Investment Disclaimer

1. General Disclaimer

The information provided on the True North platform, including but not limited to truenorthinvest.com, associated mobile applications, marketing materials, and all related communications (collectively, the "Platform"), is provided for general informational purposes only. Nothing on this Platform constitutes, or is intended to constitute, financial advice, investment advice, tax advice, legal advice, or any other form of professional counsel.

True North Holdings, LLC ("True North," "we," "us," or "our") is not a registered broker-dealer, registered investment adviser, or financial planner. We do not make individualized investment recommendations. Any investment decision you make is based solely on your own independent evaluation of your personal financial circumstances, investment objectives, and risk tolerance.

You should consult with a qualified financial advisor, attorney, or tax professional before making any investment decisions. True North expressly disclaims any responsibility for investment decisions made based on information found on this Platform.

All content on this Platform, including fund descriptions, projected returns, financial models, property analyses, and market commentary, is subject to change without notice and may contain errors or inaccuracies. While we endeavor to keep information current and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of any information on the Platform.

2. Investment Risk Disclaimer

Investing in real estate securities through the True North platform involves a high degree of risk. You should not invest unless you can afford to lose your entire investment. The following risks are representative but not exhaustive:

• Loss of Capital: You may lose some or all of the money you invest. Real estate development projects are inherently speculative and there is no assurance that any fund will achieve its stated investment objectives.
• Illiquidity: Securities offered through this Platform are not publicly traded and are subject to significant restrictions on transfer. You should be prepared to hold your investment for the full term of the offering, which may be several years. There is no secondary market for these securities, and none is expected to develop.
• Market Risk: Real estate markets are cyclical and subject to fluctuations caused by economic conditions, changes in interest rates, supply and demand dynamics, government policies, natural disasters, and other factors beyond our control.
• Development Risk: Construction projects face risks including cost overruns, delays due to weather or permitting, contractor defaults, supply chain disruptions, zoning changes, and environmental issues that may materially impact projected returns.
• Concentration Risk: Funds offered through True North are primarily focused on Florida real estate markets, which concentrates geographic risk. Events adversely affecting the Florida economy, including hurricanes and insurance market disruptions, may disproportionately impact fund performance.
• Operational Risk: The success of each fund depends substantially on the management capabilities and continued involvement of the fund manager and development team. Key-person risk, operational errors, or management changes could negatively affect outcomes.
• Regulatory Risk: Changes to securities laws, tax regulations, real estate regulations, or zoning requirements could adversely impact the value of investments or the ability to continue operations.
• Leverage Risk: Funds may use borrowed capital to finance acquisitions or development. Leverage amplifies both gains and losses and increases the risk of loss in a declining market.

This list of risk factors is not intended to be a complete enumeration of all risks associated with investing through this Platform. Prospective investors should carefully review the specific risk factors disclosed in each fund's Offering Memorandum, subscription agreement, and related documents before investing.

3. Forward-Looking Statements

Certain statements on this Platform are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws. These statements include projections of future financial performance, anticipated returns, target IRR ranges, estimated distribution schedules, development timelines, market forecasts, and statements about our plans, strategies, and objectives.

Forward-looking statements are based on current expectations, estimates, projections, assumptions, and beliefs as of the date they are made. They are identified by words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "project," "target," "forecast," "may," "will," "should," "could," and similar expressions.

These statements are inherently uncertain and subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause such differences include, but are not limited to:

• Changes in general economic, business, or market conditions
• Changes in interest rates, inflation, or credit availability
• Unanticipated construction costs, delays, or complications
• Changes in real estate valuations or rental markets
• Regulatory or legislative changes affecting real estate or securities
• Environmental, legal, or title issues affecting properties
• Insurance market changes or catastrophic events
• Competition from other developers or investment platforms

We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. You should not place undue reliance on forward-looking statements.

4. No Guarantee of Returns

True North does not guarantee any rate of return on investments made through its Platform. Any projected returns, target IRR percentages, estimated annual distributions, or pro forma financial projections presented on this Platform are hypothetical illustrations and are not promises or guarantees of future performance.

Past performance of any True North fund, any prior real estate project, or any similar investment is not indicative of future results. Historical returns, if presented, represent the performance of specific projects under specific market conditions and should not be extrapolated to future offerings.

