacing:-.25pt\"> and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:132.3pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l69 level2 lfo7;\ntab-stops:132.3pt\"><!--[if !supportLists]-->(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment<span style=\"letter-spacing:-.7pt\"> <\/span>Adviser<span style=\"letter-spacing:-.1pt\">\n<\/span>Representative<span style=\"letter-spacing:-.05pt\"> <\/span>license<span style=\"letter-spacing:-.05pt\"> <\/span>(Series<span style=\"letter-spacing:-.1pt\">\n<\/span><span style=\"letter-spacing:-.25pt\">65)<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.6pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:\n-.15pt\"> <\/span>connection<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Status<span style=\"letter-spacing:-.2pt\"> <\/span>Letter,<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>undersigned<span style=\"letter-spacing:-.15pt\"> <\/span>has<span style=\"letter-spacing:-.2pt\"> <\/span>reviewed<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>original<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>photocopies<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the\nfollowing documents (the \u201cClient Materials\u201d) (please check the appropriate box\nor boxes):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7pt 0in 0.0001pt 69.95pt; text-indent: -27.7pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Form<span style=\"letter-spacing:\n-.05pt\"> <\/span>1040<span style=\"letter-spacing:-.05pt\"> <\/span>filed<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Internal Revenue<span style=\"letter-spacing:\n-.05pt\"> <\/span>Service<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>Client<span style=\"letter-spacing:-.05pt\">\n<\/span>[and his\/her<span style=\"letter-spacing:-.05pt\"> <\/span>spouse]<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">two<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:69.25pt;line-height:12.2pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">most-recent <span style=\"letter-spacing:-.1pt\">years;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.4pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Form<span style=\"letter-spacing:\n-.05pt\"> <\/span>1099<span style=\"letter-spacing:-.05pt\"> <\/span>filed<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Internal Revenue<span style=\"letter-spacing:\n-.05pt\"> <\/span>Service<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>Client<span style=\"letter-spacing:-.05pt\">\n<\/span>[and his\/her<span style=\"letter-spacing:-.05pt\"> <\/span>spouse]<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">two<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:69.25pt;line-height:12.2pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">most-recent <span style=\"letter-spacing:-.1pt\">years;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 8.45pt 51.2pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n93%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Schedule<span style=\"letter-spacing:-.2pt\"> <\/span>K-1<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>Form<span style=\"letter-spacing:-.2pt\"> <\/span>1065<span style=\"letter-spacing:-.2pt\"> <\/span>filed<span style=\"letter-spacing:-.2pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Internal<span style=\"letter-spacing:-.2pt\"> <\/span>Revenue<span style=\"letter-spacing:-.2pt\">\n<\/span>Service<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>Client<span style=\"letter-spacing:-.2pt\"> <\/span>[<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>his\/her\nspouse] for the two most recent-years;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.55pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Form<span style=\"letter-spacing:\n-.25pt\"> <\/span>W-2<span style=\"letter-spacing:-.05pt\"> <\/span>issued<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Internal<span style=\"letter-spacing:-.05pt\">\n<\/span>Revenue<span style=\"letter-spacing:-.05pt\"> <\/span>Service to<span style=\"letter-spacing:-.05pt\"> <\/span>Client<span style=\"letter-spacing:-.05pt\">\n<\/span>[and<span style=\"letter-spacing:-.05pt\"> <\/span>his\/her<span style=\"letter-spacing:-.05pt\"> <\/span>spouse]<span style=\"letter-spacing:-.05pt\">\n<\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>the <span style=\"letter-spacing:-.25pt\">two<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:69.25pt;line-height:12.2pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">most\nrecent-years; <span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.45pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Other<span style=\"letter-spacing:\n-.1pt\"> <\/span>Internal<span style=\"letter-spacing:-.05pt\"> <\/span>Revenue<span style=\"letter-spacing:-.1pt\"> <\/span>Service<span style=\"letter-spacing:-.05pt\">\n<\/span>documents<span style=\"letter-spacing:-.1pt\"> <\/span>(please<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">specify):<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:24.9pt;margin-bottom:\n0in;margin-left:69.25pt;margin-bottom:.0001pt;text-indent:-27.0pt;line-height:\n101%;mso-list:l69 level1 lfo7;tab-stops:67.2pt 69.25pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:101%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Othe (1) Bank Statements,\nbrokerage statements and other statements of securities holdings, certificates<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>deposit,<span style=\"letter-spacing:-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>assessments<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>appraisal<span style=\"letter-spacing:-.1pt\"> <\/span>reports<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Client<span style=\"letter-spacing:-.1pt\"> <\/span>issued<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>independent<span style=\"letter-spacing:\n-.1pt\"> <\/span>third parties<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>dated<span style=\"letter-spacing:-.1pt\"> <\/span>within<span style=\"letter-spacing:-.1pt\"> <\/span>three<span style=\"letter-spacing:-.1pt\"> <\/span>months<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>date<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>this<span style=\"letter-spacing:-.1pt\"> <\/span>Status<span style=\"letter-spacing:-.1pt\"> <\/span>Letter,<span style=\"letter-spacing:-.1pt\">\n<\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>(2)<span style=\"letter-spacing:\n-.1pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>consumer<span style=\"letter-spacing:-.1pt\"> <\/span>report from at least one of the nationwide\nconsumer reporting agencies indicating Client\u2019s liabilities, dated within three\nmonths of the date of 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.7pt\"> <\/span>delivering<span style=\"letter-spacing:\n-.7pt\"> <\/span>this<span style=\"letter-spacing:-.7pt\"> <\/span>Status<span style=\"letter-spacing:-.65pt\"> <\/span>Letter,<span style=\"letter-spacing:-.7pt\">\n<\/span>I<span style=\"letter-spacing:-.7pt\"> <\/span>hereby<span style=\"letter-spacing:-.7pt\"> <\/span>certify<span style=\"letter-spacing:-.65pt\">\n<\/span>that<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Client<span style=\"letter-spacing:-.7pt\"> <\/span>is<span style=\"letter-spacing:-.65pt\"> <\/span>an<span style=\"letter-spacing:-.7pt\"> <\/span>\u201caccredited<span style=\"letter-spacing:-.7pt\"> <\/span>investor\u201d<span style=\"letter-spacing:-.7pt\">\n<\/span>within<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>meaning of Rule 501(a) of the Securities<span style=\"letter-spacing:-.15pt\"> <\/span>Act, and that I have taken reasonable\nsteps to verify that the Client is an accredited investor within three months\nof the date of this Status Letter. This Status Letter may be relied <span style=\"letter-spacing:-.1pt\">upon<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">by<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Company<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">in<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">connection<\/span><span style=\"letter-spacing:-.4pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">with<\/span><span style=\"letter-spacing:\n-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">(i)<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">offering<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">sale<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units,<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">and<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">(ii)<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">to<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">extent<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.1pt\">permitted\n<\/span>pursuant<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>Rule<span style=\"letter-spacing:-.15pt\"> <\/span>506(c)<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>corresponding<span style=\"letter-spacing:-.15pt\"> <\/span>guidance<span style=\"letter-spacing:-.15pt\">\n<\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>U.S.<span style=\"letter-spacing:-.15pt\"> <\/span>Securities<span style=\"letter-spacing:-.15pt\"> <\/span>and Exchange Commission, for a period of\nfive (5) years following the date of this Status Letter in connection with any\nother offering by the issuer (provided that the Client delivers a written\nrepresentation that the Client continues to qualify as an \u201caccredited investor\u201d\nat the time of such subsequent offering and that the issuer is not aware of\ninformation to the contrary).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.3pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:205.6pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n280%;tab-stops:312.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Dated:\n<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Name of Firm: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;E-mail Address: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Phone Number: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;License Number: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;line-height:280%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div 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path=\"m,l5760720,e\" filled=\"f\" strokeweight=\"1pt\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;\nletter-spacing:-.1pt\">ACCREDITED<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.4pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">INVESTOR<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">STATUS<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.55pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\ncolor:#25408F;letter-spacing:-.1pt\">VERIFICATION<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:-.35pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F;letter-spacing:\n-.1pt\">LETTER<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h1>\n\n<p class=\"MsoBodyText\" style=\"margin-top:6.8pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:.6pt;text-align:center\"><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(To<span style=\"letter-spacing:-.4pt\"> <\/span>Be<span style=\"letter-spacing:-.35pt\"> <\/span>Completed<span style=\"letter-spacing:-.45pt\"> <\/span>For<span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Entities)<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.1pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:26.85pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%;tab-stops:216.75pt\"><u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/u><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">[INSERT NAME OF ENTITY]\n(\u201cEntity\u201d) has requested that the undersigned provide CLOUD TORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME FUND, LLC, a New\nYork limited liability company (the \u201cCompany\u201d) with this<span style=\"letter-spacing:\n-.35pt\"> <\/span>Accredited Investor Status Verification Letter (this \u201cStatus\nLetter\u201d) to assist the Company in its verification of the Entity\u2019s status as an\n\u201caccredited investor\u201d within the<span style=\"letter-spacing:-.2pt\"> <\/span>meaning<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Rule<span style=\"letter-spacing:-.1pt\"> <\/span>501(a)<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>U.S.<span style=\"letter-spacing:-.1pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>1933,<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>amended<span style=\"letter-spacing:-.1pt\">\n<\/span>(the<span style=\"letter-spacing:-.1pt\"> <\/span>\u201c\u2018Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act\u201d),<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>con- nection with the Entity\u2019s potential\npurchase of securities (the \u201cUnits\u201d) offered for sale by the Company.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:24.25pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">I\nhereby certify that I am (please check appropriate <span style=\"letter-spacing:\n-.1pt\">box):<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.1pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span 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style=\"letter-spacing:-.15pt\"> <\/span>account<span style=\"letter-spacing:2.0pt\"> <\/span>ant<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>good<span style=\"letter-spacing:-.15pt\"> <\/span>standing<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>laws<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>place<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>his<span style=\"letter-spacing:\n2.0pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>her<span style=\"letter-spacing:-.15pt\"> <\/span>resi- dence or principal office.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.2pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.15pt\"> <\/span>undersigned<span style=\"letter-spacing:-.15pt\"> <\/span>hereby<span style=\"letter-spacing:-.15pt\"> <\/span>advises<span style=\"letter-spacing:-.2pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.15pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Entity<span style=\"letter-spacing:-.15pt\">\n<\/span>satisfies<span style=\"letter-spacing:-.2pt\"> <\/span>one<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>more<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>following<span style=\"letter-spacing:\n-.15pt\"> <\/span>crite- ria (please check all boxes that apply):<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.85pt 35.55pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 98%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n98%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.25pt\"> <\/span>bank<span style=\"letter-spacing:-.15pt\"> <\/span>(as<span style=\"letter-spacing:-.2pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>3(a)(2)<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span>Act)<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>savings<span style=\"letter-spacing:-.2pt\">\n<\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>loan<span style=\"letter-spacing:-.15pt\"> <\/span>association<span style=\"letter-spacing:\n-.15pt\"> <\/span>or other institution (as defined in Section 3(a)(5)(A) of the\nSecurities<span style=\"letter-spacing:-.55pt\"> <\/span>Act), in each case\nwhether acting in its individual or fiduciary capacity;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.1pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:\n-.2pt\"> <\/span>insurance<span style=\"letter-spacing:-.1pt\"> <\/span>company<span style=\"letter-spacing:-.1pt\"> <\/span>(as<span style=\"letter-spacing:-.15pt\"> <\/span>defined<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>Section<span style=\"letter-spacing:-.1pt\"> <\/span>2(13)<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Securities<span style=\"letter-spacing:-.7pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Act);<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 5.7pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.05pt\"> <\/span>broker<span style=\"letter-spacing:-.05pt\"> <\/span>or dealer<span style=\"letter-spacing:-.05pt\"> <\/span>registered pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to Section<span style=\"letter-spacing:\n-.05pt\"> <\/span>15<span style=\"letter-spacing:-.05pt\"> <\/span>of the<span style=\"letter-spacing:-.05pt\"> <\/span>U.S. Securities<span style=\"letter-spacing:\n-.1pt\"> <\/span>Exchange<span style=\"letter-spacing:-.65pt\"> <\/span>Act<span style=\"letter-spacing:-.05pt\"> <\/span>of <span style=\"letter-spacing:-.1pt\">1934,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:69.25pt;line-height:12.2pt;mso-line-height-rule:\nexactly\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">as<span style=\"letter-spacing:-.1pt\"> amended;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 8.15pt 50.7pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n93%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:-.3pt\"> <\/span>investment<span style=\"letter-spacing:\n-.15pt\"> <\/span>adviser<span style=\"letter-spacing:-.15pt\"> <\/span>registered<span style=\"letter-spacing:-.15pt\"> <\/span>pursuant<span style=\"letter-spacing:-.15pt\">\n<\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\"> <\/span>203<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Investment<span style=\"letter-spacing:-.7pt\"> <\/span>Advisers<span style=\"letter-spacing:-.7pt\">\n<\/span>Act<span style=\"letter-spacing:-.15pt\"> <\/span>of 1940, as amended (the\n\u201cAdvisers<span style=\"letter-spacing:-.25pt\"> <\/span>Act\u201d) or registered\npursuant to the laws of a state;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 8.25pt 42.7pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n93%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:-.15pt\"> <\/span>investment<span style=\"letter-spacing:\n-.15pt\"> <\/span>adviser<span style=\"letter-spacing:-.15pt\"> <\/span>relying<span style=\"letter-spacing:-.15pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>exemption<span style=\"letter-spacing:\n-.15pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>registering<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>SEC<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>Section 203(l) or (m) of the Advisers\nAct;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 8.25pt 27.15pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n93%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:-.2pt\"> <\/span>investment<span style=\"letter-spacing:\n-.15pt\"> <\/span>company<span style=\"letter-spacing:-.15pt\"> <\/span>registered<span style=\"letter-spacing:-.15pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Investment<span style=\"letter-spacing:-.15pt\"> <\/span>Company<span style=\"letter-spacing:-.7pt\">\n<\/span>Act<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:\n-.15pt\"> <\/span>1940,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>amended<span style=\"letter-spacing:-.15pt\">\n<\/span>(the \u201cInvestment Company<span style=\"letter-spacing:-.2pt\"> <\/span>Act\u201d),\nor a business development company (as defined in Section 2(a)<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.7pt;margin-right:0in;margin-bottom:0in;\nmargin-left:69.25pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">(48)\nof the Investment Company<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Act);<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.1pt 32.5pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 100%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:100%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.05pt\"> <\/span>Small<span style=\"letter-spacing:-.05pt\"> <\/span>Business<span style=\"letter-spacing:-.1pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.05pt\"> <\/span>Company<span style=\"letter-spacing:-.05pt\"> <\/span>licensed<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>United<span style=\"letter-spacing:-.05pt\">\n<\/span>States<span style=\"letter-spacing:-.1pt\"> <\/span>Small<span style=\"letter-spacing:-.05pt\"> <\/span>Business<span style=\"letter-spacing:-.7pt\">\n<\/span>Adminis- tration<span style=\"letter-spacing:-.2pt\"> <\/span>under<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\">\n<\/span>301(c)<span style=\"letter-spacing:-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>(d)<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Small<span style=\"letter-spacing:-.15pt\"> <\/span>Business<span style=\"letter-spacing:-.2pt\">\n<\/span>Investment<span style=\"letter-spacing:-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>1958,<span style=\"letter-spacing:-.15pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>amended;\na Rural Business Investment Company as defined in Section 348A<span style=\"letter-spacing:-.25pt\"> <\/span>of the Consolidated Farm and Rural\nDevelopment Act of 1961, as amended;<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;line-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection238\">\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 3.95pt 34.8pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 98%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n98%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:-.15pt\"> <\/span>plan<span style=\"letter-spacing:-.15pt\"> <\/span>established<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>maintained<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>state,<span style=\"letter-spacing:-.15pt\">\n<\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>political<span style=\"letter-spacing:-.15pt\"> <\/span>subdivisions,<span style=\"letter-spacing:\n-.15pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.15pt\"> <\/span>agency<span style=\"letter-spacing:-.15pt\">\n<\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>instru- mentality of a\nstate or its political subdivisions, for the benefit of its employees, that has\ntotal assets in excess of $5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.1pt 29.25pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 102%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:102%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an employee benefit plan\nwithin the meaning of the Employee Retirement Income Security<span style=\"letter-spacing:-.65pt\"> <\/span>Act of<span style=\"letter-spacing:-.25pt\">\n<\/span>1974,<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>amended,<span style=\"letter-spacing:-.25pt\">\n<\/span>whose<span style=\"letter-spacing:-.25pt\"> <\/span>investment<span style=\"letter-spacing:-.25pt\"> <\/span>decision<span style=\"letter-spacing:-.25pt\">\n<\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>made<span style=\"letter-spacing:\n-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>plan<span style=\"letter-spacing:-.25pt\"> <\/span>fiduciary,<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>Sec-\ntion 3(21) of the Employee Retirement Income Security<span style=\"letter-spacing:\n-.65pt\"> <\/span>Act of 1974, as<span style=\"letter-spacing:-.05pt\"> <\/span>amended,\nthat is<span style=\"letter-spacing:-.05pt\"> <\/span>either a bank, savings and\nloan association, insurance company or registered investment adviser; or an\nemployee benefit plan with total assets in excess of $5,000,000; or a\nself-directed employee benefit plan whose investment decisions are made solely\nby persons that are accredited inves- <span style=\"letter-spacing:-.1pt\">tors;<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.1pt 42.4pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 93%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:93%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.2pt\"> <\/span>private<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>development<span style=\"letter-spacing:\n-.2pt\"> <\/span>company<span style=\"letter-spacing:-.2pt\"> <\/span>(as<span style=\"letter-spacing:-.25pt\"> <\/span>defined<span style=\"letter-spacing:-.2pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\"> <\/span>202(a)(22)<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Investment Advisers Act of 1940, as\namended);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.25pt 27.1pt 0.0001pt 69.25pt; text-indent: -27.05pt; line-height: 100%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:\n100%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:Arial;mso-font-width:\n147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an<span style=\"letter-spacing:-.15pt\"> <\/span>organization<span style=\"letter-spacing:\n-.15pt\"> <\/span>described<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Section<span style=\"letter-spacing:-.15pt\">\n<\/span>501(c)(3)<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Internal<span style=\"letter-spacing:-.15pt\"> <\/span>Revenue<span style=\"letter-spacing:-.15pt\">\n<\/span>Code<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>1986,<span style=\"letter-spacing:-.15pt\">\n<\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>amend- ed, a corporation, a\nMassachusetts or similar business trust, a partnership or a limited liability\ncompany, in each case not formed for the specific purpose of purchasing Units\nand with total assets in excess of $5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.75pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.1pt\"> <\/span>trust<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>excess<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>$5,000,000<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>was<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.1pt\"> <\/span>formed<span style=\"letter-spacing:-.05pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>specific<span style=\"letter-spacing:-.05pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">purpose<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:69.25pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">of purchasing the Units and\nwhose purchase of the Units is directed by a person who has such knowledge<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>experience<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>financial<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>business<span style=\"letter-spacing:-.25pt\"> <\/span>matters<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>person<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>capable<span style=\"letter-spacing:-.2pt\">\n<\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>eval- uating the merits and\nrisks of an investment in the Units;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:7.3pt;margin-right:25.6pt;\nmargin-bottom:0in;margin-left:69.25pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nline-height:93%;mso-list:l69 level1 lfo7;tab-stops:67.2pt 69.25pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:93%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.1pt\"> <\/span>revocable<span style=\"letter-spacing:-.1pt\"> <\/span>trust<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>revoked<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>amended<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>time<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>grantor(s),<span style=\"letter-spacing:-.1pt\"> <\/span>each<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>whom<span style=\"letter-spacing:-.1pt\"> <\/span>is\neither an accredited investor as determined under any of the paragraphs above;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:7.4pt;margin-right:31.15pt;\nmargin-bottom:0in;margin-left:69.25pt;margin-bottom:.0001pt;text-indent:-27.0pt;\nline-height:98%;mso-list:l69 level1 lfo7;tab-stops:67.2pt 69.25pt\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:98%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an entity in which all of the\nequity owners are accredited investors (in which case, please com- plete<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>execute<span style=\"letter-spacing:-.15pt\"> <\/span>both<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Status<span style=\"letter-spacing:-.2pt\"> <\/span>Letter<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>entities<span style=\"letter-spacing:-.2pt\"> <\/span>and,<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>each<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>equity<span style=\"letter-spacing:-.15pt\">\n<\/span>owner,<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Status Letter for individuals on Section\n4, Pages 1-3);<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.3pt 27.7pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 98%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:98%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">an entity, of a type not\nlisted in the categories above, not formed for the specific purpose of ac-\nquiring<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>Units<span style=\"letter-spacing:-.3pt\"> <\/span>offered,<span style=\"letter-spacing:-.25pt\"> <\/span>owning<span style=\"letter-spacing:-.25pt\">\n<\/span>\u201cinvestments\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\">\n<\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>Rule<span style=\"letter-spacing:-.25pt\"> <\/span>2a51-1(b)<span style=\"letter-spacing:\n-.25pt\"> <\/span>under<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Invest- ment Company Act) in excess of\n$5,000,000;<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 7.1pt 0in 0.0001pt 67.2pt; text-indent: -24.95pt; line-height: 20.25pt;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:\nArial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a<span style=\"letter-spacing:\n-.6pt\"> <\/span>\u201cfamily<span style=\"letter-spacing:-.3pt\"> <\/span>office\u201d<span style=\"letter-spacing:-.25pt\"> <\/span>(as<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>Rule<span style=\"letter-spacing:-.25pt\"> <\/span>202(a)(11)(G)-1<span style=\"letter-spacing:\n-.25pt\"> <\/span>under<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>Advisers<span style=\"letter-spacing:-.7pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Act):<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:0in;margin-right:0in;margin-bottom:\n0in;margin-left:132.25pt;margin-bottom:.0001pt;text-indent:-.5in;line-height:\n12.2pt;mso-line-height-rule:exactly;mso-list:l69 level2 lfo7;tab-stops:132.25pt\"><!