# EDGAR Filing Document

**Accession Number:** 0001688804
**File Stem:** 0001688804-23-000001
**Filing Date:** 2023-2
**Character Count:** 838588
**Document Hash:** d0d3c33ab442df1745894386d1670f80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001688804-23-000001.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001688804-23-000001

**CONFORMED SUBMISSION TYPE**: 1-A POS

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RSE Collection, LLC
- **CENTRAL INDEX KEY:** 0001688804
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **IRS NUMBER:** 371835270
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-11584
- **FILM NUMBER:** 23643618

**BUSINESS ADDRESS:**
- **STREET 1:** 446 BROADWAY
- **STREET 2:** FLOOR 2
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 3479528058

**MAIL ADDRESS:**
- **STREET 1:** 446 BROADWAY
- **STREET 2:** FLOOR 2
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

## Part

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**Post-Qualification Amendment No. 27**

**File No. 024-11584**

**EXPLANATORY NOTE**

This is a post-qualification amendment to an offering statement on Form 1-A filed by RSE Collection, LLC (the "Offering Statement"). The Offering Statement, as amended by a pre-qualification amendment, was initially qualified by the U.S. Securities and Exchange Commission on November 15, 2021. This Post-Qualification Amendment No. 27 seeks to qualify 3 series of interests of the issuer: Series #ARSHAM1; Series #FAREWELL; and Series #APOLLO14.

Different series of RSE Collection, LLC have already been offered by RSE Collection, LLC under the Offering Statement, as amended and qualified. Such series of RSE Collection, LLC will continue to be offered and sold by RSE Collection, LLC following the filing of this post-qualification amendment subject to the offering conditions contained in the Offering Statement, as qualified.

The purpose of this post-qualification amendment is to add to the Offering Statement, as amended and qualified, the offering of additional series of RSE Collection, LLC and to amend, update and/or replace certain information contained in the Offering Circular. The series already offered under the Offering Statement and the additional series being added to the Offering Statement by means of this post-qualification amendment are outlined in the "**Master Series Table**" contained in **Appendix A** to the Offering Circular in this post-qualification amendment.

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This Post-Qualification Amendment No. 27 amends the Offering Circular of RSE Collection, LLC originally qualified on November 15, 2021, and most recently amended by Post-Qualification Offering Circular Amendment No. 26 dated November 4, 2022, and as may be amended and supplemented from time to time (the "Offering Circular"), to add additional securities to be offered pursuant to the Offering Circular and to update certain other information in the Offering Circular. Unless otherwise defined below, capitalized terms used herein shall have the same meanings as set forth in the Offering Circular. An offering statement pursuant to Regulation A relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "Commission"). Information contained in this Preliminary Offering Circular is subject to completion or amendment. To the extent not already qualified under Regulation A, these securities may not be sold nor may offers to buy be accepted before the offering statement filed with the Commission is qualified. This Preliminary Offering Circular shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the laws of any such state. We may elect to satisfy our obligation to deliver a Final Offering Circular by sending you a notice within two business days after the completion of our sale to you that contains the URL where the Final Offering Circular or the offering statement in which such Final Offering Circular was filed may be obtained.

**POST-QUALIFICATION OFFERING CIRCULAR AMENDMENT NO. 27**

**SUBJECT TO COMPLETION; DATED FEBRUARY 17, 2023**

<br>**RSE COLLECTION, LLC**<br>

**446 BROADWAY, 2<sup>ND</sup> FLOOR, NEW YORK, NY 10013**

**(201) 564-0493) Telephone Number** 

**www.rallyrd.com**

**Best Efforts Offering of Series Membership Interests**

This Offering Circular relates to the offer and sale of series of interests, as described below, to be issued by RSE Collection, LLC (the "Company," "RSE Collection," "we," "us," or "our"). Green highlighting in the table below identifies new series submitted to the Commission for qualification.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Series Membership Interests Overview***<br> ***Not Yet Qualified*** | ***Series Membership Interests Overview***<br> ***Not Yet Qualified*** | ***Series Membership Interests Overview***<br> ***Not Yet Qualified*** | ***Series Membership Interests Overview***<br> ***Not Yet Qualified*** | ***Series Membership Interests Overview***<br> ***Not Yet Qualified*** | ***Series Membership Interests Overview***<br> ***Not Yet Qualified*** |
|  |  | **Price to Public** | **Underwriting Discounts and Commissions (1)(2)(3)** | **Proceeds to Issuer** | **Proceeds to Other Persons** |
| **Series #ARSHAM1** | **Per Unit** | **$20.00** | **1%** | **$19.80** |  |
|  | **Total Minimum** | **$108000**  | **1%** | **$106920**  |  |
|  | **Total Maximum** | **$135000** | **1%** | **$133650** |  |
| **Series #APOLLO14** | **Per Unit** | **$10.00** | **1%** | **$9.90** |  |
|  | **Total Minimum** | **$16000**  | **1%** | **$15840** |  |
|  | **Total Maximum** | **$20000**  | **1%** | **$19800** |  |
| **Series #FAREWELL** | **Per Unit** | **$10.00** | **1%** | **$9.90** |  |
|  | **Total Minimum** | **$12000**  | **1%** | **$11880** |  |
|  | **Total Maximum** | **$15000**  | **1%** | **$14850** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Series Membership Interests Overview***<br> ***Active Offerings (Previously Qualified)*** | ***Series Membership Interests Overview***<br> ***Active Offerings (Previously Qualified)*** | ***Series Membership Interests Overview***<br> ***Active Offerings (Previously Qualified)*** | ***Series Membership Interests Overview***<br> ***Active Offerings (Previously Qualified)*** | ***Series Membership Interests Overview***<br> ***Active Offerings (Previously Qualified)*** | ***Series Membership Interests Overview***<br> ***Active Offerings (Previously Qualified)*** |
|  |  | **Price to Public** | **Underwriting Discounts and Commissions (1)(2)(3)** | **Proceeds to Issuer** | **Proceeds to Other Persons** |
| **Series #GIJOE2** | **Per Unit** | **$10.00**  | **1%** | **$9.90** |  |
|  | **Total Minimum** | **$9600**  | **1%** | **$9504**  |  |
|  | **Total Maximum** | **$12000**  | **1%** | **$11880**  |  |
|  | **Total Minimum** | **$24000**  | **1%** | **$23760**  |  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Maximum** | **$30000**  | **1%** | **$29700**  |
| **Series #35MICKEY** | **Per Unit** | **$10.00**  | **1%** | **$9.90**  |
|  | **Total Minimum** | **$5200**  | **1%** | **$5148**  |
|  | **Total Maximum** | **$6500**  | **1%** | **$6435**  |
| **Series #SCARFACE** | **Per Unit** | **$10.00**  | **1%** | **$9.90**  |
|  | **Total Minimum** | **$16000**  | **1%** | **$15840**  |
|  | **Total Maximum** | **$20000**  | **1%** | **$19800**  |
| **Series #CAPTAIN1** | **Per Unit** | **$10.00**  | **1%** | **$9.90**  |
|  | **Total Minimum** | **$220000**  | **1%** | **$217800**  |
|  | **Total Maximum** | **$275000**  | **1%** | **$272250**  |
| **Series #BASQUIAT1** | **Per Unit** | **$10.00**  | **1%** | **$9.90**  |
|  | **Total Minimum** | **$216000**  | **1%** | **$213840**  |
|  | **Total Maximum** | **$270000**  | **1%** | **$267300**  |
| **Series #DRYOSAUR** | **Per Unit** | **$10.00**  | **1%** | **$9.90**  |
|  | **Total Minimum** | **$440000**  | **1%** | **$435600**  |
|  | **Total Maximum** | **$550000**  | **1%** | **$544500**  |

---

(1) Dalmore Group, LLC (when acting in connection with initial offerings of interests, the "BOR") acts as a broker of record and is entitled to a Brokerage Fee, as described in "**Offering Summary**" – "**Use of Proceeds**." The BOR's role and compensation are described in greater detail under "**Plan of Distribution and Subscription Procedure – Broker**" and "**– Fees and Expenses**." With respect to trading on the PPEX ATS (as defined below), Dalmore Group, LLC (when acting in connection with secondary market transactions of interests, the "Executing Broker") also acts as executing broker to facilitate secondary transactions on behalf of investors (as described in "**Description of the Business – Liquidity Platform**").

(2) DriveWealth, LLC (the "Custodian") acts as custodian of interests and holds brokerage accounts for interest holders in connection with the Company's offerings and is entitled to a Custody Fee, as described in "**Offering Summary**" – "**Use of Proceeds**." The Custodian's role and compensation are described in greater detail under "**Plan of Distribution and Subscription Procedure – Custodian**" and "**– Fees and Expenses**." For all offerings of the Company which closed or launched prior to the agreement with the Custodian, signed on March 2, 2018, interests are transferred into the Custodian brokerage accounts upon consent of the individual investors who purchased such interests or transferred money into escrow in anticipation of purchasing such interests at the close of the currently ongoing offerings. The Custody Fee is paid out of the proceeds to the Issuer and is not reflected in this column.

(3) No underwriter has been engaged in connection with the Offering (as defined below) and neither the BOR, nor any other entity, receives a finder's fee or any underwriting or placement agent discounts or commissions in relation to any Offering of Interests (as defined below). We intend to distribute all membership interests in any series of the Company principally through the Platform (as defined below) and any successor platform used by the Company for the offer and sale of interests, as described in greater detail under "**Plan of Distribution and Subscription Procedure**" and "**Description of the Business – Liquidity Platform**." The Manager pays the Offering Expenses (as defined below) on behalf of each Series (as defined below) and is reimbursed by the Series from the proceeds of a successful Offering. See the "**Use of Proceeds**" section for each respective Series in **Appendix B** and the "**Plan of Distribution and Subscription Procedure – Fees and Expenses**" section for further details.

The Company is offering, on a best efforts basis, a minimum (the "Total Minimum") to a maximum (the "Total Maximum") amount of membership interests of each of the series of the Company highlighted in gray in the **Master Series Table** in **Appendix A**. Series not highlighted in gray have completed their respective offerings at the time of this filing and the number of interests in the table represents the actual interests sold. The sale of membership interests is being facilitated by the BOR, a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and a member of the Financial Industry Regulatory Authority ("FINRA") and is registered in each state where the offer or sales of the Interests (as defined below) will occur. Interests will be offered and sold only in states where the BOR is registered as a broker-dealer. For the avoidance of doubt, the BOR does not and will not solicit purchases of Interests or make any recommendations regarding the Interests to prospective investors.

All of the series of the Company offered hereunder may collectively be referred to herein as the "Series." The interests of all Series described above may collectively be referred to herein as the "Interests" and the offerings of the Interests may collectively be referred to herein as the "Offerings." See "**Description of Interests Offered**" for additional information regarding the Interests.

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The Company is managed by its managing member, RSE Collection Manager, LLC, a Delaware limited liability company (the "Manager"). The Manager is a single-member Delaware limited liability company wholly owned by Rally Holdings LLC ("Rally Holdings"). Rally Holdings is a single-member Delaware limited liability company wholly owned by RSE Markets, Inc., a Delaware corporation ("RSE Markets" together with the Manager, Rally Holdings, and each of their respective, direct and indirect, subsidiaries and affiliates, the "Rally Entities").

The Company's core business is the identification, acquisition, marketing and management of collectible items, including collectible automobiles, memorabilia, alcohol and digital assets, collectively referred to as "Collectible Assets" or the "Asset Class," for the benefit of the investors. The Series assets referenced in the **Master Series Table** in **Appendix A** may be referred to herein, collectively, as the "Underlying Assets." Any individual or entity which owns an Underlying Asset prior to a purchase of an Underlying Asset by the Company in advance of a potential Offering or the closing of an Offering from which proceeds are used to acquire the Underlying Asset may be referred to herein as an "Asset Seller." See "**Description of the Business**" for additional information regarding the Asset Class.

Rally Holdings serves as the asset manager (the "Asset Manager") for each Series of the Company and provides services related to the Underlying Assets in accordance with each Series' Asset Management Agreement (see **"Description of the Business"** – **"Description of the Asset Management Agreement"** for additional information).

**Appendix B** to this Offering Circular describes each individual Series found in the **Master Series Table**.

The Interests represent an investment in a particular Series and thus indirectly the Underlying Asset and do not represent an investment in the Company generally or any other Rally Entity. We do not anticipate that any Series will own any assets other than the Underlying Asset associated with such Series. However, we expect that the operations of the Company, including the issuance of additional Series of Interests and their acquisition of additional assets, will benefit investors by enabling each Series to benefit from economies of scale and by allowing investors to enjoy the Company's Underlying Asset collection at the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**").

A purchaser of the Interests may be referred to herein as an "Investor" or "Interest Holder." There will be a separate closing with respect to each Offering (each, a "Closing"). The Closing of an Offering will occur on the earliest to occur of (i) the date subscriptions for the Total Maximum Interests for a Series have been accepted or (ii) a date determined by the Manager in its sole discretion, provided that subscriptions for the Total Minimum Interests of such Series have been accepted. If Closing has not occurred, an Offering shall be terminated upon the earliest to occur of (i) the date which is one year from the date such Offering Circular or Amendment, as applicable, is qualified by the U.S. Securities and Exchange Commission, or the "Commission," which period may be extended with respect to a particular Series by an additional six months by the Manager in its sole discretion, or (ii) any date on which the Manager elects to terminate the Offering for a particular Series in its sole discretion.

No securities are being offered by existing security-holders.

Each Offering is being conducted under Tier 2 of Regulation A (17 CFR 230.251 et seq.), and the information contained herein is being presented in Offering Circular format. The Company is not offering, and does not anticipate selling, Interests in any of the Offerings in any state where the BOR is not registered as a broker-dealer. The subscription funds advanced by prospective Investors as part of the subscription process will be held in a non-interest-bearing escrow account with SouthState Bank, N.A., the "Escrow Agent," and will not be transferred to the operating account of the Series unless and until there is a Closing with respect to that Series. See "**Plan of Distribution and Subscription Procedure**" and "**Description of Interests Offered**" for additional information.

A purchase of Interests in a Series does not constitute an investment in either the Company or an Underlying Asset directly, or in any other Series of Interests. This results in limited voting rights of the Investor, which are solely related to a particular Series, and are further limited by the Limited Liability Company Agreement of the Company (as amended from time to time, the "Operating Agreement"), described further herein. Investors will have voting rights only with respect to certain matters, primarily relating to amendments to the Operating Agreement that would adversely change the rights of the Interest Holders and removal of the Manager for "cause." The Manager and the Asset Manager thus retain significant control over the management of the Company, each Series and the Underlying Assets. Furthermore, because the Interests in a Series do not constitute an investment in the Company as a whole,

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holders of the Interests in a Series are not expected to receive any economic benefit from the assets of, or be subject to the liabilities of, any other Series. In addition, the economic Interest of a holder in a Series will not be identical to owning a direct undivided Interest in an Underlying Asset because, among other things, a Series will be required to pay corporate taxes before distributions are made to the holders, and the Asset Manager will receive a fee in respect of its management of the Underlying Asset.

This Offering Circular contains forward-looking statements which are based on current expectations and beliefs concerning future developments that are difficult to predict. Neither the Company nor any other Rally Entity can guarantee future performance, or that future developments affecting the Company, the Manager, the Asset Manager, the Platform or the PPEX ATS will be as currently anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Please see "**Risk Factors**" and "**Cautionary Note Regarding Forward-Looking Statements**" for additional information.

There is currently no public trading market for any Interests, and an active market may not develop or be sustained. If an active public or private trading market for our securities does not develop or is not sustained, it may be difficult or impossible for you to resell your Interests at any price. Even if a public or private market does develop, the market price could decline below the amount you paid for your Interests.

**The Interests offered hereby are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that the Company's investment objectives will be achieved or that a secondary market would ever develop for the Interests. Prospective Investors should obtain their own legal and tax advice prior to making an investment in the Interests and should be aware that an investment in the Interests may be exposed to other risks of an exceptional nature from time to time. Please see "Risk Factors" beginning on page 12 for a description of some of the risks that should be considered before investing in the Interests.**

**GENERALLY, NO SALE MAY BE MADE TO YOU IN ANY OFFERING IF THE AGGREGATE PURCHASE PRICE YOU PAY IS MORE THAN 10% OF THE GREATER OF YOUR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, WE ENCOURAGE YOU TO REVIEW RULE 251(d)(2)(i)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, WE ENCOURAGE YOU TO REFER TO** **HTTP://WWW.INVESTOR.GOV** **.**

**NOTICE TO RESIDENTS OF THE STATES OF TEXAS AND WASHINGTON:**

**WE ARE LIMITING THE OFFER AND SALE OF SECURITIES IN THE STATES OF TEXAS AND WASHINGTON TO A MAXIMUM OF $5 MILLION IN ANY 12-MONTH PERIOD. WE RESERVE THE RIGHT TO REMOVE OR MODIFY SUCH LIMIT AND, IN THE EVENT WE DECIDE TO OFFER AND SELL ADDITIONAL SECURITIES IN THESE STATES, WE WILL FILE A POST-QUALIFICATION SUPPLEMENT TO THE OFFERING STATEMENT OF WHICH THIS OFFERING CIRCULAR IS A PART IDENTIFYING SUCH CHANGE.**

**The United States Securities and Exchange Commission does not pass upon the merits of or give its approval to any securities offered or the terms of the Offering, nor does it pass upon the accuracy or completeness of any Offering Circular or other solicitation materials. These securities are offered pursuant to an exemption from registration with the Commission; however, the Commission has not made an independent determination that the securities offered are exempt from registration. This Offering Circular shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sales of these securities in, any state in which such offer, solicitation or sale would be unlawful before registration or qualification of the offer and sale under the laws of such state.**

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**TABLE OF CONTENTS**

**RSE COLLECTION, LLC**

**SECTION PAGE**

**[INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#_Toc127286866)** **[1](#_Toc127286866)**

**[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#_Toc127286867)** **[3](#_Toc127286867)**

**[OFFERING SUMMARY](#_Toc127286868)** **[4](#_Toc127286868)**

**[RISK FACTORS](#_Toc127286869)** **[12](#_Toc127286869)**

**[POTENTIAL CONFLICTS OF INTEREST](#_Toc127286870)** **[36](#_Toc127286870)**

**[DILUTION](#_Toc127286871)** **[41](#_Toc127286871)**

**[PLAN OF DISTRIBUTION AND SUBSCRIPTION PROCEDURE](#_Toc127286872)** **[42](#_Toc127286872)**

**[DESCRIPTION OF THE BUSINESS](#_Toc127286873)** **[53](#_Toc127286873)**

**[MANAGEMENT](#_Toc127286874)** **[69](#_Toc127286874)**

**[COMPENSATION](#_Toc127286875)** **[77](#_Toc127286875)**

**[PRINCIPAL INTEREST HOLDERS](#_Toc127286876)** **[78](#_Toc127286876)**

**[INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#_Toc127286877)** **[83](#_Toc127286877)**

**[DESCRIPTION OF INTERESTS OFFERED](#_Toc127286878)** **[84](#_Toc127286878)**

**[MATERIAL UNITED STATES TAX CONSIDERATIONS](#_Toc127286879)** **[91](#_Toc127286879)**

**[WHERE TO FIND ADDITIONAL INFORMATION](#_Toc127286880)** **[94](#_Toc127286880)**

**[APPENDIX A](#_Toc127286881)** **[A-](#_Toc127286881)[1](#_Toc127286881)**

**[APPENDIX B](#_Toc127286882)** **[B-](#_Toc127286882)[1](#_Toc127286882)**

**[USE OF PROCEEDS – SERIES #35MICKEY](#_Toc127286883)** **[B-](#_Toc127286883)[2](#_Toc127286883)**

**[DESCRIPTION OF SERIES 1935 MICKEY MOUSE WAX PACK](#_Toc127286884)** **[B-](#_Toc127286884)[4](#_Toc127286884)**

**[USE OF PROCEEDS – SERIES # SCARFACE](#_Toc127286885)** **[B-](#_Toc127286885)[7](#_Toc127286885)**

**[DESCRIPTION OF SERIES AL PACINO SCARFACE TUXEDO](#_Toc127286886)** **[B-](#_Toc127286886)[9](#_Toc127286886)**

**[USE OF PROCEEDS – SERIES # GIJOE2](#_Toc127286887)** **[B-](#_Toc127286887)[11](#_Toc127286887)**

**[DESCRIPTION OF SERIES 1982 G.I. JOE ACTION FIGURE](#_Toc127286888)** **[B-](#_Toc127286888)[13](#_Toc127286888)**

**[USE OF PROCEEDS – SERIES #CAPTAIN1](#_Toc127286889)** **[B-](#_Toc127286889)[15](#_Toc127286889)**

**[DESCRIPTION OF SERIES 1941 CAPTAIN AMERICA COMICS #1 COMIC BOOK](#_Toc127286890)** **[B-](#_Toc127286890)[17](#_Toc127286890)**

**[USE OF PROCEEDS – SERIES #BASQUIAT1](#_Toc127286891)** **[B-](#_Toc127286891)[19](#_Toc127286891)**

**[DESCRIPTION OF SERIES 2022 JEAN-MICHEL BASQUIAT SUPERHERO PRINT PORTFOLIO](#_Toc127286892)** **[B-](#_Toc127286892)[21](#_Toc127286892)**

**[USE OF PROCEEDS – SERIES #DRYOSAUR](#_Toc127286893)** **[B-](#_Toc127286893)[24](#_Toc127286893)**

**[DESCRIPTION OF SERIES 2021 DRYOSAURUS SKELETON](#_Toc127286894)** **[B-](#_Toc127286894)[26](#_Toc127286894)**

**[USE OF PROCEEDS – SERIES # FAREWELL](#_Toc127286895)** **[B-](#_Toc127286895)[29](#_Toc127286895)**

**[DESCRIPTION OF SERIES 1929 A FAREWELL TO ARMS](#_Toc127286896)** **[B-](#_Toc127286896)[31](#_Toc127286896)**

**[USE OF PROCEEDS – SERIES # ARSHAM1](#_Toc127286897)** **[B-](#_Toc127286897)[34](#_Toc127286897)**

**[DESCRIPTION OF SERIES 1963 MERCEDES-BENZ UNIMOG 404](#_Toc127286898)** **[B-](#_Toc127286898)[36](#_Toc127286898)**

**[USE OF PROCEEDS – SERIES # APOLLO14](#_Toc127286899)** **[B-](#_Toc127286899)[40](#_Toc127286899)**

**[DESCRIPTION OF SERIES 1971 APOLLO 14 FLOWN BIBLE](#_Toc127286900)** **[B-](#_Toc127286900)[42](#_Toc127286900)**

**[EXHIBIT INDEX](#_Toc127286901)** **[III](#_Toc127286901)[-](#_Toc127286901)[1](#_Toc127286901)**

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**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

This Offering Circular is part of the Offering Statement on Form 1-A (File No. 024-11584) that was qualified by the Commission on November 15, 2021 ("Offering Statement 2"). We hereby incorporate by reference into this Offering Circular the information contained in the following filings by RSE Collection with the Commission, to the extent not otherwise modified or replaced by a subsequent filing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The following sections of the [Post-Qualification Amendment No. 26](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000072/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Cautionary Note Regarding Forward Looking Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Trademarks and Tradenames

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Offering Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Risk Factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Potential Conflicts of Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Dilution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Plan of Distribution and Subscription Procedure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Description of the Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Principal Interest Holders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Description of Interests Offered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Material United States Tax Considerations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Where to Find Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix A – Master Series Table

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The following sections of the Company's [Semiannual Report on Form 1-SA for the Semiannual Period Ended June 30, 2022](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000068/rsec1sa2022.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Management's Discussion and Analysis of Financial Condition and Results of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Financial Statements and Accompanying Notes for the Semiannual Periods ended June 30, 2022 and 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The following sections of the [Post-Qualification Amendment No. 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000065/rsec1apos.htm)[5](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000065/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The following sections of the [Post-Qualification Amendment No. 24](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000062/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The following sections of the [Post-Qualification Amendment No. 23](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000061/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The following sections of the [Post-Qualification Amendment No. 22](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000056/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The following sections of the [Post-Qualification Amendment No. 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsec1apos.htm)[1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The following sections of the [Post-Qualification Amendment No. 20](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000045/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The following sections of the [Post-Qualification Amendment No. 18](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000028/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.The following sections of the Company's [Annual Report on Form 1-K for the Fiscal Year Ended December 31, 2021](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000026/rsecollection1k_2021.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Management's Discussion and Analysis of Financial Condition and Results of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Interest of Management and Others in Certain Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Financial Statements and Accompanying Notes for the Fiscal Years ended December 31, 2021 and 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.The following sections of the [Post-Qualification Amendment No. 15](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000021/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.The following sections of the [Post-Qualification Amendment No. 14](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000013/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.The following sections of the [Post-Qualification Amendment No.](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000009/rsec1apos.htm)[10](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000009/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.The following sections of the [Post-Qualification Amendment No. 8](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000005/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.The following sections of the [Post-Qualification Amendment No. 7](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsec1apos.htm) to [Offering Statement 2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsec1a.htm):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Appendix B – Use of Proceeds and Asset Descriptions

Any statement contained in any document incorporated by reference into this Offering Circular will be deemed modified or superseded for the purposes of this Offering Circular to the extent that a statement contained in this Offering Circular modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this Offering Circular. From time to time, we may file an additional Post-Qualification Amendment or provide an "Offering Circular Supplement" that may add, update or change information contained in this Offering Circular. Note that any statement we make in this Offering Circular will be modified or superseded by an inconsistent statement made by us in a subsequent Offering Circular Supplement or Post-Qualification Amendment.

------

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

The information contained in this Offering Circular includes some statements that are not historical and that are considered "forward-looking statements." Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of the Company, the Manager, the Asset Manager, each Series of the Company, the Platform and the PPEX ATS (as defined below); and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express the Manager's expectations, hopes, beliefs, and intentions regarding the future. In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believes," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "will," "would" and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this Offering Circular are based on current expectations and beliefs concerning future developments that are difficult to predict. Neither the Company nor any other Rally Entity can guarantee future performance, or that future developments affecting the Company, the Manager, the Asset Manager, or the Platform, or the PPEX ATS (which the Company does not operate or control) will be as currently anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are also described below under the heading "**Risk Factors**." Should one or more of these risks or uncertainties materialize, or should any of the parties' assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**Trademarks and Trade Names**

From time to time, we own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This Offering Circular may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this Offering Circular is not intended to, and does not imply, a relationship with us or an endorsement or sponsorship by or of us. Solely for convenience, the trademarks, service marks and trade names referred to in this Offering Circular may appear without the®, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, service marks and trade names.

**Additional Information**

You should rely only on the information contained or incorporated by reference in this Offering Circular. We have not authorized anyone to provide you with additional information or information different from that contained or incorporated by reference in this Offering Circular filed with the Commission. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, certain Series of Interests only in jurisdictions where offers and sales are permitted. The information contained or incorporated by reference in this Offering Circular is accurate only as of the date of such information, regardless of the time of delivery of this Offering Circular or any sale of a Series of Interests. Our business, financial condition, results of operations, and prospects may have changed since that date.

------

**OFFERING SUMMARY**

*The following summary is qualified in its entirety by the more detailed information appearing elsewhere or incorporated herein and in the Exhibits filed with the Offering Statement of which this Offering Circular forms a part. You should read the entire Offering Circular and carefully consider, among other things, the matters set forth in the section captioned* "***Risk Factors***." *You are encouraged to seek the advice of your attorney, tax consultant, and business advisor with respect to the legal, tax, and business aspects of an investment in the Interests. All references in this Offering Circular to "$" or "dollars" are to United States dollars.*

The Company:The Company is RSE Collection, LLC, a Delaware series limited liability company formed on August 24, 2016.

Underlying Assets <br>and Offering Price

Per Interest: The Company's core business is the identification, acquisition, marketing and management of collectible items, including collectible automobiles, memorabilia, alcohol and digital assets (collectively, the "Collectible Assets"), as the Underlying Assets of the Company.

It is not anticipated that any Series will own any assets other than its respective Underlying Asset, plus cash reserves for maintenance, storage, insurance and other expenses pertaining to each Underlying Asset and amounts earned by each Series from the monetization of the Underlying Asset.

The Underlying Asset for each Series and the Offering price per Interest for each Series is detailed in "**Description of Series**" in **Appendix B** and the **Master Series Table** in **Appendix A**.

Securities Offered:Investors will acquire membership Interests in a Series of the Company, each of which is intended to be separate for purposes of assets and liabilities. It is intended that owners of Interests in a Series have only an Interest in assets, liabilities, profits, losses and distributions pertaining to the specific Underlying Asset owned by that Series and the related operations of that Series. See the "**Description of Interests Offered**" section for further details. The Interests will be non-voting except with respect to certain matters set forth in the Operating Agreement. The purchase of membership Interests in a Series of the Company is an investment only in that Series (and with respect to that Series' Underlying Asset) and not, for the avoidance of doubt, in (i) the Company, (ii) any other Series of Interests, (iii) Rally Holdings, (iv) the Manager, (v) the Asset Manager, (vi) the Platform or (vii) the Underlying Asset associated with the Series or any Underlying Asset owned by any other Series of Interests.

Investors:Each Investor must be a "qualified purchaser." See "**Plan of Distribution and Subscription Procedure – Investor Suitability Standards**" for further details. The Manager may, in its sole discretion, decline to admit any prospective Investor, or accept only a portion of such Investor's subscription, regardless of whether such person is a "qualified purchaser." Furthermore, the Manager anticipates only accepting subscriptions from prospective Investors located in states where the BOR is registered.

Manager:RSE Collection Manager, LLC, a Delaware limited liability company, is the Manager of the Company and will be the Manager of each Series. The Manager, together with its affiliates, will own a minimum of one (1) Interest of each Series as of the Closing of an Offering.

Advisory Board: The Manager has assembled an expert network of advisors with experience in the Asset Class (an "Advisory Board") to assist the Manager and the Asset Manager in identifying, acquiring and managing Underlying Assets, as well as other aspects of the Platform.

Broker: The Company has entered into an agreement with the BOR. The BOR acts as broker of record and is entitled to a Brokerage Fee (as defined below). The sale of membership Interests is being facilitated by the BOR, which is registered as a broker-dealer under the Exchange Act and in each state where the offer or sales of the Interests will occur, and is a

------

member of FINRA and the Securities Investor Protection Corporation (the "SIPC"). It is anticipated that Interests will be offered and sold only in states where the BOR is registered as a broker-dealer. For the avoidance of doubt, the BOR does not and will not solicit purchases of Interests or make any recommendations regarding the Interests to prospective Investors.

Custodian: The Company has entered into an agreement with the Custodian, a New Jersey limited liability company and a broker-dealer which is registered with the Commission and in each state where the offer or sale of the Interests in Series of the Company will occur and with such other regulators as may be required to create brokerage accounts for each Investor for the purpose of holding the Interests issued in any of the Company's Offerings. Each Investor's brokerage account will be created as part of the account creation process on the Platform and all Investors who previously purchased Interests in Offerings of the Company, ongoing or closed, will be required to opt-in to allow the Custodian to create a brokerage account for them and transfer previously issued Interests into such brokerage accounts. The Custodian is a member of FINRA and the SIPC.

Transfer Agent:The Company has entered into an agreement with RSE Transfer Agent LLC, a registered transfer agent affiliated with the Company, to perform transfer agent functions with respect to the Interests of the Series.

Minimum

Interest Purchase:The minimum subscription by an Investor is one (1) Interest in a Series. The Manager and/or its affiliates must purchase a minimum of one (1) Interest of each Series as of the Closing of its Offering. The purchase price, which is calculated as the Offering price per Interest times the number of Interests purchased, will be payable in cash at the time of subscription.

Offering Size:The Company may offer a Total Minimum and a Total Maximum of Interests in each Offering as detailed for each Series highlighted in gray in the **Master Series Table** in **Appendix A**. Series not highlighted in gray have completed their respective Offerings at the time of this filing and the number of Interests in the table represents the actual Interests sold in each respective Offering.

Escrow Agent:SouthState Bank, N.A., a Georgia banking corporation.

Escrow:The subscription funds advanced by prospective Investors as part of the subscription process will be held in a non-interest-bearing escrow account with the Escrow Agent until there is a Closing with respect to the applicable Series. Upon the occurrence of a Closing, the subscription funds will be transferred from the escrow account to the operating account for the applicable Series. The subscription funds will not be transferred to the operating account of such Series unless and until there is a Closing with respect to that Series.

When the Escrow Agent has received instructions from the Manager or the BOR that the Offering will close, and the Investor's subscription is to be accepted (either in whole or part), then the Escrow Agent shall disburse such Investor's subscription proceeds in its possession to the operating account of the Series. Amounts paid to the Escrow Agent are categorized as Offering Expenses (as defined below).

If the applicable Offering is terminated without a Closing, or if a prospective Investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective Investors will be returned promptly to them without interest. Any costs and expenses associated with a terminated Offering will be borne by the Manager.

Offering Period:There will be a separate Closing for each Offering. The Closing of an Offering for a particular Series will occur on the earliest to occur of (i) the date that subscriptions for the Total Maximum Interests of such Series have been accepted by the Manager or (ii) a date determined by the Manager in its sole discretion, provided that subscriptions for the Total Minimum Interests of such Series have been accepted. If the Closing for a Series has not

------

occurred, the applicable Offering shall be terminated upon (i) the date which is one year from the date this Offering Circular is qualified by the Commission, which period may be extended by an additional six months by the Manager in its sole discretion, or (ii) any date on which the Manager elects to terminate such Offering in its sole discretion. In the case where the Company enters into a purchase option agreement or consignment agreement, the Offering may never be launched, or a Closing may not occur, in the event that the Company does not exercise the purchase option before the expiration date of the purchase option agreement or consignment agreement.

Lock-Up Period:The Rally Entities shall be subject to a 90-day lock-up period starting the day of Closing for any Interests which it purchases in an Offering.

Additional Investors:An Asset Seller may be issued Interests of such applicable Series as a portion of the total purchase consideration for such Underlying Asset. Any Asset Seller may also purchase a portion of the Interests in a Series beyond such Interests issued as consideration.

Use of Proceeds: The gross proceeds received by a Series from its respective Offering will be applied in the following order of priority upon the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Brokerage Fee": A fee payable to the BOR equal to 1.00% of the gross proceeds of each Offering, as compensation for brokerage services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Acquisition Cost of the Underlying Asset: Actual cost of the Underlying Asset paid to the Asset Seller (which may have occurred prior to the Closing).

Underlying Assets, whether acquired by the Company or a Series, are typically acquired through the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Upfront purchase – the Company or a Series acquires an Underlying Asset from an Asset Seller prior to the launch of the Offering related to the Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchase agreement – the Company or a Series enters into an agreement with an Asset Seller to acquire an Underlying Asset, which may expire prior to the Closing of the Offering for the related Series, in which case the Company or Series is obligated to acquire the Underlying Asset prior to the Closing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Purchase option agreement – the Company or a Series enters into a purchase option agreement with an Asset Seller, which gives the Company or Series the right, but not the obligation, to acquire the Underlying Asset

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Consignment agreement – the Company or a Series enters into a consignment agreement with an Asset Seller, which gives the Company the right, but not the obligation, to acquire the Underlying Asset and under which the Company or Series takes possession of the Underlying Asset during a consignment period

The acquisition method for each Underlying Asset is noted in the **"Use of Proceeds**" in **Appendix B** for each respective Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Offering Expenses": In general, these costs include actual legal, accounting, escrow, filing, wire-transfer and compliance costs and custody fees incurred by the Company in connection with an Offering (and excludes ongoing costs described in Operating Expenses (as defined below)), as applicable, paid to legal advisors, brokerage firms, escrow agents, underwriters, printing companies, financial institutions, accounting firms and the Custodian, as the case may be. The custody fee, as of the date hereof, is a fee payable to the Custodian equal to 0.75% of the gross proceeds from the Offering, but at a minimum of $500 per Offering (the "Custody Fee"), as compensation for custody service related to

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the Interests issued and placed into Custodian brokerage accounts on behalf of the Interest Holders. In the case of each Series notated in the **Master Series Table** in **Appendix A**, the Custody Fee will be funded from proceeds of the respective Offering unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Acquisition Expenses": These include costs associated with the evaluation, investigation and acquisition of the Underlying Asset, plus any interest accrued on loans made to the Company by the Manager or the Asset Manager, an affiliate of the Manager or Asset Manager, a director, an officer or a third party, in each case for funds used to acquire the Underlying Asset or any options in respect of such purchase. Except as otherwise noted, any such loans by affiliates of the Company accrue interest at the Applicable Federal Rate (as defined in the Internal Revenue Code), and any other loans accrue interest as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Sourcing Fee": A fee paid to the Manager as compensation for identifying and managing the acquisition of the Underlying Asset, not to exceed the maximum Sourcing Fee for the applicable Series, as detailed in the **Master Series Table** in **Appendix A** for each respective Series.

The Manager or the Asset Manager pays the Offering Expenses and Acquisition Expenses on behalf of each Series and is reimbursed by the Series from the proceeds of a successful Offering. See the "**Use of Proceeds**" section for each respective Series in **Appendix B** and the "**Plan of Distribution and Subscription Procedure - Fees and Expenses**" section for further details.

Operating Expenses:"Operating Expenses" are costs and expenses, allocated in accordance with the Company's expense allocation policy (see "**Description of the Business – Allocations of Expenses**" section), attributable to the activities of each Series including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·costs incurred in managing the Underlying Asset, including, but not limited to, storage, maintenance and transportation costs (other than transportation costs described in Acquisition Expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·costs incurred in preparing any reports and accounts of the Series, including any tax filings and any annual audit of the accounts of the Series (if applicable) or costs payable to the registrar and transfer agent and any reports to be filed with the Commission including periodic reports on Forms 1-K, 1-SA and 1-U;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any indemnification payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any and all insurance premiums or expenses in connection with the Underlying Asset, including insurance required for utilization at and transportation of the Underlying Asset to events under Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") (excluding any insurance taken out by a corporate sponsor or individual paying to showcase an asset at an event, but including, if obtained, directors and officers insurance of the directors and officers of RSE Markets).

The Manager or the Asset Manager has agreed to pay and not be reimbursed for Operating Expenses incurred prior to the Closing with respect to each Offering notated in the **Master Series Table** in **Appendix A**. Offerings, for which no Closing has occurred are highlighted in gray in the **Master Series Table** in **Appendix A**.

Operating Expenses of a Series incurred post-Closing shall be the responsibility of the applicable Series. However, if the Operating Expenses of a particular Series exceed the amount of reserves retained by or revenues generated from the applicable Underlying Asset, the Manager or the Asset Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to such Series, on which the Manager or the Asset Manager may impose a reasonable rate of interest, which shall not be lower than the Applicable Federal Rate (as defined in the Internal Revenue

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Code), and be entitled to reimbursement of such amount from future revenues generated by the applicable Underlying Asset (an "Operating Expenses Reimbursement Obligation"), or (c) cause additional Interests to be issued in the applicable Series in order to cover such additional amounts. In connection with the allocation of Operating Expenses to the various Series, the Manager will periodically (and no less than semiannually) review Series' ability to pay their Operating Expenses. Based on that review, the Manager will determine the method by which such Operating Expenses will be paid, including whether any Operating Expenses Reimbursement Obligations will be incurred.

No revenue models have been demonstrated at the Company or Series level, and we do not expect either the Company or any of its Series to generate any revenues for some time, and it is possible that no profits will be realized by Investors unless and until an Underlying Asset is sold at a price high enough to provide sufficient funds to effectuate a distribution after paying the applicable costs, fees and expenses, or the Investors sell their Interests. We will update the appropriate disclosure at such time as revenue models have been demonstrated. We expect each Series to incur Operating Expenses Reimbursement Obligations, or for the Manager or the Asset Manager to pay such Operating Expenses incurred and not seek reimbursement, to the extent such Series does not have sufficient reserves for such expenses. See discussion of "**Description of the Business – Operating Expenses**" for additional information.

Further Issuance of

Interests: A further issuance of Interests of a Series may be made in the event the Operating Expenses of that Series exceed the income generated from its Underlying Asset and cash reserves of that Series. This may occur if the Company does not take out sufficient amounts under an Operating Expenses Reimbursement Obligation or if the Manager or the Asset Manager does not pay for such Operating Expenses without seeking reimbursement. See "**Dilution**" for additional information.

Asset Manager:The Asset Manager is Rally Holdings LLC, a Delaware limited liability company.

Platform and PPEX

ATS:Rally Holdings owns and operates a mobile app-based and web browser-based investment platform (the "Platform") through which substantially all of the initial sales of the Interests are executed and which will serve as the user interface for secondary transactions in Series Interests, which are facilitated as described below. Secondary transactions in Series Interests will be facilitated through the Public Private Execution Network Alternative Trading System (the "PPEX ATS"). The PPEX ATS is an electronic alternative trading system with a Form ATS on file with the Commission and is owned and operated by North Capital Private Securities Corporation ("NCPS"), a registered broker-dealer and member of FINRA and SIPC. Registered broker-dealers and certain institutional customers who become members of the PPEX ATS, including the Executing Broker, will have access to the PPEX ATS. The PPEX ATS is not accessible to non-members or the general public, and Investors will have no direct interaction with NCPS. When trading through the PPEX ATS, Investors will submit bid and ask quotes on the Platform to purchase or sell Interests, with any transactions to be executed by the Executing Broker and matched through the non-discretionary matching procedure established by the PPEX ATS. See "**Description of the Business** – **Liquidity Platform**" below for additional information on the execution of resale transactions.

Free Cash Flow: Free Cash Flow for a particular Series equals its net income (as determined under U.S. Generally Accepted Accounting Principles) plus any change in net working capital and depreciation and amortization (and any other non-cash Operating Expenses) less any capital expenditures related to its Underlying Asset. The Manager may maintain Free Cash Flow funds in separate deposit accounts or investment accounts for the benefit of each Series.

Management Fee:As compensation for the services provided by the Asset Manager under the Asset Management Agreement (see "**Description of the Business**" – "**Description of the Asset** 

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**Management Agreement**" for additional information) for each Series, the Asset Manager is paid a semi-annual fee of up to 50% of any Free Cash Flow generated by a particular Series and available for distribution (the "Management Fee"). The Management Fee accrues or becomes due and payable only if there is sufficient Free Cash Flow to distribute as described under "**Distribution Rights**" below. For tax and accounting purposes, the Management Fee will be accounted for as an expense on the books of each Series. In the event the Manager determines to pay a Management Fee to the Asset Manager, the Manager would have discretion to vary the amount of the Management Fee in successive payments, but in no event will the Management Fee exceed 50% of the Free Cash Flow available to make distributions, as described under "**Distribution Rights**" below.

Success Fee:Upon the sale of an Underlying Asset associated with a Series whose initial Offering commenced on or after January 1, 2023, if the Capital Proceeds, as defined in the Operating Agreement, are greater than an amount equal to 110% of the Offering Amount of the Series, as defined in the Operating Agreement, then the Asset Manager shall be entitled to be paid by the Series an amount (the "**Success Fee**") calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·If the Capital Proceeds are equal to an amount greater than 110% of the Offering Amount of the related Series but less than or equal to 120% of the Offering Amount of such Series, then the Success Fee shall be an amount equal to 10% of the amount by which the Capital Proceeds exceed 110% of the Offering Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·If the Capital Proceeds are equal to an amount greater than 120% of the Offering Amount of the related Series, then the Success Fee shall be an amount equal to the sum of one percent (1%) of the Offering Amount plus twenty percent (20%) of the amount by which the Capital Proceeds exceed 120% of the Offering Amount.

The Asset Manager may, in its sole discretion, waive any or all of the Success Fee. The Company has not yet commenced any new Offerings after December 31, 2022, and therefore no Series are currently subject to the Success Fee.

Distribution Rights:The Manager has sole discretion in determining what distributions of Free Cash Flow, if any, are made to Interest Holders of a Series. Any Free Cash Flow generated by a Series from the utilization of its Underlying Asset shall be applied by that Series in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·first, to repay any amounts outstanding under Operating Expenses Reimbursement Obligations for that Series, plus accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·second, to create such reserves for that Series as the Manager deems necessary, in its sole discretion, to meet future Operating Expenses of that Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·thereafter, to make distributions, no less than 50% of which (net of corporate income taxes applicable to that Series) shall be distributed to the Interest Holders of that Series (which may include the Asset Seller of its Underlying Asset or the Manager or any of its affiliates, based on each Interest Holder's pro rata share of Interests of that Series), and no more than 50% of which shall be distributed to the Asset Manager in payment of the Management Fee for that Series. The portion of distributions paid as the Management Fee may vary between payments.

Following the sale of the Underlying Asset associated with a Series and the liquidation of such Series, any Free Cash Flow generated from such liquidating sale of the Underlying Asset shall be applied by that Series in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·repay any amounts outstanding under liabilities of the Series, including potential Operating Expenses Reimbursement Obligations for that Series, plus accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·thereafter, withhold any amounts required for federal, state and local corporate taxes related to the sale of the Underlying Asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·thereafter, by distribution to the Interest Holders of that Series, which may include the

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Asset Seller of its Underlying Asset or the Manager or any of its affiliates, based on each Interest Holder's pro rata share of Interests of that Series.

Timing of Distributions:The Manager may make semi-annual distributions of Free Cash Flow remaining to Interest Holders of a Series, subject to the Manager's right, in its sole discretion, to withhold distributions, including the Management Fee, to meet anticipated costs and liabilities of such Series. At this time, the Manager currently intends to retain Free Cash Flow, if any, to fund the future Operating Expenses for each Series. Future decisions concerning the payment of distributions to Interest Holders and the Management Fee from Free Cash Flow will depend upon our results of operations, financial condition and capital expenditure plans, as well as such other factors that our Manager, in its sole discretion, may consider relevant. Accordingly, the Manager does not anticipate paying distributions or a Management Fee from any available Free Cash Flow for the foreseeable future. The Manager may change the timing of potential distributions to Interest Holders of a Series in its sole discretion.

Fiduciary Duties:The Manager may not be liable to the Company, any Series or the Investors for errors in judgment or other acts or omissions not amounting to willful misconduct or gross negligence, since provision has been made in the Operating Agreement for exculpation of the Manager. Therefore, Investors have a more limited right of action than they would have absent the limitation in the Operating Agreement.

Indemnification:None of the Rally Entities, nor any of their respective current or former directors, officers, employees, partners, shareholders, members, controlling persons, agents or independent contractors, members of the Advisory Board, nor persons acting at the request of the Company or any Series in certain capacities with respect to other Rally Entities (collectively, the "Indemnified Parties"), will be liable to the Company, any Series or any Interest Holders for any act or omission taken by the Indemnified Parties in connection with the business of the Company or a Series that has not been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

The Company or, where relevant, each Series of the Company (whether offered hereunder or otherwise) will indemnify the Indemnified Parties out of its assets against all liabilities and losses (including amounts paid in respect of judgments, fines, penalties or settlement of litigation, including legal fees and expenses) to which they become subject by virtue of serving as Indemnified Parties with respect to any act or omission that has not been determined by a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence. Unless attributable to a specific Series or a specific Underlying Asset, the costs of meeting any indemnification obligation will be allocated pro rata across each Series based on the value of each Underlying Asset.

Transfers:The Manager may refuse a transfer by an Interest Holder of its Interests if such transfer would result in (a) there being more than 2,000 beneficial owners of a Series or more than 500 beneficial owners of a Series that are not "accredited investors," (b) the assets of a Series being deemed plan assets for purposes of ERISA (as described in "**Plan of Distribution" – "Investor Suitability Standards"**), (c) such Interest Holder holding in excess of 19.9% of a Series, (d) a change of U.S. federal income tax treatment of the Company and/or a Series, or (e) the Company, any Series, the Manager, the Asset Manager or any of their affiliates being subject to additional regulatory requirements. Furthermore, as the Interests are not registered under the Securities Act of 1933, as amended (the "Securities Act"), transfers of Interests may only be effected pursuant to exemptions under the Securities Act and as permitted by applicable state securities laws. See "**Description of Interests Offered – Transfer Restrictions**" for more information.

Governing Law:To the fullest extent permitted by applicable law, the Company and the Operating Agreement are governed by Delaware law and any dispute in relation to the Company and

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**RISK FACTORS**

*The Interests offered hereby are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that the Company's investment objectives will be achieved, that you will earn a return on your investment in Interests or that a secondary market would ever develop for the Interests, whether through the PPEX ATS (see "****Description of the Business – Liquidity Platform****" for additional information), via third party registered broker-dealers or otherwise. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance and/or the value of the Interests. If any of these risks actually occur, the value of the Interests may be materially adversely affected. Prospective Investors should obtain their own legal and tax advice prior to making an investment in the Interests and should be aware that an investment in the Interests may be exposed to other risks of an exceptional nature from time to time. The following considerations are among those that should be carefully evaluated before making an investment in the Interests.*

**Risks Relating to the Structure, Operation and Performance of the Company.**

***An investment in an Offering constitutes only an investment in that Series and not in the Company or directly in any Underlying Asset.***

An Investor in an Offering will acquire an ownership Interest in the Series of Interests related to that Offering and not, for the avoidance of doubt, in (i) the Company, (ii) any other Series of Interests, (iii) the Manager, (iv) the Asset Manager, (v) the Platform or (vi) directly in the Underlying Asset associated with the Series or any Underlying Asset owned by any other Series of Interests. This results in limited voting rights of the Investor, which are solely related to a particular Series, and are further limited by the Operating Agreement of the Company, described further herein. Investors will have voting rights only with respect to certain matters, primarily relating to amendments to the Operating Agreement that would adversely change the rights of the Interest Holders and removal of the Manager for "cause." The Manager thus retains significant control over the management of the Company and each Series and the Asset Manager thus retains significant control over the Underlying Assets. Furthermore, because the Interests in a Series do not constitute an investment in the Company as a whole, holders of the Interests in a Series are not expected to receive any economic benefit from the assets of, or be subject to the liabilities of, any other Series. In addition, the economic Interest of a holder in a Series will not be identical to owning a direct undivided Interest in an Underlying Asset because, among other things, a Series will be required to pay corporate taxes before distributions are made to the holders, and the Asset Manager will receive a fee in respect of its management of the Underlying Asset.

***There is currently no active trading market for our securities. An active market in which Investors can resell their Interests may not develop or be sustainable.***

Currently no active trading market for any Interests exists, and an active market may not develop or be sustainable, whether public or private. If an active public or private trading market for our securities does not develop or is not sustainable, it may be difficult or impossible for you to resell your Interests at any price. Although there is a possibility that the PPEX ATS, which is the venue for facilitating secondary trading of Interests of certain Series via a non-discretionary matching service (see "**Description of the Business – Liquidity Platform**" for additional information), may permit some liquidity, neither the Platform nor the PPEX ATS operates like a stock exchange or other traditional trading markets. Secondary trading occurs on a recurring basis though the PPEX ATS, although there can be no assurance that any offers to buy and sell will match, and there is no guarantee that an Investor will be able to sell Interests at a desired price or at all (see "**Description of the Business – Liquidity Platform**" for additional information). Furthermore, there can be no guarantee that any broker will continue to provide these services or that the Company or the Manager will pay any fees or other amounts that would be required to maintain that service. Without any such matching service, it may be difficult or impossible for you to dispose of your Interests, and even if there is such a matching service you might not be able to effect a resale at a desired price or at all. Accordingly, you may have no liquidity for your Interests, particularly if the Underlying Asset in respect of that Interest is never sold. Even if a public or private market does develop for a Series, the price of the Interests at which you could sell your Interests might be below the amount you paid for them. In addition, we may elect for certain Series Interests not to trade in secondary transactions; for instance, we intend not to allow Interests in Series #ARSHAM1 to trade on the PPEX ATS, and therefore there will be no liquidity for holders of Interests in Series #ARSHAM1 unless the Manager

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determines to allow secondary trading at a later date. Series for which we intend not to allow secondary trading are noted on the **Master Series Table** in **Appendix A**.

***There may be state law restrictions on an Investor's ability to sell the Interests.***

Each state has its own securities laws, often called "Blue Sky" laws, which (1) limit sales of securities to a state's residents unless the securities are registered in that state or qualify for an exemption from registration and (2) govern the reporting requirements for brokers and dealers doing business directly or indirectly in the state. Before a security is sold in a state, there must be a registration in place to cover the transaction, or it must be exempt from registration. Also, the broker or dealer must be registered in that state. We do not know whether our securities will be registered, or exempt, under the laws of any states. A determination regarding registration will be made by the broker-dealers, if any, who agree to serve as the market-makers for our Interests. There may be significant state Blue Sky law restrictions on the ability of Investors to sell, and on purchasers to buy, our Interests. In addition, Tier 2 of Regulation A limits qualified resales of our Interests to 30% of the aggregate Offering price of a particular Offering. Investors should consider the resale market for our securities to be limited. Investors may be unable to resell their securities, or they may be unable to resell them without the significant expense of state registration or qualification, or opinions to our satisfaction that no such registration or qualification is required.

***We do not have a significant operating history and, as a result, there is a limited amount of information about us on which to base an investment decision.***

The Company and each Series were formed in the last six years. No Series has generated any revenues, and we have a limited operating history upon which prospective Investors may evaluate their performance. Our short operating history may hinder our ability to successfully meet our objectives and makes it difficult for potential investors to evaluate our business or prospective operations. No revenue models have been demonstrated at the Company or Series level, and we do not expect either the Company or any of its Series to generate any revenues for some time. We will update the appropriate disclosure at such time as revenue models have been demonstrated. See the "**Management's Discussion and Analysis**" section for additional information. No guarantee can be given that the Company or any Series will achieve their investment objectives, the value of any Underlying Asset will increase, or any Underlying Asset will be successfully monetized.

