Pender Capital Asset-Based Lending Fund I, LP

KEY FUND TERMS

Fund Term Evergreen

TargetAnnual Yield 8.5% per annum

Minimum LPInvestment

$100,000 (Accredited investors only)$5,000,000 (Institutional investors*)

Investor Lock-Up

Period

One-year (see PPM for full details)

Cash Flow to Fund

(a) 100% of interest income(b) 50% of all origination, exit,

and extension fees(c) Proceeds from sale of

foreclosed property

GP Fees

(a) Management fee: 1.5% per annum of deployed capital

(b) Servicing fees: .25% per annum on outstanding loans

(c) 50% of all origination, exit, and extension fees

(d) Underwriting fees

Distribution Split

80% LP; 20% GP split after 7%hurdle is achieved

Pender Capital Asset-Based Lending Fund I, LP (the “Fund”) is a direct commercial bridge lending company with an emphasis on originating and servicing short-term commercial real estate (CRE) loans secured by first lien positions of the underlying real estate as collateral. The goal of the Fund is to provide our investors a transparent, risk-adjusted fixed income alternative product that further diversifies their investment portfolios.

FUND OVERVIEWBased on the proven expertise of the Fund’s principals in asset management and commercial bridge lending, the Fund’s principals believe the small balance CRE bridge loan segment of the market is underserved, and that their long-standing relationships within the marketplace will give the Fund a strategic advantage.

The Fund has been designed to provide investors with the following benefits: • Security with a focus on preservation of capital, collateral and diversification. • Steady current income, significant yield and overall returns with mitigated risk. • Portfolio diversification to complement investments in equities and bond markets. • Reduced volatility in yields and income protection through significant equity

positions secured by tangible real property.

INVESTMENT OPPORTUNITYMarket Opportunity: Due to the lingering turmoil and increased scrutiny in the commercial lending market, even financially sound borrowers who have substantial equity positions face difficulty obtaining financing in a timely manner, resulting in lost acquisition opportunities.

Equity Protection:• Lending in first lien position only to sponsors with significant equity positions in

primarily cash-producing assets.• Target LTV ratio of the Fund’s portfolio is 60-65%. Maximum LTV ratio of portfolio not

to exceed 65% LTV at present valuations. Exit LTV ratios are significantly lower. No single loan to exceed 70% LTV.

• The Fund’s principals perform significant underwriting diligence on each qualified loan, including valuation, credit, market demographics, and a physical site review.

Loan Terms: Generally 12 months with optional extensions; allowing management to reallocate funds to another region if a market shows signs of overheating.

Geographical Diversification: Nationwide lending.* Please see the private placement memorandum for additional information on fees paid by institutional investors.

FUND PERFORMANCE (NET)Jan Feb March April May June July Aug Sept Oct Nov Dec YTD Annualized

2019 0.77% 0.76% 0.77% 2.30% 9.20%2018 0.77% 0.79% 0.78% 0.78% 0.78% 0.79% 0.79% 0.78% 0.78% 0.78% 0.77% 0.77% 9.36% 9.36%2017 0.79% 0.78% 0.79% 0.79% 0.78% 0.79% 0.79% 0.79% 0.79% 0.78% 0.78% 0.79% 9.44% 9.44%2016 0.79% 0.79% 0.80% 0.80% 0.79% 0.80% 0.79% 0.80% 0.79% 0.79% 0.80% 0.79% 9.53% 9.53%2015 0.85% 0.86% 0.84% 0.85% 0.82% 4.22% 10.12%

INVESTMENT HIGHLIGHTSThe Fund is designed to provide a risk-adjusted, steady current income, diversified commercial loan portfolio for investors seeking safety, security, and reliable cash flow.

Steady Current Yield: The Fund’s targeted yield is a net unlevered yield of 8.5% per annum distributed monthly. Prior results were a net LP return of 10.12% in 2015, net LP return of 9.53% in 2016 and net LP return of 9.44% in 2017.

No UBTI: Fund is unlevered and will not trigger UBTI within qualified accounts. IRA only.

Portfolio Diversification: Investor capital is spread across every loan in the Fund’s portfolio pro rata.

Preservation of Wealth: In addition to the conservative LTV ratios of each loan, the Fund primarily invests in income producing assets, which in the event of foreclosure should generate income until the property is repositioned for sale.

Transparency: Audited financials by Armanino LLP. Monthly distributions overseen by third-party CPA firm. Fund administration services provided by Cortland Global, clearing through major custodians such as Charles Schwab, T.D. Ameritrade and Fidelity.

EXTENSIVE MANAGEMENT EXPERIENCE• Management team has over 32 years of experience within real estate and financial markets.

• Over $1.5B in combined commercial real estate and investment banking transactions.

• Experienced Fund Managers: Fund is the fourth investment vehicle founded and operated by management.

• Experienced Real Estate Operators: Managers have personally repositioned over $100M of distressed real estate assets and independently ownover 400 income producing units.

11766 Wilshire Blvd, Suite 1460, Los Angeles, CA 90025310.853.8001 | pendercapital.com

This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interests in the Fund or any other securities. Any such offer will be made pursuant to the Fund’s private placement memorandum. Past performance is not indicative of future results. This investment will involve significant risks and investors should review the “Risk Factors” set forth in the Fund’s private placement memorandum. Investors must have the financial ability and willingness to accept the risks and lack of liquidity characteristics of the investment described herein. There will be no public market for the interests in the Fund.