--[if !supportLists]-->(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">with<span style=\"letter-spacing:-.1pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\"> <\/span>under<span style=\"letter-spacing:-.1pt\"> <\/span>management<span style=\"letter-spacing:\n-.05pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>excess<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">$5,000,000,<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.05pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:132.25pt;margin-bottom:.0001pt;text-indent:-.5in;mso-list:l69 level2 lfo7;\ntab-stops:132.25pt\"><!--[if !supportLists]-->(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">that<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>formed<span style=\"letter-spacing:-.05pt\">\n<\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>specific<span style=\"letter-spacing:-.05pt\"> <\/span>purpose<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>acquiring<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Units;<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.05pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:27.9pt;\nmargin-bottom:0in;margin-left:132.25pt;margin-bottom:.0001pt;text-indent:-36.05pt;\nline-height:103%;mso-list:l69 level2 lfo7;tab-stops:132.25pt\"><!--[if !supportLists]-->(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">whose\nprospective investment is directed by a person who has such knowledge and<span style=\"letter-spacing:-.45pt\"> <\/span>experience<span style=\"letter-spacing:\n-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>financial<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>business<span style=\"letter-spacing:-.45pt\"> <\/span>matters<span style=\"letter-spacing:-.45pt\">\n<\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>family<span style=\"letter-spacing:-.45pt\">\n<\/span>office<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>capable of evaluating the merits and\nrisks of the prospective investment; or<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 6.7pt 27.95pt 0.0001pt 69.25pt; text-indent: -27pt; line-height: 100%;\"><!--[if !supportLists]--><span style=\"font-size:18.0pt;line-height:100%;font-family:&quot;Arial&quot;,sans-serif;\nmso-fareast-font-family:Arial;mso-font-width:147%\">\u25a1<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">a \u201cfamily client\u201d (as defined\nin Rule 202(a)(11)(G)-1 under the<span style=\"letter-spacing:-.6pt\"> <\/span>Advisers<span style=\"letter-spacing:-.6pt\"> <\/span>Act) of a family office meeting<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>requirements<span style=\"letter-spacing:-.25pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>category<span style=\"letter-spacing:-.2pt\">\n<\/span>immediately<span style=\"letter-spacing:-.2pt\"> <\/span>above<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>whose<span style=\"letter-spacing:-.2pt\"> <\/span>prospective<span style=\"letter-spacing:\n-.2pt\"> <\/span>investment in the Company is directed by such family office\npursuant to clause (iii) of the category imme- diately above.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;line-height:100%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection239\">\n\n<p class=\"MsoNormal\" style=\"margin-top:.05in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%\"><v:shape id=\"Graphic_x0020_451\" o:spid=\"_x0000_s2060\" style=\"position: absolute; left: 0px; margin-left: 36.5pt; 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path=\"m,9131300r6845300,l6845300,,,,,9131300xe\" filled=\"f\" strokeweight=\"1pt\">\n <v:path arrowok=\"t\">\n <w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:path><\/v:shape><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.15pt\"> <\/span>delivering<span style=\"letter-spacing:\n-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Status<span style=\"letter-spacing:-.2pt\"> <\/span>Letter,<span style=\"letter-spacing:-.15pt\">\n<\/span>I<span style=\"letter-spacing:-.15pt\"> <\/span>hereby<span style=\"letter-spacing:-.15pt\"> <\/span>certify<span style=\"letter-spacing:-.15pt\">\n<\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Entity<span style=\"letter-spacing:-.15pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>an<span style=\"letter-spacing:\n-.15pt\"> <\/span>\u201caccredited<span style=\"letter-spacing:-.15pt\"> <\/span>investor\u201d<span style=\"letter-spacing:-.15pt\"> <\/span>within<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>mean- ing of Rule 501(a)\nof the Securities<span style=\"letter-spacing:-.4pt\"> <\/span>Act, and that I\nhave taken reasonable steps to verify that the Entity<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.1pt;margin-right:24.45pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;line-height:103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">is an accredited investor\nwithin three months of the date of this Status Letter. This Status Letter may\nbe relied upon by the Company in connection with (i) the offering and sale of\nthe Units, and (ii) to the extent permitted<span style=\"letter-spacing:-.05pt\">\n<\/span>pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>Rule<span style=\"letter-spacing:-.05pt\"> <\/span>506(c)<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Securities<span style=\"letter-spacing:\n-.7pt\"> <\/span>Act<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>corresponding<span style=\"letter-spacing:-.05pt\"> <\/span>guidance<span style=\"letter-spacing:-.05pt\">\n<\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>U.S.<span style=\"letter-spacing:-.05pt\"> <\/span>Se-\ncurities<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:\n-.15pt\"> <\/span>Exchange<span style=\"letter-spacing:-.15pt\"> <\/span>Commission,<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>period<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>five<span style=\"letter-spacing:-.15pt\"> <\/span>(5)<span style=\"letter-spacing:-.15pt\"> <\/span>years<span style=\"letter-spacing:-.2pt\"> <\/span>following<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>date<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.2pt\"> <\/span>Status<span style=\"letter-spacing:-.2pt\"> <\/span>Letter<span style=\"letter-spacing:-.15pt\"> <\/span>in connection with any other offering by\nthe issuer (provided that the Client delivers<span style=\"letter-spacing:-.05pt\">\n<\/span>a written representation that the Client continues<span style=\"letter-spacing:-.05pt\"> <\/span>to qualify as<span style=\"letter-spacing:\n-.05pt\"> <\/span>an \u201caccredited investor\u201d at the time of such subsequent\noffering and that the issuer is not aware of information to the contrary).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.85pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:205.6pt;margin-bottom:\n0in;margin-left:24.25pt;margin-bottom:.0001pt;text-align:justify;line-height:\n280%;tab-stops:312.25pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Dated:\n<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Name of Firm: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;E-mail Address: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;Phone Number: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u>&nbsp;License Number: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/u><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;line-height:280%;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div 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path=\"m,l5760720,e\" filled=\"f\" strokeweight=\"1pt\">\n  <v:path arrowok=\"t\">\n <\/v:path><\/v:shape><w:wrap anchorx=\"page\" anchory=\"page\">\n<\/w:wrap><\/v:group><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;color:#25408F\">ELECTRONIC<span style=\"letter-spacing:-.45pt\"> <\/span>MAIL<span style=\"letter-spacing:-1.65pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">AUTHORIZATION<\/span><\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h1>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.65pt\"><b><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:\n-.1pt\">By<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">signing<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">below<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">and<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">providing<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">an<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">email<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">address,<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Investor<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">agrees<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">and<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">consents<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">to<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">have<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">the<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Fund<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">and\/or<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">its<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.45pt\"> <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">third-party <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">service<span style=\"letter-spacing:-.7pt\"> <\/span>providers<span style=\"letter-spacing:-.55pt\">\n<\/span>electronically<span style=\"letter-spacing:-.5pt\"> <\/span>deliver<span style=\"letter-spacing:-.7pt\"> <\/span>Account<span style=\"letter-spacing:-.45pt\">\n<\/span>Communications<span style=\"letter-spacing:-.5pt\"> <\/span>(as<span style=\"letter-spacing:-.5pt\"> <\/span>defined<span style=\"letter-spacing:-.5pt\">\n<\/span>herein).<span style=\"letter-spacing:1.8pt\"> <\/span>\u201cAccount<span style=\"letter-spacing:-.5pt\"> <\/span>Communications\u201d means<span style=\"letter-spacing:-.7pt\"> <\/span>all<span style=\"letter-spacing:-.55pt\"> <\/span>current<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>future<span style=\"letter-spacing:-.45pt\"> <\/span>account<span style=\"letter-spacing:-.45pt\">\n<\/span>statements;<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>Limited<span style=\"letter-spacing:-.45pt\">\n<\/span>Partnership<span style=\"letter-spacing:-.7pt\"> <\/span>Agreement<span style=\"letter-spacing:-.45pt\"> <\/span>(including<span style=\"letter-spacing:\n-.45pt\"> <\/span>all<span style=\"letter-spacing:-.45pt\"> <\/span>supplements<span style=\"letter-spacing:-.45pt\"> <\/span>and amendments thereto); Subscription\nAgreement; notices (including privacy notices); letters to members; financial\nstatements; regulatory communications and other information, documents, data\nand records regarding Investor\u2019s investment<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>(including<span style=\"letter-spacing:\n-.4pt\"> <\/span>K-1s).<span style=\"letter-spacing:-.4pt\"> <\/span>Electronic<span style=\"letter-spacing:-.45pt\"> <\/span>communication<span style=\"letter-spacing:\n-.45pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Fund<span style=\"letter-spacing:-.4pt\"> <\/span>includes<span style=\"letter-spacing:-.4pt\"> <\/span>e-mail<span style=\"letter-spacing:-.4pt\"> <\/span>delivery<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>well<span style=\"letter-spacing:-.4pt\"> <\/span>as electronically<span style=\"letter-spacing:\n-.55pt\"> <\/span>making<span style=\"letter-spacing:-.35pt\"> <\/span>available<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>Investor<span style=\"letter-spacing:-.7pt\"> <\/span>Account<span style=\"letter-spacing:-.3pt\">\n<\/span>Communications<span style=\"letter-spacing:-.35pt\"> <\/span>on<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Company\u2019s<span style=\"letter-spacing:-.35pt\"> <\/span>website,<span style=\"letter-spacing:-.35pt\">\n<\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>applicable.<span style=\"letter-spacing:2.0pt\"> <\/span>In- vestor<span style=\"letter-spacing:\n-.7pt\"> <\/span>may<span style=\"letter-spacing:-.55pt\"> <\/span>revoke<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>restrict<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>consent<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>electronic<span style=\"letter-spacing:-.5pt\"> <\/span>delivery<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>Account<span style=\"letter-spacing:-.45pt\"> <\/span>Communications<span style=\"letter-spacing:\n-.5pt\"> <\/span>at<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>time<span style=\"letter-spacing:-.45pt\"> <\/span>by<span style=\"letter-spacing:-.45pt\"> <\/span>notifying the Company, in writing, of\nInvestor\u2019s intention to do so.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.9pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:6.85pt;margin-bottom:\n0in;margin-left:7.0pt;margin-bottom:.0001pt;text-align:justify;line-height:\n103%\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">The Fund and its<span style=\"letter-spacing:-.05pt\"> <\/span>affiliates<span style=\"letter-spacing:\n-.05pt\"> <\/span>and their<span style=\"letter-spacing:-.05pt\"> <\/span>respective<span style=\"letter-spacing:-.05pt\"> <\/span>third-party<span style=\"letter-spacing:\n-.05pt\"> <\/span>service<span style=\"letter-spacing:-.05pt\"> <\/span>providers<span style=\"letter-spacing:-.05pt\"> <\/span>shall not be liable<span style=\"letter-spacing:-.05pt\"> <\/span>for any interception of<span style=\"letter-spacing:-.7pt\"> <\/span>Account<span style=\"letter-spacing:-.7pt\">\n<\/span>Communications.<span style=\"letter-spacing:1.3pt\"> <\/span>In<span style=\"letter-spacing:-.55pt\"> <\/span>addition,<span style=\"letter-spacing:\n-.6pt\"> <\/span>there<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>risks,<span style=\"letter-spacing:-.55pt\">\n<\/span>such<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:\n-.6pt\"> <\/span>system<span style=\"letter-spacing:-.55pt\"> <\/span>outages,<span style=\"letter-spacing:-.6pt\"> <\/span>that<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.6pt\"> <\/span>associated<span style=\"letter-spacing:\n-.6pt\"> <\/span>with<span style=\"letter-spacing:-.6pt\"> <\/span>electronic\ndelivery.<span style=\"letter-spacing:2.0pt\"> <\/span>Account Communications are\nprovided to one email address, regardless of how the investment may be\nregistered (e.g., joint\/trust\/entity ownership).<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.8pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;tab-stops:331.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Signature<span style=\"letter-spacing:-.15pt\"> <\/span>(or<span style=\"letter-spacing:-.7pt\"> <\/span>Authorized<span style=\"letter-spacing:-.1pt\"> <\/span>Signor,<span style=\"letter-spacing:-.1pt\">\n<\/span>if<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">entity<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style=\"letter-spacing:-.2pt\">Date<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.2pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;tab-stops:331.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Print Full <span style=\"letter-spacing:-.2pt\">Name<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Email<span style=\"letter-spacing:-.65pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Address<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.65pt\"><span style=\"font-size:11.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;text-indent:-.05pt;line-height:\n103%\"><i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">You\nmay, but are not required to, authorize the Company to copy all future<span style=\"letter-spacing:-.35pt\"> <\/span>Account Communications to your\nrepresentative<span style=\"letter-spacing:-.7pt\"> <\/span>(CPA,<span style=\"letter-spacing:-.6pt\"> <\/span>attorney,<span style=\"letter-spacing:-.5pt\">\n<\/span>financial<span style=\"letter-spacing:-.5pt\"> <\/span>advisor,<span style=\"letter-spacing:-.5pt\"> <\/span>etc.)<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.5pt\"> <\/span>providing<span style=\"letter-spacing:-.5pt\">\n<\/span>contact<span style=\"letter-spacing:-.5pt\"> <\/span>information<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>person<span style=\"letter-spacing:-.5pt\"> <\/span>below.<span style=\"letter-spacing:-.7pt\"> <\/span>All such Account Communications will be\nsubject to the above terms\/conditions.<o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\"><i><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:1.8pt\"><i><span style=\"font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:7.0pt;tab-stops:331.0pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Print<span style=\"letter-spacing:\n-.8pt\"> <\/span>Authorized<span style=\"letter-spacing:-.4pt\"> <\/span>Person\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Name<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Print<span style=\"letter-spacing:-.7pt\"> <\/span>Authorized<span style=\"letter-spacing:\n-.4pt\"> <\/span>Person\u2019s<span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Email<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection241\">\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:3.15pt;margin-right:1.55pt;\nmargin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">APPENDIX<span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.5pt\">C<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.8pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">SUPPLEMENT<span style=\"letter-spacing:-.1pt\"> <\/span><span style=\"letter-spacing:-.25pt\">TO<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:12.0pt;margin-right:137.05pt;\nmargin-bottom:0in;margin-left:137.05pt;margin-bottom:.0001pt;text-align:center;\nline-height:186%\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:186%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">PRIVATE<span style=\"letter-spacing:-.75pt\"> <\/span>PLACEMENT<span style=\"letter-spacing:-.75pt\"> <\/span>MEMORANDUM <span style=\"letter-spacing:\n-.3pt\">OF<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-top:.05pt;text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD TORONTO &#8211; FYBN <span style=\"letter-spacing:-.05pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.05pt\"> <\/span>GROWTH &amp;<span style=\"letter-spacing:\n-.05pt\"> <\/span>INCOME<span style=\"letter-spacing:-.05pt\"> <\/span>FUND <span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 align=\"center\" style=\"margin-left:0in;text-align:center\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">October 16, 2023<o:p><\/o:p><\/span><\/h5>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection242\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.75pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">This\nSupplement (this \u201c<u>Supplement<\/u>\u201d) to the Private Placement Memorandum dated\nOctober 16, 2023 (as amended supplemented from time to time, the \u201c<u>Memorandum<\/u>\u201d)\nof CLOUD TORONTO &#8211; FYBN &nbsp;CORE+ GROWTH\n&amp; INCOME FUND LLC (\u201c<u>Fund<\/u>\u201d) is being furnished to prospective\ninvestors in the Fund to describe the Fund\u2019s intention to utilize a real estate\ninvestment trust subsidiary through which it will undertake and own its\ninvestments.<span style=\"letter-spacing:2.0pt\"> <\/span>The subsidiary entity, CLOUD\nTORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME\nFUND REIT LLC (the \u201cREIT\u201d) was formed as a New York limited liability company\non March 9, 2012.<span style=\"letter-spacing:2.0pt\"> <\/span>The Fund will own\nall REIT Subsidiary Common Units in the REIT and will act as the sole Manager\nof the REIT. The REIT will be governed by its limited liability company\nagreement (\u201c<u>LLC Agreement<\/u>\u201d), a copy of which is attached hereto. <b>Prospective investors in the Fund are urged\nto carefully review the REIT\u2019s LLC<span style=\"letter-spacing:2.0pt\"> <\/span>Agreement\nbefore making any decision regarding an investment in the Fund<\/b>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:25.0pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">This\nSupplement may only be used in connection with such a prospective investor\u2019s\nconsideration of an investment in the Fund and may not be used for any other\npurpose.<span style=\"letter-spacing:2.0pt\"> <\/span>Each potential investor, by\naccepting delivery of this Supplement, agrees not to make a photocopy or other\ncopy or to divulge the contents hereof to any person other than a legal,\nbusiness, investment, or tax advisor in connection with obtaining the advice of\nsuch person with respect to a potential investment in the Fund.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nREIT has been formed by the Fund to act as a subsidiary investment vehicle\nthrough which the Fund will carry out its investment program as described in\nthe Memorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT structure is\nbeing utilized to provide certain tax-exempt investors in the Fund with\nfavorable tax benefits.<span style=\"letter-spacing:2.0pt\"> <\/span>This<span style=\"letter-spacing:-.05pt\"> <\/span>Supplement<span style=\"letter-spacing:\n-.05pt\"> <\/span>should<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>read<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>conjunction<span style=\"letter-spacing:\n-.05pt\"> <\/span>with<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Memorandum,<span style=\"letter-spacing:\n-.05pt\"> <\/span>which<span style=\"letter-spacing:-.05pt\"> <\/span>has<span style=\"letter-spacing:-.05pt\"> <\/span>been previously provided to the recipient\nhereof.<span style=\"letter-spacing:2.0pt\"> <\/span>The Memorandum contains\nimportant information about the structure, management, investment program,\ninvestment philosophy and terms of the Fund, as well as certain risks and other\nconsiderations associated therewith.<span style=\"letter-spacing:2.0pt\"> <\/span><b>Accordingly, prospective investors in the\nFund are urged to carefully review the Memorandum, as well as the limited\nliability company agreement of the Fund, before making any decision regarding\nan investment in the Fund<\/b>.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><i><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Potential investors are not\nto construe the contents of this Supplement or any other communication from the\nREIT, the Fund or any of their respective employees, affiliates or\nrepresentatives as providing assurances, whether express or implied, that the investment\nobjectives of the REIT or the Fund will be realized, that any benefits or\nadvantages to potential investors of an investment in the Fund<span style=\"letter-spacing:4.0pt\"> <\/span>suggested, implied or advocated in this\nSupplement will be available or accomplished, or that any historical performance\nrecord of any person identified herein or any of their respective employees,\naffiliates or representatives will be repeated with respect to the Fund or will\nconfer any benefits on the Fund<span style=\"letter-spacing:2.0pt\"> <\/span>or\nprospective investors.<\/span><\/i><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No person other than the Fund\nhas been authorized to provide any information on the REIT or<span style=\"letter-spacing:2.0pt\"> <\/span>the Fund or the REIT Subsidiary Common\nUnits of the REIT that will be held by the Fund<span style=\"letter-spacing:\n2.0pt\"> <\/span>except the information contained in this Supplement, and any\nother information must not be relied upon as having been authorized by the REIT\nor the Fund.<span style=\"letter-spacing:4.0pt\"> <\/span>Prospective investors in\nthe Fund should not construe the contents of this Supplement as legal, tax,\ninvestment or other advice.<span style=\"letter-spacing:2.0pt\"> <\/span>Each\nprospective investor should make its own inquiries and consult its own advisors\nas to<span style=\"letter-spacing:1.65pt\"> <\/span>the<span style=\"letter-spacing:\n1.7pt\"> <\/span>appropriateness<span style=\"letter-spacing:1.75pt\"> <\/span>and<span style=\"letter-spacing:1.7pt\"> <\/span>desirability<span style=\"letter-spacing:\n1.7pt\"> <\/span>of<span style=\"letter-spacing:1.75pt\"> <\/span>an<span style=\"letter-spacing:1.7pt\"> <\/span>investment<span style=\"letter-spacing:\n1.75pt\"> <\/span>in<span style=\"letter-spacing:1.75pt\"> <\/span>the<span style=\"letter-spacing:1.95pt\"> <\/span>Fund<span style=\"letter-spacing:1.75pt\"> <\/span>and<span style=\"letter-spacing:1.8pt\"> <\/span>as<span style=\"letter-spacing:1.75pt\"> <\/span>to<span style=\"letter-spacing:1.75pt\"> <\/span>legal,<span style=\"letter-spacing:1.85pt\">\n<\/span>tax,<span style=\"letter-spacing:1.75pt\"> <\/span><span style=\"letter-spacing:\n-.25pt\">and<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection243\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">related\nmatters concerning the Fund\u2019s investment in the REIT Subsidiary Common Units.\nProspective investors are invited to ask questions and request additional\ninformation by contacting the Fund at:<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"margin-right:.05pt;text-align:center\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD\nTORONTO &#8211; FYBN <span style=\"letter-spacing:-.1pt\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:-.15pt\">\n<\/span>GROWTH<span style=\"letter-spacing:-.1pt\"> <\/span>&amp; INCOME<span style=\"letter-spacing:-.05pt\"> <\/span>FUND<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">LLC<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">970\nPeachtree Industrial Blvd, Suite 1-2, Suwanee, GA 30024408 856 5031<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:184.85pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Email:<span style=\"letter-spacing:-.05pt\"> di.mo@cloudtoronto.us<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:3.05pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" align=\"center\" style=\"text-align:center\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">FOR<span style=\"letter-spacing:-.05pt\"> <\/span>ALL<span style=\"letter-spacing:-.05pt\"> <\/span>NON-U.S.<span style=\"letter-spacing:-.05pt\">\n<\/span>INVESTORS <span style=\"letter-spacing:-.1pt\">GENERALLY<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.05pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">IT\nIS THE RESPONSIBILITY OF ANY PERSONS WISHING TO SUBSCRIBE FOR THE SECURITIES\nOFFERED HEREBY TO INFORM THEMSELVES OF AND TO OBSERVE ALL APPLICABLE LAWS AND\nREGULATIONS OF ANY RELEVANT JURISDICTIONS. PROSPECTIVE INVESTORS SHOULD INFORM\nTHEMSELVES AS TO THE LEGAL REQUIREMENTS AND TAX CONSEQUENCES WITHIN THE\nCOUNTRIES OF THEIR CITIZENSHIP, RESIDENCE, DOMICILE AND PLACE OF BUSINESS WITH\nRESPECT TO THE ACQUISITION, HOLDING OR DISPOSAL OF THE SECURITIES OFFERED\nHEREBY, AND ANY FOREIGN EXCHANGE RESTRICTIONS THAT MAY BE RELEVANT THERETO.<\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:2.1pt\"><span style=\"font-size:8.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt;tab-stops:right 262.15pt\"><i><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">OC<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">286,842,888v1<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;position:relative;top:2.5pt;\nmso-text-raise:-2.5pt;letter-spacing:-.25pt\">ii<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection244\">\n\n<p class=\"MsoListParagraph\" align=\"center\" style=\"margin-top:3.95pt;margin-right:\n0in;margin-bottom:0in;margin-left:10.7pt;margin-bottom:.0001pt;text-align:center;\ntext-indent:-10.65pt;mso-list:l3 level1 lfo6;tab-stops:10.7pt\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">I.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp; <\/span><\/span><\/b><!--[endif]--><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">OVERVIEW<span style=\"letter-spacing:-.15pt\"> <\/span>OF<span style=\"letter-spacing:-.05pt\"> <\/span>THE\n<span style=\"letter-spacing:-.2pt\">REIT<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">REIT<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">CLOUD\nTORONTO &#8211; FYBN <span style=\"letter-spacing:2.5pt;mso-font-width:150%\">&nbsp;<\/span>CORE+<span style=\"letter-spacing:2.5pt;\nmso-font-width:150%\"> <\/span>GROWTH<span style=\"letter-spacing:2.55pt;\nmso-font-width:150%\"> <\/span>&amp;<span style=\"letter-spacing:2.75pt;\nmso-font-width:150%\"> <\/span>INCOME<span style=\"letter-spacing:2.65pt;\nmso-font-width:150%\"> <\/span>FUND<span style=\"letter-spacing:2.7pt;mso-font-width:\n150%\"> <\/span>REIT<span style=\"letter-spacing:2.6pt;mso-font-width:150%\"> <\/span>LLC<span style=\"letter-spacing:2.6pt;mso-font-width:150%\"> <\/span>(the<span style=\"letter-spacing:2.65pt;mso-font-width:150%\"> <\/span>\u201c<u>REIT<\/u>\u201d)<span style=\"letter-spacing:2.6pt;mso-font-width:150%\"> <\/span><span style=\"letter-spacing:-.25pt\">was<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">organized\nas a New York limited liability REIT on February 2, 2023, and expects to\nqualify as a real estate investment REIT (\u201c<u>REIT<\/u>\u201d) under Section 856 of\nthe Internal Revenue Code of 1986, as amended (the \u201c<u>Code<\/u>\u201d), for U.S.\nfederal income tax purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT\nwas formed for the sole purpose of enabling non-U.S. investors and U.S.\ntax-exempt investors to participate in CLOUD TORONTO &#8211; FYBN &nbsp;CORE+ GROWTH &amp; INCOME FUND LLC., a New\nYork limited liability company (\u201c<u>Fund<\/u>\u201d), in a manner that maximizes\nefficiency on tax, regulatory or other grounds (Please See Section V of this\nSupplement (\u201cCertain U.S. Tax Considerations\u201d) for further discussion of U.S.\nfederal tax consequences of the Fund\u2019s investment in the REIT).<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT is recently formed and has only a\nlimited operating history.