Distribution payments, if any, are not guaranteed and are subject to the availability of cash flow from fund operations. Distributions may be delayed, reduced, or suspended at the discretion of the fund manager based on fund performance, capital needs, reserve requirements, and other operational considerations.

Any financial modeling, pro forma analyses, or return projections provided on this Platform are intended solely for illustrative purposes. Actual results will vary, potentially in material and adverse ways, from any projections shown.

5. Third-Party Content

The Platform may contain links to third-party websites, articles, data sources, research reports, and other content that is not owned or controlled by True North. We provide these links and references for convenience and informational purposes only.

True North does not endorse, guarantee, or assume responsibility for the accuracy, relevance, timeliness, or completeness of any third-party content. The inclusion of any link or reference does not imply any affiliation, sponsorship, or endorsement by True North.

Market data, property valuations, comparable sales information, demographic statistics, and other data referenced on this Platform may be sourced from third parties and may be subject to revision. We do not independently verify all third-party data and cannot guarantee its accuracy.

Your use of any third-party websites or content is at your own risk and subject to the terms and conditions and privacy policies of those third parties. We encourage you to review the applicable terms and privacy policies of any third-party services you access through our Platform.

6. Limitation of Liability

To the maximum extent permitted by applicable law, True North Holdings, LLC, its parent companies (including Olive Tree Holding LLC and Stewardship Holding LLC), its subsidiaries, affiliates, officers, directors, members, managers, employees, agents, and licensors (collectively, the "True North Parties") shall not be liable for any direct, indirect, incidental, special, consequential, punitive, or exemplary damages arising out of or in connection with:

• Your use of, or inability to use, the Platform or any content therein
• Any investment decisions made in reliance on information provided through the Platform
• Any loss of capital, profits, data, goodwill, or other intangible losses
• Any errors, omissions, or inaccuracies in Platform content
• Any unauthorized access to or alteration of your data or transmissions
• Any conduct of third parties on or through the Platform
• Any interruption, suspension, or termination of Platform services

This limitation applies regardless of the legal theory on which the claim is based, whether in contract, tort (including negligence), strict liability, warranty, or otherwise, and whether or not the True North Parties have been advised of the possibility of such damages.

In jurisdictions that do not allow the exclusion or limitation of liability for certain damages, our liability shall be limited to the maximum extent permitted by law.

7. Regulatory Disclaimer

Securities offered through the True North platform are offered pursuant to exemptions from registration under the Securities Act of 1933, as amended, including Regulation CF (Section 4(a)(6)) and Regulation D (Rule 506(b) and/or Rule 506(c)).

Regulation CF Offerings

Regulation CF offerings are conducted through an SEC-registered funding portal or broker-dealer intermediary. Investment limits apply based on your annual income and net worth as required by SEC rules. The maximum you may invest in all Regulation CF offerings in a 12-month period is subject to the limits set forth in Rule 100(a)(2) of Regulation Crowdfunding. Securities purchased under Regulation CF are subject to a one-year holding period before they may be transferred, subject to certain exceptions.

Regulation D Offerings

Regulation D offerings under Rule 506(b) are available to accredited investors and up to 35 sophisticated non-accredited investors. Regulation D offerings under Rule 506(c) are available exclusively to verified accredited investors. Accredited investor status must be verified through acceptable methods as defined by the SEC.

No SEC or State Endorsement

The securities offered on this Platform have not been registered under the Securities Act of 1933 or the securities laws of any state. Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities, passed upon their merits, or passed upon the accuracy or adequacy of any disclosure document or offering materials. Any representation to the contrary is a criminal offense.

True North is not a registered broker-dealer or investment adviser with the SEC or any state securities authority. We do not provide personalized investment recommendations or advice. For complete regulatory information, please review our Investment Disclosures page.

8. Contact for Questions

If you have questions about this Disclaimer, our investment offerings, or any content on this Platform, please contact us:

True North Holdings, LLC
Email: legal@truenorthinvest.com
Investor Relations: invest@truenorthinvest.com
General Inquiries: support@truenorthinvest.com

For additional information about investment risks and regulatory compliance, please review:

• Investment Disclosures — SEC filings, regulatory details, and fund-specific risk factors
• Privacy Policy — How we collect, use, and protect your personal information
• Terms of Service — The legal agreement governing your use of the True North platform

We strongly encourage all prospective investors to seek independent professional advice before making any investment decision. Your financial well-being is important to us, and we believe informed investors make better decisions.