General Disclosures

Cortland™ is a family of companies, including, without limitation, Cortland Partners, LLC, Cortland Holdings, LLC, and Cortland investment Management, LLC, Cortland’s investment advisory provider, together with each of their respective subsidiaries and affiliates (collectively, “Cortland”). Accordingly, references throughout this presentation at times reference the Cortland organization as a whole.

Statements on this website are made as of January 1, 2019, unless stated otherwise, are subject to change and will not be updated or otherwise revised to reflect information that subsequently becomes available or changes occurring after such date. The content on this website or in public-facing content is for information purposes only and is not intended as investment advice, an offer or solicitation with respect to the purchase or sale of any security. Offers to sell or solicitations to invest in a Cortland-sponsored investment vehicle (each a “Fund”) are made only by means of a confidential offering memorandum and in accordance with applicable securities laws. Images on this website or in public-facing content are not necessarily indicative of actual experience.

Press Release and News Articles

The press releases and articles included on this website are for informational purposes only. Nothing contained herein is to be construed as a solicitation to offer investment advice or services, nor a solicitation for the purchase or sale of any security. Information about investing in a Cortland fund is only available in the form of private placement memoranda and other offering documents which contain information to help investors evaluate Cortland funds’ investment objectives, risks, fees and expenses, among other factors, before considering an investment. Press releases are not personalized investment advice or an investment recommendation from Cortland.

Forward-Looking Statements

Press releases, news coverage, social media posts, or other published content about or by Cortland may contain forward-looking statements. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. You are cautioned not to unduly rely on these forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this content may be relied upon as a guarantee, promise, assurance or a representation as to the future. These forward-looking statements have not been reviewed by anyone outside of Cortland, and while Cortland believes these statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Unless required by law, Cortland undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of a press release or to report the occurrence of unanticipated events. Cortland’s past and current performance are not indicative of future results, and no representation is made that any Cortland investment will achieve its objectives or that any Cortland strategy will be successful.

Awards, Rankings, and Recognition

In some instances of awards and rankings for which Cortland is recognized, potential awardees are required to pay application fees in order to be considered, and for those awards, Cortland has paid such application fees. While payment of the application fee is required, Cortland paid such fee and accepted such awards under the assumption that all entrants paid the same fee.

Relative to surveys/rankings included in public-facing content, J. Turner Research’s Online Reputation (ORA™) score is an aggregate compilation of a property’s ratings across 19+ review sites and ILSs. Each month, J. Turner Research monitors the online ratings of more than 101,000 properties, nationwide, to assign ORA™ scores to each property. The ORA™ Power Ranking is an independent ranking; a property or a management company is not required to be a J. Turner Research client to qualify for the monthly rankings. All reference to Kingsley Associates scores or relative ratings are based on the company’s proprietary and customized indexing benchmark methodology which is intended to account for property age, geography, quality, and survey type in order to create like comparisons among multifamily properties and portfolios. The index only contains clients of Kingsley Associates to whom Cortland, and to its understanding other multifamily operators, pay a fee for such survey services. Any awards, ratings or rankings are not indicative of future performance.

Investor Disclosures

Past performance is not indicative of future results, which may vary. An investment in a Cortland Fund or other Cortland-sponsored investment opportunity is a speculative investment and involves significant risks, including the potential loss of all or a substantial portion of invested capital, the use of leverage, and the lack of liquidity of an investment. Any investment in a Fund or Cortland-sponsored investment opportunity is subject to various risks, none of which are outlined herein. There is no assurance that a Cortland Fund or other Cortland-sponsored investment opportunity will achieve its investment objectives or that the strategies described herein will be successful.

Cortland believes it is important to communicate estimates of its potential returns to existing and prospective investors, which estimates may be contained in the content posted on this website. However, because the results are estimates, actual results may differ materially from those expressed or implied. Unless otherwise noted, the valuations of investments contained within content provided to potential and current investors are based upon information and data available as of the date the applicable materials were prepared. The actual realized return on all unrealized investments will depend on valuation of the investment at the time of disposition, any related transfer costs, and the manner of sale. Market conditions may limit the liquidity of unrealized investments.

Targets are not guarantees, forecasts or predictions and there can be no assurance that these targets or Cortland’s expectations regarding these investments will be met. Target returns (including any data related thereto) are based upon Cortland’s estimates and assumptions about circumstances and events that have not occurred yet and may never occur. Actual events or results may differ materially, positively or negatively, from those reflected or contemplated. If any of the assumptions used to derive such target returns do not prove to be accurate, results may vary substantially from the target returns set forth herein. Gross target returns do not reflect any deductions for fees, taxes, transaction costs or any other expenses which will be borne by investors in a Cortland Fund or other Cortland-sponsored investment opportunity, and will have the effect of reducing the actual return for an investor.

Details on pipeline investments, if included, have been included for illustrative purposes only, have been selected in order to provide examples of the types of investments made by Cortland and do not purport to be a complete list thereof. Although it is expected that future Cortland investment opportunities will participate in such ventures, the availability of such opportunities cannot be guaranteed, and it should not be assumed that such future investments will be comparable in quality or performance to the investments described herein.

Images utilized in public-facing content, if any, of properties or other investment opportunities, may or may not be owned, developed, operated or managed by Cortland, and, unless otherwise noted, do not represent any particular investment offering.

If and to the extent used in presentations to potential and current investors, valuations are only an estimate of value and is not a precise measure of realizable value. Appraised or otherwise determined values do not necessarily represent the price at which a real estate investment would sell since market prices of real estate investments can only be determined by negotiation between a willing buyer and seller. As a result, if Cortland or its Fund or other investment vehicles, as applicable were to liquidate a particular real estate investment, the realized value may be more or less than the appraised value or valuation of such asset. Appraised values that are higher than realizable values could result in greater management fees or incentive distributions and in the Fund than if such distributions or redemption prices were paid based on realized value following the sale of such assets.

Cortland Investment Management, LLC, is the investment advisor for Private Placement Offerings sponsored by Cortland.