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">As a New York limited liability REIT, the REIT\nwill be governed by its Certificate of Formation, a copy of which is available\nupon request and its Limited Liability Company Agreement, a copy of which is\nattached hereto.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT will issue\ntwo types of securities, common limited liability company interests (the \u201c<u>REIT\nSubsidiary Common Units<\/u>\u201d) and non- participating preferred limited\nliability company interests (the \u201c<u>REIT Subsidiary Preferred<\/u> <u>Units<\/u>\u201d).\nAll of the REIT Subsidiary Common Units will be issued to the Fund (on behalf\nof the investors in the Fund)<span style=\"letter-spacing:4.0pt\"> <\/span>and\nwill entitle the investors in the Fund to receive a <i>pro rata <\/i>portion of the dividends paid by the REIT based upon the\ndistribution provisions of the Fund pursuant to<span style=\"letter-spacing:\n2.0pt\"> <\/span>the Fund Agreement.<span style=\"letter-spacing:4.0pt\"> <\/span>The\nREIT Subsidiary Preferred Units are being issued to certain third<span style=\"letter-spacing:2.0pt\"> <\/span>party investors in order to meet the\nqualification requirements for being treated as a real estate investment trust\nunder the Code, are not being offered to the Fund pursuant to this Supplement\nand will have a fixed return.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The Fund\u2019s and the REIT\u2019s<span style=\"letter-spacing:\n2.0pt\"> <\/span>principal place of business is 970 Peachtree Industrial Blvd,\nSuite 1-2, Suwanee, GA 30024 and its telephone number is 408 856 5031<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:10.2pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 0in 0.0001pt 170.25pt; text-indent: -15.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">II.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp; <\/span><\/span><\/b><!--[endif]--><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">PRINCIPAL<span style=\"letter-spacing:-.05pt\"> <\/span>TERMS<span style=\"letter-spacing:-.05pt\">\n<\/span>OF<span style=\"letter-spacing:-.05pt\"> <\/span>THE<span style=\"letter-spacing:\n.15pt\"> <\/span><span style=\"letter-spacing:-.2pt\">REIT<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.6pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><i><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The following is a summary of\nthe principal terms the REIT.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nsummary is qualified in its entirety by the information contained elsewhere in\nthis Supplement, the REIT\u2019s Limited Liability Company Agreement, and<span style=\"letter-spacing:2.0pt\"> <\/span>the Subscription Agreement pursuant to\nwhich investors will acquire interests in the Fund,<span style=\"letter-spacing:\n4.0pt\"> <\/span>copies of which is available upon request.<span style=\"letter-spacing:4.0pt\"> <\/span>This summary should be read in conjunction\nwith the Private Placement Memorandum dated October 16, 2023, (as amended and\nsupplemented prior to the date hereof, the \u201c<u>Memorandum<\/u>\u201d) of the Fund,\nwhich contains important information about the structure, management,\ninvestment program, investment philosophy and terms of the Fund, as well as\ncertain risks and securities, tax, regulatory and other considerations\nassociated therewith.<span style=\"letter-spacing:2.0pt\"> <\/span>Accordingly,\nprospective investors in the Fund are urged to carefully review the Memorandum,\nwhich has been previously provided to recipients of this Supplement, as well as\nthe limited liability company agreement of the Fund (the \u201c<u>Fund<\/u> <u><span style=\"letter-spacing:-.1pt\">Agreement<\/span><\/u><span style=\"letter-spacing:\n-.1pt\">\u201d).<\/span><o:p><\/o:p><\/span><\/i><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection245\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><i><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An investment in the Fund\ninvolves significant risks relating to both the Fund and its investment in the\nREIT.<span style=\"letter-spacing:2.0pt\"> <\/span>Please refer to Section III of\nthis Supplement (\u201cRisk Factors\u201d) below for further discussion of such risks.<o:p><\/o:p><\/span><\/i><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.2pt\">REIT<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Cloud\nToronto &#8211; FYBN <span style=\"letter-spacing:2.45pt\">&nbsp;<\/span>Core+<span style=\"letter-spacing:2.5pt\">\n<\/span>Growth<span style=\"letter-spacing:2.55pt\"> <\/span>&amp;<span style=\"letter-spacing:2.6pt\"> <\/span>Income<span style=\"letter-spacing:2.45pt\">\n<\/span>Fund<span style=\"letter-spacing:2.55pt\"> <\/span>REIT<span style=\"letter-spacing:2.6pt\"> <\/span>LLC,<span style=\"letter-spacing:2.8pt\"> <\/span>a<span style=\"letter-spacing:2.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">New\nYork<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:165.45pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">limited<span style=\"letter-spacing:-.15pt\"> <\/span>liability REIT<span style=\"letter-spacing:\n-.05pt\"> <\/span>formed<span style=\"letter-spacing:-.05pt\"> <\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>February<span style=\"letter-spacing:-.05pt\">\n<\/span>2,<span style=\"letter-spacing:-.1pt\"> <\/span>2023,<span style=\"letter-spacing:-.05pt\"> <\/span>(the <span style=\"letter-spacing:-.1pt\">\u201c<u>REIT<\/u>\u201d).<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:26.1pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n-140.45pt;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Purpose<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nREIT has been formed by the Fund to act as a subsidiary investment vehicle\nthrough which the Fund will carry out its investment program as described in\nthe Memorandum.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT structure<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>being<span style=\"letter-spacing:-.1pt\"> <\/span>utilized to<span style=\"letter-spacing:\n-.1pt\"> <\/span>provide<span style=\"letter-spacing:-.05pt\"> <\/span>certain<span style=\"letter-spacing:-.1pt\"> <\/span>tax-exempt<span style=\"letter-spacing:\n-.1pt\"> <\/span>investors<span style=\"letter-spacing:-.1pt\"> <\/span>in the Fund\nwith favorable tax benefits.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:26.1pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n-140.45pt;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Manager<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Except\nas otherwise provided herein and in the LLC Agreement,<span style=\"letter-spacing:\n2.0pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>management<span style=\"letter-spacing:-.05pt\"> <\/span>and control<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the REIT will<span style=\"letter-spacing:-.05pt\"> <\/span>be vested<span style=\"letter-spacing:\n-.1pt\"> <\/span>solely<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>its manager (\u201c<u>Manager<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>The Fund will serve as the Manager of the\nREIT, acting through the Fund\u2019s Managing Member.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Capital<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Structure<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:2.35pt\"> <\/span>limited<span style=\"letter-spacing:2.55pt\">\n<\/span>liability<span style=\"letter-spacing:2.65pt\"> <\/span>company<span style=\"letter-spacing:2.55pt\"> <\/span>interests<span style=\"letter-spacing:\n2.55pt\"> <\/span>of<span style=\"letter-spacing:2.5pt\"> <\/span>the<span style=\"letter-spacing:2.5pt\"> <\/span>REIT<span style=\"letter-spacing:2.6pt\"> <\/span>(the<span style=\"letter-spacing:2.5pt\"> <\/span><span style=\"letter-spacing:-.1pt\">\u201cREIT<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:26.05pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subsidiary\n<u>Units<\/u>\u201d) consist of REIT Subsidiary Common Units (\u201cREIT Subsidiary <u>REIT\nSubsidiary Common Units<\/u>\u201d) and REIT Subsidiary<span style=\"letter-spacing:\n-.2pt\"> <\/span>Preferred<span style=\"letter-spacing:-.15pt\"> <\/span>Units<span style=\"letter-spacing:-.15pt\"> <\/span>(the<span style=\"letter-spacing:-.2pt\"> <\/span>\u201cREIT<span style=\"letter-spacing:2.0pt\"> <\/span>Subsidiary<u><span style=\"letter-spacing:\n-.2pt\"> <\/span>REIT<span style=\"letter-spacing:-.2pt\"> <\/span>Subsidiary<\/u> <u>Preferred\nUnits<\/u>\u201d). The rights of the holders of REIT Subsidiary Units<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.25pt\"> <\/span>governed<span style=\"letter-spacing:-.25pt\">\n<\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.25pt\"> <\/span>New York<span style=\"letter-spacing:-.25pt\"> <\/span>Limited<span style=\"letter-spacing:-.25pt\"> <\/span>Liability<span style=\"letter-spacing:\n-.15pt\"> <\/span>Company Act, the REIT\u2019s Certificate of Formation (the \u201c<u>Certificate<\/u>\u201d)\nand the REIT\u2019s limited liability company agreement (the \u201cREIT <u>LLC<\/u> <u>Agreement<\/u>\u201d),<span style=\"letter-spacing:-.1pt\"> <\/span>copies<span style=\"letter-spacing:-.05pt\">\n<\/span>of which<span style=\"letter-spacing:-.05pt\"> <\/span>are<span style=\"letter-spacing:-.05pt\"> <\/span>attached<span style=\"letter-spacing:-.05pt\">\n<\/span>hereto<span style=\"letter-spacing:-.05pt\"> <\/span>or available<span style=\"letter-spacing:-.05pt\"> <\/span>upon <span style=\"letter-spacing:-.1pt\">request.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-size:6.5pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:6.5pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection246\">\n\n<h5 style=\"margin-top:4.5pt;margin-right:1.9pt;margin-bottom:0in;margin-left:\n25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Transfer<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>REIT\nSubsidiary<span style=\"letter-spacing:-.75pt\"> <\/span>Units; <span style=\"letter-spacing:-.1pt\">Redemption<\/span><o:p><\/o:p><\/span><\/h5>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:4.5pt;margin-right:26.05pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">No\nMember may sell, transfer, pledge or assign all or any portion<span style=\"letter-spacing:2.0pt\"> <\/span>of its interest in the REIT, without prior\nwritten consent of the Manager, which may be withheld by the Manager in its\nsole discretion.<span style=\"letter-spacing:2.0pt\"> <\/span>No Member may redeem\nits interest in the REIT<span style=\"letter-spacing:2.0pt\"> <\/span>without the\nManager\u2019s consent, which may be withheld by the Manager in its sole discretion<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection247\">\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:25.9pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n-140.45pt;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.2pt\">Term<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nREIT will have a term substantially co-extensive with that of the Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT will dissolve and liquidate as\nsoon as practicable following the completion of the Fund\u2019s liquidation.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Distributions<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject<span style=\"letter-spacing:2.0pt\"> <\/span>to<span style=\"letter-spacing:2.05pt\"> <\/span>the<span style=\"letter-spacing:1.95pt\"> <\/span>provisions<span style=\"letter-spacing:\n2.05pt\"> <\/span>of<span style=\"letter-spacing:1.95pt\"> <\/span>applicable<span style=\"letter-spacing:1.9pt\"> <\/span>law<span style=\"letter-spacing:2.05pt\"> <\/span>and<span style=\"letter-spacing:2.1pt\"> <\/span>the<span style=\"letter-spacing:1.95pt\"> <\/span>rights<span style=\"letter-spacing:2.05pt\"> <\/span>of<span style=\"letter-spacing:1.95pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.25pt;margin-right:26.05pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify;line-height:\n100%\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:100%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">holders of the REIT\u2019s outstanding\nREIT Subsidiary REIT Subsidiary Preferred Units and the holders of REIT\nSubsidiary REIT Subsidiary Common Units are, except as otherwise determined by\nthe Manager, entitled to receive ratably such distributions as may be\nauthorized and declared on the REIT Subsidiary<span style=\"letter-spacing:1.0pt\">\n<\/span>REIT<span style=\"letter-spacing:.95pt\"> <\/span>Subsidiary<span style=\"letter-spacing:.95pt\"> <\/span>Common<span style=\"letter-spacing:.95pt\"> <\/span>Units<span style=\"letter-spacing:1.15pt\"> <\/span>by<span style=\"letter-spacing:.8pt\"> <\/span>the<span style=\"letter-spacing:.95pt\"> <\/span>Manager<span style=\"letter-spacing:.9pt\"> <\/span>in<span style=\"letter-spacing:1.0pt\"> <\/span><span style=\"letter-spacing:-.25pt\">its<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:100%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;\nmso-bidi-font-family:&quot;Times New Roman&quot;;mso-ansi-language:EN-US;mso-fareast-language:\nEN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;\nmso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection248\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.1pt;margin-right:25.9pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify;line-height:\n100%\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;line-height:100%;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">discretion from funds legally\navailable.<span style=\"letter-spacing:2.0pt\"> <\/span>Before payment of any\ndistributions<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Common\nUnit<span style=\"letter-spacing:-.1pt\"> <\/span>holders,<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT must<span style=\"letter-spacing:-.05pt\"> <\/span>have<span style=\"letter-spacing:-.05pt\"> <\/span>first\npaid the full, cumulative distributions outstanding on all REIT Subsidiary REIT\nSubsidiary Preferred Units.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nManager\u2019s determination as to whether to make a distribution to the holders of\nREIT Subsidiary Common Units may take into account the REIT\u2019s ongoing expenses\n(including debt payments), anticipated investments or capital expenditures and\nreserves.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.35pt;margin-right:25.85pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">In\nthe event of the dissolution of the REIT, holders of its REIT Subsidiary Common\nUnits are entitled to receive the net assets of the REIT after any preferential\namounts required to be paid or distributed to holders of the REIT\u2019s outstanding\nREIT Subsidiary Preferred Units.<span style=\"letter-spacing:4.0pt\"> <\/span>Holders\nof REIT Subsidiary Common Units do<span style=\"letter-spacing:2.0pt\"> <\/span>not\nhave any preemptive rights, redemption or conversion rights.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Voting<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Rights<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:1.1pt\"> <\/span>holders<span style=\"letter-spacing:1.25pt\">\n<\/span>of<span style=\"letter-spacing:1.2pt\"> <\/span>the<span style=\"letter-spacing:\n1.25pt\"> <\/span>REIT<span style=\"letter-spacing:1.35pt\"> <\/span>Subsidiary<span style=\"letter-spacing:1.25pt\"> <\/span>Common<span style=\"letter-spacing:1.25pt\">\n<\/span>Units<span style=\"letter-spacing:1.4pt\"> <\/span>will<span style=\"letter-spacing:1.35pt\"> <\/span>have<span style=\"letter-spacing:1.2pt\"> <\/span><span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:26.0pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">exclusive\nright to appoint the Manager.<span style=\"letter-spacing:2.0pt\"> <\/span>Except\nas otherwise provided in the LLC Agreement and under \u201cAmendments\u201d below, the\nREIT Subsidiary Common Units shall be the exclusive voting interests of the REIT.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Amendments<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Subject<span style=\"letter-spacing:1.8pt\"> <\/span>to<span style=\"letter-spacing:1.85pt\"> <\/span>any<span style=\"letter-spacing:1.9pt\"> <\/span>limitations<span style=\"letter-spacing:\n1.85pt\"> <\/span>set<span style=\"letter-spacing:1.85pt\"> <\/span>out<span style=\"letter-spacing:1.9pt\"> <\/span>in<span style=\"letter-spacing:1.85pt\"> <\/span>any<span style=\"letter-spacing:1.85pt\"> <\/span>designation<span style=\"letter-spacing:\n1.9pt\"> <\/span>related<span style=\"letter-spacing:1.85pt\"> <\/span>to<span style=\"letter-spacing:2.05pt\"> <\/span><span style=\"letter-spacing:-.5pt\">a<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:26.2pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Class<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>REIT<span style=\"letter-spacing:-.2pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.2pt\"> <\/span>Preferred<span style=\"letter-spacing:-.1pt\"> <\/span>Units,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>LLC<span style=\"letter-spacing:-.2pt\"> <\/span>Agreement<span style=\"letter-spacing:-.2pt\">\n<\/span>may be amended from time to time by the Manager acting alone,<span style=\"letter-spacing:2.0pt\"> <\/span>without the necessity of any approval or consent\nof any of the Members.<span style=\"letter-spacing:2.0pt\"> <\/span>The Manager\nshall provide promptly the Members with a copy of any amendment to the LLC\nAgreement,<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:6.5pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:6.5pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:auto;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection249\">\n\n<h5 style=\"margin-top:4.5pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">REIT<span style=\"letter-spacing:-.75pt\"> <\/span>Limited<span style=\"letter-spacing:-.75pt\">\n<\/span>Liability Company Agreement <span style=\"letter-spacing:-.1pt\">Restrictions<\/span><o:p><\/o:p><\/span><\/h5>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:4.5pt;margin-right:26.05pt;margin-bottom:\n0in;margin-left:18.35pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nLLC Agreement contains certain restrictions on the number of REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary Units<span style=\"letter-spacing:\n-.05pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>individual<span style=\"letter-spacing:-.1pt\"> <\/span>Members<span style=\"letter-spacing:-.1pt\">\n<\/span>may<span style=\"letter-spacing:-.1pt\"> <\/span>own<span style=\"letter-spacing:\n-.15pt\"> <\/span>to ensure the REIT\u2019s qualification as a Real Estate Investment\nTrust under<span style=\"letter-spacing:2.0pt\"> <\/span>the Code.<span style=\"letter-spacing:4.0pt\"> <\/span>For the REIT to qualify as a Real Estate\nInvestment Trust under the Code, no more than 50% in value of its outstanding\nREIT<span style=\"letter-spacing:-.05pt\"> <\/span>Subsidiary Units may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>owned,<span style=\"letter-spacing:-.05pt\"> <\/span>directly<span style=\"letter-spacing:-.05pt\">\n<\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>indirectly<span style=\"letter-spacing:-.05pt\"> <\/span>(taking into account certain constructive\nownership rules), by five or fewer individuals (as defined in the Code to\ninclude certain entities) during the last half of the REIT\u2019s taxable year\n(other than the first year) or during a proportionate part of a shorter taxable\nyear.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT Subsidiary Units must\nalso be beneficially owned by 100 or more persons during at least 335 days of\nthe REIT\u2019s taxable year (other than the first year) or during a proportionate\npart of a shorter taxable year.<span style=\"letter-spacing:2.0pt\"> <\/span>Because\nthe REIT expects to qualify as a Real Estate Investment Trust, the LLC\nAgreement contains restrictions on the acquisition of REIT Subsidiary Units\nthat are intended to ensure compliance with these requirements.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection250\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:25.95pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nLLC Agreement provides that (i) no Person may Beneficially Own or\nConstructively Own (as such capitalized terms are defined below) 7.4% or more\nof the outstanding REIT Subsidiary Common Units or REIT Subsidiary Preferred\nUnits (the \u201c<u>Ownership Limit<\/u>\u201d) and that (ii) no Person will Beneficially\nOwn or Constructively Own REIT Subsidiary Common Units or REIT Subsidiary\nPreferred Units to the extent that such Beneficial Ownership or Constructive\nOwnership would result in a non-US Person (as defined below) Beneficially\nOwning or Constructively Owning REIT Subsidiary Common Units or REIT Subsidiary\nPreferred Units, the fair market value of which would compromise 50% or more of\nthe fair market value<span style=\"letter-spacing:2.0pt\"> <\/span>of the issued\nand outstanding REIT Subsidiary Common Units or REIT Subsidiary Preferred\nUnits.<span style=\"letter-spacing:4.0pt\"> <\/span>The Ownership Limit does not\napply to an underwriter who is engaged in a public offering of REIT Subsidiary\nCommon Units or REIT Subsidiary Preferred Units.<span style=\"letter-spacing:\n2.0pt\"> <\/span>In addition, the Manager in its sole and exclusive discretion,\nmay exempt a Person from the Ownership Limit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:26.05pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nLLC Agreement defines \u201c<u>Beneficial Ownership<\/u>\u201d as ownership of REIT\nSubsidiary Common Units or REIT Subsidiary Preferred Units by a Person who\nwould be treated as an owner of such REIT Subsidiary Common Units or REIT\nSubsidiary Preferred Units either directly or indirectly through the\napplication of Section 544 of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Code,<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>modified by<span style=\"letter-spacing:\n-.05pt\"> <\/span>856(h)(1)(B)<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Code,<span style=\"letter-spacing:-.05pt\"> <\/span>regardless<span style=\"letter-spacing:\n-.05pt\"> <\/span>of ownership as determined for purposes of applicable corporate\nlaw. \u201c<u>Constructive Ownership<\/u>\u201d is defined as ownership of REIT Subsidiary<span style=\"letter-spacing:-.1pt\"> <\/span>Common<span style=\"letter-spacing:-.1pt\"> <\/span>Units\nor<span style=\"letter-spacing:-.15pt\"> <\/span>REIT<span style=\"letter-spacing:\n-.15pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.1pt\"> <\/span>Preferred\nUnits by<span style=\"letter-spacing:-.1pt\"> <\/span>a Person who would be\ntreated as owner of such REIT Subsidiary Common Units or REIT Subsidiary\nPreferred Units either directly or indirectly through the application of\nSection 318 of the Code, as modified<span style=\"letter-spacing:-.2pt\"> <\/span>by<span style=\"letter-spacing:-.2pt\"> <\/span>Section<span style=\"letter-spacing:-.2pt\">\n<\/span>856(d)(5)<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Code,<span style=\"letter-spacing:-.2pt\"> <\/span>regardless<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>ownership as\ndetermined for purposes of applicable corporate law.<span style=\"letter-spacing:\n4.0pt\"> <\/span>\u201c<u>Person<\/u>\u201d<span style=\"letter-spacing:2.0pt\"> <\/span>is\ndefined as an individual, corporation, partnership, estate, trust (including a\ntrust qualified under Section 401(a) or 501(c)(17) of the Code), a portion of a\ntrust permanently set aside for or to be used<span style=\"letter-spacing:-.1pt\">\n<\/span>exclusively<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the purposes<span style=\"letter-spacing:\n-.1pt\"> <\/span>described in<span style=\"letter-spacing:-.1pt\"> <\/span>Section<span style=\"letter-spacing:-.1pt\"> <\/span>642(c)<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the Code, association,\nprivate foundation within the meaning of<span style=\"letter-spacing:2.0pt\"> <\/span>Section\n509(a) of the Code, joint stock corporation or other entity and also includes a\ngroup as that term is used for purposes of Section 13(d)(3) of the Securities\nExchange Act of 1934, as amended.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nOperating Agreement provides that the foregoing restrictions (the \u201c<u>Ownership\nRestrictions<\/u>\u201d) will apply until such time as the Managers determine that it\nis no longer in the best interest of the REIT to attempt to, or continue to,\nqualify as a REIT under the Code.<o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection251\">\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.4pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h5 style=\"margin-top:0in;margin-right:1.8pt;margin-bottom:0in;margin-left:\n25.0pt;margin-bottom:.0001pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Members\u2019<span style=\"letter-spacing:-.75pt\"> <\/span>Reporting Requirements to the <span style=\"letter-spacing:-.2pt\">REIT<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:12.1pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:1.8pt;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Certain\nTax <span style=\"letter-spacing:-.1pt\">Considerations<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\">\n<\/span>\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:25.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If\nany purported transfer of the REIT\u2019s REIT Subsidiary Units or any other event\nwould otherwise result in any individual being treated<span style=\"letter-spacing:\n-.2pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>beneficially<span style=\"letter-spacing:-.15pt\"> <\/span>owning<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>REIT<span style=\"letter-spacing:-.05pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.1pt\"> <\/span>in\nviolation of the Ownership Restrictions, then any such purported transfer will\nbe null and void as to that number of REIT Subsidiary Units (\u201c<u>Excess Units<\/u>\u201d)\nthat is sufficient to enable compliance with the Ownership Restrictions and the\npurported transferee shall acquire<span style=\"letter-spacing:-.05pt\"> <\/span>no\nright or interest in such Excess Units.<span style=\"letter-spacing:2.0pt\"> <\/span>In\nthe case of any event<span style=\"letter-spacing:-.05pt\"> <\/span>other<span style=\"letter-spacing:-.15pt\"> <\/span>than<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>purported<span style=\"letter-spacing:-.1pt\">\n<\/span>transfer,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>person<span style=\"letter-spacing:-.1pt\"> <\/span>holding<span style=\"letter-spacing:-.05pt\"> <\/span>record<span style=\"letter-spacing:-.1pt\">\n<\/span>title to any such Excess Units shall cease to own any right or interest\nin such Units.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:26.05pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nFund Agreement contains mirror provisions to ensure that no holder of REIT\nSubsidiary Units in the Fund would be deemed to own<span style=\"letter-spacing:\n-.25pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>excess<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Ownership <span style=\"letter-spacing:\n-.1pt\">Limit.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:25.95pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Every\nBeneficial Owner or Constructive Owner of 0.5% or more,<span style=\"letter-spacing:\n2.0pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>such lower\npercentages<span style=\"letter-spacing:-.05pt\"> <\/span>as required pursuant<span style=\"letter-spacing:-.05pt\"> <\/span>to regulations<span style=\"letter-spacing:\n-.05pt\"> <\/span>of the Code, of the outstanding REIT Subsidiary Units must,\nwithin 30 days after January 1 of each year, give written notice to the REIT\nstating the name and address of such Beneficial Owner or Constructive Owner,\nthe number of REIT Subsidiary Common Units and\/or REIT Subsidiary Preferred\nUnits Beneficially Owned or Constructively Owned, and a description of how such\nunits are held.<span style=\"letter-spacing:2.0pt\"> <\/span>Each such Beneficial\nOwner or Constructive Owner will provide to the REIT such additional\ninformation as the REIT may request to determine the effect, if any, of such\nBeneficial<span style=\"letter-spacing:2.0pt\"> <\/span>Ownership on the REIT\u2019s\nstatus as a REIT and to ensure compliance with the Ownership Limit; and each\nPerson who is a Beneficial Owner or Constructive Owner of REIT Subsidiary\nCommon Units and\/or REIT Subsidiary Preferred Units and each Person (including\nthe Member of record) who is holding REIT Subsidiary Common Units and\/or REIT\nSubsidiary Preferred Units for a Beneficial Owner or Constructive Owner will\nprovide to the REIT such information as the REIT may request to determine the\nREIT\u2019s status as REIT and to ensure compliance with the Ownership Limit.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.1pt;margin-right:26.05pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nREIT expects to qualify as a REIT under Section 856 of the Code for U.S.\nfederal income tax purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>See\nSection IV of this Supplement (\u201cCertain U.S. Tax Considerations\u201d) for further\ndiscussion of U.S. federal tax consequences of an investment in the <span style=\"letter-spacing:-.1pt\">REIT.<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection252\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:26.0pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Each\npotential investor in the Fund is urged to consult its tax advisors to\ndetermine the specific tax consequences of<span style=\"letter-spacing:2.0pt\"> <\/span>purchasing,<span style=\"letter-spacing:-.2pt\"> <\/span>owning,<span style=\"letter-spacing:-.1pt\">\n<\/span>receiving<span style=\"letter-spacing:-.1pt\"> <\/span>distributions<span style=\"letter-spacing:-.1pt\"> <\/span>on,<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>selling, REIT Subsidiary Common Units\nunder the tax laws applicable to such <span style=\"letter-spacing:-.1pt\">investor.