Risk Factors

An investment in a program sponsored by Inland Investments or its affiliates is subject to various risks, including but not limited to:

• No public market currently exists, and one may never exist, for the interests of any program sponsored by Inland Investments or its affiliates. The purchase of interests in any program sponsored by Inland Investments or its affiliates is speculative and is suitable only for persons who have no need for liquidity in their investment and who can afford to lose their entire investment.

• Program sponsored by Inland Investments or its affiliates offer and sell interests pursuant to exemptions from the registration provisions of federal and state law and, accordingly, those interests are subject to restrictions on transfer.

• There is no guarantee that the investment objectives of any particular program sponsored by Inland Investments or its affiliates will be achieved.

• The actual amount and timing of distributions paid by programs sponsored by Inland Investments or its affiliates is not guaranteed and may vary. There is no guarantee that investors will receive distributions or a return of their capital.

• Investments in real estate are subject to varying degrees of risk, including, among other things, local conditions such as an oversupply of space or reduced demand for properties, an inability to collect rent, vacancies, inflation and other increases in operating costs, adverse changes in laws and regulations applicable to owners of real estate and changing market demographics.

• Programs sponsored by Inland Investments or its affiliates depend on tenants for their revenue, and may suffer adverse consequences as a result of any financial difficulties, bankruptcy or insolvency of their tenants.

• Programs sponsored by Inland Investments or its affiliates may own single-tenant properties, which may be difficult to re-lease upon tenant defaults or early lease terminations.

• Disruptions in the financial markets and challenging economic conditions, including those resulting from the novel coronavirus and resulting pandemic, could adversely affect the operating results of properties owned by programs sponsored by Inland Investments or its affiliates and the ability of such programs to service the indebtedness on their properties.

• The prior performance of other programs sponsored by Inland Investments or its affiliates should not be used to predict the results of future programs.

• Certain of the programs previously sponsored by Inland Investments or its affiliates have experienced adverse developments in the past.

• The Securities and Exchange Commission has not passed upon the merits of or given its approval to the interests in any programs sponsored by Inland Investments or its affiliates, the terms of any offering, or the accuracy or completeness of any offering materials.

• No public market currently exists, and one may never exist, for the interests of any program sponsored by Inland Investments or its affiliates. The purchase of interests in any program sponsored by Inland Investments or its affiliates is suitable only for persons who have no need for liquidity in their investment and who can afford to lose their entire investment.

QOZ Risk Factors to Consider

• There are substantial risks associated with the U.S. federal income tax aspects of a purchasing interests in a qualified opportunity fund. The following risk factors summarize some of the tax risks to an investor. All prospective investors are strongly encouraged to consult with and rely on their own tax advisors. The tax discussion here is not intended, and should not be construed, as tax advice to any potential investor.

• There is a lack of precedent and limited guidance related to qualified opportunity funds.

• A program intended to qualify as a qualified opportunity fund may not constitute a qualified opportunity fund for a variety of reasons, including a failure to substantially improve the property within the first 30 months of its operation. If a fund does not qualify as a qualified opportunity fund, then no deferral or elimination of taxable gain will be available to the its members.

• Investors who hold interests in a qualified opportunity fund through December 31, 2026, and who have deferred gain through that time by acquiring such interests, will automatically recognize some or all of the federal income tax gain that they deferred on December 31, 2026.

• The state, local and other tax implications of a qualified opportunity zone investment are unclear.