Trojan Storage Open-End Acquisition Fund, LLC

This document is confidential and was prepared by KoBre Holdings, LLC (“KoBre” or the “Manager”) for the benefit and internal use of the party to whom it is directly addressed and delivered (the “Recipient”). This document should not be construed as research or investment advice. Recipients are urged to consult with their financial advisors before investing in the Trojan Storage Open-End Acquisition Fund, LLC (the “Fund’). No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein.

Past performance is not necessarily indicative of future results and there can be no assurance that targeted returns will be achieved. There can be no assurance that the Fund will achieve results comparable to or that the returns generated will equal or exceed those of other investment activities of KoBre or its affiliates or that the Fund will be able to implement its investment strategy or achieve its investment objectives. The Manager does not make any representation or warranty, express or implied, regarding future performance. Targeted investor returns shown herein are based on assumptions and calculations of the Manager using data available to it. Targeted returns are subjective and should not be construed as providing any assurance to the results that may be realized by the Fund in the future.

Performance results shown for the Fund are presented on a net basis, reflecting the deduction of, among other things: management fees, administrative expenses, and accrued performance allocation or incentive fees, if any. Net performance includes the reinvestment of all dividends, interest, and capital gains.

The Fund is newly organized and has no operating history. KoBre, has a history of operating storage assets and has negotiated many credit facilities with lenders to those storage assets, but does not have an operating history with respect to loan origination. The Fund’s investments may involve risk and may be considered speculative. Purchase of an interest is not intended as a complete investment program. The Fund is for sophisticated investors who can accept a risk in their investment and can accept a potential loss of their entire investment. Each prospective investor should make such investigation and evaluation of such risks as it concludes is appropriate.

The Fund’s investments will be concentrated in loans to its affiliates as described in this investment presentation. The Fund will hold a small number of loans, each representing a relatively large portion of the Fund’s capital. Material losses with respect to the real estate funds, coupled with a default by KoBre’s and Principals’ joint and several guaranty, may materially and negatively impact this Fund. The loans the Fund holds may be illiquid. In that circumstance, the Fund will not be able to promptly liquidate those investments if the need should arise, and its ability to realize gains or avoid losses may therefore be affected. In addition, the value assigned to the loans may differ from the value the Fund is ultimately able to realize.

In connection with principal transactions (which is a conflict of interest and is consented to through the approval of this LLC Agreement or as approved herein), KoBre shall seek the approval of either majority of the members or the Advisory Committee (comprised of no less than three members) in connection with (i) approvals required under the Advisers Act including, without limitation, any approvals required under Section 206(3) thereof or (ii) any consent to a transaction that would result in an “assignment” (within the meaning of the Advisers Act) of the Manager’s interest under the LLC Agreement, and it is intended by the Members that such approval of the Advisory Committee shall constitute the consent of the Members for purposes of the Advisers Act. The Manager will also seek consent from the Advisory Committee when a loan is impaired and the guaranty is not otherwise paid, and a conflict exists.

Please refer to the Fund’s Operating Agreement for a complete list of risks and disclosures.