<\/span><o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;tab-stops:165.4pt\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Risk<span style=\"letter-spacing:\n-.1pt\"> Factors<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">An<span style=\"letter-spacing:1.2pt\"> <\/span>investment<span style=\"letter-spacing:\n1.3pt\"> <\/span>by<span style=\"letter-spacing:1.25pt\"> <\/span>the<span style=\"letter-spacing:1.2pt\"> <\/span>Fund<span style=\"letter-spacing:1.3pt\"> <\/span>in<span style=\"letter-spacing:1.25pt\"> <\/span>the<span style=\"letter-spacing:1.25pt\"> <\/span>REIT<span style=\"letter-spacing:1.25pt\"> <\/span>involves<span style=\"letter-spacing:1.25pt\">\n<\/span>significant<span style=\"letter-spacing:1.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">risks<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:25.85pt;margin-bottom:\n0in;margin-left:165.45pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">relating\nto both the REIT and the Fund and should be considered only by sophisticated\ninvestors able to assume the risks of loss and illiquidity inherent in such an\ninvestment.<span style=\"letter-spacing:2.0pt\"> <\/span>There will be no market\nfor the REIT Subsidiary Common Units and Members should not expect the REIT or\nthe Fund to realize any liquidity in its investments for the foreseeable\nfuture.<span style=\"letter-spacing:2.0pt\"> <\/span>Moreover, there is no\nassurance that the REIT or Fund investment objectives will be achieved, and\ninvestment results may vary from year to year.<span style=\"letter-spacing:2.0pt\">\n<\/span>Each prospective investor in the Fund should carefully review this\nSupplement and the LLC Agreement, as well as the Memorandum and the Fund\nAgreement, before deciding to invest in the Fund. Investors are urged to review\nSection III of this Supplement (\u201cRisk Factors\u201d) below.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.6pt\"><span style=\"font-size:8.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:0in;margin-bottom:0in;\nmargin-left:25.0pt;margin-bottom:.0001pt;tab-stops:right 261.8pt\"><i><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">OC<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">286,842,888v1<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;position:relative;top:2.5pt;\nmso-text-raise:-2.5pt;letter-spacing:-.5pt\">6<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection253\">\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 3.95pt 0in 0.0001pt 224.2pt; text-indent: -20pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">III.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp; <\/span><\/span><\/b><!--[endif]--><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">RISK<span style=\"letter-spacing:\n.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">FACTORS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The\nutilization of the REIT by the Fund involves a substantial degree of risk.<span style=\"letter-spacing:2.0pt\"> <\/span>In addition to being subject to normal\ninvestment risks, the utilization of the REIT will also be subject to certain\nspecific risks, including the risks set forth in the Memorandum and the\nfollowing:<o:p><\/o:p><\/span><\/i><\/b><\/p>\n\n<h5 style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Overall<span style=\"letter-spacing:-.1pt\"> Risks<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The REIT has been formed by the Fund to act as a\nsubsidiary investment vehicle through which the Fund will carry out its\ninvestment program as described in the Memorandum and to provide certain\ntax-exempt investors in the Fund with favorable tax benefits. Accordingly,\ninvestors in the Fund will be exposed to, and need to be aware of, the risks\nassociated with the use of the REIT to carry out the Fund\u2019s investment program.<span style=\"letter-spacing:2.0pt\"> <\/span>A number of such risks and other\nconsiderations are described in the Memorandum, and prospective investors are\nurged to carefully review the Memorandum before making any decision regarding\nan investment in the <span style=\"letter-spacing:-.1pt\">REIT.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The Fund and the REIT have a limited operating\nhistory.<span style=\"letter-spacing:4.0pt\"> <\/span>No assurances can be given,\nand<span style=\"letter-spacing:-.1pt\"> <\/span>none<span style=\"letter-spacing:\n-.05pt\"> <\/span>are<span style=\"letter-spacing:-.15pt\"> <\/span>provided<span style=\"letter-spacing:-.1pt\"> <\/span>herein,<span style=\"letter-spacing:-.1pt\">\n<\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>REIT investments<span style=\"letter-spacing:\n-.1pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>successful or<span style=\"letter-spacing:\n-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>investment objectives or targeted returns\nof the Fund through the REIT will be realized, that any benefits or advantages\nto<span style=\"letter-spacing:-.1pt\"> <\/span>investors<span style=\"letter-spacing:\n-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Fund<span style=\"letter-spacing:-.05pt\"> <\/span>suggested<span style=\"letter-spacing:-.1pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>implied<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Memorandum<span style=\"letter-spacing:\n-.1pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>this Supplement\nwill be available or accomplished, or that any historical successes of\naffiliates of the Manager or affiliates of the Fund or any other person\nidentified herein will be repeated with respect to the REIT or the Fund or will\nconfer any benefits on the Fund, the REIT or prospective investors in the Fund.<span style=\"letter-spacing:2.0pt\"> <\/span>Moreover, the investments undertaken by\nthe REIT on behalf of the Fund will be highly speculative and an investor in\nthe Fund could lose some or all of the amount invested therein. By following\nthe investment objective and principal investment strategies outlined in the\nMemorandum, the Fund, and therefore the REIT, will be subject to an above\naverage level of<span style=\"letter-spacing:4.0pt\"> <\/span>risk and volatility.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Limited<span style=\"letter-spacing:-.1pt\"> <\/span>Transferability<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>Liquidity<span style=\"letter-spacing:-.05pt\"> <\/span>of REIT<span style=\"letter-spacing:-.15pt\">\n<\/span>Subsidiary<span style=\"letter-spacing:-.05pt\"> <\/span>Common<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The REIT Subsidiary Common Units have not been\nregistered under the United States Securities Act of 1933, as amended, and no\nsuch registration is contemplated.<span style=\"letter-spacing:2.0pt\"> <\/span>No\npublic market for the REIT Subsidiary Common Units is<span style=\"letter-spacing:\n-.05pt\"> <\/span>expected to develop, and no redemption right is being offered\nby the REIT.<span style=\"letter-spacing:2.0pt\"> <\/span>Furthermore, any outside\ntransfer or assignment of the REIT Subsidiary Common Units will be dependent on\nthe consent of the Manager, which may be withheld in the Manager\u2019s sole\ndiscretion.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT Subsidiary\nCommon Units are therefore not liquid and involve a high degree of risk.<span style=\"letter-spacing:2.0pt\"> <\/span>Investment in the Fund therefore should be\nconsidered only by sophisticated investors who are financially able to maintain\ntheir investment for the duration of the REIT\u2019s term and bear the tax\nliabilities with respect thereto, and who can afford to lose all or a\nsubstantial part of their investment.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Lack<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>Regulatory<span style=\"letter-spacing:-.1pt\"> Oversigh<\/span><\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif; letter-spacing: -0.1pt;\">t.<\/span><span style=\"font-family: &quot;Quire Sans Light&quot;, sans-serif;\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The REIT is not presently registered, and does\nnot propose in the future to<span style=\"letter-spacing:-.05pt\"> <\/span>register,\nunder the<span style=\"letter-spacing:.95pt\"> <\/span>Investment<span style=\"letter-spacing:1.05pt\"> <\/span>Company<span style=\"letter-spacing:1.0pt\">\n<\/span>Act<span style=\"letter-spacing:1.0pt\"> <\/span>of<span style=\"letter-spacing:\n.95pt\"> <\/span>1940,<span style=\"letter-spacing:1.0pt\"> <\/span>as<span style=\"letter-spacing:1.05pt\"> <\/span>amended,<span style=\"letter-spacing:1.0pt\">\n<\/span>in<span style=\"letter-spacing:1.0pt\"> <\/span>reliance<span style=\"letter-spacing:.95pt\"> <\/span>upon<span style=\"letter-spacing:1.0pt\"> <\/span>an<span style=\"letter-spacing:1.0pt\"> <\/span>exemption<span style=\"letter-spacing:1.0pt\">\n<\/span>available<span style=\"letter-spacing:1.0pt\"> <\/span><span style=\"letter-spacing:-.25pt\">to<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection254\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">privately\noffered investment companies.<span style=\"letter-spacing:2.0pt\"> <\/span>Neither\nthe Manager nor the Managing Member of the Fund are registered, nor do any of\nthem intend to register, as an investment advisor under the Investment Advisers\nAct of<span style=\"letter-spacing:-.05pt\"> <\/span>1940, as amended.<span style=\"letter-spacing:2.0pt\"> <\/span>Investors<span style=\"letter-spacing:-.05pt\">\n<\/span>will therefore<span style=\"letter-spacing:-.05pt\"> <\/span>not receive<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>benefit\nof the additional oversight, disclosure, record keeping requirements and other\nprotections provided by these statutes.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">No<span style=\"letter-spacing:-.05pt\"> <\/span>Rights<span style=\"letter-spacing:-.05pt\">\n<\/span>as a<span style=\"letter-spacing:-.1pt\"> <\/span>Member<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.2pt\">REIT<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Although\nthe Fund will use the capital contributions from its investors to purchase a\nREIT Subsidiary<span style=\"letter-spacing:-.05pt\"> <\/span>Common<span style=\"letter-spacing:-.2pt\"> <\/span>Units in<span style=\"letter-spacing:-.15pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT,<span style=\"letter-spacing:-.05pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>investor<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Fund will<span style=\"letter-spacing:-.15pt\">\n<\/span>not<span style=\"letter-spacing:-.05pt\"> <\/span>become<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.05pt\"> <\/span>direct<span style=\"letter-spacing:-.05pt\"> <\/span>Member of the REIT.<span style=\"letter-spacing:4.0pt\"> <\/span>Only the Fund, acting through its Managing\nMember, will be entitled to exercise the rights, privileges and benefits\nafforded it under the REIT\u2019s LLC Agreement.<o:p><\/o:p><\/span><\/p>\n\n<h5 style=\"margin-top:12.05pt;text-align:justify\"><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Qualification<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>REIT as a<span style=\"letter-spacing:-.05pt\"> <\/span>Real<span style=\"letter-spacing:-.05pt\"> <\/span>Estate<span style=\"letter-spacing:-.1pt\">\n<\/span>Investment <span style=\"letter-spacing:-.1pt\">Trust<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.1pt\"> <\/span>REIT<span style=\"letter-spacing:-.05pt\"> <\/span>intends<span style=\"letter-spacing:-.05pt\">\n<\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>qualify<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>a\nReal<span style=\"letter-spacing:-.05pt\"> <\/span>Estate<span style=\"letter-spacing:\n-.1pt\"> <\/span>Investment<span style=\"letter-spacing:-.05pt\"> <\/span>Trust\nunder<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.1pt\"> <\/span>Code.<span style=\"letter-spacing:2.0pt\"> <\/span>However, no assurance\ncan be given that the REIT will qualify or remain qualified as a Real Estate\nInvestment Trust.<span style=\"letter-spacing:2.0pt\"> <\/span>Failure of the REIT\nin any taxable year to qualify as a Real Estate Investment Trust will render\nthe REIT subject to tax on its taxable income at regular corporate rates and\ndistributions to members of the REIT in any non-qualifying years will not be\ndeductible by the REIT.<span style=\"letter-spacing:2.0pt\"> <\/span>If a\ncorporation\u2019s status as a Real Estate Investment Trust is terminated, the\ncorporation generally may not be eligible to elect Real Estate Investment Trust\nstatus again prior to the fifth taxable year following the year in which it\nfails to qualify under the Code as a Real Estate Investment Trust.<span style=\"letter-spacing:2.0pt\"> <\/span>The requirements for qualification as a\nReal Estate Investment Trust are extremely complex, and the REIT\u2019s compliance\nwith such requirements may depend on factors that are<span style=\"letter-spacing:\n-.05pt\"> <\/span>outside of the REIT\u2019s control or upon the resolution of legal\nissues for<span style=\"letter-spacing:-.05pt\"> <\/span>which guidance is\nlacking.<span style=\"letter-spacing:4.0pt\"> <\/span>Future legislation, new\nregulations, administrative interpretations or court decisions may\nsignificantly change the tax laws or the application of the tax laws with\nrespect to qualification as a Real Estate Investment Trust.<span style=\"letter-spacing:2.0pt\"> <\/span>Any such change could adversely affect the\nREIT\u2019s ability to qualify as a Real Estate Investment Trust or the federal\nincome tax consequences of such qualification.<span style=\"letter-spacing:4.0pt\">\n<\/span>Even if the REIT qualifies as a Real Estate Investment Trust,<span style=\"letter-spacing:2.2pt\">&nbsp; <\/span>the<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>REIT<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>may<span style=\"letter-spacing:2.3pt\">&nbsp; <\/span>be<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>subject<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>to<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>federal<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>income<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>tax<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>in<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span>certain<span style=\"letter-spacing:2.25pt\">&nbsp; <\/span><span style=\"letter-spacing:-.1pt\">circumstances. <\/span><\/span><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:8.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:5.95pt\"><span style=\"font-size:8.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-left:25.0pt;tab-stops:right 261.8pt\"><i><span style=\"font-size:8.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">OC<span style=\"letter-spacing:\n-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">286,842,888v1<\/span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/i><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;position:relative;top:2.5pt;\nmso-text-raise:-2.5pt;letter-spacing:-.5pt\">2<\/span><span style=\"font-family:\n&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection255\">\n\n<p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 3.95pt 0in 0.0001pt 48.25pt; text-indent: -19.3pt;\"><!--[if !supportLists]--><b><span style=\"font-size:12.0pt\">IV.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp; <\/span><\/span><\/b><!--[endif]--><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">DESCRIPTION<span style=\"letter-spacing:-.05pt\"> <\/span>OF<span style=\"letter-spacing:-.05pt\"> <\/span>LIMITED<span style=\"letter-spacing:-.05pt\"> <\/span>LIABILITY<span style=\"letter-spacing:\n-.05pt\"> <\/span>COMPANY<span style=\"letter-spacing:-.1pt\"> <\/span>REIT\nSUBSIDIARY<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:\n-.1pt\">UNITS<\/span><o:p><\/o:p><\/span><\/b><\/p>\n\n<h5><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">General<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.6pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Under the LLC Agreement, the limited liability\ncompany REIT Subsidiary Units of the REIT consists of REIT Subsidiary Common\nUnits and REIT Subsidiary Preferred Units (collectively, the \u201c<u>Units<\/u>\u201d).<span style=\"letter-spacing:2.0pt\"> <\/span>Upon consummation of the Offering related\nto the Fund, the REIT will have outstanding REIT Subsidiary Common Units, but\nno REIT Subsidiary Preferred Units. The REIT will undertake the offer and sale\nof REIT Subsidiary Preferred Units in a separate offering, in which the REIT\nintends to sell up to 125 REIT Subsidiary Preferred Units.<span style=\"letter-spacing:4.0pt\"> <\/span>The REIT Subsidiary Common Units and the\nREIT Subsidiary Preferred Units will be fully paid and non-assessable, except\nas otherwise required under the New York Limited Liability Company<span style=\"letter-spacing:2.0pt\"> <\/span><span style=\"letter-spacing:-.2pt\">Act.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h5 style=\"margin-top:0in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.1pt\"> <\/span>Common<span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Distributions<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Subject to the provisions of applicable\nlaw and the rights of the holders of the REIT\u2019s outstanding REIT Subsidiary\nPreferred Units, and any additional class or series of REIT Subsidiary\nPreferred Units that may be issued from time to time (with respect to the REIT,\nsuch additional classes or series of REIT Subsidiary Preferred Units, together\nwith the REIT\u2019s REIT Subsidiary Preferred Units are collectively referred to as\nthe \u201c<u>REIT Subsidiary Preferred<\/u> <u>Units<\/u>\u201d), the holders of REIT\nSubsidiary Common Units are, except as otherwise determined by the Manager,\nentitled to receive ratably such distributions as may be authorized and\ndeclared on the REIT Subsidiary Common Units by the Manager in its discretion\nfrom funds legally available.<span style=\"letter-spacing:2.0pt\"> <\/span>Before\npayment of any distributions to the Common Interest holders, the REIT must have\nfirst paid the full, cumulative distributions outstanding on all REIT\nSubsidiary Preferred Units.<span style=\"letter-spacing:2.0pt\"> <\/span>The\nManager\u2019s determination as to whether to make a distribution to the holders of\nREIT Subsidiary Common Units may take into account the REIT\u2019s ongoing expenses\n(including debt payments), anticipated investments or capital expenditures and\nreserves.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:.05pt;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">In the event of the dissolution of the REIT,\nholders of its REIT Subsidiary Common<span style=\"letter-spacing:2.0pt\"> <\/span>Units\nare entitled to receive the net assets of the REIT after any preferential\namounts required to be paid or distributed to holders of the REIT\u2019s outstanding\nREIT Subsidiary Preferred Units. Holders of REIT Subsidiary Common Units do not\nhave any preemptive rights, redemption or conversion rights.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:13.8pt;margin-right:25.25pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Voting<\/span><\/i><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Except to the extent authorized in the LLC\nAgreement or required by applicable law, the holders of REIT Subsidiary Common\nUnits will have limited voting rights.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Redemption<\/span><\/i><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The outstanding REIT Subsidiary Common\nUnits are not subject to <span style=\"letter-spacing:-.1pt\">redemption.<\/span><o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<h5 style=\"margin-top:0in\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">REIT<span style=\"letter-spacing:-.15pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.15pt\"> <\/span>Preferred<span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Units<\/span><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoBodyText\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Rights, Privileges and Distributions<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT Subsidiary Preferred Units will\nhave such<span style=\"letter-spacing:.05pt\"> <\/span>designations,<span style=\"letter-spacing:.15pt\"> <\/span>preferences<span style=\"letter-spacing:\n.2pt\"> <\/span>and<span style=\"letter-spacing:.25pt\"> <\/span>relative,<span style=\"letter-spacing:.2pt\"> <\/span>participating,<span style=\"letter-spacing:\n.2pt\"> <\/span>optional<span style=\"letter-spacing:.25pt\"> <\/span>or<span style=\"letter-spacing:.1pt\"> <\/span>other<span style=\"letter-spacing:.15pt\"> <\/span>special<span style=\"letter-spacing:.15pt\"> <\/span>rights,<span style=\"letter-spacing:.35pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">powers<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><div class=\"WordSection256\">\n\n<p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">and\nduties as the Manager may by resolution provide.<span style=\"letter-spacing:\n2.0pt\"> <\/span>It is expected that rights, privileges of the REIT Subsidiary\nPreferred Units with respect to distributions, including the distribution of\nthe REIT\u2019s assets upon dissolution, liquidation, or winding up, will be senior\nto all other classes and series of REIT Subsidiary Units of the REIT, whether\nsuch class or series is now existing or is created in the future.<span style=\"letter-spacing:2.0pt\"> <\/span>Holders of the REIT Subsidiary Preferred\nUnits will not, however, participate in any appreciation in the value of the\nREIT.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:25.0pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Voting<\/span><\/i><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>Except to the extent authorized in the LLC\nAgreement or required by applicable law, the holders of REIT Subsidiary\nPreferred Units shall not be entitled to vote on any matter submitted to the\nholders of REIT Subsidiary Common Units of the REIT for a vote.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:.05pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Redemption<\/span><\/i><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>It is expected that the REIT Subsidiary\nPreferred Units will be subject to redemption at any time by notice of such\nredemption on a date selected by the REIT for such redemption on the terms set\nforth in the designating resolution.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Liquidation<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>In the event of any voluntary or\ninvoluntary dissolution, liquidation, or winding up of the REIT, the holders of\nREIT Subsidiary Preferred Units of the REIT will be entitled to receive pro\nrata in cash out of the assets of the REIT available therefore, before any\ndistribution of the assets may be made to the holders of the REIT\u2019s REIT\nSubsidiary Common Units, an amount per Preferred Unit equal to the purchase\nprice of the Preferred Unit, plus all accumulated and unpaid distributions\nthereon, plus, if applicable, any redemption premium.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Upon payment of such amount, the holders of the REIT\u2019s REIT\nSubsidiary Preferred Units will have no other rights or claims to any of<span style=\"letter-spacing:-.1pt\"> <\/span>the remaining assets of the REIT either\nupon distribution of such assets or upon dissolution, liquidation, or winding\nup.<span style=\"letter-spacing:2.0pt\"> <\/span>A consolidation or merger of the\nREIT with one or more entities, a sale or transfer of all or substantially all\nof the REIT\u2019s assets, or a statutory interest exchange shall not be deemed a\ndissolution, liquidation, or winding up of the REIT.<o:p><\/o:p><\/span><\/p>\n\n<p class=\"MsoBodyText\"><span style=\"font-size:12.0pt;mso-bidi-font-size:10.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoBodyText\" style=\"margin-top:9.85pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:10.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">&nbsp;<\/span><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.45pt;margin-bottom:\n0in;margin-left:84.15pt;margin-bottom:.0001pt;text-indent:-18.4pt;line-height:\n98%\"><b><i><span style=\"font-size:11.5pt;mso-bidi-font-size:11.0pt;line-height:98%;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Conversion<\/span><\/i><\/b><b><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.2pt\"> <\/span>REIT<span style=\"letter-spacing:-.2pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.2pt\"> <\/span>Preferred<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.25pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>convertible<span style=\"letter-spacing:-.2pt\"> <\/span>into<span style=\"letter-spacing:-.2pt\"> <\/span>interests<span style=\"letter-spacing:-.15pt\"> <\/span>of any other class or series.<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;line-height:98%;font-family:&quot;Quire Sans Light&quot;,sans-serif\">V. CERTAIN\nU.S. TAX CONSIDERATIONS<o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:0in;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Circular<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.25pt\"> <\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">230<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.2pt\"> <\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;letter-spacing:-.1pt\">Notice<\/span><\/b><b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/b><\/p>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">IN\nCOMPLIANCE WITH CERTAIN REQUIREMENTS IMPOSED BY THE U.S. INTERNAL<span style=\"letter-spacing:-.4pt\"> <\/span>REVENUE<span style=\"letter-spacing:-.4pt\">\n<\/span>SERVICE:<span style=\"letter-spacing:-.4pt\"> <\/span>(I)<span style=\"letter-spacing:-.4pt\"> <\/span>ANY<span style=\"letter-spacing:-.4pt\"> <\/span>U.S.<span style=\"letter-spacing:-.4pt\"> <\/span>FEDERAL<span style=\"letter-spacing:-.4pt\">\n<\/span>TAX<span style=\"letter-spacing:-.4pt\"> <\/span>ADVICE<span style=\"letter-spacing:-.4pt\"> <\/span>CONTAINED IN THIS MEMORANDUM IS NOT\nINTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY ANY TAXPAYER FOR THE\nPURPOSE OF AVOIDING TAX PENALTIES IMPOSED FOR U.S. FEDERAL INCOME TAX PURPOSES;\n(II) SUCH ADVICE WAS WRITTEN IN CONNECTION WITH THE MARKETING OF THE OFFERING;\nAND (III) TAXPAYERS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES\nFROM AN INDEPENDENT TAX ADVISOR.<o:p><\/o:p><\/span><\/b><\/p>\n\n<h5 style=\"margin-top:12.05pt\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif;\nletter-spacing:-.1pt\">Introduction<\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\"><o:p><\/o:p><\/span><\/h5>\n\n<p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:.3pt\"> <\/span>following<span style=\"letter-spacing:.3pt\">\n<\/span>discussion<span style=\"letter-spacing:.35pt\"> <\/span>summarizes<span style=\"letter-spacing:.4pt\"> <\/span>certain<span style=\"letter-spacing:.35pt\"> <\/span>U.S.<span style=\"letter-spacing:.35pt\"> <\/span>federal<span style=\"letter-spacing:.4pt\"> <\/span>income<span style=\"letter-spacing:.25pt\"> <\/span>tax<span style=\"letter-spacing:.35pt\"> <\/span>considerations<span style=\"letter-spacing:.3pt\"> <\/span><span style=\"letter-spacing:-.2pt\">that<\/span><o:p><\/o:p><\/span><\/p>\n\n<\/div><p>\n\n<span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif;\nmso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:&quot;Times New Roman&quot;;\nmso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA\"><br clear=\"all\" style=\"page-break-before:always;mso-break-type:section-break\">\n<\/span>\n\n<\/p><p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">may<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>relevant<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>prospective<span style=\"letter-spacing:\n-.4pt\"> <\/span>holder<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>REIT<span style=\"letter-spacing:-.5pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.5pt\"> <\/span>Common<span style=\"letter-spacing:-.5pt\"> <\/span>Units.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>discussion<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.45pt\"> <\/span>not\nexhaustive<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:\n-.4pt\"> <\/span>all<span style=\"letter-spacing:-.45pt\"> <\/span>possible<span style=\"letter-spacing:-.35pt\"> <\/span>tax<span style=\"letter-spacing:-.45pt\"> <\/span>considerations<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>does<span style=\"letter-spacing:-.45pt\"> <\/span>not<span style=\"letter-spacing:-.45pt\"> <\/span>give<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>detailed<span style=\"letter-spacing:-.25pt\"> <\/span>discussion<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>state<span style=\"letter-spacing:-.5pt\"> <\/span>or\nlocal tax considerations.<span style=\"letter-spacing:2.0pt\"> <\/span>Because the\nprovisions governing Real Estate Investment Trusts are complex,<span style=\"letter-spacing:-.2pt\"> <\/span>no<span style=\"letter-spacing:-.2pt\"> <\/span>attempt<span style=\"letter-spacing:-.15pt\"> <\/span>is<span style=\"letter-spacing:-.15pt\"> <\/span>made<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>following<span style=\"letter-spacing:-.2pt\">\n<\/span>discussion<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>discuss<span style=\"letter-spacing:-.15pt\">\n<\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>detail<span style=\"letter-spacing:-.05pt\"> <\/span>all<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>possible<span style=\"letter-spacing:-.2pt\"> <\/span>tax considerations<span style=\"letter-spacing:\n-.35pt\"> <\/span>applicable<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>REIT<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>Members.