***There can be no guarantee that the Company will reach its funding target from potential Investors with respect to any Series or future proposed Series of Interests.***

Due to the start-up nature of the Company and the Manager, there can be no guarantee that the Company will reach its funding target from potential Investors with respect to any Series or future proposed Series of Interests. In the event the Company does not reach a funding target, it may not be able to achieve its investment objectives by acquiring additional Underlying Assets through the issuance of further Series of Interests and monetizing them to generate distributions for Investors. In addition, if the Company is unable to raise funding for additional Series of Interests, this may impact any Investors already holding Interests as they will not see the benefits which may arise from economies of scale following the acquisition by other Series of Interests of additional Underlying Assets and other monetization opportunities (e.g., hosting events with the collection of Collectible Assets).

***There are few businesses that have pursued a strategy or investment objective similar to the Company's*.**

Three businesses that are affiliated with the Company, RSE Archive, LLC, RSE Innovation, LLC, and RSE Portfolio, LLC have pursued a similar strategy with different asset classes. The Company and the Interests may not gain market acceptance from potential Investors, potential Asset Sellers or service providers within the Asset Class' industry, including insurance companies, storage facilities or maintenance partners. This could result in an inability of the Asset Manager to operate the Underlying Assets profitably. This could impact the issuance of further Series of Interests and additional Underlying Assets being acquired by the Company or a Series. This would further inhibit market acceptance of the Company and if the Company or a Series does not acquire any additional Underlying Assets, Investors would not receive any benefits which may arise from economies of scale (such as reduction in storage costs as a large number of Underlying Assets are stored at the same facility, group discounts on insurance and the ability to monetize Underlying Assets through Museums or any Membership Experience Programs (as described in

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"**Description of the Business – Business of the Company**") that would require the Company or a Series to own a substantial number of Underlying Assets).

***The Offering amounts exceed the value of the Underlying Asset.***

The size of each Offering will exceed the purchase price of the related Underlying Asset as of the date of such Offering (as the net proceeds of the Offering in excess of the purchase price of the Underlying Asset will be used to pay fees, costs and expenses incurred in making the Offering and acquiring the Underlying Asset). If an Underlying Asset were to be sold and there had not been substantial appreciation of the value of the Underlying Asset prior to such sale, there may not be sufficient proceeds from the sale of the Underlying Asset to repay Investors the amount of their initial investment (after first paying off any liabilities on the Underlying Asset at the time of the sale including but not limited to any outstanding Operating Expenses Reimbursement Obligation) or any additional profits in excess of that amount.

***Excess Operating Expenses could materially and adversely affect the value of Interests and result in dilution to Investors.***

Operating Expenses related to a particular Series incurred post-Closing shall be the responsibility of the Series. However, if the Operating Expenses of a particular Series exceed the amount of revenues generated from the Underlying Asset of such Series, the Manager or the Asset Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the particular Series, on which the Manager or the Asset Manager may impose a reasonable rate of interest, and be entitled to Operating Expenses Reimbursement Obligations, or (c) cause additional Interests to be issued in such Series in order to cover such additional amounts.

In connection with the allocation of Operating Expenses to the various Series, the Manager will periodically (and no less than semiannually) review Series' ability to pay their Operating Expenses. Based on that review, the Manager will determine the method by which such Operating Expenses will be paid, including whether any Operating Expenses Reimbursement Obligations will be incurred. Amounts outstanding under any Operating Expenses Reimbursement Obligations incurred by a Series will be repaid from the Free Cash Flow or Capital Proceeds generated by the applicable Series and could reduce the amount of any future distributions payable to Investors in that Series. If additional Interests are issued in a particular Series, this would dilute the current value of the Interests of that Series held by existing Investors and the amount of any future distributions payable to such existing Investors. Further, any additional issuance of Interests of a Series could result in dilution of the holders of that Series.

***We are reliant on the Manager, Asset Manager and RSE Markets, including the Asset Manager's personnel and the officers of RSE Markets*. *Our business and operations could be adversely affected if the Manager or Asset Manager loses key personnel or RSE Markets loses officers.***

The successful operation of the Company (and therefore, the success of the Interests) is in part dependent on the ability of the Manager and the Asset Manager to source, acquire and manage the Underlying Assets and for Rally Holdings to maintain the Platform. As the Manager and Asset Manager have been in existence only since March 2021 and October 2020, respectively, and are early-stage startup companies, they have no significant operating history. Further, while the Asset Manager will also be the Asset Manager for RSE Archive, LLC, a series limited liability company with a similar business model in the collectible and memorabilia asset class, and RSE Innovation, LLC, a series limited liability company with a similar business model in a different asset class, and thus has some similar management experience, its experience is limited, and it has limited experience selecting or managing assets in the Asset Class.

In addition, the success of the Company (and, therefore, the Interests) is highly dependent on the expertise and performance of the Manager, the Asset Manager, RSE Markets and their respective teams; the Asset Manager's expert network; and other investment professionals (which may include third parties) to source, acquire and manage the Underlying Assets. There can be no assurance that these individuals will continue to be associated with the Manager, the Asset Manager or RSE Markets. The loss of the services of one or more of these individuals could have a material and adverse effect on the Underlying Assets and, in particular, their ongoing management and use to support the investment of the Interest Holders.

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Furthermore, there are a number of key factors that will potentially impact the Company's operating results going forward, including the ability of the Asset Manager to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·continue to source high quality Collectible Assets at reasonable prices to securitize through the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·market the Platform and the Offerings in individual Series of the Company and attract Investors to the Platform to acquire the Interests issued by Series of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·find and retain operating partners to support the regulatory and technology infrastructure necessary to operate the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·continue to develop the Platform and provide the information and technology infrastructure to support the issuance of Interests in Series of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·find operating partners to manage the collection of Underlying Assets at a decreasing marginal cost per asset.

Finally, the success of the Company and the value of the Interests is dependent on there being a critical mass of demand from the market for the Interests and the Company's ability to acquire a number of Underlying Assets in multiple Series of Interests so that the Investors can benefit from economies of scale which may arise from holding more than one Underlying Asset (e.g., a reduction in transport costs if a large number of Underlying Assets are transported at the same time). In the event that the Company is unable to source additional Underlying Assets due to, for example, competition for such Underlying Assets or lack of Underlying Assets available in the marketplace, then this could materially impact the success of the Company and each Series by hindering its ability to acquire additional Underlying Assets through the issuance of further Series of Interests and monetize them together with other Underlying Assets at the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") to generate distributions for Investors.

***If the Company's series limited liability company structure is not respected, then Investors may have to share any liabilities of the Company with all Investors and not just those who hold the same Series of Interests as them.***

The Company is structured as a Delaware series limited liability company that issues a separate Series of Interests for each Underlying Asset. Each Series of Interests will merely be a separate Series and not a separate legal entity. Under the Delaware Limited Liability Company Act (the "LLC Act"), if certain conditions (as set forth in Section 18-215(b) of the LLC Act) are met, the liability of Investors holding one Series of Interests is segregated from the liability of Investors holding another Series of Interests and the assets of one Series of Interests are not available to satisfy the liabilities of other Series of Interests. Although this limitation of liability is recognized by the courts of Delaware, there is no guarantee that if challenged in the courts of another U.S. State or a foreign jurisdiction, such courts will uphold a similar interpretation of Delaware corporation law, and in the past certain jurisdictions have not honored such interpretation. If the Company's series limited liability company structure is not respected, then Investors may have to share any liabilities of the Company with all Investors and not just those who hold the same Series of Interests as them. Furthermore, while we intend to continue to maintain separate and distinct records for each Series of Interests and account for them separately and otherwise meet the requirements of the LLC Act, it is possible a court could conclude that the methods used did not satisfy Section 18-215(b) of the LLC Act and thus potentially expose the assets of a Series to the liabilities of another Series of Interests. The consequence of this is that Investors may have to bear higher than anticipated expenses which would adversely affect the value of their Interests or the likelihood of any distributions being made by a particular Series to its Investors. In addition, we are not aware of any court case that has tested the limitations on inter-series liability provided by Section 18-215(b) in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one Series of Interests should be applied to meet the liabilities of the other Series of Interests or the liabilities of the Company generally where the assets of such other Series of Interests or of the Company generally are insufficient to meet our liabilities.

For the avoidance of doubt, as of the date of this Offering Circular, the Series highlighted in gray in the **Master Series Table** in **Appendix A** have not commenced operations, are not capitalized and have no assets or liabilities and no such Series will commence operations, be capitalized or have assets and liabilities until such time as a Closing related to such Series has occurred.

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If any fees, costs and expenses of the Company are not allocable to a specific Series of Interests, they will be borne proportionately across all of the Series of Interests (which may include future Series of Interests to be issued). Although the Manager will allocate fees, costs and expenses acting reasonably and in accordance with its allocation policy (see "**Description of the Business – Allocations of Expenses**" section), there may be situations where it is difficult to allocate fees, costs and expenses to a specific Series of Interests and, therefore, there is a risk that a Series of Interests may bear a proportion of the fees, costs and expenses for a service or product for which another Series of Interests received a disproportionately high benefit.

***We maintain physical, technical, and administrative security measures designed to protect our systems against cyber-attacks and unauthorized disclosure of sensitive data. If these efforts are not successful, our business and operations could be disrupted, our operating results and reputation could be harmed, and the value of the Interests could be materially and adversely affected.***

The highly automated nature of the Platform, through which potential Investors may acquire Interests, and the PPEX ATS, through which potential Investors may transfer Interests in certain Series, may make them attractive targets to cyber threat actors. The Platform and the PPEX ATS process certain confidential information about Investors, the Asset Sellers, and the Underlying Assets. While we maintain commercially reasonable measures to protect this confidential information and our information systems, security incidents involving the Platform, the PPEX ATS, the Company, the Asset Manager, the Manager, or any of their respective service providers remain a risk. And because we do not operate the PPEX ATS, we do not control the measures taken to protect the PPEX ATS from cyber threats. Unauthorized access to or disclosure or acquisition of confidential information, whether accidental or intentional, can lead to harm such as identity theft and fraud. Security incidents could also expose the Company to liability related to the loss of confidential information, such as time-consuming and expensive litigation and negative publicity, regulatory investigations and penalties, as well as the degradation of the proprietary nature of the trade secrets of the Asset Manager, the Manager, and the Company. If security measures are breached because of third-party action, employee error, malfeasance, or otherwise, or if design flaws in the Platform or the PPEX ATS software are exposed and exploited, the relationships between the Company, Investors, users, third-party vendors and the Asset Sellers could be severely damaged, and the Company, the Asset Manager, or the Manager could incur significant liability. Security incidents can also disrupt business operations, diverting attention from utilization of the Underlying Assets and causing a material negative impact on the value of Interests or the potential for distributions to be made on the Interests.

Because techniques and malware used to sabotage or obtain unauthorized access to systems change frequently and may not be captured by existing security tools and software, the Company, the third-party hosting service used by the Platform or the PPEX ATS, and other third-party service providers may be unable to prevent all cyber-attacks. In addition, federal regulators and many federal and state laws and regulations require companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach can be costly to implement and often lead to negative publicity, which may cause Investors, the Asset Sellers, or service providers within the industry, including insurance companies, to lose confidence in the effectiveness of the secure nature of the Platform or the PPEX ATS. Any security breach, whether actual or perceived, would harm the reputation of the Asset Manager, the Manager, the Company, the Platform and the PPEX ATS, and the Company could lose Investors and the Asset Sellers as a result thereof. This would impair the ability of the Company to achieve its objectives of acquiring additional Underlying Assets through the issuance of further Series of Interests and monetizing them at the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**").

***System limitations or failures could harm our business and may cause the Asset Manager or Manager to intervene into activity on our Platform.***

Our business depends in large part on the integrity and performance of the technology, computer and communications systems supporting the business. If new systems fail to operate as intended or our existing systems cannot expand to cope with increased demand or otherwise fail to perform, we could experience unanticipated disruptions in service, slower response times and delays in the introduction of new products and services. These consequences could result in service outages of the Platform, resulting in decreased customer satisfaction and regulatory sanctions and adverse effects on primary issuances or secondary transactions.

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The Platform has experienced systems failures and delays in the past and could experience future systems failures and delays. In such cases the Asset Manager has and may in the future (along with the Manager) take corrective actions as it reasonably believes are in the best interests of Investors or potential Investors. For example, our technology system has in certain instances over-counted the number of subscriptions made in an initial Offering, when volume of subscriptions has rapidly increased. In these cases, the Asset Manager has confirmed with the Investors to remove the duplicate subscriptions and, rather than opening the Offering back up for additional Investors, has purchased the Interests underlying such duplicate subscriptions for its own account on the same terms as all other Investors would purchase such Interests.

If subscription or trading volumes in the future increase unexpectedly or other unanticipated events occur, we may need to expand and upgrade our technology, transaction processing systems and network infrastructure. We do not know whether we will be able to accurately project the rate, timing or cost of any volume increases, or expand and upgrade our systems and infrastructure to accommodate any increases in a timely manner.

While we have programs in place to identify and minimize our exposure to vulnerabilities and to share corrective measures with our business partners, we cannot guarantee that such events will not occur in the future. Any system issue that causes an interruption in services, including the Platform and the PPEX ATS, decreases the responsiveness of our services or otherwise affects our services could impair our reputation, damage our brand name and negatively impact our business, financial condition and operating results.

***Privacy regulation is an evolving area and compliance with applicable privacy regulations may increase our operating costs or adversely impact our ability to service our clients.***

 

Because we store, process and use data, some of which contains personal information, we are subject to complex and evolving federal, state and foreign laws and regulations regarding privacy, data protection and other matters. While we believe we are currently in compliance with applicable laws and regulations, many of these laws and regulations are subject to change and uncertain interpretation, and could result in investigations, claims, changes to our business practices, increased cost of operations and declines in user growth, retention or engagement, any of which could seriously harm our business.

***The Platform and the PPEX ATS are highly technical and may be at a risk to malfunction.***

Our Platform and the PPEX ATS are complex systems composed of many interoperating components and incorporates software that is highly complex. Our business is dependent upon our ability to prevent system interruption on the Platform and the PPEX ATS. Our software, including open source software that is incorporated into our code, and the software supporting the PPEX ATS, may now or in the future contain undetected errors, bugs, or vulnerabilities. Some errors in our software code may only be discovered after the code has been released. Bugs in our software, third-party software including open source software that is incorporated into our code, misconfigurations of our systems, and unintended interactions between systems could cause downtime that would impact the availability of our service to Platform users. We have from time to time found defects or errors in our system and may discover additional defects in the future that could result in Platform unavailability or system disruption. In addition, we have experienced outages on the Platform due to circumstances within our control, such as outages due to software limitations. We rely on Amazon Web Services, Inc. ("AWS") data centers for the operation of the Platform. If the AWS data centers fail, Platform users may experience down time. If sustained or repeated, any of these outages could reduce the attractiveness of the Platform to users. In addition, our release of new software in the past has inadvertently caused, and may in the future cause, interruptions in the availability or functionality of the Platform. Any errors, bugs, or vulnerabilities discovered in our code or systems after release could result in an interruption in the availability of the Platform or a negative experience for users and Investors and could also result in negative publicity and unfavorable media coverage, damage to our reputation, loss of users, loss of revenue or liability for damages, regulatory inquiries, or other proceedings, any of which could adversely affect our business and financial results. The PPEX ATS faces risks similar to those described above.

***There can be no guarantee that any liquidity mechanism for secondary sales of Interests will develop on the PPEX ATS in the manner described, that registered broker-dealers will desire to facilitate liquidity in the Interests for a level of fees that would be acceptable to Investors or at all, that such secondary trading will occur with high frequency if at all, that a market-clearing price (e.g., a price at which there is overlap between bid and ask prices)***

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***will be established when an investor is seeking to buy or sell Interests in a secondary transaction, or that any buy or sell orders will be filled.***

We anticipate that liquidity will be limited until sufficient interest has been generated on the Platform, which may never occur (see "**Description of the Business – Liquidity Platform**" for additional information). It is anticipated that secondary trading will occur on a recurring basis though the PPEX ATS, although there can be no assurance that any offers to buy and sell will match, and there is no guarantee that an Investor will be able to sell Interests at a desired price or at all. The frequency and duration of the periods of time during which the PPEX ATS will immediately match offers to buy and sell Interests in secondary transactions will be determined by NCPS in its capacity as operator of the PPEX ATS. In addition, we may elect for certain Series Interests not to trade in secondary transactions; for instance, we intend not to allow Interests in Series #ARSHAM1 to trade on the PPEX ATS, and therefore there will be no liquidity for holders of Interests in Series #ARSHAM1 unless the Manager determines to allow secondary trading at a later date. Series for which we intend not to allow secondary trading are noted on the **Master Series Table** in **Appendix A**. For the avoidance of doubt, no secondary trading will occur on the Platform, though the Platform is the means by which Investors input and receive information relating to secondary trading (see "**Description of the Business – Liquidity Platform**" for additional information).

***There can be no guarantee that the Manager will continue to pay for commissions due to the Executing Broker in connection with trades executed on the PPEX ATS.***

With respect to secondary trading via the PPEX ATS, the Manager, at its sole discretion, may from time-to-time cover the commission owed to the Executing Broker in respect of executed transfers of Interests, but there is no assurance that this practice will continue permanently, and Investors may subsequently be required to pay such commission in order to participate in secondary market transactions (see "**Description of the Business – Liquidity Platform**" for additional information).

***The PPEX ATS is the only venue for secondary trading of Series Interests***.

To the extent that a trading market for our Interests develops, your ability to trade Series Interests in secondary transactions will be limited by the operability and availability of the PPEX ATS, which is the only venue for secondary trading of Interests. The PPEX ATS may become inoperative (see "The Platform and the PPEX ATS are highly technical and may be at a risk to malfunction." for more detail), or it may become inaccessible to us if NCPS ceases to operate the PPEX ATS or to offer its functionality to us. In either case, the PPEX ATS would no longer be available as a venue for secondary trading, and your ability to resell our Interests could be limited or eliminated, which could delay, or prevent entirely, any return on your invested capital. See "There is currently no active trading market for our securities. An active market in which Investors can resell their Interests may not develop or be sustainable." for more details.

***Abuse of our advertising or social platforms may harm our reputation or user engagement.***

The Asset Manager provides content or posts ads about the Company and Series through various social media platforms that may be influenced by third parties. Our reputation or user engagement may be negatively affected by activity that is hostile or inappropriate to other people, by users impersonating other people or organizations, by disseminating information about us or to us that may be viewed as misleading or intended to manipulate the opinions of our users, or by the use of the Asset Manager's products or services, including the Platform, that violates our terms of service or otherwise for objectionable or illegal ends. Preventing these actions may require us to make substantial investments in people and technology and these investments may not be successful, adversely affecting our business.

***If we are unable to protect our intellectual property rights, our competitive position could be harmed, or we could be required to incur significant expenses to enforce our rights.***

Our ability to compete effectively is dependent in part upon our ability to protect our proprietary technology. We rely on trademarks, trade secret laws, and confidentiality procedures to protect our intellectual property rights. There can be no assurance these protections will be available in all cases or will be adequate to prevent our competitors from copying, reverse engineering or otherwise obtaining and using our technology, proprietary rights or products. To prevent substantial unauthorized use of our intellectual property rights, it may be necessary to prosecute actions for

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infringement and/or misappropriation of our proprietary rights against third parties. Any such action could result in significant costs and diversion of our resources and management's attention, and there can be no assurance we will be successful in such action. If we are unable to protect our intellectual property, it could have a material adverse effect on our business and on the value of the Interests.

***Actual or threatened epidemics, pandemics, outbreaks, or other public health crises may adversely affect our business.***

Our business could be materially and adversely affected by the risks, or the public perception of the risks, related to an epidemic, pandemic, outbreak, or other public health crisis, such as the COVID-19 pandemic. The risk, or public perception of the risk, of a pandemic or media coverage of infectious diseases could adversely affect the value of the Underlying Assets and our Investors or prospective Investors financial condition, resulting in reduced demand for the Offerings and the Asset Class generally. Further, such risks could cause a decrease in the attendance of our Membership Experience Programs (as described in "**Description of the Business – Business of the Company**"), or cause certain of our partners to avoid holding in person events. Moreover, an epidemic, pandemic, outbreak or other public health crisis, such as COVID-19, could cause employees of the Asset Manager, on whom we rely to manage the logistics of our business, including Membership Experience Programs, or on-site employees of partners to avoid any involvement with our Membership Experience Programs, which would adversely affect our ability to hold such events or to adequately staff and manage our businesses. "Shelter-in-place" or other such orders by governmental entities could also disrupt our operations, if employees who cannot perform their responsibilities from home, are not able to report to work. Risks related to an epidemic, pandemic or other health crisis, such as COVID-19, could also lead to the complete or partial closure of one or more of our facilities or operations of our sourcing partners for the Underlying Assets.

***We do not expect to generate any revenues at the Company or Series level for some time, and we rely on RSE Markets to fund our operations.***

We do not expect to generate revenues or cash flow at the Company or Series level for some time, and it is possible that no profits will be realized by Investors unless and until an Underlying Asset is sold at a price high enough to provide sufficient funds to effectuate a distribution after paying the applicable costs, fees and expenses, or the Investors sell their Interests. Until such time as the Company or a Series generates revenue, we will be completely reliant on RSE Markets, through the Asset Manager and the Manager, to fund our operations.

Although we believe RSE Markets has sufficient capital resources and sources of liquidity to perform its obligations for the foreseeable future, there can be no assurance that RSE Markets will be able to maintain sufficient capital to satisfy its obligations in future periods. RSE Markets' capital resources and sources of liquidity will be relied upon by our auditors in determining our likely ability to continue as a going concern. If RSE Markets' liquid capital resources and sources of liquidity are insufficient to satisfy its operational requirements, including the obligations with respect to the Company, for at least one year, the Company may receive audit reports that contain an emphasis of matter paragraph as to its ability to continue as a going concern, which would likely have a material adverse effect on the value of our Interests.

***We may be negatively impacted by volatility in the political and economic environment, and a period of sustained inflation across the markets in which we operate could result in higher operating costs.***

Trade, monetary and fiscal policies, and political and economic conditions may substantially change, and credit markets may experience periods of constriction and variability. These conditions may impact our business. Further, elevated inflation may negatively impact our business and increase our costs. Sustained inflation across the markets in which we operate could negatively affect any attempts to mitigate the increases to our costs. In addition, the effects of inflation on consumers' budgets could result in the reduction of potential Investors' spending and investing habits. If RSE Markets, the Asset Manager, the Manager or we are unable to take actions to effectively mitigate the effect of the resulting higher costs, their and/or our financial position could be negatively impacted.

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**Risks Relating to the Offerings**

***We are offering our Interests pursuant to Tier 2 of Regulation A, and we cannot be certain if the reduced disclosure requirements applicable to Tier 2 issuers will make our Interests less attractive to Investors as compared to a traditional initial public offering.***

As a Tier 2 issuer, we are subject to scaled disclosure and reporting requirements which may make an investment in our Interests less attractive to Investors who are accustomed to enhanced disclosure and more frequent financial reporting. The differences between disclosures for Tier 2 issuers versus those for emerging growth companies include, without limitation, needing to file only semiannual reports as opposed to quarterly reports and far fewer circumstances where a current disclosure would be required. In addition, given the relative lack of regulatory precedent regarding the recent amendments to Regulation A, there is some regulatory uncertainty in regard to how the Commission or the individual state securities regulators will regulate both the offer and sale of our securities, as well as any ongoing compliance to which we may be subject. For example, a number of states have yet to determine the types of filings and amount of fees that are required for such an Offering. If our scaled disclosure and reporting requirements, or regulatory uncertainty regarding Regulation A, reduces the attractiveness of the Interests, we may be unable to raise the funds necessary to fund future Offerings, which could impair our ability to develop a diversified portfolio of Underlying Assets and create economies of scale, which may adversely affect the value of the Interests or the ability to make distributions to Investors.

***We are required to periodically assess our internal control over financial reporting. If there are deficiencies in our internal controls, we may not be able to report our financial condition or results of operations accurately or timely, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on our business or financial condition.***

As a Tier 2 issuer, we will not need to provide a report on the effectiveness of our internal controls over financial reporting, and we will be exempt from the auditor attestation requirements concerning any such report so long as we are a Tier 2 issuer. We are in the process of evaluating whether our internal control procedures are effective and therefore there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential regulatory investigations, civil or criminal sanctions and class action litigation.

***If either the Manager or Asset Manager is required to register as a broker-dealer, the Manager or Asset Manager may be required to cease operations and any Series of Interests offered and sold without such proper registration may be subject to a right of rescission.***

The sale of membership Interests is being facilitated by the BOR, a broker-dealer registered under the Exchange Act and member of FINRA, which is registered in each state where the offer or sales of the Interests will occur. It is anticipated that Interests will be offered and sold only in states where the BOR is registered as a broker-dealer. For the avoidance of doubt, the BOR will not solicit purchases and will not make any recommendations regarding the Interests. Neither the BOR, nor any other entity, receives a finder's fee or any underwriting or placement agent discounts or commissions in relation to any Offering of Interests. If the Asset Manager, or the Manager, neither of which is a registered broker-dealer under the Exchange Act or any state securities laws, has itself engaged in brokerage activities that require registration, including the initial sale of the Interests on the Platform and permitting a registered broker-dealer to facilitate resales or other liquidity of the Interests via the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information), the Manager or the Asset Manager may need to stop operating and, therefore, the Company would not have an entity managing the Series' Underlying Assets. In addition, if the Manager or Asset Manager is ultimately found to have engaged in activities requiring registration as "broker-dealer" without either being properly registered as such, there is a risk that any Series of Interests offered and sold while the Manager or Asset Manager was not so registered may be subject to a right of rescission, which may result in the early termination of the Offerings. We have been made aware by the staff of the Commission (the "SEC

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Staff") that certain activities of affiliates of the Manager and Asset Manager may have required such registration, and the matter is under investigation by the SEC Staff.

***If the Platform is ultimately found to have previously operated as a securities exchange or alternative trading system, we may be subject to monetary penalties.***

We have been made aware by the SEC Staff that the Platform (see "**Description of the Business – Liquidity Platform**") operated by the Asset Manager may have previously operated as a securities exchange or alternative trading system under the Exchange Act and the matter is under investigation by the SEC Staff. The SEC may require the Company or its affiliates to pay monetary penalties and/or subject us to censure or other requirements that may have a material adverse effect on the Asset Manager.

***Changes in government policy, legislation or regulatory or judicial interpretations could hinder or prevent us from conducting our business operations, including by hindering or preventing our ability to enforce our rights related to the Underlying Assets or conduct offerings of securities.***

Changes in government policy, legislation or regulatory or judicial interpretations could hinder or prevent us from conducting our business operations, including by hindering or preventing us from enforcing our rights related to the Underlying Assets or conducting offerings of securities. The agreements by which we acquire Underlying Assets are intended to be effective for the terms set forth in each respective "**Description of Series**" and "**Series Detail Table**" in **Appendix B** and may be terminated only as specified in the underlying asset purchase agreement. Any changes in or interpretations of current laws and regulations could require us to increase our compliance expenditures, inhibit our ability to source Underlying Assets or cause us to significantly alter or to discontinue offering Interests of Series. Altering the terms of a purchase agreement governing Underlying Assets to comply with changes in or interpretations of applicable laws and regulations could require significant legal expenditures, increase the cost of acquiring, holding and managing Underlying Assets or make Series less attractive to investors. In addition, our failure to comply with applicable laws and regulations could lead to significant penalties, fines or other sanctions. If we are unable to effectively respond to any such changes or comply with existing and future laws and regulations, our competitive position, results of operations, financial condition and cash flows could be materially adversely impacted.

***If we are required to register any Series of Interests under the Exchange Act, it would result in significant expense and reporting requirements that would place a burden on the Manager and Asset Manager and may divert attention from management of the Underlying Assets by the Manager and Asset Manager or could cause the Asset Manager to no longer be able to afford to run our business.***

Subject to certain exceptions, Section 12(g) of the Exchange Act requires an issuer with more than $10 million in total assets to register a class of its equity securities with the Commission under the Exchange Act if the securities of such class are held of record at the end of its fiscal year by more than 2,000 persons or 500 persons who are not "accredited investors." While our Operating Agreement presently prohibits any transfer that would result in any Series being beneficially owned by more than 2,000 persons or 500 non-"accredited investors," the Manager has the right to waive, and for a number of Series has waived, this prohibition. To the extent the Section 12(g) assets and holders limits are exceeded, we intend to rely upon a conditional exemption from registration under Section 12(g) of the Exchange Act contained in Rule 12g5-1(a)(7) under the Exchange Act (the "Reg. A+ Exemption"), which exemption generally requires that the issuer (i) be current in its Form 1-K, 1-SA and 1-U filings as of its most recently completed fiscal year end; (ii) engage a transfer agent that is registered under Section 17A(c) of the Exchange Act to perform transfer agent functions; and (iii) have a public float of less than $75 million as of the last business day of its most recently completed semi-annual period or, in the event the result of such public float calculation is zero, have annual revenues of less than $50 million as of its most recently completed fiscal year. If the number of record holders of any Series of Interests exceeds either of the limits set forth in Section 12(g) of the Exchange Act and we fail to qualify for the Reg. A+ Exemption, we would be required to register such Series with the Commission under the Exchange Act. If we are required to register any Series of Interests under the Exchange Act, it would result in significant expense and reporting requirements that would place a burden on the Manager and Asset Manager and may divert attention from management of the Underlying Assets by the Manager and Asset Manager or could cause the Asset Manager to no longer be able to afford to run our business.

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***If the Company were to be required to register under the Investment Company Act or the Manager or the Asset Manager were to be required to register under the Investment Advisers Act, it could have a material and adverse impact on the results of operations and expenses of each Series, and the Manager and the Asset Manager may be forced to liquidate and wind up each Series of Interests or rescind the Offerings for any of the Series of Interests.***

The Company is not registered and will not be registered as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and neither the Manager nor the Asset Manager is or will be registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), and the Interests do not have the benefit of the protections of the Investment Company Act or the Investment Advisers Act. The Company, the Manager and the Asset Manager have taken the position that the Underlying Assets are not "securities" within the meaning of the Investment Company Act or the Investment Advisers Act, and thus the Company's assets will consist of less than 40% investment securities under the Investment Company Act and the Manager and the Asset Manager are not and will not be advising with respect to securities under the Investment Advisers Act. This position, however, is based upon applicable case law that is inherently subject to judgments and interpretation. If the Company were to be required to register under the Investment Company Act or the Manager or the Asset Manager were to be required to register under the Investment Advisers Act, it could have a material and adverse impact on the results of operations and expenses of each Series and the Manager and the Asset Manager may be forced to liquidate and wind up each Series of Interests or rescind the Offerings for any of the Series or the Offering for any other Series of Interests.

***Possible changes in federal tax laws may have unpredictable adverse effects on the Company.***

In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of the federal income tax laws applicable to investments similar to an investment in the Interests. In particular, the 2017 Tax Cuts and Jobs Act (the "Tax Act"), signed into law in 2017, includes major changes to U.S. tax laws and represents the most significant changes to the Internal Revenue Code since 1986. In addition, recently enacted legislation intended to support the economy during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), made technical corrections, or temporary modifications, to certain of the provisions of the Tax Act. Additional changes to the tax laws are likely to continue to occur, and the Company cannot assure Investors that any such changes will not adversely affect their taxation, the investment in the Interests or the market value or the resale potential of the Company's Assets. Investors are urged to consult with their own tax advisor with respect to the impact of recent legislation, including the Tax Act and CARES Act, on their investment in the Interests and the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in the Interests.

***If a Series cannot be treated as a corporation for tax purposes, Investors may be taxed as partners in a partnership.***

The rule that a separate series of a limited liability company is an eligible entity that may elect to be treated as a corporation for federal income tax purposes is contained in proposed Treasury Regulations that have not yet been finalized (Prop. Treas. Reg. Section 301.7701-1(a)(5)). This rule is therefore subject to change if and when those proposed Treasury Regulations are issued in final form. If the final rule does not provide that a series of a limited liability company is eligible to elect to be treated as a corporation for federal income tax purposes, Investors in a Series would likely be treated as partners in a partnership and would be subject to current federal income tax on their proportional share of the income of the Series or of the Company.

**Risks Specific to the Industry and the Asset Class**

***We rely on data from past auction sales and insurance data, among other sources, in determining the value of the Underlying Assets, and have not independently verified the accuracy or completeness of this information. As such, valuations of the Underlying Assets may be subject to a high degree of uncertainty and risk.***

As explained in "**Description of the Business,**" the Asset Class is difficult to value, and it is hoped the Platform and the PPEX ATS will help create a market by which the Interests (and, indirectly, the Underlying Assets) may be more accurately valued due to the creation of a larger market for the Asset Class than currently exists. Until the PPEX ATS has created such a market, valuations of the Underlying Assets will be based upon the subjective assessments made by the members of the Manager's expert network and members of the Advisory Board, valuation

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experts appointed by the Asset Seller or other data provided by third parties (e.g., auction results, accident records and previous sales history). Due to the lack of third-party valuation reports and potential for one-of-a-kind assets, the value of the Underlying Assets may be more difficult for potential Investors to compare against a market benchmark. Furthermore, if similar assets to the Underlying Assets are created or discovered it could in turn negatively impact the value of the Underlying Assets. The Manager sources data from past auction sales results and insurance data; however, it may rely on the accuracy of the underlying data without any means of detailed verification. Consequently, valuations may be uncertain.

The Asset Class requires a high level of expertise to understand both the basic product as well as the formatting and packaging of an item. Given the materials used for particular Collectible Assets, some may be relatively easy to replicate or otherwise forge. In addition, the history of ownership and provenance of a particular Underlying Asset may not be complete. As a result, we are highly reliant on the trusted name of the brand, retailer, authenticator or other conduit to ensure the integrity of the product. While there is no guarantee that an Underlying Asset will be free of fraud, we attempt to mitigate this risk by having the item graded or authenticated by a reputable firm. In the event of an authenticity claim against an authenticated item, the Company may have recourse for reimbursement from the authenticator, although there can be no guarantee of the Company's ability to collect or the authenticator's ability to pay.

Furthermore, authenticators may occasionally make mistakes by either giving their approval or grade to a counterfeit card or piece of memorabilia. Sometimes this mistake is not uncovered until years later when evidence to the contrary surfaces or updated scientific methods are applied. The Company may not have recourse, if such an event occurs, and the value of the Underlying Asset will likely deteriorate. A piece of an Underlying Asset may also be mislabeled by an authenticator such as giving it the wrong year or attributing it to the wrong person, which may adversely affect its value. Finally, there is reputational risk of the authenticator, which may fall out of favor with collectors, which may impact the value of all items authenticated by the particular authenticator.

Older vintages of alcohol-related Underlying Assets add in another layer of complexity given the lack of transparency, published records and expert knowledge of a particular alcohol-related Underlying Asset, vintage or bottle format. Fraudulent bottles in the industry are often the result of older bottles being reconstituted and sold as an alcohol-related Underlying Asset other than what is actually contained in the bottle.

***Government regulation specific to alcohol-related Underlying Assets may adversely affect the value of such assets.***

Alcohol is regulated and can be sold only to individuals of drinking age, over twenty-one in the United States.

In the United States a three-tiered distribution system gives individual states the ability to regulate how alcohol is sold. Alcohol has regulation around who has access to it, who is able to purchase it and how it is owned. There are regulatory restrictions around licensed entities and how they transact alcohol. Each state regulates alcohol individually from one another, which creates unique and complex regulatory requirements.

Imported alcohol in most international jurisdictions is subject to importing and export regulations which may include excise tax, customs declarations and extensive administrative requirements. As such, imported alcohol is subject to more regulation and to the rules and regulations in the country or state to which it is being sold.

Should trade policies between countries change or social perceptions alter, imported alcohol may suffer disproportionately to domestically produced alcohol. Given the complexity of the regulatory environment and the regulated nature of the product, any changes in the regulatory environment have the ability to impact the value or liquidity of alcohol.

We do not currently hold any of the necessary licenses related to alcohol and, as such, plan to partner with third parties that are in possession of the necessary licenses, if these were required to run the business, or we may decide not to acquire alcohol-related Underlying Assets at all. There can be no guarantee that we will find any third parties with the appropriate licenses to partner with.

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***The complicated and overlapping systems of regulating alcohol in the United States may adversely impact our ability to either acquire or dispose of an alcohol-related Underlying Asset on a favorable basis.***

The United States maintains separate systems at the federal and state levels for the buying, selling and transportation of alcohol. Certain states have restrictions on licensing requirements as well as where and how alcohol can be bought and sold. Most states maintain three tiers of distribution where there is an importer/distributor, a retailer and then the consumer. In some states the quantity of alcohol that can be purchased directly is limited or non-existent. In other instances, the state maintains the supply of alcohol and how it is sold into the consumer markets. Further, this three-tiered system is subject to constant change and periodic regulatory challenge. As such, the complex and fluid nature of the three-tier system could materially and adversely impact our ability to ether obtain alcohol-related Underlying Assets or our ability to divest such Underlying Assets on a favorable basis.

***Demand for the assets in the Asset Class has been volatile, and potential negative changes within the Asset Class could materially adversely affect the value of Underlying Assets.***

The Asset Class has been subject to volatility in demand in recent periods, particularly around certain categories of assets and investor tastes (e.g., trading cards). Demand for high value Collectible Assets depends to a large extent on general, economic, political, and social conditions in a given market as well as the tastes of the collector community and in the case of sports, the general fan community resulting in changes of which Collectible Assets are most sought after. Volatility in demand may lead to volatility in the value of the Underlying Assets, which may result in further downward price pressure and adversely affect the Company's ability to achieve its objective of acquiring additional Underlying Assets through the issuance of further Series of Interests and monetizing them at the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") to generate distributions for Investors.

The Asset Class is subject to various risks, including, but not limited to, currency fluctuations, changes in tax rates, consumer confidence and brand exposure, as well as risks associated with the Asset Class in general, including, but not limited to, economic downturns and other challenges affecting the global economy (including the recent COVID-19 pandemic) and the availability of desirable Collectible Assets. Given the concentrated nature of the Underlying Assets any downturn in the Asset Class is likely to impact the value of the Underlying Assets, and consequently the value of the Interests. Popularity within categories of the broader market (e.g. baseball or football) can impact the value of the Underlying Assets within categories of the Asset Class (e.g. baseball cards or football jerseys), and consequently the value of the Interests.

***Interests are not diversified investments.***

It is not anticipated that any Series would own assets other than its respective Underlying Asset, plus potential cash reserves for maintenance, storage, insurance and other expenses pertaining to the Underlying Asset and any amounts earned by such Series from the monetization of the Underlying Asset. Investors looking for diversification will have to create their own diversified portfolio by investing in other opportunities in addition to any one Series.

***There can be no assurance that the market for NFTs will be sustained, which may materially adversely affect the value of NFTs, and consequently the value of related Series and the amount of distributions made to Interest Holders.***

The market for digital assets, including, without limitation, non-fungible tokens ("NFTs"), whether related to digital art or otherwise, is still nascent. Accordingly, the market for NFTs may not maintain current levels of value or growth. If such levels are not maintained, it may be difficult or impossible for us to resell any underlying NFT asset at a desirable price or at all. The prices of NFTs have already been subject to dramatic fluctuations, which in turn may materially adversely affect any Series for which the Underlying Asset is an NFT.

***There is currently no insurance available for digital assets, and future costly insurance for digital assets may adversely impact the value of related Series and the amount of distributions made to Interest Holders.***

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There is currently no insurance available for digital assets, and insurance may never be available from traditional providers, so the Manager self-insures underlying digital assets on behalf of the Company. Accordingly, until traditional insurance is available for digital assets, protection of digital assets through insurance is solely dependent on the Manager, and thus dependent on the Manager's expertise and performance.

Should traditional insurance become available, the cost of protecting digital assets may be substantial and may vary from year to year depending on changes in the insurance rates for covering the underlying digital assets. If costs are higher than expected, resulting expenses could adversely affect the value of the Series, the amount of distributions made to Interest Holders of the Series, potential proceeds from a sale of the related underlying digital asset (if any) and any capital proceeds returned to Investors after paying for any outstanding liabilities.

***The technology underlying blockchain technology is subject to a number of known and unknown technological challenges and risks that result in decline in value of underlying digital assets.***

The blockchain technology used in connection with digital assets, which is sometimes referred to as "distributed ledger technology," is a relatively new, untested and evolving technology. It represents a novel combination of several concepts, including a publicly available database or ledger that represents the total ownership of digital assets at any one time, novel methods of authenticating transactions using cryptography across distributed network nodes that permit decentralization by eliminating the need for a central clearinghouse while guaranteeing that transactions are irreversible and consistent, differing methods of incentivizing this authentication by the use of blocks of new tokens issued as rewards for the validator of each new block or transaction fees paid by participants in a transaction to validators, and hard limits on the aggregate amount of digital assets that may be issued. Because of the new and untested nature of blockchain technology, digital assets are vulnerable to risks and challenges, both foreseen and unforeseen.

For example, the consensus protocol for processing transactions may change, and transactions in digital assets may not be processed as presently contemplated in the period during or after the switch in consensus protocols, which may materially and adversely affect the transfer or storage of underlying digital assets. Although there may be solutions that have been proposed and implemented to these and other challenges facing various digital assets, the effectiveness of these solutions has not been proven. Further, legislatures and regulatory agencies could prohibit the use of current or future cryptographic protocols that could result in a significant loss of value or the termination of digital assets. Accordingly, the further development and future viability of digital assets in general is uncertain, and unknown challenges may prevent their wider adoption.

***The technology underlying blockchain technology is subject to a number of industry-wide challenges and risks relating to consumer acceptance of blockchain technology. The slowing or stopping of the development or acceptance of blockchain networks and blockchain assets would have a material adverse effect on the successful adoption of the tokens. The value of underlying digital assets, and consequently the value of related series and the amount of distributions made to holders of interests, may be materially adversely affected as a result.***

The growth of the blockchain industry is subject to a high degree of uncertainty regarding consumer adoption and long-term development. The factors affecting the further development of the blockchain and digital asset industry include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·worldwide growth in the adoption and use of digital assets and other blockchain technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·government and quasi-government regulation of digital assets and their use, or restrictions on or regulation of access to and operation of blockchain networks or similar systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the maintenance and development of the open-source software protocol of blockchain networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in consumer demographics and public tastes and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the availability and popularity of other forms or methods of buying and selling goods and services, or trading assets, including new means of using government-backed currencies or existing networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the extent to which current interest in digital assets represents a speculative "bubble";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·general economic conditions in the United States and the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the regulatory environment relating to digital assets and blockchains; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a decline in the popularity or acceptance of digital assets or other blockchain-based tokens.

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The digital asset industry as a whole has been characterized by rapid changes and innovations and is constantly evolving. Although it has experienced significant growth in recent years, the slowing or stopping of the development, general acceptance and adoption and usage of blockchain networks and blockchain assets may deter or delay the acceptance and adoption of digital assets.

The slowing or stopping of the development, general acceptance and adoption and usage of blockchain networks or blockchain assets may adversely impact the value of underlying digital assets or NFTs, as applicable, and consequently, the Series related to the digital Underlying Asset, as well as decrease the likelihood of any distributions being made by us to the Investors. The value of specific underlying digital assets, and consequently the value of related Series, relies on the development, general acceptance and adoption and usage of the applicable blockchain network in that demand depends on ability to readily access the applicable network.

***The Ethereum blockchain network on which the ERC-721 protocol is based, and thus ownership and transfer of underlying NFT assets are recorded, utilizes code that is subject to change at any time. These changes may have unintended consequences for underlying NFT assets.***

Currently, most NFT assets are built as ERC-721 tokens recorded on the Ethereum blockchain. In addition to the aforementioned risks regarding development and acceptance of blockchain networks, other changes, such as upgrades to Ethereum's blockchain or a change in how transactions are confirmed on the Ethereum blockchain, may have unintended, adverse effects on NFTs built under the ERC-721 standard. Any such changes to the Ethereum network could negatively affect the value of any underlying NFT assets based on Ethereum blockchain.

***The regulatory regime governing digital assets is still developing, and regulatory changes or actions may alter the nature of an investment in digital assets or restrict the use of digital assets in a manner that adversely affects investors and our business plans.***

The regulation of digital assets and digital asset exchanges are currently under-developed and likely to rapidly evolve and vary significantly among U.S. and non-U.S. jurisdictions and are subject to significant uncertainty. Existing laws and regulations may apply to digital assets in ways that are uncertain or that could impair the value of digital assets in which we invest as Underlying Assets. Additionally, as digital assets have grown in both popularity and market size, governments have reacted differently to digital assets. Various legislative and executive bodies in the United States, and other countries, have enacted or adopted, or are considering enacting or adopting, laws, regulations, guidance, or other actions that could adversely impact the Company and the value of the digital assets in which we may invest as Underlying Assets. Our failure to comply with any laws, rules and regulations, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in a variety of adverse consequences, including criminal and civil penalties and fines against the Company. New or changing laws and regulations or interpretations of existing laws and regulations could have material adverse consequences to you and the Company, including the transferability of digital assets, the value of digital assets, the liquidity and market price of digital assets, and your ability to access marketplaces that trade digital assets.

**Risks Relating to the Underlying Assets**

***The value of the Underlying Assets and, consequently, the value of an Investor's Interests can go down as well as up.***

Valuations are not guarantees of realizable price of an Underlying Asset and do not necessarily correlate to the price at which the Interests may be sold on the PPEX ATS. The value of the Underlying Assets may be materially affected by a number of factors outside the control of the Company, including, any volatility in the economic markets, the condition of the Underlying Assets and physical matters arising from the state of their repair and condition.

***Competition in the Asset Class from other business models could limit our share of the market.***

With the continued increase in popularity of the Asset Class, we expect competition for Collectible Assets to intensify in the future. There is potentially significant competition for Underlying Assets in the Asset Class from a wide variety of market participants. While the majority of transactions in which we obtain Underlying Assets

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continues to be peer-to-peer with very limited public information, other market players such as dealers, trade fairs and auction houses may play an increasing role. In addition, the underlying market is being driven by the increasing number of widely popular collectible automobile TV shows, including Jay Leno's Garage, Wayne Carini's Chasing Classic Cars and Mike Brewer's and Edward China's Wheeler Dealers. Furthermore, the presence of corporations such as eBay or Amazon or direct to consumer players in the Asset Class will continue to increase the level of competition from non-traditional players.

This continually increasing level of competition may impact the liquidity of some or all of the Interests, as liquidity is, among other things, dependent on the Company acquiring attractive and desirable Underlying Assets. This helps ensure that there is an appetite of potential Investors for the Interests. In addition, there are companies that have developed business models similar to ours for comparable or other alternative asset classes.

***The value of some Underlying Assets may depend on a prior user or association, the reputation or relational value of which is subject to changes in the general sentiment of the underlying fan base and other changes.***

The value of an Underlying Asset may be subject to changes in the general sentiment of the underlying fan base. This is particularly prominent in sports memorabilia, but also holds true for memorabilia categories such as movie franchises, musicians, and others. For example, leagues such as the NBA, MLB, NHL and NFL have a long and reputable fan base. However, events, such as player strikes, general public appeal of a league or a particular sport, may have an impact on the associated Underlying Assets. For instance, the NHL strike of 1994-1995 caused a loss of fan interest. Upstart leagues such as the USFL in football may cause an early interest in memorabilia from that league but may lose interest from lack of success. Various forms of Collectible Assets go in and out of favor with collectors.

The value of a Collectible Asset is likely to be connected to its association with, a certain person or group or in connection with certain events (prior to or following the acquisition of the Underlying Asset by the Company). In the event that such person, group or event loses public affection, then this may adversely impact the value of the Collectible Asset and therefore, the Series of Interests that relate to such Underlying Asset. For example, San Francisco Giants' outfielder Barry Bonds was on a career path to becoming a first-ballot Hall of Famer due to his home run records. At the turn of the century his game used memorabilia and cards were at a premium. However, steroid use and a poor public image not only put his Hall of Fame election in doubt but also damaged the value of his memorabilia. The same can also be said for a promising rookie whose career either ends prematurely due to injury or does not meet all the early expectations placed on them. There may be some loss of confidence if the producer of the Underlying Assets had been making false claims of organic or sustainable practices. Any false statements regarding practices of production, including the use of chemicals, may negatively impact the value of the Underlying Asset.

***The value of some Underlying Assets may depend on the brand or the producer of the Underlying Asset, and the reputation of a brand or producer is subject to change.***

The Underlying Assets of the Company consist of Collectible Assets from a very wide variety of manufacturers, many of which are still in operation today. The demand for the Underlying Assets, and therefore, each Series of Interests, may be influenced by the general perception of the Underlying Assets that manufacturers are producing today. In addition, the manufacturers' business practices may result in the image and value of the Underlying Assets produced by certain manufacturers being damaged. This in turn may have a negative impact on the Underlying Assets made by such manufacturers and, in particular, the value of the Underlying Assets and, consequently, the value of the Series of Interests that relate to such Underlying Asset. For example, the reputation of a manufacturer of certain sporting equipment that is used by a prominent player may impact the collectability of such equipment, or the reputation of an Underlying Asset producer that experiences an acquisition or loss of perceived independence, may impact the collectability of Underlying Assets as part of a larger portfolio. There may also be instances where the production location for the Underlying Assets may have been affected by climatic or political events that limit the ability to produce the product at the same level.

***Title, authenticity or infringement claims on an Underlying Asset can materially adversely affect its value.***

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There is no guarantee that an Underlying Asset will be free of any claims regarding title and authenticity (e.g., counterfeit or previously stolen items) even after verification through a third-party authenticator, or that such claims may arise after acquisition of an Underlying Asset by a Series of Interests. The Company may not have complete ownership history or maintenance records for an Underlying Asset. In the event of a title or authenticity claim against the Company, the Company may not have recourse against the Asset Seller or the benefit of insurance, and the value of the Underlying Asset and the Series that relates to that Underlying Asset may be diminished. Furthermore, the Company and the Underlying Asset could be adversely affected if a piece of memorabilia, such as a sports card, was found to have been created without all appropriate consents, such as consent from the athlete or league.

***Third party liability may attach to an Underlying Asset and thereby reach the Series related thereto.***

Each Series assumes all of the ownership risks attached to its Underlying Asset, including third party liability risks. Therefore, a Series may be liable to a third party for any loss or damages incurred by such third party in connection with the Series' Underlying Asset. This would be a loss to the Series and, in turn, adversely affect the value of the Series and would negatively impact the ability of the Series to make distributions.

***An Underlying Asset may be lost or damaged by causes beyond the Company's control while being transported or when in storage or on display. Insurance may not cover all losses, and there can be no guarantee that insurance proceeds will be sufficient to pay the full market value of an Underlying Asset which has been damaged or lost which will result in a material and adverse effect in the value of the related Interests.***

Any Underlying Asset may be lost or damaged by causes beyond the Company's control when in storage or on display. There is also a possibility that an Underlying Asset could be lost or damaged at Membership Experience Programs (as described in "**Description of the Business – Business of the Company**"). Any damage to an Underlying Asset or other liability incurred as a result of participation in these programs, including personal injury to participants, could adversely impact the value of the Underlying Asset or adversely increase the liabilities or Operating Expenses of its related Series of Interests. Further, when an Underlying Asset has been purchased, it will be necessary to transport it to the Asset Manager's preferred storage location or as required to participate in Membership Experience Programs. An Underlying Asset may be lost or damaged in transit, and transportation, insurance or other expenses may be higher than anticipated due to the locations of particular events.

Although we intend for the Underlying Assets to be insured at replacement cost (subject to policy terms and conditions), in the event of any claims against such insurance policies, there can be no guarantee that any losses or costs will be reimbursed, that an Underlying Asset can be replaced on a like-for-like basis or that any insurance proceeds would be sufficient to pay the full market value (after paying for any outstanding liabilities including, but not limited to, any outstanding balances under Operating Expenses Reimbursement Obligations), if any, of the Interests. Insurance of any Underlying Asset may not cover all losses. There are certain types of losses, generally of a catastrophic nature, such as earthquakes, floods, hurricanes, terrorism or acts of war that may be uninsurable or not economically insurable. Inflation, environmental considerations and other factors, including terrorism or acts of war, also might make insurance proceeds insufficient to repair or replace an asset if it is damaged or destroyed. Under such circumstances, the insurance proceeds received might not be adequate to restore a Series' economic position with respect to its affected Underlying Asset. Furthermore, the Series related to such affected Underlying Assets would bear the expense of the payment of any deductible. Any uninsured loss could result in both loss of cash flow from, and a decrease in value of, the affected Underlying Asset and, consequently, the Series that relates to such Underlying Asset.

In addition, at a future date, the Manager may decide to expand the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") to include items where individual Investors or independent third parties may be able to become the caretaker of Underlying Assets for a certain period of time for an appropriate fee, assuming that the Manager believes that such models are expected to result in higher overall financial returns for all Investors in any Underlying Assets used in such models. The feasibility from an insurance, safety, technological and financial perspective of such models has not yet been analyzed but may significantly increase the risk profile and the chance for loss of or damage to any Underlying Asset if utilized in such models.

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***Digital assets in which we may invest are subject to risks of loss and theft that differ from physical assets.***

Distributed ledgers are used to record transfers of ownership of digital assets, which are custodied, or "held," in digital wallets, or "wallets," and are solely represented by ledger balances and secured by cryptographic key pairs, a public key for transfers into the respective cryptographic wallet and a private key for accessing the subject cryptographic wallet and managing the digital assets held therein. Only the public key address will be generally exposed to the public on the respective distributed ledger. The associated private key is necessary to affect the sale or transfer of digital assets and is meant to be kept private.

As such, digital assets are vulnerable to loss. Particularly, if the Manager (or other custodian, as applicable) loses the key and is also unable to access a wallet via device-specific password, any digital assets held in such wallet will be permanently lost. While the Manager intends to employ commercially reasonable measures to prevent any such loss, there is no guarantee that such a loss will not occur.

