Important Product Risks and Disclosures

Target Performance Projections: The target performance projections provided herein are hypothetical in nature and are intended to provide an illustration of potential future returns based on historical data and current market conditions. These projections are not guarantees of future performance, and actual results may differ materially from those projected depending on a variety of factors and conditions. The target performance projections are hypothetical in nature, for informational purposes only, and are not intended to, nor do they, represent the actual performance of any specific client or group of clients. The target performance projections are not intended to be a forecast; instead, the target performance projections are meant to help explain how Accordant Investments LLC intends to construct the Fund’s portfolio and what investments it intends to pursue in light of its experience with similar transactions. Accordingly, target performance projections are merely an indication of what the Fund aims to achieve. The Fund may not be successful in meeting its objective

Methodology: The target performance projections are based on economic and market assumptions. The assumptions used in creating these projections include, but are not limited to, expected market growth rates, underlying product diligence, sale proceeds and timing, interest rates, and inflation. It is important to note that these assumptions are subject to change and may not prove to be accurate. More information regarding assumptions used in the target performance projections is available upon request. Changes in the underlying assumptions may have a material impact on the target performance projections presented, and ultimate returns realized by the Fund will depend on numerous factors, which are subject to uncertainty. As such, actual gross and net returns for the Fund may vary significantly from any target performance projections set forth herein. Net performance has been calculated net of all Fund expenses and fees (i.e. development fees, incentive fees, management fees).
Limitations and Risks: Investors should be aware of the limitations and risks associated with target performance projections, including but not limited to:

Assumption Risks: The assumptions used in these projections may not materialize, and reliance on inaccurate assumptions can lead to significantly different outcomes.

Economic and Market Conditions: Changes in economic conditions, market trends, geopolitical events, and other factors can impact investment performance.

Regulatory Changes: Future regulatory changes may affect investment strategies and returns.

No Guarantee: These target performance projections are not guarantees of future performance and should not be relied upon as such. Investors should consider their individual financial circumstances, investment objectives, and risk tolerance before making any investment decisions.

Additional Information: We encourage investors to review this information carefully and consult with their financial advisor to understand how these projections may impact their investment strategy.

Important Investor Information

Investors should carefully consider the investment objectives, risks, charges and expenses of the Accordant ODCE Index Fund (the “Fund”) before investing. This and other important information is contained in the Fund’s prospectus and Statement of Additional Information, which are available at www.accordantinvestments.com and should be read carefully before investing. The summary below is not complete and is qualified in its entirety by the prospectus and Statement of Additional Information.

The Fund is distributed by ALPS Distributors, Inc. (“ALPS”). Accordant Investments LLC is not affiliated with ALPS.

Fund Structure, Investment Objective and History

The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and operates as an interval fund. The Fund is not a mutual fund or an exchange-traded fund. Accordant Investments LLC serves as the Fund’s investment adviser (the “Adviser”), and IDR Investment Management, LLC serves as the Fund’s investment sub-adviser (the “Sub-Adviser”).

The Fund’s investment objective is to employ an indexing investment approach that seeks to track the NCREIF Fund Index - Open End Diversified Core Equity (the “NFI-ODCE Index”) on a net-of-fee basis while minimizing tracking error. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets, plus borrowings for investment purposes, in real estate investment vehicles that comprise the NFI-ODCE Index (“Eligible Component Funds”). There is no assurance that the Fund will achieve its investment objective, minimize tracking error or produce positive returns.

The Fund was previously registered as the IDR Core Property Index Fund, Ltd. (the “Predecessor Fund”), a quarterly valued closed-end tender offer fund available only to accredited investors. Following shareholder approval on August 31, 2023, the Predecessor Fund converted into the Fund, a daily valued registered closed-end interval fund (the “Conversion”). The Predecessor Fund charged a 0.40% annual management fee, while the Fund charges a 0.60% annual management fee. Performance before September 11, 2023 reflects the Predecessor Fund’s 0.40% management fee, and performance on and after September 11, 2023 reflects the Fund’s 0.60% management fee. Performance is shown as a continuation of the Predecessor Fund’s performance. Although the Fund has a different investment adviser, portfolio management is substantially similar. The Conversion was a non-taxable event for existing shareholders.

