IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.