NO OFFER: This presentation (“Presentation”) is neither an offer to sell nor a solicitation of an offer to buy any security, nor is it an offer of any sort of investment advice. Instead, it is intended to describe an investment vehicle sponsored by Aspen Private Credit Manager, LLC (“APCM”), Aspen Private Credit Fund, LLC (the “Offering”). An offer may only be made via a written offering document (“Memorandum”) provided by the Fund that offers Units of limited liability company interests in the Fund (“Units”). APCM has prepared this Presentation solely to enable you to determine whether you are interested in receiving additional information about the Fund. This Presentation is not intended to be relied upon as the basis for an investment decision, and is not complete.

LIMITATIONS: While many of the thoughts expressed in this Presentation are stated in a factual manner, the discussion reflects only APCM’s beliefs about the markets in which the Fund may invest when following its investment strategies as described in more detail in the Memorandum. Any descriptions of the investment strategy herein are in preliminary form, are incomplete and do not include all of the information needed to evaluate any potential investment in the Offering. An investment in the Offering involves substantial risks, some of which are discussed in the Memorandum, and which include risks associated with mortgages investments generally, risks associated with the Offering’s investments, conflicts of interest risks, regulatory risks, and tax and management risks. Only by carefully reviewing and considering those factors and the disclosures provided in the Memorandum (in addition to other independent investigations) could an investor or their representative determine whether such risks, as well as APCM’s experience and compensation, conflicts of interest, and other information contained therein are acceptable to the investor. Material in this Presentation, including any projected returns for the Offering, does not account for the impact of taxes on the Offering, its structure or its investors that may be imposed by the U.S. or any other jurisdiction. APCM and its affiliates have complete control over the Offering’s operations and the management of its assets. There are significant restrictions on the transferability of the Units, there is no market for Units and no person should invest with the expectation of monetizing Units other than as permitted in the Offering’s Operating Agreement. The Offering’s fees and expenses, which include compensation of APCM, may outweigh the Offering’s gains, if any.

CONFIDENTIALITY: APCM reserves all copyright and intellectual property rights to the content, information and data within this Presentation. The contents in this Presentation are protected by copyright and no part or parts hereof may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, published, displayed, broadcasted, used for creating derivative works or used in any other way for commercial or public purposes without the prior written consent of APCM. The recipient agrees to keep the contents of this Presentation confidential and use it solely to evaluate whether further investigation of the Offering is warranted.

FORWARD LOOKING STATEMENTS: Some of the material contained in this Presentation is not based on historical facts and is deemed to be “forward-looking.” Forward-looking statements reflect APCM’s current expectations and are inherently uncertain, and actual results may differ significantly from projections herein. Although APCM believes that the expectations reflected in all forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance, or achievements. Neither the Offering, APCM, nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements. APCM is under no duty to update any of the forward-looking statements to conform them to actual results or to changes in its expectations.

PROJECTIONS: While projections about the Offering’s performance are based on APCM’s experience and good faith judgments, the recipient should understand that projections are based on numerous assumptions about how the Offering may perform, including that applicable tax regimes do not change, that existing asset performance trends will continue to track business plans, that historical behavior of APCM loan types will not change fundamentally, that perception of market opportunities for acquisition and disposition will hold true, and that the competitive landscape within which each asset operates will not change fundamentally. Any number of factors could contribute to results that are materially different.
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PERFORMANCE INFORMATION: Information about APCM’s prior investment vehicles it has sponsored (the “Vehicles”) contained herein has not been audited or reviewed by any third party. The recipient should understand that the Vehicles’ performance was achieved in different economic cycles, APCM’s participation and / or management responsibility varied, and the Vehicles utilized investment strategies and capital sources that may differ considerably from that which the Offering will use. Additionally, the Offering’s terms may differ materially from the Vehicles’ governing documents. Therefore, the recipient should not assume that the Offering would be able to replicate any Vehicle’s performance, even though there may be overlaps in the Offering’s strategies and the strategies that may have been utilized by any of the Vehicles. With respect to performance presented in the Presentation, the recipient should consider the following: all investments carry risk and the Offering’s strategies may experience losses.