Share Classes, Sales Charges and Expenses

The Fund offers Class A, Class I and Class Y Shares. Class A Shares are continuously offered at NAV plus a maximum front-end sales load of 5.75%, from which a dealer-manager fee of up to 0.75% of offering proceeds may be paid. Class I and Class Y Shares are not subject to a sales load or dealer-manager fee, although investors may be charged brokerage, platform, transaction, servicing or other fees by their financial intermediary. Class I Shares commenced operations on September 11, 2023. Class A and Class Y Shares commenced operations on November 1, 2023. Investors should consult the applicable prospectus and their financial professional regarding eligibility, minimum investment requirements, sales charges and other fees for each class.

For the year ended June 30, 2026, the ratios of expenses to average net assets, including fee waivers or reimbursements, were 1.36% for Class A, 1.11% for Class I and 1.11% for Class Y. Without fee waivers or reimbursements, those ratios were 1.74%, 1.67% and 1.49%, respectively. These ratios do not reflect the Fund’s proportionate share of the income and expenses of underlying investment companies, including their management and performance fees. The expense limitation agreement is renewed annually. Current expenses, waivers, reimbursements, the term of the expense limitation agreement and any potential recoupment rights are described in the current prospectus and may change. Investors must earn returns in excess of applicable expenses and sales charges to realize a positive return.

Performance Disclosure

Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and the value of Fund Shares will fluctuate, and Shares repurchased may be worth more or less than their original cost. Performance for short periods should not be the sole basis for an investment decision. Unless otherwise stated, Fund returns are presented net of Fund-level fees and expenses and assume reinvestment of distributions, but do not reflect taxes that a shareholder would pay on distributions or repurchases. Class A performance shown at NAV does not reflect the maximum sales load; performance reflecting the maximum sales load will be lower. Performance current to the most recent month-end is available at www.accordantinvestments.com or by calling 888-778-7781.

If performance is preliminary: Performance figures identified as preliminary are based on estimated information and are subject to change. Preliminary results may differ from final results due to additional transaction data, account reconciliations, information received from underlying funds and other final adjustments. Investors should not rely on preliminary performance as indicative of future results.

About the NFI-ODCE Index

The NCREIF Fund Index – Open-End Diversified Core Equity ("NFI-ODCE") is a capitalization-weighted, gross-of-fees, time-weighted return index of open-end core real estate funds with at least 95% of their assets invested in U.S. operating properties and no more than 40% leverage. The ODCE Index is compiled by the National Council of Real Estate Investment Fiduciaries (NCREIF) and is reported quarterly. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly.

Index and Comparative Performance Disclosure

The NFI-ODCE Index is a capitalization-weighted, time-weighted index of open-end diversified core equity real estate funds and is reported on both gross- and net-of-fee bases. An index is unmanaged, does not incur the fees and expenses of an investment product and cannot be invested in directly. Index results do not represent the performance of the Fund. The Fund may not hold every index constituent in the same weight as the index, and cash holdings, expenses, timing, valuation, subscriptions, repurchases and implementation decisions may cause the Fund’s performance to differ from the index.

From April 1, 2021 through September 10, 2023, the Predecessor Fund used NFI-ODCE X as its custom performance benchmark. NFI-ODCE X excluded funds that accepted only ERISA investors. Beginning September 11, 2023, the Fund’s benchmark is the NFI-ODCE Index. Any blended benchmark presentation should clearly identify the applicable benchmark for each period.

As of June 2026, the Fund is the only available private real estate indexing strategy, according to Interval Fund Tracker.

Comparisons among private real estate, public equities, fixed income and publicly traded real estate securities are subject to material limitations because the investments have different structures, valuation practices, risk profiles, fees and liquidity characteristics. Public securities generally offer daily liquidity, while the Fund offers limited liquidity only through periodic repurchase offers. Any third-party index or comparative data should identify the index, measurement basis, period, source and whether returns are gross or net of fees.

