National Data Center Fund

As of 12/31/2023

Footnotes:

1. Any projections included herein are estimates based on forecasted operations of the fund, and no assurances can be given that actual results will be the same as any projections, nor can any market conditions be predicted or guaranteed.
2. As of December 31, 2023. Please see Fund Materials, available upon request, for additional disclosures on calculation of NAV and TEV.
3. Target returns reflect aspirational performance goals. They are estimated, hypothetical returns that do not reflect the actual returns achieved by NDCF and cannot be guaranteed. To obtain a detailed summary of NDCF’s return projections and for a detailed list of important disclosures on forward-looking statements, please contact the Investor Relations contacts listed above.
4. National employees receive a management fee waiver but are still subject to the incentive fee and all other terms.
5. Distributions are not guaranteed.

Endnotes:

1. This is not an offering or the solicitation of an offer to purchase an interest in NDCF. Any such offer or solicitation will be made to qualified investors only by means of a final offering memorandum and only in those jurisdictions where permitted by law.
2. National is a registered investment adviser with the United States Securities and Exchange Commission (SEC). Registration as an investment adviser does not imply any level of skill or training. The SEC does not endorse, indemnify, or guarantee National’s business practice, selling methods, the class or types of securities offered, or any specific security.