Similarly, digital assets may also be as vulnerable to cyber theft as a traditional online brokerage account would be. In particular, if the Manager (or other custodian, as applicable) is hacked and any one or more of the private keys or the seed phrase are stolen, the thief could transfer the digital assets to its own account and/or sell such digital assets (as applicable). Further, while the Manager intends to employ commercially reasonable measures to prevent any such data breach, there is no guarantee that such a data breach will not occur or that if such a breach were to occur that it could be detected in time to prevent the unauthorized sale, transfer or use of the affected digital assets.

***Digital asset transactions may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions or technology failures in the Manager's wallet may not be recoverable.***

Digital assets are bearer assets, with whoever holds the asset being the owner. Accordingly, digital asset transactions may be irreversible, and the Manager may irreversibly lose an underlying digital asset in a variety of circumstances, including in connection with fraudulent or accidental transactions, technology failures in wallet software or cyber-security breaches. Losses due to fraudulent or accidental transactions may not be recoverable.

***Ownership of underlying digital assets is recorded via blockchain technology, which may be the target of malicious cyberattacks or may contain exploitable flaws in its underlying code. Such vulnerabilities may result in security breaches or the loss, decline in value or theft of underlying digital assets.***

Underlying digital assets rely on blockchain technology to operate and are therefore subject to a number of reliability and security risks attendant to blockchain and distributed ledger technology, including malicious attacks seeking to identify and exploit weaknesses in the software. Such attacks may materially and adversely affect the blockchain, which may in turn materially and adversely affect the transfer or storage of underlying digital assets. As a result of these and other risks of malicious attacks, there can be no assurances that the transfer or storage of digital Underlying Assets will be uninterrupted or fully secure. Any such interruption or security failure may result in impermissible transfers, decline in value or a complete loss of underlying digital assets.

***We may be forced to sell Underlying Assets at inopportune times, resulting in lower returns available to Investors.***

The Company may be forced to cause its various Series to sell one or more of the Underlying Assets (*e.g.*, upon the bankruptcy of the Manager) and such a sale may occur at an inopportune time or at a lower value than when the Underlying Assets were first acquired or at a lower price than the aggregate of costs, fees and expenses used to purchase the Underlying Assets. In addition, there may be liabilities related to the Underlying Assets, including, but not limited to, Operating Expenses Reimbursement Obligations on the balance sheet of any Series at the time of a forced sale, which would be paid off prior to Investors receiving any distributions from a sale. In such circumstances, the capital proceeds from any Underlying Asset and, therefore, the return available to Investors of the applicable Series may be lower than could have been obtained if the Series held the Underlying Asset and sold it at a later date.

***Investors may not receive distributions or a return of capital.***

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The revenue of each Series is expected to be derived primarily from the use of its Underlying Asset in Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") including track-day events, "museum" style locations to visit assets and asset sponsorship models. Membership Experience Programs have not been proven with respect to the Company and there can be no assurance that Membership Experience Programs will generate sufficient proceeds to cover fees, costs and expenses with respect to any Series. In the event that the revenue generated in any given year does not cover the Operating Expenses of the applicable Series, the Manager or the Asset Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) provide a loan to the Series in the form of an Operating Expenses Reimbursement Obligation, on which the Manager or the Asset Manager may impose a reasonable rate of interest, and/or (c) cause additional Interests to be issued in the applicable Series in order to cover such additional amounts.

Any amount paid to the Manager or the Asset Manager in satisfaction of an Operating Expenses Reimbursement Obligation would not be available to Investors as a distribution. In the event additional Interests in a Series are issued, Investors in such Series would be diluted and would receive a smaller portion of distributions from future Free Cash Flows, if any. Furthermore, if a Series or the Company is dissolved, there is no guarantee that the proceeds from liquidation will be sufficient to repay the Investors their initial investment or the market value, if any, of the Interests at the time of liquidation. See "**Potentially high storage, maintenance and insurance costs for the Underlying Assets may have a material adverse effect on the value of the Interests of the related Series**" for further details on the risks of escalating costs and expenses of the Underlying Assets.

***Market manipulation or overproduction may adversely affect the value of Underlying Assets.***

Market manipulation may be a risk with respect to the Asset Class. For example, one trading card manufacturer was caught secretly producing examples of hard to find and valuable cards that were given to its executives. This loss of faith in the company led to a devaluation of the cards involved. Another example is that a modern football and baseball player is issued many uniforms over the course of a season. The more a team issues, the less exclusive said item becomes. Also, many players have exclusive contracts with outlets that sell the players game used uniforms and equipment. There is no way of knowing if a company or player is secretly hoarding items which might be "dumped" in the market at a later date. For certain sub-categories of the Asset Class, such as alcohol, there is a risk that assets similar or comparable to an alcohol-related Underlying Asset may have been sold at auction, at retail or on an exchange that sets a valuation that may not accurately represent the market. The traditional auction process for Collection Assets depends on private investors, independent brokers and insider relationships. As a result, an investment in a Series of Interests may be highly illiquid. In addition, the pricing inefficiencies caused by the distribution system can afford an opportunity for collectors or third parties to stockpile Collectible Assets for eventual sale back into the market. Sudden changes in supply may impact market pricing of a particular Underlying Asset.

***Environmental damage could impact the value of an Underlying Asset which would result in a material and adverse effect in the value of the related Interests.***

Improper storage may lead to the full or partial destruction of an Underlying Asset. For instance, trading cards, tickets, posters or other paper piece can be destroyed by exposure to water or moisture. Likewise, equipment such as a bat may warp, or a leather glove may grow mold due to exposure to the elements. Autographs that are signed with inferior writing instruments or rendered on an unstable substrate may fade or "bleed," thereby reducing its value to collectors.

Some of the defects may not be initially visible or apparent, for example moisture in a frame, and may only become visible at a later date, at which point the value of the Underlying Asset and in turn the Series may be impacted.

The Asset Class demands specific requirements for proper long-term storage that take into account temperature, humidity, movement and exposure to sunlight (See "**Description of the Business – Facilities**" for additional information). For certain sub-categories of the Asset Class, such as alcohol, all of these factors can influence the aromas, aging process and overall integrity of the alcohol-related Underlying Assets. Exposure to water, extreme heat or cold can dramatically impact the quality of an alcohol-related Underlying Asset, for instance the bottle label can be destroyed by exposure to water or excessive moisture or the cork that maintains the quality and prevents oxygen from entering a bottle can become less reliable if exposed to the wrong environment.

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Testing for environmental exposures targets the quality of the enclosure, the label and the bottles. The alcohol-related Underlying Asset can also be tested for excessive exposure to heat or cold and will be reflected in the quality relative to its age and known provenance. The chemistry of an alcohol-related Underlying Asset can be confirmed in testing but most environment impact testing is subject to expert tasting, unless smoke taint or other chemical exposures are a concern for the product. Specifically, for wine, use of testing methods such as a Coravin, diminishes the value of a bottle of wine by exposing it to outside influences. The Coravin wine tasting and preservation system uses a medical grade needle to inject Argon gas into a cork that then allows for a sample of wine to be removed from the bottle without exposing it to excessive oxygen by not having to open it at all. The use of a Coravin diminishes the value of the bottle by exposing it to outside influences. Similarly, testing methods such as carbon dating, can be expensive relative to the cost of an alcohol-related Underlying Asset and therefore could impact both the cash flow and value.

***Potentially high storage, maintenance and insurance costs for the Underlying Assets may have a material adverse effect on the value of the Interests of the related Series.***

In order to protect and care for the Underlying Assets, the Manager must ensure adequate storage facilities, insurance coverage and, if required, maintenance work. The cost of care may vary from year to year depending on the amount of maintenance performed on a particular Underlying Asset, changes in the insurance rates for covering the Underlying Assets and changes in the cost of storage for the Underlying Assets, and if required, the amount of maintenance performed. It is anticipated that as the Company acquires more Underlying Assets, either directly or through additional Series, the Manager may be able to negotiate a discount on the costs of storage, insurance and maintenance due to economies of scale. These reductions are dependent on the Company acquiring, either directly or through additional Series, a number of Underlying Assets and service providers being willing to negotiate volume discounts and, therefore, are not guaranteed.

If costs turn out to be higher than expected, this would impact the value of the Interests related to an Underlying Asset, the amount of distributions made to Investors holding the Interests, potential proceeds from a sale of the Underlying Asset (if ever), and any capital proceeds returned to Investors after paying for any outstanding liabilities, including, but not limited to, any outstanding balances under Operating Expenses Reimbursement Obligations. See "**Investors may not receive distributions or a return of capital**" for further details of the impact of these costs on returns to Investors.

***Refurbishment processes or an inability to source original parts may adversely affect the value of the Underlying Assets.***

There may be situations in the future that require the Company to undertake refurbishments of an Underlying Asset (e.g., due to natural wear and tear and through the use of such Underlying Assets at Membership Experience Programs (as described in "**Description of the Business – Business of the Company**")). Where it does so, it will be dependent on the performance of third-party contractors and sub-contractors and may be exposed to the risks that a project will not be completed within budget, within the agreed timeframe or to the agreed specifications. While the Company will seek to mitigate its exposure, any failure on the part of a contractor to perform its obligations could adversely impact the value of any Underlying Assets and therefore, the value of the Interests related to such Underlying Assets.

In addition, the successful refurbishment of the collectible automobiles may be dependent on sourcing replacement original and authentic parts. Original parts for collectible automobiles are rare and in high demand and, therefore, at risk of being imitated. There is no guarantee that any parts sourced for any Underlying Assets will be authentic (e.g., not a counterfeit). If such parts cannot be sourced or, those parts that are sourced are not authentic, the value of the Underlying Assets and therefore, the value of the related Interests, may be materially adversely affected. Furthermore, if any Underlying Asset is damaged, we may be unable to source original and authentic parts for that Underlying Asset, and the use of non-original or inauthentic parts may decrease the value of the Underlying Asset.

***Drinking windows for alcohol-related Underlying Assets may not align with the timing of the ultimate sale of an alcohol-related Underlying Asset.***

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Some alcohol-related Underlying Assets, such as bottles of wine or whiskey, are often valued in the open market or at auctions based on the drinking window attributed to it upon release to the market. Drinking windows are essentially a range of years when an alcohol-related Underlying Asset will be optimal for drinking. Drinking windows are highly subjective and are a function of the weather during the production season, the experience of the taster, as well as the environment during the tasting. Theoretically, a drinking window is applied to an alcohol-related Underlying Asset that is stored in ideal conditions and allowed to age in that environment. Variations in storage and the environment an alcohol-related Underlying Asset is exposed to can change the accuracy of a drinking window. Drinking windows are reviewed in the course of asset selection to determine relative value, but there can be no guarantee they are accurate or applicable to every alcohol-related Underlying Asset. As the drinking window closes, the alcohol, in particular wine, will start to lose the integration of its components including the distinct flavors and floral scents; the color, smell and taste will all reflect the closing of the drinking window. The color will start to appear brown, the nose will start to lose its characteristics and the flavor will eventually fade to a dusty, musty expression of its former self. A wine of a certain vintage will eventually become undrinkable, which will likely materially and adversely affect the value of an alcohol-related Underlying Asset of such a vintage.

***There is no guarantee that digital assets will hold their value or increase in value, and you may lose the amount of your investment in a related Series in whole or in part.***

Digital assets are highly speculative, and any return on an investment in a series holding a digital asset as its Underlying Asset is contingent upon numerous circumstances, many of which (including legal and regulatory conditions) are beyond our control. There is no assurance that Investors will realize any return on their investments or that their entire investment will not be lost.

In particular, digital assets are a new and relatively untested asset class. There is considerable uncertainty about their long-term viability, which could be affected by a variety of factors, including many market-based factors such as economic growth and others. In addition, the success of digital assets will depend on whether blockchain and other new technologies related to such assets are useful and economically viable over time.

***The prices of digital assets are extremely volatile, and such volatility may have a material adverse effect on the value of digital Underlying Assets, the value of related Series and the amount of distributions made to Interest Holders.***

The prices of digital assets have historically been subject to dramatic fluctuations and are highly volatile, and the market price of digital Underlying Assets may also be highly volatile, which in turn may result in a decline in value of the related Series and the amount of distributions made to Interests Holders of such Series. Several factors may influence the market price of digital Underlying Assets, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the availability of an exchange or other trading platform for digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·general adoption of online digital asset exchanges and digital wallets that hold digital assets, the perception that the use and holding of digital assets as safe and secure and the regulatory restrictions on their use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in the software, software requirements or hardware requirements underlying any digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·interruptions in service from or failures of a major digital asset exchange on which digital assets are traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·investment and trading activities of large purchasers, including private and registered funds, that may directly or indirectly invest in digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·coordinated algorithmic behavior, including trading, by a large pool of small digital token holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·regulatory measures, if any, that affect the use or holding of digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·global or regional political, economic or financial events and situations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·expectations among participants that the value of digital assets will soon change.

In addition, decreases in the price of even a single other digital asset may cause volatility in the entire digital asset industry and may affect the value of other digital assets, including any digital Underlying Assets. For example, a security breach or any other incident or set of circumstances that affects purchaser or user confidence in a well-

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known digital asset may affect the industry as a whole and may also cause the price of other digital assets, including NFTs, to fluctuate.

***The value of digital art NFTs relies in part on the development, general acceptance and adoption and usage of blockchain assets, rather than solely on the digital artwork itself.***

Digital art NFTs are a means to establish proof of ownership of digital art through cryptographic key pairs, the public key of the creator(s) or artist(s) who created the digital artwork and the private key of the holder representing a verified instance (whether unique or part of a series) of that digital artwork. The purchase of a digital art NFT gives the holder the right to hold, transfer and/or sell the NFT. The NFT does not itself include any physical manifestation of the digital art. The value of digital art NFTs is derived from the cryptographic record of ownership, rather than solely on the digital artwork itself; a digital artwork originated as an NFT (i.e., the actual file or files constituting the artwork of which ownership is represented by an NFT) may have no value absent the NFT, depending on what other rights were conveyed with the NFT, for example a copyright interest that could be transferred separate from the NFT. Thus, the value of the digital art NFT relies in part on the continued development, acceptance, adoption and usage of the applicable blockchain.

***Underlying Assets may not be held long term.***

The Company intends to cause each Series to hold its respective Underlying Asset for an extended period but may receive offers to purchase the Series' Underlying Asset in its entirety or decide to list the asset for sale at auction. If the Manager, with the advice of the Advisory Board, deems the sale or auction listing to be generally beneficial to the majority of Series' Interest Holders, the Underlying Asset may be liquidated, with proceeds of the sale distributed to its Series' Interest Holders. Even though the Manager and the Advisory Board deem the sale to be generally beneficial to the majority of Series' Interest Holders, there might be unique circumstances where not all Series' Interest Holders align with the Manager and Advisory Board's decision.

**Risks Relating to Ownership of our Interests**

***Investors' limited voting rights restrict their ability to affect the operations of the Company or a Series.***

The Manager has a unilateral ability to amend the Operating Agreement and the allocation policy in certain circumstances without the consent of the Investors. The Investors only have limited voting rights in respect of the Series of Interests. Investors will therefore be subject to any amendments the Manager makes (if any) to the Operating Agreement and allocation policy and also any decision it takes in respect of the Company and the applicable Series, upon which the Investors do not get a right to vote. Investors may not necessarily agree with such amendments or decisions and such amendments or decisions may not be in the best interests of all of the Investors as a whole but only a limited number.

Furthermore, the Manager can only be removed as Manager of the Company and each Series in very limited circumstances, namely, following a non-appealable judgment of a court of competent jurisdiction that the Manager committed fraud in connection with the Company or a Series of Interests. Investors would therefore not be able to remove the Manager merely because they did not agree, for example, with how the Manager was operating an Underlying Asset.

***The Offering price for the Interests determined by us may not necessarily bear any relationship to established valuation criteria such as earnings, book value or assets that may be agreed to between purchasers and sellers in private transactions or that may prevail in the market if and when our Interests can be traded publicly.***

The price of the Interests is a derivative result of our negotiations with Asset Sellers based upon various factors including prevailing market conditions, our future prospects and our capital structure, as well as certain expenses incurred in connection with the Offering and the acquisition of each Underlying Asset. These prices do not necessarily accurately reflect the actual value of the Interests or the price that may be realized upon disposition of the Interests.

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***The Manager has unlimited discretion to issue additional Interests in any one or more Series, which could be issued at a price lower than the original Offering price or for no consideration, and which could materially and adversely affect the value of Interests and result in dilution to Investors.***

If we need more capital to finance our operations, including operations focused on a particular Underlying Asset, we may raise it through a follow-on offering involving the issuance of additional Interests in one or more Series. Additionally, we may induce third-party service providers, including potential operating partners, to contract with us by promising to issue additional Interests in one or more Series after the initial Offering of Interests in a Series.

Under our Operating Agreement, the Manager has the authority to cause the Company to issue Interests to Investors as well as to other persons for less than the original Offering prices (or for no consideration) and on such terms as the Manager may determine, subject to the terms of the Series Designation applicable to such Series of Interests. Investors do not have preemptive rights, unless otherwise indicated in the relevant Series Designation. If additional Interests are issued in a particular Series, this would dilute the current value of the Interests of that Series held by existing Investors and the amount of any future distributions payable to such existing Investors. Further, any additional issuance of Interests of a Series could result in dilution of the holders of that Series. See "**DILUTION**."

***If a market ever develops for the Interests, the market price and trading volume of our Interests may be volatile.***

If a market develops for the Interests, through the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information) or otherwise, the market price of the Interests could fluctuate significantly for many reasons, including reasons unrelated to our performance, any Underlying Asset or any Series, such as reports by industry analysts, Investor perceptions, or announcements by our competitors regarding their own performance, as well as general economic and industry conditions. For example, to the extent that other companies, whether large or small, within our industry experience declines in their share price, the value of Interests may decline as well.

In addition, fluctuations in operating results of a particular Series or the failure of operating results to meet the expectations of Investors may negatively impact the price of our securities. Operating results may fluctuate in the future due to a variety of factors that could negatively affect revenues or expenses in any particular reporting period, including vulnerability of our business to a general economic downturn; changes in the laws that affect our operations; competition; compensation related expenses; application of accounting standards; seasonality; and our ability to obtain and maintain all necessary government certifications or licenses to conduct our business.

***Funds from purchasers accompanying subscriptions for the Interests will not accrue interest while in escrow.***

The funds paid by a subscriber for Interests will be held in a non-interest-bearing escrow account until the admission of the subscriber as an Investor in the applicable Series, if such subscription is accepted. Purchasers will not have the use of such funds or receive interest thereon pending the completion of the Offering. No subscriptions will be accepted, and no Interests will be sold unless valid subscriptions for the Offering are received and accepted prior to the termination of the applicable Offering. It is also anticipated that subscriptions will not be accepted from prospective Investors located in states where the BOR is not registered as a broker-dealer. If we terminate an Offering prior to accepting a subscriber's subscription, escrowed funds will be returned promptly, without interest or deduction, to the proposed Investor.

***Any dispute in relation to the Operating Agreement is subject to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, except where federal law requires that certain claims be brought in federal courts. Our Operating Agreement, to the fullest extent permitted by applicable law, provides for Investors to waive their right to a jury trial.***

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If an Interest Holder were to bring a claim against the Company or the Manager pursuant to the Operating Agreement and such claim was governed by state law, it would have to bring such claim in the Delaware Court of Chancery. Our Operating Agreement, to the fullest extent permitted by applicable law and subject to limited exceptions, provides for Investors to consent to exclusive jurisdiction of the Delaware Court of Chancery and for a waiver of the right to a trial by jury, if such waiver is allowed by the court where the claim is brought.

If we opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Delaware, which govern our Operating Agreement, by a federal or state court in the State of Delaware, which has exclusive jurisdiction over matters arising under the Operating Agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial.

We believe that this is the case with respect to our Operating Agreement and our Interests. It is advisable that you consult legal counsel regarding the jury waiver provision before entering into the Operating Agreement. Nevertheless, if this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the Operating Agreement with a jury trial. No condition, stipulation or provision of the Operating Agreement or our Interests serves as a waiver by any Investor or beneficial owner of our Interests or by us of compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder. Additionally, the Company does not believe that claims under the federal securities laws shall be subject to the jury trial waiver provision, and the Company believes that the provision does not impact the rights of any Investor or beneficial owner of our Interests to bring claims under the federal securities laws or the rules and regulations thereunder.

These provisions may have the effect of limiting the ability of Investors to bring a legal claim against us due to geographic limitations and may limit an Investor's ability to bring a claim in a judicial forum that it finds favorable for disputes with us. Furthermore, waiver of a trial by jury may disadvantage an Investor to the extent a judge might be less likely than a jury to resolve an action in the Investor's favor. Further, if a court were to find this exclusive forum provision inapplicable to, or unenforceable in respect of, an action or proceeding against us, then we may incur additional costs associated with resolving these matters in other jurisdictions, which could materially and adversely affect our business and financial condition.

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**POTENTIAL CONFLICTS OF INTEREST**

*We have identified the following conflicts of interest that may arise in connection with the Interests, in particular, in relation to the Company, the Asset Manager, the Manager and the Underlying Assets. The conflicts of interest described in this section should not be considered as an exhaustive list of the conflicts of interest that prospective Investors should consider before investing in the Interests.*

***Operating Agreement reduces or eliminates duties (including fiduciary duties) of the Manager***

Our Operating Agreement provides that the Manager, in exercising its rights in its capacity as the Manager, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting us or any of our Investors and will not be subject to any different standards imposed by our Operating Agreement, the Delaware Limited Liability Company Act or under any other law, rule or regulation or in equity. These modifications of fiduciary duties are expressly permitted by Delaware law.

***Lack of conflicts of interest policy***

The Company, the Manager and their affiliates will try to balance the Company's interests with their own. However, to the extent that such parties take actions that are more favorable to other entities than the Company, these actions could have a negative impact on the Company's financial performance and, consequently, on distributions to Investors and the value of the Interests. The Company has not adopted, and does not intend to adopt in the future, either a conflicts of interest policy or a conflicts resolution policy.

***Payments from the Company to the Manager, the Asset Manager and their respective employees or affiliates***<br>

The Manager and the Asset Manager will engage with, on behalf of the Company, a number of brokers, dealers, Asset Sellers, insurance companies, storage and maintenance providers and other service providers and thus may receive in-kind discounts, for example, free shipping or servicing. In such circumstances, it is likely that these in-kind discounts may be retained for the benefit of the Manager or the Asset Manager and not the Company or may apply disproportionately to other Series of Interests. The Manager or the Asset Manager may be incentivized to choose a broker, dealer or Asset Seller based on the benefits they are to receive, or all Series of Interests collectively are to receive rather than that which is best for a particular Series of Interests.

Members of the expert network and the Advisory Board are often dealers and brokers within the Asset Class themselves and therefore will be incentivized to sell the Company their own Underlying Assets at potentially inflated market prices. In certain cases, a member of the Advisory Board could be the Asset Seller and could receive an identification fee for originally locating the asset. In the case of the Series Ford Mustang 7-Up Edition, for example, a previous member of the Advisory Board was the seller of the Underlying Asset. The Manager believes the purchase price of the Series Ford Mustang 7-Up Edition to be fair market value.

An Asset Seller may be issued Interests in a Series as part of the total purchase consideration to the Asset Seller and in such circumstances the Asset Seller may benefit from the Manager's advice, along with the potential for returns without incurring fees to manage the asset.

Members of the expert network and the Advisory Board may also be Investors, in particular, if they are holding Interests acquired as part of a sale of an Underlying Asset (i.e., as they were the Investor). They may therefore promote their own self-interests when providing advice to the Manager or the Asset Manager regarding an Underlying Asset (e.g., by encouraging the liquidation of such Underlying Asset so they can receive a return in their capacity as an Investor). In the case of the Series Ford Mustang 7-Up Edition, for example, a previous member of the Advisory Board retained a minority equity stake in the Underlying Asset.

In the event that the Operating Expenses exceed the revenue from an Underlying Asset and any cash reserves, the Manager has the option to cause the Series to incur an Operating Expenses Reimbursement Obligation to cover such excess. As interest may be payable on such loan, the Manager may be incentivized to cause the Series to which

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the Underlying Asset relates, to incur an Operating Expenses Reimbursement Obligation to pay Operating Expenses rather than look elsewhere for additional sources of income or to repay any outstanding Operating Expenses Reimbursement Obligation as soon as possible rather than make distributions to Investors. The Manager may also choose to issue additional Interests to pay for Operating Expenses instead of causing the Company to incur an Operating Expenses Reimbursement Obligation, even if any interest payable by a particular Series on any Operating Expenses Reimbursement Obligation may be economically more beneficial to Interest Holders of that Series than the dilution incurred from the issuance of additional Interests.

The Manager determines the timing and amount of distributions made to Investors from Free Cash Flow of a particular Series. As a consequence, the Manager also determines the timing and amount of payments made to the Asset Manager, since payments to the Asset Manager are only made if distributions of Free Cash Flow are made to the Investors. Since an affiliate of the Manager has been appointed the Asset Manager, the Manager may thus be incentivized to make distributions of Free Cash Flow more frequently and in greater quantities rather than leaving excess Free Cash Flow on the balance sheet of a particular Series to cover future Operating Expenses, which may be more beneficial to a particular Series.

***Potential future brokerage activity***

The Asset Manager or an affiliate may, in the future, register with the Commission as a broker-dealer in order to be able to facilitate liquidity in the Interests via the Platform or the PPEX ATS. In that case, the Asset Manager, or its affiliate, would potentially be entitled to receive fees based on volume of trading and volatility of the Interests on the Platform and such fees may be in excess of what Rally Holdings receives as the Asset Manager, via the Management Fee, or the appreciation in the Interests it holds in each Series of Interests. Although an increased volume of trading and volatility will benefit Investors as it will assist in creating a market for those wishing to transfer their Interests, there is the potential that a divergence of interests would arise between the Asset Manager and those Investors. For example, if an Underlying Asset did not appreciate in value, this would impact the price of the Interests, but may not adversely affect the profitability related to the brokerage activities of the Asset Manager or an affiliate (i.e., the Asset Manager or its affiliate would collect brokerage fees whether the price of the Underlying Asset increases or decreases). For the avoidance of doubt, no Rally Entity operates a venue for facilitating secondary trading of Interests

***Ownership of multiple Series of Interests***

The Manager or its affiliates will acquire Interests in each Series of Interests for their own accounts. While the Manager or its affiliates do not currently intend to transfer these Interests prior to the liquidation of an Underlying Asset, in the future, they may, from time to time, transfer these Interests, either directly or through brokers, via the PPEX ATS or otherwise, subject to the restrictions of applicable securities laws and filing any necessary amendment to this Offering Circular. Depending on the timing of the transfers, this could impact the Interests held by the Investors (e.g., driving price down because of supply and demand and over availability of Interests). This ownership in each of the Series of Interests may result in a conflict of interest between the Manager or its affiliates and the Investors who only hold one or certain Series of Interests (e.g., the Manager or its affiliates, once registered as a broker-dealer with the Commission, may disproportionately market or promote a certain Series of Interests, in particular, where they are a significant owner, so that there will be more demand and an increase in the price of such Series of Interests).

***Allocations of income and expenses as between Series of Interests***

The Manager may appoint a service provider to service the entire collection of the Underlying Assets (e.g., for insurance, storage, maintenance or media material creation). Although appointing one service provider may reduce costs due to economies of scale, such service provider may not necessarily be the most appropriate for a particular Underlying Asset (e.g., it may have more experience in servicing a certain class of collectible even though the Company will own many different kinds of collectibles). In such circumstances, the Manager would be conflicted from acting in the best interests of the Underlying Assets as a whole or those of one particular Underlying Asset.

There may be situations when it is challenging or impossible to accurately allocate income, costs and expenses to a specific Series of Interests and certain Series of Interests may get a disproportionate percentage of the costs or income, as applicable. In such circumstances, the Manager would be conflicted from acting in the best

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interests of the Company as a whole or the individual Series. While we presently intend to allocate expenses as described in "**Description of the Business – Allocations of Expenses**," the Manager has the right to change this allocation policy at any time without further notice to Investors.

***Conflicting interests of the Manager, the Asset Manager and the Investors***

The Manager or its affiliates are obligated to purchase a minimum of one (1) Interest of each Offering, at the same terms as all other Investors. However, the Manager may, in its sole discretion, acquire additional Interests, at the same terms as all other Investors. If there is a lack of demand for Interests in a particular Series during such Series' initial Offering, the Manager in its sole discretion may acquire additional Interests (at the same terms as all other Investors) in order for an Offering for such Series of Interests to have a Closing. The Manager or its affiliates have in the past "topped-off" an Offering of Series of Interests, so that a Closing with regards to such Offering could occur. The Manager will engage in such activity in the future if it reasonably believes such activity to be in the best interests of Investors or potential Investors. Such activity may result in a reduced level of liquidity in the secondary trading market for any Series in which it makes such a decision. For example, during the Offering for Series #11BM1, the Manager acquired a total of 43% of Interests issued. See "**Principal Interest Holders**" for additional information.

The Manager, the Asset Manager or the Platform may receive sponsorship from Collectible Asset service providers to assist with the servicing of certain Underlying Assets. In the event that sponsorship is not obtained for the servicing of an Underlying Asset, the Investors who hold Interests connected to the Underlying Asset requiring servicing would bear the cost of the fees. The Manager or the Asset Manager may in these circumstances, decide to carry out a different standard of service on the Underlying Asset to preserve the expenses which arise to the Investors and therefore, the amount of Management Fee the Asset Manager receives. The Manager or the Asset Manager may also choose to use certain service providers because they get benefits from giving them business, which do not accrue to the Investors.

The Manager will determine whether to liquidate a particular Underlying Asset should an offer to acquire full ownership of the Underlying Asset be received. As the Asset Manager or an affiliate, once registered as a broker-dealer with the Commission, will receive fees on the trading volume in the Interests connected with an Underlying Asset, they may be incentivized not to realize such Underlying Asset even though Investors may prefer to receive the gains from any appreciation in value of such Underlying Asset. Furthermore, when determining to liquidate an Underlying Asset, the Manager will do so considering all of the circumstances at the time, which may include the preferences of the Interest Holders of the related Series as expressed by the nonbinding voting results of a poll of such Interest Holders on the question whether to sell the Underlying Asset. The Manager may decide to sell such Underlying Asset for a price that is in the best interests of a substantial majority but not all of the Investors.

The Manager may be incentivized to use more popular Collectible Assets at Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") as this may generate higher Free Cash Flow to be distributed to the Asset Manager, an affiliate of the Manager, and Investors in the Series associated with that particular Underlying Asset. In turn, certain Underlying Assets may generate lower distributions than the Underlying Assets of other Series of Interests. The use of Underlying Assets at the Membership Experience Programs could increase the risk of the Underlying Assets getting damaged and could impact the value of the Underlying Asset and, as a result, the value of the related Series of Interests. The Manager may therefore be conflicted when determining whether to use the Underlying Assets at the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**") to generate revenue or limit the potential of damage being caused to them. Furthermore, the Manager may be incentivized to utilize Collectible Assets that help popularize the Interests via the Platform or general participation or membership in the Platform, which means of utilization may generate lower immediate returns than other potential utilization strategies.

***The Manager has the ability to unilaterally amend the Operating Agreement and allocation policy.***

As the Manager is party, or subject, to these documents, it may be incentivized to amend them in a manner that is beneficial to it as Manager of the Company or any Series or may amend it in a way that is not beneficial for all Investors. In addition, the Operating Agreement seeks to limit the fiduciary duties that the Manager owes to its Investors. Therefore, the Manager is permitted to act in its own best interests rather than the best interests of the Investors. See "**Description of the Interests Offered**" for more information.

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***The terms of the Operating Agreement limit our ability to end our relationship with the Manager.***

Under the terms of the Operating Agreement, we may terminate the Manager following an affirmative vote of two-thirds of the Company's Investors under certain circumstances, which are described under "Removal of the Managing Member" and are limited to instances in which the Manager is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series or the Company and which has a material adverse effect the Company. Unsatisfactory financial performance alone does not provide a basis for removal of the Manager under the Operating Agreement. These provisions make it difficult to end the Company's relationship with the Manager, even if we believe the Manager's performance is not satisfactory.

***Manager's Fees and Compensation***

None of the compensation set forth under "**Compensation of the Manager**" was determined by arms' length negotiations. Investors must rely upon the duties of the Manager of good faith and fair dealing to protect their interests, as qualified by the Operating Agreement. While the Manager believes that the consideration is fair for the work being performed, there can be no assurance made that the compensation payable to the Manager will reflect the true market value of its services.

***Fees for arranging events or monetization in addition to the Management Fee***

As the Manager or its affiliates will acquire a percentage of each Series of Interests, it may be incentivized to attempt to generate more earnings with those Underlying Assets owned by those Series of Interests in which it holds a higher stake.

Any profits generated from the Platform (e.g., through advertising) and from issuing additional Interests in Underlying Assets on the Platform will be for the benefit of the Manager and Asset Manager (e.g. more Sourcing Fees). In order to increase its revenue stream, the Manager may therefore be incentivized to issue additional Series of Interests and acquire more Underlying Assets rather than focus on monetizing any Underlying Assets already held by existing Series of Interests.

***Conflicts between the Advisory Board and the Company***

The Operating Agreement of the Company provides that the resolution of any conflict of interest approved by the Advisory Board shall be deemed fair and reasonable to the Company and the Members and not a breach of any duty at law, in equity or otherwise. As part of the remuneration package for Advisory Board members, they may receive an ownership stake in the Manager. This may incentivize the Advisory Board members to make decisions in relation to the Underlying Assets that benefit the Manager rather than the Company.

As a number of the Advisory Board members are in the Collectible Asset industry, they may seek to sell Underlying Assets to, acquire Underlying Assets from, or service Underlying Assets owned by the Company.

***Lack of separate counsel for the Rally Entities and their respective affiliates***

The counsel of the Company ("Legal Counsel") is also counsel to the Rally Entities, which include other series LLC entities of Rally Holdings and other Series of Interests. Because Legal Counsel represents both the Company and the Rally Entities, certain conflicts of interest exist and may arise. To the extent that an irreconcilable conflict develops between the Company and any of the Rally Entities, Legal Counsel may represent one or more of the Rally Entities and not the Company or the Series. Legal Counsel may, in the future, render services to the Company or one or more of the Rally Entities with respect to activities relating to the Company as well as other unrelated activities. Legal Counsel is not representing any prospective Investors of any Series of Interests in connection with any Offering and will not be representing the members of the Company other than the Manager and Rally Holdings, although the prospective Investors may rely on the opinion of legality of Legal Counsel provided at Exhibit 12.1 to the Offering Statement of which this Offering Circular forms a part. Prospective Investors are advised to consult their own independent counsel with respect to the other legal and tax implications of an investment in any Series.

------

***Our affiliates' interests in other Rally Entities and transactions between Rally Entities***

The officers and directors of RSE Markets, which is the sole member of the Asset Manager for the Company, are also officers and directors and/or key professionals of other Rally Entities. These persons have legal obligations with respect to those entities that are similar to their obligations to us. As a result of their interests in other Rally Entities, their obligations to other Investors and the fact that they engage in and will continue to engage in other business activities on behalf of themselves and others, they will face conflicts of interest in allocating their time among us and other Rally Entities and other business activities in which they are involved. Rally Holdings currently serves as the Asset Manager for multiple entities with similar strategies, including three other series limited liability companies with similar businesses: RSE Archive, LLC, which commenced principal operations in 2019 and primarily operates in the memorabilia and collectibles asset class; RSE Innovation, LLC, which commenced principal operations in 2021 and primarily operates in the intangibles asset class; and RSE Portfolio, LLC, which commenced principal operations in 2022 and primarily operates in the real estate asset class. These separate entities all require the time and consideration of Rally Holdings and affiliates, potentially resulting in an unequal division of resources to all Rally Entities. However, we believe that Rally Holdings has sufficient professionals to fully discharge its responsibilities to the Rally entities for which it serves as Asset Manager.

In addition, the Company has entered into certain assignment and assumption agreements with RSE Archive, pursuant to which RSE Archive has assigned all of its rights, title and interest in certain Underlying Assets to the Company. For each Series with respect to which the Company acquired the Underlying Asset pursuant to an assignment and assumption agreement with RSE Archive, such assignment and assumption is noted in the paragraph immediately preceding the **Series Detail Table** relating to each such Underlying Asset in **Appendix B**.

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**DILUTION**

Dilution means a reduction in value, control or earnings of the Interests the Investor owns. There will be no dilution to any Investors associated with any Offering. However, from time to time, additional Interests in the Series offered under this Offering Circular may be issued in order to raise capital to cover the applicable Series' ongoing Operating Expenses, which may result in dilution of the Interests of the then-current Investors. See "**Description of the Business – Operating Expenses**" for further details.

The Manager or its affiliates must acquire a minimum of one (1) Interest in connection with any Offering, however, the Manager, in its sole discretion, may acquire greater than one (1) Interest in any Offering. In all circumstances, the Manager or its affiliated purchaser will pay the price per Interest offered to all other potential Investors hereunder.

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**PLAN OF DISTRIBUTION AND SUBSCRIPTION PROCEDURE**

**Plan of Distribution**

We are managed by RSE Collection Manager, LLC (which we refer to as the Manager), a single-member Delaware limited liability company owned by Rally Holdings LLC (which we refer to as the Asset Manager). The Asset Manager also owns and operates the Platform, through which Investors may indirectly invest, through a Series of the Company's Interests, in Underlying Asset opportunities that have been historically difficult to access for many market participants. Through the use of the Platform, Investors can browse and screen the potential investments and sign legal documents electronically. We intend for the initial sales of the Interests to occur principally through the Platform. However, the Company may offer directly to certain Investors a significant portion of the Interests in any given Series without the aid of the Platform and prior to the Platform-based Offering. In addition, within two calendar days of the qualification date of an Offering, the Company may sell some of the Interests on a limited basis. None of the Rally Entities is a member firm of FINRA, and no person associated with us will be deemed to be a broker solely by reason of his or her participation in the sale of the Interests.

The Company has engaged the BOR, a broker-dealer registered with the Commission and a member of FINRA, to act as the broker-dealer of record for this Offering, but not for underwriting or placement agent services. As compensation, the Company has agreed to pay the BOR a commission equal to 1% of the amount raised in the Offering to support the Offering on all invested funds after the issuance of a No Objection Letter by FINRA. In addition, the Company has paid the BOR a one-time advance set up fee of $5,000 to cover reasonable out-of-pocket accountable expenses actually anticipated to be incurred by the BOR, such as, among other things, preparing the FINRA filing. The BOR will refund any fee related to the advance to the extent it is not used, incurred or provided to the Company. In addition, the Company will pay a one-time $5,000 consulting fee that will be due immediately after FINRA issues a No Objection Letter. The Company will also fund $13,750 in FINRA 5110 filing fees which represents the 5110 fee for the maximum of $75,000,000 of issuance in the upcoming twelve-month period. The BOR will monitor all compensation, from any source, and will ensure that its total compensation for each Offering, and all Offerings, does not exceed 8% of the total offering proceeds, in the aggregate.

The sale of the Interests is being facilitated by the BOR, which is a registered broker-dealer under the Exchange Act and member of FINRA. The BOR is registered in each state where the offer and sales of the Interests will occur. Interests may not be offered or sold in states where the BOR is not registered as a broker-dealer.

With respect to the Interests:

-The Company is the entity which issues membership Interests in each Series of the Company;

-The Asset Manager owns and operates the Platform, through which membership Interests are offered under Tier 2 of Regulation A under the Securities Act pursuant to this Offering Circular, and, in its capacity as Asset Manager, provides services with respect to the selection, acquisition, ongoing maintenance and upkeep of the Underlying Assets;

-The Manager operates each Series of Interests following the Closing of the Offering for that Series; and

-The BOR, which is a registered broker-dealer, acts as the broker of record and facilitates the sale of the Interests while providing certain other Investor verification and regulatory services. For the avoidance of doubt, the BOR is not an underwriter or placement agent in connection with the Offering. The BOR does not purchase or solicit purchases of, or make any recommendations regarding, the Interests to prospective Investors.

Neither the BOR nor any other entity receives a finder's fee or any underwriting or placement agent discounts or commissions in relation to any Offering of Interests.

Each of the Offerings is being conducted under Regulation A under the Securities Act and therefore, only offered and sold to "qualified purchasers." For further details on the suitability requirements an Investor must meet in order to participate in these Offerings, see "**Plan of Distribution and Subscription Procedure – Investor Suitability Standards**." As a Tier 2 Offering pursuant to Regulation A under the Securities Act, these Offerings will

------

be exempt from state law Blue Sky registration requirements, subject to meeting certain state filing requirements and complying with certain antifraud provisions.

The initial Offering price for each Series of Interests is equal to the aggregate of (i) the purchase price of the applicable Underlying Asset, (ii) the Brokerage Fee, (iii) Offering Expenses, (iv) the Acquisition Expenses, and (v) the Sourcing Fee (in each case as described below) divided by the number of membership Interests sold in each Offering. The initial Offering price for a particular Series is a fixed price and will not vary based on demand by Investors or potential Investors.

The Plan of Distribution table below represents Offerings with a Closing as of January 31, 2023 and represents actual amounts on its respective Closing date.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series**  | **Cash on Balance Sheet** | **Purchase Price** | **Brokerage Fee** | **Offering Expenses** | **Acquisition Expenses** | **Sourcing Fee** | **Total Offering Price** | **Purchase Price Per Interest** | **Number of Interests** |
| #77LE1 (2)  | $2780  | $69400  | $1049  | $0  | $787  | $3443  | $77700  | $38.85  | 2000 |
| #69BM1  | $4149  | $102395  | $778  | $0  | $3871  | $2986  | $115000  | $57.50  | 2000 |
| #85FT1  | $0  | $172500  | $1117  | $0  | $3326  | ($17859) | $165000  | $82.50  | 2000 |
| #88LJ1  | $0  | $127176  | $914  | $0  | $5206  | $578  | $135000  | $67.50  | 2000 |
| #55PS1  | $2500  | $405000  | $2869  | $0  | $3386  | ($3357) | $425000  | $212.50  | 2000 |
| #95BL1  | $1000  | $112500  | $870  | $889  | $2041  | ($444) | $118500  | $59.25  | 2000 |
| #90FM1 (1)  | $771  | $14500  | $90  | $500  | $286 | $464  | $16500  | $8.25  | 2000 |
| #83FB1  | $2771  | $330000  | $2522  | $2625  | $2806  | $9162  | $350000  | $70.00  | 5000 |
| #98DV1  | $2500  | $120000  | $954  | $975  | $2544  | $2314  | $130000  | $65.00  | 2000 |
| #93XJ1  | $1771  | $460000  | $3487  | $3713  | $28586  | ($7373) | $495000  | $99.00  | 5000 |
| #02AX1  | $2271  | $100000  | $793  | $810  | $1786  | $1944  | $108000  | $54.00  | 2000 |
| #99LE1  | $2271  | $62100  | $510  | $521  | $2171  | $1770  | $69500  | $34.75  | 2000 |
| #91MV1  | $1271  | $33950  | $279  | $500  | $1487  | $600  | $38000  | $19.00  | 2000 |
| #92LD1  | $2771  | $146181  | $1114  | $1238  | $11721  | $2219  | $165000  | $55.00  | 3000 |
| #94DV1  | $2271  | $52500  | $388  | $500  | $287  | $1841  | $57500  | $28.75  | 2000 |
| #72MC1 (1)  | $5286  | $115000  | $542  | $934  | $562  | $2474  | $124500  | $62.25  | 2000 |
| #11BM1  | $3286  | $78500  | $567  | $630  | $1286  | $517  | $84000  | $42.00  | 2000 |
| #80LC1 (1)  | $3786  | $610000  | $4305  | $4763  | $2439  | $9216  | $635000  | $127.00  | 5000 |
| #02BZ1  | $3000  | $185000  | $1316  | $1463  | $1301  | $2620  | $195000  | $65.00  | 3000 |
| #88BM1  | $2000  | $135000  | $952  | $1058  | $1465  | $226  | $141000  | $47.00  | 3000 |
| #63CC1  | $2000  | $120000  | $916  | $945  | $286  | $1553  | $126000  | $63.00  | 2000 |
| #76PT1  | $2286  | $179065  | $1382  | $1424  | $3737  | $1793  | $189900  | $63.30  | 3000 |
| #75RA1  | $3036  | $75000  | $586  | $630  | $903  | $3732  | $84000  | $28.00  | 3000 |
| #65AG1  | $3700  | $170000  | $1272  | $1339  | $286  | $1903  | $178500  | $89.25  | 2000 |
| #61JE1  | $3286  | $235000  | $1661  | $1845  | $388  | $3858  | $246000  | $82.00  | 3000 |
| #90MM1  | $2986  | $22000  | $196  | $500  | $1187  | $918  | $26600  | $5.32  | 5000 |
| #65FM1  | $3000  | $75000  | $619  | $619  | $997  | $1966  | $82500  | $41.25  | 2000 |
| #88PT1  | $5344  | $61875  | $495  | $500  | $1196  | ($2214) | $66000  | $30.00  | 2200 |
| #94LD1  | $4550  | $570000  | $4481  | $4481  | $2236  | $11251  | $597500  | $119.50  | 5000 |
| #99SS1  | $3064  | $126575  | $1375  | $1031  | $2652  | $1815  | $137500  | $137.50  | 1000 |
| #94FS1  | $3250  | $135399  | $1450  | $1088  | $3083  | $669  | $145000  | $72.50  | 2000 |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #61MG1  | $4197  | $325000  | $2550  | $2550  | $590  | $4613  | $340000  | $68.00  | 5000 |
| #92CC1  | $3312  | $45000  | $525  | $500  | $1188  | $2875  | $52500  | $26.25  | 2000 |
| #80PN1  | $5300  | $45750  | $480  | $500  | $1638  | ($4030) | $48000  | $9.60  | 5000 |
| #88LL1  | $5789  | $275000  | $2920  | $2190  | $2811  | $3115  | $292000  | $146.00  | 2000 |
| #MEEB11275  | $500  | $140407  | $1600  | $1200  | $154  | $16139  | $160000  | $8.00  | 20000 |
| #82TAYLOR  | $400  | $10200  | $130  | $500  | $0  | $1538  | $13000  | $6.50  | 2000 |
| #HOLMES  | $400  | $20000  | $250  | $500  | $100  | $3458  | $25000  | $10.00  | 2500 |
| #HULK180  | $300  | $36000  | $420  | $500  | $146  | $4342  | $42000  | $4.20  | 10000 |
| #05JAYZ  | $300  | $15600  | $185  | $500  | $218  | $1459  | $18500  | $5.00  | 3700 |
| #JUSTINIAN  | $600  | $15000  | $180  | $500  | $0  | $1720  | $18000  | $9.00  | 2000 |
| #67ICEBOWL  | $354  | $7500  | $100  | $500  | $46  | $1262  | $10000  | $5.00  | 2000 |
| #DKCOUNTRY  | $300  | $13200  | $180  | $500  | $366  | $3162  | $18000  | $6.00  | 3000 |
| #FALCON  | $355  | $42834  | $500  | $500  | $110  | $5420  | $50000  | $5.00  | 10000 |
| #MARIOWRLD  | $424  | $144000  | $1650  | $1238  | $143  | $17264  | $165000  | $5.00  | 33000 |
| #82AV1  | $3400  | $285000  | $2975  | $2231  | $1364  | $2530  | $297500  | $20.00  | 14875 |
| #SUPERBWL1  | $365  | $19500  | $240  | $500  | $35  | $3079  | $24000  | $6.00  | 4000 |
| #MEEB7985  | $500  | $33962  | $380  | $500  | $84  | $2574  | $38000  | $5.00  | 7600 |
| #BONDWATCH  | $300  | $71388  | $800  | $600  | $0  | $3320  | $80000  | $4.00  | 20000 |
| #95FF1  | $5000  | $105000  | $0  | $0  | $3488  | $5962  | $120000  | $10.00  | 12000 |
| #MAYC857  | $500  | $48492  | $540  | $500  | $75  | $3893  | $54000  | $5.00  | 10800 |
| #PUNK2981 (1)  | $600  | $290000  | $3100  | $2325  | $0  | $13975  | $310000  | $5.00  | 62000 |
| #WOW2221  | $500  | $25461  | $280  | $500  | $66  | $1193  | $28000  | $7.00  | 4000 |
| #NIKON1  | $300  | $23438  | $280  | $500  | $762  | $2720  | $28000  | $4.00  | 7000 |
| #LOTF  | $400  | $11000  | $140  | $500  | $392  | $1568  | $14000  | $7.00  | 2000 |
| #DOOD6778  | $501  | $28342  | $300  | $500  | $17  | $340  | $30000  | $5.00  | 6000 |
| #BAKC7820  | $551  | $28743  | $300  | $500  | $49  | ($143) | $30000  | $5.00  | 6000 |
| #NBAJAM (1)  | $400  | $42000  | $470  | $500  | $292  | $3338  | $47000  | $5.00  | 9400 |
| #SANDBOX1  | $500  | $101424  | $1050  | $788  | $63  | $1175  | $105000  | $5.00  | 21000 |
| #WOW6586  | $500  | $49742  | $520  | $500  | $28  | $711  | $52000  | $5.00  | 10400 |
| #AZUKI6704  | $500  | $30434  | $320  | $500  | $18  | $228  | $32000  | $5.00  | 6400 |
| #58PELE4  | $320  | $42000  | $480  | $500  | $280  | $4420  | $48000  | $6.00  | 8000 |
| #OBAMABALL  | $320  | $99000  | $1050  | $788  | $280  | $3563  | $105000  | $10.00  | 10500 |
| #BART  | $320  | $17400  | $210  | $500  | $280  | $2290  | $21000  | $7.00  | 3000 |
| #HOMER  | $320  | $17400  | $210  | $500  | $280  | $2290  | $21000  | $7.00  | 3000 |
| #SI1  | $402  | $7700  | $100  | $500  | $198  | $1100  | $10000  | $2.00  | 5000 |
| #GOLD1  | $381  | $13750  | $160  | $500  | $443  | $766  | $16000  | $4.00  | 4000 |
| #VERSTAPP1  | $402  | $29402  | $320  | $500  | $198  | $1178  | $32000  | $8.00  | 4000 |
| #96TIGER  | $476  | $49037  | $550  | $500  | $124  | $4163  | $55000  | $5.00  | 11000 |
| #88ZELDA  | $402  | $54000  | $600  | $500  | $198  | $4300  | $60000  | $5.00  | 12000 |
| #STARWARS3  | $402  | $22800  | $260  | $500  | $198  | $1840  | $26000  | $10.00  | 2600 |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #YEEZY  | $400  | $32000  | $400  | $500  | $424  | $4662  | $40000  | $8.00  | 5000 |
| #MAYC9114  | $500  | $84357  | $875  | $656  | $45  | $1066  | $87500  | $5.00  | 17500 |
| #VFRNDS1 (1)  | $545  | $250000  | $2750  | $2063  | $480  | $19162  | $275000  | $10.00  | 27500 |
| #MBIRD2754  | $500  | $76328  | $600  | $500  | $36  | ($17964) | $60000  | $5.00  | 12000 |
| #VEEFRND1  | $500  | $39054  | $336  | $500  | $51  | ($6841) | $33600  | $5.00  | 6720 |
| #TREASURE  | $300  | $18750  | $225  | $500  | $481  | $2244  | $22500  | $5.00  | 4500 |
| #MACWORLD1  | $1030  | $201021  | $2250  | $1688  | $1338  | $17673  | $225000  | $11.25  | 20000 |
| #KENNERSET  | $323  | $10251  | $125  | $500  | $277  | $1024  | $12500  | $10.00  | 1250 |
| #LEDZEPP1  | $402  | $42000  | $480  | $500  | $198  | $4420  | $48000  | $6.00  | 8000 |
| #VEEVIPER  | $400  | $70000  | $750  | $563  | $509  | $2779  | $75000  | $5.00  | 15000 |
| #BEEPLE1  | $500  | $75161  | $680  | $510  | $45  | ($8896) | $68000  | $5.00  | 13600 |
| #WARHOL1  | $2800  | $151308  | $1700  | $1275  | $9557  | $3359  | $170000  | $10.00  | 17000 |
| #GAMEBOY  | $400  | $20000  | $225  | $500  | $509  | $866  | $22500  | $5.00  | 4500 |
| #CROESUS  | $429  | $57600  | $640  | $500  | $477  | $4355  | $64000  | $8.00  | 8000 |
| #SACHS1  | $500  | $24588  | $215  | $500  | $43  | ($4346) | $21500  | $10.00  | 2150 |
| #32RUTH  | $327  | $85000  | $950  | $713  | $273  | $7738  | $95000  | $5.00  | 19000 |
| #ELON1  | $400  | $6000  | $75  | $500  | $318  | $207  | $7500  | $2.00  | 3750 |
| #105.ETH  | $500  | $54946  | $400  | $500  | $35  | $0  | $40000  | $4.00  | 10000 |
| #R2D2  | $300  | $7696  | $100  | $500  | $348  | $1056  | $10000  | $5.00  | 2000 |
| #VADER  | $334  | $6000  | $75  | $500  | $304  | $287  | $7500  | $5.00  | 1500 |
| #WARHOL2  | $2178  | $59741  | $650  | $500  | $1022  | $909  | $65000  | $10.00  | 6500 |
| #JEKYLL  | $400  | $16250  | $200  | $500  | $481  | $2169  | $20000  | $4.00  | 5000 |
| #BUFFETT1  | $367  | $13000  | $150  | $500  | $632  | $351  | $15000  | $3.00  | 5000 |
| #DRACULA10  | $308  | $35000  | $400  | $500  | $572  | $3220  | $40000  | $10.00  | 4000 |
| #PAPPY1  | $771  | $11827  | $140  | $500  | $1330  | ($567) | $14000  | $7.00  | 2000 |
| #1857COIN  | $400  | $22900  | $250  | $500  | $363  | $587  | $25000  | $5.00  | 5000 |
| #94CSI  | $3099  | $125000  | $1425  | $1069  | $3093  | $8814  | $142500  | $14.25  | 10000 |
| #ANDYPELE  | $400  | $24000  | $260  | $500  | $477  | $363  | $26000  | $4.00  | 6500 |
| #BOBAFETT  | $355  | $22960  | $260  | $500  | $409  | $1517  | $26000  | $10.00  | 2600 |
| #ELVIS  | $320  | $34800  | $400  | $500  | $280  | $3700  | $40000  | $8.00  | 5000 |
| #GBOYCOLOR  | $331  | $5100  | $65  | $500  | $307  | $197  | $6500  | $4.00  | 1625 |
| #JETFIRE  | $300  | $6432  | $85  | $500  | $447  | $736  | $8500  | $5.00  | 1700 |
| #GRATEFUL1 (1)  | $300  | $110000  | $1250  | $938  | $300  | $12213  | $125000  | $10.00  | 12500 |
| #BOBAPROTO (1)  | $300  | $138750  | $1500  | $1125  | $300  | $8025  | $150000  | $10.00  | 15000 |

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*Note: Table does not include any Offerings or anticipated Offerings for which the Underlying Asset has been sold or cancelled and represents details through January 31, 2023.* 

1)The Asset Seller was issued Interests in the Series as part of total purchase consideration.