Distributions and Tax Considerations

The Fund seeks to pay quarterly distributions, but distributions are not guaranteed and may be reduced, suspended or discontinued. The amount and character of distributions may vary. Distributions may be paid from sources other than net investment income, including realized gains, sale of assets, borrowings, offering proceeds or return of capital. A return of capital is not necessarily reflective of the Fund’s investment performance, may reduce a shareholder’s tax basis and may result in a greater taxable gain or a smaller tax loss when Shares are repurchased. Distributions from offering proceeds or borrowings reduce capital available for investment and may increase leverage. Shareholders should consult their tax advisers regarding their individual circumstances. Any distribution rate or tax-equivalent distribution rate is not a total return, should not be characterized as a yield unless accurate, and should be accompanied by the applicable assumptions, measurement period and return-of-capital percentage.

If applicable - Tax-Equivalent Distribution Rate: The tax-equivalent distribution rate is the rate a fully taxable investment needs in order to equal the after-tax rate on a comparable tax-advantaged investment. The example assumes 37% maximum federal income tax rate and includes the 3.8% Medicare surtax that is applied to the net investment income above certain thresholds. It does not include state taxes. 44% was the return of capital ("ROC") and non-dividend distribution portion of the Q3 2026 distribution. ROC, for tax purposes, should be distinguished from an economic return of capital, where an investor is repaid out of its own contributions rather than from the economic profits of the investment. As a tax law concept, an ROC is not tied to an investment’s financial performance. ROC distributions reduce the stockholder’s tax basis in the year the dividend is received. The stockholder’s tax basis may be reduced by ROC distributions in the year the distribution is received and generally defer taxes on that portion until the stockholder’s stock is sold via repurchase. Upon repurchase, the investor will calculate their gain by reference to the lower cost basis attributable to the ROC distributions, which gain may be subject to tax at capital gain rates.

The Fund has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Qualification and maintenance of REIT status depend on satisfying ongoing income, asset, distribution and other requirements. Failure to qualify as a REIT could materially and adversely affect the Fund and its shareholders. Tax laws and their application may change.

Principal Risks

Loss of investment and suitability: The Fund is speculative and involves a high degree of risk. An investor may receive little or no return and may lose part or all of the investment. The Fund is intended as a long-term investment within a broader portfolio and is not a complete investment program.

Interval fund and limited liquidity: The Shares are not listed on a securities exchange, there is no secondary market, and the Fund does not expect one to develop. Shareholders do not have a right to redeem Shares daily. The Fund currently intends to make quarterly repurchase offers for no less than 5% of outstanding Shares at NAV. Repurchase requests may exceed the amount offered, causing requests to be accepted only on a pro rata basis. A shareholder may be unable to sell all Shares when desired and should consider the Shares illiquid.

Underlying fund liquidity mismatch: Eligible Component Funds are privately offered and generally provide limited liquidity, may impose notice periods, gates, queues, lockups or suspensions, and may not permit the Fund to redeem when needed. This mismatch may impair the Fund’s ability to satisfy repurchase requests, rebalance, track the index or meet other cash needs and may require borrowing or sales at disadvantageous times.

Private investment valuation: Eligible Component Funds and their real estate holdings do not have readily available market quotations. Valuations are based on estimates, appraisals, assumptions and information from underlying managers, often received on a lag. Values may not reflect current market conditions or the price obtainable in a sale and may be revised. NAV and transaction prices may therefore be affected by stale or uncertain valuations.

Real estate concentration: The Fund concentrates in real estate-related investments. Results are affected by property values, occupancy, tenant demand and credit, rents, operating costs, taxes, insurance, zoning, condemnation, environmental matters, natural disasters, climate-related events, construction costs, financing availability, interest rates, supply and demand, technological change and local, regional and national economic conditions. Real estate sectors and geographic markets can experience prolonged downturns.

