Competitive Strengths

AGREEMENT BETWEEN USERS OF THIS WEBSITE AND MACK REAL ESTATE GROUP

Introduction

This website, www.mackregroup.com ("Site"), is owned and operated by Mack Real Estate Group, LLC (together with its affiliated investment management entities, "MREG" or the "Firm"). This Site is intended to provide a brief introduction to the Firm. It is not intended to be a comprehensive source of information regarding the Firm’s business or investments. The Firm reserves the right, in its sole discretion, without any notice requirement, to modify the information and materials on this Site and to suspend and/or deny access to this Site for scheduled or unscheduled maintenance, upgrades, improvements, corrections or otherwise.

YOU MAY USE THIS SITE ONLY IF YOU AGREE TO THESE TERMS OF USE ("TERMS") WITHOUT LIMITATION OR QUALIFICATION. PLEASE READ THE TERMS CAREFULLY BEFORE CONTINUING. EACH TIME YOU ACCESS ANY PART OF THIS SITE, YOU WILL BE DEEMED TO HAVE READ, ACKNOWLEDGED AND ACCEPTED THE TERMS IN FULL, INCLUDING ANY MODIFICATIONS THERETO WHICH MREG MAY MAKE FROM TIME TO TIME WITHOUT PRIOR NOTICE BY AMENDING THIS PAGE. IF YOU DO NOT AGREE TO THESE TERMS (INCLUDING ANY MODIFICATIONS THERETO), YOU MUST DISCONTINUE YOUR USE OF THE SITE IMMEDIATELY. YOU SHOULD PERIODICALLY VISIT THIS PAGE TO REVIEW THE THEN CURRENT TERMS BY WHICH YOU ARE BOUND.

By using this Site, you represent and warrant that you have full authority and all rights necessary to accept these Terms and fully perform all of your obligations hereunder.

Limitation of Liability

Although MREG believes that the information contained on this Site is accurate at the time of publication, such information is provided on an "as is", "as available", "with all faults" basis, solely for general informational purposes, and may contain typographical errors or other inaccuracies. MREG does not assume any obligation to update or keep current the information contained within this Site unless otherwise required by law. If you are dissatisfied with any portion of this site, or with any of these Terms, your sole and exclusive remedy is to discontinue using this Site. Visitors who choose to access this site do so on their own initiative and at their own risk, and agree to assume responsibility for determining whether any legal or regulatory considerations limit their access to or use of information contained on this Site.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, ALL INFORMATION, GRAPHICS, SOFTWARE, PRODUCTS AND SERVICES CONTAINED WITHIN THIS SITE ARE PROVIDED WITHOUT WARRANTY OR CONDITION OF ANY KIND. MREG EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH REGARD THERETO INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT, SUITABILITY, TIMELINESS, ACCURACY OR COMPLETENESS. WITHOUT LIMITING THE FOREGOING, MREG DOES NOT WARRANT THE RELIABILITY OR AVAILABILITY OF THIS SITE OR THAT THE SITE IS VIRUS-FREE.

ACCORDINGLY, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL MREG AND/OR ITS AFFILIATES, OR THEIR RESPECTIVE PRINCIPALS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR THIRD PARTY VENDORS BE LIABLE FOR OR HAVE ANY RESPONSIBILITY OF ANY KIND FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL LOSS, LIABILITY, COST, CLAIM, EXPENSE OR OTHER DAMAGE WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH (I) THE USE OR PERFORMANCE OF THIS SITE OR ANY THIRD PARTY WEBSITES ACCESSIBLE THROUGH A LINK TO THIS SITE (INCLUDING WITHOUT LIMITATION THE INVESTOR LOG-IN SCREEN), (II) THE INTERCEPTION BY THIRD PARTIES OF ANY INFORMATION OR SERVICES MADE AVAILABLE THROUGH THIS SITE OR (III) A DELAY OR INABILITY TO USE THIS SITE, IN EACH CASE WHETHER BASED ON THEORIES OF CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, WHETHER OR NOT THE CIRCUMSTANCES GIVING RISE TO SUCH LOSS OR DAMAGE MAY HAVE BEEN WITHIN MREG’S CONTROL, EVEN IF MREG HAS BEEN ADVISED OF THE POSSIBILITY OF LOSS OR DAMAGE.

THE FOREGOING LIMITATION ON LIABILITY INCLUDES, WITHOUT LIMITATION, THE TRANSMISSION OF ANY VIRUSES WHICH MAY INFECT A SITE USER’S EQUIPMENT, FAILURE OF MECHANICAL OR ELECTRONIC EQUIPMENT OR COMMUNICATION LINES, TELEPHONE OR OTHER CONNECTIVITY PROBLEMS, UNAUTHORIZED ACCESS, THEFT, OPERATOR ERRORS OR COMPUTER MALFUNCTION. MREG CANNOT AND DOES NOT GUARANTEE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO THIS SITE.