2)Interests in Series #77LE1 were issued under Rule 506(c) of Regulation D and were thus not qualified under the Company's Offering Circular (as amended). All other Interests in Series of the Company were issued under Tier 2 of Regulation A.

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The Plan of Distribution table below represents Offerings with no Closing as of January 31, 2023, and represents budgeted amounts for each Series.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Cash on Balance Sheet** | **Purchase Price** | **Brokerage Fee**  | **Offering Expenses** | **Acquisition Expenses** | **Sourcing Fee** | **Total Offering Price** | **Purchase Price Per Interest** | **Number of Interests** |
| #35MICKEY | $300 | $5040 | $65 | $500 | $300 | $295 | $6500 | $10.00 | 650 |
| #SCARFACE | $300 | $17500 | $200 | $500 | $300 | $1200 | $20000 | $10.00 | 2000 |
| #GIJOE2 | $300 | $9741 | $120 | $500 | $300 | $1040 | $12000 | $10.00 | 1200 |
| #CAPTAIN1 (1) | $300 | $254375 | $2750 | $2063 | $300 | $15213 | $275000 | $10.00 | 27500 |
| #BASQUIAT1 | $300 | $251100.00 | $2700 | $2025 | $300 | $13575 | $270000.00 | $10.00 | 27000 |
| #DRYOSAUR | $300 | $511500.00 | $5500 | $4125 | $300 | $28275 | $550000.00 | $10.00 | 55000  |

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*Note: Table does not include (i) any Offerings or anticipated Offerings for which the Underlying Asset has been sold or cancelled and represents details through January 31, 2023, or (ii) any Offerings that have not been qualified by the Commission as of January 31, 2023. Amounts are based on the assumption that 100% of Interests in each Offering are sold.*

1)The Asset Seller was issued Interests in the Series as part of total purchase consideration.

There will be different Closing dates for each Offering. The Closing of an Offering will occur on the earliest to occur of (i) the date subscriptions for the Total Maximum Interests for a Series have been accepted or (ii) a date determined by the Manager in its sole discretion, provided that subscriptions for the Total Minimum Interests of such Series have been accepted. If Closing has not occurred, an Offering shall be terminated upon (i) the date which is one year from the date this Offering Circular is qualified by the Commission which period may be extended with respect to a particular Series by an additional six months by the Manager in its sole discretion, or (ii) any date on which the Manager elects to terminate the Offering in its sole discretion.

In the case of each Series designated with a purchase option agreement in the respective **Series Detail Table** in **Appendix B**, the Company has independent purchase option agreements to acquire the individual Underlying Assets, which it plans to exercise upon the Closing of the individual Offering. These individual purchase option agreements may be further extended past their initial expiration dates, and in the case a Series Offering does not close on or before its individual expiration date, or if we are unable to negotiate an extension of the purchase option, the individual Offering will be terminated. Similarly, Series designated with a consignment agreement are acquired though an independent consignment agreement for each such Series. The individual consignment agreements function in substantially the same manner as purchase option agreements, except that the Company takes possession of the Underlying Assets before a Closing occurs.

This Offering Circular does not constitute an offer or sale of any Series of Interests outside of the U.S.

Those persons who want to invest in the Interests must sign a Subscription Agreement, which will contain representations, warranties, covenants, and conditions customary for private placement investments in limited liability companies, see "**How to Subscribe**" below for further details. A copy of the form of Subscription Agreement is attached as Exhibit 4.1 to the Offering Statement of which this Offering Circular forms a part.

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The Asset Manager, the Manager or its affiliates, and not the Company, will pay all of the expenses incurred in these Offerings that are not covered by the Brokerage Fee, the Sourcing Fee, Offering Expenses or Acquisition Expenses, including fees to our legal counsel, but excluding fees for counsel or other advisors to the Investors and fees associated with the filing of periodic reports with the Commission and future Blue Sky filings with state securities departments, as applicable. Any Investor desiring to engage separate legal counsel or other professional advisors in connection with this Offering will be responsible for the fees and costs of such separate representation.

**Investor Suitability Standards**

The Interests are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act), which include: (i) "accredited investors" under Rule 501(a) of Regulation D and (ii) all other Investors so long as their investment in any of the Interests of the Company (in connection with this Series or any other Series offered under Regulation A) does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). We reserve the right to reject any Investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such Investor is not a "qualified purchaser" for purposes of Regulation A.

For an individual potential Investor to be an "accredited investor" for purposes of satisfying one of the tests in the "qualified purchaser" definition, the Investor must be a natural person who has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.an individual net worth, or joint net worth with the person's spouse, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person and the mortgage on that primary residence (to the extent not underwater), but including the amount of debt that exceeds the value of that residence and including any increase in debt on that residence within the prior 60 days, other than as a result of the acquisition of that primary residence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.

If the Investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details. On August 26, 2020, the Commission adopted amendments to expand the definition of "accredited investor," which became effective December 8, 2020. These amendments, among other changes, expanded the types of entities that qualify as accredited investors, enabled investors that hold FINRA Series 7, 65 or 82 licenses to qualify as accredited investors and expanded the concept of "spouse" to include spousal equivalents for purposes of the financial tests referenced above. For purposes of determining whether a potential Investor is a "qualified purchaser," annual income and net worth should be calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D. In particular, net worth in all cases should be calculated excluding the value of an Investor's home, home furnishings and automobiles.

The Interests will not be offered or sold to prospective Investors subject to the Employee Retirement Income Security Act of 1974 and regulations thereunder, as amended ("ERISA").

If you live outside the United States, it is your responsibility to fully observe the laws of any relevant territory or jurisdiction outside the United States in connection with any purchase, including obtaining required governmental or other consent and observing any other required legal or other formalities.

Our Manager and the BOR, in its capacity as broker of record for these Offerings, will be permitted to make a determination that the subscribers of Interests in each Offering are "qualified purchasers" in reliance on the information and representations provided by the subscriber regarding the subscriber's financial situation. Before making any representation that your investment does not exceed applicable federal thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to http://www.investor.gov.

An investment in our Interests may involve significant risks. Only Investors who can bear the economic risk of the investment for an indefinite period of time and the loss of their entire investment should invest in the Interests. See "**Risk Factors**."

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**Minimum Investment**

The minimum subscription by an Investor in an Offering is one (1) Interest. The Manager and/or its affiliates must purchase a minimum of one (1) Interest of each Series as of the Closing of the Offering of such Series. The Manager and/or its affiliates may purchase more than one (1) Interest of any Series at the applicable Closing, in its sole discretion.

**Lock-up Period**

&nbsp;&nbsp;&nbsp;&nbsp;The Rally Entities shall be subject to a 90-day lock-up period starting the day of Closing for any Interests which it purchases in an Offering.

**Broker**

Pursuant to a broker-dealer agreement, dated October 7, 2021, between the Company and the BOR (as amended, the "Brokerage Agreement"), the BOR serves as broker of record for the Company's Regulation A Offerings.

The BOR performs the following technology and compliance services in connection with the sale of the Interests as a broker-of-record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Accept Investor data from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Review and process Investor information, including Know Your Customer (KYC) data, perform Anti-Money Laundering (AML), using the BOR and third-party vendors resources, and other compliance background checks, and provide a recommendation to the Company whether or not to accept each Investor as a customer of the Company based solely on AML and KYC processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Coordinate and help establish escrow services for Investor documentation, if necessary, through a third-party qualified escrow agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Review each Investor's subscription agreement to confirm accuracy of information and such Investor's participation in the Series, and, based upon such review, provide a determination to the Company whether or not to accept the subscription agreement for the Investor's participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Contact and/or notify the Company of any Investor that the BOR advises the Company to decline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Contact and/or notify the Company, if needed, to gather additional information or clarification regarding any Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Serve as a registered agent for each Series on which it acts as broker-of-record where required for state Blue Sky law requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Coordinate and transmit book-entry data to the Company's Custodian to assist in maintaining the Company's ownership registry for each Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Keep Investor details and data confidential and not disclose such information to any third party except as required by regulators or in performance of its obligations under the Brokerage Agreement (e.g. as needed for AML and background checks); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Comply with any required FINRA filings including filings required under Rule 5110 for the Offering.

The BOR is a broker-dealer registered with the Commission and a member of FINRA and the SIPC and is registered in each state where the Offerings and sale of the Interests will occur but will not act as a finder, placement agent or underwriter in connection with these Offerings. The BOR will receive a Brokerage Fee but will not purchase or solicit the purchase of any Interests and, therefore, will not be eligible to receive any finder's fees or any underwriting or placement agent discounts or commissions in connection with any Offering of Interests. In addition, we have agreed to pay the BOR for certain other expenses.

The Brokerage Agreement will remain in effect for a period ending on the earlier of: (i) the final Closing of the Offering for a Series of Interests for which the BOR acts as broker-of-record, or (ii) the last date under which Interests of the Company are permitted by applicable Commission rules to be offered and sold by the Company under its Offering Statement (of which this Offering Circular forms a part). A copy of the Brokerage Agreement is attached as Exhibit 6.2 to the Offering Statement of which this Offering Circular forms a part.

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**Custodian**

The Custodian will hold the brokerage accounts into which Interests in the Company's Offerings are transferred upon the Closing of each of the Company's Offerings, pursuant to an amended and restated custody agreement dated May 3, 2022, by and among the Company, the Custodian and the Transfer Agent (the "Amended and Restated Custody Agreement"). The Custodian is a broker-dealer registered with the Commission and a member of FINRA and the SIPC and is registered in every state in which Interests in Series of the Company will be sold. The Custodian will receive a Custody Fee but will not purchase any Interests and, therefore, will not be eligible to receive any discounts, commissions or any underwriting or finder's fees in connection with any Offering. A copy of the Amended and Restated Custody Agreement is attached as Exhibit 8.2 to the Offering Statement of which this Offering Circular forms a part.

**Escrow Agent** 

SouthState Bank, N.A. (as successor in interest to Atlantic Capital Bank, N.A.), serves as the Escrow Agent pursuant to an escrow agreement among the BOR, the Escrow Agent, and the Company, effective as of December 8, 2021, on behalf of each Series (as amended, the "Escrow Agreement"). Each Series will generally be responsible for fees due to the Escrow Agent, which are categorized as part of the Offering Expenses described in the "**Fees and Expenses**" section below; however, the Manager has agreed to pay and not be reimbursed for fees due to the Escrow Agent incurred in the case of the Offerings for the Series in the **Master Series Table** in **Appendix A**. The Company and the BOR must jointly and severally indemnify the Escrow Agent and each of its officers, directors, employees and agents against any losses that are incurred in connection with providing the services under the Escrow Agreement other than losses that arise out of the Escrow Agent's gross negligence or willful misconduct. A copy of the Escrow Agreement is attached as Exhibit 8.1 to the Offering Statement of which this Offering Circular forms a part.

**Transfer Agent**

Pursuant to the Transfer Agent Agreement, the Transfer Agent performs certain transfer agent functions for the Company, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Maintaining a record of ownership of Interests for each Series, including contact information of all registered holders of Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Maintaining a record of the transfer, issuance and cancellation of any and all Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Coordinating with each broker-dealer authorized by the Company to execute a purchase or sale of Interests to ensure that all purchases and sales are promptly reported to the Company and recorded in the register of Interests for each Series.

The Transfer Agent is registered with the Commission as a transfer agent pursuant to Section 17A of the Exchange Act. Pursuant to the Transfer Agent Agreement, the Company will pay an annual fee to the Transfer Agent in arrears in an amount to be negotiated in good faith based on the Transfer Agent's actual expenses in performing the services under the agreement. The Transfer Agent Agreement continues for an initial term of three years and provides for automatic renewals for successive three-year terms unless either party provides written notice of termination at least 60 days in advance of the end of the term. A copy of the Transfer Agent Agreement is attached as Exhibit 6.10 to the Offering Statement of which this Offering Circular forms a part.

**Fees and Expenses**

*Offering Expenses*

Each Series of Interests will generally be responsible for their respective Offering Expenses. Offering Expenses consist of legal, accounting, escrow, filing, banking, compliance costs and Custody Fees, as applicable, related to a specific Offering (and exclude ongoing costs described in "**Description of the Business—Operating Expenses**" below). The Manager has agreed to pay and not be reimbursed for Offering Expenses incurred with respect to the Offerings for the Series detailed in the **Master Series Table** in **Appendix A** except in the case of Custody Fees, which are funded through the proceeds of the respective Offerings at Closing.

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As compensation for providing certain custodian services to the Company, the Custodian will receive the Custody Fee. Each Series of Interests will be responsible for paying its own Custody Fee to the Custodian in connection with the sale of Interests in such Series, except as otherwise stated for a particular Series. The Custody Fee will be payable from the proceeds of such Offering. For all previously closed Offerings, the Manager will retroactively pay the Custodian the Custody Fee upon transfer of Interests related to such Offerings into the brokerage accounts created for each Interest Holder by the Custodian.

*Acquisition Expenses*

Each Series of Interests will be responsible for any and all fees, costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of the Underlying Asset related to such Series incurred prior to the Closing, including brokerage and sales fees and commissions (but excluding the Brokerage Fee), appraisal fees, research fees, transfer taxes, third party industry and due diligence experts, bank fees and interest (if the Underlying Asset was acquired using debt prior to completion of an Offering), auction house fees, travel and lodging for inspection purposes, transportation costs to transfer the Underlying Asset from the Asset Seller's possession to the storage facility or to locations for creation of photography and videography materials (including any insurance required in connection with such transportation), vehicle registration fees, initial refurbishment or maintenance, technology costs for installing tracking technology (hardware and software) into the Underlying Asset and photography and videography expenses in order to prepare the profile for the Underlying Asset on the Platform. The Acquisition Expenses will be payable from the proceeds of each Offering.

*Brokerage Fee*

As compensation for providing certain broker-dealer services to the Company, the BOR will receive the Brokerage Fee. Each Series of Interests will be responsible for paying its own Brokerage Fee to the BOR in connection with the sale of Interests in such Series, except as otherwise stated for a particular Series. The Brokerage Fee will be payable from the proceeds of such Offering. For additional information about the compensation to be paid to the BOR, see "**Plan of Distribution and Subscription Procedure – Plan of Distribution**," above.

*Sourcing Fee*

The Manager will be paid the Sourcing Fee, which in respect of each Offering shall not exceed the amount described in the **Master Series Table** in **Appendix A** for each Series, and in respect of any other Offering, shall not exceed such amount as determined by the Manager at the time of such Offering.

**Additional Information Regarding this Offering Circular**

We have not authorized anyone to provide you with information other than as set forth in this Offering Circular. Except as otherwise indicated, all information contained or incorporated by reference in this Offering Circular is accurate only as of the date of such information, regardless of the time of delivery of this Offering Circular or any sale of a Series of Interests. Neither the delivery of this Offering Circular nor any sale made hereunder shall under any circumstances create any implication that there has been no change in our affairs since the date hereof.

From time to time, we may provide an "Offering Circular Supplement" that may add, update or change information contained or incorporated by reference in this Offering Circular. Any statement that we make in this Offering Circular will be modified or superseded by any inconsistent statement made by us in a subsequent Offering Circular Supplement. The Offering Statement we filed with the Commission, of which this Offering Circular forms a part, includes exhibits that provide more detailed descriptions of the matters discussed in this Offering Circular. You should read this Offering Circular and the related exhibits filed with the Commission and any Offering Circular Supplement, together with additional information contained in our annual reports, semiannual reports and other reports and information statements that we will file periodically with the Commission.

The Offering Statement and all amendments, supplements and reports that we have filed or will file in the future can be read on the Commission website at www.sec.gov or in the legal section for the applicable Underlying

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Asset on the Platform. The contents of the Platform (other than the Offering Statement, this Offering Circular and the Appendices and Exhibits thereto) are not incorporated by reference in or otherwise a part of this Offering Circular.

**How to Subscribe**

Potential Investors who are "qualified purchasers" may subscribe to purchase Interests in the Series which have not had a Closing, as detailed in the **Master Series Table** in **Appendix A** (gray highlighting in the Master Series Table indicates Series for which an Offering has not yet closed).

The subscription process for each Offering is a separate process. Any potential Investor wishing to acquire any Series Interests must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Carefully read this Offering Circular, and any current supplement, as well as any documents described in the Offering Circular and attached hereto or which you have requested. Consult with your tax, legal and financial advisors to determine whether an investment in any of the Series Interests is suitable for you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Review the Subscription Agreement (including the "Investor Qualification and Attestation" attached thereto), which is pre-populated following your completion of certain questions on the Platform or otherwise and if the responses remain accurate and correct, sign the completed Subscription Agreement using electronic signature. Except as otherwise required by law, subscriptions may not be withdrawn or cancelled by subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Once the completed Subscription Agreement is signed for a particular Offering, an integrated online payment provider will transfer funds in an amount equal to the purchase price for the relevant Series of Interests for which you have applied to subscribe (as set out on the front page of your Subscription Agreement) into a non-interest-bearing escrow account with the Escrow Agent. The Escrow Agent will hold such subscription monies in escrow until such time as your Subscription Agreement is either accepted or rejected by the Manager and, if accepted, such further time until you are issued the Series Interests for which you subscribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Manager and the BOR will review the subscription documentation completed and signed by you. You may be asked to provide additional information. The Manager or the BOR will contact you directly if required. We reserve the right to reject any subscriptions, in whole or in part, for any or no reason, and to withdraw any Offering at any time prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Once the review is complete, the Manager will inform you whether or not your application to subscribe for the Series Interests is approved or denied and if approved, the number of Series Interests for which you are entitled to subscribe. If your subscription is rejected in whole or in part, then your subscription payments (being the entire amount if your application is rejected in whole or the payments associated with those subscriptions rejected in part) will be refunded promptly, without interest or deduction. The Manager accepts subscriptions on a first-come, first served basis subject to the right to reject or reduce subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.If all or a part of your subscription in a particular Series is approved, then the number of Series Interests for which you are entitled to subscribe will be issued to you upon the Closing. Simultaneously with the issuance of the Series Interests, the subscription monies held by the Escrow Agent in escrow on your behalf will be transferred to the account of the applicable Series as consideration for such Series Interests.

By executing the Subscription Agreement, you agree to be bound by the terms of the Subscription Agreement and Operating Agreement. The Company, the Manager and the BOR will rely on the information you provide in the Subscription Agreement, including the "Investor Qualification and Attestation" attached thereto and the supplemental information you provide in order for the Manager and the BOR to verify your status as a "qualified purchaser." If any information about your "qualified purchaser" status changes prior to you being issued Series Interests, please notify the Manager immediately using the contact details set out in the Subscription Agreement.

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For further information on the subscription process, please contact the Manager using the contact details set out in the "**Where to Find Additional Information**" section.

The subscription funds advanced by prospective Investors as part of the subscription process will be held in a non-interest-bearing account with the Escrow Agent and will not be transferred to the operating account of the applicable Series of Interests unless and until there is a Closing of the Offering with respect to that Series. When the Escrow Agent has received instructions from the Manager or the BOR that an Offering will close, and the Investor's subscription is to be accepted (either in whole or part), then the Escrow Agent shall disburse such Investor's subscription proceeds in its possession to the account of the applicable Series. If an Offering is terminated without a Closing, or if a prospective Investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective Investors will be returned promptly to them without interest or deductions. Any costs and expenses associated with a terminated Offering will be borne by the Manager.

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**DESCRIPTION OF THE BUSINESS**

**Overview**

The Collectible Asset market, a global, multi-billion-dollar industry, is characterized by: (i) a very small number of collectors who have the financial means to acquire, enjoy and derive financial gains from the highest quality and value of Collectible Assets, and (ii) a very large number of Asset Class enthusiasts who have equivalent knowledge and passion for the assets, but no current mechanism to benefit financially from or enjoy certain benefits of ownership of the Asset Class in the highest value segment. This dichotomy and the disproportionate access to the upper-end of the market have resulted in the creation of significant latent demand from the enthusiast community to participate more meaningfully in an Asset Class that, to date, they have passively watched deliver returns to a select group of individual collectors.

The Company's mission is to leverage technology and design, modern business models influenced by the sharing economy, and advancements in the financial regulatory environment to democratize the Asset Class. The Company aims to provide enthusiasts with access to the market by enabling them to create a diversified portfolio of equity Interests in the highest quality Collectible Assets through a seamless investment experience on the Platform. For the avoidance of doubt, secondary trading in Interests is facilitated solely through the PPEX ATS, and with respect to secondary trading, the Platform is solely a user interface by which Investors access the PPEX ATS. In addition Investors will have the opportunity to participate in a unique collective ownership experience, including museum/retail locations and social events, as part of the Membership Experience Programs (as described in "**Description of the Business – Business of the Company**"). The objective is to use revenue generated from these Membership Experience Programs to fund the highest caliber of care for the Underlying Assets in the collection, which we expect ultimately to be offset by meaningful economies of scale in the form of lower costs for collection level insurance, maintenance contracts and storage facilities, and to generate Free Cash Flow distributions to Investors in the Underlying Assets. The Manager may maintain Free Cash Flow funds in a deposit account or an investment account for the benefit of the Series.

Collectors and dealers interested in selling their Collectible Assets will benefit from greater liquidity, significantly lower transaction costs and overhead, and a higher degree of transparency as compared to traditional methods of transacting Collectible Assets. Auction and consignment models may include upwards of ~20% of asset value in transaction costs, as well as meaningful overhead in terms of asset preparation, shipping and marketing costs, and time value. The Company thus aims to align the interests of buyers and sellers, while opening up the market to a significantly larger number of participants than was previously possible, thereby driving market appropriate valuations and greater liquidity.

**Business of the Company**

The Interests represent an investment in a particular Series and thus indirectly the Underlying Asset and do not represent an investment in the Company or the Manager generally. We do not anticipate that any Series will own any assets other than the Underlying Asset associated with such Series. However, we expect that the operations of the Company, including the issuance of additional Series of Interests and their acquisition of additional assets, will benefit Investors by enabling each Series to benefit from economies of scale and by allowing Investors to enjoy the Company's Underlying Asset collection at the Membership Experience Programs (as defined below).

The Company's core competency is the identification, acquisition, marketing and management of Collectible Assets for the benefit of the Investors. In addition, through the use of the Platform and the PPEX ATS, the Company aspires to offer innovative digital products that support a seamless, transparent and unassuming investment process as well as unique and enjoyable experiences that enhance the utility value of investing in the Asset Class. The Company, with the support of the Manager and its affiliates and through the use of the Platform or the PPEX ATS, aims to provide:

(i)Investors with access to the highest quality Collectible Assets for investment, portfolio diversification and secondary market liquidity for their Interests, the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information), or otherwise, although there can be no guarantee that a secondary

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market will ever develop, through the PPEX ATS, or otherwise, or that appropriate registrations to permit such secondary trading will ever be obtained.

(ii)Asset Sellers with greater market transparency and insights, lower transaction costs, increased liquidity, a seamless and convenient sale process, portfolio diversification and the ability to build equity positions in assets via the Interests issued to Asset Sellers in Offerings for Series Interests conducted through the Platform, as part of the total purchase consideration to the Asset Sellers.

(iii) All Platform users with a premium, highly curated, engaging Collectible Asset media experience, including "fantasy collecting" features. The investable assets on the Platform will be supplemented with "private" assets, which will be used to generate conversation, support the "fantasy collecting" component of the Platform and enable users to share personal sentiment on all types of assets.

(iv)All Platform users and others with opportunities to engage with the Underlying Assets in the Company's collection through a diverse set of potential tangible interactions with assets on the Platform and unique collective ownership experiences (together, the "Membership Experience Programs") such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Track-day events (e.g., driving experiences with professional drivers, collector car meet-ups, major auction presence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Visit & interact at Rally Rd.™ Museums (i.e., Open HQ, warehouse visits, pop-up shops with partner businesses, or "tents" at major auctions/events where users can view the Underlying Assets in person and interact with each other in a social environment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Asset sponsorship models (e.g. corporate sponsors or individuals pay for assets to appear in movies or commercials or at events); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Other asset-related products (e.g., merchandise, social networking, communities).

A core principle of Collectible Asset collecting is the enjoyment of the assets. As such, the ultimate goal of the Membership Experience Programs is to operate the asset profitably (i.e., generate revenues in excess of Operating Expenses at the Membership Experience Programs within mandated usage guidelines) while maintaining exemplary maintenance standards to support the potential generation of financial returns for Investors in each Series. We believe the Membership Experience Programs, with appropriate controls and incentives, and active monitoring by the Manager and the Asset Manager, facilitate a highly differentiated and enjoyable shared collecting experience while providing for premium care for assets in the Company's collection. To the extent the Manager and the Asset Manager considers it beneficial to Investors, we plan to include all the Underlying Assets, in the sole discretion of the Manager, in the Membership Experience Programs.

The Manager and Asset Manager operate the Membership Experience Programs. To date, revenues generated from Membership Experience Programs have been minimal, and as a result, the Manager has chosen not to allocate any revenues and expenses related to the Membership Experience Programs to the Company or any of the individual Series. No revenue models have been demonstrated at the Company or Series level and we do not expect either the Company or any of its Series to generate any revenues for some time. We will update the appropriate disclosure at such time as revenue models have been demonstrated.

Our objective is to become the leading marketplace for investing in collector quality Collectible Assets and, through the Platform, and the PPEX ATS, to provide Investors with financial returns commensurate with returns in the Asset Class, to enable deeper and more meaningful participation by Collectible Asset enthusiasts in the hobby, to provide experiential and social benefits comparable to those of a world-class Collectible Asset collector, and to manage the collection in a manner that provides exemplary care to the assets and offers potential returns for Investors.

**Competition**

Although the Company's business model is uncommon in the Asset Class, there is potentially significant competition for the Underlying Assets, which the Company securitizes through its Offerings, from many different market participants. While the majority of transactions continue to be peer-to-peer with very limited public information, other market players such as dealers and auction houses continue to play an increasing role.

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Most of our current and potential competitors in the Asset Class, such as dealers and auction houses, have significantly greater financial, marketing and other resources than we do and may be able to devote greater resources sourcing the Collectible Assets for which the Company competes. In addition, almost all of these competitors, in particular the auction houses, have longer operating histories and greater name recognition than we do and are focused on a more established business model.

There are also start-up models around shared ownership of Collectible Assets developing in the industry, which will result in additional competition for Collectible Assets.

With the continued increase in popularity in the Asset Class, we expect competition for Collectible Assets to intensify in the future. Increased competition may lead to increased prices, which will reduce the potential value appreciation that Investors may be able to achieve by owning Interests in the Company's Offerings and will decrease the number of high-quality assets the Company can securitize.

In addition, there are companies that are developing crowd funding models for other alternative asset classes such as racehorses, wine or art, who may decide to enter the Asset Class as well.

**Customers**

We target the broader U.S. Asset Class enthusiast and the U.S. millennial market as our key customer bases. The customers of the Company are the Investors in each Series that has closed an Offering. As of the date of this filing, the Company has closed the Offerings highlighted in white in the **Master Series Table** in **Appendix A**.

**Manager**

The Operating Agreement designates the Manager as the managing member of the Company. The Manager will generally not be entitled to vote on matters submitted to the Interest Holders. The Manager will not have any distribution, redemption, conversion or liquidation rights by virtue of its status as the Manager.

The Operating Agreement further provides that the Manager, in exercising its rights in its capacity as the managing member, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company, any Series of Interests or any of the Interest Holders and will not be subject to any different standards imposed by the Operating Agreement or the LLC Act or under any other law, rule or regulation or in equity. In addition, the Operating Agreement provides that the Manager will not have any duty (including any fiduciary duty) to the Company, any Series or any of the Interest Holders.

In the event the Manager resigns as managing member of the Company, the holders of a majority of all Interests of the Company may elect a successor managing member. Holders of Interests in each Series of the Company have the right to remove the Manager as Manager of the Company, by a vote of two-thirds of the holders of all Interests across all Series of the Company (excluding the Manager), in the event the Manager is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series of Interests or the Company. If so convicted, the Manager shall call a meeting of all of the holders of every Series of Interests within 30 calendar days of such non-appealable judgment at which the holders may vote to remove the Manager as Manager of the Company and each Series. If the Manager fails to call such a meeting, any Interest Holder will have the authority to call such a meeting. In the event of its removal, the Manager shall be entitled to receive all amounts that have accrued and are due and payable to it. If the holders vote to terminate and dissolve the Company (and therefore the Series), the liquidation provisions of the Operating Agreement shall apply (as described in "**Description of the Interests Offered – Liquidation Rights**"). In the event the Manager is removed as Manager of the Company, it shall also immediately cease to be Manager of any Series.

See "**Management**" for additional information regarding the Manager.

**Advisory Board**

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The Manager has assembled an Advisory Board to assist the Manager in identifying and acquiring the Underlying Assets, to assist the Asset Manager in managing the Underlying Assets and to advise the Manager regarding certain other matters associated with the business of the Company and the various Series of Interests.

The members of the Advisory Board are not managers or officers of the Company or any Series and do not have any fiduciary or other duties to the Interest Holders of any Series.

**Operating Expenses**

Operating Expenses are allocated to each Series based on the Company's allocation policy (see "**Allocations of Expenses**" below). Each Series is only responsible for the Operating Expenses associated with such Series, as determined by the Manager in accordance with the allocation policy, and not the Operating Expenses related to any other Series. Upon the Closing of an Offering for a Series, the Series will be responsible for the following costs and expenses attributable to the activities of the Company related to the Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any and all ongoing fees, costs and expenses incurred in connection with the management of the Underlying Asset related to a Series, including import taxes, income taxes, annual registration fees, transportation (other than transportation costs described in Acquisition Expenses), storage (including its allocable portion of property rental fees should the Manager decide to rent a property to store a number of Underlying Assets), security, valuation, custodianship, marketing, maintenance, refurbishment, presentation, perfection of title and utilization of an Underlying Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)fees, costs and expenses incurred in connection with preparing any reports and accounts of a Series of Interests, including any Blue Sky filings required in certain states and any annual audit of the accounts of such Series of Interests (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)fees, costs and expenses of a third-party registrar and transfer agent appointed in connection with a Series of Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)fees, costs and expenses incurred in connection with making any tax filings on behalf of the Series of Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any and all insurance premiums or expenses incurred in connection with an Underlying Asset, including insurance required for utilization at and transportation of the Underlying Asset to events under Membership Experience Programs (excluding any insurance taken out by a corporate sponsor or individual paying to showcase an asset at an event but including, if obtained, directors and officers insurance of the directors and officers of the Manager or the Asset Manager); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any similar expenses that may be determined to be Operating Expenses, as determined by the Manager in its reasonable discretion.

The Manager and the Asset Manager have agreed to pay and not be reimbursed for Operating Expenses incurred prior to the Closing of any of the Series detailed in the **Master Series Table** in **Appendix A**. The Manager and the Asset Manager each will bear their own expenses of an ordinary nature, including all costs and expenses on account of rent (other than for storage of the Underlying Asset), supplies, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, remuneration and expenses paid to employees and utilities expenditures (excluding utilities expenditures in connection with the storage of the Underlying Assets).

If the Operating Expenses for a particular Series exceed the amount of revenues generated from the Underlying Asset of such Series and cannot be covered by any Operating Expense reserves on the balance sheet of the Series, the Manager or the Asset Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the Series, on which the Manager or the Asset Manager may impose a reasonable rate of interest, and be entitled to Operating Expenses Reimbursement Obligations, and/or (c) cause

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additional Interests to be issued in the Series in order to cover such additional amounts. In connection with the allocation of Operating Expenses to the various Series, the Manager will periodically (and no less than semiannually) review Series' ability to pay their Operating Expenses. Based on that review, the Manager will determine the method by which such Operating Expenses will be paid, including whether any Operating Expenses Reimbursement Obligations will be incurred.

**Indemnification of the Manager and its Affiliates**

The Operating Agreement provides that the Indemnified Parties will not be liable to the Company, any Series or any Interest Holders for any act or omission taken by the Indemnified Parties in connection with the business of the Company or any Series that has not been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

Each Series will indemnify the Indemnified Parties out of its assets against all liabilities and losses (including amounts paid in respect of judgments, fines, penalties or settlement of litigation, including legal fees and expenses) to which they become subject by virtue of serving as Indemnified Parties with respect to the Company or the applicable Series and with respect to any act or omission that has not been determined by a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

**Description of the Asset Management Agreement**

Each Series has entered or intends to enter into a separate Asset Management Agreement with the Asset Manager. The Series referenced in the **Master Series Table** in **Appendix A**, will each appoint the Asset Manager to manage the respective Underlying Assets pursuant to the Asset Management Agreement. The services provided by the Asset Manager will include:

-Together with members of the Advisory Board, creating the asset maintenance policies for the collection of assets;

-Investigating, selecting, and, on behalf of the applicable Series, engaging and conducting business with such persons as the Asset Manager deems necessary to ensure the proper performance of its obligations under the Asset Management Agreement, including but not limited to consultants, insurers, insurance agents, maintenance providers, storage providers and transportation providers and any and all persons acting in any other capacity deemed by the Asset Manager necessary or desirable for the performance of any of the services under the Asset Management Agreement; and

-Developing standards for the transportation and care of the Underlying Assets.

The Asset Management Agreement entered into with each Series will terminate on the earlier of: (i) one year after the date on which the relevant Underlying Asset related to a Series has been liquidated and the obligations connected to the Underlying Asset (including, contingent obligations) have been terminated, (ii) the removal of the Manager as managing member of the Company (and thus all Series of Interests), (iii) upon notice by one party to the other party of a party's material breach of the Asset Management Agreement, or (iv) such other date as agreed between the parties to the Asset Management Agreement.

Each Series will indemnify the Asset Manager out of its assets against all liabilities and losses (including amounts paid in respect of judgments, fines, penalties or settlement of litigation, including legal fees and expenses) to which they become subject by virtue of serving as Asset Manager under the Asset Management Agreement with respect to any act or omission that has not been determined by a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

**Management Fee**

As consideration for managing each Underlying Asset, the Asset Manager will be paid a semi-annual Management Fee pursuant to the Asset Management Agreement (see "**Description of the Asset Management Agreement**" above for additional information), equal to up to 50% of any available Free Cash Flow generated by a Series for such six-month period. The Management Fee will only become payable if there are sufficient proceeds to distribute Free Cash Flow to the Interest Holders.

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**Asset Selection** 

The Company targets a broad spectrum of assets globally in order to cater to a wide variety of tastes and investment strategies across the Asset Class. We intend to acquire assets from across all sub-categories of the Asset Class, but with particular focus on items with broad appeal and significance. For example, in sports memorabilia, this would include objects related to high profile players or memorable teams. We will pursue acquisitions opportunistically on a global basis whenever we can leverage our industry specific knowledge or relationships to bring compelling investment opportunities to Investors. It is our objective to acquire only the highest caliber assets, although we may opportunistically choose to acquire assets of lesser qualities from time to time if we consider these to be prudent investments for the Investors and to appropriately maintain, monitor and manage the collection to support its continued value appreciation and to enable respectful enjoyment by the Investors. We maintain an ongoing list of investment opportunities across the various asset categories we track, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Tier 1: comprehensive lists of items in each major sub-category of the Asset Class that fit within the broad asset categories described above. Tier 1 assets provide a breadth of content for the Platform and are viewed as assets for general consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tier 2: narrow lists of marquee assets that define each investment category as a whole within the collector and investor community. In addition to being prudent investments, Tier 2 assets will also play a key role in promoting the Platform because of their high consumer recognition factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Tier 3: target acquisition lists of assets that the Manager and Advisory Board believe would offer the greatest return on investment potential to Investors across various forms of Collectible Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Tier 4: current acquisition lists of assets where the Manager and the Company are proactively searching for particular examples to present as opportunities for investment. Tier 4 lists include what we believe to be the most desirable and actionable assets in the Asset Class at any time.

We anticipate that the Advisory Board will assist in the identification of Underlying Assets and in finding and identifying storage, maintenance specialists and other related service providers. This will give the Company access to the highest quality assets and balanced information and decision making from information collected across a diverse set of constituents in the Asset Class, as well as a network of partners to ensure the highest standards of care for the Underlying Assets.

Our asset selection criteria were established by the Manager in consultation with the Asset Manager and members of the Manager's Advisory Board and are continually influenced by Investor demand and current industry trends. The criteria are subject to change from time to time in the sole discretion of the Manager. Although we cannot guarantee positive investment returns on the Underlying Assets we acquire, we endeavor to select assets that are projected to generate positive return on investment, primarily based upon the asset's value appreciation potential as well as the potential for the Company to effectively monetize the asset through the Membership Experience Programs. The Manager, with guidance from the Asset Manager and members of the Manager's Advisory Board, will endeavor to only select assets with known ownership history, maintenance and repair records, restoration details, VIN, engine and transmission numbers, certificates of authenticity, pre-purchase inspections, and highest possible quality grades, to the extent that such metrics exist in a particular sub-sector (e.g. trading cards), and other related records. The Manager, with guidance from the Asset Manager and members of the Manager's Advisory Board, also considers the condition of the assets, historical significance, ownership history and provenance, the historical valuation of the specific asset or comparable assets and our ability to relocate the asset to offer tangible experiences to Investors and members of the Platform. From time to time the Manager, in consultation with our expert network, the Asset Manager and members of the Manager's Advisory Board, will decide to refurbish assets either prior to designating a Series of Interests associated with such Underlying Asset on the Platform or as part of an Underlying Asset's ongoing maintenance schedule. Any refurbishment will only be performed if it is deemed to be accretive to the value of the Underlying Asset. The Manager, with guidance from the Asset Manager and members of the Manager's Advisory Board, will review asset selection criteria at least annually. The Manager, in consultation with the Asset Manager, will seek approval from the Advisory Board for any major deviations from these criteria.

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Through the Company's network, the Asset Manager and Advisory Board, we believe that we will be able to identify and acquire Underlying Assets of the highest quality and known provenance, as well as examples of potential "future classics," and obtain proprietary access to limited production runs, with the intent of driving returns for Investors in the Series of Interests that owns the applicable asset. Concurrently, through the Platform and the PPEX ATS, we aim to bring together a significantly larger number of potential buyers with Asset Sellers than traditional auction houses or dealers are able to achieve. Through this process, we believe we can source and syndicate Underlying Assets more efficiently than the traditional methods in the Asset Class and with significantly lower transaction and holding costs.

**Asset Acquisition**

The Company plans to acquire Underlying Assets through various methods, including:

1)Upfront purchase – the Company or a Series acquires an Underlying Asset from an Asset Seller prior to the launch of the Offering related to the Series

2)Purchase agreement – the Company or a Series enters into an agreement with an Asset Seller to acquire an Underlying Asset, which may expire prior to the Closing of the Offering for the related Series, in which case the Company is obligated to acquire the Underlying Asset prior to the Closing

3) Purchase option agreement – the Company or a Series enters into a purchase option agreement with an Asset Seller, which gives the Company the right, but not the obligation, to acquire the Underlying Asset

4)Consignment agreement – the Company or a Series enters into a consignment agreement with an Asset Seller, which gives the Company the right, but not the obligation, to acquire the Underlying Asset and under which the Company takes possession of the Underlying Asset during a consignment period

In the case where an Underlying Asset is acquired prior to the launch or Closing, as the case may be, of the Offering process for the related Series, the proceeds from the associated Offering, net of any Brokerage Fee, Offering Expenses or other Acquisition Expenses or Sourcing Fee, will be used to reimburse the Company for the acquisition of the Underlying Asset or repay any loans made to the Company, plus applicable interest, to acquire such Underlying Asset.

Rather than pre-purchasing an Underlying Asset before the Closing of an Offering, the Company may also negotiate with Asset Sellers for the exclusive right to market an Underlying Asset on the Platform to Investors for a period of time. The Company plans to achieve this by pre-negotiating a purchase price (or desired amount of liquidity) and entering into an asset purchase agreement, a purchase option agreement, or a consignment agreement with an Asset Seller for an Underlying Asset, which would close simultaneously upon the Closing of the Offering of Interests in the Series associated with that Underlying Asset. Then, upon Closing a successful Offering, the Asset Seller would be compensated with a combination of cash proceeds from the Offering and, if elected, equity ownership in the Series associated with the Underlying Asset (as negotiated in the agreement for such Underlying Asset) and title to the Underlying Asset would be held by, or for the benefit of, the applicable Series.

In some cases, an Asset Seller may be issued membership Interests in a Series as part of the total purchase consideration to the Asset Seller.

Additional details on the acquisition method for each Underlying Asset are noted in the **Series Detail Table** relating to each respective Underlying Asset in **Appendix B**.

**Asset Liquidity**

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The Company intends to hold and manage all of the assets marketed on the Platform indefinitely. Liquidity for Investors is obtained by transferring their Interests in a Series, through the PPEX ATS (see "**Description of the Business – Liquidity Platform**" below for additional information), or otherwise, although there can be no guarantee that a secondary market for any Series of Interests will develop or that appropriate registrations to permit secondary trading, as the case may be, will ever be obtained. However, should an offer to liquidate an Underlying Asset materialize, the Manager will consider whether such offer is in the best interest of the Investors. If the Manager determines that an offer is in the best interest of the Investors, the Manager will consider the merits of such offer on a case-by-case basis and potentially sell the Underlying Asset. In determining whether to sell an Underlying Asset, the Manager may consider (a) guidance from the Advisory Board and (b) preferences of the Interest Holders of the related Series as expressed by the nonbinding voting results of a poll of such Interest Holders on the question whether to sell the Underlying Asset. Furthermore, should an Underlying Asset become obsolete (e.g. due to lack of Investor demand for its Interests) or suffer from a catastrophic event, the Manager may choose to sell the asset. In addition, if the Manager, with advice from the Advisory Board, believes that an Underlying Asset is worth more than the value reflected by its then-current trading price or the price at which it was initially offered to investors, the Manager may decide to offer the Underlying Asset for sale at an auction or actively solicit bids from third parties or otherwise. As a result of a sale under any circumstances, the Manager would distribute the proceeds of such sale (together with any insurance proceeds in the case of a catastrophic event covered under the asset's insurance contract) to the Interest Holders of the applicable Series (after payment of any accrued liabilities or debt, including but not limited to balances outstanding under any Operating Expenses Reimbursement Obligation, on the Underlying Asset or of the Series at that time).

**Liquidity Platform**

*Overview of PPEX ATS Platform*

The Company and its affiliates have entered into an arrangement with NCPS and its affiliates to facilitate the transfer of Interests issued by the Company on the PPEX ATS. The PPEX ATS was established in the fourth quarter of 2021 as a venue for secondary trading of Series Interests and provides Investors an efficient means to buy and sell Series Interests in secondary transactions. The Manager has entered into an arrangement with the Executing Broker that, subject to restrictions under state and federal securities laws and the transfer restrictions listed in the Operating Agreement (see "**Description Of Interests Offered – Transfer Restrictions**" section for additional details), facilitates potential resale transactions in Interests. The facilitation of resale transactions in Interests is accomplished periodically (as described below under "*Frequency of Facilitation*") through the Executing Broker's role as a registered broker-dealer member of the PPEX ATS owned and operated by NCPS. NCPS is a broker-dealer registered with the Commission and a member of FINRA and SIPC. Neither the Company, the Manager, nor the Asset Manager facilitates, executes or transmits any transfer of Interests with respect to secondary trading on the PPEX ATS.

Secondary trades of Interests matched on the PPEX ATS are intended to comply with Blue Sky laws either through a manual exemption in states where available, through a direct filing with the state securities regulators where required, or as isolated non-issuer transactions. Each Series of Interests will be identified by a unique CUSIP number.

*Frequency of Facilitation*

From time to time, and at any time, isolated non-issuer transactions for one or more Series of Interests may be executed during established trading hours. Investors can submit bid and ask quotes on the Platform at any time, which the Executing Broker submits on the PPEX ATS, but no matching of buyers and sellers will occur other than during market hours as established by the PPEX ATS. Bid and ask quotes submitted during market hours may be matched immediately. Orders are matched by the PPEX ATS and executed on the PPEX ATS through the Executing Broker in accordance with the rules established by the PPEX ATS. After orders are matched, the Executing Broker will provide instructions regarding the transfer of Interests between Investor accounts to the Custodian, who will clear and close all transfers of Interests during market hours. When a trade is executed, the appropriate information is submitted back to the Platform and reflected for each Interest Holder. For executed trades, trading participants instruct the Transfer Agent to transfer shares and the third-party holder of investor funds to transfer funds. The Executing Broker does not itself settle trades.

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*User Interface and Role of the Platform*

For the purposes of facilitating secondary transactions in Interests, the Platform will serve as the user interface through which Investors communicate with and receive information and instructions from the Executing Broker to buy and sell Interests on their behalf as matched on the PPEX ATS.

For the avoidance of doubt, all activity related to execution of transfers or purchases of Interests on the Platform is to be originated by the Investor and communicated directly to the Executing Broker. Neither the Company nor any other Rally Entity acts as a broker or dealer or routes any orders to the Executing Broker or the Custodian, and none of them makes any direction or recommendation as to the purchase or sale of any Interests. In addition, neither the Executing Broker nor NCPS makes any recommendation as to the purchase or sale of any Interests. Neither the Company, the Rally Entities nor NCPS, as owner and operator of the PPEX ATS, will ever have custody of an Investor's membership Interests, cash or other property, and all transfers of cash or securities are performed by a registered broker-dealer or another appropriately licensed third party.

The Platform acts as a user interface to deliver and display information to Investors and the registered broker-dealers. Neither the Company, the Manager nor the Asset Manager will receive any compensation for its role in the trading procedure unless and until the Manager or one of its affiliates registers as a broker-dealer. As described above under the "**Potential Conflicts of Interest – Conflicting interests of the Manager, the Asset Manager and the Investors***"* section, the Manager or one of its affiliates in the future may register as a broker-dealer under state and federal securities laws, at which time it may charge fees in respect of trading of Interests.

*Agreements Relating to the PPEX ATS*

The Company has entered into an agreement dated June 14, 2021 (the "PPEX ATS Company Agreement") with NCPS, pursuant to which NCPS will review the Company's and Series' governing documents, offering materials and regulatory filings so that the PPEX ATS may serve as an available venue for the potential resale transactions in Interests to be conducted through the Executing Broker as a broker-dealer member of the PPEX ATS. The PPEX ATS provides a matching platform for the Executing Broker as a broker-dealer member of the PPEX ATS to submit bid and ask quotes to purchase or sell Interests on behalf of Investors.

The Company paid an initial subscription fee of $12,000 in consideration for two years' access to the PPEX ATS as an available venue for the potential resale transactions in Interests to be conducted through the Executing Broker as a broker-dealer member of the PPEX ATS. After the expiration of the initial two-year term, the Company will have the option to extend the term of the PPEX ATS Company Agreement either on an annual basis for $10,000 per year or on a six-month basis for $6,000 per six months.

In addition, on October 21, 2021, the Asset Manager entered into a Software and Services License Agreement with North Capital Investment Technology, Inc., the parent company of NCPS ("NCIT"), pursuant to which the Company is licensed to use certain technology to facilitate the operation of the Platform with the PPEX ATS as described above. The Asset Manager will pay NCIT a monthly fee of $500.

The Company has also entered into an agreement with the Executing Broker (the "Secondary Brokerage Agreement"), dated June 14, 2021, separate and apart from the Brokerage Agreement. Pursuant to the Secondary Brokerage Agreement, the Executing Broker will perform certain services in support of the secondary trading of Interests on the PPEX ATS and will ultimately be responsible for the execution of secondary trades of Interests. As compensation, the Executing Broker will receive 2% of the gross proceeds received related to each transaction (1% from the buyer and 1% from the seller involved in such transaction). The Manager may, from time to time and at its sole discretion, opt to pay the compensation earned by the Executing Broker in connection with its services related to the PPEX ATS.

The Asset Manager has also entered into an additional license agreement, dated June 29, 2021 (the "Tools License Agreement"), with the Executing Broker, pursuant to which the Executing Broker is licensed to use certain of the Asset Manager's proprietary hosted software tools to perform services for the Rally Entities ("Services") as

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called for by the Secondary Brokerage Agreement. There are no additional fees payable by either party under the Tools License Agreement in exchange for the Services.

The Executing Broker and the Custodian have entered into an agreement, pursuant to which the Custodian will perform the custody and clearing services in connection with transfers of Interests and the Company will pay the fees due to the Custodian under that agreement.

**Facilities**

The Manager operates the Company and manages the collection in a manner that prioritizes the ongoing security of all Underlying Assets. The Manager stores the Underlying Assets, along with other assets, in a professional facility and in accordance with standards commonly expected when managing Collectible Assets of equivalent value and always as recommended by the Advisory Board.

The Company has leased space in one purpose built, secure, temperature-controlled storage facility in New Jersey for the purposes of storing the Underlying Assets in a highly controlled environment other than when some or all of the Underlying Assets are used in Membership Experience Programs or are otherwise being utilized for marketing or similar purposes. The facility used by the Company is monitored by staff approximately 40 hours per week and is under constant video surveillance. Each of the Underlying Assets in the collection are inspected and exercised appropriately on a regular basis according to the maintenance schedule defined for each Underlying Asset by the Asset Manager. In addition to the storage facilities, as part of the Membership Experience Program, the Manager of the Company opened a showroom in New York City in 2019.

From time to time various Underlying Assets may be held in third-party facilities. In such cases, the Asset Manager endeavors to ensure that the Underlying Assets are stored with the appropriate care and insurance as would be the case if they were held in the facility in which the Company leases space, unless otherwise specified in the description for an Underlying Asset.

Underlying digital assets are stored by the Manager using commercially reasonable measures in a MetaMask wallet. Specifically, each digital asset will be stored in its own wallet with its own public address, private key, 12-word recovery seed phrase, and "memorable password." Each wallet's private key, 12-word recovery seed phrase, and memorable password are separately stored as individual printed copies in a vault in New York with a dedicated alarm system and 24/7 video surveillance, the access codes to which are provided only to a limited number of employees. Presently, a designated employee of the Asset Manager has access to the wallet on a device under their control, accessible via the memorable password. Should this password be forgotten, the wallet can be recovered using the full 12-word recovery seed phrase. We anticipate engaging a digital asset custodian in the future to provide third-party custodian storage of our digital assets.

Each of the Underlying Assets in the collection is inspected on a regular basis according to the inspection schedule defined, from time to time, for each Underlying Asset by the Asset Manager in conjunction with members of the Advisory Board.

The Manager and the Asset Manager are located at 446 Broadway, 2<sup>nd</sup> Floor, New York, NY 10013 and the Asset Manager presently has approximately thirty-five full-time employees and part-time contractors. Neither the Manager nor the Company has any employees.

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**Government Regulation**

Federal and state laws and regulations apply to many key aspects of our business. Any actual or perceived failure to comply with these requirements may result in, among other things, revocation of required licenses or registrations, loss of approved status, regulatory or governmental investigations, administrative enforcement actions, sanctions, civil and criminal liability, private litigation, reputational harm, or constraints on our ability to continue to operate. It is also possible that current or future laws or regulations could be enacted, interpreted or applied in a manner that would prohibit, alter or impair our existing or planned lines of business, or that could require costly, time-consuming, or otherwise burdensome compliance measures. As our business expands, our compliance requirements and costs may increase and we may be subject to increased regulatory scrutiny.

Claims arising out of actual or alleged violations of law, including certain matters currently under investigation by the Commission, could be asserted against the Company by individuals or governmental authorities and could expose the Company, any of its affiliates or any Series to significant damages or other penalties, including revocation or suspension of the licenses necessary to conduct business and fines. See "**Risk Factors**."

***Regulation of Digital Assets***

Regulation of digital assets is under active consideration by the United States through various federal agencies, including the Commission, the Commodity Futures Trading Commission ("CFTC"), the Federal Trade Commission ("FTC") and the Financial Crimes Enforcement Network of the U.S. Department of the Treasury, as well as in other countries. State government regulations may also apply. Furthermore, it is expected that regulations will increase, although we cannot anticipate how and when. As the regulatory and legal environment evolves, we may become subject to new laws and regulation by the Commission and other agencies.

In recent years, the Commission and U.S. state securities regulators have stated that certain digital assets may be classified as securities under U.S. federal and state securities laws; however, there has not been definitive guidance on this point. A number of enforcement actions and regulatory proceedings have since been initiated against issuers of digital assets and their developers and proponents. Several foreign governments have also issued similar warnings cautioning that digital assets may be deemed to be securities under the laws of their jurisdictions.