Non-diversification and concentration of issuers: The Fund is non-diversified under the 1940 Act and may invest a greater percentage of assets in fewer issuers than a diversified fund. Adverse developments affecting a single issuer, manager, property type or investment may therefore have a greater effect on NAV.

Indexing, correlation and tracking error: The Fund uses an indexing approach and generally will not take defensive positions solely because an Eligible Component Fund or market segment appears overvalued or risky. The Fund may not own every index constituent or match index weights. Fees, expenses, cash balances, valuation timing, index changes, subscriptions, repurchases, leverage, taxes and implementation decisions may cause tracking error. The Fund may underperform the index.

Investment allocation and manager selection: Achievement of the investment objective depends on the Adviser’s and Sub-Adviser’s ability to allocate assets, obtain access to Eligible Component Funds, implement index changes and manage cash and liquidity. There is no assurance these decisions will be successful.

Underlying funds and layered expenses: The Fund bears its pro rata share of fees and expenses charged by Eligible Component Funds, including management, performance, property-level and operating expenses, in addition to Fund-level expenses. The Adviser and Sub-Adviser generally do not control the underlying managers’ investment, financing, valuation, operational or disposition decisions. Underlying funds may pursue strategies, use leverage or hold investments that create additional risks.

Competition among underlying funds and conflicts: Eligible Component Funds may compete for investments, financing, tenants, service providers and disposition opportunities. The Fund, the Adviser, the Sub-Adviser, their affiliates and underlying managers may have conflicts in allocating investment opportunities, fees, expenses, personnel, services or transactions. Policies designed to address conflicts may not eliminate them.

Leverage: The Fund may borrow to meet repurchase requests, bridge investment timing or provide liquidity, and Eligible Component Funds and their properties may also use leverage. Leverage magnifies gains and losses, increases expenses, may require collateral, may subject the Fund to lender covenants, and may force asset sales at unfavorable times. The Fund is subject to statutory asset-coverage requirements, and a breach may restrict distributions or other activities.

Credit and fixed-income investments: The Fund may hold debt instruments, cash equivalents and other fixed-income securities. These instruments are subject to interest-rate, credit, extension, prepayment, liquidity, inflation and counterparty risks. A decline in an issuer’s financial condition or a rise in rates may reduce value.

Secondary transactions: The Fund may acquire or dispose of interests through secondary transactions. Pricing may be uncertain, information may be limited, transfers may require consent, and transaction costs or discounts may be material. The Fund may be unable to complete a transaction on favorable terms.

Cash and short-term investments: Cash and liquid holdings used to meet operational and repurchase needs may cause the Fund to underperform the NFI-ODCE Index, particularly in rising markets. Short-term investments are subject to issuer, credit and interest-rate risks.

Operational, technology and cybersecurity: The Fund depends on the Adviser, Sub-Adviser, underlying managers and third-party service providers. Systems failures, cybersecurity incidents, data breaches, errors, fraud, business interruptions or service-provider failures may disrupt operations, compromise information, impair valuation or trading, or cause financial loss.

Regulatory, tax and legal: Changes in laws, regulations, accounting standards, tax rules, REIT requirements, interpretations or enforcement may adversely affect the Fund, Eligible Component Funds or real estate investments. The Fund and underlying investments may also be exposed to litigation, investigations and compliance costs.

Market disruption and geopolitical events: War, terrorism, public health emergencies, government shutdowns or defaults, market manipulation, political or diplomatic developments, trade restrictions, natural or environmental disasters and other events may disrupt markets, financing, tenants, supply chains and operations and may increase volatility or reduce liquidity and valuations.

No bank guarantee: The Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution. The Shares are not insured by the FDIC, the Federal Reserve Board or any other government agency.

Third-Party Information and Forward-Looking Statements

Certain information may be obtained from third-party sources believed to be reliable, including underlying fund managers and index providers, but may not be independently verified. No representation or warranty is made as to its accuracy, completeness or timeliness. Holdings, allocations and portfolio characteristics are subject to change and may be reported on a lag. Selected properties, investments or managers are shown for illustrative purposes and are not necessarily representative of the entire portfolio or future investments.