No Offer Or Solicitation

The content contained on this Site is for general informational purposes only and is not intended to and does not in any way constitute an offer, solicitation or recommendation to purchase, subscribe to or sell any securities, other financial instruments or investments, advisory services or other products or services. Any such offer can be made only in jurisdictions where lawful and in compliance with applicable law and regulation. MREG does not intend to provide investment, legal or tax advice through this Site and does not represent that any securities or services discussed herein are suitable for any investor.

Linked Sites

MREG may provide links to certain websites operated by third parties who may or may not be affiliated with MREG. Should you leave this site via a link contained herein, you do so at your own risk. MREG is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided by third party vendors or any other third party on external web sites, whether such damages or losses are actual, alleged, consequential or punitive. The inclusion of any link to a third party website does not imply an affiliation, sponsorship, endorsement, approval, verification or monitoring of such website by MREG. You should be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this Site. Visitors to this Site agree not to display hyperlinks on their websites to any website owned or operated by MREG unless they have a written agreement with MREG governing such display.

Ownership of Materials

The content of this Site is the exclusive property of MREG, or in some cases a third party who has granted MREG the right to use certain content on the Site, and is protected by U.S. and international intellectual property laws. MREG, or the applicable third party owner, retains all right, title and interest (including copyrights, trademarks, patents, as well as any other intellectual property or other right) in all information

and content (including all text, data, graphics and logos) on this Site. Individual pages and/or sections of the Site may be printed for non-commercial personal or internal use only, and provided that such print outs retain all applicable copyright or other legends and notices. All users must not, without limitation, modify, copy, transmit, distribute, display, perform, reproduce, publish, license, frame, create derivative works from, transfer or otherwise use in any other way for commercial or public purposes in whole or in part any information, text, graphics, images, video clips, directories, databases, listings or software obtained from the Site without the prior written permission of MREG. Systematic retrieval of content from the Site to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) or creating links to the Site without written permission from MREG is prohibited.

Nothing contained on this Site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on the Site without the prior written permission of MREG or such other third party that may own the trademark displayed on this Site. Your use of the trademarks displayed on this Site, except as expressly provided herein, is strictly prohibited. MREG reserves all rights not expressly granted herein with respect to copyright and trademark ownership of all material on the Site. Notifications of claimed copyright infringement within this Site under United States copyright law should be sent to: Mack Real Estate Group, 60 Columbus Circle, 20th Floor, New York, NY 10023, Attention: Legal & Compliance; legal@mackregroup.com; +1 (212) 484-0050.

Unauthorized Use; Termination of Access

Unauthorized use of this Site including, without limitation, misuse of any information, is strictly prohibited. You may not use this Site in any manner that could damage, disable, overburden, or impair the Site or interfere with any other party’s use thereof or for any purpose that is unlawful or otherwise prohibited by these Terms. You may not attempt to gain unauthorized access to any computer networks affiliated with MREG or obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through this Site. You agree that you will not engage in any activities related to this Site that are contrary to applicable laws or regulations. MREG reserves the right, in its sole discretion, to terminate any user’s access to this Site for any reason without notice.

International Use; Jurisdiction

This Site is maintained in the United States of America and MREG makes no representations that information or materials presented on the Site are appropriate for use in jurisdictions outside of the United States. Those who access the Site from outside of the United States do so at their own risk and are responsible for compliance with all local laws applicable to their use of the Site. Accessing the Site from locations where it is illegal is prohibited. The information and materials provided on the Site are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject MREG to any additional registration, authorization or licensing requirement within such jurisdiction or country. Some products and services described in this Site may not be available in all jurisdictions or to all prospective investors.

Governing Law; Severability

These Terms are governed by, and shall be construed in accordance with, the laws of the State of New York. Any claim related to any dispute arising as a result of the Site or under these Terms and Conditions

of Use must be made before a state or federal court of competent jurisdiction located in New York County, New York and visitors of this Site hereby consent and submit to the personal jurisdiction of such courts for the purposes of any such dispute or action. Any cause of action you may have with respect to your use of this Site must be commenced within one (1) year after the claim or cause of action arises.

If any part of these Terms is determined to be invalid or unenforceable in any jurisdiction pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded solely in such jurisdiction by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the agreement shall continue in effect. Any such finding shall not affect the validity, lawfulness or enforceability of the remainder of these Terms in that jurisdiction, nor shall it affect the validity, lawfulness or enforceability of these Terms in any other jurisdiction.

