FUND HISTORY

Net Lease Acquisition Fund, L.P. (“Fund I”) was organized in 1996 and invested $10.5 million in capital from a private investor and the general partner. Fund I purchased $30 million in assets which have all been subsequently sold and final distributions have been made to investors.

NL Ventures, L.P. (“Fund II”) was capitalized with $8 million from high net worth investors throughout the world. It was fully invested by 2000 with 3 assets totaling $28 million. All of the assets have been sold and the fund was liquidated. Final distributions have been made to investors.

NL Ventures III, L.P. (“Fund III”) was organized in 2001 with $16 million in capital commitments. In 2003, the fund was fully invested in 5 purchased assets totaling $42 million. All of the assets were individually sold and the fund was liquidated. Final distributions have been made to investors.

NL Ventures IV, L.P.(“Fund IV”) began in 2002 and closed with capital commitments of over $37 million. Fund IV was fully invested and acquired 15 assets for $105 million. The assets were sold both individually and through a portfolio sale and the fund has been liquidated. Final distributions have been made to investors.

NL Ventures V, L.P. (“Fund V”) was launched in 2003 and was oversubscribed with $100 million in capital commitments. The fund acquired 33 assets valued at $255 million. All assets have been successfully sold through both individual and portfolio sales. Final distributions have been made to investors.

NL Ventures VI, L.P.(“Fund VI”) is the sixth pool of capital sponsored by AIC Ventures. The fund was launched in 2006 and was also oversubscribed with capital commitments of $111 million. The fund acquired 54 assets valued at $325 million. All assets have been successfully sold through both individual and portfolio sales. Final distributions have been made to investors.

NL Ventures VII, L.P.(“Fund VII”) began in January of 2008 and was also oversubscribed with $105 million in capital commitments. The fund acquired 29 assets valued at $241 million. All assets have been successfully sold through both individual and portfolio sales. Final distributions have been made to investors.

NL Ventures VIII, L.P.(“Fund VIII”) originated in late 2009 and raised over $88 million in capital commitments during a challenging economy. The fund completed the acquisition phase with 21 assets in portfolio, all of which have been sold. Final distributions have been made to investors.

NL Ventures IX, L.P. (“Fund IX”) opened in January 2012 with $100.7 million in capital commitments. The fund acquired 40 assets valued at $194 million. In accordance with the NL Ventures fund structure, we expect to sell most or all of the assets in a portfolio sale.

AIC Income Fund, L.P. (“Income Fund”) originated in 2014 with $80 million in capital commitments. While the NL Ventures funds are structured for an investment hold period of three to five years, the Income Fund is structured for an ongoing investment period, allowing investors to earn healthy operating distributions for a term of their choosing.

NL Ventures X, L.P.(“Fund X”) opened in April 2015 and was oversubscribed with $104 million in investor capital commitments. We project the fund size, upon full capital deployment, to be valued at approximately $225-250 million across 30-40 investments.

AIC Income Fund, L.P. Second Round(“Income Fund”) originated in 2016 with $90 million in capital commitments. This is the second offering of the AIC Income Fund, which currently contains 29 assets valued at $212 million. While deploying the capital from the second round both first and second round investors continue to earn healthy operating distributions for a term of their choosing.

For more information, please contact Investor Relations at 512-382-8922 or via email at investorrelations@aicventures.com.