4th Quarter 2019 Performance Report
Message from John Lloyd, Co-Founder, President & CEO
On behalf of the General Partner of Fidelis Private Fund, LP, I would like to thank the limited partners for theircommitment and loyalty. Our name, Fidelis, means trust, which is the foundation of our fund.
We are excited to share with you the 4th Quarter Fidelis Private Fund Performance Report.
This quarterly report includes an overview of financial performance, outlook for the future, and further
information regarding our Fund and our strategy. Included is a performance dashboard that is updated quarterlyto provide specifics on Fidelis financial performance.
Fidelis Private Fund is a one-stop-shop for commercial real estate financing needs. This is unique to mostmortgage funds. Not every borrower needs a short-term bridge loan from Fidelis, nor do we have the capacity toservice all the loan requests we receive.
We are a consultant, as well as a direct lender, and we can help our clients achieve their financial goals no matterthe loan request.
As an example of how we help ourclients in a consultant capacity, hit thectrl key and click the photo to the rightat the same time to watch a testimonial
video where we arranged financing for aclient who did not need a Fidelis loan
but a long-term permanent
conventional loan, and we were able tohelp.
A win/win with the client as wellas the Fidelis investors.

Fidelis Private Fund – Q4 2019 Financial PerformanceQ4 2019 Investor Annualized ReturnFidelis Private Fund generated an annualized return of approximately 8.10% for those limited partners invested
in the Fund before the last month of the quarter.
oThe yield achieved includes a Provision for Doubtful Accounts (Loan/Loss Reserve) of 1.50% of total loan
commitments, protection for limited partners against unforeseen future pitfalls in the economy (note thereserve expense only applies to new loan commitments that exceed the previous quarter’s total balance).

Limited Partner Capital
Fidelis' Limited Partner capital as of 9/30/2019 was $3,009,373. The 12/31/2019 Partner ending capital balance
was $4,606,300 from a combination of earnings and new capital. Therefore, from the 3rd quarter to the 4th quarterof 2019 we had a 53% increase.

Fidelis Private Fund, LP | 704 J Street, Ste 210, San Diego, CA 92101 | 760-258-4486 | www.FidelisPF.com

Fidelis Private Fund Quarterly Performance Report – Q3 2019

Loan Commitments/Performance/LTV
We closed over $2.6M in new loan commitments in the 4th quarter for total loan commitments of $7.2M at 4thquarter-end, resulting in a 48% increase in loans from last quarter. We have zero loan delinquency with anaverage loan portfolio LTV ratio of less than 60%.
Business Plan Trajectory
We are ahead of our projected budget for both investor capital and loan growth. With increased growth comes
improved economies of scale resulting in a more efficient and profitable Fund for our investors.
Further performance detail is provided in the ensuing pages with our Fidelis Financial Performance Dashboard.

4th Quarter Highlights:• In December 2019, we held our Annual Building Relationship
Event in North Park for our borrowers/brokers, which was a huge
success. Hit the ctrl key and click the photo to the right at the sametime to watch a short video recap of the event.

Fidelis Business Outlook••We are actively expanding our base of brokers andborrowers and continue to capitalize on loan opportunities
where timing is critical and where there is added value
potential upside for properties financed.
The general metrics of the economy remain healthy. The
global economy continues to remain sluggish and will keepinterest rates low. With employment strong, real estate
inventories low, and modest real estate price appreciation,
we are looking to have a great year in 2020.

Fidelis 1st Qtr. 2020 Outlook•

We purchased a new software system that will allow us to be more efficient, saving costs and at thesame time provide better customer service to both our borrowers/brokers and Limited Partners.
We look to have the system fully functional by the 2nd Quarter of 2020.

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We will be scheduling a Limited Partner seminar to demonstrate the new software technology andreal-time transparency for the Limited Partners capital accounts.
We are revamping our Fidelis website, and it should be rolling out by the end of January.
Look for a weekly blog I will be doing in later January in conjunction with the revised Fidelis Website.

Our Model: Growing Value with Purpose
The Fidelis Fund may be a fairly new fund, but there is nothing new about the business modelor the Fund Manager’s experience and prior success. John Lloyd has been fortunate toestablish long-term relationships with investors, borrowers, and brokers over many years
resulting in a solid foundation from which to scale our fund.
The combination of a familiar business model, a loyal client base, and general partners who have a long-term
investment approach, has allowed Fidelis to generate an exceptional return to our investors while establishing aloan/loss reserve of 1.50% of total loan commitments.

Investor Insights
As a reminder, existing Limited Partners can add to their capital account anytime with no minimum amountrequired. If you have any questions about your investment, do not hesitate to contact us.
If you know of an accredited investor who would benefit from an investment in Fidelis, please pass along thisinformation. They may contact John Lloyd at 760-258-4486.

Fidelis Private Fund, LP | 704 J Street, Ste 210, San Diego, CA 92101 | 760-258-4486 | www.FidelisPF.com