Regulation of digital asset exchanges in the future may raise transaction costs, potentially offsetting or eliminating many of the key benefits of digital assets. Lack of international coordination raises the risk of an uneven global regulatory landscape. The development of the market for digital assets globally is in relative limbo currently due to regulatory uncertainty.

Additionally, the rules governing the ownership and operation of domain names are controlled entirely by "ICANN" (the Internet Corporation for Assigned Names and Numbers). ICANN is a multi-stakeholder private sector, not-for-profit corporation formed in 1998 for the express purposes of overseeing a number of Internet related tasks, including management of the DNS, allocation of IP addresses, accreditation of domain name registrars and registries and the definition and coordination of policy development for all of these functions. The regulation of Internet domain names in the U.S. and in foreign countries is subject to change.

***Regulation of Collectibles***

Regulation of the automobile industry varies from jurisdiction to jurisdiction and state to state. In any jurisdictions or states in which the Company operates, it may be required to obtain licenses and permits to conduct business, including dealer and sales licenses and titles and registrations issued by state and local regulatory authorities, and will be subject to local laws and regulations, including, but not limited to, import and export regulations, emissions standards, laws and regulations involving sales, use, value-added and other indirect taxes.

In the United States, a three-tiered distribution system gives individual states the ability to regulate how alcohol is sold. Alcohol has regulation around who has access to it, who is able to purchase it and how it is owned. There are regulatory restrictions around licensed entities and how they transact alcohol. Each state regulates alcohol individually from one another, creating unique and complex regulatory requirements. Imported alcohol in most international jurisdictions is subject to import and export regulations which may include excise tax, customs

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declarations and extensive administrative requirements. As such, imported alcohol is subject to more regulation and to the rules and regulations in the country or state to which it is being sold.

Claims arising out of actual or alleged violations of law, including certain matters currently under investigation by the SEC, could be asserted against the Company by individuals or governmental authorities and could expose the Company or each Series to significant damages or other penalties, including revocation or suspension of the licenses necessary to conduct business and fines. See "**Risk Factors—Risks Relating to the Offerings—*If either the Manager or Asset Manager is required to register as a broker-dealer, the Manager or Asset Manager may be required to cease operations and any Series of Interests offered and sold without such proper registration may be subject to a right of rescission***" and "**Risk Factors—Risks Relating to the Offerings—*If the Platform is ultimately found to be a securities exchange or alternative trading system, we may be required to cease operating the Platform while we are still reliant on it for secondary trading in some Series of Interests, and such cessation would materially and adversely affect your ability to transfer your Interests."***"

***Regulation of Exchanges***

A platform facilitating the sale and secondary trading of securities potentially may be required to register with the Commission as an exchange. Section 3(a)(1) of the Exchange Act provides that an "exchange" means "any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange." Rule 3b-16(a) under the Exchange Act further provides that a "market place or facility for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange" means someone who brings together the orders for securities of multiple buyers and sellers *and* "uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders interact with each other, and the buyers and sellers entering such orders agree to the terms of a trade."

We believe that the Platform does not use any non-discretionary methods under which any orders to purchase or sell a security interact with each other. The Platform merely routes orders to a registered broker-dealer to make isolated trades through matching individual buyers and sellers after the buyers and sellers have confirmed their intent to complete the trade.

A system that meets the definition of an exchange and is not excluded under Rule 3b-16(b) must register as a national securities exchange or operate pursuant to an appropriate exemption. One frequently used exemption is for alternative trading systems ("ATS"). Rule 3a1-1(a)(2) under the Exchange Act exempts from the definition of "exchange" under Section 3(a)(1) of the Exchange Act an ATS that complies with Regulation ATS. An ATS that operates pursuant to the Rule 3a1-1(a)(2) exemption and complies with Regulation ATS would not be subject to the registration requirement of Section 5 of the Exchange Act.

Rule 3b-16(b)(1) provides that such an entity will not be "a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange" solely because it routes orders to a registered broker-dealer. The Platform merely acts as the user interface for facilitating secondary trading of Interests on the PPEX, which is neither owned nor operated by the Company or its affiliates. Communicating through the Platform, users may offer to buy and sell Interests that are then matched by and executed on the PPEX ATS through the Executing Broker in accordance with the rules established by the PPEX ATS. All trading activity is directed by Investors in their sole discretion. In reliance upon Rule 3b-16(b)(1), the Company believes it is not required to register the Platform as an exchange or comply with Regulation ATS as an ATS. However, the Company is currently subject to an SEC investigation related to the potential status of the Platform, in its former capacity as a venue for secondary trading, as an exchange or an ATS.

Today, all secondary transactions in Series Interests are facilitated through the PPEX ATS. See "**Description of the Business – Liquidity Platform**" for more information.

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***Privacy and Protection of Investor Data***

Aspects of our operations or business are subject to privacy and data protection regulation in the United States and elsewhere. Accordingly, we publish our privacy policies and terms of service, which describe our practices concerning the use, transmission and disclosure of information. As our business continues to expand in the United States and beyond, and as laws and regulations continue to be passed and their interpretations continue to evolve in numerous jurisdictions, additional laws and regulations may become relevant to us. Regulatory authorities around the world are considering numerous legislative and regulatory proposals concerning privacy and data protection. In addition, the interpretation and application of these privacy and data protection laws in the United States and elsewhere are often uncertain and in a state of flux.

Growing public concern about privacy and the use of personal information may subject us to increased regulatory scrutiny. The FTC has, over the last few years, begun investigating companies that have used personally identifiable information in a deceptive or unfair manner or in violation of a posted privacy policy. If we are accused of violating the terms of our privacy policy or implementing unfair privacy practices, we may be forced to expend significant financial and managerial resources to defend against an FTC action. On May 25, 2018, the European Union implemented the General Data Protection Regulation (the "GDPR"), a new privacy regulation that imposes new regulatory scrutiny on our business with customers in the European Economic Area, with possible financial consequences for noncompliance. If we are accused of violating the data protection and privacy rights of European Union citizens, we may be forced to expend significant financial and managerial resources to defend against a GDPR enforcement action by a European Union data protection authority or a European Union citizen. On January 1, 2020, the California Consumer Privacy Act (the "CCPA") became effective. Similar to the GDPR, the CCPA imposes new regulatory scrutiny on our processing of the personal data of our customers in California, with possible financial consequences for noncompliance. If we are accused of violating the CCPA, we may be forced to expend significant financial and managerial resources to defend against an enforcement action by the California Attorney General or, in the event of a data breach, a lawsuit by customers located in California. The CCPA will become effective in January 2023. Comprehensive state privacy laws will also take effect in Colorado and Virginia in 2023. Complying with these and other existing, emerging and changing privacy requirements could cause the Company to incur substantial costs or require it to change its business practices and policies. Non-compliance could result in monetary penalties or significant legal liability.

***Consumer Protection Regulation***

The Consumer Financial Protection Bureau and other federal and state regulatory agencies, including the FTC, broadly regulate financial products, enforce consumer protection laws applicable to credit, deposit and payments, and other similar products, and prohibit unfair and deceptive practices. Such agencies have broad consumer protection mandates, and they promulgate, interpret and enforce laws, rules and regulations, including with respect to unfair, deceptive and abusive acts and practices that may impact or apply to our business. For example, under federal and state financial privacy laws and regulations, we must provide notice to Investors of our policies on sharing non-public information with third parties, among other requirements. In addition, under the Electronic Fund Transfer Act, we may be required to disclose the terms of our electronic fund transfer services to consumers prior to their use of the service, among other requirements.

***Investment Company Act of 1940 Considerations***

We intend to conduct our operations so that we do not fall within, or are excluded from, the definition of an "investment company" under the Investment Company Act of 1940 (the "Investment Company Act"). Under Section 3(a)(1)(A) of the Investment Company Act, a company is deemed to be an "investment company" if it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities. We believe that we will not be considered an investment company under Section 3(a)(1)(A) of the Investment Company Act because we will not engage primarily or hold ourselves out as being engaged primarily in the business of investing, reinvesting or trading in securities. We anticipate that the Underlying Assets for each Series will not be securities.

Under Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an "investment company" if it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading

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in securities and owns or proposes to acquire "investment securities" having a value exceeding 40% of the value of the company's total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis, which we refer to as the "40% test." We intend to monitor our holdings and conduct operations so that on an unconsolidated basis we will comply with the 40% test with respect to each Series.

If we become obligated to register the Company as an investment company, we would have to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·limitations on capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·restrictions on specified investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·prohibitions on transactions with affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.

If we were required to register the Company as an investment company but failed to do so, we would be prohibited from engaging in our business, and criminal and civil actions could be brought against us. In addition, our contracts would be unenforceable unless a court required enforcement, and a court could appoint a receiver to take control of us and liquidate our business, all of which would have a material adverse effect on us.

**Legal Proceedings**

None of the Rally Entities or any of the directors or executive officers of RSE Markets is, as of the date of this Offering Circular, subject to any material legal proceedings.

**Allocations of Expenses**

To the extent relevant, Offering Expenses, Acquisition Expenses, Operating Expenses, revenue generated from Underlying Assets and any indemnification payments made by the Company will be allocated amongst the various Series in accordance with the Manager's allocation policy, a copy of which is available to Investors upon written request to the Manager. The allocation policy requires the Manager to allocate items that are allocable to a specific Series to be borne by, or distributed to (as applicable), the applicable Series of Interests. If, however, an item is not allocable to a specific Series but to the Company in general, it will be allocated pro rata based on the value of Underlying Assets (e.g., in respect of fleet level insurance) or the number of Underlying Assets, as reasonably determined by the Manager or as otherwise set forth in the allocation policy. The table below sets forth a summary of the allocation policy, which is subject to the Manager's discretion.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Revenue or Expense Item** | &nbsp;&nbsp;**Details** | &nbsp;&nbsp;**Allocation Policy (if revenue or expense is not clearly allocable to a specific Underlying Asset)** |
| &nbsp;&nbsp;*Revenue* | &nbsp;&nbsp;Membership Experience Programs  | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |
| &nbsp;&nbsp;*Revenue* | &nbsp;&nbsp;Asset sponsorship models | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Filing expenses related to submission of regulatory paperwork for a Series | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Legal expenses related to the submission of regulatory paperwork for a Series | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Audit and accounting work related to the regulatory paperwork or a Series | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Escrow agent fees for the administration of escrow accounts related to the Offering | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Compliance work including diligence related to the preparation of a Series | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Bank transfer and other bank account related fees | &nbsp;&nbsp;Allocable to each Underlying Asset |
| &nbsp;&nbsp;*Offering Expenses* | &nbsp;&nbsp;Transfer to and custody of Interests in Custodian brokerage accounts | &nbsp;&nbsp;0.75% (minimum of $500) of gross proceeds of Offering |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Transportation of Underlying Asset as at time of acquisition | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Insurance for transportation of Underlying Asset as at time of acquisition | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Preparation of marketing materials | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Asset technology (e.g., tracking device) | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Initial vehicle registration fee | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Document fee | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Title fee | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Pre-Purchase Inspection | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Refurbishment and maintenance | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Acquisition Expenses* | &nbsp;&nbsp;Interest / purchase option expense in the case (i) an Underlying Asset was pre-purchased by the Company through a loan or (ii) the Company obtained a purchase option to acquire an Underlying Asset, prior to the Closing of an Offering  | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Storage | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Security (e.g., surveillance and patrols) | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Custodial fees | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Appraisal and valuation fees | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Marketing expenses in connection with Membership Experience Programs | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Annual registration renewal fee | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Allocable directly to the applicable Underlying Asset |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Transportation to Membership Experience Programs | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Ongoing reporting requirements (e.g., Reg A+ or Securities Act reporting)  | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Audit, accounting bookkeeping and legal expenses related to the reporting requirements of the Series | &nbsp;&nbsp;Allocable pro rata to the number of Underlying Assets |
| &nbsp;&nbsp;*Operating Expenses* | &nbsp;&nbsp;Other Membership Experience Programs related expenses (e.g., venue hire, catering, facility management, film and photography crew) | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |
| &nbsp;&nbsp;*Indemnification Payments* | &nbsp;&nbsp;Indemnification payments under the Operating Agreement | &nbsp;&nbsp;Allocable pro rata to the value of each Underlying Asset |

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Notwithstanding the foregoing, the Manager may revise and update the allocation policy from time to time in its reasonable discretion without further notice to the Investors. Under the terms of the allocation policy, the Manager may elect not to allocate certain expenses in the manner described above if it determines such allocation not to be in the best interests of the Company.

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**MANAGEMENT**

**Manager**

The Manager of the Company is RSE Collection Manager, LLC, a Delaware limited liability company formed on March 16, 2021.

The Company operates under the direction of the Manager, which is responsible for directing the operations of our business, directing our day-to-day affairs, and implementing our investment strategy. RSE Markets, the sole member of the Asset Manager, has established a Board of Directors that will make decisions with respect to all asset acquisitions, dispositions and maintenance schedules, with guidance from the Advisory Board. The Manager and the officers and directors of RSE Markets are not required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require. The Manager is responsible for determining maintenance required in order to maintain or improve the asset's quality, determining how to monetize the Underlying Assets at Membership Experience Programs in order to generate profits and evaluating potential sale offers, which may lead to the liquidation of a Series.

The Company will follow guidelines adopted by the Manager and implement policies set forth in the Operating Agreement unless otherwise modified by the Manager. The Manager may establish further written policies and will monitor our administrative procedures, investment operations and performance to ensure that the policies are fulfilled. The Manager may change our objectives at any time without approval of Interest Holders. The Manager itself has no track record and is relying on the experience of the individual officers, directors and advisors of Rally Holdings. The Asset Manager is also the Asset Manager for RSE Archive, a series limited liability company with a similar business in the memorabilia and collectible asset class, which commenced principal operations in 2019; RSE Innovation, LLC, a series limited liability company with a similar business in the intangible asset class, which commenced principal operations in 2021; and RSE Portfolio, LLC, a series limited liability company with a similar business in the real estate asset class, which commenced principal operations in 2022. While the Asset Manager thus has some similar management experience, its experience is limited, and it has limited experience selecting or managing assets in the Asset Class.

The Manager performs its duties and responsibilities pursuant to our Operating Agreement. The Manager maintains a contractual, as opposed to a fiduciary, relationship with us and our Interest Holders. Furthermore, we have agreed to limit the liability of the Manager and to indemnify the Manager against certain liabilities.

***Responsibilities of the Manager***

The responsibilities of the Manager include:

*Asset Sourcing and Disposition Services:*

-Together with guidance from the Advisory Board, define and oversee the overall Underlying Asset sourcing and disposition strategy;

*Services in Connection with an Offering:*

-Create and manage all Series of Interests for Offerings related to Underlying Assets on the Platform;

-Develop Offering materials, including the determination of specific terms and structure and description of the Underlying Assets;

-Create and submit all necessary regulatory filings including, but not limited to, Commission filings and financial audits and related coordination with advisors;

-Prepare all marketing materials related to Offerings;

-Together with the broker of record, coordinate the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions;

-Create and implement various technology services, transactional services, and electronic communications related to any Offerings;

-All other necessary Offering related services, which may be contracted out;

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*Asset Monetization Services:*

-Together with advice from the Asset Manager, create and manage all Membership Experience Programs and determine participation in such programs by any Underlying Assets;

-Together with advice from the Asset Manager, evaluate and enter into service provider contracts related to the operation of Membership Experience Programs;

-Allocate revenues and costs related to Membership Experience Programs to the appropriate Series in accordance with our allocation policy;

-Approve potential joint ventures, limited partnerships and other such relationships with third parties related to asset monetization and Membership Experience Programs;

*Interest Holder Relationship Services:*

-Provide any appropriate updates related to Underlying Assets or Offerings electronically or through the Platform;

-Manage communications with Interest Holders, including answering e-mails, preparing and sending written and electronic reports and other communications;

-Establish technology infrastructure to assist in providing Interest Holder support and services;

-Determine our distribution policy and determine amounts of and authorize Free Cash Flow distributions from time to time;

-Maintain Free Cash Flow funds in deposit accounts or investment accounts for the benefit of a Series;

*Administrative Services:*

-Manage and perform the various administrative functions necessary for our day-to-day operations;

-Provide financial and operational planning services and collection management functions including determination, administration and servicing of any Operating Expenses Reimbursement Obligation made to the Company or any Series by the Manager or the Asset Manager to cover any Operating Expense shortfalls;

-Administer the potential issuance of additional Interests to cover any potential Operating Expense shortfalls;

-Maintain accounting data and any other information concerning our activities as will be required to prepare and to file all periodic financial reports required to be filed with the Commission and any other regulatory agency, including annual and semi-annual financial statements;

-Maintain all appropriate books and records for the Company and all the Series of Interests;

-Obtain and update market research and economic and statistical data in the Underlying Assets and the general Asset Class;

-Oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters;

-Supervise the performance of such ministerial and administrative functions as may be necessary in connection with our daily operations;

-Provide all necessary cash management services;

-Manage and coordinate with the transfer agent, custodian or broker-dealer, if any, the process of making distributions and payments to Interest Holders or the transfer or re-sale of securities as may be permitted by law;

-Evaluate and obtain adequate insurance coverage for the Underlying Assets based upon risk management determinations;

-Track the overall regulatory environment affecting the Company, as well as managing compliance with regulatory matters;

-Evaluate our corporate governance structure and appropriate policies and procedures related thereto; and

-Oversee all reporting, record keeping, internal controls and similar matters in a manner to allow us to comply with applicable law.

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***Responsibilities of the Asset Manager***

The responsibilities of the Asset Manager include:

*Asset Sourcing and Disposition Services:*

- Manage the Company's asset sourcing activities including creating the asset acquisition policy, organizing and evaluating due diligence for specific asset acquisition opportunities, verifying authenticity and condition of specific assets, and structuring partnerships with collectors, brokers and dealers who may provide opportunities to source quality assets;

-Negotiate and structure the terms and conditions of acquisitions of or consignment agreements, purchase option agreements or purchase agreements for Underlying Assets with Asset Sellers;

-Evaluate any potential asset takeover offers from third parties, which may result in asset dispositions, sales or other liquidity transactions;

-Structure and negotiate the terms and conditions of transactions pursuant to which Underlying Assets may be sold or otherwise disposed.

*Asset Management and Maintenance Services with Respect to the Underlying Assets:*

-Develop a maintenance schedule and standards of care in consultation with the Advisory Board and oversee compliance with such maintenance schedule and standards of care;

-Purchase and maintain insurance coverage for Underlying Assets;

-Engage third-party independent contractors for the care, custody, maintenance and management of the Underlying Assets;

-Deliver invoices to the Managing Member for the payment of all fees and expenses incurred in connection with the maintenance and operation of Underlying Assets and ensure delivery of payments to third parties for any such services; and

-Generally, perform any other act necessary to carry out all asset management and maintenance obligations.

***Executive Officers, Directors and Key Employees of RSE Markets***

The following individuals constitute the Board of Directors, executive management and significant employees of RSE Markets, the sole member of the Asset Manager:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name<sup>(1)</sup> | &nbsp;&nbsp;Age | &nbsp;&nbsp;Position | &nbsp;&nbsp;Term of Office<br> (Beginning) |
| &nbsp;&nbsp;Christopher J. Bruno | &nbsp;&nbsp;41 | &nbsp;&nbsp;President, Director, CEO  | &nbsp;&nbsp;05/2016 |
| &nbsp;&nbsp;Robert A. Petrozzo | &nbsp;&nbsp;38 | &nbsp;&nbsp;Chief Product Officer | &nbsp;&nbsp;06/2016 |
| &nbsp;&nbsp;Maximilian F. Niederste-Ostholt | &nbsp;&nbsp;41 | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;08/2016 |
| &nbsp;&nbsp;Ramaneek Khanna | &nbsp;&nbsp;51 | &nbsp;&nbsp;Chief Technology Officer | &nbsp;&nbsp;06/2022 |
| &nbsp;&nbsp;Aditi Maliwal | &nbsp;&nbsp;33 | &nbsp;&nbsp;Director | &nbsp;&nbsp;09/2022 |
| &nbsp;&nbsp;Joshua Silberstein | &nbsp;&nbsp;46 | &nbsp;&nbsp;Director | &nbsp;&nbsp;10/2016 |
| &nbsp;&nbsp;Ryan Sweeney | &nbsp;&nbsp;44 | &nbsp;&nbsp;Director | &nbsp;&nbsp;04/2021 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Each of the directors of RSE Markets was elected as a director pursuant to a voting agreement among RSE Markets and certain stockholders of RSE Markets.

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***Background of Executive Officers and Directors of RSE Markets***

The following is a brief summary of the background of each executive officer and director of RSE Markets:

*Christopher J. Bruno, Founder, Chief Executive Officer, President and Director*

Chris is a serial entrepreneur who has developed several online platform businesses. In 2013, Chris co-founded Network of One, a data-driven content investment platform focused on the YouTube market where he worked until 2016. Prior to Network of One, Chris co-founded Healthguru, a leading health information video platform on the web (acquired by Propel Media, Inc., OTC BB: PROM) where he worked from 2005 to 2013.

Chris began his career working in venture capital at Village Ventures where he invested in early-stage companies across the online media, telecommunications, software, medical devices, consumer products and e-commerce industries. Chris worked at Village Ventures from 2002 to 2005.

From 2004 to 2005, Chris also worked as an analyst directly for the management team of Everyday Health (NYSE: EVDY) during its growth phase.

Chris graduated *magna cum laude* with Honors from Williams College with a degree in Economics and received his Master of Business Administration, *beta gamma sigma*, from the NYU Stern School of Business with a specialization in Finance and Entrepreneurship.

*Robert A. Petrozzo, Chief Product Officer*

Rob is a designer and creative thinker who has led the development of multiple award-winning technology platforms in both the software and hardware arenas. For the past decade, he has specialized in the product design space having created authoring components, architected the front-end of distribution platforms, and designed interactive content platforms for both consumers and enterprises. Immediately prior to joining the Asset Manager, he led the UX & UI effort at computer vision and robotics startup KeyMe, building interactive products from the ground up and deploying both mobile and kiosk-based software nationwide. Rob worked at KeyMe from 2014 to 2016.

His previous roles include internal software design for Ares Management (2013 to 2014), and Creative Director at ScrollMotion (2010 to 2013), where he led a team of content creators and product developers to release a fully integrated authoring tool and over 300 custom enterprise apps for Fortune 50 and 100 clientele across 12 countries including Hearst, Roche, J&J, Genentech, and the NFL.

Rob received his degree in User-Centered Design with a peripheral curriculum in User Psychology from the University of Philadelphia.

*Maximilian F. Niederste-Ostholt, Chief Financial Officer*

Max has spent nine years in the finance industry, working in the investment banking divisions of Lehman Brothers from 2007 to 2008 and Barclays from 2008 to 2016. At both firms he was a member of the healthcare investment banking group, most recently as Director focused on M&A and financing transactions in the Healthcare IT and Health Insurance spaces. Max has supported the execution of over $100 billion of financing and M&A transactions across various sectors of the healthcare space including buy-side and sell-side M&A assignments and financings across high grade and high yield debt, equities and convertible financings. Work performed on these transactions included amongst other aspects, valuation, contract negotiations, capital raising support and general transaction execution activities.

Prior to his career in investment banking, Max worked in management consulting at A.T. Kearney from 2002 to 2005, where he focused on engagements in the automotive, IT and healthcare spaces. During this time, he worked on asset sourcing, logistics and process optimization projects.

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Max graduated from Williams College with a Bachelor of Arts in Computer Science and Economics and received a Master of Business Administration, *beta gamma sigma*, from NYU's Stern School of Business.

*Ramaneek Khanna, Chief Technology Officer*

Ramaneek is a technologist, executive and engineer at heart with extensive experience creating and evolving innovative products across multiple industries and building and scaling world class engineering organizations. Prior to joining Rally, Ramaneek was CTO at fintech startup Earnin from 2015 to 2020. During that time he and his team built a product that grew in scale to unlock access for people to over $10B of their earnings. Ramaneek has also held the role of VP of Software Engineering at Nesos, a medtech startup that attempted to alleviate debilitating diseases related to the body's autoimmune response. Ramaneek operated in this role from 2021 to 2022.

After joining multiple startups earlier in his career that were acquired by companies such as Microsoft and Dell, Ramaneek cofounded Duff Research, where he worked from 2009 to 2013. Duff Research was a mobile app development company that created numerous well known apps, including the Tivo iPad app, Adidas MiCoach, the Nest Android app, and many others. Duff Research was acquired by PayPal in 2013, and Ramaneek then went on to lead Consumer Mobile App Development where he was responsible for development of the PayPal app and oversaw substantial innovation in the app, including OneTouch authorization and a revitalized user experience.

Throughout his career, Ramaneek has helped to build products that innovated and have won awards such at Best of Show at CES and a Technical Emmy as well as built mobile apps that have achieved top 10 status in the app store rankings in their categories many times.

Ramaneek has a dozen US patents that cover a wide range of areas including AV synchronization methods, user interface design patents, authentication systems, methods for facilitating purchases from video advertisements and many others. Ramaneek received his Bachelor of Science degree in Computer and Electrical Engineering from Purdue University.

*Aditi Maliwal, Director*

Aditi Maliwal has been a partner at Upfront since 2019, leveraging a global perspective to invest in the highest-potential founders and teams.

Before joining Upfront, Aditi was a product manager on the Next Billion Users team at Google, in a hybrid role leading investments in and building product for companies in emerging markets. Previously she worked on the Corporate Development team at Google, leading acquisitions across various sectors including AI, Messaging and Media. Prior to Google she worked in early stage venture at Crosslink Capital leading investments in BetterUp, Chime and PowerToFly, and before that in investment banking at Deutsche Bank, in the technology banking group.

She holds a Bachelor of Arts in Psychology from Stanford University and has lived between India, Hong Kong, Singapore and San Francisco.

*Joshua Silberstein, Director*

Joshua is a seasoned operator and entrepreneur with in excess of 15 years of experience successfully building companies – as a founder, investor, board member, and CEO.

Joshua co-founded Healthguru in 2006 and led the company from idea to exit in 2013. When Healthguru was acquired by Propel Media, Inc. (OTC BB: PROM), a publicly traded video syndication company, in 2013, Healthguru was a leading provider of health video on the web (as of 2013 it had 917 million streams and a 49.1% market share in health videos).

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After the acquisition, Joshua joined Propel Media as President and completed a transformative transaction that quadrupled annual revenue and dramatically improved profitability. When the deal – a reverse merger – was completed, it resulted in an entity with over $90 million in revenue and approximately $30 million in EBITDA.

In the past several years, Joshua has taken an active role with more than a dozen companies (with approximately $3 million to $47 million in revenue) – both in operating roles (Interim President, Chief Strategy Officer) and in an advisory capacity (to support a capital raise or lead an M&A transaction).

Earlier in his career, Joshua was a venture capitalist at BEV Capital, where he was part of teams that invested nearly $50 million in early-stage consumer businesses (including Alloy.com and Classmates Online) and held a number of other senior operating roles in finance, marketing, and business development.

Joshua has a Bachelor of Science in Economics from the Wharton School (*summa cum laude*) and a Master of Business Administration from Columbia University (*beta gamma sigma*).

*Ryan Sweeney, Director*

In 2009, Ryan joined the venture capital firm, Accel, as a Partner and is focused on investments in businesses at the intersection of consumer services and technology. One of Ryan's most notable investments, Qualtrics, was acquired by SAP for $8 billion in 2018.

Prior to joining Accel, from 2000 to 2008, Ryan led technology growth investments at Summit Partners in the Boston area.

Before joining Summit Partners Ryan worked at William Blair & Company, LLC, and held a number of leadership positions at North Bridge Growth Equity and National Mentor Holdings, Inc.

Earlier in his career, Ryan held a number of roles in finance and business development at companies in the investment banking and private equity industries.

Ryan grew up in New Jersey and holds a Bachelor of Business Administration in Finance and Business Economics from the University of Notre Dame and a Master of Business Administration from Harvard Business School.

***Advisory Board***

*Responsibilities of the Advisory Board*

The Advisory Board supports the Company, the Asset Manager, the Manager and RSE Markets and consists of members of our expert network and additional advisors to the Manager. The Advisory Board reviews the Company's relationship with, and the performance of, the Manager, and generally approves the terms of any material or related-party transactions. In addition, the Advisory Board assists with, and makes recommendations with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Approving, permitting deviations from, making changes to, and annually reviewing the asset acquisition policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Evaluating all asset acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Evaluating any third party offers for asset acquisitions and approving asset dispositions that are in the best interest of the Company and the Interest Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Providing guidance with respect to the appropriate levels of annual collection level insurance costs and maintenance costs specific to each individual asset;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Reviewing material conflicts of interest that arise, or are reasonably likely to arise with the Managing Member, on the one hand, and the Company, a Series or the Interest Holders, on the other hand, or the Company or a Series, on the one hand, and another Series, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Approving any material transaction between the Company or a Series, on the one hand, and the Manager or any of its affiliates, another Series or an Interest Holder, on the other hand, other than for the purchase of Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Reviewing the total fees, expenses, assets, revenues, and availability of funds for distributions to Interest Holders at least annually or with sufficient frequency to determine that the expenses incurred are reasonable in light of the investment performance of the assets, and that funds available for distributions to Interest Holders are in accordance with our policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Approving any service providers appointed by the Manager or the Asset Manager in respect of the Underlying Assets.

The resolution of any conflict of interest approved by the Advisory Board shall be conclusively deemed fair and reasonable to the Company and the Members and not a breach of any duty at law, in equity or otherwise. The members of the Advisory Board are not managers or officers of the Company, the Manager or the Asset Manager, or any Series and do not have fiduciary or other duties to the Interest Holders of any Series.

*Compensation of the Advisory Board*

The Asset Manager will compensate members of the Advisory Board or their nominees (as so directed by an Advisory Board member) for their service. As such, their costs will not be borne by any given Series of Interests, although members of the Advisory Board may be reimbursed by a Series for out-of-pocket expenses incurred by such Advisory Board member in connection with a Series of Interests (e.g. travel related to evaluation of an asset).

*Members of the Advisory Board*

We plan to continue to build the Advisory Board over time and are in advanced discussions with various experts in the Asset Class. We have already established an informal network of expert advisors who support the Company in asset acquisitions, valuations and negotiations. To date three individuals have formally joined the Manager's Advisory Board:

**Dan Gallagher**

Dan has extensive public and private sector experience in regulatory matters, financial markets, and corporate legal affairs and governance.

Dan is currently the Chief Legal and Corporate Affairs Officer of Robinhood Markets, Inc., and is a member of the advisory boards of both the Institute for Law and Economics at the University of Pennsylvania and the Center for Corporate Governance, Raj & Kamla Gupta Governance Institute, LeBow College of Business, Drexel University.

Dan initially began his career in private practice, advising clients on broker-dealer regulatory issues and representing clients in SEC and SRO enforcement proceedings. Dan then served on the SEC staff in several capacities, including as counsel to both Commissioner Paul Atkins and Chairman Christopher Cox, and from 2008 to 2010 as deputy director and co-acting director of the Division of Trading and Markets. While serving as deputy director and co-acting director, he was on the front lines of the agency's response to the financial crisis, including representing the SEC in the Lehman Brothers liquidation.

Dan served as an SEC commissioner from 2011 to 2015. While serving as commissioner, he advocated for a comprehensive review of equity market structure, championed corporate governance reform and pushed to improve the SEC's fixed income market expertise.

Prior to joining Robinhood in 2020, Dan was a partner of and deputy chair of the securities department at the international law firm WilmerHale.

------

Dan earned his Juris Doctor, *magna cum laude*, from the Catholic University of America, where he was a member of the law review and graduated from Georgetown University with a Bachelor of Arts in English.

**Arun Sundararajan**

Arun is a Professor and the Robert L. and Dale Atkins Rosen Faculty Fellow at New York University's (NYU) Stern School of Business, and an affiliated faculty member at many of NYU's interdisciplinary research centers, including the Center for Data Science and the Center for Urban Science and Progress. He joined the NYU Stern faculty in 1998.

Arun's research studies how digital technologies transform business, government and civil society. His current research topics include digital strategy and governance, crowd-based capitalism, the sharing economy, the economics of automation, and the future of work. He has published over 50 scientific papers in peer-reviewed academic journals and conferences, and over 30 op-eds in outlets that include The New York Times, The Financial Times, The Guardian, Wired, Le Monde, Bloomberg View, Fortune, Entrepreneur, The Economic Times, LiveMint, Harvard Business Review, Knowledge@Wharton and Quartz. He has given more than 250 invited talks at industry, government and academic forums internationally. His new book, "The Sharing Economy," was published by the MIT Press in June 2016.

Arun is a member of the World Economic Forum's Global Futures Council on Technology, Values and Policy. He interfaces with tech companies at various stages on issues of strategy and regulation, and with non-tech companies trying to understand how to forecast and address changes induced by digital technologies. He has provided expert input about the digital economy as part of Congressional testimony, and to various city, state and federal government agencies.

Arun holds a Ph.D. in Business Administration and an M.S. in Management Science from the University of Rochester, and a B. Tech. in Electrical Engineering from the Indian Institute of Technology, Madras.

**Roger Wiegley**

Roger has over 30 years of legal and risk management experience. He is a practicing attorney through his company Roger Wiegley Law Offices, which he started in 2013. He is also a senior adviser to KPMG (insurance and reinsurance) as well as a consultant to several AXA companies in Europe and the United States, and he is the founder and a director of Global Risk Consulting, Ltd., a UK consulting company.

Roger spent the first 18 years of his career practicing law at Sullivan & Cromwell; Sidley & Austin; and Pillsbury Winthrop Shaw Pittman, focused on clients in the financial sector. From 1998 to 2001 he was the chief counsel for the commercial bank branches of Credit Suisse First Boston in the Americas and served as Head of Regional Oversight for CSFB in the Asia-Pacific Region. He held various other general counsel and legal positions at various companies including Winterthur Swiss Insurance Company and Westmoreland Coal Company from 2001 to 2007. From 2008 to 2013, Roger was the Global General Counsel of AXA Liabilities Managers.

------

**COMPENSATION**

**Compensation of Executive Officers**

We do not currently have any employees, nor do we currently intend to hire any employees who will be compensated directly by the Company. The executive officers of the Asset Manager manage our day-to-day affairs, oversee the review, selection and recommendation of investment opportunities, service acquired investments and monitor the performance of these investments to ensure that they are consistent with our investment objectives. Each of these individuals receives compensation for his or her services, including services performed for us on behalf of the Manager. Although we will indirectly bear some of the costs of the compensation paid to these individuals, through fees we pay to the Asset Manager, we do not intend to pay any compensation directly to these individuals.

**Compensation of the Manager**

The Manager may receive Sourcing Fees and reimbursement for costs incurred relating to the Offering described herein and other Offerings (e.g., Offering Expenses and Acquisition Expenses). Neither the Manager nor the Asset Manager nor their affiliates will receive any selling commissions or dealer manager fees in connection with the offer and sale of the Interests.

RSE Collection Manager, LLC served as Manager of the Company during fiscal year 2022, and its annual compensation for 2022 was as follows:.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Capacities in which compensation was received** | &nbsp;&nbsp;**Cash compensation**  | &nbsp;&nbsp;**Other Compensation** | &nbsp;&nbsp;**Total Compensation** |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;RSE Collection Manager, LLC | &nbsp;&nbsp;Manager | &nbsp;&nbsp;$206759 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$206759 |

---

The Manager will receive Sourcing Fees for each subsequent Offering for Series of Interests in the Company that closes as detailed in the "**Use of Proceeds**" in **Appendix B** for each respective Series. Additional details on Sourcing Fees received by the Manager can be found in the "**Use of Proceeds**" in **Appendix B** for each respective Series.

In addition, should a Series' revenue exceed its ongoing Operating Expenses and various other potential financial obligations of the Series, the Asset Manager may receive a Management Fee as described in *"***Description of the Business –Management Fee**".

A more complete description of Management of the Company is included in "**Description of the Business**" and "**Management**".

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**PRINCIPAL INTEREST HOLDERS**

The Company is managed by the Manager. At the Closing of each Offering, the Manager or an affiliate will own at least one (1) Interest acquired on the same terms as the other Investors. The address of the Manager is 446 Broadway, 2<sup>nd</sup> Floor, New York, NY 10013.

As of December 31, 2022, the securities of the Company are beneficially owned as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Series** | **Closing Date** | **Total Interests Offered** | **Interests Owned by Manager (1) (2)** | **Total Offering Value** |
| #77LE1 | 4/13/2017 | 2000 | 102 / 5% | $77700  |
| #69BM1 | 2/7/2018 | 2000 | 118 / 6% | $115000  |
| #85FT1 | 2/15/2018 | 2000 | 112 / 6% | $165000  |
| #88LJ1 | 4/12/2018 | 2000 | 117 / 6% | $135000  |
| #55PS1 | 6/6/2018 | 2000 | 381 / 19% | $425000  |
| #95BL1 | 7/12/2018 | 2000 | 32 / 2% | $118500  |
| #90FM1 (3) | 7/31/2018 | 2000 | 20 / 1% | $16500  |
| #83FB1 | 9/5/2018 | 5000 | 50 / 1% | $350000  |
| #98DV1 | 10/10/2018 | 2000 | 20 / 1% | $130000  |
| #93XJ1 | 11/6/2018 | 5000 | 209 / 4% | $495000  |
| #02AX1 | 11/30/2018 | 2000 | 21 / 1% | $108000  |
| #99LE1 | 12/4/2018 | 2000 | 45 / 2% | $69500  |
| #91MV1 | 12/7/2018 | 2000 | 22 / 1% | $38000  |
| #92LD1 | 12/26/2018 | 3000 | 1,440 / 48% | $165000  |
| #94DV1 | 12/26/2018 | 2000 | 394 / 20% | $57500  |
| #72MC1 (3) | 1/4/2019 | 2000 | 20 / 1% | $124500  |
| #11BM1 | 1/25/2019 | 2000 | 756 / 38% | $84000  |
| #80LC1 (3) | 2/8/2019 | 5000 | 96 / 2% | $635000  |
| #02BZ1 | 2/8/2019 | 3000 | 1,202 / 40% | $195000  |
| #88BM1 | 2/25/2019 | 3000 | 1,229 / 41% | $141000  |
| #63CC1 | 3/18/2019 | 2000 | 20 / 1% | $126000  |
| #76PT1 | 3/22/2019 | 3000 | 45 / 2% | $189900  |
| #75RA1 | 4/9/2019 | 3000 | 146 / 5% | $84000  |
| #65AG1 | 4/16/2019 | 2000 | 21 / 1% | $178500  |
| #61JE1 | 4/26/2019 | 3000 | 405 / 14% | $246000  |
| #90MM1 | 4/26/2019 | 5000 | 63 / 1% | $26600  |
| #88PT1 | 7/18/2019 | 2200 | 22 / 1% | $66000  |
| #65FM1 | 7/18/2019 | 2000 | 20 / 1% | $82500  |
| #94LD1 | 8/6/2019 | 5000 | 156 / 3% | $597500  |
| #99SS1 | 9/11/2019 | 1000 | 25 / 3% | $137500  |
| #94FS1 | 9/17/2019 | 2000 | 32 / 2% | $145000  |
| #61MG1 | 9/30/2019 | 5000 | 541 / 11% | $340000  |
| #92CC1 | 10/2/2019 | 2000 | 83 / 4% | $52500  |
| #80PN1 | 11/6/2019 | 5000 | 55 / 1% | $48000  |

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| | | | | |
|:---|:---|:---|:---|:---|
| #88LL1 | 12/8/2019 | 2000 | 456 / 23% | $292000  |
| #05JAYZ | 1/10/2022 | 3700 | 37 / 1% | $18500  |
| #MEEB11275 | 1/10/2022 | 20000 | 200 / 1% | $160000  |
| #HULK180 | 1/10/2022 | 10000 | 100 / 1% | $42000  |
| #JUSTINIAN | 1/10/2022 | 2000 | 20 / 1% | $18000  |
| #HOLMES | 1/10/2022 | 2500 | 25 / 1% | $25000  |
| #82TAYLOR | 1/10/2022 | 2000 | 20 / 1% | $13000  |
| #DKCOUNTRY | 1/14/2022 | 3000 | 30 / 1% | $18000  |
| #FALCON | 1/14/2022 | 10000 | 100 / 1% | $50000  |
| #67ICEBOWL | 1/14/2022 | 2000 | 20 / 1% | $10000  |
| #MARIOWRLD | 1/18/2022 | 33000 | 330 / 1% | $165000  |
| #82AV1 | 2/7/2022 | 14875 | 149 / 1% | $297500  |
| #MEEB7985 | 3/2/2022 | 7600 | 76 / 1% | $38000  |
| #SUPERBWL1 | 3/2/2022 | 4000 | 40 / 1% | $24000  |
| #PUNK2981 (3) | 3/22/2022 | 62000 | 620 / 1% | $310000  |
| #95FF1 | 3/22/2022 | 12000 | 120 / 1% | $120000  |
| #BONDWATCH | 3/22/2022 | 20000 | 200 / 1% | $80000  |
| #MAYC857 | 3/23/2022 | 10800 | 108 / 1% | $54000  |
| #WOW2221 | 3/30/2022 | 4000 | 40 / 1% | $28000  |
| #NIKON1 | 4/8/2022 | 7000 | 70 / 1% | $28000  |
| #DOOD6778 | 4/8/2022 | 6000 | 60 / 1% | $30000  |
| #LOTF | 4/8/2022 | 2000 | 20 / 1% | $14000  |
| #NBAJAM (3) | 4/20/2022 | 9400 | 94 / 1% | $47000  |
| #BAKC7820 | 4/20/2022 | 6200 | 60 / 1% | $31000  |
| #SANDBOX1 | 5/3/2022 | 21000 | 210 / 1% | $105000  |
| #AZUKI6704 | 5/3/2022 | 6400 | 64 / 1% | $32000  |
| #WOW6586 | 5/3/2022 | 10400 | 104 / 1% | $52000  |
| #58PELE4 | 5/14/2022 | 8000 | 80 / 1% | $48000  |
| #BART | 5/14/2022 | 3000 | 30 / 1% | $21000  |
| #HOMER | 5/14/2022 | 3000 | 30 / 1% | $21000  |
| #OBAMABALL | 5/14/2022 | 10500 | 105 / 1% | $105000  |
| #SI1 | 5/14/2022 | 5000 | 50 / 1% | $10000  |
| #GOLD1 | 5/14/2022 | 4000 | 40 / 1% | $16000  |
| #YEEZY | 5/24/2022 | 5000 | 50 / 1% | $40000  |
| #88ZELDA | 5/24/2022 | 12000 | 120 / 1% | $60000  |
| #96TIGER | 5/24/2022 | 11000 | 110 / 1% | $55000  |
| #STARWARS3 | 5/24/2022 | 2600 | 26 / 1% | $26000  |
| #VERSTAPP1 | 5/24/2022 | 4000 | 40 / 1% | $32000  |
| #MAYC9114 | 5/27/2022 | 17500 | 175 / 1% | $87500  |
| #VEEFRIEND (3) | 6/12/2022 | 27500 | 275 / 1% | $275000  |
| #MACWORLD1 | 6/16/2022 | 20000 | 2,549 / 13% | $225000  |

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| | | | | |
|:---|:---|:---|:---|:---|
| #KENNERSET | 6/16/2022 | 1250 | 13 / 1% | $12500  |
| #VEEFRND1 | 6/16/2022 | 6720 | 68 / 1% | $33600  |
| #LEDZEPP1 | 6/16/2022 | 8000 | 80 / 1% | $48000  |
| #TREASURE | 6/16/2022 | 4500 | 45 / 1% | $22500  |
| #MBIRD2754 | 6/16/2022 | 12000 | 120 / 1% | $60000  |
| #VEEVIPER | 6/17/2022 | 15000 | 1,649 / 11% | $75000  |
| #BEEPLE1 | 6/28/2022 | 13600 | 136 / 1% | $68000  |
| #WARHOL1 | 6/28/2022 | 17000 | 170 / 1% | $170000  |
| #GAMEBOY | 7/25/2022 | 4500 | 45 / 1% | $22500  |
| #ELON1 | 8/1/2022 | 3750 | 38 / 1% | $7500  |
| #32RUTH | 8/1/2022 | 19000 | 190 / 1% | $95000  |
| #CROESUS | 8/1/2022 | 8000 | 80 / 1% | $64000  |
| #SACHS1 | 8/1/2022 | 2150 | 21 / 1% | $21500  |
| #R2D2 | 8/19/2022 | 2000 | 20 / 1% | $10000  |
| #105.ETH | 8/19/2022 | 10000 | 100 / 1% | $40000  |
| #WARHOL2 | 8/19/2022 | 6500 | 65 / 1% | $65000  |
| #VADER | 8/19/2022 | 1500 | 15 / 1% | $7500  |
| #1857COIN | 8/26/2022 | 5000 | 50 / 1% | $25000  |
| #DRACULA10 | 8/26/2022 | 4000 | 40 / 1% | $40000  |
| #BUFFETT1 | 8/26/2022 | 5000 | 50 / 1% | $15000  |
| #JEKYLL | 8/26/2022 | 5000 | 50 / 1% | $20000  |
| #PAPPY1 | 8/26/2022 | 2000 | 20 / 1% | $14000  |
| #GBOYCOLOR | 10/3/2022 | 1625 | 17 / 1% | $6500  |
| #ELVIS | 10/3/2022 | 5000 | 51 / 1% | $40000  |
| #94CSI | 10/3/2022 | 10000 | 100 / 1% | $142500  |
| #JETFIRE | 10/3/2022 | 1700 | 17 / 1% | $8500  |
| #ANDYPELE | 10/3/2022 | 6500 | 65 / 1% | $26000  |
| #BOBAFETT | 10/3/2022 | 2600 | 26 / 1% | $26000  |
| #POPEBALL | 11/2/2022 | 4750 | 48 / 1% | $19000  |
| #54AARON | 11/2/2022 | 17000 | 170 / 1% | $170000  |
| #RABBIT | 11/2/2022 | 10000 | 100 / 1% | $46000  |
| #BOBAPROTO (3) | 12/13/2022 | 15000 | 150 / 1% | $150000  |
| #GRATEFUL1 (3) | 12/13/2022 | 12500 | 125 / 1% | $125000  |

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*Note: Table does not include any Offerings or anticipated Offerings for which the Underlying Asset has been sold.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)All ownership is direct unless otherwise indicated. Upon the designation of the Series, the Asset Manager became the initial member holding 100% of the Interest in the Series. Upon the Closing of the Offering, the Manager must own at least one (1) Interest, which may then be transferred to the Asset Manager. None of the officers or directors of RSE Markets owns any Interests of any of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)RSE Collection Manager, LLC is the Manager of each of the Series. The Manager's address is 446 Broadway, 2nd Floor, New York, NY 10013. The Manager's sole member is Rally Holdings, and Rally Holdings is wholly owned by RSE Markets. Christopher Bruno, Chief Executive Officer, President and Manager of Rally Holdings, may be deemed the beneficial owner of the Interests owned by the Manager within the meaning of Section 13(d) under the Exchange Act. The address of Mr. Bruno is the same as that of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interests in Series #77LE1 were issued under Rule 506(c) of Regulation D. All other Interests in Series of the Company were issued under Tier 2 of Regulation A.

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Without conceding that the Interests in any Series of the Company constitute "voting securities" under Rule 405 of the Securities Act (based on the limited voting rights provided under the Company's Operating Agreement), in accordance with the SEC Staff's request, we agree to provide a table disclosing the information called for under Item 12 of Form 1-A with respect to each person that holds in excess of 10% of the Interests of a Series of the Company. The following table sets forth information with respect to the number of units of each of our Series beneficially owned by all persons who own more than ten percent of any Series as of June 30, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Beneficial Owner** | **Number of Interests Owned** | **Percent of Class** |
| #02AX1 | Michael Hansen (1) | 280 | 14% |
| #05JAYZ | Daniel Gross (2) | 924 | 25% |
| #1857COIN | Eric Smith (3) | 536 | 11% |
| #63CC1 | Julien Williams (4) | 200 | 10% |
| #67ICEBOWL | Daniel Gross (2) | 499 | 25% |
| #72MC1 | Don Rose (5) | 643 | 32% |
| #77LE1 | Maarten De Jong (6) | 200 | 10% |
| #80PN1 | Christopher Connor (7) | 535 | 11% |
| #82AV1 | Daniel Gross (2) | 3717 | 25% |
| #82TAYLOR | Daniel Gross (2) | 499 | 25% |
| #90FM1 | Joseph Amodio (8) | 300 | 15% |
| #91MV1 | Michael Scarpa (9) | 447 | 22% |
| #94CSI | Lance Yudkin (10) | 7026 | 70% |
| #95FF1 | Daniel Gross (2) | 2998 | 25% |
| #99SS1 | Robert Wall (11) | 165 | 17% |
| #BOBAFETT | Ezra Draper (12) | 260 | 10% |
| #BOBAPROTO | dennis karjanis (13) | 7500 | 50% |
| #BONDWATCH | Daniel Gross (2) | 4000 | 20% |
| #DKCOUNTRY | Daniel Gross (2) | 749 | 25% |
| #DRACULA10 | Karminder Singh (14) | 400 | 10% |
| #FALCON | Daniel Gross (2) | 2499 | 25% |
| #GRATEFUL1 | Glen Trosch (15) | 5000 | 40% |
| #HOLMES | Daniel Gross (2) | 624 | 25% |
| #HULK180 | Daniel Gross (2) | 2499 | 25% |
| #JUSTINIAN | Daniel Gross (2) | 499 | 25% |
| #LOTF | Daniel Gross (2) | 200 | 10% |
| #MACWORLD1 | Daniel Gross (2) | 4998 | 25% |
| #MARIOWRLD | Daniel Gross (2) | 8246 | 25% |
| #NBAJAM | Darren Rovell (16) | 1410 | 15% |
| #NBAJAM | Daniel Gross (2) | 940 | 10% |
| #NIKON1 | Daniel Gross (2) | 700 | 10% |
| #OBAMABALL | Philip Myerson (17) | 1185 | 11% |
| #OBAMABALL | Daniel Gross (2) | 1050 | 10% |

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| | | | |
|:---|:---|:---|:---|
| #POPEBALL | Nancy St. Yves (18) | 475 | 10% |
| #POPEBALL | Daniel Pulecio-Boek (19) | 475 | 10% |
| #POPEBALL | Michael Heyen (20) | 475 | 10% |
| #PUNK2981 | Sam Gellman (21) | 18600 | 30% |
| #RABBIT | Scott Olsen (22) | 1000 | 10% |
| #SUPERBWL1 | Daniel Gross (2) | 600 | 15% |
| #VEEFRIEND | Gary Vaynerchuk (23) | 6875 | 25% |
| #VERSTAPP1 | Daniel Gross (2) | 400 | 10% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Michael Hansen's address is 1767 Grande Park Dr., Englewood, FL 34223

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Eric Smith's address is 125 Carlye Dr, Cranberry Twp, PA 16066

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Julien Williams's address is 2333 Port Lerwick Pl, Newport Beach, CA 92660

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Don Rose's address is 37 Warren St, Salem, MA 01970

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Maarten De Jong's address is 476 Broadway, New York, NY 10013

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Christopher Connor's address is 1266 W Paces Ferry Rd NW, Atlanta, GA 30327

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Joseph Amodio's address is 174 Sheridan Dr, Tonawanda, NY 14150

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Michael Scarpa's address is 531 S Green St, Nazareth, PA 18064

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)Lance Yudkin's address is 172 Madison Ave, New York, NY 10016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)Robert Wall's address is 158 Center Church Rd, Grove City, PA 16127

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)Ezra Draper's address is 7409 Royal Crystal St, Las Vegas, NV 89149

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)Dennis Karjanis's address is 168 Laurel Hill Rd, Branford, CT 06405

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)Karminder Singh's address is 3276 Cranbrook Place, Dublin, CA 94568

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)Glen Trosch's address is 200 Cross Keys Rd, Baltimore, MD 21210

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)Daniel Gross's address is 510 Madison Ave, New York, NY 10022

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**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

In addition to the transactions described in Item 5 of our Annual Report on Form 1-K for fiscal year 2021, which is incorporated by reference into this Offering Circular, the transactions in which we have participated during the last two completed fiscal years and the current fiscal year involving amounts in excess of the lesser of $120,000 and one percent of the average of our total assets at year end for the last two completed fiscal years are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On May 17, 2022, we sold the Underlying Asset of Series #93FS1 to Christopher Bruno, the CEO, President and a member of the Board of Directors of RSE Markets, for $147,500. A copy of the Asset Purchase Agreement relating to this sale is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

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**DESCRIPTION OF INTERESTS OFFERED**

*The following is a summary of the principal terms of, and is qualified by reference to the Operating Agreement, attached as Exhibit 2.2 to the Offering Statement of which this Offering Circular forms a part, and the Subscription Agreement, the form of which is attached as Exhibit 4.1 to the Offering Statement of which this Offering Circular forms a part, relating to the purchase of the applicable Series of Interests. This summary is qualified in its entirety by reference to the detailed provisions of those agreements, which should be reviewed in their entirety by each prospective Investor. In the event that the provisions of this summary differ from the provisions of the Operating Agreement or the Subscription Agreement (as applicable), the provisions of the Operating Agreement or the Subscription Agreement (as applicable) shall apply. Capitalized terms used in this summary that are not defined herein shall have the meanings ascribed thereto in the Operating Agreement.*

**Description of the Interests**

The Company is a series limited liability company formed pursuant to Section 18-215 of the LLC Act. The purchase of Interests in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series of Interests is, and any other Series of Interests if issued in the future will be, a separate series of limited liability company Interests of the Company and not in a separate legal entity. The Company has not issued, and does not intend to issue, any class of any Series of Interests entitled to any preemptive, preferential or other rights that are not otherwise available to the Interest Holders purchasing Interests in connection with any Offering.

