DISCLOSURE: THIS PRESENTATION (THIS “PRESENTATION”) IS FOR INFORMATIONAL PURPOSES ONLY AND IS BEING DELIVERED ON A CONFIDENTIAL BASIS TO A SELECT NUMBER OF PROSPECTIVE SOPHISTICATED INVESTORS CONSIDERING THE PURCHASE OF LIMITED PARTNERSHIP INTERESTS (THE “INTERESTS”) IN MARBLE CAPITAL FUND IV, L.P. (THE “FUND”). THIS PRESENTATION IS INTENDED SOLELY FOR THE USE OF THE PERSONS TO WHOM IT HAS BEEN DELIVERED, AND IT IS NOT TO BE REPRODUCED OR DISTRIBUTED TO ANY OTHER PERSONS. ANY REPRODUCTION OR DISTRIBUTION OF THIS PRESENTATION, IN WHOLE OR IN PART, OR THE DISCLOSURE OF ITS CONTENTS WITHOUT THE PRIOR WRITTEN CONSENT OF MARBLE CAPITAL, L.P. (“MARBLE,” “WE” OR “US”) IS PROHIBITED. BY ACCEPTING DELIVERY OF THIS PRESENTATION, EACH PROSPECTIVE INVESTOR AGREES TO THE FOREGOING AND AGREES TO RETURN OR DESTROY THIS PRESENTATION IF HE, SHE OR IT DOES NOT WISH TO INVEST IN THE FUND. THESE MATERIALS HAVE NOT BEEN PREPARED WITH A VIEW TOWARD PUBLIC DISCLOSURE UNDER STATE OR FEDERAL SECURITIES LAWS OR OTHERWISE.

PROSPECTIVE INVESTORS MUST NOT RELY ON THIS PRESENTATION AS PART OF ANY ASSESSMENT OF WHETHER TO SUBSCRIBE FOR INTERESTS AND SHOULD NOT TREAT THE CONTENTS OF THIS PRESENTATION AS ADVICE RELATING TO LEGAL, TAXATION, FINANCIAL OR INVESTMENT MATTERS. PROSPECTIVE INVESTORS SHOULD READ THE PRIVATE PLACEMENT MEMORANDUM (“MEMORANDUM”) AND RELY ON THEIR OWN INVESTIGATION OF THE INVESTMENT DESCRIBED HEREIN, INCLUDING THE MERITS AND RISKS INVOLVED, AND THE LEGAL, FINANCIAL, TAX AND OTHER CONSEQUENCES OF SUCH AN INVESTMENT. THIS PRESENTATION IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE MEMORANDUM. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THIS PRESENTATION AND THE MEMORANDUM, THE MEMORANDUM PREVAILS IN ALL RESPECTS. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF AN OFFER OR INVITATION TO SELL OR ISSUE, OR SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY INTEREST IN THE FUND, WHICH MAY ONLY BE MADE ON THE BASIS OF THE MEMORANDUM, THE LIMITED PARTNERSHIP AGREEMENT IN RESPECT OF THE FUND AND THE SUBSCRIPTION AGREEMENT RELATED THERETO.

IN CONSIDERING THE PROJECTED PERFORMANCE DESCRIBED HEREIN, PROSPECTIVE INVESTORS SHOULD BEAR IN MIND THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE COMPARABLE RESULTS, THAT TARGETED RETURNS, DIVERSIFICATION OR ASSET ALLOCATIONS WILL BE MET OR THAT THE FUND WILL BE ABLE TO IMPLEMENT ITS INVESTMENT STRATEGY AND MANAGEMENT APPROACH OR ACHIEVE ITS INVESTMENT OBJECTIVES. CERTAIN INFORMATION HAS BEEN PRESENTED HEREIN REGARDING MARBLE CAPITAL FUND I, L.P., MARBLE CAPITAL FUND II, L.P. AND MARBLE CAPITAL FUND III, L.P. (THE “PRIOR FUNDS”). PROSPECTIVE INVESTORS SHOULD NOT SUBSTANTIALLY RELY ON THE PERFORMANCE OF THE PRIOR FUNDS AS A PREDICTION OF THE FUND’S FUTURE PERFORMANCE. ALL FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION SPEAK ONLY AS AT THE DATE OF THIS PRESENTATION. DUE TO VARIOUS RISKS AND UNCERTAINTIES, ACTUAL EVENTS OR RESULTS OR THE ACTUAL PERFORMANCE OF THE FUND MAY DIFFER MATERIALLY FROM THOSE REFLECTED OR CONTEMPLATED IN SUCH FORWARD-LOOKING STATEMENTS AND NO RELIANCE SHOULD BE PLACED BY PROSPECTIVE INVESTORS ON ANY FORWARD-LOOKING STATEMENT AND NO RESPONSIBILITY IS ACCEPTED IN RESPECT THEREOF.

GROSS PERFORMANCE INFORMATION PROVIDED FOR INDIVIDUAL INVESTMENTS DOES NOT REFLECT MANAGEMENT FEES OR PERFORMANCE FEES (I.E. CARRIED INTEREST) CHARGED BY THE GENERAL PARTNER OR ITS AFFILIATES, OR ANY OTHER FUND-LEVEL EXPENSES BORNE INDIRECTLY BY INVESTORS IN A FUND, WHICH WILL REDUCE RETURNS AND IN THE AGGREGATE ARE EXPECTED TO BE SUBSTANTIAL.

