FPA Multifamily, LLC (Real Estate)

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_{This presentation contains selected information about FPA Multifamily, LLC (“FPA”) and its affiliates. This presentation has been prepared and is being furnished solely for informational purposes and solely for use by you in preliminary discussions with FPA. In particular, this presentation is not, and is not intended to be, an offer to sell, or a solicitation of an offer to purchase, any securities or any other interest in FPA or in any fund, account or other investment product or assets managed by FPA or to offer any services. Past performance does not guarantee future performance.}