Title to the Underlying Assets will be held by, or for the benefit of, the applicable Series of Interests. We intend that each Series of Interests will own its own Underlying Asset. We do not anticipate that any of the Series will acquire any Underlying Assets other than the respective Underlying Assets. A new Series of Interests will be issued for future Underlying Assets. An Investor who invests in an Offering will not have any indirect interest in any other Underlying Assets unless the Investor also participates in a separate Offering associated with that other Underlying Asset.

Section 18-215(b) of the LLC Act provides that, if certain conditions are met (including that certain provisions are in the formation and governing documents of the series limited liability company, and upon the Closing of an Offering for a Series of Interests, the records maintained for any such Series account for the assets associated with such Series separately from the assets of the limited liability company, or any other Series), then the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the limited liability company generally or any other Series. Accordingly, the Company expects the Manager to maintain separate, distinct records for each Series and its associated assets and liabilities. As such, the assets of a Series include only the Underlying Asset associated with that Series and other related assets (e.g., cash reserves). At the time of this filing, the Series highlighted in gray in the **Master Series Table** in **Appendix A** have not commenced operations, are not capitalized and have no assets or liabilities and no Series will commence operations, be capitalized or have assets and liabilities until such time as a Closing related to such Series has occurred. As noted in the "**Risk Factors**" section, the limitations on inter-series liability provided by Section 18-215(b) have never been tested in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one Series of Interests should be applied to meet the liabilities of the other Series of Interests or the liabilities of the Company generally where the assets of such other Series of Interests or of the Company generally are insufficient to meet the Company's liabilities.

Section 18-215(c) of the LLC Act provides that a Series of Interests established in accordance with Section 18-215(b) may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series of Interests to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and title to the relevant Underlying Asset will be held by, or for the benefit of, the relevant Series.

All of the Series of Interests offered by this Offering Circular will be duly authorized and validly issued. Upon payment in full of the consideration payable with respect to the Series of Interests, as determined by the Manager, the Interest Holders of such Series of Interests will not be liable to the Company to make any additional

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capital contributions with respect to such Series of Interests (except for the return of distributions under certain circumstances as required by Sections 18-215, 18-607 and 18-804 of the LLC Act). Holders of Series of Interests have no conversion, exchange, sinking fund, redemption or appraisal rights, no pre-emptive rights to subscribe for any Interests and no preferential rights to distributions.

In general, the Interest Holders of a particular Series of Interests (which may include the Manager, its affiliates or the Asset Sellers) will participate exclusively in at least 50% of the available Free Cash Flow derived from the Underlying Asset of such Series less expenses (as described in "**Distribution Rights***"* below). The Manager, an affiliate of the Company, will own a minimum of one (1) Interest in each Series acquired for the same price as all other Investors. The Manager has the authority under the Operating Agreement to cause the Company to issue Interests to Investors as well as to other Persons for such cost (or no cost) and on such terms as the Manager may determine, subject to the terms of the Series Designation applicable to such Series of Interests.

The Series described in the **Master Series Table** in **Appendix A** will use the proceeds of the respective Offerings to repay any loans taken out or non-interest-bearing payments made by the Manager to acquire their respective Underlying Asset and pay the Asset Sellers pursuant to the respective asset purchase agreements, as well as pay certain fees and expenses related to the acquisition and each Offering (please see the "**Use of Proceeds**" in **Appendix B** for each respective Series for further details). An Investor in an Offering will acquire an ownership Interest in the Series of Interests related to that Offering and not, for the avoidance of doubt, in (i) the Company, (ii) any other Series of Interests, (iii) the Manager, (iv) the Asset Manager, (v) the Platform or (vi) the Underlying Asset associated with the Series or any Underlying Asset owned by any other Series of Interests.

Although our Interests will not immediately be listed on a stock exchange and a liquid market in the Interests cannot be guaranteed, through the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information) or otherwise, we plan to create, with the support of registered broker-dealers, mechanisms to provide Investors with the ability to resell Interests, or partner with an existing platform to allow for the resale of the Interests, although the creation of such a market, either through the PPEX ATS or otherwise, or the timing of such creation cannot be guaranteed (please review additional risks related to liquidity in the *"***Risk Factors***"* section and the "**Description of the Business – Liquidity Platform**" section for additional information).

**Further Issuance of Interests**

Only the Series Interests that are not annotated as closed, in the **Master Series Table** in **Appendix A** are being offered and sold pursuant to this Offering Circular. The Operating Agreement provides that the Company may issue Interests of each Series of Interests to no more than 2,000 "qualified purchasers" (no more than 500 of which may be non-"accredited investors"). The Manager, in its sole discretion, has the option to issue additional Interests (in addition to those issued in connection with any Offering) on the same terms as the applicable Series of Interests is being offered hereunder as may be required from time to time in order to pay any Operating Expenses related to the applicable Underlying Asset.

**Distribution Rights**

The Manager has sole discretion in determining what distributions of Free Cash Flow, if any, are made to Interest Holders except as otherwise limited by law or the Operating Agreement. The Company expects the Manager to distribute any Free Cash Flow on a semi-annual basis as set forth below. At this time, the Manager currently intends to retain Free Cash Flow, if any, to fund the future Operating Expenses for each Series. Future decisions concerning the payment of distributions to Interest Holders and the Management Fee from Free Cash Flow will depend upon our results of operations, financial condition and capital expenditure plans, as well as such other factors that our Manager, in its sole discretion, may consider relevant. Accordingly, the Manager does not anticipate paying distributions or a Management Fee from any available Free Cash Flow for the foreseeable future. However, the Manager may change the timing of potential distributions in its sole discretion.

Any Free Cash Flow generated by a Series of Interests from the utilization of the associated Underlying Asset shall be applied, with respect to such Series, in the following order of priority:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)first, to repay any amounts outstanding under Operating Expenses Reimbursement Obligations for that Series, plus accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)second, to create such reserves for that Series as the Manager deems necessary, in its sole discretion, to meet future Operating Expenses of that Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)thereafter, to make distributions, no less than 50% of which (net of corporate income taxes applicable to that Series) shall be distributed to the Interest Holders of that Series (which may include the Asset Seller of its Underlying Asset or the Manager or any of its affiliates, based on each Interest Holder's pro rata share of Interests of that Series), and no more than 50% of which shall be distributed to the Asset Manager in payment of the Management Fee for that Series.

No Series will distribute an Underlying Asset in kind to its Interest Holders.

The LLC Act (Section 18-607) provides that a member who receives a distribution with respect to a Series and knew at the time of the distribution that the distribution was in violation of the LLC Act shall be liable to the Series for the amount of the distribution for three years. Under the LLC Act, a series limited liability company may not make a distribution with respect to a Series to a member if, after the distribution, all liabilities of such Series, other than liabilities to members on account of their limited liability company interests with respect to such Series and liabilities for which the recourse of creditors is limited to specific property of such Series, would exceed the fair value of the assets of such Series. For the purpose of determining the fair value of the assets of the Series, the LLC Act provides that the fair value of property of the Series subject to liability for which recourse of creditors is limited shall be included in the assets of such Series only to the extent that the fair value of that property exceeds the nonrecourse liability. Under the LLC Act, an assignee who becomes a substituted member of a company is liable for the obligations of his or her assignor to make contributions to the company, except the assignee is not obligated for liabilities unknown to it at the time the assignee became a member and that could not be ascertained from the Operating Agreement.

**Redemption Provisions**

The Interests are not redeemable.

**Registration Rights**

There are no registration rights in respect of the Interests.

**Voting Rights**

The Manager is not required to hold an annual meeting of Interest Holders. The Operating Agreement provides that meetings of Interest Holders may be called by the Manager and a designee of the Manager shall act as chairman at such meetings. The Investor does not have any voting rights as an Interest Holder in the Company or a Series except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the removal of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the dissolution of the Company upon the for-cause removal of the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)an amendment to the Operating Agreement that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.enlarge the obligations of, or adversely effect, an Interest Holder in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.reduce the voting percentage required for any action to be taken by the holders of Interests in the Company under the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.change the situations in which the Company and any Series can be dissolved or terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.change the term of the Company (other than the circumstances provided in the Operating Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.give any person the right to dissolve the Company.

When entitled to vote on a matter, each Interest Holder will be entitled to one vote per Interest held by it on all matters submitted to a vote of the Interest Holders of an applicable Series or of the Interest Holders of all Series of the Company, as applicable. The removal of the Manager as Manager of the Company and all Series of Interests must be approved by two-thirds of the votes that may be cast by all Interest Holders across all Series of the Company. All

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other matters to be voted on by the Interest Holders must be approved by a majority of the votes cast by all Interest Holders in any Series of the Company present in person or represented by proxy.

The consent of the holders of a majority of the Interests of a Series is required for any amendment to the Operating Agreement that would adversely change the rights of such Series of Interests, result in mergers, consolidations or conversions of such Series of Interests and for any other matter as the Manager, in its sole discretion, determines will require the approval of the holders of the Interests voting as a separate class.

The Manager or its affiliates (if they hold Series of Interests) may not vote as an Interest Holder in respect of any matter put to the Interest Holders. However, the submission of any action of the Company or a Series for a vote of the Interest Holders shall first be approved by the Manager and no amendment to the Operating Agreement may be made without the prior approval of the Manager that would decrease the rights of the Manager or increase the obligations of the Manager thereunder.

The Manager has broad authority to take action with respect to the Company and any Series. See "**Management**" for more information. Except as set forth above, the Manager may amend the Operating Agreement without the approval of the Interest Holders to, among other things, reflect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the merger of the Company, or the conveyance of all of the assets to, a newly-formed entity if the sole purpose of that merger or conveyance is to effect a mere change in the legal form into another limited liability entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a change that the Manager determines to be necessary or appropriate to implement any state or federal statute, rule, guidance or opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a change that the Manager determines to be necessary, desirable or appropriate to facilitate the trading of Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a change that the Manager determines to be necessary or appropriate for the Company to qualify as a limited liability company under the laws of any state or to ensure that each Series will continue to qualify as a corporation for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·an amendment that the Manager determines, based upon the advice of counsel, to be necessary or appropriate to prevent the Company, the Manager, or the officers, agents or trustees from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act or "plan asset" regulations adopted under ERISA, whether or not substantially similar to plan asset regulations currently applied or proposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any amendment that the Manager determines to be necessary or appropriate for the authorization, establishment, creation or issuance of any additional Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·an amendment effected, necessitated or contemplated by a merger agreement that has been approved under the terms of the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any amendment that the Manager determines to be necessary or appropriate for the formation by the Company of, or its investment in, any corporation, partnership or other entity, as otherwise permitted by the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·a change in the fiscal year or taxable year and related changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any other amendments which the Manager deems necessary or appropriate to enable the Manager to exercise its authority under the Agreement.

In each case, the Manager may make such amendments to the Operating Agreement provided the Manager determines that those amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·do not adversely affect the Interest Holders (including any particular Series of Interests as compared to other Series of Interests) in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·are necessary or appropriate to facilitate the trading of Interests, either through the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information) or otherwise, or to comply with any rule, regulation, guideline or requirement of any securities exchange on which the Interests may be listed for trading, compliance with any of which the Manager deems to be in the best interests of the Company

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and the Interest Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·are necessary or appropriate for any action taken by the Manager relating to splits or combinations of Interests under the provisions of the Operating Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·are required to effect the intent expressed in this Offering Circular or the intent of the provisions of the Operating Agreement or are otherwise contemplated by the Operating Agreement.

Furthermore, the Manager retains sole discretion to create and set the terms of any new Series and will have the sole power to acquire, manage and dispose of Underlying Asset of each Series.

**Liquidation Rights**

The Operating Agreement provides that the Company shall remain in existence until the earlier of the following: (i) the election of the Manager to dissolve it; (ii) the sale, exchange or other disposition of substantially all of the assets of the Company; (iii) the entry of a decree of judicial dissolution of the Company; (iv) at any time that the Company no longer has any members, unless the business is continued in accordance with the LLC Act; and (v) a vote by a majority of all Interest Holders of the Company following the for-cause removal of the Manager. Under no circumstances may the Company be wound up in accordance with Section 18-801(a)(3) of the LLC Act (i.e., the vote of members who hold more than two-thirds of the Interests in the profits of the Company).

A Series shall remain in existence until the earlier of the following: (i) the dissolution of the Company; (ii) the election of the Manager to dissolve such Series; (iii) the sale, exchange or other disposition of substantially all of the assets of the Series; or (iv) at any time that the Series no longer has any Investors, unless the business is continued in accordance with the LLC Act. Under no circumstances may a Series of Interests be wound up in accordance with Section 18-801(a)(3) of the LLC Act (i.e., the vote of members holding more than two-thirds of the Interests in the profits of the Series).

Upon the occurrence of any such event, the Manager (or a liquidator selected by the Manager) is charged with winding up the affairs of the Series or the Company as a whole, as applicable, and liquidating its assets. Upon the liquidation of a Series or the Company as a whole, as applicable, the Underlying Assets will be liquidated and any after-tax proceeds distributed: (i) first, to any third party creditors, (ii) second, to any creditors that are the Manager or its affiliates (e.g., payment of any outstanding Operating Expenses Reimbursement Obligation), and (iii) thereafter, to the Interest Holders of the relevant Series, allocated pro rata based on the number of Interests held by each Interest Holder (which may include the Manager, any of its affiliates and the Asset Seller and which distribution within a Series will be made consistent with any preferences which exist within such Series).

**Transfer Restrictions**

The Interests are subject to restrictions on transferability. An Interest Holder may not transfer, assign or pledge its Interests without the consent of the Manager. The Manager may withhold consent in its sole discretion, including when the Manager determines that such transfer, assignment or pledge would result in (a) there being more than 2,000 beneficial owners of the Series or more than 500 beneficial owners of the Series that are not "accredited investors," (b) the assets of the Series being deemed "plan assets" for purposes of ERISA, (c) such Interest Holder holding in excess of 19.9% of the Series, (d) a change of U.S. federal income tax treatment of the Company or the Series, or (e) the Company, the Series or the Manager being subject to additional regulatory requirements. The transferring Interest Holder is responsible for all costs and expenses arising in connection with any proposed transfer (regardless of whether such transfer is completed) including any legal fees incurred by the Company or any broker or dealer, any costs or expenses in connection with any opinion of counsel and any transfer taxes and filing fees. The Manager or its affiliates will acquire Interests in each Series for their own accounts and may, from time to time and only in accordance with applicable securities laws (which may include filing an amendment to this Offering Circular), transfer these Interests, either directly or through brokers, via the PPEX ATS or otherwise. The restrictions on transferability listed above will also apply to any resale of Interests via the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information).

Additionally, unless and until the Interests of the Company are listed or quoted for trading, there are restrictions on the holder's ability to the pledge or transfer the Interests. There can be no assurance that we will, or

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will be able to, register the Interests for resale and there can be no guarantee that a liquid market for the Interests will develop as part of the PPEX ATS (see "**Description of the Business – Liquidity Platform**" for additional information). Therefore, Investors may be required to hold their Interests indefinitely. Please refer to Exhibit 2.2 (the Operating Agreement) and Exhibit 4.1 (the form of Subscription Agreement) for additional information regarding these restrictions. To the extent certificated, the Interests issued in each Offering will bear a legend setting forth these restrictions on transfer and any legends required by state securities laws.

**Agreement to be Bound by the Operating Agreement; Power of Attorney**

By purchasing Interests, the Investor will be admitted as a member of the Company and will be bound by the provisions of, and deemed to be a party to, the Operating Agreement. Pursuant to the Operating Agreement, each Investor grants to the Manager a power of attorney to, among other things, execute and file documents required for the Company's qualification, continuance or dissolution. The power of attorney also grants the Manager the authority to make certain amendments to, and to execute and deliver such other documents as may be necessary or appropriate to carry out the provisions or purposes of, the Operating Agreement.

**Duties of Officers**

The Operating Agreement provides that, except as may otherwise be provided by the Operating Agreement, the property, affairs and business of each Series of Interests will be managed under the direction of the Manager. The Manager has the power to appoint the officers and such officers have the authority and will exercise the powers and perform the duties specified in the Operating Agreement or as may be specified by the Manager. The Manager intends to appoint Rally Holdings as the Asset Manager of each Series of Interests to manage the Underlying Assets.

The Company may decide to enter into separate indemnification agreements with the directors and officers of RSE Markets. If entered into, each indemnification agreement is likely to provide, among other things, for indemnification to the fullest extent permitted by law and the Operating Agreement against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements may also provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to the Company if it is found that such indemnitee is not entitled to such indemnification under applicable law and the Operating Agreement.

**Exclusive Jurisdiction; Waiver of Jury Trial**

Each Investor will covenant and agree not to bring any claim in any venue other than the Court of Chancery of the State of Delaware, or if required by federal law, a federal court of the United States. If an Interest Holder were to bring a claim against the Company or the Manager pursuant to the Operating Agreement and such claim was governed by state law, it would have to do so in the Delaware Court of Chancery.

Our Operating Agreement, to the fullest extent permitted by applicable law and subject to limited exceptions, provides for Investors to consent to exclusive jurisdiction of the Delaware Court of Chancery and for a waiver of the right to a trial by jury, if such waiver is allowed by the court where the claim is brought.

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If we opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable under the facts and circumstances of that case in accordance with applicable case law. See "**Risk Factors—Risks Related of Ownership of Our Interests--*Any dispute in relation to the Operating Agreement is subject to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, except where federal law requires that certain claims be brought in federal courts. Our Operating Agreement, to the fullest extent permitted by applicable law, provides for Investors to waive their right to a jury trial****."* ****Nevertheless, if this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the Operating Agreement with a jury trial. No condition, stipulation or provision of the Operating Agreement or our Interests serves as a waiver by any Investor or beneficial owner of our Interests or by us of compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder. Additionally, the Company does not believe that claims under the federal securities laws shall be subject to the jury trial waiver provision, and the Company believes that the provision does not impact the rights of any Investor or beneficial owner of our Interests to bring claims under the federal securities laws or the rules and regulations thereunder.

These provisions may have the effect of limiting the ability of Investors to bring a legal claim against us due to geographic limitations and may limit an Investor's ability to bring a claim in a judicial forum that it finds favorable for disputes with us. Furthermore, waiver of a trial by jury may disadvantage you to the extent a judge might be less likely than a jury to resolve an action in your favor. Further, if a court were to find this exclusive forum provision inapplicable to, or unenforceable in respect of, an action or proceeding against us, then we may incur additional costs associated with resolving these matters in other jurisdictions, which could adversely affect our business and financial condition.

**Listing**

The Interests are not listed or quoted for trading on any national securities exchange or national quotation system. There is no current intention to have the Interests listed or quoted for trading on any national securities exchange or national quotation system.

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**MATERIAL UNITED STATES TAX CONSIDERATIONS**

The following is a summary of certain material United States federal income tax consequences of the ownership and disposition of the Interests but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in United States federal income tax consequences different from those set forth below. We have not sought any ruling from the Internal Revenue Service (the "IRS"), with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS will agree with such statements and conclusions.

Except as explicitly set forth below, this discussion is limited to U.S. Holders (defined below) who hold the Interests as capital assets within the meaning of Section 1221 of the Code. This summary does not address the tax considerations arising under the laws of any United States state or local or any non-United States jurisdiction or under United States federal gift and estate tax laws. In addition, this discussion does not address tax considerations applicable to an Investor's particular circumstances or to Investors that may be subject to special tax rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)banks, insurance companies or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)dealers in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)persons that own, or are deemed to own, more than five percent of our Interests (except to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)persons who hold our Interests as a position in a hedging transaction, "straddle," "conversion transaction" or other risk reduction transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)persons who do not hold our Interests as a capital asset within the meaning of Section 1221 of the Code (generally, for investment purposes); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)persons deemed to sell our Interests under the constructive sale provisions of the Code.

As used herein, the term "U.S. Holder" means a beneficial owner of the Interests that is, for U.S. federal income tax purposes, an individual citizen or resident of the United States, a corporation (or any other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state or political subdivision thereof or the District of Columbia, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons control all of the substantial decisions of the trust or if a valid election is in place to treat the trust as a U.S. person.

In addition, if a partnership, including any entity or arrangement, domestic or foreign, classified as a partnership for United States federal income tax purposes, holds Interests, the tax treatment of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, partnerships that hold Interests, and partners in such partnerships, should consult their tax advisors.

On December 22, 2017, the United States enacted H.R. 1, informally titled the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act includes significant changes to the Code affecting the Company and its Interest Holders. Most of the changes applicable to individuals are temporary and, without further legislation, will not apply after 2025. The interpretation of the Tax Act by the IRS and the courts remains uncertain in many respects; prospective Investors should consult their tax advisors specifically regarding the potential impact of the Tax Act on their investment.

**You are urged to consult your tax advisor with respect to the application of the United States federal income tax laws to your particular situation, as well as any tax consequences of the purchase, ownership and** 

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**disposition of our Interests arising under the United States federal estate or gift tax rules or under the laws of any United States state or local or any foreign taxing jurisdiction or under any applicable tax treaty.**

**Taxation of Each Series of Interests as a "C" Corporation**

The Company, although formed as a Delaware series limited liability company eligible for tax treatment as a "partnership," has affirmatively elected for each Series of Interests, including the Series listed in the **Master Series Table** in **Appendix A,** to be taxed as a "C" corporation under Subchapter C of the Code for all federal and state tax purposes and the discussion below assumes that each Series will be so treated. Thus, each Series of Interests will be taxed at regular corporate rates on its income before making any distributions to Interest Holders as described below.

The rule that a separate series of a Series LLC is an eligible entity that may elect to be treated as a corporation for federal income tax purposes is contained in proposed Treasury Regulations that have not yet been finalized (Prop. Treas. Reg. Section 301.7701- 1(a)(5)). This rule is therefore subject to change if and when those proposed Treasury Regulations are issued in final form. If the final rule does not provide that a series of a limited liability company is eligible to elect to be treated as a corporation for federal income tax purposes, Investors in a Series would likely be treated as partners in a partnership and would be subject to current federal income tax on their proportional share of the income of the Series or of the Company.

**Taxation of Distributions to Investors**

Distributions to U.S. Holders out of the Company's current or accumulated earnings and profits will be taxable as dividends. A non-corporate U.S. Holder who receives a distribution constituting "qualified dividend income" may be eligible for reduced federal income tax rates. U.S. Holders are urged to consult their tax advisors regarding the characterization of corporate distributions as "qualified dividend income." Dividends received by a corporate U.S. Holder may be eligible for the corporate dividends-received deduction if certain holding periods are satisfied. Distributions in excess of the Company's current and accumulated earnings and profits will not be taxable to a U.S. Holder to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Interests. Rather, such distributions will reduce the adjusted basis of such U.S. Holder's Interests. Distributions in excess of current and accumulated earnings and profits that exceed the U.S. Holder's adjusted basis in its Interests will be taxable as capital gain in the amount of such excess if the Interests are held as a capital asset. In addition, Section 1411 of the Code imposes on individuals, trusts and estates a 3.8% tax on certain investment income (the "3.8% NIIT"). In general, in the case of an individual, this tax is equal to 3.8% of the lesser of (i) the taxpayer's "net investment income" or (ii) the excess of the taxpayer's adjusted gross income over the applicable threshold amount ($250,000 for taxpayers filing a joint return, $125,000 for married individuals filing separate returns and $200,000 for other taxpayers). In the case of an estate or trust, the 3.8% tax will be imposed on the lesser of (x) the undistributed net investment income of the estate or trust for the taxable year, or (y) the excess of the adjusted gross income of the estate or trust for such taxable year over a beginning dollar amount of the highest tax bracket for such year (for 2021, that amount is $13,050).

**Taxation of Dispositions of Interests**

Upon any taxable sale or other disposition of our Interests, a U.S. Holder will recognize gain or loss for federal income tax purposes on the disposition in an amount equal to the difference between the amount of cash and the fair market value of any property received on such disposition; and the U.S. Holder's adjusted tax basis in the Interests. A U.S. Holder's adjusted tax basis in the Interests generally equals his or her initial amount paid for the Interests and decreased by the amount of any distributions to the Investor in excess of the Company's current or accumulated earnings and profits. In computing gain or loss, the proceeds that U.S. Holders receive will include the amount of any cash and the fair market value of any other property received for their Interests, and the amount of any actual or deemed relief from indebtedness encumbering their Interests. The gain or loss will be long-term capital gain or loss if the Interests are held for more than one year before disposition. Long-term capital gains of individuals, estates and trusts currently are taxed at a maximum rate of 20% (plus any applicable state income taxes) plus the 3.8% NIIT. The deductibility of capital losses may be subject to limitation and depends on the circumstances of a particular U.S. Holder; the effect of such limitation may be to defer or to eliminate any tax benefit that might otherwise be available from a loss on a disposition of the Interests. Capital losses are first deducted against capital gains, and, in the case of non-corporate taxpayers, any remaining such losses are deductible against salaries or other income from services or income from portfolio investments only to the extent of $3,000 per year.

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**Tax Withholding and Information Reporting**

Generally, the Company must report annually to the IRS the amount of dividends paid to you, your name and address, and the amount of tax withheld, if any. A similar report will be sent to you.

Dividends paid by a Series to a non-U.S. Holder are generally subject to federal income tax withholding at the rate of 30% (or a lower rate determined under a tax treaty). A non-U.S. Holder that is entitled to a reduced rate of withholding will need to provide an IRS Form W-8BEN or similar form to certify its entitlement to tax treaty benefits.

Payments of dividends or of proceeds on the disposition of the Interests made to you may be subject to additional information reporting and backup withholding at a current rate of 24% unless you establish an exemption. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a United States person.

Backup withholding is not an additional tax; rather, the United States income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

Under legislation commonly known as "FATCA," each Series of Interests will be required to withhold U.S. federal income tax at the rate of 30% on distributions treated as dividends for tax purposes unless the recipient timely provides proper certifications on a valid U.S. Form W-8 or W-9. Withholding under FATCA generally applies to certain "foreign financial institutions" and "non-financial foreign entities." Withholding will not apply to a U.S. Holder that timely provides a valid U.S. Form W-9.

If we determine withholding is required with respect to a distribution or payment, we will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect of such withholding.

**The preceding discussion of United States federal tax considerations is for general information only. It is not tax advice. Each prospective Investor should consult its own tax advisor regarding the particular United States federal, state and local and foreign tax consequences, if applicable, of purchasing, holding and disposing of our Interests, including the consequences of any proposed change in applicable laws.**

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**WHERE TO FIND ADDITIONAL INFORMATION**

This Offering Circular describes all of the material provisions of the documents referred to or pertinent to the matters discussed herein. However, this Offering Circular does not purport to restate all of the provisions thereof, and potential Investors should read all such documents for a complete description of the terms relating to an investment in us. All potential Investors in the Interests are entitled to review copies of any other agreements relating to any Series of Interests described in this Offering Circular and Offering Circular Supplements, if any. In the Subscription Agreement, you will represent that you are completely satisfied with the results of your pre-investment due diligence activities.

The Manager will answer inquiries from potential Investors in Offerings concerning any of the Series of Interests, the Company, the Manager and other matters relating to the offer and sale of the Series Interests under this Offering Circular. The Company will afford the potential Investors in the Interests the opportunity to obtain any additional information to the extent the Company possesses such information or can acquire such information without unreasonable effort or expense that is necessary to verify the information in this Offering Circular.

Any statement contained herein or in any document incorporated by reference herein shall be deemed to be modified or superseded for purposes of the Offering Circular to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or replaces such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of the Offering Circular, except as so modified or superseded.

Requests and inquiries regarding the Offering Circular should be directed to:

RSE Collection, LLC<br>446 Broadway, 2<sup>nd</sup> Floor

New York, NY 10013

E-Mail: hello@rallyrd.com<br>Tel: (201) 564-0493<br>Attention: Rally Rd.

We are required to file periodic reports, offering statements, and other information with the Commission pursuant to the Securities Act. Such reports and other information filed by us with the Commission are available free of charge on the Commission's website at www.sec.gov. We will also provide requested information to the extent that we possess such information or can acquire it without unreasonable effort or expense.

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**APPENDIX A**

**MASTER SERIES TABLE**

The master series table below, referred to at times as the "Master Series Table," shows key information related to each Series as of the date hereof. This information will be referenced throughout the Offering Circular when referring to the Master Series Table. In addition, see the "**Description of Series**" and "**Use of Proceeds**" sections for each individual Series in **Appendix B** for further details regarding ongoing Offerings.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Qualification Date** | **Offering Circular** | **Underlying Asset** | **Status** | **Opening Date (1)** | **Closing Date**  | **Offering Price per Interest** | **Minimum / Maximum Membership Interests (2)** | **Minimum / Maximum Offering Size** | **Sourcing Fee (5)** |
| #77LE1 (4) |  | (Not qualified in an Offering Statement)  | 1977 Lotus Esprit S1 | Closed | 11/17/2016 | 4/13/2017 | $38.85 | 2000 | $77700<br> (3) | $3443 |
| #69BM1 | 8/10/2017 | (Post-Qualification Amendment No. 1 to Offering Statement 1) | 1969 Ford Mustang Boss 302 | Closed | 11/20/2017 | 2/7/2018 | $57.50 | 2000 | $115000<br> (3) | $2986 |
| #85FT1 | 9/14/2017 | (Post-Qualification Amendment No. 1 to Offering Statement 1) | 1985 Ferrari Testarossa | Closed | 11/23/2017 | 2/15/2018 | $82.50 | 2000 | $165000<br> (3) | -$17859 |
| #88LJ1 | 9/14/2017 | (Post-Qualification Amendment No. 1 to Offering Statement 1) | 1988 Lamborghini Jalpa | Closed | 2/9/2018 | 4/12/2018 | $67.50 | 2000 | $135000<br> (3) | $578 |
| #55PS1 | 9/14/2017 | (Post-Qualification Amendment No. 1 to Offering Statement 1) | 1955 Porsche 356 Speedster | Closed | 4/2/2018 | 6/6/2018 | $212.50 | 2000 | $425000<br> (3) | -$3357 |
| #95BL1 | 5/24/2018 | (Post-Qualification Amendment No. 5 to Offering Statement 1) | 1995 BMW E36 M3 Lightweight | Closed | 6/1/2018 | 7/12/2018 | $59.25 | 2000 | $118500<br> (3) | -$444 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #89PS1 | 7/20/2018 | (Post-Qualification Amendment No. 6 to Offering Statement 1) | 1989 Porsche 911 Speedster | Sold -$245,000 Acquisition Offer Accepted on 07/20/2022 | 7/23/2018 | 7/31/2018 | $82.50 | 2000 | $165000<br> (3) | $2021 |
| #90FM1 | 7/20/2018 | (Post-Qualification Amendment No. 6 to Offering Statement 1) | 1990 Ford Mustang 7Up Edition | Closed | 7/24/2018 | 7/31/2018 | $8.25 | 2000 | $16500<br> (3) | $464 |
| #83FB1 | 3/29/2018 | (Post-Qualification Amendment No. 7 to Offering Statement 1) | 1983 Ferrari 512 BBi | Closed | 7/23/2018 | 9/5/2018 | $70.00 | 5000 | $350000<br> (3) | $9162 |
| #98DV1 | 9/17/2018 | (Pre-Qualification Amendment No. 2 to Offering Statement 1) | 1998 Dodge Viper GTS-R | Closed | 9/27/2018 | 10/10/2018 | $65.00 | 2000 | $130000<br> (3) | $2314 |
| #06FS1 | 9/17/2018 | (Pre-Qualification Amendment No. 7 to Offering Statement 1) | 2006 Ferrari F430 Spider "Manual" | Sold -$227,500 Acquisition Offer Accepted on 05/06/2019 | 10/12/2018 | 10/19/2018 | $39.80 | 5000 | $199000<br> (3) | $774 |
| #93XJ1 | 3/29/2018 | (Post-Qualification Amendment No. 4 to Offering Statement 1) | 1993 Jaguar XJ220 | Closed | 8/22/2018 | 11/6/2018 | $99.00 | 5000 | $495000<br> (3) | -$7373 |
| #02AX1 | 11/16/2018 | (Post-Qualification Amendment No. 8 to Offering Statement 1) | 2002 Acura NSX-T | Closed | 11/16/2018 | 11/30/2018 | $54.00 | 2000 | $108000<br> (3) | $1944 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #99LE1 | 11/16/2018 | (Post-Qualification Amendment No. 8 to Offering Statement 1) | 1999 Lotus Esprit Sport 350 | Closed | 11/23/2018 | 12/4/2018 | $34.75 | 2000 | $69500<br> (3) | $1770 |
| #91MV1 | 11/16/2018 | (Post-Qualification Amendment No. 8 to Offering Statement 1) | 1991 Mitsubishi 3000GT VR4 | Closed | 11/28/2018 | 12/7/2018 | $19.00 | 2000 | $38000<br> (3) | $600 |
| #92LD1 | 11/16/2018 | (Post-Qualification Amendment No. 8 to Offering Statement 1) | 1992 Lancia Delta Integrale Evo "Martini 5" | Closed | 12/7/2018 | 12/26/2018 | $55.00 | 3000 | $165000<br> (3) | $2219 |
| #94DV1 | 11/16/2018 | (Post-Qualification Amendment No. 8 to Offering Statement 1) | 1994 Dodge Viper RT/10 | Closed | 12/11/2018 | 12/26/2018 | $28.75 | 2000 | $57500<br> (3) | $1841 |
| #00FM1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 2000 Ford Mustang Cobra R | Sold -$60,000 Acquisition Offer Accepted on 04/16/2019 | 12/21/2018 | 1/4/2019 | $24.75 | 2000 | $49500<br> (3) | $862 |
| #72MC1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 1972 Mazda Cosmo Sport Series II | Closed | 12/28/2018 | 1/4/2019 | $62.25 | 2000 | $124500<br> (3) | $2474 |
| #06FG1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 2006 Ford GT | Sold -$365,000 Acquisition Offer Accepted on 06/09/2021 | 12/14/2018 | 1/8/2019 | $64.00 | 5000 | $320000<br> (3) | $3198 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #11BM1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 2011 BMW 1M | Closed | 1/8/2019 | 1/25/2019 | $42.00 | 2000 | $84000<br> (3) | $517 |
| #80LC1 | 9/17/2018 | (Pre-Qualification Amendment No. 7 to Offering Statement 1) | 1980 Lamborghini Countach LP400 S Turbo | Closed | 1/17/2019 | 2/8/2019 | $127.00 | 5000 | $635000<br> (3) | $9216 |
| #02BZ1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 2002 BMW Z8 | Closed | 1/6/2019 | 2/8/2019 | $65.00 | 3000 | $195000<br> (3) | $2620 |
| #88BM1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 1988 BMW E30 M3 | Closed | 1/11/2019 | 2/25/2019 | $47.00 | 3000 | $141000<br> (3) | $226 |
| #63CC1 | 3/6/2019 | (Pre-Qualification Amendment No. 11 to Offering Statement 1) | 1963 Chevrolet Corvette Split Window | Closed | 3/8/2019 | 3/18/2019 | $63.00 | 2000 | $126000<br> (3) | $1553 |
| #76PT1 | 3/6/2019 | (Pre-Qualification Amendment No. 11 to Offering Statement 1) | 1976 Porsche 911 Turbo Carrera | Closed | 3/15/2019 | 3/22/2019 | $63.30 | 3000 | $189900<br> (3) | $1793 |
| #75RA1 | 3/6/2019 | (Post-Qualification Amendment No. 12 to Offering Statement 1) | 1975 Renault Alpine A110 1300 | Closed | 3/29/2019 | 4/9/2019 | $28.00 | 3000 | $84000<br> (3) | $3732 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #65AG1 | 3/6/2019 | (Pre-Qualification Amendment No. 11 to Offering Statement 1) | 1965 Alfa Romeo Giulia Sprint Speciale | Closed | 4/5/2019 | 4/16/2019 | $89.25 | 2000 | $178500<br> (3) | $1903 |
| #93FS1 | 3/6/2019 | (Post-Qualification Amendment No. 12 to Offering Statement 1) | 1993 Ferrari 348TS Serie Speciale | Sold -$147,500 Acquisition Offer Accepted on 05/17/2022 | 4/12/2019 | 4/22/2019 | $68.75 | 2000 | $137500<br> (3) | $1272 |
| 2003 Porsche 911 GT2 | 2003 Porsche 911 GT2 | 2003 Porsche 911 GT2 | 2003 Porsche 911 GT2 | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| #61JE1 | 3/6/2019 | (Post-Qualification Amendment No. 12 to Offering Statement 1) | 1961 Jaguar E-Type | Closed | 4/19/2019 | 4/26/2019 | $82.00 | 3000 | $246000<br> (3) | $3858 |
| #90MM1 | 3/6/2019 | (Post-Qualification Amendment No. 12 to Offering Statement 1) | 1990 Mazda Miata MX-5 | Closed | 4/17/2019 | 4/26/2019 | $5.32 | 5000 | $26600<br> (3) | $918 |
| #65FM1 | 3/6/2019 | (Pre-Qualification Amendment No. 11 to Offering Statement 1) | 1965 Ford Mustang 2+2 Fastback | Closed | 5/3/2019 | 7/18/2019 | $41.25 | 2000 | $82500<br> (3) | $1966 |
| #88PT1 | 11/16/2018 | (Post-Qualification Amendment No. 8 to Offering Statement 1) | 1988 Porsche 944 Turbo S | Closed | 5/10/2019 | 7/18/2019 | $30.00 | 2200 | $66000<br> (3) | -$2214 |
| #94LD1 | 12/6/2018 | (Post-Qualification Amendment No. 10 to Offering Statement 1) | 1994 Lamborghini Diablo SE30 Jota | Closed | 7/12/2019 | 8/6/2019 | $119.50 | 5000 | $597500<br> (3) | $11251 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #99SS1 | 8/9/2019 | (Post-Qualification Amendment No. 14 to Offering Statement 1) | 1999 Shelby Series 1 | Closed | 9/4/2019 | 9/11/2019 | $137.50 | 1000 | $137500<br> (3) | $1815 |
| #94FS1 | 8/9/2019 | (Post-Qualification Amendment No. 14 to Offering Statement 1) | 1994 Ferrari 348 Spider | Closed | 9/12/2019 | 9/17/2019 | $72.50 | 2000 | $145000<br> (3) | $669 |
| #61MG1 | 3/6/2019 | (Post-Qualification Amendment No. 11 to Offering Statement 1) | 1961 Maserati 3500GT | Closed | 9/20/2019 | 9/30/2019 | $68.00 | 5000 | $340000<br> (3) | $4613 |
| #92CC1 | 8/9/2019 | (Post-Qualification Amendment No. 14 to Offering Statement 1) | 1992 Chevrolet Corvette ZR1 | Closed | 9/27/2019 | 10/2/2019 | $26.25 | 2000 | $52500<br> (3) | $2875 |
| #89FT1 | 8/9/2019 | (Post-Qualification Amendment No. 14 to Offering Statement 1) | 1989 Ferrari Testarossa  | Sold -$330,000 Acquisition Offer Accepted on 04/25/2022 | 10/4/2019 | 10/11/2019 | $45.00 | 4000 | $180000<br> (3) | -$400 |
| #80PN1 | 10/23/2019 | (Post-Qualification Amendment No. 18 to Offering Statement 1) | 1980 Porsche 928 | Closed | 11/1/2019 | 11/6/2019 | $9.60 | 5000 | $48000<br> (3) | -$4030 |
| #89FG2 | 10/23/2019 | (Post-Qualification Amendment No. 15 to Offering Statement 1) | 1989 Ferrari 328 GTS | Sold -$180,000 Acquisition Offer Accepted on 08/18/2022 | 11/8/2019 | 11/14/2019 | $75.00 | 1700 | $127500<br> (3) | $1719 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #88LL1 | 8/9/2019 | (Post-Qualification Amendment No. 14 to Offering Statement 1) | 1988 Lamborghini LM002 | Closed | 11/18/2019 | 12/8/2019 | $146.00 | 2000 | $292000<br> (3) | $3115 |
| 1990 Mercedes 190E 2.5-16 Evo II | 1990 Mercedes 190E 2.5-16 Evo II | 1990 Mercedes 190E 2.5-16 Evo II | 1990 Mercedes 190E 2.5-16 Evo II | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| #03SS1 | 12/9/2019 | (Post-Qualification Amendment No. 19 to Offering Statement 1) | 2003 Saleen S7 | Sold -$420,000 Acquisition Offer Accepted on 09/27/2020 | 7/6/2020 | 9/22/2020 | $125.00 | 3000 | $375000<br> (3) | $29638 |
| 1972 Ferrari 365 GTC/4 | 1972 Ferrari 365 GTC/4 | 1972 Ferrari 365 GTC/4 | 1972 Ferrari 365 GTC/4 | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| #MEEB11275 | 12/6/2021 | (Post-Qualification Amendment No. 1 to Offering Statement 2) | Number 11275 Elephant Meebit NFT | Closed | 12/6/2021 | 1/10/2022 | $8.00 | 20000 | $160000<br> (3) | $16139 |
| #82TAYLOR | 12/13/2021 | (Post-Qualification Amendment No. 3 to Offering Statement 2) | 1982 Topps #434 Lawrence Taylor Rookie Card graded BGS 10 | Closed | 12/13/2021 | 1/10/2022 | $6.50 | 2000 | $13000<br> (3) | $1538 |
| #HOLMES | 12/13/2021 | (Post-Qualification Amendment No. 3 to Offering Statement 2) | 1892 1st Edition copies of The Adventures of Sherlock Holmes and the Memoirs of Sherlock Holmes by Arthur Conan Doyle | Closed | 12/13/2021 | 1/10/2022 | $10.00 | 2500 | $25000<br> (3) | $3458 |
| #HULK180 | 12/13/2021 | (Post-Qualification Amendment No. 3 to Offering Statement 2) | 1974 Incredible Hulk #180 Comic Book published by Marvel graded CGC 9.8 | Closed | 12/13/2021 | 1/10/2022 | $4.20 | 10000 | $42000<br> (3) | $4342 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #05JAYZ | 12/20/2021 | (Post-Qualification Amendment No. 4 to Offering Statement 2) | 2005 Topps Finest Jay-Z Autographed Card graded PSA 10 | Closed | 12/20/2021 | 1/10/2022 | $5.00 | 3700 | $18500<br> (3) | $1459 |
| #JUSTINIAN | 12/20/2021 | (Post-Qualification Amendment No. 4 to Offering Statement 2) | Coin from the First Reign of Justinian II Depicting the First Numismatic Depiction of Jesus Christ (AD 685-695) graded NGC Ch MS | Closed | 12/20/2021 | 1/10/2022 | $9.00 | 2000 | $18000<br> (3) | $1720 |
| #67ICEBOWL | 12/27/2021 | (Post-Qualification Amendment No. 5 to Offering Statement 2) | 1967 Full Ticket from the Ice Bowl graded PSA 8 | Closed | 12/27/2021 | 1/14/2022 | $5.00 | 2000 | $10000<br> (3) | $1262 |
| #DKCOUNTRY | 12/27/2021 | (Post-Qualification Amendment No. 5 to Offering Statement 2) | 1994 SNES Donkey Kong Country Video Game graded Wata 9.4 A+ | Closed | 12/27/2021 | 1/14/2022 | $6.00 | 3000 | $18000<br> (3) | $3162 |
| #FALCON | 12/27/2021 | (Post-Qualification Amendment No. 5 to Offering Statement 2) | 1979 Kenner Star Wars Millennium Falcon Spaceship Action Figure graded AFA 80 | Closed | 12/27/2021 | 1/14/2022 | $5.00 | 10000 | $50000<br> (3) | $5420 |
| #MARIOWRLD | 12/13/2021 | (Post-Qualification Amendment No. 3 to Offering Statement 2) | 1991 SNES Super Mario World Video Game graded Wata 9.4 A | Closed | 12/13/2021 | 1/18/2022 | $5.00 | 33000 | $165000<br> (3) | $17264 |
| #82AV1 | 11/15/2021 | (Post-Qualification Amendment No. 4 to Offering Statement 2) | 1982 Aston Martin V8 Vantage 'Oscar India' | Closed | 11/16/2021 | 2/7/2022 | $20.00 | 14875 | $297500<br> (3) | $2530 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #SUPERBWL1 | 2/9/2022 | (Post-Qualification Amendment No. 6 to Offering Statement 2) | 1967 Super Bowl I Full Ticket graded PSA 5 | Closed | 2/9/2022 | 3/2/2022 | $6.00 | 4000 | $24000<br> (3) | $3079 |
| #MEEB7985 | 2/9/2022 | (Post-Qualification Amendment No. 6 to Offering Statement 2) | Number 7985 Pig Meebit NFT with Magenta Overshirt Color | Closed | 2/9/2022 | 3/2/2022 | $5.00 | 7600 | $38000<br> (3) | $2574 |
| #BONDWATCH | 12/20/2021 | (Post-Qualification Amendment No. 4 to Offering Statement 2) | 1999 Omega Seamaster Watch Worn by Pierce Brosnan During the Filming of The World is Not Enough | Closed | 12/20/2021 | 3/22/2022 | $4.00 | 20000 | $80000<br> (3) | $3320 |
| #95FF1 | 12/27/2021 | (Post-Qualification Amendment No. 5 to Offering Statement 2) | 1995 Ferrari 355 Spider | Closed | 12/27/2021 | 3/22/2022 | $10.00 | 12000 | $120000<br> (3) | $3862 |
| #MAYC857 | 2/9/2022 | (Post-Qualification Amendment No. 6 to Offering Statement 2) | Number 857 Mutant Ape Yacht Club NFT with M1 Irish Boho Hat  | Closed | 2/9/2022 | 3/23/2022 | $5.00 | 10800 | $54000<br> (3) | $3893 |
| #PUNK2981 | 2/18/2022 | (Post-Qualification Amendment No. 7 to Offering Statement 2) | Number 2981 CryptoPunk NFT with Welding Goggles | Closed | 2/18/2022 | 3/22/2022 | $5.00 | 62000 | $310000<br> (3) | $13975 |
| #WOW2221 | 2/18/2022 | (Post-Qualification Amendment No. 7 to Offering Statement 2) | Number 2221 World of Women NFT with Golden Bib Necklace | Closed | 2/18/2022 | 3/30/2022 | $7.00 | 4000 | $28000<br> (3) | $1193 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #NIKON1 | 2/18/2022 | (Post-Qualification Amendment No. 7 to Offering Statement 2) | 1949 Nikon One Camera in Condition 'B/A' | Closed | 2/18/2022 | 4/8/2022 | $4.00 | 7000 | $28000<br> (3) | $2720 |
| #LOTF | 3/14/2022 | (Post-Qualification Amendment No. 8 to Offering Statement 2) | 1954 1st Edition copy Lord of the Flies by William Golding | Closed | 3/14/2022 | 4/8/2022 | $7.00 | 2000 | $14000<br> (3) | $1568 |
| #DOOD6778 | 3/30/2022 | (Post-Qualification Amendment No. 10 to Offering Statement 2) | Number 6778 Doodle NFT with Holographic Mohawk | Closed | 3/30/2022 | 4/8/2022 | $5.00 | 6000 | $30000<br> (3) | $340 |
| #BAKC7820 | 2/18/2022 | (Post-Qualification Amendment No. 7 to Offering Statement 2) | Number 7820 Bored Ape Kennel Club NFT with Jetpack | Closed | 2/18/2022 | 4/20/2022 | $5.00 | 6000 | $30000<br> (3) | -$143 |
| #NBAJAM | 3/14/2022 | (Post-Qualification Amendment No. 8 to Offering Statement 2) | 1994 Sega Genesis NBA Jam Video Game graded Wata 9.8 A++  | Closed | 3/14/2022 | 4/20/2022 | $5.00 | 9400 | $47000<br> (3) | $3338 |
| #SANDBOX1 | 3/30/2022 | (Post-Qualification Amendment No. 10 to Offering Statement 2) | The Sandbox ESTATE with a bundle of 9 LAND NFTs | Closed | 3/30/2022 | 5/3/2022 | $5.00 | 21000 | $105000<br> (3) | $1175 |
| #WOW6586 | 3/30/2022 | (Post-Qualification Amendment No. 10 to Offering Statement 2) | Number 6586 World of Women NFT with Golden Skin Tone | Closed | 3/30/2022 | 5/3/2022 | $5.00 | 10400 | $52000<br> (3) | $711 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #AZUKI6704 | 3/30/2022 | (Post-Qualification Amendment No. 10 to Offering Statement 2) | Number 6704 Azuki NFT with Glowing Eyes | Closed | 3/30/2022 | 5/3/2022 | $5.00 | 6400 | $32000<br> (3) | $228 |
| #58PELE4 | 4/4/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | 1958 Pele World Cup Debut Ticket Stub graded PSA 1.5 | Closed | 4/4/2022 | 5/14/2022 | $6.00 | 8000 | $48000<br> (3) | $4420 |
| #OBAMABALL | 3/30/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | 2010 Basketball Signed by Barack Obama, Kobe Bryant, LeBron James, Magic Johnson, and Carmelo Anthony | Closed | 3/30/2022 | 5/14/2022 | $10.00 | 10500 | $105000<br> (3) | $3563 |
| #BART | 4/4/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | 1993 Skybox Simpsons Bart Sketch graded PSA 10 | Closed | 4/4/2022 | 5/14/2022 | $7.00 | 3000 | $21000<br> (3) | $2290 |
| #HOMER | 4/4/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | 1993 Skybox Simpsons Homer Sketch graded PSA 10 | Closed | 4/4/2022 | 5/14/2022 | $7.00 | 3000 | $21000<br> (3) | $2290 |
| #SI1 | 4/11/2022 | (Post-Qualification Amendment No. 14 to Offering Statement 2) | 1954 Sports Illustrated #1 graded CGC 9.8 | Closed | 4/11/2022 | 5/14/2022 | $2.00 | 5000 | $10000<br> (3) | $1100 |
| #GOLD1 | 4/11/2022 | (Post-Qualification Amendment No. 14 to Offering Statement 2) | Alaska Gold Nugget weighing 172 grams | Closed | 4/11/2022 | 5/14/2022 | $4.00 | 4000 | $16000<br> (3) | $766 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #VERSTAPP1 | 3/14/2022 | (Post-Qualification Amendment No. 8 to Offering Statement 2) | 2020 Topps Dynasty Formula 1 Triple Patch Autographs #TRAIMV Max Verstappen Card graded BGS 9.5 | Closed | 3/14/2022 | 5/24/2022 | $8.00 | 4000 | $32000<br> (3) | $1178 |
| #96TIGER | 4/4/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | 1996 Sports Illustrated For Kids Tiger Woods Rookie Card graded BGS 10  | Closed | 4/4/2022 | 5/24/2022 | $5.00 | 11000 | $55000<br> (3) | $4313 |
| #88ZELDA | 4/11/2022 | (Post-Qualification Amendment No. 14 to Offering Statement 2) | 1988 NES Zelda II: The Adventure of Link Video Game graded WATA 9.8 A+ | Closed | 4/11/2022 | 5/24/2022 | $5.00 | 12000 | $60000<br> (3) | $4300 |
| #STARWARS3 | 3/30/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | 1977 Topps Star Wars Series 1-5 Wax Boxes Authenticated by BBCE | Closed | 3/30/2022 | 5/24/2022 | $10.00 | 2600 | $26000<br> (3) | $1840 |
| #YEEZY | 4/4/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | Complete Collection of Yeezy 350 Sneakers (2015-2020) | Closed | 4/4/2022 | 5/24/2022 | $8.00 | 5000 | $40000<br> (3) | $6276 |
| #MAYC9114 | 3/30/2022 | (Post-Qualification Amendment No. 10 to Offering Statement 2) | Number 9114 Mutant Ape Yacht Club NFT with M2 Stunt Jacket | Closed | 3/30/2022 | 5/27/2022 | $5.00 | 17500 | $87500<br> (3) | $1066 |
| #VFRNDS1 | 4/4/2022 | (Post-Qualification Amendment No. 13 to Offering Statement 2) | VeeFriends Original Sharing Squirrel Drawing by Gary Vee | Closed | 4/4/2022 | 6/12/2022 | $10.00 | 27500 | $275000<br> (3) | $19642 |

