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The performance data quoted represents the aggregate performance of 4 blind pool investment funds (Commune RESOP REIT, LLC (“RESOP”); Commune Multi-Family, LLC (“Multi-Family”); Commune Fund IV, LLC (“Fund IV”); and Commune Fund V, LLC (“Fund V”)) and 2 special purpose vehicles (Commune Mar Vista Investors, LLC (“Mar Vista”) and Commune VTA Investors, LLC (“VTA”)) managed by subsidiaries of Commune Capital, LLC (“Commune”). The performance information is from inception of each investment vehicle through 6/30/2023.

Each investment vehicle invests in real property and have slightly different strategies regarding type of property or stage of development (e.g., multi-family, self-storage, stabilized, development). Each of Mar Vista, VTA, Fund IV, and Fund V are relatively new investment vehicles, formed within the past 2 years, and, as of the date of this email, have not generated returns to investors due to the early stage of the investment vehicle or early stage of development of the properties. Multi-Family was formed in 2018 and since inception to 6/30/2023 has generated a return of 8.3%. RESOP was formed in 1998 and has generated a return of 21.5% since inception to 6/30/2023. Additionally, from 1998 to 2021, RESOP was managed by Alliance Financial Group, Inc. or its subsidiary. In 2021, AFG engaged in a reorganization where AFG contributed the ownership interest in the manager of RESOP to Commune Capital. AFG is the majority owner of Commune Capital.

Past performance does not guarantee future results. The performance results represent fund-level returns and are not an estimate of any specific investor’s actual performance, which may be materially different from such performance depending on numerous factors. No representations or warranties are made by the [Fund V, Fund V Management, LLC,] Commune or any other person or entity as to the future profitability of [Fund V] or the results of making an investment.

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