The Advisor Oxford Real Estate Advisors, Inc. (“OREA” or “the Advisor”) was formed in 1995 to provide investment advisory services to private real estate investment funds and partnerships. Currently OREA provides investment advisory services to the Oxford Fund L.P., which is an unregistered Pennsylvania limited partnership that specializes in control-oriented real estate holdings, and L&M Associates, a private partnership. An affiliate of OREA, Oxford Fund Management Inc. (“OFMI”), serves as the general partner of the Oxford Fund. The Oxford Fund was established in 2006 and is currently closed to new investors. However, the Advisor may establish new funds in the future. The Advisor, through its affiliated company, Oxford Development Company (“ODC”), also provides consulting services, including independent financial analysis, evaluation and advisory services to clients seeking disposition, repositioning or sale-leaseback of corporate real estate assets. OREA is owned by the Anne V. Lewis Marital Trust (39.732%), Mark E. Mason (15.134%), Myrna L. Mason (15.134%), David M. Matter (15%), Steven J. Guy (10%), and Laurence R. Castonguay (5%). Investment Services OREA performs certain duties as delegated by the general partners with respect to the management and operation of its clients. The Advisor is typically responsible to identify investment opportunities for presentation to the general partners of its clients on behalf of the clients in accordance with all guidelines to which the general partner is subject under the client’s formation documents. The Advisor seeks to directly assist

in the negotiation, documentation, and closing of each investment opportunity that has been approved by the general partners of its clients. For certain clients, the Advisor carries out ongoing management responsibilities as may be delegated by its clients with respect to client investments. OREA does not have the authority to make investment decisions on behalf of limited partner investors without the approval of the general partners. In addition to selecting real estate assets for inclusion in the funds and partnerships, OREA provides investment due diligence and expertise to its clients relating to the sourcing and management of real estate investments. This advice may include:
• Market analysis for individual real estate projects;
• Financial projections for individual real estate projects;
• Development analysis for individual real estate projects;
• Capitalization and subsidy analysis for individual real estate projects;
• Tenant/credit analysis for individual real estate projects; and
• Portfolio construction, management, and diversification for certain clients. As of December 31, 2022, OREA had non-discretionary assets under management of $129.0 million. OREA does not provide advice directly to the limited partners but rather to the general partners of its clients. In the future, OREA may provide similar services to other clients subject to any applicable policies and objectives for such clients. OREA does not engage in wrap programs sponsored by third parties nor does the Advisor use the services of solicitors to source limited partner investors.