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| #MBIRD2754 | 5/16/2022 | (Post-Qualification Amendment No. 18 to Offering Statement 2) | Number 2754 Moonbird NFT with Raincloud Headwear | Closed | 5/16/2022 | 6/16/2022 | $5.00 | 12000 | $60000<br> (3) | -$17964 |
| #VEEFRND1 | 5/16/2022 | (Post-Qualification Amendment No. 19 to Offering Statement 2) | VeeFriends Energetic Electric Eel NFT with Rare Admission Attribute | Closed | 5/16/2022 | 6/16/2022 | $5.00 | 6720 | $33600<br> (3) | -$6841 |
| #TREASURE | 2/18/2022 | (Post-Qualification Amendment No. 7 to Offering Statement 2) | 1883 First Edition copy of Treasure Island By Robert Stevenson | Closed | 2/18/2022 | 6/16/2022 | $5.00 | 4500 | $22500<br> (3) | $2244 |
| #MACWORLD1 | 12/20/2021 | (Post-Qualification Amendment No. 4 to Offering Statement 2) | 1984 Steve Jobs and Steve Wozniak Signed Issue of Macworld #1 | Closed | 12/20/2021 | 6/16/2022 | $11.25 | 20000 | $225000<br> (3) | $17673 |
| #KENNERSET | 5/16/2022 | (Post-Qualification Amendment No. 15 to Offering Statement 2) | 1978 Kenner Star Wars Early Bird Set graded AFA 75 | Closed | 5/16/2022 | 6/16/2022 | $10.00 | 1250 | $12500<br> (3) | $1024 |
| #LEDZEPP1 | 4/11/2022 | (Post-Qualification Amendment No. 14 to Offering Statement 2) | Led Zeppelin I Album Signed By Jimmy Page, Robert Plant, John Bonham & John Paul Jones authenticated by Beckett | Closed | 4/11/2022 | 6/16/2022 | $6.00 | 8000 | $48000<br> (3) | $4420 |
| #VEEVIPER | 5/16/2022 | (Post-Qualification Amendment No. 19 to Offering Statement 2) | 2022 Gary Vee Original Veecon Exclusive Viper Drawing authenticated by PSA | Closed | 5/16/2022 | 6/17/2022 | $5.00 | 15000 | $75000<br> (3) | $2779 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #BEEPLE1 | 5/16/2022 | (Post-Qualification Amendment No. 19 to Offering Statement 2) | Number #163/207 Into the Ether Beeple Everydays 2020 Collection NFT | Closed | 5/16/2022 | 6/28/2022 | $5.00 | 13600 | $68000<br> (3) | -$8896 |
| #WARHOL1 | 5/16/2022 | (Post-Qualification Amendment No. 18 to Offering Statement 2) | 1967 Andy Warhol Marilyn Monroe Signed Print Stamp-Numbered 140/250 | Closed | 5/16/2022 | 6/28/2022 | $10.00 | 17000 | $170000<br> (3) | $3359 |
| #GAMEBOY | 6/21/2022 | (Post-Qualification Amendment No. 20 to Offering Statement 2) | 1989 Factory Sealed Nintendo Game Boy graded VGA 85 | Closed | 6/21/2022 | 7/25/2022 | $5.00 | 4500 | $22500<br> (3) | $866 |
| #CROESUS | 6/21/2022 | (Post-Qualification Amendment No. 20 to Offering Statement 2) | 561-546 BC First Gold Coin graded NGC CH XF | Closed | 6/21/2022 | 8/1/2022 | $8.00 | 8000 | $64000<br> (3) | $4355 |
| #SACHS1 | 5/16/2022 | (Post-Qualification Amendment No. 15 to Offering Statement 2) | Tom Sachs Rocket Factory "Gamechanger" NFT with USPS Brand | Closed | 5/16/2022 | 8/1/2022 | $10.00 | 2150 | $21500<br> (3) | -$4346 |
| #32RUTH | 5/16/2022 | (Post-Qualification Amendment No. 15 to Offering Statement 2) | 1932 Babe Ruth Called Shot Ticket Stub graded PSA 6 | Closed | 5/16/2022 | 8/1/2022 | $5.00 | 19000 | $95000<br> (3) | $7738 |
| #ELON1 | 7/5/2022 | (Post-Qualification Amendment No. 21 to Offering Statement 2) | Elon Musk Signed Dollar Bill authenticated by PSA | Closed | 7/5/2022 | 8/1/2022 | $2.00 | 3750 | $7500<br> (3) | $207 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #105.ETH | 6/21/2022 | (Post-Qualification Amendment No. 20 to Offering Statement 2) | the 105.eth ENS Domain | Closed | 6/21/2022 | 8/19/2022 | $4.00 | 10000 | $40000<br> (3) | $0 |
| #R2D2 | 7/5/2022 | (Post-Qualification Amendment No. 21 to Offering Statement 2) | 1977 Star Wars Dark Blue Dome R2-D2 Action Figure graded CAS 85 | Closed | 7/5/2022 | 8/19/2022 | $5.00 | 2000 | $10000<br> (3) | $1056 |
| #VADER | 7/5/2022 | (Post-Qualification Amendment No. 21 to Offering Statement 2) | 1977 Star Wars Unpunched Darth Vader Action Figure graded CAS 85 | Closed | 7/5/2022 | 8/19/2022 | $5.00 | 1500 | $7500<br> (3) | $287 |
| #WARHOL2 | 7/5/2022 | (Post-Qualification Amendment No. 21 to Offering Statement 2) | 1969 Oyster Stew Campbell's Soup II Signed and Stamp-Numbered Andy Warhol Print | Closed | 7/5/2022 | 8/19/2022 | $10.00 | 6500 | $65000<br> (3) | $909 |
| #JEKYLL | 8/2/2022 | (Post-Qualification Amendment No. 22 to Offering Statement 2) | 1886 First Edition copy of Strange Case of Dr Jekyll and Mr Hyde by Robert Stevenson | Closed | 8/2/2022 | 8/26/2022 | $4.00 | 5000 | $20000<br> (3) | $2169 |
| #BUFFETT1 | 6/21/2022 | (Post-Qualification Amendment No. 20 to Offering Statement 2) | 2000 Annual Berkshire Hathaway Inc. Shareholders Meeting Guide Signed by Warren Buffett | Closed | 6/21/2022 | 8/26/2022 | $3.00 | 5000 | $15000<br> (3) | $351 |
| #DRACULA10 | 5/16/2022 | (Post-Qualification Amendment No. 19 to Offering Statement 2) | 1973 Tomb of Dracula #10 Comic Book published by Marvel graded CGC 9.8 | Closed | 5/16/2022 | 8/26/2022 | $10.00 | 4000 | $40000<br> (3) | $3220 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #PAPPY1 | 8/2/2022 | (Post-Qualification Amendment No. 22 to Offering Statement 2) | Collection of 10, 12, 13, 15, 20, and 23 Year Old Pappy Van Winkle Bourbon | Closed | 8/2/2022 | 8/26/2022 | $7.00 | 2000 | $14000<br> (3) | -$567 |
| #1857COIN | 7/5/2022 | (Post-Qualification Amendment No. 21 to Offering Statement 2) | 1857-S $20 Coin Salvaged from the SS Central America graded PCGS MS66 | Closed | 7/5/2022 | 8/26/2022 | $5.00 | 5000 | $25000<br> (3) | $587 |
| #94CSI | 5/16/2022 | (Post-Qualification Amendment No. 18 to Offering Statement 2) | 1994 BMW 850CSi | Closed | 5/16/2022 | 10/3/2022 | $14.25 | 10000 | $142500<br> (3) | $8814 |
| #ANDYPELE | 8/2/2022 | (Post-Qualification Amendment No. 22 to Offering Statement 2) | 1977 Andy Warhol Pelé Polaroid Portrait Photo | Closed | 8/2/2022 | 10/3/2022 | $4.00 | 6500 | $26000<br> (3) | $363 |
| #BOBAFETT | 8/22/2022 | (Post-Qualification Amendment No. 24 to Offering Statement 2) | 1979 Kenner Star Wars Boba Fett Action Figure graded AFA 85 | Closed | 8/12/2022 | 10/3/2022 | $10.00 | 2600 | $26000<br> (3) | $1517 |
| #ELVIS | 4/11/2022 | (Post-Qualification Amendment No. 14 to Offering Statement 2) | 1977 Elvis Presley Last Live Performance Full Ticket graded PSA 8 | Closed | 4/11/2022 | 10/3/2022 | $8.00 | 5000 | $40000<br> (3) | $3700 |
| #GBOYCOLOR | 7/5/2022 | (Post-Qualification Amendment No. 21 to Offering Statement 2) | 1998 Factory Sealed Nintendo Game Boy Color graded VGA 85 | Closed | 7/5/2022 | 10/3/2022 | $4.00 | 1625 | $6500<br> (3) | $197 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #JETFIRE | 8/2/2022 | (Post-Qualification Amendment No. 22 to Offering Statement 2) | 1985 Transformers Jetfire Fighter Jet graded AFA 85 | Closed | 8/2/2022 | 10/3/2022 | $5.00 | 1700 | $8500<br> (3) | $736 |
| #POPEBALL | 8/2/2022 | (Post-Qualification Amendment No. 22 to Offering Statement 2) | 2022 Baseball Signed by Pope Francis | Closed | 8/2/2022 | 11/2/2022 | $4.00 | 4750 | $19000<br> (3) | $146 |
| #RABBIT | 8/2/2022 | (Post-Qualification Amendment No. 22 to Offering Statement 2) | 1901 First Edition copy of The Tale of Peter Rabbit by Beatrix Potter | Closed | 8/2/2022 | 11/2/2022 | $4.60 | 10000 | $46000<br> (3) | $4259 |
| #54AARON | 9/19/2022 | (Post-Qualification Amendment No. 25 to Offering Statement 2) | 1954 Topps #128 Hank Aaron Rookie Card graded PSA NM-MT+ 8.5 | Closed | 9/19/2022 | 11/2/2022 | $10.00 | 17000 | $170000<br> (3) | -$245 |
| #GRATEFUL1 | 9/19/2022 | (Post-Qualification Amendment No. 25 to Offering Statement 2) | 1966 Grateful Dead Skeleton & Roses Concert Poster graded CGC 9.6 | Closed | 9/19/2022 |  | $10.00 | 10,000 / 12,500 | $100,000 / $125,000 | $12213 |
| #BOBAPROTO | 9/19/2022 | (Post-Qualification Amendment No. 25 to Offering Statement 2) | 1979 Kenner Star Wars Boba Fett Rocket-Firing L-Slot Prototype Action Figure graded AFA 80 | Closed | 9/19/2022 |  | $10.00 | 12,000 / 15,000 | $120,000 / $150,000 | $8025 |
| 1947 Jackie Robinson News Photo | 1947 Jackie Robinson News Photo | 1947 Jackie Robinson News Photo | 1947 Jackie Robinson News Photo | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| 1957 Topps Johnny Unitas Rookie Card | 1957 Topps Johnny Unitas Rookie Card | 1957 Topps Johnny Unitas Rookie Card | 1957 Topps Johnny Unitas Rookie Card | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| 2020 Bobby Witt Jr. Rookie Card | 2020 Bobby Witt Jr. Rookie Card | 2020 Bobby Witt Jr. Rookie Card | 2020 Bobby Witt Jr. Rookie Card | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| 1996 PlayStation Crash Bandicoot Video Game | 1996 PlayStation Crash Bandicoot Video Game | 1996 PlayStation Crash Bandicoot Video Game | 1996 PlayStation Crash Bandicoot Video Game | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #BATMAN | 2/18/2022 | (Post-Qualification Amendment No. 7 to Offering Statement 2) | 1940 Batman #1 Comic Book published by DC Comics graded CGC 8 | Sold -$2,000,000 Acquisition Offer Accepted on 1/30/23 | 2/18/2022 | 1/25/2023  | $10.00 | 144,000 / 180,000 | $1,440,000 / $1,800,000 | $67900 |
| 2004 Sports Illustrated For Kids #360 Michael Phelps Rookie Card graded PSA GEM MT 10 | 2004 Sports Illustrated For Kids #360 Michael Phelps Rookie Card graded PSA GEM MT 10 | 2004 Sports Illustrated For Kids #360 Michael Phelps Rookie Card graded PSA GEM MT 10 | 2004 Sports Illustrated For Kids #360 Michael Phelps Rookie Card graded PSA GEM MT 10 | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| Number 7387 Doodle NFT with Pink Long Hair | Number 7387 Doodle NFT with Pink Long Hair | Number 7387 Doodle NFT with Pink Long Hair | Number 7387 Doodle NFT with Pink Long Hair | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| Number 8467 Azuki NFT with Blue Tassel Ear | Number 8467 Azuki NFT with Blue Tassel Ear | Number 8467 Azuki NFT with Blue Tassel Ear | Number 8467 Azuki NFT with Blue Tassel Ear | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| The Sandbox 3x3 ESTATE with a bundle of 9 LAND NFTs | The Sandbox 3x3 ESTATE with a bundle of 9 LAND NFTs | The Sandbox 3x3 ESTATE with a bundle of 9 LAND NFTs | The Sandbox 3x3 ESTATE with a bundle of 9 LAND NFTs | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| Number 5028 CrypToadz NFT with Swamp Single Bun Head | Number 5028 CrypToadz NFT with Swamp Single Bun Head | Number 5028 CrypToadz NFT with Swamp Single Bun Head | Number 5028 CrypToadz NFT with Swamp Single Bun Head | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| Number 3079 CrypToadz NFT with 3D Eyes | Number 3079 CrypToadz NFT with 3D Eyes | Number 3079 CrypToadz NFT with 3D Eyes | Number 3079 CrypToadz NFT with 3D Eyes | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| Decentraland Estate 2X2 Bundle with 4 LAND NFTs | Decentraland Estate 2X2 Bundle with 4 LAND NFTs | Decentraland Estate 2X2 Bundle with 4 LAND NFTs | Decentraland Estate 2X2 Bundle with 4 LAND NFTs | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| 2005 Game Boy Advance Pokémon Emerald Version Video Game graded Wata 9.8 A++ | 2005 Game Boy Advance Pokémon Emerald Version Video Game graded Wata 9.8 A++ | 2005 Game Boy Advance Pokémon Emerald Version Video Game graded Wata 9.8 A++ | 2005 Game Boy Advance Pokémon Emerald Version Video Game graded Wata 9.8 A++ | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| 1939 First Edition copy of Alcoholics Anonymous by Bill Wilson | 1939 First Edition copy of Alcoholics Anonymous by Bill Wilson | 1939 First Edition copy of Alcoholics Anonymous by Bill Wilson | 1939 First Edition copy of Alcoholics Anonymous by Bill Wilson | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| 1905-1916 Handwritten and Signed Grigori Rasputin Letter | 1905-1916 Handwritten and Signed Grigori Rasputin Letter | 1905-1916 Handwritten and Signed Grigori Rasputin Letter | 1905-1916 Handwritten and Signed Grigori Rasputin Letter | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| 1987 NES Metroid Video Game graded Wata 9.6 A+ | 1987 NES Metroid Video Game graded Wata 9.6 A+ | 1987 NES Metroid Video Game graded Wata 9.6 A+ | 1987 NES Metroid Video Game graded Wata 9.6 A+ | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) | Cancelled / Underlying Asset Sold Pre-Offering (6) |
| #1973 Iron Man #55 Comic Book published by Marvel graded CGC 9.8 | #1973 Iron Man #55 Comic Book published by Marvel graded CGC 9.8 | #1973 Iron Man #55 Comic Book published by Marvel graded CGC 9.8 | #1973 Iron Man #55 Comic Book published by Marvel graded CGC 9.8 | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| 1966 Fantastic Four #48 Comic Book published by Marvel graded CGC 9.4 | 1966 Fantastic Four #48 Comic Book published by Marvel graded CGC 9.4 | 1966 Fantastic Four #48 Comic Book published by Marvel graded CGC 9.4 | 1966 Fantastic Four #48 Comic Book published by Marvel graded CGC 9.4 | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| Worldwide Webb Land Large Apartment 8325 NFT | Worldwide Webb Land Large Apartment 8325 NFT | Worldwide Webb Land Large Apartment 8325 NFT | Worldwide Webb Land Large Apartment 8325 NFT | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| 1963 Amazing Spider-Man Comic Book | 1963 Amazing Spider-Man Comic Book | 1963 Amazing Spider-Man Comic Book | 1963 Amazing Spider-Man Comic Book | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) | Cancelled (6) |
| #35MICKEY | 8/22/2022 | (Post-Qualification Amendment No. 23 to Offering Statement 2) | 1935 Gum, Inc. Mickey Mouse Wax Pack graded PSA 8 | Open | 8/22/2022 |  | $10.00 | 520 / 650 | $5,200 / $6,500 | $295 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| #SCARFACE | 8/22/2022 | (Post-Qualification Amendment No. 23 to Offering Statement 2) | Al Pacino Screen Worn Tuxedo from Scarface | Open | 8/22/2022 | $10.00 | 1,600 / 2,000 | $16,000 / $20,000 | $1200 |
| #GIJOE2 | 8/22/2022 | (Post-Qualification Amendment No. 24 to Offering Statement 2) | 1982 Hasbro G.I. Joe Commando Snake Eyes Action Figure graded AFA 80 | Open | 8/22/2022 | $10.00 | 960 / 1,200 | $9,600 / $12,000 | $1040 |
| #CAPTAIN1 | 9/19/2022 | (Post-Qualification Amendment No. 25 to Offering Statement 2) | 1941 Captain America Comics #1 Comic Book published by Timely Comics graded CGC 5.5 | Open | 9/19/2022 | $10.00 | 22,000 / 27,500 | $220,000 / $275,000 | $15213 |
| #BASQUIAT1 | 11/21/22 | (Post-Qualification Amendment No. 26 to Offering Statement 2) | 2022 Jean-Michel Basquiat Superhero Print Portfolio Stamp-Numbered 7/85 and signed by Lisane Basquiat and Jeanine Heriveaux, the artist's sisters and administrators of the Estate of Jean-Michel Basquiat | Open | 11/21/22 | $10.00 | 21,600 / 27,000 | $216,000 / $270,000 | $13575 |
| #DRYOSAUR | 11/21/22 | (Post-Qualification Amendment No. 26 to Offering Statement 2) | Dryosaurus skeleton excavated from the Bone Cabin Quarry in Laramie, Wyoming in 2021 | Open | 11/21/22 | $10.00 | 44,000 / 55,000 | $440,000 / $550,000 | $28275 |
| #FAREWELL |  |  | 1929 1st Edition copy of A Farewell To Arms by Ernest Hemingway | Upcoming |  | $10.00 | 1,200 / 1,500 | $12,000 / $15,000 | $250 |
| #ARSHAM1<br> (7) |  |  | 1963 Arsham Studio Stone Island Mercedes-Benz Unimog 404 | Upcoming |  | $20.00 | 5,400 / 6,750 | $108,000 / $135,000 | $12037.50 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| #APOLLO14 | 1971 Apollo 14 Flown King James Bible carried to the Moon by astronaut Edgar Mitchell | Upcoming | $10.00 | 1,600 / 2,000 | $16,000 / $20,000 | $0 |
| **TOTAL:** | **-** | **-** | **-** | **-** | **$7675500(8)** | **-** |

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*Note: Gray shading represents Series for which no Closing of an Offering has occurred. Orange shading represents sale of such Series' Underlying Asset.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The opening date of a Series will occur no later than two calendar days following the date of qualification of the Offering of such Series by the Commission. With respect to a Series, the Offering of such Series is subject to qualification by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Interests sold in Series are generally limited to 2,000 "qualified purchasers" with a maximum of 500 non-"accredited investors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents the actual values for closed Offerings, including Offering Size, number of Interests sold and sourcing fees at the Closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Interests in Series #77LE1 were issued under Rule 506(c) of Regulation D and were thus not qualified under the Company's previous offering circular. All other Interests in Series of the Company were issued under Tier 2 of Regulation A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)With respect Offerings for which no Closing has occurred, negative values in this column reflect the amount by which the estimated aggregate value of the fees and expenses relating to an Offering exceeds the amount of the Total Proceeds of the Offering. See the "Use of Proceeds" section for each respective Series in Appendix B for further details. With respect to closed Offerings, negative values in this column reflect contributions to the Series made by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Represents an Offering that was cancelled with any potential Investors issued a full refund for their attempted subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Represents a Series whose Interests we do not intend to allow to trade on the PPEX ATS. Therefore, there will be no liquidity for Interests in such Series unless the Manager determines to allow secondary trading at a later date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Represents the proposed maximum public offering price aggregated across all Series introduced under this Offering Statement 2 for which an Offering is upcoming, open, or closed, as required for purposes of the Form 5110 submitted to FINRA in connection with this Post-Qualification Amendment. Series whose Offerings have been cancelled and Series whose Offerings closed under Offering Statement 1 are not reflected in this total.

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**APPENDIX B**

This Appendix B sets forth the Use of Proceeds and Description of Series for all Series that are being submitted to the Commission for qualification. Additionally, with respect to all Series that have been qualified and are currently being offered by the Company, the Use of Proceeds and Description of Series sections of such Series are set forth in this Appendix B.

In addition, the Asset Manager also serves as Asset Manager of three of the Company's affiliates, RSE Archive, LLC ("RSE Archive"), RSE Innovation, LLC ("RSE Innovation"), and RSE Portfolio, LLC ("RSE Portfolio"), which operate under business models similar to the Company's. For more information about the Asset Manager's role with respect to the Company, RSE Archive, RSE Innovation, and RSE Portfolio, see "**Potential Conflicts of Interest** – *Our affiliates' interests in other Rally Entities*."

Each of RSE Archive and RSE Innovation may at times offer interests in series for which the underlying assets are similar to Underlying Assets of Series of the Company. At present, RSE Archive offers interests in a number of series whose underlying assets are similar to certain Underlying Assets of Series of the Company. For more information about the offerings and underlying assets of RSE Archive and the series thereof, refer to RSE Archive's EDGAR database at https://www.sec.gov/edgar/browse/?CIK=1768126.

The Use of Proceeds sections below assume that each Offering will close at its maximum offering size. In the event that an Offering closes at an amount below its maximum offering size, the use of proceeds with respect to that Offering will be adjusted in accordance with the order of priority set forth under "**Offering Summary** *– Use of Proceeds*" above.

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**USE OF PROCEEDS – SERIES #35MICKEY**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

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| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #35MICKEY Asset Cost (1) | Cash Portion of the #35MICKEY Asset Cost (1) | $5040 | 77.54% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $0 | 0.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 4.62% |
| Brokerage Fee | Brokerage Fee | $65 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $500 | 7.69% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 1.54% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 3.08% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $295 | 4.54% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$1160** | 17.85% |
| **Total Proceeds** | **Total Proceeds** | **$6500** | 100.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

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On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on August 8, 2022, the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

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| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Upfront Purchase |
| Date of Agreement | 7/21/2022 |
| Expiration Date of Agreement | N/A |
| Purchase Price | $5040 |
| Interests issued to Asset Seller as part of total consideration | $0 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

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In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

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**DESCRIPTION OF SERIES 1935 MICKEY MOUSE WAX PACK**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #35MICKEY Offering, Series #35MICKEY will purchase a 1935 Gum, Inc. Mickey Mouse Wax Pack graded PSA 8 for Series #35MICKEY (The "Series 1935 Mickey Mouse Wax Pack" or the "Underlying Asset" with respect to Series #35MICKEY, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to GTS Distribution "The history of the Bowman trading card brand dates back to the founding of Gum Inc. by Jacob Warren Bowman in 1927. From humble beginnings in its Philadelphia headquarters, in just 2 short years, the company's Bloney brand became the #1 selling gum in the country. By 1937 the company owned 60% of the market share in the United States."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Mickey Mouse, the famous cartoon character, and mascot of The Walt Disney Company made his theatrical debut in the groundbreaking short, Steamboat Willie on November 18, 1928. According to the Museum of Modern Art: "Disney's Steamboat Willie is a landmark in the history of animation. The first film starring Mickey Mouse to be released with synchronized sound, it threw silent animation into obsolescence and launched an empire. Previously, there had been little to distinguish Disney's cartoons from those of his competitors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1935 Gum, Inc. Mickey Mouse Wax Pack graded PSA 8.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Walter Elias Disney was born December 5, 1901 in Chicago, Illinois, U.S to a carpenter and a school teacher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·After some unsuccessful Laugh-O-Gram series, Disney would start The Walt Disney Company with his brother Roy. Their rough short, Alice's Wonderland, was picked up by noted film distributor, Margaret Winkler, known for distributing Felix the Cat. According to ThisDayInDisneyHistory.com: "Walt (now living in California) signed with M. J. Winkler on October 16, 1923 (this date became the formal beginning of The Walt Disney Company). Walt and his brother Roy enthusiastically immersed themselves into producing the first batch of Alice Comedies. The Disney Brothers Studio was set up in a garage on Kingswell Ave. in Hollywood, California. As they had no staff to help produce the first six shorts, Walt animated the films all by himself and Roy worked the camera for the live-action sequences. There were no rehearsals for the live-action filming and usually no more than a single take was shot as the Disneys didn't always have enough film to reshoot! The first, Alice's Day at Sea was released on March 1, 1924."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On September 5, 1927, Walt Disney's first post-Alice film called Oswald the Lucky Rabbit debuted. The six-minute cartoon was one of 26 Oswald shorts made by Disney and fellow animator Ub Iwerks. The films were produced for Universal Studios, meaning that while Disney had created Oswald, he did not own the rights to the character. According to Collider.com "Even after he found out that many of his animators had been scooped up from underneath him, he worked to make a separate deal with Universal, going around Mintz. But Mintz had signed a new deal with the studio and Universal was ruthless. Walt wouldn't own the character he had created for the studio. What's more Universal suggested, as a way of salvaging things, for Mintz to take over the studio from Walt. It was the last straw. Walt vowed to never work for anyone again and to own *everything* he created."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·While many consider Steamboat Willie to be the first Mickey Mouse cartoon, that honor actually goes to 1928's Plane Crazy. According to ABC News 10: "Walt Disney's first Mickey Mouse film was called 'Plane Crazy.' It was a silent film shown to a test audience in 1928. But distributors weren't excited about it, so it wasn't released to the public. But after 'Steamboat Willie' became a huge hit, 'Plane Crazy' was finally released as the 4th Mickey Mouse film in 1929."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·By 1930, Mickey's popularity was soaring. By June of 1929 King Features Syndicate proposed a comic strip. According to D23.com: "Mickey becomes inspired to build an airplane in the first Mickey Mouse comic strip, first distributed Monday, January 13, 1930. The first comic strip arrived on January 13, 1930 and, incidentally, followed a similar storyline to the first Mickey cartoon produced—Plane Crazy (1928), which Ub had animated all by himself."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to D23.com: "Enter the 1930s, when more than 100 Mickey shorts hit theaters, licensed Mickey products become the newest sensation in character merchandising, and upward of a million children gathered at local Mickey Mouse Clubs across the U.S. But just as important was Mickey's first entry into families' homes on a day-to-day basis via the Mickey Mouse comic strip, which made its debut 85 years ago today."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On October 30, 1929, Disney patented Mickey Mouse's design, specifically for the use of a "toy or similar article." According to D23.com: "As the popularity of Mickey Mouse began to soar in the early 1930s, Walt and Roy were confronted with the challenge of meeting the explosive demand for engaging consumer products, while sustaining the creative integrity and consistent quality of their character merchandise. The first merchandise contract was signed in February 1930, granting Geo. Borgfeldt & Co. the responsibility to manage the licensing of Disney product to manufacturers in the U.S. and abroad. One of the items that Walt and Roy were most focused on was the production of a Mickey Mouse stuffed doll.<sup>"</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to PSA.com: "The 1935 Gum, Inc. Mickey Mouse set consists of 120 total cards. Produced by the Philadelphia-based company, the initially offering – R89 – features card fronts with brilliantly colorful and high-quality comic depictions of Mickey Mouse and his friends along with the card number; card backs feature Mickey Mouse jokes, trivia questions, and an advertisement for a Mickey Mouse album to hold the trading cards. Highlights of this 96-card set include Let's Make Hoop-ee! (#1), Bad Stew Mickey (#7), He's Sure a Handy Man Around the Mouse! (#21), Walt Disney (#92), and Uncle Toms Crabbin' (#96). Cards #21 and #92 are both a key part of the collection because each picture Walt Disney. The second set of 24 cards, titled "Mickey Mouse with the Movie Stars" (R90), boasts caricatures of Hollywood stars of the era. Mickey Mouse cards are considered to be among the most classic 1930s non-sport card set, and far more difficult to find than most baseball cards of the era."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The 5<sup>th</sup> Academy Awards were held on November 18, 1932 at The Ambassador Hotel in Los Angeles, CA. During the reception, Walt Disney received a special Academy Award for the creation of Mickey Mouse. During the same Academy Awards Disney would win the first official Academy Award ever presented for "Best Short Subject, Cartoon."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1934 Mickey makes his first appearance in the Macy's Thanksgiving Day Parade. According to ChipAndCo.com: "Mickey was led in the parade by a team of 25 handlers who were festively dressed in Mickey/Minnie costumes. A smaller Pluto balloon, a 34-foot-tall Big Bad Wolf, a 31-foot-tall Little Pig, and a 12 ½-foot-tall Horace Horsecollar followed along in the 1934 procession."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On February 23, 1935 Mickey appeared in his first color cartoon, The Band Concert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Mickey appears in his first feature film, Fantasia, as The Sorcerer's Apprentice on November 13, 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On April 18, 1953 Mickey made his last traditional appearance in a short animated film in The Simple Things.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Mickey Mouse stars in The Prince and the Pauper, released on November 16, 1990. The short appears before the Disney animated feature, The Rescuers Down Under.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1981 Mickey makes his first video game appearance in Nintendo's Mickey Mouse Game & Watch single-game console.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1995, the controversial Mickey Mouse short entitled Runaway Brain ran before A Kid in King Arthur's Court. According to Polygon.com: "Despite being nominated for an Oscar in 1996, playing out of competition at the Cannes Film Festival that May, and being, at the time, the first true Mickey Mouse theatrical short to play for theatrical audiences in more than 40 years has been all but erased from existence."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1982 Treat Hobby released 18 Mickey Mouse Cards in partnership with Disney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to MovieInsider.com: "This groundbreaking short from Walt Disney Animation Studios is directed by Lauren MacMullan and produced by Dorothy McKim, Get A Horse! opens in front of Frozen on Nov. 27, 2013."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On March 4, 2020, the first Mickey Mouse themed ride to ever open at a Disney theme park, Mickey and Minnie's Runaway Railway opens at Walt Disney World.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upper Deck released a 3 card per pack Mickey Mouse trading card set in September of 2020. According to UpperDeck.com: "Disney's Mickey Mouse brings the magical world of Disney onto e-Pack and commemorates some of Mickey and Friends' most memorable moments since their creation. Collect the amazing 180-card Base Set broken into 4-tiers of rarity along with a complete Acetate Parallel set."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset has been reviewed and authenticated by Professional Sports Authenticator (PSA) and issued a grade of PSA NM-MT 8 with certification number 63605522.

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*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 1935 Gum, Inc. Mickey Mouse Wax Pack graded PSA 8 and issued a grade of PSA NM-MT 8.

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset's condition is consistent with its authentication from PSA.

**Details**

---

| | |
|:---|:---|
| **Series 1935 Mickey Mouse Wax Pack** | **Series 1935 Mickey Mouse Wax Pack** |
| **Memorabilia Type** | Wax Pack |
| **Manufacturer** | Bowman (as Gum, Inc.) |
| **Series** | Mickey Mouse Bubble Gum |
| **Year** | 1935 |
| **Number of Cards per Pack** | 1 |
| **Number of Cards in Set** | 96 |
| **Rarity** | 1 of 19 (with none higher) |
| **Authentication** | Professional Sports Authenticator (PSA) |
| **Grade** | NM-MT 8 |
| **Certification No.** | 63605522 |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1935 Mickey Mouse Wax Pack going forward.

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**USE OF PROCEEDS – SERIES # SCARFACE**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #SCARFACE Asset Cost (1) | Cash Portion of the #SCARFACE Asset Cost (1) | $17500 | 87.50% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $0 | 0.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 1.50% |
| Brokerage Fee | Brokerage Fee | $200 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $500 | 2.50% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.50% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 1.00% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $1200 | 6.00% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$2200** | 11.00% |
| **Total Proceeds** | **Total Proceeds** | **$20000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on August 8, 2022, the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** |  |
| Agreement Type | Upfront Purchase |
| Date of Agreement | 7/22/2022 |
| Expiration Date of Agreement | N/A |
| Purchase Price | $17500 |
| Interests issued to Asset Seller as part of total consideration | $0 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES AL PACINO SCARFACE TUXEDO**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #SCARFACE Offering, Series #SCARFACE will purchase a Al Pacino Screen Worn Tuxedo from Scarface for Series #SCARFACE (The "Series Al Pacino Scarface Tuxedo" or the "Underlying Asset" with respect to Series #SCARFACE, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Scarface is a 1983 film directed by Brian De Palma and written by Oliver Stone starring Al Pacino as the lead character. Based on a 1932 film by the same name — an adaptation of a 1930 pulp novel inspired by Al Capone — the film has since become a classic and is considered among the greatest films of all time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Al Pacino is considered one of the greatest actors of all time, having played the role of Michael Corleone in The Godfather, as well as multiple iconic roles in films such as Dog Day Afternoon, Scarface, Glengarry Glen Ross, and more. Pacino is one of the few in history to win the "Triple Crown of Acting," which refers to a Tony, an Oscar, and an Emmy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is an Al Pacino Screen Worn Tuxedo from Scarface.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Al Pacino was born on April 25, 1940, in New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1966, Pacino began studying at the Actors Studio under the tutelage of Lee Strasberg, the inventor of what is referred to as the "Method Actor" approach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Pacino found success on the stage with his Broadway debut "Does the Tiger Wear a Necktie?" for which he was awarded a Tony in 1969.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Francis Ford Coppola cast Pacino in The Godfather (1972) as Michael Corleone, which is now remembered as one of the greatest performances in cinematic history. Pacino beat out contemporary actors including Robert Redford, Jack Nicholson, and Warren Beatty for the role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1930, a book titled "Scarface" was published by Armitage Trail as a fictionalized account of Al Capone's life. The book would be adapted as a film in 1932. According to Britannica: "There were a number of notable gangster films before *Scarface*, but none were as realistic in their depiction of violence and brutality."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In April 1982, Variety Magazine announced Pacino and director Sidney Lumet were developing a remake of the 1932 film. Soon, De Palma replaced Lumet as the director. Originally, the film's budget was around $13 million, though it would reach $37 million by the end of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Variety: "The remake did OK at the box office, earning $66 million worldwide, but that was not enough to offset the big budget. Still, the picture gained followers in home video and beyond. In 1984, home vid execs said it was summer's highest selling title — at $79.95 a pop. There were 100,000 videocassettes sold as of June 22, 1984, bringing in an estimated $5 million."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Scarface was released in December 1983.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The "Push it to the Limit" scene from Scarface comes at a pivotal point in the film's story after Pacino's character Tony Montana kills drug lord Frank Lopez and becomes one of Miami's most powerful drug dealers.

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a Al Pacino Screen Worn Tuxedo from Scarface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 4-piece wedding suit ensemble, including "(1) jacket with wide, notched lapel, 2-waist flap pockets, 1-chest slash pocket, and button front closure, (1) pair of matching pants with "Al Pacino" handwritten in black permanent marker on the interior waist, (1) matching button front vest with 2-front pockets, and (1) white dress shirt with winged collar, French cuffs, and button front closure."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset was worn by Al Pacino (as Tony Montana) in the film Scarface during the musical montage that features the song "Push it to the limit."

------

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset exhibits minor production wear.

**Details**

---

| | |
|:---|:---|
| **Series Al Pacino Scarface Tuxedo** | **Series Al Pacino Scarface Tuxedo** |
| **Memorabilia Type** | Screen-Worn Tuxedo |
| **Film** | Scarface |
| **Actor** | Al Pacino |
| **Year** | 1983 |
| **Condition** | Very Good |
| **Rarity** | 1 of 4 |
| **Authentication** | Heritage Auctions |
| **LOA** | Costumer Tony Scarano |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series Al Pacino Scarface Tuxedo going forward.

------

**USE OF PROCEEDS – SERIES # GIJOE2**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #GIJOE2 Asset Cost (1) | Cash Portion of the #GIJOE2 Asset Cost (1) | $9741 | 81.18% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $0 | 0.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 2.50% |
| Brokerage Fee | Brokerage Fee | $120 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $500 | 4.17% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.83% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 1.67% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $1039 | 8.66% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$1959** | 16.33% |
| **Total Proceeds** | **Total Proceeds** | **$12000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on August 8, 2022, the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Upfront Purchase |
| Date of Agreement | 7/29/2022 |
| Expiration Date of Agreement | N/A |
| Purchase Price | $9741 |
| Interests issued to Asset Seller as part of total consideration | $0 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES 1982 G.I. JOE ACTION FIGURE**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #GIJOE2 Offering, Series #GIJOE2 will purchase a 1982 Hasbro G.I. Joe Commando Snake Eyes Action Figure graded AFA 80 for Series #GIJOE2 (The "Series 1982 G.I. Joe Action Figure" or the "Underlying Asset" with respect to Series #GIJOE2, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hasbro is a multinational consumer product company that was founded in 1923 by Henry, Hillel, and Herman Hassenfield in Providence, Rhode Island, first selling "textile remnants before manufacturing pencil boxes and school supplies." The brand expanded to include toys in the following decades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·G.I. Joe was the first-ever action figure, debuted in 1964 by Hasbro. The brand was a success and has since spawned multimedia franchises in film and television.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1982 Hasbro G.I. Joe Commando Snake Eyes Action Figure graded AFA 80.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Vice President and Director of Marketing at Hasbro, Don Levine, invented the original prototype action figure. Levine was interested in the methods used by competitor Mattel to manufacture their Barbie toy, "and was determined to create a similar toy for boys," according to Smithsonian Magazine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Levine "was struck with an epiphany," according to Smithsonian Magazine, when he noticed a wooden artists mannequin in a window display, realizing that Hasbro could "create something truly magnificent" by building toys that could move in similar ways to the human body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On October 11, 1966, Hasbro filed U.S. Patent 3,277,602 for a "toy figure having movable joints."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Smithsonian Magazine: "When the figure hit the market in 1964 it was a runaway success. Within two years, G.I. Joe accounted for almost 66 percent of Hasbro's profits."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·12-inch G.I. Joes were released on February 2, 1964.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Smithsonian Magazine: "The patented designs also placed a premium on safety, durability and cost-effective manufacturing. It was important, for example, that no metal springs were used in the assembly and that different heads could be used on the same figure – thereby creating product variability while keep manufacturing costs low."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·G.I. Joe action figures were produced for the four branches of the American military. According to Smithsonian Magazine: "Rocky the Movable Fighting Man represented the Army, Skip for the Navy, Ace Fighter Pilot was obviously a proud member of the Air Force, and Rocky, apparently serving double duty, was also a Marine. Each figure came with basic fatigues, boots, cap and dog tag, while the packaging enticed children with images of other uniforms and accessories. The "G.I Joe" moniker was created to encompass the entire brand. The name "G.I. Joe" was inspired by a 1945 film about film about war correspondent Ernie Pyle, titled *The Story of G.I. JOE.*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The militaristic nature of G.I. Joe became less popular as anti-war sentiment grew during the Vietnam War. Hasbro relaunched G.I. Joe in 1970 as "Adventures of G.I. Joe" with "kung-fu grip" allowing the action figure to hold on to objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Time Magazine: "In 1982, Joe had an unlikely savior in *Star Wars*. The sci-fi flick and the collectables it spawned rekindled America's appetite for action figures, so Hasbro reintroduced a scaled-down line of G.I. Joes to try and capitalize on the trend. Instead of a single character, there was an entire battalion of G.I. Joes, each given signature weapons, backstories and code names like Scarlett and Snake Eyes. Joe also got a new enemy, Cobra —"a ruthless terrorist organization determined to rule the world," as described in the intro to the 1980s TV cartoon *G.I. Joe: A Real American Hero*. (Cobra operatives got action figures, too.)"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1983, Hasbro released a new line of G.I. Joe action figures and an enemy organization called Cobra. A cartoon (G.I. Joe: An All American Hero) was launched in tandem with the release. The National Coalition on Television Violence reported that sales of "war toys" between 1982-1985 increased 350% — "no doubt largely due to the cross-platform success of G.I. Joe," Smithsonian Magazine wrote.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to ScreenRant.com: "The first version of Snake Eyes from 1982 is still one of the best. Outfitted in all black, Snake Eyes instantly stood out amongst his Joe colleagues, who were initially all costumed in army green. The mystique and awesomeness of the character were established from the very start."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Time Magazine: "what's perhaps most unique about G.I. Joe is his staying power."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In August 2009, Dennis Quaid and Channing Tatum starred in the film G.I. Joe: The Rise of Cobra, grossing over $300 million at the worldwide box office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset has been issued a grade of AFA NM 80 by Action Figure Authority (AFA) with Certification No. 18097535.

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 1982 Hasbro G.I. Joe Commando Snake Eyes Action Figure graded AFA 80.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset's AFA Condition Report consists of the following grades: Blister: 80, Figure: 90, Card: 80.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is an example of the rare earliest card variety without the "Interchangeable Snap-On, Stay-On Accessories" line of text above blister, which was added early in production, making this rarer than other 9 Back straight arm carded figures.

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset's condition is consistent with its condition grade from AFA.

**Details**

---

| | |
|:---|:---|
| **Series 1982 G.I. Joe Action Figure** | **Series 1982 G.I. Joe Action Figure** |
| **Action Figure** | G.I. Joe |
| **Manufacturer** | Hasbro |
| **Series** | 1 / 9 Back |
| **Type** | Snake Eyes |
| **Year** | 1982 |
| **Memorabilia Type** | Action Figure |
| **Rarity** | 1 of 1 (AFA 80) |
| **Authentication** | Action Figure Authority (AFA) |
| **Grade** | 80 NM |
| **Grade (Blister)** | 80 |
| **Grade (Figure)** | 90 |
| **Grade (Card)** | 80 |
| **Certification No.** | 18097535 |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1982 G.I. Joe Action Figure going forward.

------

**USE OF PROCEEDS – SERIES #CAPTAIN1**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

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| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #CAPTAIN1 Asset Cost (1) | Cash Portion of the #CAPTAIN1 Asset Cost (1) | $116875 | 42.50% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $137500 | 50.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 0.11% |
| Brokerage Fee | Brokerage Fee | $2750 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $2063 | 0.75% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.04% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 0.07% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $15213 | 5.53% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$20325** | 7.39% |
| **Total Proceeds (4)** | **Total Proceeds (4)** | **$275000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual cash proceeds excludes the dollar value of the interests issued to the Asset Seller as consideration for the Asset.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on September 9, 2022, the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Consignment Agreement |
| Date of Agreement | 8/19/2022 |
| Expiration Date of Agreement | N/A |
| Option Exercise Amount | $116875 |
| Interests issued to Asset Seller as part of total consideration | $137500 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

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**DESCRIPTION OF SERIES 1941 CAPTAIN AMERICA COMICS #1 COMIC BOOK**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #CAPTAIN1 Offering, Series #CAPTAIN1 will purchase a 1941 Captain America Comics #1 Comic Book published by Timely Comics graded CGC 5.5 as the Underlying Asset for Series #CAPTAIN1 (The "Series 1941 Captain America Comics #1 Comic Book" or the "Underlying Asset" with respect to Series #CAPTAIN1, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Timely Comics was founded in 1939, with their first comic book titled Marvel Comics. By the early 1960s, Timely Comics would become Marvel Comics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·After his introduction in Captain America Comics #1, Steve Rogers (A.K.A. Captain America) has become one of Marvel's flagship heroes. Introduced as a patriotic hero in lead up to World War II, Captain America would remain prevalent both as a standalone character and as a member of The Avengers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1941 Captain America Comics #1 Comic Book published by Timely Comics graded CGC 5.5.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Golden Age of Comics refers to an era of comic publishing in post-depression America that gave rise to the success of comic book heroes like Superman, Batman, Captain Marvel and The Flash. Sales and popularity increased during World War Two, as they were cheap and featured patriotic stories of pro-American heroes, in some cases literally fighting the Axis Powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Bleeding Cool calls Captain America Comics #1 "one of the most sought-after comics in the hobby."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Bob Overstreet, the author of the Overstreet Comic Book Price Guide, wrote of Captain America Comics #1: "Simon & Kirby's most classic creation; a patriotic paragon that set the comics market reeling. A trend setter."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Jim Steranko, a comic book writer and historian, wrote Captain America Comics #1: "the classic heroic figure — the comics had found a reason to exist… Captain America was an unprecedented success. The first issue sold out. The super hero business became the comic publishers' Holy Grail."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Captain America Comics #1 cover depicts Captain America punching Hitler in the face.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On February 5, 1944, a 15-chapter serial film titled 'Captain America' was released. It was the first live action film to feature a Marvel character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Captain America Comics was cancelled in 1950, after sales dropped following World War II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Captain America was revived in 1954 by Atlas Comics (the successor of Timely Comics and predecessor to Marvel Comics). In 1963, Captain America was introduced as a member of The Avengers in Avengers #4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In July 2011, Captain America: The First Avenger was released. It grossed over $175 million at the box office. In April 2014, Captain America: The Winter Soldier was released, grossing nearly $260 million at the box office. In May 2016, Captain America: Civil War was released, grossing over $400 million at the box office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset has been authenticated by Certified Guaranty Company (CGC) an issued a grade of CGC 5.5 with certification No. 1255099001.

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1941 Captain America Comics #1 Comic Book published by Timely Comics graded CGC 5.5.

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset's condition is consistent with its condition grade from CGC.

------

**Details**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series 1941 Captain America Comics #1 Comic Book** | &nbsp;&nbsp;**Series 1941 Captain America Comics #1 Comic Book** |
| &nbsp;&nbsp;**Title** | &nbsp;&nbsp;Captain America Comics #1 |
| &nbsp;&nbsp;**Key Issue** | &nbsp;&nbsp;1<sup>st</sup> Appearance of Captain America, Hitler Cover |
| &nbsp;&nbsp;**Store Date** | &nbsp;&nbsp;March 31, 1940 |
| &nbsp;&nbsp;**Cover Price** | &nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;**Publisher** | &nbsp;&nbsp;Timely Comics |
| &nbsp;&nbsp;**Writer(s)** | &nbsp;&nbsp;Joe Simon, Jack Kirby, Ed Herron |
| &nbsp;&nbsp;**Cover Artist(s)** | &nbsp;&nbsp;Jack Kirby |
| &nbsp;&nbsp;**Penciller(s)** | &nbsp;&nbsp;Joe Simon, Jack Kirby |
| &nbsp;&nbsp;**Inker(s)** | &nbsp;&nbsp;Joe Simon, Jack Kirby |
| &nbsp;&nbsp;**Editor** | &nbsp;&nbsp;Joe Simon |
| &nbsp;&nbsp;**Rarity** | &nbsp;&nbsp;1 of 6 (CGC 5.5) |
| &nbsp;&nbsp;**Authentication** | &nbsp;&nbsp;Certified Guaranty Company (CGC) |
| &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;**Certification No.** | &nbsp;&nbsp;1255099001 |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1941 Captain America Comics #1 Comic Book going forward.

------

**USE OF PROCEEDS – SERIES #BASQUIAT1**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

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| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #BASQUIAT1 Asset Cost (1) | Cash Portion of the #BASQUIAT1 Asset Cost (1) | $170100 | 63.00% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $81000 | 30.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 0.11% |
| Brokerage Fee | Brokerage Fee | $2700 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $2025 | 0.75% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.04% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 0.07% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $13575 | 5.03% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$18600** | 6.89% |
| **Total Proceeds** (4) | **Total Proceeds** (4) | **$270000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual cash proceeds excludes the dollar value of the interests issued to the Asset Seller as consideration for the Asset.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on November 3, 2022, the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Consignment Agreement |
| Date of Agreement | 10/13/2022 |
| Expiration Date of Agreement | N/A |
| Option Exercise Amount | $170100 |
| Interests issued to Asset Seller as part of total consideration | $81000 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES 2022 JEAN-MICHEL BASQUIAT SUPERHERO PRINT PORTFOLIO**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #BASQUIAT1 Offering, Series #BASQUIAT1 will purchase a 2022 Jean-Michel Basquiat Superhero Print Portfolio Stamp-Numbered 7/85 and signed by Lisane Basquiat and Jeanine Heriveaux, the artist's sisters and administrators of the Estate of Jean-Michel Basquiat for Series #BASQUIAT1 (The "Series 2022 Jean-Michel Basquiat Superhero Print Portfolio" or the "Underlying Asset" with respect to Series #BASQUIAT1, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Biography.com, Jean-Michel Basquiat was, "a Neo-Expressionist painter in the 1980s. He is best known for his primitive style and his collaboration with pop artist Andy Warhol."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·#BASQUIAT1 contains prints of four quintessential Basquiat works including Riddle Me This Batman, A Panel of Experts, Piano Lesson, and Flash in Naples, published by Flatiron Editions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 2022 Jean-Michel Basquiat Superhero Print Portfolio Stamp-Numbered 7/85 and signed by Lisane Basquiat and Jeanine Heriveaux, the artist's sisters and administrators of the Estate of Jean-Michel Basquiat.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Basquiat was born on December 22, 1960, in New York City. The New York Observer says of Basquiat: "The Brooklyn son of a Haitian father and a mother of Puerto Rican descent, Basquiat died in 1988 at the age of 27 but has become so ubiquitous in the 34 years since that he's only slightly less famous than the A train and probably more famous than the 7."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Riddle Me This Batman is considered a figurative, neo-expressionist work. Jean-michel-basquiat.org states: "Riddle Me This Batman was created in 1987, just one year before Basquiat died in 1988, aged just 28 [sic]. This art work was made using acrylic crayon on paper, a medium that Basquiat used in several other of his works." The site also states: "This drawing is, as its title suggests, clearly a reference to the popular Batman comic and movie franchise. In the drawing, we can see Batman, Robin and the Joker. However, these easily recognisable cultural symbols are problematised, and somewhat subverted."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Basquiat's A Panel of Experts, a mixed media piece, was produced in 1982. The Montreal Museum of Fine Arts says of the piece: "[I]t embodies many of Basquiat's characteristic subjects and techniques, and also refers to a specific event in the artist's personal life. The fistfight at the top of the left rectangle is a stick-figure representation of an actual encounter between two women in a New York nightclub: Basquiat's girlfriend Suzanne Mallouk (nicknamed Venus) and his lover the singer Madonna, who, despite the copyright symbol beside her name, was not yet a celebrity."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·2005's Jean-Michel Basquiat Museo d'Arte Moderna, Citta di Lugano says of Basquiat's Piano Lesson: "Many paintings take cartoon themes as their entire subject, such as Piano Lesson (For Chiara) (1983), which depicts the comic book hero, Batman (with his hands and feet detached and floating at his side), and his sidekick, Robin, complete with a TWO WAY WRIST RADIO on his right arm."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·NeoText says of Basquiat's Flash in Naples: "In November 2017, Basquiat's kinetic Flash in Naples, which was valued at an estimated $7M — $10M, was speedily sold at auction by Sotheby's of New York for $8,131,000. And wouldn't we all like to have that kind of… (wait for it) fast cash."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·1981 marked Basquiat's first inclusion in a museum exhibition. According to Artsy.new: "It wasn't until 1981 that the art establishment began to notice Basquiat. By that year, he had started drawing and painting on paper and found surfaces like leather jackets. It was a selection of these pieces that curator Diego Cortez included in his 1981 landmark show "New York/New Wave" at MoMA PS1, alongside artists such as Andy Warhol, Keith Haring, Nan Goldin, and Robert Mapplethorpe."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On December 11, 1978 The Village Voice printed a story entitled SAMO© Graffiti: BOOSH-WAH or CIA? The piece includes an interview with Basquiat, referred to only as Jean, and discusses the relevance of his graffiti work done in collaboration with high school friend Al Diaz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·From March 6 – April 1 in 1982 Basquiat had his first US solo exhibition at Annina Nosei Gallery. The exhibition was well reviewed, and Basquiat was able to support himself on painting sales from this point forward.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 2006 rapper Jay-Z included lyrics referencing Basquiat: "Inspired by Basquiat, my chariot's on fire/Everybody took shots, hit my body up, I'm tired." Other rap artists citing Basquiat and his paintings include Kanye West, Nas, Lil' Wayne, and Kid Cudi.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Basquiat died at the age of 27 in 1988 from a heroin overdose. He left behind 917 drawings, 25 sketchbooks, 85 prints, and 171 paintings according to Phoebe Hobans book Basquiat: A Quick Killing in Art.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On October 13, 2017, Artnet named Basquiat as one of the most influential artists of the 20<sup>th</sup> Century.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Sothebys.com: "In 1980 he appeared in music video for Blondie's song "Rapture." It was lead singer Debbie Harry and her boyfriend Chris Stein who bought Basquiat's first painting for a mere $200."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On September 13, 2007, GQ listed Basquiat as the seventh most fashionable man of the past 50 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Observer.com: "Basquiat's younger sisters, Lisane Basquiat and Jeanine Heriveaux, became the executors of his estate after his father Gerard's death in 2013."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Basquiat and Andy Warhol's friendship and working relationship has become well known. According to VDWNY.com: "Warhol and Basquiat were formally introduced in the fall of 1982 by Swiss art dealer Bruno Bischofberger and soon thereafter formed a personal and professional relationship that would remain significant until Warhol's death in February of 1987."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In August of 1996 the biographical film Basquiat was released and brought in a worldwide gross of ~$3M. It starred Jeffery Wright as Basquiat and David Bowie as Andy Warhol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Shoe company Reebok has created a number of shoes adorned with Basquiat art. One of the earliest uses of Basquiat art on Reebok shoes was discussed in an October 2011 article from Complex.com: "Reebok pays homage to the late American artist Jean-Michel Basquiat in their latest take on the Pump Omni Lite. The retro kicks feature a black and white upper, stamped with crown branding throughout as well as additional Basquiat branding on the tongue and heel. A great tribute to the Brooklyn native."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·A controversial advertisement from Tiffany & Co. aired on September 2<sup>nd</sup> featuring a never-before-seen Basquiat painting alongside Jay-Z and Beyonce. According to the New York Post: "New York City's preeminent power couple, Beyoncé and Jay-Z, are facing backlash online after appearing in a new Tiffany & Co. advertising campaign that features a never-before-seen painting by late NY artist Jean-Michel Basquiat. Many critics are wondering how the anti-capitalist Basquiat would feel about having his work featured in a jewelry ad."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In May of 2022, Basquiat's 1982 piece entitled Devil broke all of his previous sales records. According to ArtNews.com: "The Basquiat is now the most expensive lot the house has ever sold, the price surpassing the $63 million benchmark set in 2010 when Andy Warhol's 1963 canvas *Men in Her Life* sold during a Phillips New York evening sale."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Collider.com: "The most famous work of art of Basquiat is an untitled painting that depicts a giant skull-like form against a blue blackdrop. It sold for $110.5 million in 2017, and not only it became the most expensive Basquiat work ever, but is also one of the ten most expensive works of art of all time."

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 2022 Jean-Michel Basquiat Superhero Print Portfolio Stamp-Numbered 7/85 and signed by Lisane Basquiat and Jeanine Heriveaux, the artist's sisters and administrators of the Estate of Jean-Michel Basquiat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a portfolio of four hand pulled limited edition screenprints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is stamp-numbered 7/85.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is published by Flatiron Editions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a set of four prints each with measurements of 1016 by 1016 mm. or 40 by 40in.

