Ver Versus Capit apital al Mult ulti-Manager anager Real Estate - PowerPoint PPT Presentation

Ver Versus Capit apital al Mult ulti-Manager anager Real Estate e Inc ncom ome e Fun und

Some Risks of the Fund AN INVESTMENT IN THE FUND IS SUBJECT TO A HIGH DEGREE OF RISK. RISKS OF INVESTING IN THE FUND, INCLUDE, BUT ARE NOT LIMITED TO, THOSE OUTLINED BELOW. YOU SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ARE CONTAINED IN THE FUND’S PROSPECTUS AND SUMMARY PROSPECTUS AND CAN BE OBTAINED BY CONTACTING THE SUB-DISTRIBUTOR OR FROM THE VERSUS CAPITAL WEBSITE (www.versuscapital.com). PLEASE READ THEM CAREFULLY BEFORE YOU INVEST OR SEND MONEY. THE FUND IS A NEWLY FORMED ENTITY WITH NO SIGNIFICANT OPERATING HISTORY UPON WHICH PROSPECTIVE INVESTORS MAY EVALUATE THE FUND’S POTENTIAL PERFORMANCE. THE FUND’S INVESTMENTS MAY BE NEGATIVELY AFFECTED BY THE BROAD INVESTMENT ENVIRONMENT IN THE REAL ESTATE MARKET, THE DEBT MARKET AND/OR THE EQUITY SECURITIES MARKET. REAL ESTATE IS SUBJECT TO SPECIAL RISKS, AMONG WHICH ARE TENANT DEFAULT, ENVIRONMENTAL PROBLEMS, AND ADVERSE CHANGES IN LOCAL ECONOMIC CONDITIONS. THE FUND IS DEEMED “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACT OF 1940 SINCE CHANGES IN THE FINANCIAL CONDITION OR MARKET VALUE OF A SINGLE ISSUER MAY CAUSE A GREATER FLUCTUATION IN THE FUND’S NET ASSET VALUE THAN IN A “DIVERSIFIED” FUND. THE FUND IS NOT INTENDED TO BE A COMPLETE INVESTMENT PROGRAM. YOU SHOULD NOT EXPECT TO BE ABLE TO SELL YOUR SHARES OTHER THAN THROUGH THE FUND’S REPURCHASE POLICY, REGARDLESS OF HOW THE FUND PERFORMS. THE FUND DOES NOT INTEND TO LIST ITS SHARES ON ANY SECURITIES EXCHANGE DURING THE OFFERING PERIOD, AND THE FUND DOES NOT EXPECT A SECONDARY MARKET IN THE SHARES TO DEVELOP. AS A RESULT OF THE FOREGOING, AN INVESTMENT IN THE FUND’S SHARES IS NOT SUITABLE FOR INVESTORS THAT REQUIRE LIQUIDITY, OTHER THAN LIQUIDITY PROVIDED THROUGH THE FUND’S REPURCHASE POLICY. THE SUCCESS OF THE FUND DEPENDS IN LARGE PART UPON THE ABILITY OF THE ADVISER TO CHOOSE SUCCESSFUL INVESTMENT MANAGERS AND UPON THE ABILITY OF THE ADVISER AND THE INVESTMENT MANAGERS TO DEVELOP AND IMPLEMENT INVESTMENT STRATEGIES THAT ACHIEVE THE FUND’S INVESTMENT OBJECTIVES. NOT FDIC INSURED, NO BANK GUARANTEE, MAY LOSE VALUE Sub-Distributor Distributor Shareholder Services 1.800.667.3875 BNY Mellon Distributors Inc. 1.855.653.7173 2

Disclosure Statements  Versus Capital Multi-Manager Real Estate Income Fund LLC (the “Fund”) is an investment company, as defined under the Investment Company Act of 1940, as amended (the “40 Act”). The Fund is a continuously offered closed-end mutual fund, registered under the Investment Company Act of 1940. The Fund is designed to serve as a core real estate holding, providing access to institutional real estate managers and primarily consisting of a portfolio of direct real estate investment funds.  Versus Capital Advisors LLC (“Versus Capital” or the “Adviser”), is the adviser to the Fund and is an investment adviser registered with the Securities Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Versus Capital is an independent asset management focused on building and managing alternative investment products that seek to have an income oriented return focus and low correlation to the broader equity and debt indices. Versus Capital builds these products to give individual investors access to institutional managers once reserved for foundations, endowments, pensions and other institutions.  Callan Associates (“Callan”) is the sub-adviser to Versus Capital and the Fund. Callan, a registered investment adviser under the Advisers Act, will assist the Adviser by providing research, due diligence and recommendations with regard to Investment Managers and Investment Funds for review and approval by the Adviser. Callan provides research, education, decision support and advice to over 230 institutional investors collectively responsible for over $1.0 trillion in total assets.  Advisors Asset Management (“AAM”) is the Sub-Distributor of the Fund. AAM is a broker-dealer registered with the SEC, a member of Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). AAM is not affiliated with Versus Capital, Callan or the Fund.  BNY Mellon Distributors Inc. (“BNY/Mellon”) is the statutory underwriter for the Fund. BNY/Mellon is a broker-dealer registered with the SEC, a member of FINRA. BNY/Mellon is not affiliated with Versus Capital, Callan or the Fund. 3