The failure of MREG to act with respect to a breach of these Terms by you or others does not constitute a waiver and will not limit MREG’s rights with respect to such breach or any subsequent breaches. These Terms constitute the entire agreement between MREG and you with respect to this Site and it supersedes all prior or contemporaneous communications, agreements and understandings between MREG and you with respect to the subject matter hereof. A printed version of these Terms of Use shall be admissible in judicial or administrative proceedings. Notwithstanding the foregoing, nothing contained in these Terms is intended to modify or amend any other written agreement you have with MREG ("Other Agreements") if any, that may currently be in effect. In the event of any inconsistency between these Terms and any Other Agreements, the relevant terms of the Other Agreements will govern.

Indemnification

As a condition of your use of the Site, you agree to indemnify and hold harmless MREG, its affiliates, and their respective principals, officers, directors, employees and agents from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorney’s fees), as incurred, arising from or in connection with your use of the Site or information herein in breach of these Terms.

Privacy Policy

Any personal nonpublic information that we gather from the Site will be governed our Site’s Privacy Policy.

MREG respects the privacy of visitors to this Site. This Privacy Policy (“Policy”) describes how and when we gather information from visitors to this Site. If we materially change our policy or practices, we will updates this Policy to notify you of such changes.

Please read this policy carefully before using the Site. We can update this Policy at any time. Any changes will be effective once posted here, and the updated Policy would govern any and all use by you of this Site. If you do not accept the terms and conditions stated in this Policy, do not use the Site.

What does Mack Real Estate Group do with your personal information?

Financial companies choose how they share your personal information. U.S. federal law gives our investors the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

We do not disclose Nonpublic Personal Information about our investors to third parties other than as described below.

Personal information we collect.  We may automatically collect certain non-identifiable information that becomes available to us as a result of your visit to our Site including, without limitation, the number and frequency of visitors to our Site. This information includes, for example, the Internet browser you are using, your IP address, domain names, access times and referring Web site addresses (“Automatically Collected Information”). In addition, we may collect data you provide to us directly (e.g., where you access this Site, contact us via email or other methods, or otherwise make information available electronically or through other means). If we use such data at all, it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.

How we collect this information. The Firm collects and maintains non-public personal information about you through (i) subscription agreements and related documents, (ii) correspondence and conversations with our representatives and (iii) transactions effected for your account.

How we use this information. All investment firms need to share investors’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

• To provide advisory services to you.
• To open bank accounts for you.
• To process transactions.
• To satisfy regulatory requirements such as anti-money laundering rules and regulations.
• To market products and services to you.
• To respond to court orders and legal investigations.

We also may use Automatically Collected Information to better understand how our visitors use the Site, and analyze their demographics, interests and behavior, to improve the content of the Site, the user experience and to manage and further develop our business. MREG will not sell or market Automatically Collected Information to non-affiliated third parties for their marketing purposes. However, we are not restricted or limited in our ability to disclose aggregated statistics about visitors to this Site, along with specific information concerning individual visitors of this Site, provided that no specific individual can be identified by the information disclosed.

Disclosure to others. We may share your personal information with our affiliates for the management and administration of our business. We may also provide your personal data to third-party service providers such as accountants, lawyers or other professional advisors to MREG (subject to binding contractual obligations of confidentiality), or as required to do so to comply with legal or regulatory obligations for other legal reasons, including protection of our proprietary and other rights. Additionally, we may use third party service providers to design, revise and operate our Site. Service providers who may come into contact with information covered by this Policy are expected to and, in certain cases, directed to safeguard such information and use such information solely for the provision of services to MREG.

For California residents, in the preceding 12 months, we may have disclosed personal information detailed herein for a business purpose. We have not sold personal information in the twelve months preceding the date of this Notice.

Your Rights and Choices. You may, subject to certain limitations, have data protection rights depending on the data protection laws that apply to your personal information. California residents may also, subject to certain limitations, request certain information about the categories and specific pieces of personal information we collected about you, the categories of sources from which the personal information is collected, the business purpose for collecting the personal information, and the categories of third parties with whom we have shared the personal information. Under certain circumstances, California residents may have the right to delete personal information.

How we protect your personal information. We seek to carefully safeguard your private information and, to that end, access to nonpublic personal information about you to those employees and other persons who need to know the information to enable us to provide services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

Third Party Sites This Site may contain links to other web sites and this Policy does not apply to those sites. If you link to those sites, we recommend that you review those sites’ privacy policies.

Who to contact with questions. If you have any questions or comments about this notice, the ways in which we collect and use your personal information, your choices and rights regarding such use, or wish to exercise your rights under California law, please do not hesitate to contact us at IR@mackregroup.com or by calling +1 (212) 484-0050.