<span style=\"letter-spacing:2.4pt\">\n<\/span>It<span style=\"letter-spacing:-.3pt\"> <\/span>also<span style=\"letter-spacing:\n-.45pt\"> <\/span>does<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>discuss<span style=\"letter-spacing:-.4pt\">\n<\/span>all<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:\n-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>aspects<span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.25pt\">of<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:0in;margin-right:24.6pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S.\nfederal income taxation that may be relevant to prospective Members in light of\ntheir particular circumstances or to certain types of Members (including\ninsurance companies, tax- exempt entities, financial institutions,\nbroker-dealers, foreign corporations and individuals not citizens or residents\nof the United States) who are subject to special treatment under the U.S.\nfederal income tax laws.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The discussion below is based upon provisions of\nthe Internal Revenue Code of 1986, as amended<span style=\"letter-spacing:-.75pt\">\n<\/span>(the<span style=\"letter-spacing:-.75pt\"> <\/span>\u201c<u>Code<\/u>\u201d),<span style=\"letter-spacing:-.75pt\"> <\/span>temporary<span style=\"letter-spacing:\n-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>final<span style=\"letter-spacing:-.75pt\"> <\/span>Treasury<span style=\"letter-spacing:-.75pt\">\n<\/span>Regulations<span style=\"letter-spacing:-.75pt\"> <\/span>promulgated<span style=\"letter-spacing:-.75pt\"> <\/span>thereunder,<span style=\"letter-spacing:\n-.75pt\"> <\/span>judicial decisions and administrative rulings and practices,\nall as in effect as of December 15, 2011.<span style=\"letter-spacing:2.0pt\"> <\/span>No\nassurance<span style=\"letter-spacing:-.4pt\"> <\/span>can<span style=\"letter-spacing:\n-.4pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>provided<span style=\"letter-spacing:-.5pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>judicial<span style=\"letter-spacing:-.35pt\"> <\/span>decisions<span style=\"letter-spacing:\n-.35pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>legislative<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.4pt\"> <\/span>administrative<span style=\"letter-spacing:-.4pt\"> <\/span>actions<span style=\"letter-spacing:-.5pt\">\n<\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>differ from the\nfollowing discussion will not be forthcoming.<span style=\"letter-spacing:2.0pt\">\n<\/span>Any such differences could apply retroactively<span style=\"letter-spacing:\n-.75pt\"> <\/span>to<span style=\"letter-spacing:-.75pt\"> <\/span>prior<span style=\"letter-spacing:-.75pt\"> <\/span>transactions<span style=\"letter-spacing:\n-.75pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>could<span style=\"letter-spacing:-.75pt\"> <\/span>modify<span style=\"letter-spacing:-.75pt\">\n<\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>conclusions<span style=\"letter-spacing:-.75pt\"> <\/span>set<span style=\"letter-spacing:-.75pt\"> <\/span>forth<span style=\"letter-spacing:-.75pt\"> <\/span>herein.<span style=\"letter-spacing:1.6pt\">\n<\/span>No<span style=\"letter-spacing:-.75pt\"> <\/span>ruling<span style=\"letter-spacing:-.75pt\"> <\/span>will be<span style=\"letter-spacing:-.4pt\">\n<\/span>sought<span style=\"letter-spacing:-.2pt\"> <\/span>from<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Internal<span style=\"letter-spacing:-.3pt\"> <\/span>Revenue<span style=\"letter-spacing:-.4pt\">\n<\/span>Service<span style=\"letter-spacing:-.4pt\"> <\/span>(the<span style=\"letter-spacing:-.4pt\"> <\/span>\u201c<u>IRS<\/u>\u201d)<span style=\"letter-spacing:\n-.25pt\"> <\/span>regarding<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>issues<span style=\"letter-spacing:-.35pt\"> <\/span>discussed herein,<span style=\"letter-spacing:\n-.35pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>no<span style=\"letter-spacing:-.35pt\"> <\/span>assurance<span style=\"letter-spacing:\n-.35pt\"> <\/span>can<span style=\"letter-spacing:-.35pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>given<span style=\"letter-spacing:-.35pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>IRS<span style=\"letter-spacing:-.35pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.35pt\"> <\/span>challenge<span style=\"letter-spacing:\n-.4pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>positions<span style=\"letter-spacing:-.35pt\"> <\/span>taken<span style=\"letter-spacing:-.35pt\">\n<\/span>by the REIT and that such a challenge will not succeed.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:25.0pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">For purposes of this discussion, a \u201cU.S. Member\u201d\nis an individual who is a citizen or resident of<span style=\"letter-spacing:\n-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>United States\nfor<span style=\"letter-spacing:-.05pt\"> <\/span>U.S. federal income<span style=\"letter-spacing:-.05pt\"> <\/span>tax purposes.<o:p><\/o:p><\/span><\/p><h5 style=\"text-align:justify\"><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">U.S.<span style=\"letter-spacing:-.75pt\"> <\/span>Federal<span style=\"letter-spacing:-.7pt\">\n<\/span>Taxation<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.2pt\">REIT<\/span><o:p><\/o:p><\/span><\/h5><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">General<\/span><\/i><\/b><span style=\"font-size:\n12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT expects that it will be taxed as\na Real Estate Investment Trust under Sections<span style=\"letter-spacing:-.3pt\">\n<\/span>856<span style=\"letter-spacing:-.3pt\"> <\/span>through<span style=\"letter-spacing:-.3pt\"> <\/span>860<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Code.<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.3pt\"> <\/span>general,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>REIT\u2019s<span style=\"letter-spacing:-.3pt\"> <\/span>qualification<span style=\"letter-spacing:\n-.2pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>taxation<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>Real Estate Investment<span style=\"letter-spacing:-.15pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>depends<span style=\"letter-spacing:-.15pt\"> <\/span>upon<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT\u2019s<span style=\"letter-spacing:-.05pt\">\n<\/span>ability<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>satisfy<span style=\"letter-spacing:-.05pt\">\n<\/span>on<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:\n-.2pt\"> <\/span>continuing<span style=\"letter-spacing:-.15pt\"> <\/span>basis,<span style=\"letter-spacing:-.15pt\"> <\/span>through actual operating results,\ndistributions, diversity of Common Interest ownership and other requirements\nimposed under the Code, as discussed below.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:-.4pt\"> <\/span>following<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>general<span style=\"letter-spacing:-.45pt\">\n<\/span>summary<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Code<span style=\"letter-spacing:-.4pt\"> <\/span>provisions<span style=\"letter-spacing:\n-.45pt\"> <\/span>that<span style=\"letter-spacing:-.3pt\"> <\/span>govern<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>federal<span style=\"letter-spacing:-.3pt\"> <\/span>income tax treatment of a REIT and its\nMembers.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>REIT<span style=\"letter-spacing:-.4pt\"> <\/span>qualifies<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>taxation<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>Real<span style=\"letter-spacing:-.4pt\"> <\/span>Estate<span style=\"letter-spacing:-.3pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.4pt\"> <\/span>Trust,<span style=\"letter-spacing:-.4pt\"> <\/span>it<span style=\"letter-spacing:-.4pt\"> <\/span>generally<span style=\"letter-spacing:-.4pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>be subject to federal corporate income\ntaxes on net income (including capital gains) that it currently distributes<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.5pt\"> <\/span>Members.<span style=\"letter-spacing:2.0pt\">\n<\/span>Notwithstanding<span style=\"letter-spacing:-.5pt\"> <\/span>its<span style=\"letter-spacing:-.45pt\"> <\/span>status<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:\n-.3pt\"> <\/span>Real<span style=\"letter-spacing:-.5pt\"> <\/span>Estate<span style=\"letter-spacing:-.35pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.5pt\"> <\/span>Trust,<span style=\"letter-spacing:-.45pt\"> <\/span>however, the\nREIT will be subject to federal corporate income tax in certain circumstances,\nincluding the <span style=\"letter-spacing:-.1pt\">following:<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l37 level1 lfo5;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.15pt\"> <\/span>REIT<span style=\"letter-spacing:-.05pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>taxed<span style=\"letter-spacing:-.05pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span>regular<span style=\"letter-spacing:-.05pt\"> <\/span>corporate<span style=\"letter-spacing:\n-.05pt\"> <\/span>rates on<span style=\"letter-spacing:-.1pt\"> <\/span>any<span style=\"letter-spacing:-.05pt\"> <\/span>undistributed Real<span style=\"letter-spacing:\n-.1pt\"> <\/span>Estate Investment<span style=\"letter-spacing:-.35pt\"> <\/span>Trust<span style=\"letter-spacing:-.3pt\"> <\/span>taxable<span style=\"letter-spacing:-.3pt\">\n<\/span>income,<span style=\"letter-spacing:-.45pt\"> <\/span>including<span style=\"letter-spacing:-.35pt\"> <\/span>undistributed<span style=\"letter-spacing:\n-.45pt\"> <\/span>net<span style=\"letter-spacing:-.35pt\"> <\/span>capital<span style=\"letter-spacing:-.45pt\"> <\/span>gains<span style=\"letter-spacing:-.35pt\">\n<\/span>(although,<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>extent\nso designated by the REIT, Members would receive an offsetting credit against\ntheir own federal income<span style=\"letter-spacing:-.2pt\"> <\/span>tax<span style=\"letter-spacing:-.25pt\"> <\/span>liability<span style=\"letter-spacing:\n-.15pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>federal<span style=\"letter-spacing:-.25pt\"> <\/span>income<span style=\"letter-spacing:-.3pt\">\n<\/span>taxes<span style=\"letter-spacing:-.25pt\"> <\/span>paid<span style=\"letter-spacing:-.25pt\"> <\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\"> <\/span>with<span style=\"letter-spacing:-.25pt\"> <\/span>respect<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:\n-.25pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>gains);<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l37 level1 lfo5;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Under<span style=\"letter-spacing:\n-.5pt\"> <\/span>certain<span style=\"letter-spacing:-.45pt\"> <\/span>circumstances,<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>subject<span style=\"letter-spacing:-.45pt\">\n<\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>\u201ccorporate<span style=\"letter-spacing:-.45pt\"> <\/span>alternative\nminimum tax\u201d on items of tax preference;<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:3.95pt;margin-right:24.6pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l14 level1 lfo4;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(iv)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>REIT<span style=\"letter-spacing:-.4pt\"> <\/span>has<span style=\"letter-spacing:-.3pt\"> <\/span>net<span style=\"letter-spacing:-.35pt\"> <\/span>income<span style=\"letter-spacing:-.35pt\">\n<\/span>from<span style=\"letter-spacing:-.35pt\"> <\/span>prohibited<span style=\"letter-spacing:-.4pt\"> <\/span>transactions<span style=\"letter-spacing:\n-.3pt\"> <\/span>(generally,<span style=\"letter-spacing:-.4pt\"> <\/span>certain<span style=\"letter-spacing:-.35pt\"> <\/span>sales<span style=\"letter-spacing:-.4pt\"> <\/span>or\nother dispositions of property held primarily for sale to customers in the\nordinary course of business, other than certain involuntary conversions or\nsales or dispositions of foreclosure property), such income will be subject to\na 100% tax;<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l14 level1 lfo4;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(v)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If the REIT should fail to\nsatisfy the annual 75% or 95% gross income test (as discussed<span style=\"letter-spacing:-.1pt\"> <\/span>below),<span style=\"letter-spacing:-.1pt\">\n<\/span>but<span style=\"letter-spacing:-.05pt\"> <\/span>still<span style=\"letter-spacing:-.05pt\"> <\/span>maintains its<span style=\"letter-spacing:\n-.05pt\"> <\/span>qualification<span style=\"letter-spacing:-.1pt\"> <\/span>as a\nReal<span style=\"letter-spacing:-.05pt\"> <\/span>Estate Investment<span style=\"letter-spacing:-.05pt\"> <\/span>Trust by<span style=\"letter-spacing:-.1pt\">\n<\/span>having met other requirements, it would be subject to a 100% tax on an\namount equal to (a) the gross income<span style=\"letter-spacing:-.1pt\"> <\/span>attributable<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>greater<span style=\"letter-spacing:-.15pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>(i)<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>amount<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.15pt\"> <\/span>75%<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.15pt\"> <\/span>gross<span style=\"letter-spacing:-.15pt\"> <\/span>income<span style=\"letter-spacing:-.1pt\">\n<\/span>exceeds<span style=\"letter-spacing:-.15pt\"> <\/span>the amount of its\nincome qualifying for the 75% gross income test for the taxable year, or (ii)\nthe amount by which 95% of its gross income exceeds the amount of its income\nqualifying for the 95% gross income test for the taxable year, multiplied by\n(b) a fraction intended to reflect the REIT\u2019s profitability;<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:25.0pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l14 level1 lfo4;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(vi)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:\n-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>REIT<span style=\"letter-spacing:-.4pt\"> <\/span>should<span style=\"letter-spacing:-.4pt\"> <\/span>fail<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>distribute<span style=\"letter-spacing:-.4pt\"> <\/span>during<span style=\"letter-spacing:-.5pt\"> <\/span>each<span style=\"letter-spacing:-.4pt\"> <\/span>calendar<span style=\"letter-spacing:-.5pt\">\n<\/span>year<span style=\"letter-spacing:-.5pt\"> <\/span>at<span style=\"letter-spacing:\n-.45pt\"> <\/span>least<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>sum<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>(i) 85%<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:\n-.4pt\"> <\/span>ordinary<span style=\"letter-spacing:-.45pt\"> <\/span>income<span style=\"letter-spacing:-.5pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>year,<span style=\"letter-spacing:-.35pt\">\n<\/span>(ii)<span style=\"letter-spacing:-.45pt\"> <\/span>95%<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>capital<span style=\"letter-spacing:-.35pt\">\n<\/span>gain<span style=\"letter-spacing:-.45pt\"> <\/span>net<span style=\"letter-spacing:-.4pt\"> <\/span>income<span style=\"letter-spacing:-.35pt\">\n<\/span>for<span style=\"letter-spacing:-.45pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>year,<span style=\"letter-spacing:-.35pt\">\n<\/span>and<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 0in 24.7pt 0.0001pt 25pt; text-indent: 0in;\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any<span style=\"letter-spacing:-.2pt\"> <\/span>undistributed<span style=\"letter-spacing:\n-.2pt\"> <\/span>taxable<span style=\"letter-spacing:-.2pt\"> <\/span>income<span style=\"letter-spacing:-.15pt\"> <\/span>from<span style=\"letter-spacing:-.2pt\"> <\/span>prior<span style=\"letter-spacing:-.2pt\"> <\/span>years,<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT<span style=\"letter-spacing:-.2pt\"> <\/span>would<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>4%<span style=\"letter-spacing:-.2pt\"> <\/span>excise\ntax<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:\n-.25pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>excess<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>required<span style=\"letter-spacing:-.25pt\">\n<\/span>distribution<span style=\"letter-spacing:-.25pt\"> <\/span>over<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>amounts<span style=\"letter-spacing:-.15pt\"> <\/span>actually<span style=\"letter-spacing:-.25pt\">\n<\/span>distributed;<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l14 level1 lfo4;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(vii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">If the REIT were to acquire\nan asset from a corporation which is or has been a subchapter C corporation in\na transaction in which the basis of the asset in the REIT\u2019s hands is determined<span style=\"letter-spacing:-.15pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>reference<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>basis<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>asset<span style=\"letter-spacing:-.2pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>hands<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>subchapter<span style=\"letter-spacing:-.3pt\"> <\/span>C<span style=\"letter-spacing:-.1pt\"> <\/span>corporation,<span style=\"letter-spacing:-.15pt\"> <\/span>and the REIT subsequently recognizes gain\non the disposition of the asset within the ten-year period beginning<span style=\"letter-spacing:-.45pt\"> <\/span>on<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>day<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>asset<span style=\"letter-spacing:-.55pt\"> <\/span>was<span style=\"letter-spacing:-.45pt\"> <\/span>acquired,<span style=\"letter-spacing:-.55pt\"> <\/span>then<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>would<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>required<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>pay<span style=\"letter-spacing:-.55pt\"> <\/span>tax<span style=\"letter-spacing:-.5pt\"> <\/span>at<span style=\"letter-spacing:-.55pt\"> <\/span>the highest regular corporate tax rate on\nthis gain to the extent: (1) the fair market value of the asset; exceeds (2)\nthe REIT\u2019s adjusted tax basis in the asset, in each case, determined as of the\ndate on which<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>asset<span style=\"letter-spacing:-.15pt\"> <\/span>was\nacquired.<span style=\"letter-spacing:-.15pt\"> <\/span>The<span style=\"letter-spacing:\n-.2pt\"> <\/span>results<span style=\"letter-spacing:-.15pt\"> <\/span>described<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>this<span style=\"letter-spacing:-.15pt\"> <\/span>paragraph<span style=\"letter-spacing:\n-.15pt\"> <\/span>assume<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>no<span style=\"letter-spacing:-.15pt\"> <\/span>election<span style=\"letter-spacing:-.05pt\"> <\/span>will be made under Treasury Regulations\nSection 1.337(d)-7 for the subchapter C corporation to be subject to an\nimmediate tax when the asset is acquired; and<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l14 level1 lfo4;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(viii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">The<span style=\"letter-spacing:\n-.3pt\"> <\/span>REIT<span style=\"letter-spacing:-.25pt\"> <\/span>could<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.3pt\"> <\/span>subject<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>100%<span style=\"letter-spacing:-.3pt\"> <\/span>tax<span style=\"letter-spacing:-.25pt\"> <\/span>on<span style=\"letter-spacing:-.15pt\"> <\/span>certain<span style=\"letter-spacing:-.2pt\"> <\/span>payments<span style=\"letter-spacing:-.25pt\">\n<\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>it<span style=\"letter-spacing:\n-.2pt\"> <\/span>receives<span style=\"letter-spacing:-.25pt\"> <\/span>from a\n\u201ctaxable REIT subsidiary\u201d (\u201cTRS\u201d), or on certain expenses deducted by a\n\u201ctaxable REIT subsidiary\u201d,<span style=\"letter-spacing:-.1pt\"> <\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>the economic<span style=\"letter-spacing:\n-.15pt\"> <\/span>arrangement<span style=\"letter-spacing:-.05pt\"> <\/span>between<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT,<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>taxable\nREIT<span style=\"letter-spacing:-.05pt\"> <\/span>subsidiary<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.05pt\"> <\/span>the\ntenants at the [Fund\u2019s] properties are not comparable to similar arrangements\namong unrelated <span style=\"letter-spacing:-.1pt\">parties.<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Requirements for Real Estate Investment Trust\nQualification<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The Code defines a Real Estate Investment Trust as a domestic\ncorporation, trust or association that is not a financial institution<span style=\"letter-spacing:-.75pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>an<span style=\"letter-spacing:-.75pt\"> <\/span>insurance<span style=\"letter-spacing:\n-.7pt\"> <\/span>company<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>which,<span style=\"letter-spacing:-.75pt\">\n<\/span>but<span style=\"letter-spacing:-.55pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Real<span style=\"letter-spacing:-.7pt\"> <\/span>Estate<span style=\"letter-spacing:-.7pt\"> <\/span>Investment<span style=\"letter-spacing:-.7pt\"> <\/span>Trust<span style=\"letter-spacing:-.6pt\"> <\/span>provisions\nof Sections 856 through 859 of the Code, would be taxable as a corporation.<span style=\"letter-spacing:2.0pt\"> <\/span>The Real Estate Investment Trust must be managed\nby one or more trustees or directors and the beneficial ownership of the Real\nEstate Investment Trust must be evidenced by transferable shares or by\ntransferable certificates of beneficial interest.<span style=\"letter-spacing:\n2.0pt\"> <\/span>In addition, commencing with a Real Estate Investment<span style=\"letter-spacing:-.35pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.35pt\">\n<\/span>second<span style=\"letter-spacing:-.4pt\"> <\/span>taxable<span style=\"letter-spacing:-.4pt\"> <\/span>year,<span style=\"letter-spacing:-.4pt\"> <\/span>(i)<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>beneficial<span style=\"letter-spacing:-.35pt\"> <\/span>ownership<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Real<span style=\"letter-spacing:-.35pt\"> <\/span>Estate<span style=\"letter-spacing:-.3pt\"> <\/span>Investment Trust must be held by 100 or\nmore persons, and (ii) during the last half of each taxable year not more than\n50% in value of the Real Estate Investment Trust\u2019s outstanding shares can be\nowned, directly<span style=\"letter-spacing:1.1pt\"> <\/span>or<span style=\"letter-spacing:1.15pt\"> <\/span>indirectly,<span style=\"letter-spacing:\n1.35pt\"> <\/span>by<span style=\"letter-spacing:1.3pt\"> <\/span>five<span style=\"letter-spacing:1.15pt\"> <\/span>or<span style=\"letter-spacing:1.2pt\"> <\/span>fewer<span style=\"letter-spacing:1.3pt\"> <\/span>individuals<span style=\"letter-spacing:\n1.25pt\"> <\/span>(as<span style=\"letter-spacing:1.25pt\"> <\/span>specially<span style=\"letter-spacing:1.2pt\"> <\/span>defined<span style=\"letter-spacing:1.3pt\">\n<\/span>in<span style=\"letter-spacing:1.25pt\"> <\/span>the<span style=\"letter-spacing:\n1.25pt\"> <\/span>Code<span style=\"letter-spacing:1.25pt\"> <\/span>to<span style=\"letter-spacing:1.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">include<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">certain<span style=\"letter-spacing:-.3pt\"> <\/span>entities).<span style=\"letter-spacing:\n2.0pt\"> <\/span>The<span style=\"letter-spacing:-.3pt\"> <\/span>Real<span style=\"letter-spacing:-.4pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\">\n<\/span>Investment<span style=\"letter-spacing:-.3pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.45pt\"> <\/span>treated<span style=\"letter-spacing:-.25pt\">\n<\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>having<span style=\"letter-spacing:-.35pt\"> <\/span>met<span style=\"letter-spacing:-.3pt\"> <\/span>condition<span style=\"letter-spacing:-.25pt\"> <\/span>(ii)<span style=\"letter-spacing:-.35pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>it has complied with certain United\nStates Department of Treasury Regulations for ascertaining the ownership<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.3pt\"> <\/span>shares<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>year<span style=\"letter-spacing:-.35pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>it<span style=\"letter-spacing:-.3pt\"> <\/span>did<span style=\"letter-spacing:-.3pt\"> <\/span>not<span style=\"letter-spacing:-.3pt\"> <\/span>know<span style=\"letter-spacing:-.35pt\"> <\/span>(or<span style=\"letter-spacing:-.35pt\"> <\/span>after<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>exercise<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>reasonable<span style=\"letter-spacing:-.35pt\"> <\/span>due diligence<span style=\"letter-spacing:\n-.15pt\"> <\/span>would<span style=\"letter-spacing:-.25pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>have<span style=\"letter-spacing:-.15pt\"> <\/span>known)<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.15pt\"> <\/span>its<span style=\"letter-spacing:-.2pt\"> <\/span>shares<span style=\"letter-spacing:-.2pt\"> <\/span>were<span style=\"letter-spacing:-.3pt\"> <\/span>sufficiently<span style=\"letter-spacing:\n-.15pt\"> <\/span>closely<span style=\"letter-spacing:-.25pt\"> <\/span>held<span style=\"letter-spacing:-.25pt\"> <\/span>during<span style=\"letter-spacing:-.15pt\">\n<\/span>such<span style=\"letter-spacing:-.15pt\"> <\/span>year<span style=\"letter-spacing:-.25pt\"> <\/span>to cause it to fail condition (ii).<span style=\"letter-spacing:2.0pt\"> <\/span>A Real Estate Investment Trust must also\nmeet certain other tests, described below, regarding the nature of its income\nand assets.<span style=\"letter-spacing:2.0pt\"> <\/span>The LLC Agreement\ncontains restrictions<span style=\"letter-spacing:-.45pt\"> <\/span>regarding<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>transfer<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Real<span style=\"letter-spacing:-.55pt\"> <\/span>Estate<span style=\"letter-spacing:-.5pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.55pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.55pt\"> <\/span>REIT<span style=\"letter-spacing:-.6pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.6pt\"> <\/span>Common Units<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.2pt\"> <\/span>are<span style=\"letter-spacing:-.25pt\"> <\/span>intended<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>assist<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Real<span style=\"letter-spacing:-.2pt\"> <\/span>Estate<span style=\"letter-spacing:-.15pt\">\n<\/span>Investment<span style=\"letter-spacing:-.2pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.25pt\"> <\/span>continuing<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>satisfy<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>share\nownership requirements described above.<span style=\"letter-spacing:2.0pt\"> <\/span>See\n\u201cDescription of Limited Liability Company <\/span><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">REIT\nSubsidiary <\/span><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;\nfont-family:&quot;Quire Sans Light&quot;,sans-serif\">Units &#8211; Restrictions on Transfer\u201d.