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Longevity Investing in Life Settlements2020

Alternative Investment Resource LLC d/b/aAIR Asset Management

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Sellers no longer pay future premiums

Buyers (investors) profit based on the face value of the policy less the acquisition price and accumulated premiums

Insureds, typically 70+ or older with a $100,000 or larger policy

Settlement amount will usually exceed the amount of the cash surrender value

The Life Settlement Fundamentals

Definition: The transfer of ownership and beneficiary rights of a life insurance policy on an insured in exchange for a cash payment.

Individuals typically settle their policies in order to monetize the assetbecause they either do not want, do not need, or cannot afford their lifeinsurance policy. Alternatively, in lieu of a settlement, insureds tend to lettheir policies lapse or simply surrender them.

Fundamentals of the life settlement space include:

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Life Settlement Transaction Process

Process Stages

Sour

cing

Life settlement providers identify potential settlements through a brokerage network or direct policy source.AIR Asset Management reviews and evaluates individual cases, as well as tertiary portfolios.

Und

erw

ritin

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If a case passes initial review, further analysis and medical underwritings are completed.A mortality factor for the insured is then generated.

Valu

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Pricing is evaluated using quantitative models which factor in the cash flows, life expectancies, premium costs, and the standardized mortality tables.Offers are made via a bidding process using a discount rate.

Clo

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If an offer is accepted, the insurance company is notified and the policy settles.AIR Asset Management pays the premiums and manages the policy going forward.

Four basic stages in the process of acquiring or selling a life insurance policy:

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A Socially Responsible InvestmentWe believe that investment in life settlements issustainable, responsible, impact investing. Withincreased capitalization of the secondary market forlife insurance:I. Retirees may use life settlement proceeds to

replace pre-retirement income and help maintaina dignified standard of living.

II. Frail and disabled persons may use lifesettlement proceeds to pay for long-term skillednursing without placing the burden on theshoulders of family or government programs.

III. The benefit from decades of premiums paid on apolicy will be realized by an individual in needrather than forfeited to insurance companies.

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Life Settlement Marketplace DevelopmentOver $30bn of life settlements are in-force today(1), and as the asset class has matured a tertiary market for settlements hasevolved that allows institutional investors to effectively deploy capital within the space. This tertiary market has been growingand now records over $10bn in transactions annually, with significant potential for further growth;

Projected Market Volume in 2025:

$60bn

Life Insurance:

• It is estimated that U.S. seniors have over $3 trillion of life insurance policies(2) of which we estimate a quarter are structurally and economically viable for life settlements•According to the Life Insurance Settlement Association (LISA), “An astounding $100 billion+ in face value of life insurance is lapsed or voluntarily surrendered each year by seniors over the age of 65.”

Demographics:

•Senior U.S. population is expected to double between 2000 and 2030 to 69 million individuals(3)

• In recent decades, the impact of medical innovation on adult life expectancy has been most pronounced in the 50 to 65 year old population

•Developing need for liquidity in retirement due to increasing;- Healthcare costs- Pension deficits- Dependency ratios

Established asset class:

•Life settlements are now regulated in some capacity by 46 states.(4)

•The market has matured as life expectancy underwriters have developed sufficient track records to make refinements

•Post 2008, there is greater awareness among insurers and financial advisors of their fiduciary responsible to outline the life settlements option to those considering surrender their policy or allowing it to lapse

Past performance does not guarantee future results.(1) Conning & Co, 2016, Life Settlements, Secondary Annuities, and Structured Settlements(2) Life Insurance Settlement Association (LISA)(3) S Census Bureau(4) Fasano eNewsletter - February 2019 Issue

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The Underwriting and Valuation Process

Policy Valuation

• Mortality curve results in a projected cash inflow, and net present value (“NPV”) calculated using premiums

Mortality Curve

• Mortality curve created based on multiplier and life expectancy

Mortality Multiplier

• Multiplier encompasses assessment of health

Medical Underwriting

• Medical history of the insured reviewed in detail

Note: Expected net present value allows the Fund to set a price for each settlement. The graph on the next page provides an illustration of such a curve and the resulting cash flow values.