Statements that are not historical facts may be forward-looking statements based on current expectations, estimates, projections, opinions and beliefs. Forward-looking statements involve known and unknown risks and uncertainties, and actual results may differ materially. The Fund, Adviser and Sub-Adviser undertake no obligation to update such statements except as required by law.

FOR ACCREDITED INVESTORS ONLY. AN INVESTMENT IN THE FUND IS SPECULATIVE, ILLIQUID AND INVOLVES A SIGNIFICANT RISK OF LOSS, INCLUDING POSSIBLE LOSS OF THE ENTIRE INVESTMENT.

Important Offering Information

The Accordant Real Estate Growth Fund (the “Fund” or “Growth Fund”) is a private real estate investment fund that relies on Section 3(c)(5)(C) of the Investment Company Act of 1940, as amended (the “1940 Act”), and is not registered as an investment company under the 1940 Act. Interests in the Fund have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction and are offered and sold only to accredited investors who satisfy the eligibility requirements in the Fund’s governing and offering documents.

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interest in the Fund or any other security. Any offer may be made only through the Fund’s then-current subscription agreement, term sheet and other governing or offering documents (collectively, the “Fund Documents”), and only in jurisdictions where permitted by law. The Fund Documents control in the event of any conflict with this material. Prospective investors should carefully review the Fund Documents, including the Fund’s investment objectives, terms, fees, expenses, conflicts of interest, risk factors and tax considerations, and consult their own legal, tax, accounting and investment advisers before investing.

The Fund is not a mutual fund, exchange-traded fund or registered closed-end fund. The protections and restrictions applicable to registered investment companies under the 1940 Act generally do not apply to the Fund.

The Fund currently operates in reliance on Section 3(c)(5)(C) and is offered only to accredited investors. The Fund may in the future convert, merge with or transfer all or a portion of its assets to a closed-end investment management company registered with the Securities and Exchange Commission that operates as an interval fund under Rule 23c-3 of the 1940 Act, pursues substantially the same investment strategy and engages the Adviser as its investment adviser (a “Conversion”). Current investors have consented in their subscription agreements to a potential Conversion and have authorized the Fund and its trustee to take actions reasonably necessary to effect it. There is no assurance that a Conversion will occur or, if it occurs, when it will occur. Until a Conversion is completed, the Fund remains a private fund relying on Section 3(c)(5)(C), and any terms, liquidity features, fees or other characteristics described as applicable after a Conversion do not apply to the Fund in its current form.

Fund Structure, Strategy and Management

Accordant Investments LLC (“Accordant” or the “Adviser”) serves as the Fund’s investment adviser. IDR Investment Management, LLC (“IDR” or the “Sub-Adviser”), an investment adviser registered under the Investment Advisers Act of 1940, serves as the Fund’s sub-adviser. Accordant is a wholly owned subsidiary of Emphasis Capital LLC, and IDR is an indirect majority-owned subsidiary of Emphasis Capital LLC. These affiliations create actual or potential conflicts of interest, as described in the Fund Documents.

The Fund seeks appreciation-focused, risk-adjusted total return through direct and indirect investments in private real estate assets and related investment vehicles. It may pursue development, acquisition, repositioning and disposition opportunities through underlying funds, partnerships, joint ventures, co-investments or other structures. Its current portfolio and pipeline may emphasize data center development and other growth-oriented real estate opportunities. The Fund’s strategy, allocations, holdings and counterparties may change, and there is no assurance that any stated allocation, diversification, development, leasing, financing, disposition or return objective will be achieved.

Performance, Valuation and Return Information

Past performance is no guarantee of future results. The past performance of the Fund, Adviser, Sub-Adviser, any underlying investment, sponsor, manager or unrelated product is not necessarily indicative of the Fund’s future results. The Fund has a limited operating history. Investment values and returns will fluctuate, and an investor may receive less than the amount invested.