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Income<span style=\"letter-spacing:-.65pt\"> <\/span>Tests<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>To<span style=\"letter-spacing:-.6pt\"> <\/span>maintain<span style=\"letter-spacing:-.6pt\"> <\/span>qualification<span style=\"letter-spacing:\n-.6pt\"> <\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.6pt\"> <\/span>Real<span style=\"letter-spacing:-.5pt\"> <\/span>Estate<span style=\"letter-spacing:-.5pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.55pt\"> <\/span>Trust,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Real<span style=\"letter-spacing:-.55pt\"> <\/span>Estate\nInvestment<span style=\"letter-spacing:-.15pt\"> <\/span>Trust<span style=\"letter-spacing:-.15pt\"> <\/span>must<span style=\"letter-spacing:-.15pt\"> <\/span>satisfy,<span style=\"letter-spacing:-.15pt\"> <\/span>on an annual<span style=\"letter-spacing:\n-.15pt\"> <\/span>basis,<span style=\"letter-spacing:-.15pt\"> <\/span>two<span style=\"letter-spacing:-.15pt\"> <\/span>gross<span style=\"letter-spacing:-.15pt\">\n<\/span>income<span style=\"letter-spacing:-.2pt\"> <\/span>tests:<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l21 level1 lfo3;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">at least 75% of the Real\nEstate Investment Trust\u2019s gross income (excluding gross income from prohibited\ntransactions) for each taxable year must be derived directly or indirectly from<span style=\"letter-spacing:-.6pt\"> <\/span>investments<span style=\"letter-spacing:\n-.65pt\"> <\/span>relating<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.65pt\"> <\/span>real<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.65pt\"> <\/span>mortgages<span style=\"letter-spacing:-.55pt\"> <\/span>on<span style=\"letter-spacing:-.65pt\"> <\/span>real<span style=\"letter-spacing:-.6pt\"> <\/span>property,<span style=\"letter-spacing:-.65pt\">\n<\/span>including<span style=\"letter-spacing:-.65pt\"> <\/span>(A)<span style=\"letter-spacing:-.7pt\"> <\/span>\u201crents<span style=\"letter-spacing:-.65pt\">\n<\/span>from real<span style=\"letter-spacing:-.4pt\"> <\/span>property,\u201d<span style=\"letter-spacing:-.35pt\"> <\/span>(B)<span style=\"letter-spacing:-.35pt\"> <\/span>gain<span style=\"letter-spacing:-.3pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>sale<span style=\"letter-spacing:-.35pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>other<span style=\"letter-spacing:-.45pt\">\n<\/span>disposition<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>real<span style=\"letter-spacing:-.4pt\"> <\/span>property,<span style=\"letter-spacing:-.3pt\"> <\/span>(C)<span style=\"letter-spacing:-.45pt\"> <\/span>dividends<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>other\ndistributions on, and gain (other than gain from prohibited transactions) from\nthe sale or other disposition of, transferable shares or certificates of\nbeneficial ownership in other Real Estate Investment<span style=\"letter-spacing:\n-.75pt\"> <\/span>Trusts,<span style=\"letter-spacing:-.75pt\"> <\/span>(D)<span style=\"letter-spacing:-.75pt\"> <\/span>interest<span style=\"letter-spacing:-.75pt\">\n<\/span>on<span style=\"letter-spacing:-.75pt\"> <\/span>obligations<span style=\"letter-spacing:-.75pt\"> <\/span>secured<span style=\"letter-spacing:-.75pt\">\n<\/span>by<span style=\"letter-spacing:-.75pt\"> <\/span>mortgages<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:-.75pt\"> <\/span>real<span style=\"letter-spacing:-.75pt\"> <\/span>property<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>on<span style=\"letter-spacing:\n-.75pt\"> <\/span>interests in real property, (E) income and gain derived from\n\u201cforeclosure property,\u201d and (F) income from certain types of temporary\ninvestments; and<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.65pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l21 level1 lfo3;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">at least 95% of the Real\nEstate Investment Trust\u2019s gross income (excluding gross income from prohibited\ntransactions) for each taxable year must be derived<span style=\"letter-spacing:\n-.05pt\"> <\/span>from (A) \u201crents from real property\u201d, (B) gain from the sale or\nother disposition of shares, securities, and real property (including interests\nin real property and interests in mortgages on real property) that is not, in\ngeneral, inventory or property held primarily for sale<span style=\"letter-spacing:\n-.05pt\"> <\/span>to customers in the<span style=\"letter-spacing:-.05pt\"> <\/span>ordinary\ncourse<span style=\"letter-spacing:-.05pt\"> <\/span>of trade or<span style=\"letter-spacing:-.6pt\"> <\/span>business),<span style=\"letter-spacing:\n-.6pt\"> <\/span>(C)<span style=\"letter-spacing:-.6pt\"> <\/span>dividends,<span style=\"letter-spacing:-.55pt\"> <\/span>(D)<span style=\"letter-spacing:-.65pt\"> <\/span>interest,<span style=\"letter-spacing:-.55pt\"> <\/span>(E)<span style=\"letter-spacing:-.6pt\"> <\/span>income<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>gain<span style=\"letter-spacing:-.55pt\"> <\/span>derived<span style=\"letter-spacing:-.4pt\">\n<\/span>from<span style=\"letter-spacing:-.55pt\"> <\/span>\u201cforeclosure<span style=\"letter-spacing:-.6pt\"> <\/span>property\u201d, and (F) payments made to a Real\nEstate Investment Trust under an interest rate swap or cap agreement, option,\nfutures contract, forward rate agreement or any similar financial instrument\nentered<span style=\"letter-spacing:-.75pt\"> <\/span>into<span style=\"letter-spacing:\n-.75pt\"> <\/span>by<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Real<span style=\"letter-spacing:-.75pt\"> <\/span>Estate<span style=\"letter-spacing:-.7pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.65pt\"> <\/span>Trust<span style=\"letter-spacing:-.75pt\"> <\/span>in<span style=\"letter-spacing:-.7pt\"> <\/span>order<span style=\"letter-spacing:-.75pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>reduce<span style=\"letter-spacing:-.75pt\">\n<\/span>interest<span style=\"letter-spacing:-.65pt\"> <\/span>rate<span style=\"letter-spacing:-.75pt\"> <\/span>risks<span style=\"letter-spacing:-.7pt\"> <\/span>with<span style=\"letter-spacing:-.7pt\"> <\/span>respect<span style=\"letter-spacing:-.75pt\">\n<\/span>to any<span style=\"letter-spacing:-.55pt\"> <\/span>indebtedness<span style=\"letter-spacing:-.5pt\"> <\/span>incurred<span style=\"letter-spacing:-.55pt\">\n<\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:\n-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>incurred<span style=\"letter-spacing:-.45pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>Real<span style=\"letter-spacing:-.45pt\"> <\/span>Estate<span style=\"letter-spacing:-.45pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.45pt\"> <\/span>Trust<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>acquire<span style=\"letter-spacing:-.6pt\">\n<\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>carry real<span style=\"letter-spacing:-.2pt\"> <\/span>estate<span style=\"letter-spacing:-.15pt\">\n<\/span>assets<span style=\"letter-spacing:-.2pt\"> <\/span>(and<span style=\"letter-spacing:-.1pt\"> <\/span>gain<span style=\"letter-spacing:-.2pt\"> <\/span>from<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>sale<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>disposition<span style=\"letter-spacing:\n-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>investment).<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If the Real Estate Investment Trust fails to\nsatisfy one or both of the 75% or 90% gross income<span style=\"letter-spacing:\n-.5pt\"> <\/span>tests<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>taxable<span style=\"letter-spacing:-.65pt\"> <\/span>year,<span style=\"letter-spacing:-.6pt\"> <\/span>it<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>nevertheless<span style=\"letter-spacing:-.55pt\"> <\/span>qualify<span style=\"letter-spacing:-.45pt\">\n<\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:\n-.4pt\"> <\/span>Real<span style=\"letter-spacing:-.55pt\"> <\/span>Estate<span style=\"letter-spacing:-.5pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.55pt\"> <\/span>Trust<span style=\"letter-spacing:-.45pt\"> <\/span>for such<span style=\"letter-spacing:-.65pt\"> <\/span>year<span style=\"letter-spacing:-.7pt\"> <\/span>under<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>special<span style=\"letter-spacing:-.6pt\"> <\/span>relief<span style=\"letter-spacing:-.75pt\">\n<\/span>provision<span style=\"letter-spacing:-.7pt\"> <\/span>under<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Code<span style=\"letter-spacing:-.7pt\"> <\/span>which<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>available<span style=\"letter-spacing:-.7pt\"> <\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Real<span style=\"letter-spacing:-.6pt\"> <\/span>Estate\nInvestment<span style=\"letter-spacing:-.4pt\"> <\/span>Trust<span style=\"letter-spacing:-.4pt\"> <\/span>if:<span style=\"letter-spacing:-.3pt\"> <\/span>(i)<span style=\"letter-spacing:-.5pt\"> <\/span>following<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Real<span style=\"letter-spacing:-.4pt\"> <\/span>Estate<span style=\"letter-spacing:-.35pt\">\n<\/span>Investment<span style=\"letter-spacing:-.4pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.45pt\"> <\/span>identification<span style=\"letter-spacing:\n-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>failure<span style=\"letter-spacing:-.5pt\">\n<\/span>to meet the 75% or 95% test, the Real Estate Investment Trust files a\nschedule with the Internal Revenue<span style=\"letter-spacing:-.5pt\"> <\/span>Service<span style=\"letter-spacing:-.45pt\"> <\/span>(\u201c<u>IRS<\/u>\u201d<span style=\"letter-spacing:\n-.3pt\"> <\/span>or<span style=\"letter-spacing:-.5pt\"> <\/span>\u201c<u>Service<\/u>\u201d)<span style=\"letter-spacing:-.5pt\"> <\/span>setting<span style=\"letter-spacing:-.45pt\">\n<\/span>forth<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>description<span style=\"letter-spacing:\n-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>each<span style=\"letter-spacing:-.45pt\"> <\/span>item<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>income<span style=\"letter-spacing:-.5pt\"> <\/span>described\nin<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>75%<span style=\"letter-spacing:-.55pt\"> <\/span>and\/or<span style=\"letter-spacing:-.65pt\"> <\/span>95%<span style=\"letter-spacing:-.65pt\"> <\/span>test;<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>(ii)<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>failure<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>meet<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>test<span style=\"letter-spacing:-.6pt\"> <\/span>is<span style=\"letter-spacing:-.6pt\"> <\/span>due<span style=\"letter-spacing:-.65pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>reasonable<span style=\"letter-spacing:-.65pt\"> <\/span>cause<span style=\"letter-spacing:-.55pt\">\n<\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:\n-.45pt\"> <\/span>to willful neglect.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Asset Tests<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>At the close of each quarter of its\ntaxable year, the Real Estate Investment Trust<span style=\"letter-spacing:-.55pt\">\n<\/span>must<span style=\"letter-spacing:-.55pt\"> <\/span>also<span style=\"letter-spacing:-.5pt\"> <\/span>satisfy<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>following<span style=\"letter-spacing:-.55pt\"> <\/span>tests<span style=\"letter-spacing:-.45pt\">\n<\/span>relating<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>nature<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>diversification<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>its<span style=\"letter-spacing:-.55pt\"> <\/span>assets<span style=\"letter-spacing:-.5pt\">\n<\/span><span style=\"letter-spacing:-.2pt\">(the<\/span><span style=\"letter-spacing:\n-.1pt\">\u201c<u>Asset<\/u><\/span><u><span style=\"letter-spacing:-.35pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Tests<\/span><\/u><span style=\"letter-spacing:-.1pt\">\u201d):<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level1 lfo2;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">at<span style=\"letter-spacing:\n-.1pt\"> <\/span>least<span style=\"letter-spacing:-.1pt\"> <\/span>75%<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>value<span style=\"letter-spacing:-.05pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>Real Estate<span style=\"letter-spacing:-.05pt\"> <\/span>Investment<span style=\"letter-spacing:-.1pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.1pt\">\n<\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>assets must<span style=\"letter-spacing:-.1pt\"> <\/span>be represented<span style=\"letter-spacing:\n-.25pt\"> <\/span>by<span style=\"letter-spacing:-.15pt\"> <\/span>\u201creal<span style=\"letter-spacing:-.15pt\"> <\/span>estate<span style=\"letter-spacing:-.3pt\">\n<\/span>assets\u201d<span style=\"letter-spacing:-.2pt\"> <\/span>(which<span style=\"letter-spacing:-.15pt\"> <\/span>also<span style=\"letter-spacing:-.25pt\"> <\/span>includes<span style=\"letter-spacing:-.15pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>property<span style=\"letter-spacing:-.15pt\"> <\/span>attributable<span style=\"letter-spacing:\n-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>temporary investment<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>new<span style=\"letter-spacing:-.25pt\"> <\/span>capital,<span style=\"letter-spacing:-.3pt\">\n<\/span>but<span style=\"letter-spacing:-.2pt\"> <\/span>only<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\">\n<\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>shares<span style=\"letter-spacing:-.25pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>debt<span style=\"letter-spacing:-.3pt\"> <\/span>instrument<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>only<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.35pt\"> <\/span>the\n1-year period beginning on the date the Real Estate Investment Trust receives\nsuch capital), cash and<span style=\"letter-spacing:-.2pt\"> <\/span>cash<span style=\"letter-spacing:-.2pt\"> <\/span>items<span style=\"letter-spacing:-.2pt\"> <\/span>(including<span style=\"letter-spacing:-.2pt\"> <\/span>receivables)<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>government<span style=\"letter-spacing:-.3pt\"> <\/span>securities<span style=\"letter-spacing:\n-.2pt\"> <\/span>(\u201c<u>75%<span style=\"letter-spacing:-.25pt\"> <\/span>Value<span style=\"letter-spacing:-.35pt\"> <\/span>Test<\/u>\u201d);<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level1 lfo2;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">not more than 25% of the\nvalue of the Real Estate Investment Trust\u2019s total assets may<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>represented<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>securities<span style=\"letter-spacing:-.15pt\"> <\/span>(other<span style=\"letter-spacing:-.3pt\">\n<\/span>than<span style=\"letter-spacing:-.15pt\"> <\/span>securities<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>qualified<span style=\"letter-spacing:-.25pt\">\n<\/span>Real<span style=\"letter-spacing:-.15pt\"> <\/span>Estate<span style=\"letter-spacing:-.2pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.25pt\"> <\/span>Trust subsidiary<span style=\"letter-spacing:-.65pt\"> <\/span>(a<span style=\"letter-spacing:-.7pt\"> <\/span>\u201c<u>QRS<\/u>\u201d)<span style=\"letter-spacing:\n-.65pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>securities<span style=\"letter-spacing:-.65pt\"> <\/span>that<span style=\"letter-spacing:-.65pt\"> <\/span>constitute<span style=\"letter-spacing:-.6pt\"> <\/span>qualifying<span style=\"letter-spacing:\n-.65pt\"> <\/span>assets<span style=\"letter-spacing:-.65pt\"> <\/span>for<span style=\"letter-spacing:-.65pt\"> <\/span>purposes<span style=\"letter-spacing:-.65pt\">\n<\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:\n-.7pt\"> <\/span>75%<span style=\"letter-spacing:-.65pt\"> <\/span>Value Test) (\u201c<u>25%\nValue Test<\/u>\u201d);<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level1 lfo2;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">except with respect to\nsecurities of a TRS or QRS and securities that constitute qualifying assets for\npurposes of the 75% Value Test:<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.7pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level2 lfo2;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(A)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">not more than 5% of the value\nof the Real Estate Investment Trust\u2019s total assets may<span style=\"letter-spacing:\n-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>represented by<span style=\"letter-spacing:-.05pt\"> <\/span>securities<span style=\"letter-spacing:\n-.05pt\"> <\/span>of any<span style=\"letter-spacing:-.05pt\"> <\/span>one<span style=\"letter-spacing:-.1pt\"> <\/span>issuer (\u201c<u>5%<span style=\"letter-spacing:\n-.1pt\"> <\/span>Value Test<\/u>\u201d);<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level2 lfo2;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(B)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.7pt\"> <\/span>Real<span style=\"letter-spacing:-.65pt\"> <\/span>Estate<span style=\"letter-spacing:-.6pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.65pt\"> <\/span>Trust<span style=\"letter-spacing:-.65pt\"> <\/span>may<span style=\"letter-spacing:-.7pt\"> <\/span>not<span style=\"letter-spacing:-.65pt\"> <\/span>hold<span style=\"letter-spacing:-.6pt\"> <\/span>securities<span style=\"letter-spacing:\n-.65pt\"> <\/span>possessing<span style=\"letter-spacing:-.7pt\"> <\/span>more<span style=\"letter-spacing:-.7pt\"> <\/span>than<span style=\"letter-spacing:-.7pt\"> <\/span>10%\nof<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:\n-.2pt\"> <\/span>total<span style=\"letter-spacing:-.1pt\"> <\/span>voting<span style=\"letter-spacing:-.25pt\"> <\/span>power<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>outstanding<span style=\"letter-spacing:-.25pt\"> <\/span>securities<span style=\"letter-spacing:\n-.25pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>one<span style=\"letter-spacing:-.3pt\"> <\/span>issuer<span style=\"letter-spacing:-.2pt\"> <\/span>(\u201c<u>10%<span style=\"letter-spacing:-.3pt\">\n<\/span>Voting<span style=\"letter-spacing:-.15pt\"> <\/span>Test<\/u>\u201d);<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level2 lfo2;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(C)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the Real Estate Investment\nTrust may not hold securities having a value of more than<span style=\"letter-spacing:-.55pt\"> <\/span>10%<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>total<span style=\"letter-spacing:-.45pt\"> <\/span>value<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>outstanding<span style=\"letter-spacing:-.55pt\"> <\/span>securities<span style=\"letter-spacing:\n-.55pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>any<span style=\"letter-spacing:-.5pt\"> <\/span>one<span style=\"letter-spacing:-.5pt\"> <\/span>issuer<span style=\"letter-spacing:-.5pt\"> <\/span>(\u201c<u>10%<span style=\"letter-spacing:-.6pt\">\n<\/span>Value<span style=\"letter-spacing:-.5pt\"> <\/span>Test<\/u>\u201d);<span style=\"letter-spacing:-.45pt\"> <\/span>and<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l31 level1 lfo2;tab-stops:96.8pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(iv)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">not more than 20% of the\nvalue of the Real Estate Investment Trust\u2019s total assets may<span style=\"letter-spacing:-.05pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>represented\nby<span style=\"letter-spacing:-.05pt\"> <\/span>securities<span style=\"letter-spacing:\n-.05pt\"> <\/span>of one<span style=\"letter-spacing:-.1pt\"> <\/span>or more<span style=\"letter-spacing:-.15pt\"> <\/span>TRSs<span style=\"letter-spacing:-.05pt\"> <\/span>(\u201c<u>20%<span style=\"letter-spacing:-.1pt\"> <\/span>Value<span style=\"letter-spacing:-.1pt\"> <\/span>Test<\/u>\u201d).<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">A TRS of the Real Estate Investment Trust is a\ncorporation in which the Real Estate Investment<span style=\"letter-spacing:\n-.2pt\"> <\/span>Trust<span style=\"letter-spacing:-.25pt\"> <\/span>owns<span style=\"letter-spacing:-.2pt\"> <\/span>shares<span style=\"letter-spacing:-.2pt\"> <\/span>(directly<span style=\"letter-spacing:-.3pt\"> <\/span>or<span style=\"letter-spacing:-.25pt\"> <\/span>indirectly)<span style=\"letter-spacing:-.25pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>elects,<span style=\"letter-spacing:-.3pt\">\n<\/span>together<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>Real<span style=\"letter-spacing:-.2pt\"> <\/span>Estate Investment Trust, to be treated as\na TRS under Section 856(l) of the Code.<span style=\"letter-spacing:2.0pt\"> <\/span>Once\nthis election is made, it is irrevocable unless both the Real Estate Investment\nTrust and the TRS consent to its revocation<span style=\"letter-spacing:-.35pt\">\n<\/span>(although<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>consent<span style=\"letter-spacing:-.3pt\">\n<\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>IRS<span style=\"letter-spacing:-.3pt\"> <\/span>is<span style=\"letter-spacing:-.35pt\"> <\/span>not<span style=\"letter-spacing:-.25pt\"> <\/span>required).<span style=\"letter-spacing:2.0pt\"> <\/span>If<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>Real<span style=\"letter-spacing:-.3pt\"> <\/span>Estate<span style=\"letter-spacing:-.3pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.3pt\"> <\/span>Trust\u2019s TRS owns,<span style=\"letter-spacing:-.05pt\"> <\/span>directly<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.05pt\"> <\/span>indirectly,<span style=\"letter-spacing:-.05pt\"> <\/span>securities representing<span style=\"letter-spacing:-.05pt\"> <\/span>more<span style=\"letter-spacing:-.1pt\"> <\/span>than\n35%<span style=\"letter-spacing:-.05pt\"> <\/span>of the<span style=\"letter-spacing:\n-.1pt\"> <\/span>total voting<span style=\"letter-spacing:-.05pt\"> <\/span>power <span style=\"letter-spacing:-.1pt\">or<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">value<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">outstanding<\/span><span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">securities<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">any<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">non-Real\nEstate<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Investment<\/span><span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">Trust<\/span><span style=\"letter-spacing:\n-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">corporate<\/span><span style=\"letter-spacing:-.2pt\"> <\/span><span style=\"letter-spacing:-.1pt\">subsidiary,\n<\/span>then<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.25pt\"> <\/span>subsidiary<span style=\"letter-spacing:\n-.25pt\"> <\/span>would<span style=\"letter-spacing:-.3pt\"> <\/span>also<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>treated<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>Real<span style=\"letter-spacing:-.25pt\"> <\/span>Estate<span style=\"letter-spacing:-.25pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.25pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.2pt\"> <\/span>TRS.<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.3pt\"> <\/span>general,\na<span style=\"letter-spacing:-.15pt\"> <\/span>TRS<span style=\"letter-spacing:\n-.05pt\"> <\/span>is a<span style=\"letter-spacing:-.15pt\"> <\/span>corporation<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>subject<span style=\"letter-spacing:-.1pt\">\n<\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:\n-.05pt\"> <\/span>corporate-level<span style=\"letter-spacing:-.1pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>net<span style=\"letter-spacing:-.1pt\"> <\/span>income.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">A Real Estate Investment Trust will not lose its\nReal Estate Investment Trust status for certain failures to satisfy the 5%\nValue Test, the 100% Voting Test or the 10% Value Test, if the failure is due\nto the ownership of assets, the total value of which does not exceed a de\nminimis amount (the<span style=\"letter-spacing:-.05pt\"> <\/span>lesser<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>1%\nof<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:\n-.05pt\"> <\/span>total value<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the Real Estate Investment Trust\u2019s assets\nat the<span style=\"letter-spacing:-.05pt\"> <\/span>end of the quarter or $10\nmillion), and following the identification of such failure, the Real Estate\nInvestment<span style=\"letter-spacing:-.1pt\"> <\/span>Trust<span style=\"letter-spacing:-.1pt\"> <\/span>disposes<span style=\"letter-spacing:-.1pt\">\n<\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>assets<span style=\"letter-spacing:-.1pt\">\n<\/span>within<span style=\"letter-spacing:-.15pt\"> <\/span>6<span style=\"letter-spacing:-.05pt\"> <\/span>months<span style=\"letter-spacing:-.1pt\">\n<\/span>after<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>end<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>quarter<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>which<span style=\"letter-spacing:-.15pt\"> <\/span>the Real<span style=\"letter-spacing:-.35pt\">\n<\/span>Estate<span style=\"letter-spacing:-.15pt\"> <\/span>Investment<span style=\"letter-spacing:-.35pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.35pt\">\n<\/span>identification<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>failure<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>satisfy<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>requirements<span style=\"letter-spacing:-.35pt\"> <\/span>occurred.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>Real<span style=\"letter-spacing:-.35pt\"> <\/span>Estate<span style=\"letter-spacing:-.3pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.35pt\"> <\/span>Trust<span style=\"letter-spacing:-.35pt\"> <\/span>fails<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>meet<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>other<span style=\"letter-spacing:-.4pt\"> <\/span>asset<span style=\"letter-spacing:-.35pt\"> <\/span>test<span style=\"letter-spacing:-.25pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.35pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>a quarter<span style=\"letter-spacing:3.15pt\"> <\/span>or<span style=\"letter-spacing:3.2pt\"> <\/span>does<span style=\"letter-spacing:3.25pt\"> <\/span>not<span style=\"letter-spacing:3.1pt\"> <\/span>meet<span style=\"letter-spacing:3.15pt\"> <\/span>the<span style=\"letter-spacing:3.2pt\"> <\/span>de<span style=\"letter-spacing:3.2pt\"> <\/span>minimis<span style=\"letter-spacing:3.1pt\">\n<\/span>exception<span style=\"letter-spacing:3.1pt\"> <\/span>described<span style=\"letter-spacing:3.25pt\"> <\/span>above,<span style=\"letter-spacing:3.3pt\">\n<\/span>then<span style=\"letter-spacing:3.1pt\"> <\/span>the<span style=\"letter-spacing:3.35pt\"> <\/span>Real<span style=\"letter-spacing:3.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Estate<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">Investment<span style=\"letter-spacing:-.25pt\"> <\/span>Trust<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.25pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>deemed<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>satisfy<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>necessary<span style=\"letter-spacing:-.25pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>long<span style=\"letter-spacing:-.25pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>(i)<span style=\"letter-spacing:-.2pt\"> <\/span>following<span style=\"letter-spacing:-.25pt\">\n<\/span>the Real Estate Investment Trust\u2019s identification of the failure to\nsatisfy the requirements for a particular<span style=\"letter-spacing:-.35pt\"> <\/span>quarter,<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.35pt\"> <\/span>description<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>each<span style=\"letter-spacing:-.3pt\"> <\/span>asset<span style=\"letter-spacing:-.25pt\"> <\/span>that<span style=\"letter-spacing:-.25pt\"> <\/span>caused<span style=\"letter-spacing:-.3pt\">\n<\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>failure<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.3pt\"> <\/span>set<span style=\"letter-spacing:-.15pt\"> <\/span>forth<span style=\"letter-spacing:-.3pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>schedule<span style=\"letter-spacing:-.3pt\"> <\/span>and filed<span style=\"letter-spacing:-.55pt\">\n<\/span>with<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>IRS,<span style=\"letter-spacing:-.4pt\"> <\/span>(ii)<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>failure<span style=\"letter-spacing:-.45pt\"> <\/span>was<span style=\"letter-spacing:-.5pt\"> <\/span>due<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>reasonable<span style=\"letter-spacing:-.45pt\"> <\/span>cause<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>not<span style=\"letter-spacing:-.4pt\"> <\/span>willful<span style=\"letter-spacing:-.4pt\">\n<\/span>neglect,<span style=\"letter-spacing:-.55pt\"> <\/span>(iii)<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Real\nEstate Investment Trust disposes of the assets set forth in the schedule within\n6 months after the end<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>quarter<span style=\"letter-spacing:-.7pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>which<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>Real<span style=\"letter-spacing:-.65pt\"> <\/span>Estate<span style=\"letter-spacing:-.5pt\">\n<\/span>Investment<span style=\"letter-spacing:-.65pt\"> <\/span>Trust\u2019s<span style=\"letter-spacing:-.7pt\"> <\/span>identification<span style=\"letter-spacing:\n-.6pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>failure<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.7pt\"> <\/span>satisfy the<span style=\"letter-spacing:-.65pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.55pt\"> <\/span>occurred,<span style=\"letter-spacing:-.6pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>(iv)<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>Real<span style=\"letter-spacing:-.55pt\"> <\/span>Estate<span style=\"letter-spacing:-.5pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.45pt\"> <\/span>Trust<span style=\"letter-spacing:-.5pt\"> <\/span>pays<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>tax<span style=\"letter-spacing:-.6pt\"> <\/span>equal<span style=\"letter-spacing:-.55pt\"> <\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>greater\nof $250,000 or an amount determined by multiplying the net income generated by\nthe assets set forth<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>schedule<span style=\"letter-spacing:-.3pt\"> <\/span>filed<span style=\"letter-spacing:-.25pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>IRS<span style=\"letter-spacing:-.3pt\"> <\/span>by<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>highest<span style=\"letter-spacing:-.35pt\">\n<\/span>rate<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:\n-.3pt\"> <\/span>corporate<span style=\"letter-spacing:-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>(presently<span style=\"letter-spacing:\n-.35pt\"> <\/span>35%)<span style=\"letter-spacing:-.3pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>the period beginning on the date the\nfailure to satisfy the asset ownership requirements occurred and ending<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>earlier<span style=\"letter-spacing:-.4pt\">\n<\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:\n-.4pt\"> <\/span>date<span style=\"letter-spacing:-.45pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>Real<span style=\"letter-spacing:-.4pt\"> <\/span>Estate<span style=\"letter-spacing:-.35pt\"> <\/span>Investment<span style=\"letter-spacing:\n-.4pt\"> <\/span>Trust<span style=\"letter-spacing:-.2pt\"> <\/span>disposes<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>assets or the end of the first quarter\nwhen there is no longer a failure to satisfy such asset requirements. The REIT\nexpects that it will maintain adequate records of the value of its assets to\nfacilitate compliance with the Asset Tests and that it will take such other\nactions necessary to cure any <span style=\"letter-spacing:-.1pt\">noncompliance.