Invest to Preserve Workforce Housing

The summary description of Austin Housing Conservancy Fund LP (the “Fund”) included herein, and any other materials provided to you, are intended only for discussion purposes and are not an offering memorandum or any other kind of an offer to buy or sell, or a solicitation of an offer to buy or sell, any security, instrument or investment product or to participate in any particular trading strategy. It is not intended and should not be relied upon by you in any manner as legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy an interest in the Fund. This presentation is being circulated on a confidential basis to a limited number of sophisticated investors at their request, for informational purposes only. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation.

A private offering of interests in the Fund will be made only pursuant to the confidential offering memorandum (together with any supplements thereto, the “Memorandum”) of the Fund and its subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with any such offering. The information contained in this presentation is superseded by, and is qualified in its entirety by reference to, the Memorandum, which contains information about the investment objective, terms and conditions of an investment in the Fund and also contains tax information and risk disclosures that are important to any investment decision regarding the Fund. No person has been authorized to make any statement concerning the Fund other than as set forth in the Memorandum and the definitive subscription documents and any representation or information not contained therein may not be relied upon. This presentation does not constitute a part of the Memorandum. Any offering of interest in the Fund is made only pursuant to the Memorandum, which must be read in its entirety. Recipients of this presentation should make their own investigations and evaluations of the information contained in this presentation. Prior to any closing of a private offering of any Fund interests, the Fund will provide investors the opportunity to ask questions and receive additional information concerning the terms and conditions of such offering and other relevant matters.

An investment in the Fund will be suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment will provide limited liquidity because interests in the Fund will not be freely transferable and may be withdrawn only at certain intervals. There will be no public or secondary market for interests in the Fund, and it is not expected that a public or secondary market will develop. The interests in the Fund will not be registered under the Securities Act of 1933, as amended, nor under any state’s blue sky law in reliance upon exemptions available under such laws. Among other requirements, such exemptions require that the transfer of interests in the Fund must be restricted. An investment in the Fund has not been recommended by any U.S. federal or state securities commission or any other governmental or regulatory authority. Furthermore, the foregoing authorities have not passed upon the accuracy, or determined the adequacy, of this document. Any representation to the contrary is unlawful.

Certain information contained in this document constitutes “forward-looking statements” which can be identified by use of forward-looking terminology such as “may,” “will,” “target,” “should,” “expect,” “attempt,” “anticipate,” “project,” “estimate,” “intend,” “seek,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to the various risks and uncertainties, actual events or results in the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. The results of the Fund may differ significantly from any performance data provided or referenced herein due to a number of factors, and investors can lose their investment in whole or in part.

An investor should not make an investment in the Fund, unless it is prepared to lose all or a substantial portion of its investment. A prospective investor should only commit to an investment in the Fund if such prospective investor understands the nature of the investment and can bear the economic risk of such investment. The Fund is speculative and involve a high degree of risk. The information contained herein does not purport to contain all of the information that may be required to evaluate an investment in the Fund. The offering is made only by the confidential private placement memoranda (the “Memorandum”) and governing and subscription documents of the Fund, which should be read in their entirety and constitute the only basis on which subscriptions may be made. The information herein is qualified in its entirety by reference to the Memoranda, including, without limitation, the risk factors therein. In making an investment decision, you must rely on your own examination of the Fund’s governing and subscription documents and the terms of the offerings. No offer to purchase interests in the Fund will be accepted prior to the receipt by the offeree of all appropriate documentation.

There can be no guarantee that the Fund’s investment objectives will be achieved, and the investment results may vary substantially. As a result, an investor could lose all or a substantial amount of its investment. There are restrictions on withdrawing and transferring interests in the Fund. The fees and expenses of the Fund may be higher than the fees and expenses of other investment alternatives and will reduce profits and may offset gains or result in a loss to an investor. The Fund’s ability to achieve its investment objectives may be affected by a variety of risks not discussed herein. Please refer to the Memorandum and related documents for additional information regarding risks and conflicts of interest.

The Fund’s investments will not be diversified among types of securities, thereby increasing the risk of loss. Leverage may be employed, which can make performance volatile. Please refer to the Memorandum for additional information regarding risks factors related to the Fund and its investment strategy.