Unless otherwise stated, Fund performance is presented net of Fund-level fees and expenses. Performance may reflect estimates, valuations and information supplied by underlying sponsors, managers or other third parties. Each performance presentation should identify the measurement period, valuation date, methodology, whether results are gross or net, fees and expenses included or excluded, treatment of capital contributions and distributions, and source and date of third-party information. Results may change when estimates are finalized or valuations are revised.

The Fund invests in assets for which market quotations may not be readily available. Valuations may rely on appraisals, models, assumptions, comparable transactions, estimated costs, sponsor-reported values and other judgmental inputs. They may be reported on a lag and may not reflect current market conditions or realizable value. Actual proceeds and realized returns may differ materially from reported valuations and unrealized performance.

If Applicable: Projected, Targeted or Hypothetical Performance

Projected, targeted, scenario-based or other hypothetical performance illustrates the Adviser’s current expectations, assumptions or intended portfolio construction and does not represent the actual performance of the Fund or any investor. It is not a forecast, promise or guarantee. Actual results may differ materially because of changes in rents, lease-up, occupancy, power availability, construction timing and costs, financing terms, interest rates, inflation, capitalization rates, exit timing and pricing, market conditions, taxes, fees and other assumptions.

Materials presenting projected or targeted performance should identify the methodology, relevant period, gross or net presentation, fees and expenses reflected or omitted, material assumptions, source and date of inputs, whether results relate to the Fund, a project or a subset of assets, and principal limitations and risks. Base, upside and downside cases should be described separately and not presented as probability-weighted outcomes. Projected returns on unrealized investments also depend on future operations, asset values, financing, transfer restrictions, transaction costs, and the timing and manner of disposition.

If Applicable: Pipeline Projects

Any values and information regarding pipeline projects are based on the most current information available from the underlying general partners and subject to change as we receive updated information. There is no assurance that these investments are completed or consummated on the terms described as they are managed by external parties. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Benchmark and Comparative Information

Benchmarks and market indices may differ materially from the Fund in strategy, asset composition, leverage, fees, valuation, volatility, liquidity and tax treatment. Indices are unmanaged, do not incur management fees, costs or expenses, and cannot be invested in directly. Any comparison should identify the benchmark, period, source, measurement basis and whether returns are gross or net. There is no assurance that the Fund will track or outperform any benchmark.

Principal Risks

Loss of capital and suitability: An investment is speculative and involves a significant degree of risk. Investors must be able to bear the economic risk for an indefinite period and the loss of part or all of their investment. The Fund is not a complete investment program and may not be suitable for investors requiring liquidity, current income or principal protection.

Illiquidity and transfer restrictions: Interests are not publicly traded, no public market is expected to develop, and interests generally may not be transferred, assigned, pledged or redeemed except as permitted by the Fund Documents and with required consent. Underlying investments may have lockups, long terms, gates or other restrictions. An investor should not expect to dispose of an interest when desired or at its reported value.

Limited operating history and execution: The Fund has limited operating history on which to evaluate its strategy, operations or performance. There is no assurance that the Adviser’s or Sub-Adviser’s assessments will prove accurate, suitable opportunities will be available, capital will be deployed as expected, or the Fund will successfully implement its strategy.

Concentration and non-diversification: The Fund may hold a limited number of investments and may concentrate by sponsor, manager, property type, geography, tenant, development stage or investment structure. An adverse development affecting one investment or concentration may have a material effect on the Fund.

Real estate market risks: Real estate values and cash flows may be affected by economic conditions, supply and demand, tenant demand and credit, vacancies, rents, operating costs, taxes, insurance, zoning, land use, condemnation, title matters, environmental conditions, natural disasters, climate-related events, technological changes, financing availability and interest rates. Real estate markets can experience prolonged downturns.

Development and construction risks: Development investments are subject to entitlement, permitting, zoning, design, engineering, procurement, utility, labor, supply-chain and construction risks. Projects may experience cost overruns, delays, defects, contractor defaults, change orders or failure to achieve completion, stabilization or intended use. Additional capital may be required, and a project may never generate anticipated revenue.