<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.85pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.55pt\"> <\/span>applying<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Asset<span style=\"letter-spacing:-.5pt\"> <\/span>Tests,<span style=\"letter-spacing:-.65pt\">\n<\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>treated<span style=\"letter-spacing:-.65pt\">\n<\/span>as<span style=\"letter-spacing:-.55pt\"> <\/span>owning<span style=\"letter-spacing:-.55pt\"> <\/span>all<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>assets<span style=\"letter-spacing:-.65pt\"> <\/span>held<span style=\"letter-spacing:-.55pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>any of its QRSs.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">For purposes of the Asset Tests, \u201csecurities\u201d\nmay include debt securities, except that debt securities<span style=\"letter-spacing:\n-.35pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>qualify<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.45pt\"> <\/span>\u201cstraight<span style=\"letter-spacing:-.35pt\"> <\/span>debt\u201d<span style=\"letter-spacing:-.4pt\"> <\/span>(generally,<span style=\"letter-spacing:-.45pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>written<span style=\"letter-spacing:-.4pt\"> <\/span>unconditional<span style=\"letter-spacing:\n-.45pt\"> <\/span>promise<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>pay<span style=\"letter-spacing:-.4pt\"> <\/span>on\ndemand<span style=\"letter-spacing:-.5pt\"> <\/span>or<span style=\"letter-spacing:\n-.4pt\"> <\/span>on<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.4pt\"> <\/span>specified<span style=\"letter-spacing:-.4pt\">\n<\/span>date<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:\n-.55pt\"> <\/span>sum<span style=\"letter-spacing:-.4pt\"> <\/span>certain<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>money<span style=\"letter-spacing:-.5pt\"> <\/span>where<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>interest<span style=\"letter-spacing:-.45pt\">\n<\/span>rate,<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>interest<span style=\"letter-spacing:-.45pt\">\n<\/span>payment dates, are not contingent on profits, the borrower\u2019s discretion\nor similar factors and which is not convertible, directly or indirectly, into\nshares) is not taken into account for purposes of the 10% Value<span style=\"letter-spacing:-.05pt\"> <\/span>Test if one<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the following\nconditions is also met:<span style=\"letter-spacing:2.0pt\"> <\/span>(i) the<span style=\"letter-spacing:-.05pt\"> <\/span>issuer<span style=\"letter-spacing:-.05pt\">\n<\/span>is an<span style=\"letter-spacing:-.05pt\"> <\/span>individual or (ii)<span style=\"letter-spacing:-.05pt\"> <\/span>the only securities of the issuer which\nare held by the REIT or its TRSs are \u201cstraight debt\u201d.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Also, certain types of instruments, such as government and Real\nEstate Investment Trust securities, obligations<span style=\"letter-spacing:\n-.25pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>pay<span style=\"letter-spacing:-.2pt\"> <\/span>rents<span style=\"letter-spacing:-.25pt\"> <\/span>from<span style=\"letter-spacing:-.35pt\"> <\/span>real<span style=\"letter-spacing:-.25pt\"> <\/span>property<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>Code<span style=\"letter-spacing:-.45pt\"> <\/span>Section<span style=\"letter-spacing:-.3pt\">\n<\/span>467<span style=\"letter-spacing:-.3pt\"> <\/span>rental<span style=\"letter-spacing:-.25pt\"> <\/span>agreements,<span style=\"letter-spacing:\n-.3pt\"> <\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>exempted from the\n10% limit.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.6pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Annual Distribution Requirements<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>To qualify as a Real Estate Investment\nTrust, the REIT<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>required<span style=\"letter-spacing:-.4pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>distribute<span style=\"letter-spacing:-.45pt\"> <\/span>dividends<span style=\"letter-spacing:\n-.4pt\"> <\/span>(other<span style=\"letter-spacing:-.45pt\"> <\/span>than<span style=\"letter-spacing:-.4pt\"> <\/span>capital<span style=\"letter-spacing:-.4pt\">\n<\/span>gain<span style=\"letter-spacing:-.4pt\"> <\/span>distributions)<span style=\"letter-spacing:-.45pt\"> <\/span>to<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.4pt\"> <\/span>Members in an amount at least equal to (A)\nthe sum of (i) 90% of the REIT\u2019s \u201cREIT taxable income\u201d (computed<span style=\"letter-spacing:-.45pt\"> <\/span>without<span style=\"letter-spacing:-.45pt\">\n<\/span>regard<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>dividends<span style=\"letter-spacing:-.45pt\"> <\/span>paid<span style=\"letter-spacing:-.45pt\"> <\/span>deduction<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>REIT\u2019s<span style=\"letter-spacing:-.45pt\">\n<\/span>net<span style=\"letter-spacing:-.45pt\"> <\/span>capital<span style=\"letter-spacing:-.45pt\"> <\/span>gain)<span style=\"letter-spacing:-.45pt\">\n<\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>(ii) 90%<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>net income<span style=\"letter-spacing:\n-.05pt\"> <\/span>(after<span style=\"letter-spacing:-.05pt\"> <\/span>tax), if any,\nfrom foreclosure<span style=\"letter-spacing:-.1pt\"> <\/span>property, minus (B)<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>sum\nof certain specified<span style=\"letter-spacing:-.2pt\"> <\/span>items<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>noncash<span style=\"letter-spacing:-.2pt\"> <\/span>income.<span style=\"letter-spacing:2.0pt\">\n<\/span>In<span style=\"letter-spacing:-.2pt\"> <\/span>addition,<span style=\"letter-spacing:-.2pt\"> <\/span>if<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>REIT<span style=\"letter-spacing:-.25pt\"> <\/span>were<span style=\"letter-spacing:-.35pt\"> <\/span>to<span style=\"letter-spacing:-.2pt\"> <\/span>dispose<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>asset<span style=\"letter-spacing:-.15pt\"> <\/span>acquired\nfrom a subchapter C corporation in a \u201ccarryover basis\u201d transaction within ten\nyears of the acquisition, the REIT would be required to distribute at least 90%\nof the after-tax \u201cbuilt-in gain\u201d recognized on the disposition of such asset.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.9pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">The REIT will be required to pay dividend\ndistributions in the taxable year to which they relate.<span style=\"letter-spacing:\n2.0pt\"> <\/span>Dividends<span style=\"letter-spacing:-.1pt\"> <\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>in the<span style=\"letter-spacing:-.15pt\">\n<\/span>subsequent<span style=\"letter-spacing:-.1pt\"> <\/span>year,<span style=\"letter-spacing:-.15pt\"> <\/span>however, will<span style=\"letter-spacing:\n-.1pt\"> <\/span>be<span style=\"letter-spacing:-.15pt\"> <\/span>treated<span style=\"letter-spacing:-.15pt\"> <\/span>as if<span style=\"letter-spacing:-.15pt\">\n<\/span>paid<span style=\"letter-spacing:-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>prior<span style=\"letter-spacing:-.15pt\"> <\/span>year for<span style=\"letter-spacing:-.4pt\">\n<\/span>purposes<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>prior<span style=\"letter-spacing:-.25pt\"> <\/span>year\u2019s<span style=\"letter-spacing:-.35pt\">\n<\/span>distribution<span style=\"letter-spacing:-.25pt\"> <\/span>requirement<span style=\"letter-spacing:-.3pt\"> <\/span>if<span style=\"letter-spacing:-.4pt\"> <\/span>one<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>following<span style=\"letter-spacing:-.35pt\">\n<\/span>two<span style=\"letter-spacing:-.35pt\"> <\/span>sets<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>criteria\nare satisfied:<o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" align=\"left\" style=\"margin: 3.95pt 24.8pt 0.0001pt 25pt; text-indent: 35.95pt;\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(i)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n2.0pt\"> <\/span>dividends<span style=\"letter-spacing:2.0pt\"> <\/span>are<span style=\"letter-spacing:2.0pt\"> <\/span>declared<span style=\"letter-spacing:2.0pt\">\n<\/span>in<span style=\"letter-spacing:2.0pt\"> <\/span>October,<span style=\"letter-spacing:2.0pt\"> <\/span>November<span style=\"letter-spacing:2.0pt\">\n<\/span>or<span style=\"letter-spacing:2.0pt\"> <\/span>December<span style=\"letter-spacing:2.0pt\"> <\/span>and<span style=\"letter-spacing:2.0pt\"> <\/span>are<span style=\"letter-spacing:2.0pt\"> <\/span>made payable to Members of record on a\nspecified date in any of these months, and such dividends are <span style=\"letter-spacing:-.1pt\">actually<\/span><span style=\"letter-spacing:-.25pt\">\n<\/span><span style=\"letter-spacing:-.1pt\">paid<\/span><span style=\"letter-spacing:\n-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">during<\/span><span style=\"letter-spacing:-.25pt\"> <\/span><span style=\"letter-spacing:-.1pt\">January<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">of<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">the<\/span><span style=\"letter-spacing:-.3pt\"> <\/span><span style=\"letter-spacing:-.1pt\">following<\/span><span style=\"letter-spacing:-.15pt\"> <\/span><span style=\"letter-spacing:-.1pt\">year;<\/span><span style=\"letter-spacing:-.05pt\"> <\/span><span style=\"letter-spacing:-.25pt\">or<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:12.0pt;margin-right:24.75pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:35.95pt;\nmso-list:l51 level1 lfo1;tab-stops:96.85pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(ii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n<\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:\n11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">the<span style=\"letter-spacing:\n-.65pt\"> <\/span>dividends<span style=\"letter-spacing:-.6pt\"> <\/span>are<span style=\"letter-spacing:-.65pt\"> <\/span>declared<span style=\"letter-spacing:-.7pt\">\n<\/span>before<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>REIT<span style=\"letter-spacing:-.6pt\"> <\/span>timely<span style=\"letter-spacing:-.5pt\"> <\/span>files<span style=\"letter-spacing:-.6pt\"> <\/span>its<span style=\"letter-spacing:-.6pt\"> <\/span>federal<span style=\"letter-spacing:-.6pt\">\n<\/span>income<span style=\"letter-spacing:-.65pt\"> <\/span>tax<span style=\"letter-spacing:-.7pt\"> <\/span>return for<span style=\"letter-spacing:\n-.5pt\"> <\/span>such<span style=\"letter-spacing:-.45pt\"> <\/span>year,<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>dividends<span style=\"letter-spacing:-.55pt\"> <\/span>are<span style=\"letter-spacing:-.5pt\"> <\/span>paid<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>12-month<span style=\"letter-spacing:-.55pt\">\n<\/span>period<span style=\"letter-spacing:-.5pt\"> <\/span>following<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>close<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>year<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>not later<span style=\"letter-spacing:-.75pt\">\n<\/span>than<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>first<span style=\"letter-spacing:-.65pt\">\n<\/span>regular<span style=\"letter-spacing:-.6pt\"> <\/span>dividend<span style=\"letter-spacing:-.7pt\"> <\/span>payment<span style=\"letter-spacing:-.65pt\">\n<\/span>after<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>declaration,<span style=\"letter-spacing:\n-.7pt\"> <\/span>and<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>REIT<span style=\"letter-spacing:-.7pt\"> <\/span>elects<span style=\"letter-spacing:-.7pt\"> <\/span>on<span style=\"letter-spacing:-.7pt\"> <\/span>its<span style=\"letter-spacing:-.7pt\"> <\/span>federal income<span style=\"letter-spacing:\n-.4pt\"> <\/span>tax<span style=\"letter-spacing:-.35pt\"> <\/span>return<span style=\"letter-spacing:-.35pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.5pt\"> <\/span>year<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>have<span style=\"letter-spacing:-.35pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>specified<span style=\"letter-spacing:\n-.35pt\"> <\/span>amount<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>subsequent<span style=\"letter-spacing:-.45pt\"> <\/span>dividend<span style=\"letter-spacing:-.35pt\">\n<\/span>treated<span style=\"letter-spacing:-.35pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>if paid in such year.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">To the extent that the REIT does not distribute\nall of its net capital gain or distributes at least 90%, but less than 100%, of\nits \u201cREIT taxable income,\u201d as adjusted, it will be subject to tax on the\nundistributed amount at capital gains and ordinary corporate tax rates\nrespectively. Furthermore,<span style=\"letter-spacing:-.05pt\"> <\/span>if<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT\nshould<span style=\"letter-spacing:-.05pt\"> <\/span>fail<span style=\"letter-spacing:\n-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>distribute during<span style=\"letter-spacing:-.05pt\"> <\/span>each<span style=\"letter-spacing:-.05pt\"> <\/span>calendar<span style=\"letter-spacing:-.1pt\"> <\/span>year<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.05pt\"> <\/span>least<span style=\"letter-spacing:-.05pt\">\n<\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>sum<span style=\"letter-spacing:\n-.05pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>(i) 85%<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>ordinary<span style=\"letter-spacing:-.4pt\">\n<\/span>income<span style=\"letter-spacing:-.45pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>year,<span style=\"letter-spacing:-.25pt\"> <\/span>(ii)<span style=\"letter-spacing:-.4pt\"> <\/span>95%<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.4pt\"> <\/span>its<span style=\"letter-spacing:-.25pt\"> <\/span>capital<span style=\"letter-spacing:-.25pt\">\n<\/span>gain<span style=\"letter-spacing:-.4pt\"> <\/span>net<span style=\"letter-spacing:-.35pt\"> <\/span>income<span style=\"letter-spacing:-.3pt\">\n<\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>such<span style=\"letter-spacing:-.4pt\"> <\/span>year,<span style=\"letter-spacing:-.25pt\">\nand<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoListParagraph\" style=\"margin-top:.05pt;margin-right:24.85pt;\nmargin-bottom:0in;margin-left:25.0pt;margin-bottom:.0001pt;text-indent:0in;\nmso-list:l51 level1 lfo1;tab-stops:45.4pt\"><!--[if !supportLists]--><span style=\"font-size:12.0pt;letter-spacing:-.2pt\">(iii)<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">any<span style=\"letter-spacing:-.5pt\"> <\/span>undistributed<span style=\"letter-spacing:\n-.6pt\"> <\/span>taxable<span style=\"letter-spacing:-.55pt\"> <\/span>income<span style=\"letter-spacing:-.55pt\"> <\/span>from<span style=\"letter-spacing:-.55pt\"> <\/span>prior<span style=\"letter-spacing:-.65pt\"> <\/span>years,<span style=\"letter-spacing:-.6pt\">\n<\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.5pt\"> <\/span>be<span style=\"letter-spacing:-.6pt\"> <\/span>subject<span style=\"letter-spacing:-.5pt\">\n<\/span>to<span style=\"letter-spacing:-.55pt\"> <\/span>a<span style=\"letter-spacing:\n-.55pt\"> <\/span>4%<span style=\"letter-spacing:-.55pt\"> <\/span>excise<span style=\"letter-spacing:-.65pt\"> <\/span>tax on<span style=\"letter-spacing:-.25pt\">\n<\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>excess<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>required<span style=\"letter-spacing:-.1pt\">\n<\/span>distribution<span style=\"letter-spacing:-.25pt\"> <\/span>over<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>amounts<span style=\"letter-spacing:-.1pt\"> <\/span>actually<span style=\"letter-spacing:-.1pt\">\n<\/span>distributed.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If the REIT is subject to an adjustment to its\nREIT taxable income (as defined in Section 860(d)(2) of the Code) resulting\nfrom an adverse determination by either a final court decision, a closing<span style=\"letter-spacing:-.65pt\"> <\/span>agreement<span style=\"letter-spacing:\n-.6pt\"> <\/span>between<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>IRS<span style=\"letter-spacing:-.6pt\"> <\/span>under<span style=\"letter-spacing:-.7pt\"> <\/span>Section<span style=\"letter-spacing:-.65pt\"> <\/span>7121<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>Code,<span style=\"letter-spacing:-.65pt\"> <\/span>or<span style=\"letter-spacing:-.55pt\"> <\/span>an<span style=\"letter-spacing:-.65pt\"> <\/span>agreement as<span style=\"letter-spacing:\n-.1pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>liability between<span style=\"letter-spacing:\n-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT and an IRS<span style=\"letter-spacing:-.1pt\"> <\/span>district<span style=\"letter-spacing:-.1pt\">\n<\/span>director, or<span style=\"letter-spacing:-.15pt\"> <\/span>if<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>identifies a<span style=\"letter-spacing:\n-.15pt\"> <\/span>failure to<span style=\"letter-spacing:-.45pt\"> <\/span>pay<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>required<span style=\"letter-spacing:-.45pt\"> <\/span>amount,<span style=\"letter-spacing:-.35pt\">\n<\/span>then<span style=\"letter-spacing:-.45pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>each<span style=\"letter-spacing:-.45pt\"> <\/span>case<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>able<span style=\"letter-spacing:-.5pt\"> <\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>rectify<span style=\"letter-spacing:-.35pt\">\n<\/span>any<span style=\"letter-spacing:-.45pt\"> <\/span>resulting<span style=\"letter-spacing:-.45pt\"> <\/span>failure<span style=\"letter-spacing:-.5pt\">\n<\/span>to meet<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.6pt\"> <\/span>90%<span style=\"letter-spacing:-.6pt\"> <\/span>distribution<span style=\"letter-spacing:-.55pt\"> <\/span>requirement<span style=\"letter-spacing:\n-.45pt\"> <\/span>by<span style=\"letter-spacing:-.55pt\"> <\/span>paying<span style=\"letter-spacing:-.4pt\"> <\/span>\u201cdeficiency<span style=\"letter-spacing:\n-.55pt\"> <\/span>dividends\u201d<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.45pt\"> <\/span>Members<span style=\"letter-spacing:-.55pt\">\n<\/span>that<span style=\"letter-spacing:-.45pt\"> <\/span>relate<span style=\"letter-spacing:-.6pt\"> <\/span>to the adjusted year but that are paid in\na subsequent year.<span style=\"letter-spacing:2.0pt\"> <\/span>To qualify as a\ndeficiency dividend, the REIT must make the distribution within 90 days of the\nadverse determination and the REIT also must satisfy other procedural\nrequirements.<span style=\"letter-spacing:2.0pt\"> <\/span>If the REIT satisfies\nthe statutory requirements of Section<span style=\"letter-spacing:-.25pt\"> <\/span>860<span style=\"letter-spacing:-.25pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>Code,<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>deduction<span style=\"letter-spacing:\n-.25pt\"> <\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>allowed<span style=\"letter-spacing:-.25pt\"> <\/span>for<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.25pt\"> <\/span>deficiency<span style=\"letter-spacing:\n-.25pt\"> <\/span>dividend<span style=\"letter-spacing:-.1pt\"> <\/span>subsequently<span style=\"letter-spacing:-.25pt\"> <\/span>paid<span style=\"letter-spacing:-.25pt\"> <\/span>by\nit<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:\n-.1pt\"> <\/span>offset an<span style=\"letter-spacing:-.1pt\"> <\/span>increase<span style=\"letter-spacing:-.15pt\"> <\/span>in its<span style=\"letter-spacing:-.1pt\">\n<\/span>REIT taxable<span style=\"letter-spacing:-.15pt\"> <\/span>income<span style=\"letter-spacing:-.05pt\"> <\/span>resulting from<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>adverse<span style=\"letter-spacing:-.15pt\"> <\/span>determination.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The, however, must pay statutory interest on the amount of any\ndeduction taken for deficiency dividends to compensate for the deferral of the\ntax liability.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">As discussed below, the REIT may retain, rather\nthan distribute, all or a portion of its net capital gains and pay the tax on\nthe gains and may elect to have its Members include their proportionate share\nof such undistributed gains as long-term capital gain income on their own\nincome<span style=\"letter-spacing:-.45pt\"> <\/span>tax<span style=\"letter-spacing:\n-.45pt\"> <\/span>returns<span style=\"letter-spacing:-.4pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>receive<span style=\"letter-spacing:-.5pt\">\n<\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>credit<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.55pt\"> <\/span>their<span style=\"letter-spacing:-.4pt\"> <\/span>share<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>tax<span style=\"letter-spacing:-.4pt\"> <\/span>paid<span style=\"letter-spacing:-.5pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>REIT.<span style=\"letter-spacing:2.0pt\"> <\/span>For<span style=\"letter-spacing:-.55pt\"> <\/span>purposes<span style=\"letter-spacing:-.4pt\"> <\/span>of the<span style=\"letter-spacing:-.2pt\"> <\/span>4<span style=\"letter-spacing:-.2pt\"> <\/span>percent<span style=\"letter-spacing:-.15pt\">\n<\/span>excise<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.2pt\"> <\/span>described<span style=\"letter-spacing:-.2pt\">\n<\/span>above,<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.2pt\"> <\/span>retained<span style=\"letter-spacing:-.2pt\"> <\/span>gains<span style=\"letter-spacing:-.15pt\"> <\/span>would<span style=\"letter-spacing:-.2pt\"> <\/span>be<span style=\"letter-spacing:-.2pt\"> <\/span>treated<span style=\"letter-spacing:-.05pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>having<span style=\"letter-spacing:-.2pt\"> <\/span>been distributed by the REIT.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Possible Relief for certain Failures to Qualify\nas a REIT. If a REIT fails to satisfy one or more requirements for\nqualification (other than the failures to meet certain of the income or the\nassets<span style=\"letter-spacing:-.45pt\"> <\/span>tests<span style=\"letter-spacing:\n-.35pt\"> <\/span>for<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>there<span style=\"letter-spacing:-.5pt\"> <\/span>are<span style=\"letter-spacing:-.4pt\"> <\/span>separate<span style=\"letter-spacing:-.4pt\">\n<\/span>relief<span style=\"letter-spacing:-.5pt\"> <\/span>provisions,<span style=\"letter-spacing:-.45pt\"> <\/span>as<span style=\"letter-spacing:-.35pt\"> <\/span>discussed<span style=\"letter-spacing:-.35pt\"> <\/span>above),<span style=\"letter-spacing:-.45pt\">\n<\/span>it<span style=\"letter-spacing:-.45pt\"> <\/span>may<span style=\"letter-spacing:\n-.45pt\"> <\/span>be<span style=\"letter-spacing:-.4pt\"> <\/span>eligible<span style=\"letter-spacing:-.5pt\"> <\/span>to cure<span style=\"letter-spacing:-.45pt\">\n<\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>failure<span style=\"letter-spacing:-.45pt\"> <\/span>without<span style=\"letter-spacing:-.4pt\">\n<\/span>terminating<span style=\"letter-spacing:-.4pt\"> <\/span>REIT<span style=\"letter-spacing:-.3pt\"> <\/span>status<span style=\"letter-spacing:-.4pt\"> <\/span>if:<span style=\"letter-spacing:2.0pt\"> <\/span>(i)<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>failure<span style=\"letter-spacing:-.45pt\">\n<\/span>was<span style=\"letter-spacing:-.4pt\"> <\/span>due<span style=\"letter-spacing:\n-.4pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>reasonable<span style=\"letter-spacing:-.35pt\"> <\/span>cause<span style=\"letter-spacing:-.35pt\">\n<\/span>and not<span style=\"letter-spacing:-.2pt\"> <\/span>willful<span style=\"letter-spacing:-.15pt\"> <\/span>neglect;<span style=\"letter-spacing:-.1pt\">\n<\/span>(ii)<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>failure<span style=\"letter-spacing:-.15pt\">\n<\/span>is<span style=\"letter-spacing:-.2pt\"> <\/span>corrected;<span style=\"letter-spacing:-.1pt\"> <\/span>and<span style=\"letter-spacing:-.1pt\"> <\/span>(iii)<span style=\"letter-spacing:-.15pt\"> <\/span>except<span style=\"letter-spacing:-.2pt\">\n<\/span>for<span style=\"letter-spacing:-.05pt\"> <\/span>failures<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.2pt\"> <\/span>exceeding<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>certain\nde minimis amount, a penalty amount is paid.<o:p><\/o:p><\/span><\/p><h5><span style=\"font-family:&quot;Quire Sans Light&quot;,sans-serif\">Taxation<span style=\"letter-spacing:-.7pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>U.S.<span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.1pt\">Members<\/span><o:p><\/o:p><\/span><\/h5><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:0in;margin-bottom:\n0in;margin-left:61.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">As<span style=\"letter-spacing:-.15pt\"> <\/span>long as the REIT<span style=\"letter-spacing:\n.05pt\"> <\/span>qualifies<span style=\"letter-spacing:.15pt\"> <\/span>as a Real\nEstate<span style=\"letter-spacing:.05pt\"> <\/span>Investment Trust,<span style=\"letter-spacing:-.05pt\"> <\/span>distributions made to <span style=\"letter-spacing:-.25pt\">the<\/span><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">REIT\u2019s\ntaxable Members out of then-current or accumulated earnings and profits (and\nnot designated as capital gain dividends) will be taken into account by them as\nordinary income, and corporate Members will not be eligible for the dividends\nreceived deduction as to such amounts. Distributions that are designated<span style=\"letter-spacing:-.05pt\"> <\/span>by the REIT as capital gain dividends\ngenerally<span style=\"letter-spacing:-.05pt\"> <\/span>will be taxed as long-term<span style=\"letter-spacing:-.15pt\"> <\/span>capital<span style=\"letter-spacing:-.15pt\">\n<\/span>gains<span style=\"letter-spacing:-.15pt\"> <\/span>(to<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>extent<span style=\"letter-spacing:-.15pt\"> <\/span>they<span style=\"letter-spacing:-.2pt\"> <\/span>do<span style=\"letter-spacing:-.2pt\"> <\/span>not<span style=\"letter-spacing:-.15pt\"> <\/span>exceed<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT\u2019s<span style=\"letter-spacing:-.1pt\"> <\/span>actual<span style=\"letter-spacing:-.15pt\">\n<\/span>net<span style=\"letter-spacing:-.15pt\"> <\/span>capital<span style=\"letter-spacing:-.15pt\"> <\/span>gain<span style=\"letter-spacing:-.15pt\"> <\/span>for<span style=\"letter-spacing:-.2pt\"> <\/span>the taxable year) without regard to the\nperiod for which the Members has held his REIT Subsidiary Common Units.<span style=\"letter-spacing:2.0pt\"> <\/span>Distributions in excess of current and\naccumulated earnings and profits will not be taxable to a Member to the extent\nthat they do not exceed the adjusted basis of the Member\u2019s REIT<span style=\"letter-spacing:-.75pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.75pt\"> <\/span>Common<span style=\"letter-spacing:-.75pt\"> <\/span>Units,<span style=\"letter-spacing:-.75pt\"> <\/span>but<span style=\"letter-spacing:-.7pt\"> <\/span>rather<span style=\"letter-spacing:-.75pt\"> <\/span>will<span style=\"letter-spacing:-.65pt\"> <\/span>reduce<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>adjusted<span style=\"letter-spacing:-.75pt\"> <\/span>basis<span style=\"letter-spacing:-.75pt\">\n<\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>such<span style=\"letter-spacing:\n-.75pt\"> <\/span>REIT<span style=\"letter-spacing:-.75pt\"> <\/span>Subsidiary\nCommon Units.<span style=\"letter-spacing:2.0pt\"> <\/span>To the extent that such\ndistributions exceed the adjusted basis of a Member\u2019s REIT<span style=\"letter-spacing:-.5pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.5pt\"> <\/span>Common<span style=\"letter-spacing:-.45pt\"> <\/span>Units,<span style=\"letter-spacing:-.4pt\"> <\/span>they<span style=\"letter-spacing:-.4pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.55pt\"> <\/span>treated<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>gain<span style=\"letter-spacing:-.4pt\"> <\/span>from<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>sale<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>Subsidiary Common<span style=\"letter-spacing:\n-.7pt\"> <\/span>Units<span style=\"letter-spacing:-.6pt\"> <\/span>(which<span style=\"letter-spacing:-.7pt\"> <\/span>gain<span style=\"letter-spacing:-.7pt\"> <\/span>will<span style=\"letter-spacing:-.7pt\"> <\/span>be<span style=\"letter-spacing:-.7pt\"> <\/span>capital<span style=\"letter-spacing:-.7pt\"> <\/span>gain,<span style=\"letter-spacing:-.65pt\"> <\/span>assuming<span style=\"letter-spacing:-.7pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>REIT<span style=\"letter-spacing:-.7pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.7pt\"> <\/span>Common<span style=\"letter-spacing:-.65pt\"> <\/span>Units<span style=\"letter-spacing:-.7pt\"> <\/span>are a capital asset in the hands of the\nMember, and will be long-term or short-term capital gain depending<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:-.1pt\"> <\/span>how\nlong<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:\n-.15pt\"> <\/span>Member<span style=\"letter-spacing:-.15pt\"> <\/span>has<span style=\"letter-spacing:-.1pt\"> <\/span>held<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary\nCommon<span style=\"letter-spacing:-.1pt\"> <\/span>Units).