Contents Introduction to Versus Capital 5 Versus Capital Multi-Manager Real Estate Income Fund 6 Why Invest in Direct Real Estate? 12 Board of Directors 17 Sub-Adviser - Callan Associates 18 Contact Information 19 4

Introduction to Versus Capital Versus Capital is a registered investment advisor under the Advisers Act, focused on building and managing alternative investment products that seek to have an income oriented return focus and low correlation to the broader equity and debt indices.  Our goal is to help investors achieve less volatile, long-term investment portfolio success  Our Principals have significant experience building, managing, and distributing alternative investment products (specifically real estate related)  We build investment products to give individual investors access to institutional managers  We primarily seek to invest with institutional managers with strong and long track records  Our efforts are supported by the research and consulting advice of one of the largest independently owned investment consultants – Callan Associates Inc. 5

Versus Capital Multi-Manager Real Estate Income Fund Introducing Direct Real Estate in a Mutual Fund • Income Focused • No Upfront Load* Versus Capital Multi-Manager • Daily NAV Real Estate Income Fund • Quarterly Liquidity Closed End Fund – Initial Offering • 1099 $750,000,000 The Fund has been formed as a Delaware limited liability company and is registered as a non-diversified, continuously offered closed-end investment company under the 40 Act. The Fund will offer up to $750 million worth of shares, to be registered under the Securities Act of 1933, as amended. This summary is prepared solely for the purposes of illustration and discussion; it is not complete and should not be relied upon as such. The information contained should not be used or considered as an offer to sell, or a solicitation or an offer to buy, any security. The mention of specific managers, funds or asset classes is not a recommendation or solicitation for any person to buy, sell or hold any particular manager, fund or asset class. Fund composition is subject to change as market conditions change and funds are added or subtracted per the * No upfront sales charge/load upon purchasing shares. The Fund advice of the sub-adviser and discretion of the adviser. does pay an ongoing distribution, marketing and servicing fee. 6

Versus Capital Multi-Manager Real Estate Income Fund Fund Objectives: Fund Information  Consistent current income Adviser Versus Capital Advisors LLC Sub-Adviser Callan Associates Inc.  Capital preservation CUSIP# 92532P108  Long-term capital appreciation Minimum Investment $10,000 Upfront Sales Charge None* Potential Investment Benefits: Liquidity Quarterly, via tender offer  Current income Lock-up None  Portfolio diversification Early Withdraw Charge 2% - First 12 months Dividend Quarterly  A potential hedge against inflation Tax Reporting 1099  Capital preservation Management Fee 0.95%**  Long-term capital appreciation * No upfront sales charge/load upon purchasing shares. The Fund does pay an ongoing distribution, marketing and servicing fee. ** In addition to the management fee, the Fund has other operating expenses, among them include the expenses incurred by underlying investment funds and the fees charged by investment managers acting as sub-advisers to the Fund. 7

Versus Capital Multi-Manager Real Estate Income Fund Shareholder Shareholder Shareholder Shareholder Shareholder Shareholder Board of Directors Majority Independent Versus Capital Multi-Manager Versus Capital Advisors Callan Associates Inc. Real Estate Income Fund LLC (the “Sub-Adviser”) (the “Adviser”) (the “Fund”) Institutional Managers While the Approved Managers have been reviewed and approved by the Sub-Adviser and accepted by the Adviser, there is no guarantee that any one Approved Manager will receive an allocation of the Fund's assets for investment. The mention of specific managers, funds or asset classes is not a recommendation or solicitation for any person to buy, sell or hold any particular manager, fund or asset class. Fund composition is subject to change as market conditions change and funds are added or subtracted per the advice of the sub-advisor and discretion of the advisor. . 8