Any projections and forecasts contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the assumptions made in connection with the projections and forecasts will  prove accurate, and actual results may differ materially. Opinions expressed are current opinions as of the date appearing in this material only. The information provided in these materials is illustrative and no assurance can  be provided that any of the future events (including projected or estimated returns or performance results) will occur on the terms contemplated herein or at all. While the data contained herein has been prepared from  information that PIA Residential believes to be reliable, PIA Residential does not warrant the accuracy or completeness of such information. Each prospective investor must consult such investor’s own tax advisor as to the relevant tax considerations and as to how those considerations may affect such investor’s investment. There is no assurance that the tax benefits contemplated with respect to an investment in the Fund will, in fact, be realized. Each investor is also urged to consult with its own tax advisor regarding the U.S. federal, state, local and foreign income, estate and other tax consequences applicable to an investment in the Fund.

All information in this presentation, as well as any attachments and/or references herein, shall not constitute an offer to sell or a solicitation of an offer to buy any interest in any security or any security derivative products of  any kind, or any type of trading or investment advice, recommendation, or strategy. No offer to sell or solicitation of an offer to buy an interest in any security or other such product may be made to a prospective subscriber  until a copy of the applicable subscription materials have been provided to and reviewed by such prospective subscriber.