Pursuant to the Distribution Support Agreement between the Master Fund and Colony NorthStar, a publicly-traded REIT managed by an affiliate of Colony NorthStar, has agreed to purchase up to an aggregate of $10.0 million in Master Fund Shares from time to time at the current NAV price per Master Fund Share, of which $2.0 million was contributed to the Master Fund as the Seed Capital Investment, until the earlier of (a) two (2) years from the date the Trust, or another investment company registered under the 1940 Act which has a principal investment strategy of investing substantially all of its assets in the Master Fund, first commences an offering, or (b) the date upon which neither the Advisor nor any of its affiliates is serving as the Master Fund’s investment advisor. In no event shall Colony NorthStar be required to purchase in the aggregate greater than $10.0 million in Master Fund Shares, including the Seed Capital Investment. If the cash distributions the Master Fund pays for any month exceed the Master Fund’s net investment income for such month, Colony NorthStar will purchase Master Fund Shares following the end of each month for an aggregate purchase price equal to the amount by which the distributions paid to Master Fund Shareholders exceed the Master Fund’s net investment income for such month, up to an amount equal to a 7.0% cumulative, non-compounded annual return on Master Fund Shareholders’ invested capital prorated for such month. Notwithstanding Colony NorthStar’s obligations pursuant to the Distribution Support Agreement, the Master Fund is not required to pay distributions to its Master Fund Shareholders, including the Trust, at a rate of 7.0% per annum or at all. Further, a $10.0 million investment in the Master Fund by the parties in accordance with the Distribution Support Agreement may not be sufficient to enable the Master Fund to pay distributions to Master Fund Shareholders at a rate of at least 7.0% per annum during the term of the agreement. Distributions funded from offering proceeds pursuant to the Distribution Support Agreement may constitute a return of capital, which is a return of an investor’s investment rather than a return of earnings or gains derived from investment activities. Distributions constituting a return of capital will lower a Shareholder’s tax basis in his or her Shares. Reducing a Shareholder’s tax basis in his or her Shares will have the effect of increasing his or her gain (or reducing loss) on a subsequent sale of Shares. After the Distribution Support Agreement with Colony NorthStar has terminated, the Master Fund and, consequently, the Trust may not have sufficient cash available to pay distributions at the rate it had paid during preceding periods or at all. Distributions on Fund-T shares will be reduced by the payment of the distribution fees.