Data center investment risks: Data centers depend on timely access to power, transmission and other utilities; land and interconnection rights; permits and entitlements; construction and equipment availability; cooling and water resources; network connectivity; and tenant demand. Investments may be exposed to hyperscale tenant concentration, rapid technological change and obsolescence, cybersecurity events, environmental regulation, community opposition, market saturation and substantial capital requirements. Leasing, energization and completion may be delayed or may not occur.

Tenant, leasing and operating risks: Returns may depend on attracting and retaining tenants, completing leases on acceptable terms and collecting rent. Tenant defaults, bankruptcies, concessions, early terminations, concentration, re-leasing costs and lower occupancy may reduce value and cash flow.

Leverage and financing risks: The Fund, its investment vehicles and underlying assets may use leverage. Leverage magnifies gains and losses, increases expenses, creates refinancing and covenant risk, may require collateral or additional capital, and may result in foreclosure or forced disposition. Rising rates or unavailable financing may materially reduce returns.

Underlying funds, joint ventures and layered fees: The Fund may invest through underlying funds, partnerships, joint ventures and co-investments over which it has limited control. Investors indirectly bear allocable underlying management, development, construction, property, incentive and operating fees and expenses in addition to Fund-level expenses. Other participants may have interests that differ from those of the Fund.

Capital calls and additional funding: The Fund or its investments may require additional capital. Failure to meet a capital call may result in dilution, default remedies, loss of rights, forced sale or forfeiture. The Fund may reserve cash, borrow, seek additional investors or dispose of assets to meet funding needs.

Valuation uncertainty: Private real estate and underlying interests lack readily available market prices. Estimates and appraisals are subjective, may be stale, may use information supplied by interested parties and may be revised. Reported value and performance may not reflect realizable value.

Sponsor, manager and third-party dependence: The Fund depends on the Adviser, Sub-Adviser, underlying sponsors, developers, operators, contractors, lenders, administrators and other providers. Misconduct, errors, insolvency, conflicts, key-person departures, system failures or poor performance by any such party may adversely affect the Fund.

Affinius and Kandle relationships: An investor is solely an investor in an Accordant-managed fund and has no direct investor or client relationship with Affinius, Kandle, any Affinius fund or any Kandle fund, and no direct information, consent, enforcement or other rights with respect to them. Related information is based on information provided to Accordant as of the applicable date and may change materially. Accordant is responsible for Fund-level communications and updates.

Conflicts of interest and affiliated relationships: The Fund, Adviser, Sub-Adviser, their affiliates, underlying sponsors and service providers may face conflicts involving investment allocations, personnel, expenses, valuations, fees, transactions, co-investments, financing and dispositions. Policies and procedures may not eliminate all conflicts.

Fees, expenses and performance compensation: Fund-level and underlying fees and expenses reduce returns and may be charged regardless of performance. Performance or incentive compensation can create incentives to make riskier investments or value assets in a manner that increases compensation.

Tax risks: An investment may have complex federal, state, local and other tax consequences. Tax treatment may change, and income or gain may be recognized without corresponding cash distributions. Investors should consult their tax advisers; no particular tax result is assured.

Regulatory and legal risks: Changes in securities, investment company, investment adviser, tax, real estate, environmental, data, energy, zoning, accounting or other laws and interpretations may affect the Fund and its investments. The Fund may face litigation, investigations, compliance costs or restrictions.

Conversion risk: A Conversion would change the Fund’s regulatory status, governance, operations, service-provider arrangements, fees, expenses, liquidity program, valuation and reporting obligations, and tax and securities-law considerations. A Conversion would require compliance with applicable federal and state laws and may entail regulatory review, audits, approvals, operational changes and additional costs. It may be delayed, completed on terms different from those anticipated or not completed. Actions taken in anticipation of a Conversion may increase costs or operational complexity even if the Conversion does not occur.

Operational, technology and cybersecurity risks: Systems failures, cyberattacks, data breaches, fraud, human error, business interruption and third-party system failures may impair operations, valuation, reporting, capital calls, distributions or investor information and cause financial loss.

