No person has been authorized to make any statement concerning the funds or any other entity managed by the company other than as set forth herein, and any such statements, if made, may not be relied upon. An investment in company managed funds carries certain risks, including without limitation the risk of loss of principal, lack of liquidity, limited transferability, use of leverage and market disruptions, as will be further described in offering documents, and is suitable only for qualified investors that fully understand the risks of such investments. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive such information. This material is provided to you for informational purposes only. This is neither an offer to sell nor a solicitation of any offer to buy any securities in any fund managed by PrivateCap (the “Company” or “PrivateCap”). This document is not an advertisement and is not intended for public use or distribution. The information contained herein should be treated in a confidential manner and may not be reproduced or used in whole or in part for any purpose, nor may it be disclosed, without prior written consent of the company. The information contained herein has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate, complete, or timely; nor do we warrant the appropriateness of any investment referred to herein. Any opinions or estimates contained herein constitute our judgment as of this date and are subject to change without notice. We do not provide tax, accounting, or legal advice to our clients, investors or prospective clients or prospective investors, and all such persons are advised to consult with their tax, accounting, and legal advisers regarding any potential investment.

Cautionary Note Regarding Forward-Looking Statements

The information contained herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the current views of the Company with respect to, among other things, future events and financial performance. We generally identify forward-looking statements by the terminology such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “will,” “should,” “could,” “seek,” “approximately,” “predict,” “intend,” “plan,” “estimate,” “anticipate,” “opportunity,” “comfortable,” “assume,” “remain,” “maintain,” “sustain,” “achieve,” “see,” “think,” “position” or the negative version of those words or other comparable words. Any forward-looking statements contained in this presentation are based upon historical information and on the Company’s current plans, estimates and expectations. The inclusion of this or other forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved. We caution that forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to global economic, business and market geopolitical conditions; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight and taxation; the conditions impacting the private investment industry; the Company’s ability to successfully compete for fund investors, professional talent and investment opportunities; the Company’s successful formulation and execution of its business and growth strategies; the Company’s ability to appropriately manage conflicts of interest, and tax and other regulatory factors relevant to the Company’s business; as well as assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the Company’s assumptions or estimates prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors are not and should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks.