For Broker Dealer and RIA home office due diligence purposes only.

Please read the Private Placement Memorandum in its entirety and consult your tax and/or legal counsel before considering an investment in this offering. Past performance of the Sponsor, its Key Principals, or their previous offerings does not guarantee future results.

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This material should not be reviewed or distributed without the PPM, which in its entirety is the controlling disclosure
document for the Investment.

Certain information set forth in the PPM contains targets and goals. These statements and illustrations help explain the business plan and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from what we are intending to accomplish. Given these uncertainties, you should not place undue reliance on these targets. Except for statements of historical fact, information contained herein constitutes our business strategies and intentions. These targets reflect management’s reasonable assumptions provided to allow potential investors the opportunity to understand management’s goals so that they may be used as one factor in evaluating the investment.

These strategies and targets are not guarantees or projections of future performance; as such, undue reliance should not be
placed on them.

There is no guarantee that ExchangeRight Income Fund d/b/a ExchangeRight Essential Income REIT (the “Essential Income REIT” or “Trust” or “Investment”) will be successful or that the Trustee will be successful in executing the Essential Income REIT’s objectives. In the event of a market downturn, there may be lengthened illiquidity and/or disruption in performance.

This Investment relies upon the decisions of the Trustee. Prior successes by any previous investments or their principals,
officers, or managers does not guarantee future performance, nor are they any guarantee of liquidity, of a shorter- or longer term hold period, against loss, or against an interruption or reduction in income—all of which are risks of real estate and real estate investments, including this Investment.

The principals of the Trustee have conflicts of interest that could impact the management of this Investment based on the
needs and investment opportunities of other companies. This may lead to a conflict of interest between their various roles,
including conflicts with the investors regarding decisions related to the Essential Income REIT and acquisition and
management of the Essential Income REIT.

Do not invest solely based on distributions that the Essential Income REIT may be currently generating or targeting to
generate. The Essential Income REIT may not acquire any or all of its targeted investments. Any distributions will depend
upon the successful operation of the properties that the Essential Income REIT acquires. Returns are not guaranteed.

While this Investment includes a liquidity feature, there can be no assurance that liquidity will be obtained at any point in
the future or that a future liquidity event would be profitable. The Essential Income REIT plans to utilize leverage, which
may magnify the impact of any risks, including fluctuations in interest rates, which may significantly affect the returns
of this Investment. Material economic disruption globally or especially in the United States could have a material impact
on the value of this Investment and could significantly delay or thwart potential liquidity events. Local development may
also impact property values, as is the case with all real estate and real estate investments.

Please note that every real estate investment, including this Investment, is speculative, is illiquid, has the potential for
complete loss of principal, and carries downside risks due to variables such as potentially declining market values, releasing
risk, interest rate risk, refinancing or financing risk, acts of God, and management and/or operational failures.

The photos in this document are representative of similar corporate-backed stores and may not be the actual locations
included in the portfolio. There is no guarantee that all of the identified properties will be acquired.

“Investment-grade” refers to tenants whose long-term corporate debt rating is considered investment grade by Standard & Poor’s, Moody’s, and/ or Fitch. An investment grade rating is a rating that indicates that a corporate bond has a relatively lower risk of default than a corporate bond with a speculative grade.