Hines Global Ventures Fund I (HGVF I)

¹Source: Apartment List, "State of the Nation's Rental Housing 2021.”

The investment in Fernish was made by an affiliate of Hines, not HGVF I. Fernish has been acquired by Vesta. The Fernish case study represents the Fund’s investment strategy, which is subject to change, and is not an indicator of future investments or performance.

Confidential

The reproduction of this document, in whole or in part, is prohibited. You are not permitted to make this document or the information contained herein available to any third parties. This document is not to be used for any purpose other than the purpose for which it was provided to you. Except as otherwise provided in a written agreement between the recipient and Hines or its affiliates (“Hines”), if the recipient receives a request under any applicable public disclosure law to provide, copy or allow inspection of these materials or other information regarding or otherwise relating to Hines, the recipient agrees (at its own cost and expense) to (i) provide prompt notice of the request to Hines, (ii) assert all applicable exemptions available under law and (iii) cooperate with Hines to seek to prevent disclosure or to obtain a protective order or other assurance that the information regarding or otherwise relating to Hines will be accorded confidential treatment.

Not an offer

This marketing communication does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities, units or other participation rights described herein by any party including Hines. Any such offer will be made only pursuant to a confidential private placement memorandum and the definitive documents of Hines Global Ventures Fund I LP (the “Fund”) (the “Definitive Documents”), which will be furnished to qualified investors at their request in connection with any such offering and should be referred to before making any investment decisions. The information contained in this presentation is qualified by reference to the Definitive Documents, which will entirely supersede this presentation. The information in this document should not be relied on because it is incomplete and remains subject to change.

Preliminary, Selective Information Only

This document summarizes certain characteristics of the Fund’s proposed investment program. It is presented solely for purposes of providing you with initial and general information at your own responsibility. This document is not suitable to inform you of the legal and factual circumstances necessary to make an informed judgement about any prospective investment. Prospective investors are requested to inform themselves comprehensively and, in particular, to verify the Definitive Documents which are expected to be provided in the future. Hines reserves the right, in its sole and absolute discretion, without notice, to alter the terms or conditions of the Fund and/or to terminate the potential investment opportunity described herein. Unless otherwise noted, the information contained herein is unaudited and may be preliminary and speaks as of the date of this document or the specific date specified. Hines disclaims any obligation to update this document in any manner, even in the event that the information becomes materially inaccurate.

In no event should this document be viewed as legal, business, tax, accounting, investment or other advice. Prospective investors should independently assess the merits and risks of their potential investment in the Fund; assess the legality, tax and financial consequences; and consult with their legal, tax, accounting and other advisors. Any statements of federal tax consequences contained in this document are not intended to be used and cannot be used to avoid penalties under the Internal Revenue Code or to promote, market or recommend to another party any tax related matters addressed herein. This document does not constitute any regulated investment (MiFID) advice.

Venture Capital Related Risks

Investing in venture capital funds, such as those described herein, are subject to numerous risks and uncertainties, including risks inherent in private, closed end venture capital funds, such as lack of liquidity, lack of diversification and dependence on key personnel of the fund sponsor. There are also risks inherent in the types of investments such funds make, including changes in market conditions, regulatory and environmental risks, high uncertainty around the timing of profit realization, intense competition for investment opportunities and risks associated with investing in development-stage companies with limited or no established operating history or earnings. The loss of an investor’s entire investment in the Fund is possible. Potential investors should pay particular attention to the risks described in the Definitive Documents. Investing in the Fund is suitable only for sophisticated investors and requires investors to be financially able and willing to accept the high risks and lack of liquidity inherent in investing in the Fund. There is limited to no secondary market for the Fund’s interests and there are significant restrictions to transfers of interests in the Fund. A recipient of this document who has preliminary interest in investing in the Fund should understand these risks and have the financial ability and willingness to accept such risks for an extended period of time before considering making an investment in the Fund. No assurance can be given that the Fund will achieve its investment objectives or that investors will receive a return of their capital. No representations or warranties of any kind are intended or should be inferred from this presentation and the Definitive Documents with respect to the economic returns or the tax consequences of investing in the Fund. Please refer to the Definitive Documents for detailed information on the risks and merits of the Fund.