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The Secondary and Tertiary Markets for Life Insurance

AIR Asset Management

• A life settlement is the secondary market for life insurance.• It provides an economically favorable alternative for U.S. citizens in possession of unwanted or unneeded life insurance

policies.• The market is well-regulated offering consumers comprehensive protection under state life settlements laws.• In the U.S. it is common to hold several life insurance policies for various risk coverage and/or wealth management

purposes.

Secondary

• We have witnessed the growth of a “tertiary” market where settled policies are re-sold between investors. This market includes derivatives and other hedged transactions.

• The tertiary market for life settlements creates liquidity and allows institutional investors to deploy capital faster withinthe space. This market now records over $10bn in transactions annually.(1)

Tertiary

(1) Conning & Co, 2016, Life Settlements, Secondary Annuities, and Structures Settlements

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Future Outlook

Expected Rates of Return:• Market Rates have been in a decreasing

trend during recent years.• This represents an opportunity for life

settlement investors• Closed-end funds lock in today’s attractive

yields prior to further drops

Low Correlation Asset Class:”When comparing traditional asset classes againstthe AA Partners Life Settlement Index it isbecoming clear that Life Settlements have nearzero correlation to mainstream financial markets.”

Jose C. Garcia, CEO and Life Settlements Expert 2017

Life Settlement Market Rates – (IRR)(1) AAP Investable Life Settlement Index(2)

(1) Carlisle LTGF Presentation 2020(2) AA-Partners Ltd. website

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AIR Asset Management is Uniquely Qualified to Manage a Fund of Life Settlements

Experts in Longevity-Based Assets

Our experience and expertise in longevity-based asset classes enables us to be more effective as we work to generate total return with as little correlation as possible to other asset classes.

SEC-Registered Investment Advisor

With over $250MM in assets under management, we have years of experience in U.S. longevity-linked markets.

Positive Industry RelationshipsWe have developed a network of business partners in the longevity-linked markets, including a strategic partnership with $2.4B fund manager the Carlisle Management Company S.C.A. (“Carlisle”). This partnership has allowed us to launch a suite of products and receive sub-advisory services from Carlisle on many of them.

Meticulous Internal Standards

We employ rigorous internal standards and due diligence processes that demonstrate exceptional aptitude in portfolio management and operations.

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AIR Asset Management - Team

Richard BeleutzChief Executive Officer

Stephen LuongoChief Investment Officer

Amy Boyet BesseChief Compliance Officer & Director

of Operations

Matt SchaeferChief Financial Officer

Scott RomanekManaging Director of Sales &

Marketing

Jeff BlackDirector of Portfolio Management

Andrea HochMarketing & Operations Associate

With over 100 years of combined experience in financial services and asset management, AIR Asset Management providesinvestors with a wealth of expertise in the alternative investment space. We leverage the proficiency and experience of anextensive network of strategic partners. This allows us to deploy investment strategies, curated from a cross-section of fundmanagers, specialists, and thought leaders.

Please click here to view the AIR Asset Management team’s bios.

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Main Office 333 S. Wabash Ave. 27th Floor Chicago, IL 60604

Chicago: (773) 230-2759

Info@AIRAssetManagement.com

www.airassetmanagement.com

AIR Asset Management - Contact Information

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DisclaimersRainmaker SecuritiesRichard Beleutz is the Chief Executive Officer of AIR Asset Management and a registered agent of RainMaker Securities, LLC. Member FINRA / SIPC.Find information about Rainmaker Securities and its agents on BrokerCheck.

General DisclaimerThe information and any disclosures provided in this brochure are in summary form and have been prepared solely for informational purposes only. Thisdocument does not constitute an offer to sell or the solicitation of an offer to buy interests in AIR US Life Fund I, LP, AIR US Life Fund II, LP, AIR USLife Fund III, LP, AIR US Life Fund IV, LP, AIR Policy Portfolio I, LLC, AIR Annuity Fund, LP, and/or any other fund product (collectively, “the Funds”).An offering of interests on any of the products mentioned above will be made only by means of a definitive confidential private offering memorandum(“Offering Memorandum") and only in those jurisdictions where permitted by law. In the case of any inconsistency between the information anddisclosures contained herein and the information and disclosures contained in the Funds’ Offering Memorandums, the Funds’ Offering Memorandumswill control. Any purchase made by you on the basis of information and any disclosures not contained in or consistent with the Funds’ OfferingMemorandums will be solely at your own risk.

