Who We Are TerraCap Management, LLC (referred to herein as “We,” “Our,” “Us,” the “Firm,” “TerraCap,” or TerraCap Management”) is an investment adviser in the State of Florida. We are governed by our owners and principals, Walter S. Hagenbuckle and Robert M. Gray. The only owners of TerraCap Management holding more than 25% are Mr. Hagenbuckle and Mr. Gray. Services We Offer We serve as the manager and investment adviser to four pooled investment vehicles, three of which consist of two co-mingled funds and one of those commingled funds serves as the master fund in a master-feeder arrangement; TerraCap Partners LP, TerraCap Partners II (Institutional) LP, TerraCap Partners II (HNW) LP, TerraCap Partners III (Institutional) LP, TerraCap Partners III (HNW) LP, TerraCap Partners IV (Institutional) LP and TerraCap Partners IV (HNW) LP, TerraCap Partners V (Institutional) LP, TerraCap Partners V (HNW) LP, TerraCap Partners VI (Institutional) LP, TerraCap Partners VI (HNW) LP (each a “Fund” or collectively the “Funds”). TerraCap Partners IV (Institutional) LP is the master fund in a master- feeder arrangement. TerraCap Partners IV (ERISA) LP is the feeder fund in the aforementioned arrangement. TerraCap Partners V (Institutional) LP is the master fund in a master-feeder arrangement. TerraCap Partners V (ERISA) LP is the feeder fund in the aforementioned arrangement. TerraCap Partners VI (Institutional) LP is the master fund in a master-feeder arrangement. TerraCap Partners VI (ERISA) LP is the feeder fund in the aforementioned arrangement. We may serve as manager and investment adviser to additional pooled investment vehicles in the future. Our investment decisions are made in compliance with the investment guidelines disclosed in the offering materials for the Funds. Each potential investor in the Funds receives a complete set of offering materials prior to investing in the Funds. We do not tailor our advisory services to the individual needs of the investor. We presently seek investment opportunities in the form of equity and debt investments in real estate properties, primarily consisting of commercial real estate in the southern United States. Investment decisions are based on our assessment of the risks associated with each investment, the amount of capital committed, the potential for income and profits from such investments, and the likelihood of a successful exit from the investment. We will manage the business, investment and financial affairs of the Funds, including the exercise of appropriate care and control of all business decisions during the term of the Funds. In performing our investment services, our primary function will be to identify, analyze, and select potential investments for the Funds. We will also monitor the financing, development, operations, and ultimate sale and/or liquidation of investments in the Funds. We establish such bank and securities accounts, borrowing arrangements and other accounts or facilities as we determine necessary or desirable in effecting investment transactions on behalf of the Funds and maintain the Funds’ records and files relating to their investments. We also prepare, or cause to be prepared, periodic reports detailing the Funds’ holdings and such other relevant financial information as we determine necessary. Similar Investments and Other Disclosures Unless prior written consent is received from holders of a majority of the Fund then, until the time at which at least 75 percent of a Fund’s capital contributions have

been invested in or otherwise committed (“Restriction Period”), neither the Manager, the General Partner or their affiliates will close on any other investment fund that has as its primary objective the identification, qualification, acquisition, entitlement, management, marketing and sale of real estate assets located primarily in the southern United States. If a competing fund is organized after the Restriction Period, then, until the time at which at least 90 percent of the Partnerships’ capital contributions have been invested (“Full Investment”), a competing fund may not close on any Investment. The Funds will not invest in, acquire Investments from, nor sell Investments to, any entity in which the Manager, the General Partner or any of their affiliates has either (a) 2.5 percent or more of the outstanding equity interests or (b) a pre-existing economic interest of more than $50,000. The Funds may co-invest with third parties through partnerships, joint ventures or other entities, thereby acquiring non-controlling or partially-controlling interests in certain investments. Although the Funds may not have control over these investments and therefore, have a limited ability to protect its position therein, TerraCap expects that appropriate rights will be negotiated to protect the Funds’ interests. Nevertheless, such investments involve risks not present in investments where a third party is not involved, including the possibility that a third party partner or co-venture will have financial difficulties resulting in a negative impact on such investment, will have economic or business interests or goals which are inconsistent with those of the Funds, or be in a position to take action contrary to the Funds’ investment objectives. In certain other investments, the Funds exercise control. The exercise of control over an entity can impose additional risks of liability for environmental damage, failure to supervise management, violation of government regulations (including securities laws) or other types of liability in which the limited liability characteristics of business ownership may be ignored. If these liabilities were to arise, the Funds might suffer a significant loss. More detailed information on similar investments, competing funds, co-investments, and potential conflicts is available in the offering documents of each current Fund. It is our intention and goal to always put the interest of the client and underlying investors above the interest of the Firm, or any of its related persons. The Firm’s principals and Funds’ General Partners (individually and collectively, the “GP”) have primary responsibility for resolving conflicts of interest involving the Funds. All principal and GP decisions are documented, including the reasoning, factors considered, and supplemental data collected. While conflicts could materially and adversely affect the Funds, the principals and GPs, in their sole judgment and discretion, will attempt to mitigate such potential adversity by the exercise of business judgment in an attempt to fulfill its fiduciary obligations. TerraCap Management cannot be assured that such an attempt will prevent adverse consequences resulting from the numerous potential conflicts of interest. Assets Under Management We have approximately $2,322,877,683 in discretionary regulatory assets under management as of the filing of our Form ADV. We do not manage any assets on a non-discretionary basis. Back- up calculations are available upon request.