IMPORTANT DISCLAIMERS: The performance data listed above represents the past performance of the exited Calvera-sponsored investment vehicles that owned a single asset, and does not purport to reflect the overall performance of any private funds managed by Calvera, which include multiple properties, some of which have not been sold as of the date hereof and which may charge additional fees or carried interest, or have additional expenses, which would reduce the overall performance of an individual project from the perspective of a fund investor; past performance does not guarantee future results; current performance may be lower or higher than performance data presented; Calvera is not required by law to follow any standard methodology when calculating and representing performance data; the performance of the above projects may not be directly comparable to the performance of other investment vehicles or funds; and qualified potential investors can contact Calvera Partners for more current performance data of any private funds managed by Calvera Partners.

This material is provided for informational purposes only. Nothing contained in this material is an offer to sell or solicitation of an offer to buy any security. Any offering of securities by Calvera Partners, LLC or its affiliates (“Calvera”) will only be made pursuant to the terms of a private placement memorandum. In addition, (i) any securities offered to investors that respond to any general solicitation or general advertisement made by Calvera may be sold only to accredited investors; (ii) such securities will be offered in reliance on an exemption from the registration requirements of the 1933 (the "Securities Act") U.S. Securities Act and such securities are not subject to the protections of the U.S. Investment Company Act of 1940 or required to comply with specific disclosure requirements that apply to registration under the Securities Act; (iii) the United States Securities and Exchange Commission has not passed upon the merits of or given its approval to any securities offered by Calvera, the terms of the offering, or the accuracy or completeness of any offering materials; (iv) the securities will be subject to legal restrictions on transfer and resale, and investors should not assume they will be able to resell their securities; and (v) investing in securities involves significant risks, and investors should be able to bear the loss of their investment. Opinions expressed herein are not intended to be a forecast of future events or a guarantee of future results. Although this material may include investment-related educational information, nothing contained herein, or in any other communications made by Calvera, is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy. Calvera does not give any advice or make any representations as to whether any security or investment is suitable for you or will be profitable. Past performance is not indicative of future results. Although information in this document has been obtained from sources believed to be reliable, Calvera does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Any referred to indexes are unmanaged and are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include expenses, fees or sales charges, which would lower performance. Calvera does not provide tax or legal advice. Investors should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.