THE NET LP RETURNS PROVIDED IN THIS PRESENTATION, BOTH REALIZED AND PROJECTED, REFLECT THE RETURNS TO THE LIMITED PARTNERS NET OF ALL FUND LEVEL EXPENSES, MANAGEMENT FEES, CARRIED INTEREST AND ANY OTHER FUND LEVEL OBLIGATION. THE NET LP RETURNS ARE REPORTED BEFORE ANY STATE OR FEDERAL INCOME TAX LIABILITIES ACCRUING TO THE LIMITED PARTNER.

MARBLE CAPITAL EVALUATES INVESTMENTS BY INTERNALLY ESTIMATING EXIT VALUES OF EACH ASSET AND THEN ASSESSING A RISK PROFILE FOR THE PROJECT BASED ON OTHER FACTORS SUCH AS MARKET RISK, DEVELOPER HISTORY, OVERALL ECONOMIC FACTORS, ETC. IF MARBLE CAPITAL CHOOSES TO PURSUE AN ASSET, THEN THE AMOUNT OF A COMMITMENT IS VIEWED IN TERMS OF WHERE IT STANDS IN THE ORDER OF REPAYMENT IF THE ESTIMATED EXIT PRICE IS ACHIEVED. WE GENERALLY REFER TO THIS MEASURE AS LTV (FOR DESCRIPTIVE PURPOSES ONLY). IF MARBLE CAPITAL ASSESSES A HIGHER RISK PROFILE, THEN WE WILL COMMIT TO A LOWER LTV WHEREAS IF WE ASSESS A LOWER RISK PROFILE, THEN WE WILL CONSIDER A HIGHER LTV.

CASE STUDIES HAVE BEEN PROVIDED FOR SELECTED INVESTMENTS OF MARBLE CAPITAL FUND I, L.P. AND MARBLE CAPITAL FUND II, L.P. THESE CASE STUDIES ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE VIEWED AS REPRESENTATIVE OF ALL INVESTMENTS MADE BY FUNDS ADVISED BY MARBLE. INFORMATION ON THE PERFORMANCE OF ALL INVESTMENTS MADE BY FUNDS ADVISED BY MARBLE IS AVAILABLE UPON REQUEST. IT SHOULD NOT BE ASSUMED THAT RECOMMENDATIONS MADE IN THE FUTURE WILL BE PROFITABLE OR WILL EQUAL THE PERFORMANCE OF THE INVESTMENTS PRESENTED IN THESE CASE STUDIES. INVESTORS SHOULD NOT RELY UPON THE THE RETURN DATA SET FORTH HEREIN IN MAKING AN INVESTMENT DECISION. IT HAS NOT BEEN AUDITED OR OTHERWISE VERIFIED BY ANY OUTSIDE PARTY AND SHOULD NOT BE CONSTRUED AS REPRESENTATIVE OF THE RETURNS THAT MAY BE RECEIVED IN THE FUTURE.

THIS PRESENTATION IS BASED IN PART ON INFORMATION DERIVED FROM INFORMATION PROVIDED BY INDEPENDENT THIRD PARTY SOURCES. MARBLE CANNOT GUARANTEE THE ACCURACY OF SUCH INFORMATION AND HAS NOT INDEPENDENTLY VERIFIED THE ASSUMPTIONS ON WHICH SUCH INFORMATION IS BASED. THE INFORMATION CONTAINED HEREIN SHOULD BE CONSIDERED TO BE CURRENT ONLY AS OF THE DATE OF THIS PRESENTATION. MARBLE DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE THE INFORMATION CONTAINED HEREIN IN LIGHT OF LATER CIRCUMSTANCES OR EVENTS AND THE DELIVERY OF THIS PRESENTATION AT ANY TIME SHALL IN NO CIRCUMSTANCE CREATE AN IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO SUCH DATE. MARBLE MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED IN THIS PRESENTATION AND ACCEPTS NO RESPONSIBILITY WHATSOEVER OR LIABILITY FOR ANY DIRECT, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE SUFFERED OR INCURRED BY THE RECIPIENT OR ANY OTHER PERSON OR ENTITY HOWEVER CAUSED (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) IN CONNECTION WITH THE INFORMATION CONTAINED HEREIN OR THE AUTHENTICITY, ACCURACY, OR COMPLETENESS OF SUCH INFORMATION.

ALL INVESTORS MUST BE “ACCREDITED INVESTORS,” AND “QUALIFIED CLIENTS” AS DEFINED IN APPLICABLE SECURITIES LAW BEFORE THEY CAN INVEST IN THE FUND. INVESTING IN SECURITIES, SUCH AS THE INTERESTS, IS HIGHLY SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. ANYONE INVESTING SHOULD BE ABLE AND PREPARED TO BEAR A LOSS OF HIS, HER, OR ITS ENTIRE INVESTMENT.

EACH PROSPECTIVE INVESTOR SHOULD CONSULT HIS, HER, OR ITS OWN PROFESSIONAL ADVISERS AS TO THE LEGAL, TAX, FINANCIAL, ACCOUNTING, OR OTHER MATTERS RELEVANT TO THE SUITABILITY OF AN INVESTMENT FOR THE INVESTOR, INCLUDING BUT NOT LIMITED TO THE SUITABILITY AND APPROPRIATENESS OF AN INVESTMENT IN THE FUND.