Market disruption and geopolitical risks: War, terrorism, public health emergencies, political developments, trade restrictions, government shutdowns or defaults, inflation, recession, natural disasters and other disruptions may affect tenants, supply chains, financing, construction, liquidity and valuations.

No government insurance: Interests are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or insured depository institution. They are not insured by the FDIC, Federal Reserve Board or any other government agency.

Third-Party Information, Partner Materials and Case Studies

Information concerning portfolio companies, properties, tenants, sponsors, managers, Affinius, Kandle, underlying funds or other third parties may come from sources believed reliable but may not be independently verified. Accordant makes no representation or warranty as to its accuracy, completeness, fairness, timeliness or reasonableness and has no obligation to update it except as required by applicable law or the Fund Documents. Any case study, selected investment, property or pipeline opportunity is illustrative, may not represent the Fund as a whole, and does not guarantee similar opportunities or results.

Forward-Looking Statements

Statements that are not historical facts are forward-looking statements based on current expectations, estimates, projections, opinions and beliefs, including statements concerning development, construction, power delivery, leasing, financing, valuation, dispositions, portfolio composition, a potential Conversion, fundraising and expected returns. They involve known and unknown risks and uncertainties, and actual results may differ materially. Undue reliance should not be placed on them. Accordant and its affiliates undertake no obligation to update them except as required by law.

Confidentiality, Use and No Advice

Unless expressly identified as public website content, this information is confidential and may not be reproduced, distributed, quoted or disclosed, in whole or in part, without Accordant’s prior written consent. Nothing in this material constitutes legal, tax, accounting or investment advice, a recommendation of any security or strategy, or a representation that an investment is suitable for any investor. Opinions are subject to change without notice. Each investor must conduct an independent investigation and rely solely on the Fund Documents and its own advisers in making an investment decision.

This is not an offer to sell any products sponsored by our strategic partners. For more information regarding this offering, please contact the sponsor.

INVESTMENT VIA GLAS MASTER FUND LP

Clients investing in the Digital Economy Real Estate Partners Data Center Fund I will do so indirectly through an allocation to Glas Master Fund LP, a Delaware limited partnership managed by GLASfunds, LLC. Glas Master Fund LP serves as an aggregator vehicle that allocates capital into a range of underlying investment strategies, including the data center fund. Investments in the data center strategy are made via a designated “Series” within the Glas Master Fund structure.

By investing through Glas Master Fund LP, clients are purchasing limited partnership interests in a specific Series designated to invest in the Digital Economy Real Estate Partners Data Center Fund I. Investors will complete a subscription agreement with Glas Master Fund LP, and all investment activity, reporting, and administration will be conducted through that vehicle.

Please note that GLASfunds, LLC is the general partner of Glas Master Fund LP and is responsible for the management and operation of the fund, including the Series used to invest in the data center fund. Glas Master Fund LP is not a registered investment company and relies on applicable exemptions under the Investment Company Act of 1940.

REGARDING THE DIGITAL ECONOMY REAL ESTATE PARTNERS DATA CENTER FUND I

The terms, risks, strategy description, and other material information specific to the data center fund are set forth in the fund’s own offering materials, which are separate from the Glas Master Fund LP subscription documents. Investors should review the data center fund documentation in full before investing, as Glas Master Fund LP does not duplicate those disclosures. The underlying Digital Economy Real Estate Partners Data Center Fund I materials provide the only comprehensive source for evaluating that specific investment. Any highlights presented herein have been extracted from the Digital Economy Real Estate Partners Data Center Fund I offering documentation and disclosures should be referenced within that documentation.

Role of Our Firm

We host and provide access to the Digital Economy Real Estate Partners Data Center Fund I‘s offering documents through our investor portal, but we act solely as an investor services agent and marketing support agent. We are not serving as a placement agent, and we have not solicited or distributed the Digital Economy Real Estate Partners Data Center Fund I offering beyond facilitating document access and providing information regarding the process to invest in the Digital Economy Real Estate Partners Data Center Fund I.