Conflicts of Interest

To the extent permitted by applicable law, the fund sponsor and its affiliates and employees may: (a) make investments separate and apart from, or alongside, the Fund; (b) be permitted to manage other investment funds and similar vehicles during the Fund’s life, any of which may compete with the Fund for investment opportunities, management time and attention, or otherwise; and (c) provide services to, or otherwise engage in transactions with, the Fund. Provisions contained within the Definitive Documents that authorize such actions may override common law and statutory fiduciary duties that may apply in the absence of such provisions. Additionally, there are conflicts of interest in connection with the Fund making an investment in a portfolio company when other investment vehicles advised or managed by the fund sponsor or its affiliates, such as Hines Venture Studio, also own interests in the same portfolio company. There can be no assurance that the Fund and any such other investment vehicle will exit the investment at the same time or on the same terms, and there can be no assurance that the Fund’s return on such an investment will be the same as the returns achieved by any such investment vehicles participating in the transactions. Given the nature of these conflicts, there can be no assurance that the resolution of these conflicts will be beneficial to the Fund. In addition, the interests of the Fund and such other investment vehicle investing in the same issuer may not align with each other due to different terms or objectives of the Fund and the relevant investment vehicle.

Targeted Performance

Any investment entails a risk of loss, including loss of the entire investment. In considering any performance data contained herein, there can be no assurance that an investment program will achieve any target or estimated results. While Hines believes all performance targets and estimates to be reasonable and sound under the current circumstances, actual returns will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ materially from the assumptions and circumstances on which the estimated future cash flows and exit values used in the performance estimates and targets contained herein are based. Accordingly, nothing herein should be deemed to be a prediction or projection of future performance of the Fund and actual realized returns on unrealized investments may be materially different from the returns indicated herein. Additional information on the performance and other numbers presented herein is available from Hines upon request. Please refer to the Definitive Documents for detailed information on Fund performance.

Track Record

The Hines prior investments in venture capital funds and through venture capital incubation were made at different times, with different terms, directed by different Hines employees and in different market conditions than those contemplated for the Fund. Prospective investors should bear in mind that past performance is not indicative of future results, and there can be no assurance that the Fund will achieve comparable results to historical transactions or that the Fund will be able to implement its investment strategy and investment approach or achieve its investment objective.

This presentation identifies a number of benefits inherent in Hines’s services and operations on behalf of the Fund, although the Fund is also subject to a number of material risks associated with these benefits, as further identified in the Fund’s definitive documents. Although Hines believes that Hines and its personnel will have competitive advantages in identifying, diligencing, monitoring, consulting, improving and ultimately selling investments on behalf of the Fund, there can be no guarantee that Hines will be able to maintain such advantages over time, outperform third parties or the financial markets generally, or avoid losses. For additional information regarding risks and potential conflicts of interest regarding an investment in the Fund, please see below and the risk factors in the Definitive Documents.

Third Party Information

This document contains information in the form of charts, graphs and/or statements that Hines indicates were obtained by it from published sources or provided to it by independent third parties, some of whom Hines compensates for such information. Hines considers such sources to be reliable. It is possible that data and assumptions underlying such third-party information may have changed materially since the date referenced. You should not rely on such third-party information as predictions of future results. Neither Hines nor any third-party source undertakes to update any such information contained herein. Further, neither Hines nor any third-party source purports that such information is comprehensive, and, while it is believed to be accurate, it is not guaranteed to be free from error, omission or misstatement. Hines has not undertaken any independent verification of such information. Finally, you should not construe such third-party information as investment, tax, accounting or legal advice, and neither Hines nor any of its partners, officers, affiliates, employees, agents or advisors has verified or assumes any responsibility for the accuracy, reliability or completeness of such information.