Speculative RiskAn investment in any and all of the fund’s mentioned in this brochure is speculative and involves high degree of risk. The Funds may employ certaintechniques, such as short selling and the use of leverage, that may increase the risk of investment loss. Further, investors will have limited withdrawaland transfer rights, and no secondary market for the interests exists or is expected to develop. In addition, the Funds' fees and expenses offset tradingprofits. All of the risks, as well as other important risks and information (including, without limitation, information regarding trading objectives andprograms, fees, and expenses, tax considerations and suitability requirements) are described in detail in the Funds’ Offering Memorandums.Prospective investors are strongly urged to review the Funds’ Offering Memorandums carefully and consult with their own financial, legal and taxadvisors before investing with any of the Funds.

Our investment program involves substantial risk, including the loss of principal, and no assurance can be given that our investment objectives will beachieved. Among other things, certain practices of short selling and other investment techniques as described herein can, in certain circumstances,maximize the adverse impact to which investments may be subject. Trading guidelines and objectives may vary depending on market conditions. Wemay also use varying degrees of leverage and the use of leverage can lead to large losses as well as large gains.

Forward-Looking StatementsCertain information contained in this material constitutes forward-looking statements, which can be identified by the use of forward-looking terminologysuch as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or othervariations thereon or comparable terminology. Such statements are not guarantees of future performance or activities. Due to various risks anduncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements.

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DisclaimersIndicesReferences to indices contained herein are therefore not intended to compare to the actual performance of the fund, but solely for the purpose ofcomparison to certain industry segments. Reference to the S&P 500 and other indices is for comparative purposes only. The S&P 500 is an unmanagedcapitalization-weighted index of 500 stocks, designed to measure performance of the broad domestic economy through changes in the aggregatemarket value of 500 stocks representing all major industries. The index tracks the capital gains of the stocks over time, assuming that any cashdistributions, such as dividends, are reinvested back into the index. The S&P 500 may be more diversified than the Fund and may not represent anappropriate benchmark. Holdings may vary significantly from the securities that comprise the S&P 500. Past performance of an index should not beconstrued as an indicator of future performance of the Fund or your account.

Illustrative Purposes OnlyExamples of our processes and any other ideas presented herein are for illustrative purposes only. There is no guarantee that the Fund will acquire aposition in an issuer or industry referenced in such examples or ideas or that any such position would be profitable.

This material is for informational purposes only. Any opinions expressed herein represent current opinions only, and while the information containedherein is from sources believed reliable there is no representation that it is accurate or complete and it should not be relied upon as such. We accept noliability for loss arising from the use of this material. Federal and state securities laws, however, impose liabilities under certain circumstances andnothing herein shall in any way constitute a waiver or limitation of any rights that a client may have under U.S. federal or state securities laws.

Not Investment Advice or a RecommendationBy accepting delivery of this confidential brochure, you acknowledge and agree that (a) any information provided by AIR Asset Management (“AIRAM”),the Funds or any of their respective affiliates (including information set forth in this confidential brochure) is not a recommendation to invest in the Fundsor any other investment vehicle managed by AIRAM and that none of AIRAM, the Funds or any of their respective affiliates is undertaking to provideany investment advice to you (impartial or otherwise), or to give advice to you in a fiduciary capacity in connection with an investment in the Funds orany other such vehicle and, accordingly, no part of any compensation received by AIRAM or any of its affiliates is for the provision of investment adviceto you and (b) AIRAM and/or its affiliates have a financial interest in any investment in the Funds or any other such vehicle on account of the fees and/orother compensation they expect to receive from the Funds or such other vehicle as disclosed in the documents governing the Funds or such othervehicle.