<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.8pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Any dividend declared by the REIT in October,\nNovember or December of any year and payable<span style=\"letter-spacing:-.25pt\">\n<\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>Members<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.25pt\"> <\/span>record<span style=\"letter-spacing:-.2pt\"> <\/span>on<span style=\"letter-spacing:-.2pt\"> <\/span>a<span style=\"letter-spacing:-.25pt\"> <\/span>specific<span style=\"letter-spacing:-.2pt\">\n<\/span>date<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>any<span style=\"letter-spacing:-.2pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>month<span style=\"letter-spacing:-.2pt\"> <\/span>will<span style=\"letter-spacing:-.3pt\"> <\/span>be<span style=\"letter-spacing:-.35pt\"> <\/span>treated<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.2pt\"> <\/span>both<span style=\"letter-spacing:-.2pt\"> <\/span>paid<span style=\"letter-spacing:-.3pt\"> <\/span>by\nthe<span style=\"letter-spacing:-.4pt\"> <\/span>REIT<span style=\"letter-spacing:\n-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>received<span style=\"letter-spacing:-.35pt\"> <\/span>by<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>on<span style=\"letter-spacing:-.3pt\"> <\/span>December<span style=\"letter-spacing:-.4pt\">\n<\/span>31<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:\n-.4pt\"> <\/span>such<span style=\"letter-spacing:-.35pt\"> <\/span>year,<span style=\"letter-spacing:-.3pt\"> <\/span>provided<span style=\"letter-spacing:-.35pt\">\n<\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.4pt\"> <\/span>dividend<span style=\"letter-spacing:-.35pt\">\n<\/span>is actually<span style=\"letter-spacing:-.1pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>by the<span style=\"letter-spacing:-.15pt\">\n<\/span>REIT during January<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>following\ncalendar<span style=\"letter-spacing:-.15pt\"> <\/span>year.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:25.05pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Members<span style=\"letter-spacing:-.55pt\"> <\/span>may<span style=\"letter-spacing:-.6pt\"> <\/span>not<span style=\"letter-spacing:-.55pt\"> <\/span>include<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>their<span style=\"letter-spacing:-.6pt\"> <\/span>individual<span style=\"letter-spacing:\n-.55pt\"> <\/span>income<span style=\"letter-spacing:-.65pt\"> <\/span>tax<span style=\"letter-spacing:-.5pt\"> <\/span>returns<span style=\"letter-spacing:-.5pt\">\n<\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>net<span style=\"letter-spacing:\n-.55pt\"> <\/span>operating<span style=\"letter-spacing:-.6pt\"> <\/span>losses<span style=\"letter-spacing:-.55pt\"> <\/span>or capital losses of the REIT.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">A REIT may elect to retain its net long-term\ncapital gains recognized during the taxable year<span style=\"letter-spacing:\n-.15pt\"> <\/span>(\u201cRetained Gains\u201d) and<span style=\"letter-spacing:-.1pt\"> <\/span>pay<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>corporate-level\ntax<span style=\"letter-spacing:-.1pt\"> <\/span>on<span style=\"letter-spacing:\n-.05pt\"> <\/span>such<span style=\"letter-spacing:-.1pt\"> <\/span>Retained<span style=\"letter-spacing:-.1pt\"> <\/span>Gains,<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>which case:<span style=\"letter-spacing:\n2.0pt\"> <\/span>(i) each<span style=\"letter-spacing:-.75pt\"> <\/span>Member<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>REIT<span style=\"letter-spacing:-.75pt\"> <\/span>must<span style=\"letter-spacing:-.75pt\"> <\/span>include<span style=\"letter-spacing:-.75pt\">\n<\/span>in<span style=\"letter-spacing:-.75pt\"> <\/span>his<span style=\"letter-spacing:\n-.75pt\"> <\/span>income<span style=\"letter-spacing:-.75pt\"> <\/span>(as<span style=\"letter-spacing:-.75pt\"> <\/span>long-term<span style=\"letter-spacing:\n-.75pt\"> <\/span>capital<span style=\"letter-spacing:-.75pt\"> <\/span>gains)<span style=\"letter-spacing:-.7pt\"> <\/span>his<span style=\"letter-spacing:-.75pt\"> <\/span>proportionate\nshare of the Retained Gains (as designated by the REIT in a notice<span style=\"letter-spacing:-.05pt\"> <\/span>mailed to Members within 60 days after\nthe<span style=\"letter-spacing:-.05pt\"> <\/span>close of such taxable year or\nmailed to Members with the REIT\u2019s annual report for such taxable year); (ii)\nthe Member is deemed to have paid, and will receive a credit for, his\nproportionate share of the tax paid by the REIT on the undistributed gains; and\n(iii) a Member required to include in gross income any such Retained Gains\nwould increase its adjusted basis in the<span style=\"letter-spacing:-.15pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\"> <\/span>Subsidiary Common<span style=\"letter-spacing:\n-.1pt\"> <\/span>Units<span style=\"letter-spacing:-.05pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>an amount equal to<span style=\"letter-spacing:\n-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>Retained Gains<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">so\nincluded and would reduce its adjusted basis in its REIT Subsidiary Common\nUnits by the amount<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.1pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>by<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>that<span style=\"letter-spacing:-.1pt\"> <\/span>is<span style=\"letter-spacing:-.1pt\"> <\/span>deemed<span style=\"letter-spacing:-.1pt\"> <\/span>to have<span style=\"letter-spacing:-.05pt\">\n<\/span>been<span style=\"letter-spacing:-.1pt\"> <\/span>paid<span style=\"letter-spacing:-.1pt\"> <\/span>by such<span style=\"letter-spacing:-.1pt\">\n<\/span>Member.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.6pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">In<span style=\"letter-spacing:-.1pt\"> <\/span>general,\na<span style=\"letter-spacing:-.05pt\"> <\/span>Member<span style=\"letter-spacing:\n-.05pt\"> <\/span>will<span style=\"letter-spacing:-.1pt\"> <\/span>recognize<span style=\"letter-spacing:-.1pt\"> <\/span>gain or<span style=\"letter-spacing:-.05pt\">\n<\/span>loss on<span style=\"letter-spacing:-.1pt\"> <\/span>its<span style=\"letter-spacing:-.1pt\"> <\/span>sale<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>other<span style=\"letter-spacing:-.05pt\"> <\/span>taxable<span style=\"letter-spacing:-.05pt\"> <\/span>disposition of the REIT Subsidiary Common\nUnits equal to the difference between the amount of cash and the fair market\nvalue of any other property received in such sale or other taxable disposition\nand the Member\u2019s<span style=\"letter-spacing:-.05pt\"> <\/span>adjusted<span style=\"letter-spacing:-.15pt\"> <\/span>basis<span style=\"letter-spacing:-.05pt\">\n<\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>said REIT<span style=\"letter-spacing:-.15pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.05pt\"> <\/span>Common<span style=\"letter-spacing:-.15pt\"> <\/span>Units at<span style=\"letter-spacing:-.1pt\"> <\/span>such<span style=\"letter-spacing:-.05pt\"> <\/span>time.<span style=\"letter-spacing:2.0pt\"> <\/span>Such<span style=\"letter-spacing:-.05pt\"> <\/span>gain<span style=\"letter-spacing:-.05pt\"> <\/span>or<span style=\"letter-spacing:-.1pt\"> <\/span>loss\nwill be capital gain or loss if the REIT Subsidiary Common Units are held by\nthe Member as a capital<span style=\"letter-spacing:-.55pt\"> <\/span>asset<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>as<span style=\"letter-spacing:-.65pt\"> <\/span>long-term<span style=\"letter-spacing:\n-.55pt\"> <\/span>capital<span style=\"letter-spacing:-.55pt\"> <\/span>gain<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.7pt\"> <\/span>loss<span style=\"letter-spacing:-.55pt\"> <\/span>if<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.55pt\"> <\/span>Common<span style=\"letter-spacing:-.65pt\">\n<\/span>Units<span style=\"letter-spacing:-.5pt\"> <\/span>have<span style=\"letter-spacing:-.6pt\"> <\/span>been held<span style=\"letter-spacing:-.4pt\">\n<\/span>by<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:\n-.3pt\"> <\/span>Member<span style=\"letter-spacing:-.4pt\"> <\/span>for<span style=\"letter-spacing:-.3pt\"> <\/span>more<span style=\"letter-spacing:-.45pt\"> <\/span>than<span style=\"letter-spacing:-.25pt\"> <\/span>one<span style=\"letter-spacing:-.3pt\"> <\/span>year.<span style=\"letter-spacing:2.0pt\"> <\/span>In<span style=\"letter-spacing:-.4pt\"> <\/span>general,<span style=\"letter-spacing:-.25pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>loss<span style=\"letter-spacing:-.25pt\"> <\/span>upon<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>sale<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.3pt\"> <\/span>exchange<span style=\"letter-spacing:-.45pt\">\n<\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>REIT Subsidiary Common\nUnits by a Member who has held such REIT Subsidiary Common Units for six<span style=\"letter-spacing:-.75pt\"> <\/span>months<span style=\"letter-spacing:-.75pt\">\n<\/span>or<span style=\"letter-spacing:-.75pt\"> <\/span>less<span style=\"letter-spacing:-.75pt\"> <\/span>(after<span style=\"letter-spacing:-.75pt\">\n<\/span>applying<span style=\"letter-spacing:-.7pt\"> <\/span>certain<span style=\"letter-spacing:-.7pt\"> <\/span>holding<span style=\"letter-spacing:-.75pt\">\n<\/span>period<span style=\"letter-spacing:-.7pt\"> <\/span>rules)<span style=\"letter-spacing:-.75pt\"> <\/span>will<span style=\"letter-spacing:-.7pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>treated<span style=\"letter-spacing:-.75pt\">\n<\/span>as<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:\n-.75pt\"> <\/span>long-term<span style=\"letter-spacing:-.7pt\"> <\/span>capital\nloss to the extent of distributions from the REIT required to be treated by\nsuch Member as long- term capital gain.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.65pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Members should consult with their own tax\nadvisors with respect to their capital gain tax liability in respect of\ndistributions received from the REIT and gains recognized upon the sale or\nother disposition of the REIT Subsidiary Common Units.<span style=\"letter-spacing:\n2.0pt\"> <\/span><b>THE FOREGOING DISCUSSION\nDOES<span style=\"letter-spacing:-.3pt\"> <\/span>NOT<span style=\"letter-spacing:\n-.35pt\"> <\/span>APPLY<span style=\"letter-spacing:-.4pt\"> <\/span>TO<span style=\"letter-spacing:-.35pt\"> <\/span>ANY<span style=\"letter-spacing:-.3pt\"> <\/span>MEMBER<span style=\"letter-spacing:-.4pt\"> <\/span>THAT<span style=\"letter-spacing:-.35pt\"> <\/span>IS<span style=\"letter-spacing:-.3pt\"> <\/span>A<span style=\"letter-spacing:-.4pt\"> <\/span>FOREIGN<span style=\"letter-spacing:-.3pt\"> <\/span>CORPORATION<span style=\"letter-spacing:\n-.35pt\"> <\/span>OR<span style=\"letter-spacing:-.1pt\"> <\/span>AN INDIVIDUAL THAT\nIS NOT A CITIZEN OR RESIDENT OF THE UNITED STATES. SUCH CORPORATIONS AND\nINDIVIDUALS ARE ADVISED TO CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO\nTHE TAX CONSEQUENCES OF AN INVESTMENT IN THE REIT.<o:p><\/o:p><\/b><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Redemptions<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>If the REIT makes a cash redemption of any\nREIT Subsidiary Common Units<span style=\"letter-spacing:-.1pt\"> <\/span>(although<span style=\"letter-spacing:-.1pt\"> <\/span>no<span style=\"letter-spacing:-.1pt\"> <\/span>holder<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>REIT<span style=\"letter-spacing:-.1pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.1pt\"> <\/span>Common<span style=\"letter-spacing:-.2pt\"> <\/span>Units<span style=\"letter-spacing:-.1pt\"> <\/span>shall<span style=\"letter-spacing:-.1pt\"> <\/span>be<span style=\"letter-spacing:-.1pt\"> <\/span>entitled<span style=\"letter-spacing:-.2pt\">\n<\/span>to a<span style=\"letter-spacing:-.1pt\"> <\/span>redemption<span style=\"letter-spacing:-.1pt\"> <\/span>of such REIT<span style=\"letter-spacing:\n-.05pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.1pt\"> <\/span>Common<span style=\"letter-spacing:-.1pt\"> <\/span>Units), any amounts<span style=\"letter-spacing:\n-.1pt\"> <\/span>paid in redemption (other<span style=\"letter-spacing:-.05pt\"> <\/span>than\naccumulated dividends and accrued interest thereon) will be treated under\nSection 302 of the Code as a distribution<span style=\"letter-spacing:-.5pt\"> <\/span>taxable<span style=\"letter-spacing:-.5pt\"> <\/span>as<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>dividend<span style=\"letter-spacing:-.5pt\">\n<\/span>(to<span style=\"letter-spacing:-.5pt\"> <\/span>the<span style=\"letter-spacing:\n-.55pt\"> <\/span>extent<span style=\"letter-spacing:-.5pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>current<span style=\"letter-spacing:-.5pt\">\n<\/span>and<span style=\"letter-spacing:-.45pt\"> <\/span>accumulated<span style=\"letter-spacing:-.45pt\"> <\/span>earnings<span style=\"letter-spacing:-.5pt\">\n<\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>profits)<span style=\"letter-spacing:-.55pt\"> <\/span>at ordinary<span style=\"letter-spacing:\n-.35pt\"> <\/span>income<span style=\"letter-spacing:-.35pt\"> <\/span>rates<span style=\"letter-spacing:-.4pt\"> <\/span>unless<span style=\"letter-spacing:-.4pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>redemption<span style=\"letter-spacing:\n-.35pt\"> <\/span>satisfies<span style=\"letter-spacing:-.4pt\"> <\/span>one<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>tests<span style=\"letter-spacing:-.35pt\">\n<\/span>set<span style=\"letter-spacing:-.3pt\"> <\/span>forth<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>Section<span style=\"letter-spacing:-.35pt\"> <\/span>302(b)<span style=\"letter-spacing:-.35pt\">\n<\/span>of the<span style=\"letter-spacing:-.45pt\"> <\/span>Code<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>therefore<span style=\"letter-spacing:-.45pt\">\n<\/span>treated<span style=\"letter-spacing:-.4pt\"> <\/span>as<span style=\"letter-spacing:-.4pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>sale<span style=\"letter-spacing:-.45pt\"> <\/span>or<span style=\"letter-spacing:-.45pt\"> <\/span>exchange<span style=\"letter-spacing:-.4pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>redeemed<span style=\"letter-spacing:-.35pt\">\n<\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.4pt\"> <\/span>Common Units.<span style=\"letter-spacing:\n1.95pt\"> <\/span>Because<span style=\"letter-spacing:-.65pt\"> <\/span>the<span style=\"letter-spacing:-.65pt\"> <\/span>determination<span style=\"letter-spacing:\n-.5pt\"> <\/span>as<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>whether<span style=\"letter-spacing:-.5pt\">\n<\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:\n-.65pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>alternative<span style=\"letter-spacing:-.65pt\"> <\/span>tests<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>Section<span style=\"letter-spacing:-.6pt\">\n<\/span>302(b)<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>the Code<span style=\"letter-spacing:-.45pt\">\n<\/span>will<span style=\"letter-spacing:-.4pt\"> <\/span>be<span style=\"letter-spacing:\n-.45pt\"> <\/span>satisfied<span style=\"letter-spacing:-.4pt\"> <\/span>with<span style=\"letter-spacing:-.4pt\"> <\/span>respect<span style=\"letter-spacing:-.4pt\">\n<\/span>to<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:\n-.4pt\"> <\/span>particular<span style=\"letter-spacing:-.45pt\"> <\/span>holder<span style=\"letter-spacing:-.45pt\"> <\/span>of<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>REIT<span style=\"letter-spacing:-.45pt\"> <\/span>Subsidiary<span style=\"letter-spacing:-.4pt\"> <\/span>Common<span style=\"letter-spacing:-.4pt\"> <\/span>Units\ndepends upon the facts and circumstances at the time that the determination\nmust be made, prospective holders of the REIT Subsidiary Common Units are\nadvised to consult their own tax advisors<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>determine such<span style=\"letter-spacing:\n-.05pt\"> <\/span>tax<span style=\"letter-spacing:-.05pt\"> <\/span>treatment at<span style=\"letter-spacing:-.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>time<span style=\"letter-spacing:-.1pt\"> <\/span>of the redemption.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.1pt;margin-right:24.6pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If<span style=\"letter-spacing:-.05pt\"> <\/span>a\ncash redemption of<span style=\"letter-spacing:-.05pt\"> <\/span>the REIT\nSubsidiary Common Units is treated as a<span style=\"letter-spacing:-.05pt\"> <\/span>taxable<span style=\"letter-spacing:-.05pt\"> <\/span>sale<span style=\"letter-spacing:-.05pt\"> <\/span>or\nexchange, the relevant Member will recognize gain or loss for federal income\ntax purposes in an amount equal to the difference between (1) the amount of\ncash and the fair market value of any property received (less any portion\nthereof attributable to accumulated and declared but unpaid dividends, which\nwill be taxable as a dividend to the extent of current and accumulated earnings\nand profits) and (2) the Member\u2019s adjusted basis in the REIT Subsidiary Common\nUnits for tax purposes.<span style=\"letter-spacing:2.0pt\"> <\/span>This<span style=\"letter-spacing:-.45pt\"> <\/span>gain<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>loss<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-.45pt\"> <\/span>be<span style=\"letter-spacing:-.5pt\"> <\/span>capital<span style=\"letter-spacing:-.4pt\"> <\/span>gain<span style=\"letter-spacing:-.55pt\"> <\/span>or<span style=\"letter-spacing:-.6pt\"> <\/span>loss<span style=\"letter-spacing:-.55pt\"> <\/span>if<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>REIT<span style=\"letter-spacing:-.55pt\"> <\/span>Subsidiary<span style=\"letter-spacing:\n-.6pt\"> <\/span>Common<span style=\"letter-spacing:-.5pt\"> <\/span>Units<span style=\"letter-spacing:-.4pt\"> <\/span>have been held as a capital asset and will\nbe long-term gain or loss if such REIT Subsidiary Common Units have been held\nfor more than one year.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">If a cash redemption of the REIT Subsidiary\nCommon Units is treated as a distribution taxable as a dividend, the amount of\nthe distribution will be measured by the amount of cash and the<span style=\"letter-spacing:-.65pt\"> <\/span>fair<span style=\"letter-spacing:-.6pt\"> <\/span>market<span style=\"letter-spacing:-.6pt\"> <\/span>value<span style=\"letter-spacing:-.65pt\"> <\/span>of<span style=\"letter-spacing:-.65pt\"> <\/span>any<span style=\"letter-spacing:-.6pt\"> <\/span>property<span style=\"letter-spacing:-.6pt\"> <\/span>received<span style=\"letter-spacing:-.6pt\">\n<\/span>by<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:\n-.65pt\"> <\/span>Member.<span style=\"letter-spacing:1.9pt\"> <\/span>The<span style=\"letter-spacing:-.65pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:-.6pt\">\n<\/span>adjusted<span style=\"letter-spacing:-.6pt\"> <\/span>basis<span style=\"letter-spacing:-.6pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>the\nredeemed REIT Subsidiary Common Units for tax purposes will be transferred to\nthe Member\u2019s remaining REIT Subsidiary Common Units, if any.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">Backup Withholding<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT will generally report to its\nMembers and the IRS the amount<span style=\"letter-spacing:-.6pt\"> <\/span>of<span style=\"letter-spacing:-.7pt\"> <\/span>dividends<span style=\"letter-spacing:-.65pt\">\n<\/span>paid<span style=\"letter-spacing:-.65pt\"> <\/span>during<span style=\"letter-spacing:-.65pt\"> <\/span>each<span style=\"letter-spacing:-.65pt\"> <\/span>calendar<span style=\"letter-spacing:-.7pt\"> <\/span>year,<span style=\"letter-spacing:-.65pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.7pt\"> <\/span>amount<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>tax<span style=\"letter-spacing:-.65pt\"> <\/span>withheld,<span style=\"letter-spacing:\n-.65pt\"> <\/span>if<span style=\"letter-spacing:-.7pt\"> <\/span>any.<span style=\"letter-spacing:1.75pt\"> <\/span>Under the backup withholding rules,\nbackup withholding may apply to a Member with respect to dividends paid unless\nthe Member (a) is a corporation or comes within certain other exempt categories\nand, when required, demonstrates this fact, or (b) provides a taxpayer\nidentification number, certifies as to no loss of exemption from backup\nwithholding, and otherwise complies with<span style=\"letter-spacing:-.5pt\"> <\/span>applicable<span style=\"letter-spacing:-.55pt\"> <\/span>requirements<span style=\"letter-spacing:\n-.5pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>the<span style=\"letter-spacing:-.55pt\"> <\/span>backup<span style=\"letter-spacing:-.5pt\">\n<\/span>withholding<span style=\"letter-spacing:-.65pt\"> <\/span>rules.<span style=\"letter-spacing:2.0pt\"> <\/span>The<span style=\"letter-spacing:-.55pt\"> <\/span>IRS<span style=\"letter-spacing:-.5pt\"> <\/span>also<span style=\"letter-spacing:-.5pt\"> <\/span>may<span style=\"letter-spacing:-.5pt\"> <\/span>impose<span style=\"letter-spacing:-.65pt\">\n<\/span>penalties on a Member that does not provide the REIT with its correct\ntaxpayer identification number.<span style=\"letter-spacing:2.0pt\"> <\/span>A\nMember<span style=\"letter-spacing:1.0pt\"> <\/span>may<span style=\"letter-spacing:\n1.1pt\"> <\/span>credit<span style=\"letter-spacing:1.05pt\"> <\/span>any<span style=\"letter-spacing:1.1pt\"> <\/span>amount<span style=\"letter-spacing:1.05pt\">\n<\/span>paid<span style=\"letter-spacing:1.05pt\"> <\/span>as<span style=\"letter-spacing:1.05pt\"> <\/span>backup<span style=\"letter-spacing:1.1pt\">\n<\/span>withholding<span style=\"letter-spacing:1.1pt\"> <\/span>against<span style=\"letter-spacing:1.05pt\"> <\/span>the<span style=\"letter-spacing:1.05pt\"> <\/span>Member\u2019s<span style=\"letter-spacing:1.05pt\"> <\/span>income<span style=\"letter-spacing:1.0pt\">\n<\/span>tax<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:3.95pt;margin-right:24.45pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt\"><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">liability.<span style=\"letter-spacing:-.75pt\"> <\/span>In<span style=\"letter-spacing:-.75pt\"> <\/span>addition,<span style=\"letter-spacing:-.75pt\"> <\/span>the<span style=\"letter-spacing:-.75pt\"> <\/span>REIT<span style=\"letter-spacing:-.75pt\"> <\/span>may<span style=\"letter-spacing:-.75pt\"> <\/span>be<span style=\"letter-spacing:-.75pt\"> <\/span>required<span style=\"letter-spacing:-.75pt\">\n<\/span>to<span style=\"letter-spacing:-.6pt\"> <\/span>withhold<span style=\"letter-spacing:-.7pt\"> <\/span>a<span style=\"letter-spacing:-.75pt\"> <\/span>portion<span style=\"letter-spacing:-.75pt\"> <\/span>of<span style=\"letter-spacing:-.75pt\"> <\/span>capital<span style=\"letter-spacing:-.75pt\"> <\/span>gain<span style=\"letter-spacing:-.75pt\"> <\/span>distributions<span style=\"letter-spacing:-.7pt\"> <\/span>to any Member<span style=\"letter-spacing:\n-.05pt\"> <\/span>who fails to certify to the REIT its non-foreign status.<o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"margin-top:12.0pt;margin-right:24.7pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><i><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:\n&quot;Quire Sans Light&quot;,sans-serif\">State and Local Taxes<\/span><\/i><\/b><span style=\"font-size:12.0pt;mso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">.<span style=\"letter-spacing:2.0pt\"> <\/span>The REIT and its Members may be subject to\nstate and local taxation in various jurisdictions, including those in which the\nFund, the REIT or its Members transact business,<span style=\"letter-spacing:\n-.05pt\"> <\/span>own<span style=\"letter-spacing:-.1pt\"> <\/span>property,<span style=\"letter-spacing:-.05pt\"> <\/span>or reside.<span style=\"letter-spacing:\n2.0pt\"> <\/span>The<span style=\"letter-spacing:-.1pt\"> <\/span>state and<span style=\"letter-spacing:-.05pt\"> <\/span>local<span style=\"letter-spacing:-.05pt\">\n<\/span>tax<span style=\"letter-spacing:-.05pt\"> <\/span>treatment of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT\nand that of its Members may differ from the federal income tax treatment\ndescribed above.<span style=\"letter-spacing:2.0pt\"> <\/span>In addition, state<span style=\"letter-spacing:-.45pt\"> <\/span>legislatures<span style=\"letter-spacing:\n-.25pt\"> <\/span>and<span style=\"letter-spacing:-.4pt\"> <\/span>regulatory<span style=\"letter-spacing:-.3pt\"> <\/span>authorities<span style=\"letter-spacing:\n-.4pt\"> <\/span>could<span style=\"letter-spacing:-.3pt\"> <\/span>at<span style=\"letter-spacing:-.35pt\"> <\/span>any<span style=\"letter-spacing:-.4pt\"> <\/span>time<span style=\"letter-spacing:-.3pt\"> <\/span>adversely<span style=\"letter-spacing:-.4pt\">\n<\/span>change<span style=\"letter-spacing:-.45pt\"> <\/span>the<span style=\"letter-spacing:-.45pt\"> <\/span>way<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.4pt\"> <\/span>which<span style=\"letter-spacing:-.4pt\"> <\/span>a\nReal<span style=\"letter-spacing:-.35pt\"> <\/span>Estate<span style=\"letter-spacing:\n-.3pt\"> <\/span>Investment<span style=\"letter-spacing:-.35pt\"> <\/span>Trust<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.35pt\"> <\/span>its<span style=\"letter-spacing:-.35pt\"> <\/span>Members<span style=\"letter-spacing:-.35pt\">\n<\/span>are<span style=\"letter-spacing:-.3pt\"> <\/span>taxed,<span style=\"letter-spacing:-.4pt\"> <\/span>by<span style=\"letter-spacing:-.4pt\"> <\/span>imposing<span style=\"letter-spacing:-.4pt\"> <\/span>additional<span style=\"letter-spacing:\n-.35pt\"> <\/span>entity-level<span style=\"letter-spacing:-.35pt\"> <\/span>taxes\nor changing the law in any other respect.<span style=\"letter-spacing:2.0pt\"> <\/span>Moreover,\nsuch changes could apply retroactively. Consequently,<span style=\"letter-spacing:\n-.15pt\"> <\/span>prospective<span style=\"letter-spacing:-.2pt\"> <\/span>Members<span style=\"letter-spacing:-.15pt\"> <\/span>should<span style=\"letter-spacing:-.05pt\">\n<\/span>consult<span style=\"letter-spacing:-.1pt\"> <\/span>their<span style=\"letter-spacing:-.15pt\"> <\/span>own<span style=\"letter-spacing:-.15pt\"> <\/span>tax<span style=\"letter-spacing:-.15pt\"> <\/span>advisors<span style=\"letter-spacing:-.05pt\">\n<\/span>regarding<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>effect<span style=\"letter-spacing:-.1pt\"> <\/span>of\nstate<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:\n-.1pt\"> <\/span>local<span style=\"letter-spacing:-.1pt\"> <\/span>tax laws on<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.1pt\"> <\/span>investment<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>REIT<span style=\"letter-spacing:-.15pt\"> <\/span>Subsidiary\nCommon<span style=\"letter-spacing:-.1pt\"> <\/span>Units.<o:p><\/o:p><\/span><\/p><p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/p><p class=\"MsoNormal\" style=\"margin-top:12.05pt;margin-right:24.75pt;margin-bottom:\n0in;margin-left:25.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:\n35.95pt\"><b><span style=\"font-size:12.0pt;\nmso-bidi-font-size:11.0pt;font-family:&quot;Quire Sans Light&quot;,sans-serif\">PROSPECTIVE\nINVESTORS IN THE FUND ARE ADVISED TO CONSULT WITH<span style=\"letter-spacing:\n-.1pt\"> <\/span>THEIR<span style=\"letter-spacing:-.15pt\"> <\/span>OWN<span style=\"letter-spacing:-.15pt\"> <\/span>TAX<span style=\"letter-spacing:-.15pt\"> <\/span>AND<span style=\"letter-spacing:-.15pt\"> <\/span>FINANCIAL<span style=\"letter-spacing:\n-.05pt\"> <\/span>ADVISORS REGARDING<span style=\"letter-spacing:-.1pt\"> <\/span>THE<span style=\"letter-spacing:-.1pt\"> <\/span>SPECIFIC TAX<span style=\"letter-spacing:\n-.25pt\"> <\/span>CONSEQUENCES<span style=\"letter-spacing:-.2pt\"> <\/span>TO<span style=\"letter-spacing:-.2pt\"> <\/span>THEM<span style=\"letter-spacing:-.25pt\"> <\/span>OF<span style=\"letter-spacing:-.25pt\"> <\/span>THE<span style=\"letter-spacing:-.2pt\"> <\/span>PURCHASE,<span style=\"letter-spacing:-.25pt\"> <\/span>OWNERSHIP<span style=\"letter-spacing:\n-.25pt\"> <\/span>AND<span style=\"letter-spacing:-.25pt\"> <\/span>SALE<span style=\"letter-spacing:-.2pt\"> <\/span>OF SECURITIES<span style=\"letter-spacing:\n-.75pt\"> <\/span>IN<span style=\"letter-spacing:-.75pt\"> <\/span>THE<span style=\"letter-spacing:-.75pt\"> <\/span>REIT,<span style=\"letter-spacing:-.75pt\">\n<\/span>INCLUDING<span style=\"letter-spacing:-.75pt\"> <\/span>THE<span style=\"letter-spacing:-.75pt\"> <\/span>FEDERAL,<span style=\"letter-spacing:-.75pt\">\n<\/span>STATE,<span style=\"letter-spacing:-.75pt\"> <\/span>LOCAL,<span style=\"letter-spacing:-.75pt\"> <\/span>FOREIGN, AND OTHER TAX CONSEQUENCES OF\nSUCH PURCHASE, OWNERSHIP OR SALE AND OF POTENTIAL CHANGES IN APPLICABLE TAX\nLAWS.<o:p><\/o:p><\/span><\/b><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>&nbsp; CLOUD TORONTO &#8211; FYBN CORE+ GROWTH &amp; INCOME FUND LLC a New York limited liability company &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; PRIVATE PLACEMENT MEMORANDUM &nbsp; Offer of Class B Limited Liability Company Units &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; October 16, 2023 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Questions and requests for information may [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":16,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-2413","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/pages\/2413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/comments?post=2413"}],"version-history":[{"count":4,"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/pages\/2413\/revisions"}],"predecessor-version":[{"id":2419,"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/pages\/2413\/revisions\/2419"}],"up":[{"embeddable":true,"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/pages\/16"}],"wp:attachment":[{"href":"https:\/\/cloudtoronto.vc\/about\/wp-json\/wp\/v2\/media?parent=2413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}