Distribution by Hines

This document is being provided to you as a professional investor. The distribution of this document may be restricted in certain jurisdictions. It is the responsibility of the recipient of this document to comply with all relevant laws and regulations. For the purposes of distribution in the UK, this financial promotion has been distributed either by Hines Europe Real Estate Investments Ltd, which is authorized and regulated by the Financial Conduct Authority. In the Dubai International Financial Centre, distribution is by HEREI Representative Office Regulated by the Dubai Financial Services Authority as a Representative Office. In the US, distribution is by Hines Securities, Inc, a registered broker-dealer with the SEC, and a member of FINRA.

Currency and Taxation

Investments in the Fund will be denominated in US dollars and, therefore, will be subject to any fluctuation in the rate of exchange between the US Dollar and the currency of the investor’s home jurisdiction, which may have an adverse effect on the value of, price of or income or gains from an investor’s investment in the Fund. Future performance is subject to taxation which depends on the personal situation of the investor, and which may change in the future.

ESG Case Studies

ESG Case studies presented herein have been selected in order to provide illustrative examples of Hines' application of its ESG program. Descriptions of any ESG achievements or improved practices or outcomes are not necessarily intended to indicate that Hines has substantially contributed to such achievements, practices, or outcomes. For instance, Hines' ESG efforts may have been one of many factors --including such other factors as engagement by portfolio company management, advisors, and other third parties --contributing to the success described in each of the selected case studies. References to these particular portfolio companies should not be considered a recommendation of any particular security, investment, or portfolio company or be used as an indication of the current or future performance of Hines' investments.

ESG

This presentation includes information on Hines' program for incorporating ESG considerations. Such program is subject to Hines' fiduciary duties and applicable legal, regulatory, and contractual requirements and is expected to change over time. Additionally, the act of selecting and evaluating material ESG factors is subjective by nature, and the criteria utilized or judgment exercised by Hines may not align with the views, internal policies, or preferred practices of any particular investor or other asset manager or with market trends. Further, it should not be assumed that any sustainability initiatives, standards, or metrics described herein will apply to each asset in which the Fund invests or that they have applied to each of Hines' prior investments. Hines is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its sustainability initiatives, policies, and procedures based on cost, timing, or other considerations. Sustainability is only one of many considerations that Hines takes into account when making investment decisions, and other considerations may, in certain circumstances, outweigh sustainability considerations. The information provided herein is intended solely to provide an indication of the sustainability initiatives and standards that Hines applies when seeking to evaluate and/or improve the sustainability characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. The decision to invest should take into account all of the characteristics of the Fund as described in the Definitive Documents and not just ESG characteristics.

Awards or Rankings included herein

Any awards, honors, or rankings referred to herein concerning Hines are provided for informational purposes only. They are not intended to be, nor should they be construed as or relied upon as, an indication of future performance or other future activity. Any such awards, honors, or other references or rankings may have been based on subjective criteria. They may have been based on a limited universe of participants, and other awards, honors, or other references exist.

Forward Looking Statements

This document contains projected results, forecasts, estimates, targets and other “forward-looking statements” concerning proposed and existing investment funds and other vehicles. Due to the numerous risks and uncertainties inherent in venture capital and real estate investments, actual events or results, or the actual performance of any of the funds or investment vehicles described, may differ materially from those reflected or contemplated in such forward-looking statements. Accordingly, forward-looking statements cannot be viewed as statements of fact. The projections presented are illustrations of the types of results that could be achieved in the given circumstances if the assumptions underlying them are met. Prospective investors should not rely on such forward-looking statements in deciding whether to make an investment.

Disclaimer

The statements in this document are based on information which we consider to be reliable and are made as of the date hereof unless stated otherwise in this presentation. This document does not, however, purport to be comprehensive or free from error, omission or misstatement. We reserve the right to alter any opinion or evaluation expressed herein without notice. Statements presented concerning investment opportunities may not be applicable to particular investors. Liability for all statements and information contained in this document is, to the extent permissible by law, excluded.