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·**Condition is as described in accompanying documentation provided by the Jean-Michel Basquiat Estate.

------

**Details**

---

| | |
|:---|:---|
| **Series 2022 Jean-Michel Basquiat Superhero Print Portfolio** | **Series 2022 Jean-Michel Basquiat Superhero Print Portfolio** |
| **Artist** | Jean-Michel Basquiat |
| **Memorabilia Type** | Portfolio (4 Prints) |
| **Subject** | Superheroes |
| **Title** | Riddle Me This |
| **Title (Cont.)** | A Panel of Experts |
| **Title (Cont.)** | Piano Lesson |
| **Title (Cont.)** | Flash in Naples |
| **Medium** | Silkscreen |
| **Year (Originals)** | 1982-1987 |
| **Year (Prints)** | 2022 |
| **Rarity** | Stamp-Numbered 7/85 |
| **Condition** | Good |
| **Measurements** | 1016 by 1016 mm. or 40 by 40 in. |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 2022 Jean-Michel Basquiat Superhero Print Portfolio going forward.

------

**USE OF PROCEEDS – SERIES #DRYOSAUR**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

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| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #DRYOSAUR Asset Cost (1) | Cash Portion of the #DRYOSAUR Asset Cost (1) | $181500 | 33.00% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $330000 | 60.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 0.05% |
| Brokerage Fee | Brokerage Fee | $5500 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $4125 | 0.75% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.02% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 0.04% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $28275 | 5.14% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$38200** | 6.95% |
| **Total Proceeds** (4) | **Total Proceeds** (4) | **$550000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Actual cash proceeds excludes the dollar value of the interests issued to the Asset Seller as consideration for the Asset.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. Pursuant to the additional terms of the agreement referenced in the Series Detail Table, the Company has agreed to attempt to list the Underlying Asset for sale at auction every two years beginning on the second anniversary of the date on which the Company exercises its option to purchase the Underlying Asset from the Asset Seller. Any such listings at auction are subject to certain requirements, including timing and price controls, set forth in the agreement referenced in the Series Detail Table and attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Purchase Option Agreement |
| Date of Agreement | 11/1/2022 |
| Expiration Date of Agreement | N/A |
| Option Exercise Amount | $181500 |
| Interests issued to Asset Seller as part of total consideration | $330000 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES 2021 DRYOSAURUS SKELETON**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #DRYOSAUR Offering, Series #DRYOSAUR will purchase a Dryosaurus skeleton excavated from the Bone Cabin Quarry in Laramie, Wyoming in 2021 as the Underlying Asset for Series #DRYOSAUR (The "Series 2021 Dryosaurus skeleton" or the "Underlying Asset" with respect to Series #DRYOSAUR, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Dryosaurus was an herbivorous small ornithopod dinosaur that lived in the Late Jurassic (155-140 million years ago) and has been discovered in Tanzania and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The first known Dryosaurus discovery took place in 1876 but was not classified as Dryosaurus until 1894. According to paleo.gg: "This genus was discovered in 1876 by American paleontologist Samuel Wendell Williston in Wyoming, USA, although it wasn't until 1894 that is was classified as a new genus of dinosaur. Many more Dryosaurus fossils were unearthed during the 20th Century, providing examples of the genus at various ages."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a Dryosaurus skeleton excavated from the Bone Cabin Quarry in Laramie, Wyoming in 2021.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to 'Systemics of hypsilophodontidae and basal Inguanodontia' from Historical Biology, David B. Weishampel and Ronald E. Einrich state: "Historically, Dryosaurus has been regarded as hypsilophodontid (Sternberg, 1940; Galton, 1977, 1981, 1983; Cooper, 1985), whereas Tenontosaurus was originally described as a member of Iguanodontidae (Ostrom, 1970). Only recently has Dryosaurus been separated from Hypsilophodontidae to form, along with Valdosaurus, a monophyletic Dryosauridae (Milner and Norman, 1984; Sues and Norman, 1990)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to the podcast I Know Dino: "Samuel Wendell Williston in Wyoming found ornithopod fossils in 1876. Charles Marsh named them a new species of Laosaurus (a hypsilophodont) in 1878, Laosaurus altus (altus means tall). In 1894, Marsh made it its own genus, Dryosaurus (an iguanodont)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to PBS: "Over 30 years of intense competition, a time period dubbed "The Bone Wars" by the press, Cope and Marsh laid the foundations of modern paleontology, and in the end they all but ruined each other. Cope died in 1897 at the age of 56, and Marsh followed in 1899 at the age of 67. Neither man lived to see the work of his lifetime discovered by the public."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to the book An Odyssey in Time: The Dinosaurs of North America by Dale A. Russell: "The head of Dryosaurus was rather-rabbit-like, with a squared-off snout suitable for browsing on flat surfaces. The teeth were inset toward the tongue, suggesting the presence of cheeks and they were worn to form a single but irregular chewing plane. The neck was not unusually flexible and the body was long, so that the animal may have tended to pivot its entire body vertically about the hips to bring the head to the plant material desired. The strength of the teeth suggests that the animal chewed its food rather thoroughly to speed digestion so that it did not have to carry a large ballast of unassimilated food. The legs of *Dryosaurus* were long, and the first toe had been greatly reduced in the same way that lateral toes in the feet of modern hooved mammals are reduced. It obviously depended on speed for protection against carnivores. The animal was evidently not abundant, and its remains may show an association with those of *Diplodocus*. Perhaps it scavenged plant materials uprooted or broken and left behind by the feeding giants. However, at one site in Tanzania a dense accumulation of dryosaur skeletal fragments indicates that a large number of the animals met their death suddenly, perhaps because of a flash flood. Such a concentration would be unlikely unless the animals occasionally herded."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Dryosaurus is Greek for "tree lizard" which is related to the habitat where dryosaurus lived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Dryosaurus size estimates range from 8-14 feet long and weighing 170-200 pounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Bone Cabin Quarry is a historic Morrison Formation quarry in southeastern Wyoming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to fossilera.com: "The Bone Cabin Quarry has historical significance because it was discovered in 1897 and excavated by the American Museum of Natural History from 1898 through 1905. It lies near

------

the famous Como Bluff and got it's [sic] name from a nearby sheepherder's cabin built entirely out of fossil dinosaur bones. This quarry now lies on private land, where it has continued to be excavated."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Britannica.com: "The Morrison Formation is famous for its dinosaur fossils, which have been collected for more than a century, beginning with a find near the town of Morrison, Colorado, in 1877. Radiometric dating indicates that the Morrison Formation is between 148 million and 155 million years old. Correlation of fossils indicates that it was deposited during the Kimmeridgian and early Tithonian ages and possibly during the latest Oxfordian Age."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The dryosaurus is mentioned in the 1993 novel Jurassic Park by Michael Crichton, "In the harsh quartz lights, the hypsilophodont's green head hung down out of the sling, the tongue dangling, the eyes dull. ... The hypsy was a small dryosaur, seven feet long, weighing about five hundred pounds."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Dryosaurus existed during the Late Jurassic and Early Cretaceous periods in Western North America, Africa, Europe, England, Romania, and possibly Australia. According to The Marshall Children's Dinosaur Encyclopedia: "One of the largest of the hypsilophodonts, Dryosaurus was also one of the earliest. Like other members of its family, it had long legs that were built for speed, with shin bones that were much longer than its thigh bones. There were three toes on each of its slender feet."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The National Park Service reports: "The mounted skeleton at the Carnegie Museum of Natural History is the most complete found in Western Hemisphere and the only mounted Dryosaurus altus in the world."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to The Financial Times: "The trend has even spread to Hollywood. Stars such as Leonardo DiCaprio and Nicolas Cage are avid fossil collectors, while Russell Crowe recently sold part of his fossil collection at Sotheby's Australia after his divorce, including a mosasaurus skull that went for A$79,300 ($60,000)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Business Insider: "In 2007, Nicolas Cage outbid Leonardo DiCaprio for a $276,000 Mongolian dinosaur skull. The skull turned out to be stolen, so Cage later had to give it to US authorities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Museum Educator at Beneski Museum of Natural History, Alfred J. Venne, explained that there are currently only two publicly exhibited Dryosaurus skeletons globally: "There are only two fully articulated skeletons of Dryosaurus altus specimens on display, the one at the Beneski and the other is at the Carnegie Museum in Pittsburgh."

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a Dryosaurus skeleton excavated from the Bone Cabin Quarry in Laramie, Wyoming in 2021.

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is of excellent quality overall, exhibiting nice detail, solid outer surfaces, and natural dark brown patina. All skeleton elements have been fully cleaned and stabilized for mounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset has no sign of "pyrite disease" or other mineral issues that would represent a problem with future preservation of the fossil.

**Details**

---

| | |
|:---|:---|
| **Series 2021 Dryosaurus skeleton** | **Series 2021 Dryosaurus skeleton** |
| **Memorabilia Type** | Dryosaurus Skeleton |
| **Order** | Ornithischia |
| **Suborder** | Orinthopoda |
| **Family** | Dryosauridae |
| **Genus** | Dryosaurus |
| **Species** | Dryosaurus altus |
| **Excavation Site** | Bone Cabin Quarry in Laramie, Wyoming |

---

------

---

| | |
|:---|:---|
| **Excavation Date** | August 2021 |
| **Condition** | Estimate 50% complete by bone mass |
| **Presentation** | Mounted on a display stand |
| **Measurements** | 102in x 28in x 36in (LxWxH) |
| **Length** | 8.5 feet |
| **Height** | 3 feet |
| **Width** | 2 1/3 feet |
| **Certification** | Osteograph mapping original bone content |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1999 Triceratops Skull going forward.

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**USE OF PROCEEDS – SERIES # FAREWELL**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

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| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #FAREWELL Asset Cost (1) | Cash Portion of the #FAREWELL Asset Cost (1) | $13500 | 90.00% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $0 | 0.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 2.00% |
| Brokerage Fee | Brokerage Fee | $150 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $500 | 3.33% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.67% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 1.33% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $250 | 1.67% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$1200** | 8.00% |
| **Total Proceeds** | **Total Proceeds** | **$15000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on February 24, 2022, the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Upfront Purchase |
| Date of Agreement | 9/21/2021 |
| Expiration Date of Agreement | N/A |
| Purchase Price | $13500 |
| Interests issued to Asset Seller as part of total consideration | $0 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES 1929 A FAREWELL TO ARMS**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #FAREWELL Offering, Series #FAREWELL will purchase a 1929 1st Edition Copy of A Farewell To Arms by Ernest Hemingway for Series #FAREWELL (The "Series 1929 A Farewell To Arms" or the "Underlying Asset" with respect to Series #FAREWELL, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Ernest Hemingway is a Nobel Prize-winning author considered to be one of the greatest American writers in history,<sup>[<sup>2</sup>](#_ftnf2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·A Farewell to Arms is a novel by Ernest Hemingway that depicts the feelings of disillusionment experienced by the "Lost Generation" of authors who came of age in the period following World War I.<sup>[<sup>3</sup>](#_ftnf3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1929 1st Edition Copy of A Farewell To Arms by Ernest Hemingway.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Ernest Hemingway was born on July 21, 1899, in Illinois.<sup>[<sup>4</sup>](#_ftnf4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hemingway graduated high school in 1917 and moved to Kansas City where he worked as a reporter.<sup>[<sup>5</sup>](#_ftnf5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hemingway worked as an ambulance driver for the American Red Cross during World War I.<sup>[<sup>6</sup>](#_ftnf6)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·While serving on the Austro-Italian front, Hemingway was injured and hospitalized in Milan.<sup>[<sup>7</sup>](#_ftnf7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hemingway later worked as foreign correspondent for the Toronto Star in France, where he would publish a collection of stories called "In Our Time" in 1924. The book was published in New York a year later.<sup>[<sup>8</sup>](#_ftnf8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hemingway found success with his novel "The Sun Also Rises" in 1926.<sup>[<sup>9</sup>](#_ftnf9)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1929, Hemingway published "A Farewell to Arms." The semi-autobiographical novel draws on Hemingway's experience during the war to depict "the existential disillusionment of the 'Lost Generation'."<sup>[<sup>10</sup>](#_ftnf10)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to the New York Times: In an interview in The Paris Review in 1958 Ernest Hemingway made an admission that has inspired frustrated novelists ever since: The final words of "A Farewell to Arms," his wartime masterpiece, were rewritten '39 times before I was satisfied.'<sup>[<sup>11</sup>](#_ftnf11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to the National Endowment for the Arts: "Ernest Hemingway is the notorious tough guy of modern American letters, but it would be hard to find a more tender and rapturous love story than *A Farewell to Arms.* It would also be hard to find a more harrowing American novel about World War I. Hemingway masterfully interweaves these dual narratives of love and war, joy and terror, and—ultimately—liberation and death. It will surprise no one that a book so vivid and deeply felt originated in the author's own life. Hemingway served as an ambulance driver for the Italian army in World War I. Severely wounded, he recuperated in a Red Cross hospital in Milan where he fell in love with one of his nurses. This relationship proved the model for Frederic and Catherine's tragic romance in *A Farewell to Arms.*"<sup>[<sup>12</sup>](#_ftnf12)</sup>

------

<sup>[<sup>2</sup>](#_ftnb2)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>3</sup>](#_ftnb3)</sup> https://www.britannica.com/topic/A-Farewell-to-Arms-novel

<sup>[<sup>4</sup>](#_ftnb4)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>5</sup>](#_ftnb5)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>6</sup>](#_ftnb6)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>7</sup>](#_ftnb7)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>8</sup>](#_ftnb8)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>9</sup>](#_ftnb9)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>10</sup>](#_ftnb10)</sup> https://www.britannica.com/topic/A-Farewell-to-Arms-novel

<sup>[<sup>11</sup>](#_ftnb11)</sup> https://www.nytimes.com/2012/07/05/books/a-farewell-to-arms-with-hemingways-alternate-endings.html

<sup>[<sup>12</sup>](#_ftnb12)</sup> https://www.arts.gov/initiatives/nea-big-read/farewell-arms

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The National Endowment for the Arts also goes on to write: "The final chapter is one of the most famous, and heartbreaking, conclusions in modern literature."<sup>[<sup>13</sup>](#_ftnf13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hemingway was awarded the Nobel Prize of Literature in 1954.<sup>[<sup>14</sup>](#_ftnf14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hemingway died on July 2, 1961, in Ketchum, Idaho.<sup>[<sup>15</sup>](#_ftnf15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Farewell to Arms was banned in Italy from 1929 until 1948 by the Italian Government. The book's discussion of the Italian Army's humiliating defeat at the Battle of Caporetto and general anti-military, anti-fascist content was noted by Italian censors. Italian writer Fernanda Pivano was arrested in 1943 for translating the novel.<sup>[<sup>16</sup>](#_ftnf16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Modern Library ranks A Farewell to Arms as one of the top 100 best novels ever written.<sup>[<sup>17</sup>](#_ftnf17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·A Farewell to Arms is ranked No. 20 on the American Library Association's banned book list.<sup>[<sup>18</sup>](#_ftnf18)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Ideal Library lists A Farewell to Arms as 8<sup>th</sup> best novel of all time. The Ideal Library is a collective of 100 prominent writers and cultural figures polled for their choice of an "ideal library".<sup>[<sup>19</sup>](#_ftnf19)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is accompanied by a signed letter of authenticity from Darren Sutherland, a New York-based rare book specialist.

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 1929 1st Edition Copy of A Farewell To Arms by Ernest Hemingway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is 1 of 510 Signed Limited Edition copies of A Farewell to Arms printed on large paper and signed by Hemingway. This edition of A Farewell to Arms is "the only signed limited issue of Hemingway's works" according to Edgar Grissom.<sup>[<sup>20</sup>](#_ftnf20)</sup>

*Notable Defects* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·**The Underlying Asset exhibits wear consistent with its condition designation of 'Fine'.

**Details**

---

| | |
|:---|:---|
| **Series 1929 A Farewell To Arms** | **Series 1929 A Farewell To Arms** |
| **Title**  | A Farewell to Arms |
| **Author** | Ernest Hemingway |
| **Publisher**  | Charles Scribner's Sons |
| **Publication Date**  | 1929 |
| **Edition**  | First Printing, Signed Limited Edition |
| **Rarity** | 1 of 510 (Signed Limited Edition) |
| **Condition** | Fine |

---

------

<sup>[<sup>13</sup>](#_ftnb13)</sup> https://www.arts.gov/initiatives/nea-big-read/farewell-arms

<sup>[<sup>14</sup>](#_ftnb14)</sup> https://www.nobelprize.org/prizes/literature/1954/hemingway/biographical/

<sup>[<sup>15</sup>](#_ftnb15)</sup> https://www.britannica.com/biography/Ernest-Hemingway

<sup>[<sup>16</sup>](#_ftnb16)</sup> https://www.booksontrial.com/why-italians-banned-hemingway-novel-a-farewell-to-arms/

<sup>[<sup>17</sup>](#_ftnb17)</sup> https://www.modernlibrary.com/top-100/100-best-novels/

<sup>[<sup>18</sup>](#_ftnb18)</sup> http://www.kansan.com/arts_and_culture/ku-common-book-a-farewell-to-arms-remains-on-national-banned-books-list/article_d311dba8-694b-11e5-b9b3-63d0edd23109.html.

<sup>[<sup>19</sup>](#_ftnb19)</sup> https://thegreatestbooks.org/lists/149

<sup>[<sup>20</sup>](#_ftnb20)</sup> https://www.oakknoll.com/pages/books/102275/c-edgar-grissom/ernest-hemingway-a-descriptive-bibliography

------

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1929 A Farewell To Arms going forward.

------

**USE OF PROCEEDS – SERIES # ARSHAM1**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #ARSHAM1 Asset Cost (1) | Cash Portion of the #ARSHAM1 Asset Cost (1) | $86031 | 63.73% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $0 | 0.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 0.22% |
| Brokerage Fee | Brokerage Fee | $1350 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $1013 | 0.75% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $100 | 0.07% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 0.15% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee | Sourcing Fee | $12038 | 8.92% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$14700** | 10.89% |
| **Total Proceeds** | **Total Proceeds** | **$135000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of an agreement listed in the Series Detail Table with the Asset Seller to be paid in full at the expiration date of the agreement listed in the Series Detail Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Upfront Purchase |
| Date of Agreement | 1/27/2023 |
| Expiration Date of Agreement | N/A |
| Purchase Price | $120000 |
| Interests issued to Asset Seller as part of total consideration | $0 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $300 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES 1963 MERCEDES-BENZ UNIMOG 404**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #ARSHAM1 Offering, Series #ARSHAM1 will purchase a 1963 Arsham Studio Stone Island Mercedes-Benz Unimog 404 for Series #ARSHAM1 (The "Series 1963 Mercedes-Benz Unimog 404" or the "Underlying Asset" with respect to Series #ARSHAM1, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Daniel Arsham is an artist and designer who became well known at age 25, when, according to owity.com: "he had been asked to design his first several places for Merce Cunningham's productions. A number of the best-known works comprise a series of setups that destabilize the solidity of gallery walls, like they seem to be dripping, folding, oozing, or consuming furniture."<sup>[<sup>21</sup>](#_ftnf21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Unimog is a Mercedes-Benz vehicle produced in the Unimog plant in Baden-Wurttemberg, Germany from 1944 to 1980. Unimog.net states: "UNIMOG is a name that stands alone for one of the best light truck families ever made. UNIMOGs are in military and civilian service all over the world; over 298,779 were produced from 1948 through 1993."<sup>[<sup>22</sup>](#_ftnf22)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1963 Arsham Studio Stone Island Mercedes-Benz Unimog 404.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We do not intend to allow Interests in this Series to trade on the PPEX ATS. Therefore, there will be no liquidity for Interests in such Series unless the Manager determines to allow secondary trading at a later date.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to DanielArsham.com: "Arsham attended the Cooper Union in New York City where he received the Gelman Trust Fellowship Award in 2003."<sup>[<sup>23</sup>](#_ftnf23)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Arsham's work has been on display at the MoMA PS1 in New York and The Museum of Contemporary Art in Miami.<sup>[<sup>24</sup>](#_ftnf24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Sbhartweek.com: "Arsham founded Snarkitecture with Alex Mustonen in 2007. The architecture collaboration has included work with fashion brands, interior and architectural design, and a complete line of functional design objects."<sup>[<sup>25</sup>](#_ftnf25)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Ocula.com: "Beyond the gallery walls, Daniel Arsham has collaborated, since 2007, with Alex Mustonen on 'Snarkitecture': a highly acclaimed design practice. In 2014 he established 'Film the Future', creating films set in a fictional future. He has also created set designs for the Merce Cunningham Dance Company; signed to Adidas; collaborated with Dior and Pharrell Williams; and in 2020 he became creative director for the Cleveland Cavaliers NBA team in his home state of Ohio."<sup>[<sup>26</sup>](#_ftnf26)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 2020 Daniel Arsham was named Cleveland Cavaliers' Creative Director. According to Complex.com: "Following his involvement in the Rocket Mortgage FieldHouse renovation, the world-renowned artist/Cleveland native announced his new position as the Cavs' first-ever creative director. Arsham will be responsible for aspects of the organization's visual identity, including uniforms, home court, and banner designs as well as social media content."<sup>[<sup>27</sup>](#_ftnf27)</sup>

------

<sup>[<sup>21</sup>](#_ftnb21)</sup> https://owity.com/blogs/owity-blog/daniel-arsham-artist-profile

<sup>[<sup>22</sup>](#_ftnb22)</sup> http://www.unimog.net/articles/schramm/

<sup>[<sup>23</sup>](#_ftnb23)</sup> https://www.danielarsham.com/about

<sup>[<sup>24</sup>](#_ftnb24)</sup> https://www.danielarsham.com/about

<sup>[<sup>25</sup>](#_ftnb25)</sup> https://www.sbhartweek.com/collections/daniel-arsham

<sup>[<sup>26</sup>](#_ftnb26)</sup> https://ocula.com/artists/daniel-arsham/

<sup>[<sup>27</sup>](#_ftnb27)</sup> https://www.complex.com/style/2020/11/artist-daniel-arsham-cleveland-cavaliers-creative-director

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Ocula.com Daniel Arsham Solo Exhibitions include: Relics of Kanto Through Time, Parco Museum Tokyo (2020); Connecting Time, Moco Museum, Amsterdam (2019); "3018", Perrotin New York (2018); Hourglass, High Museum of Art, Atlanta (2017); Moons and Music, Eden Rock Gallery, St Barths, French West Indies (2016); The Future Was Then, SCAD Museum of Art, Savannah (2016); #FUTUREARCHIVE, Espaces Louis Vuitton, Singapore (2013); Homesick, Galerie Emmanuel Perrotin, Paris (2005).<sup>[<sup>28</sup>](#_ftnf28)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Ocula.com Daniel Arsham Group Exhibitions include: Crystal: Visible and Invisible, Crystal Bridges Museum of American Art, Arkansas (2019); Invento, OCA, São Paulo (2015); Shattered: Contemporary Sculpture in Glass, Musee d'Art Moderne et Contemporain de Saint-Etienne, France (2014); Homebodies, Museum of Contemporary Art Chicago (2013); Fresh!, Museum Of Glass, Seattle (2006); Miami Nice, Galerie Perrotin, Paris (2004).<sup>[<sup>29</sup>](#_ftnf29)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to DESIGNBOOM.COM: "Daniel Arsham has stripped back his original 1955 Porsche 356 Speedster to create the Porsche 356 Bonsai, inspired by the Japanese concept Wabi-Sabi as the car design retains the natural age and patina of the nearly 70-year-old vehicle. Arsham has long been influenced by the Japanese culture and the way its specialized craftspeople pay attention to the details of their traditions."<sup>[<sup>30</sup>](#_ftnf30)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to CULTED.COM: "Founded in 1982 in the northern Italian town of Ravarino, Stone Island is the brainchild of Massimo Osti, a revolutionary fashion designer and garment engineer from Bologna. Named after the nautical novels of Joseph Conrad, it was conceived with a deep philosophy of research, experimentation, and function. Osti didn't simply design fashion, he engineered it."<sup>[<sup>31</sup>](#_ftnf31)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to HighSnobiety.com: "Stone Island has had a cult following in Europe since the very beginning," Ollie explained. "It was first adopted by the Paninaro youth in Italy in the '80s - their style was very much inspired by '50s Americana, but combined with sporty Italian designer labels. It was around this period that British football fans, following their teams to European Cup games, started bringing back some of these same labels to wear on terraces in the UK, appropriating the Paninaro look and building their own subculture around it."<sup>[<sup>32</sup>](#_ftnf32)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Numerous celebrities are ardent fans of Stone Island. Dua Lipa, Adam Sandler, Steven Spielberg, and Spike Lee are just a few big names to regularly sport clothing with the "Stone Island Patch".<sup>[<sup>33</sup>](#_ftnf33)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Albert Friedrich, former chief engineer of Daimler-Benz's aircraft engine research division, started in December 1945, developing a highly specialized vehicle for agriculture. His concept was for a four-wheel drive, self-locking differentials, high ground clearance (by rigid portal axles), with power take offs at the front and rear, a small loading platform, a driver's cab for two people, extremely low speed for working in the fields, and with highway capability for up to 50 km/h (30 mph). The project started in a factory at Schwäbisch Gmünd, in southern Germany, in the Gold und Silberfabrik Erhand & Söhne. The company had never been involved in making vehicles or tractors.<sup>[<sup>34</sup>](#_ftnf34)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Mercedes Unimog has been featured in a number of films and television series, including but not limited to, Jurassic Park: The Lost World; X-Files, Congo, and Midnight Express.<sup>[<sup>35</sup>](#_ftnf35)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On August 31, 2012, the Mercedes-Benz website reported: "Since the demise of the Hummer, former Governator Arnold Schwarzenegger has moved on to the Mercedes-Benz Unimog. He was spotted on Thursday driving around the rough terrain of Santa Monica in his new monster truck."<sup>[<sup>36</sup>](#_ftnf36)</sup>

------

<sup>[<sup>28</sup>](#_ftnb28)</sup> https://ocula.com/artists/daniel-arsham/

<sup>[<sup>29</sup>](#_ftnb29)</sup> https://ocula.com/artists/daniel-arsham/

<sup>[<sup>30</sup>](#_ftnb30)</sup> https://www.designboom.com/technology/daniel-arsham-transforms-his-porsche-into-356-bonsai-09-22-2022/

<sup>[<sup>31</sup>](#_ftnb31)</sup> https://culted.com/the-rise-of-stone-island-from-hooligan-to-high-fashion/

<sup>[<sup>32</sup>](#_ftnb32)</sup> https://www.highsnobiety.com/p/celebrity-stone-island-outfits/

<sup>[<sup>33</sup>](#_ftnb33)</sup> https://www.highsnobiety.com/p/celebrity-stone-island-outfits/

<sup>[<sup>34</sup>](#_ftnb34)</sup> http://www.unimog.net/articles/schramm/

<sup>[<sup>35</sup>](#_ftnb35)</sup> https://www.cs.brandeis.edu/~zippy/unimog-movie.html

<sup>[<sup>36</sup>](#_ftnb36)</sup> https://emercedesbenz.com/autos/mercedes-benz/unimog/arnold-schwarzenegger-cruises-santa-monica-streets-in-unimog/

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to CNET in 2020: "Two awesome Mercedes-Benz Unimog trucks set a new altitude world record. The rigs were part of a scientific expedition in Chile that climbed the world's highest volcano."<sup>[<sup>37</sup>](#_ftnf37)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Arsham has worked on collaborations with brands, including Porsche, Adidas, Pokémon, Pharrell and Tiffany & Co., among others.<sup>[<sup>38</sup>](#_ftnf38)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to art brokerage firm Artsy, searches for Arsham's work on its site increased by 11x from 2016 to 2020.<sup>[<sup>39</sup>](#_ftnf39)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Regarding Daniel Arsham's art, Christie's Paris Contemporary Art Specialist Emmanuelle Chan stated that "For an internationally unrecognized artist with exhibitions in museums like Guimet…I definitely think that it's still on the undervalued side."<sup>[<sup>40</sup>](#_ftnf40)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·To Rally's knowledge, #ARSHAM1 is the first public sale of a functioning vehicle customized by Daniel Arsham.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to Phillips Auction House, Daniel Arsham's "Future Relics" series depicts "…everyday objects as artefacts unearthed in a futuristic geological dig, years of material damage from the elements captured in ghostly, intricately crystalised erosions."<sup>[<sup>41</sup>](#_ftnf41)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In July 2022, Phillips sold a 2019 piece entitled "Grey Selenite Eroded Porsche" by Daniel Arsham for $209,625.<sup>[<sup>42</sup>](#_ftnf42)[<sup>43</sup>](#_ftnf43)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In December 2021, Perrotin sold a 2021 piece entitled "Eroded Porsche 911) by Daniel Arsham for between $500,000 and $600,000.<sup>[<sup>44</sup>](#_ftnf44)[<sup>45</sup>](#_ftnf45)</sup>

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 1963 Arsham Studio Stone Island Mercedes-Benz Unimog 404.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset has the original gasoline 2.2L straight-6 engine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset was upgraded to a civilian based electronic ignition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset has been serviced regularly over its lifetime of 60 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying asset is restored to an excellent condition.

*Notable Defects*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is in condition commensurate with mileage and frequency of servicing.

**Details**

---

| | |
|:---|:---|
| **Series 1963 Mercedes-Benz Unimog 404** | **Series 1963 Mercedes-Benz Unimog 404** |
| **Manufacturer**  | Mercedes-Benz |
| **Year** | 1963 |

---

------

<sup>[<sup>37</sup>](#_ftnb37)</sup> https://www.cnet.com/roadshow/news/mercedes-benz-unimog-chile-volcano-world-record/

<sup>[<sup>38</sup>](#_ftnb38)</sup> https://www.highsnobiety.com/p/daniel-arsham-best-collaborations/

<sup>[<sup>39</sup>](#_ftnb39)</sup> https://www.artsy.net/article/artsy-editorial-data-spotlight-la-artists-trending

<sup>[<sup>40</sup>](#_ftnb40)</sup> https://www.artsy.net/article/artsy-editorial-data-spotlight-la-artists-trending

<sup>[<sup>41</sup>](#_ftnb41)</sup> https://www.phillips.com/detail/daniel-arsham/HK010220/20

<sup>[<sup>42</sup>](#_ftnb42)</sup> https://www.phillips.com/detail/daniel-arsham/HK010220/20

<sup>[<sup>43</sup>](#_ftnb43)</sup> "Past transaction data is not intended to indicate past or expected performance of any security. Third party transaction data is sourced from publicly available third-party websites, and there is no guarantee as to the veracity of the information, and we cannot confirm that the transaction occurred."

<sup>[<sup>44</sup>](#_ftnb44)</sup>https://www.artnews.com/gallery/art-news/photos/sales-highlights-2021-art-basel-miami-beach-1234611676/screen-shot-2021-12-02-at-11-11-51-am/

<sup>[<sup>45</sup>](#_ftnb45)</sup> "Past transaction data is not intended to indicate past or expected performance of any security. Third party transaction data is sourced from publicly available third-party websites, and there is no guarantee as to the veracity of the information, and we cannot confirm that the transaction occurred."

------

---

| | |
|:---|:---|
| **Model** | Unimog 404.114 |
| **Production Total (404.114)** | 50321 |
| **Engine** | 2195 cc Straight-six Otto, Water cooled |
| **Transmission** | 6-Speed Manual Transmission (2 Reverse) |
| **Documentation** | Yes |
| **Condition** | Restored |
| **Books/manuals/tools** | Original |
| **Color** | Nato Green |
| **Paint** | Repainted |
| **VIN** | 404114028396 |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1963 Mercedes-Benz Unimog 404 going forward.

------

**USE OF PROCEEDS – SERIES # APOLLO14**

We estimate that the gross proceeds of the Series Offering (including from Series Interests acquired by the Manager) will be approximately the amount listed in the Use of Proceeds Table assuming the full amount of the Series Offering is sold, and will be used as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Use of Proceeds Table** | **Use of Proceeds Table** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| **Uses** | **Uses** |  |  |
| Cash Portion of the #APOLLO14 Asset Cost (1) | Cash Portion of the #APOLLO14 Asset Cost (1) | $18666 | 93.33% |
| Interests issued to Asset Seller as part of total consideration (1) | Interests issued to Asset Seller as part of total consideration (1) | $0 | 0.00% |
| Cash on Series Balance Sheet | Cash on Series Balance Sheet | $300 | 1.50% |
| Brokerage Fee | Brokerage Fee | $200 | 1.00% |
| Offering Expenses (2) | Offering Expenses (2) | $500 | 2.50% |
| Acquisition Expenses (3) | Accrued Interest | $0 | 0.00% |
| Acquisition Expenses (3) | Finder Fee | $0 | 0.00% |
| Acquisition Expenses (3) | Registration and other vehicle-related fees | $0 | 0.00% |
| Acquisition Expenses (3) | Transport from Seller to Warehouse incl. associated Insurance (as applicable) | $135 | 0.67% |
| Acquisition Expenses (3) | Marketing Materials | $200 | 1.00% |
| Acquisition Expenses (3) | Refurbishment & maintenance | $0 | 0.00% |
| Sourcing Fee (4) | Sourcing Fee (4) | $0 | 0% |
| **Total Fees and Expenses** | **Total Fees and Expenses** | **$1035** | 5.17% |
| **Total Proceeds** | **Total Proceeds** | **$20000** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Company decided to write down the value of the asset due to changing market conditions from the purchase price of $52,634.73 to $18,666.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Solely in connection with the offering of the Series Interests, the Manager has assumed and will not be reimbursed for Offering Expenses, except for expenses related to the Custody Fee, which will be paid through the proceeds of the Series Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To the extent that Acquisition Expenses are lower than anticipated, any overage would be maintained in an operating account for future Operating Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Manager has waived any Sourcing Fee with respect to this Offering.

Upon the Closing of the Offering, proceeds from the sale of the Series Interests will be distributed to the account of the Series.

------

On the date listed in the Series Detail Table, the Company's affiliate RSE Archive, LLC entered into the agreement listed in the Series Detail Table regarding the Underlying Asset with the Asset Seller for the Cash Portion of the Asset Cost listed in the Use of Proceeds Table. RSE Archive, LLC assigned the Underlying Asset to the Company pursuant to an Assignment and Assumption Agreement on February 10, 2023 the form of which is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

---

| | |
|:---|:---|
| **Series Detail Table** | **Series Detail Table** |
| Agreement Type | Upfront Purchase |
| Date of Agreement | 11/12/2021 |
| Expiration Date of Agreement | N/A |
| Purchase Price | $52634.73 |
| Interests issued to Asset Seller as part of total consideration | $0 |
| Asset Seller Specifics |  |
| Acquisition Expenses | $335 |

---

In addition to the costs of acquiring the Underlying Asset, proceeds from the Series Offering will be used to pay the following, listed in the Series Detail Table and the Use of Proceeds Table above (i) the Brokerage Fee to the BOR as consideration for providing certain broker-dealer services to the Company in connection with this Series Offering, (ii) the Offering Expenses related to the anticipated Custody Fee, (iii) the Acquisition Expenses, including but not limited to the items described in the Use of Proceeds Table above, except as to the extent that Acquisition Expenses are lower than anticipated, any overage will be maintained in an operating account for future Operating Expenses, and (iv) the Sourcing Fee to the Manager as consideration for assisting in the sourcing of the Series. Of the proceeds of the Series Offering, the Cash on Series Balance Sheet listed in the Use of Proceeds Table will remain in the operating account of the Series for future Operating Expenses.

The allocation of the net proceeds of this Series Offering set forth above, represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth above. The Company is not expected to keep any of the proceeds from the Series Offering. The Series is expected to keep Cash on the Series Balance Sheet in the amount listed in the Use of Proceeds Table from the proceeds of the Series Offering for future Operating Expenses. In the event that less than the Maximum Series Interests are sold in connection with the Series Offering, the Manager may pay, and not seek reimbursement for, the Brokerage Fee, Offering Expenses and Acquisition Expenses and may waive the Sourcing Fee.

------

**DESCRIPTION OF SERIES 1971 APOLLO 14 FLOWN BIBLE**

**Investment Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Upon completion of the Series #APOLLO14 Offering, Series #APOLLO14 will purchase a 1971 Apollo 14 Flown King James Bible carried to the Moon by astronaut Edgar Mitchell for Series #APOLLO14 (The "Series 1971 Apollo 14 Flown Bible" or the "Underlying Asset" with respect to Series #APOLLO14, as applicable), the specifications of which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Apollo Prayer League was founded by NASA chaplain Reverend John Stout to land a bible on the moon in honor of Apollo 1 astronaut Edward White.<sup>[<sup>46</sup>](#_ftnf46)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·During the Apollo 14 mission to the moon, 100 copies of a microform bible were stowed in the lunar module and accompanied the mission to the lunar surface, marking the first time a bible was landed on the moon,<sup>[<sup>47</sup>](#_ftnf47)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is a 1971 Apollo 14 Flown King James Bible carried to the Moon by astronaut Edgar Mitchell.

**Asset Description** 

*Overview & Authentication*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The U.S. Congress passed legislation on July 29, 1958, that established the National Aeronautics and Space Administration (NASA).<sup>[<sup>48</sup>](#_ftnf48)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·In 1960, Abe Silverstein, director of NASA's space flight development, suggested the name "Apollo" for the first crewed US Mission to the Moon. He got the idea from an image of Apollo riding his chariot across the sun in a book of mythology.<sup>[<sup>49</sup>](#_ftnf49)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On May 25, 1961, in a speech to Congress, President John F. Kennedy unveiled a pledge to carry out Project Apollo, "I believe that this nation should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the earth. No single space project in this period will be more impressive to mankind, or more important for the long-range exploration of space; and none will be so difficult or expensive to accomplish."<sup>[<sup>50</sup>](#_ftnf50)[<sup>51</sup>](#_ftnf51)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On September 12, 1962, President Kennedy gave his now-famous "We choose to go to the moon," speech at Rice University.<sup>[<sup>52</sup>](#_ftnf52)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Project Apollo ran from 1961 to 1972, though the goal of landing on the moon was accomplished in 1969.<sup>[<sup>53</sup>](#_ftnf53)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·During a pre-launch test in January 1967, the crew of the Apollo 1 mission was killed by a fire caused by technical issues. This incident resulted in Apollo 2 and Apollo 3 being retroactively designated to unmanned test flights. Apollo 4, 5, and 6 were all unmanned test flights of Apollo mission equipment.<sup>[<sup>54</sup>](#_ftnf54)[<sup>55</sup>](#_ftnf55)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·"An estimated 600 million people around the world watched as Armstrong and Aldrin left the first footprints on the lunar surface. The landing marked not just a historic milestone, but also the end of the

------

<sup>[<sup>46</sup>](#_ftnb46)</sup> https://www.apolloprayerleague.com/?The_First_Lunar_Bible___The_Apollo_Prayer_League

<sup>[<sup>47</sup>](#_ftnb47)</sup> https://www.livescience.com/63150-apollo-14-space-bible-auctioned.html

<sup>[<sup>48</sup>](#_ftnb48)</sup> https://www.history.com/this-day-in-history/nasa-created

<sup>[<sup>49</sup>](#_ftnb49)</sup> https://www.axios.com/how-nasa-moon-missions-names-776030aa-3a99-4e9a-8b75-9726dde2ae83.html

<sup>[<sup>50</sup>](#_ftnb50)</sup> https://www.jfklibrary.org/learn/about-jfk/historic-speeches/address-to-joint-session-of-congress-may-25-1961

<sup>[<sup>51</sup>](#_ftnb51)</sup> https://history.nasa.gov/Apollomon/Apollo.html

<sup>[<sup>52</sup>](#_ftnb52)</sup> https://www.mentalfloss.com/article/639102/john-f-kennedy-moon-speech

<sup>[<sup>53</sup>](#_ftnb53)</sup> https://www.space.com/apollo-11-complete-guide.html

<sup>[<sup>54</sup>](#_ftnb54)</sup> https://www.popsci.com/blog-network/vintage-space/what-happened-apollos-2-and-3/

<sup>[<sup>55</sup>](#_ftnb55)</sup>https://nssdc.gsfc.nasa.gov/planetary/lunar/apollo1info.html#:~:text=27%20January%201967&text=One%20of%20the%20worst%20tragedies,preflight%20test%20at%20Cape%20Canaveral.

------

Cold War Space Race between the U.S. and the Soviet Union. The Apollo program brought more missions and more landings, but Apollo 11 marked an unparalleled victory for the U.S."<sup>[<sup>56</sup>](#_ftnf56)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Only 12 human beings have walked on the Moon. Nobody has physically returned to the lunar surface since the Apollo 17 mission in 1972.<sup>[<sup>57</sup>](#_ftnf57)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·NASA announced the Artemis program which will send the first woman and person of color to the moon. Currently slated for 2025, this mission will return astronauts to the moon for the first time since the Apollo 17 mission.<sup>[<sup>58</sup>](#_ftnf58)[<sup>59</sup>](#_ftnf59)[<sup>60</sup>](#_ftnf60)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·One of the astronauts who died during the Apollo 1 catastrophe named Edward White had hoped to bring a bible to the moon aboard Apollo 1. The NASA chaplain, Reverend John Stout, had grown close to White before his death. White was the first American to walk in space on June 3, 1965.<sup>[<sup>61</sup>](#_ftnf61)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to the Daily Mail: "Before his death White had told a reporter that he hoped one day to carry a Bible to the moon, so in the aftermath of the tragedy the Apollo Prayer Group adopted the challenge on his behalf."<sup>[<sup>62</sup>](#_ftnf62)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·After the death of White, Stout vowed to fulfill White's dream, forming the Apollo Prayer League (APL) in 1968. According to the APL's website: "The only criteria for membership was the belief in the power of prayer, regardless of denomination. The group was perpetuated by a uniquely American enterprise whereby each member would select five other members who believed in the power of prayer, who would then in turn select five others, and so on."<sup>[<sup>63</sup>](#_ftnf63)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The mission to land a bible on the moon was made difficult do to size and weight restrictions imposed by NASA on their spacecrafts. Therefore, a standard bible was too large to accompany a spacecraft to the moon.<sup>[<sup>64</sup>](#_ftnf64)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·To overcome the obstacle of size, the APL and the National Cash Register Company produced a microform version of the King James Bible to be carried by Apollo 12 pilot Alan Bean in November 1969. However, due to an error that placed the bible in the incorrect module, the bible orbited the moon but did not touch down on the lunar surface.<sup>[<sup>65</sup>](#_ftnf65)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·George H.W. Bush presented copies of the bible to the Apollo 13 crew, but due to the mission's failure to land on the moon, the APL's goal to land a bible on the moon was once again thwarted.<sup>[<sup>66</sup>](#_ftnf66)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·On February 5, 1971, a separate group of lunar bibles were successfully landed on the moon by Lunar Module Pilot Edgar Mitchell during the Apollo 14 mission.<sup>[<sup>67</sup>](#_ftnf67)</sup>

------

<sup>[<sup>56</sup>](#_ftnb56)</sup> https://www.space.com/apollo-11-complete-guide.html

<sup>[<sup>57</sup>](#_ftnb57)</sup> https://www.space.com/apollo-11-complete-guide.html

<sup>[<sup>58</sup>](#_ftnb58)</sup> https://earthsky.org/space/what-is-nasas-artemis-program-moon/

<sup>[<sup>59</sup>](#_ftnb59)</sup> https://www.cbsnews.com/news/nasa-says-first-artemis-moon-landing-slipping-to-2025/

<sup>[<sup>60</sup>](#_ftnb60)</sup> https://www.npr.org/2021/11/10/1054232469/nasa-moon-mission-lunar-artemis-2025

<sup>[<sup>61</sup>](#_ftnb61)</sup> https://spacecenter.org/this-day-in-history-ed-white-becomes-first-american-to-walk-in-space/#:~:text=First%20American%20spacewalk,the%20world%20far%20below%20him.

<sup>[<sup>62</sup>](#_ftnb62)</sup> https://www.dailymail.co.uk/news/article-2513246/Apollo-1-lunar-Bible-collection-taken-moon-sells-130-000.html

<sup>[<sup>63</sup>](#_ftnb63)</sup> https://www.apolloprayerleague.com/?The_First_Lunar_Bible___The_Apollo_Prayer_League

<sup>[<sup>64</sup>](#_ftnb64)</sup> https://www.apolloprayerleague.com/?The_First_Lunar_Bible

<sup>[<sup>65</sup>](#_ftnb65)</sup> https://www.apolloprayerleague.com/?The_First_Lunar_Bible___Apollo_12-_First_Attempt

<sup>[<sup>66</sup>](#_ftnb66)</sup> https://museumsfordigitallearning.org/resourcekit/98/narrative/482

<sup>[<sup>67</sup>](#_ftnb67)</sup> https://museumsfordigitallearning.org/resourcekit/98/narrative/482

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·After the return of the Apollo 14 mission to Earth, each of the bibles was engraved with a microscopic five-digit serial number and documented in the Apollo Prayer League Lunar Bible Registry. Some of the bibles were presented to museums and leaders including George H.W. Bush and Richard Nixon.<sup>[<sup>68</sup>](#_ftnf68)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to a signed affidavit from John Stout: "A separate group of 300 Bibles was then given to Apollo 14 Lunar Module Pilot Edgar D. Mitchell, 200 of which were stowed onboard the command module and 100 onboard the lunar module."<sup>[<sup>69</sup>](#_ftnf69)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The bibles flown to the moon aboard Apollo 14 became known as the "First Lunar Bibles."<sup>[<sup>70</sup>](#_ftnf70)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·According to a signed affidavit from John Stout: "After the lunar module packet was released from quarantine, astronaut Mitchell returned it to me in my office. The local newspaper was running a front page story and had already contacted me to open the packet in their office. After they made their photographs and wrote their story, I took the bibles to the APL secretary to verify the count. I took the bibles home and indexed the packet on the yellow kitchen table, using a special engraving tool for this. Some people received the preflight presentation format. Later a postflight format was used… All serial numbers were recorded in the official Apollo Prayer League Lunar Bible Registry, which has since been continuously maintained by me, along with the names of the recipients. Several Bibles were cut into 50-page segments and distributed to friends and family. Bibles not distributed were retained by me in the Apollo Prayer League Lunar Bible archives."<sup>[<sup>71</sup>](#_ftnf71)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Mitchell died on February 4, 2016.<sup>[<sup>72</sup>](#_ftnf72)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Stout died on December 6, 2016.<sup>[<sup>73</sup>](#_ftnf73)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is dual-certified by Astronaut Edgar Mitchell and NASA Chaplain Rev. John Maxwell Stout.<sup>[<sup>74</sup>](#_ftnf74)</sup>

*Notable Features*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is a 1971 Apollo 14 Flown King James Bible carried to the Moon by astronaut Edgar Mitchell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset was 1 of 100 microform King James Bibles carried to the lunar surface during Apollo 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset contains all 1,245 pages of the King James Bible, which can be read using a microscope.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset is 1 of 12 Apollo 14 bibles that were flight-certified by both Edgar Mitchell and Reverend John Stout.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·*The Underlying Asset bears the five-digit serial number engraved by Stout after its return from Mitchell.

*Notable Defects* 

------

<sup>[<sup>68</sup>](#_ftnb68)</sup> https://museumsfordigitallearning.org/resourcekit/98/narrative/482

<sup>[<sup>69</sup>](#_ftnb69)</sup> https://historical.ha.com/itm/explorers/space-exploration/apollo-14-lunar-module-flown-exceedingly-rare-microform-king-james-bible-encased-in-a-beautiful-reliquary-containing-24-karat/a/6244-50383.s

<sup>[<sup>70</sup>](#_ftnb70)</sup> https://historical.ha.com/itm/explorers/space-exploration/apollo-14-lunar-module-flown-exceedingly-rare-microform-king-james-bible-encased-in-a-beautiful-reliquary-containing-24-karat/a/6244-50383.s

<sup>[<sup>71</sup>](#_ftnb71)</sup> https://historical.ha.com/itm/explorers/space-exploration/apollo-14-lunar-module-flown-exceedingly-rare-microform-king-james-bible-encased-in-a-beautiful-reliquary-containing-24-karat/a/6244-50383.s

<sup>[<sup>72</sup>](#_ftnb72)</sup> https://nasa.fandom.com/wiki/Edgar_Mitchell#Death

<sup>[<sup>73</sup>](#_ftnb73)</sup> https://www.apolloprayerleague.com/?Myths_%26amp%3B_Misconceptions

<sup>[<sup>74</sup>](#_ftnb74)</sup> https://historical.ha.com/itm/explorers/space-exploration/apollo-14-lunar-module-flown-exceedingly-rare-microform-king-james-bible-encased-in-a-beautiful-reliquary-containing-24-karat/a/6244-50383.s

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Underlying Asset is in condition as described in the Certificate of Authenticity and notarized affidavit.<sup>[<sup>75</sup>](#_ftnf75)</sup>

**Details**

---

| | |
|:---|:---|
| **Series 1971 Apollo 14 Flown Bible** | **Series 1971 Apollo 14 Flown Bible** |
| **Memorabilia Type** | Space-Flown Bible |
| **Mission** | Apollo 14 |
| **Year** | 1971 |
| **Size** | 1.5" x 1.5" |
| **Rarity** | 1 of 12 (Dual-certified) |
| **Condition** | Excellent |
| **Inscribed** | "First Lunar Bible, Feb 5, 1971" |
| **Provenance** | Apollo Prayer League |
| **Authentication** | Edgar Mitchell |
| **Authentication** | John Stout |
| **Encased** | 24K Gold Reliquary |

---

**Depreciation**

The Company treats Collectible Assets as collectible and therefore will not depreciate or amortize the Series 1971 Apollo 14 Flown Bible going forward.

------

<sup>[<sup>75</sup>](#_ftnb75)</sup> https://historical.ha.com/itm/explorers/space-exploration/apollo-14-lunar-module-flown-exceedingly-rare-microform-king-james-bible-encased-in-a-beautiful-reliquary-containing-24-karat/a/6244-50383.s

------

**EXHIBIT INDEX** 

**Exhibit 2.1** – [Certificate of Formation for RSE Collection, LLC (1)](http://www.sec.gov/Archives/edgar/data/1688804/000168880417000006/rse_ex2z1.htm)

**Exhibit 2.2** – Seventh Amended and Restated Limited Liability Company Agreement of RSE Collection, LLC

**Exhibit 2.3** – [Certificate of Formation fo](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000002/rsecex2z3.htm)[r RSE Collection Manager, LLC (2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000002/rsecex2z3.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000002/rsecex2z3.htm)

**Exhibit 2.4** – [Limited Liab](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex2z4.htm)[ility Company Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex2z4.htm)[of RSE Collection Manager, LLC](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex2z4.htm)[(3](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex2z4.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex2z4.htm)

**Exhibit 3.1** – [Standard Form of Series Designation](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000072/rsecex3x1.htm)

**Exhibit 4.1** – [Standard Form of Subscription Agreement (8)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000020/rsecex4x1.htm)

**Exhibit 6.1** – [Amended and Restated Standard Form of Asset Management Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z1.htm)[(3](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z1.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z1.htm)

**Exhibit 6.2** – [Amended and Restated Broker of Record Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000009/rsecex6z2.htm)[4](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000009/rsecex6z2.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000009/rsecex6z2.htm)

**Exhibit 6.3** – [Standard Form Bill of Sale (2](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000002/rsecex6z5.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000002/rsecex6z5.htm)

**Exhibit 6.4** – [Standard Form Purchase Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z6.htm)[(3](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z6.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z6.htm)

**Exhibit 6.5** – [NCPS PPEX ATS Company Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z7.htm)[3](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z7.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z7.htm)

**Exhibit 6.6** – [Executing Broker Secondary Market Transactions Engagement Letter](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z8.htm)[(3](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z8.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z8.htm)

**Exhibit 6.7** – [Executing Broker Tools License Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z9.htm)[(3](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z9.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000007/rsecex6z9.htm)

**Exhibit 6.8** – [Amended and Restated Transfer Agent Agreement (1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x10.htm)[1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x10.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x10.htm)

**Exhibit 6.9** – [NCIT Software and Services License Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000013/rsecex6x11.htm)[5](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000013/rsecex6x11.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000013/rsecex6x11.htm)

**Exhibit 6.10** – [Form of Assignment and Assumption Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000014/rsecex6x12.htm)[6](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000014/rsecex6x12.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000014/rsecex6x12.htm)

**Exhibit 6.11** – [Standard Form #2 Purchase Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000015/rsecex6x13.htm)[7](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000015/rsecex6x13.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000015/rsecex6x13.htm)

**Exhibit 6.12** – [Standard Form Purchase Option Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsecex6x14.htm)[9](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsecex6x14.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsecex6x14.htm)

**Exhibit 6.13** – [Standard Form Consignment Agreement (](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsecex6x15.htm)[9](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsecex6x15.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000003/rsecex6x15.htm)

**Exhibit 6.14** – [Form #2 of Assignment and Assumption Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000021/rsecex6x11.htm)(10)

**Exhibit 6.15** – [Asset Purchase Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x30.htm)[in respect of Series #93FS1 (1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x30.htm)[1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x30.htm)[)](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex6x30.htm)

**Exhibit 6.16** – [Purchase Agreement in respect of Series #35MICKEY](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000061/rsecex6x34.htm) (12)

**Exhibit 6.17** – [Purchase Agreement in](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000061/rsecex6x36.htm)[respect of Series #SCARFACE](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000061/rsecex6x36.htm) (12)

**Exhibit 6.18** – [Purchase Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000062/rsecex6x38.htm)[in respect of Series #GIJOE2](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000062/rsecex6x38.htm) (13)

**Exhibit 6.19** – [Purchase Agreement in respect of Series #GRATEFUL1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000065/rsecex6x42.htm) (14)

**Exhibit 6.20** – [Purchase Agreement in respect of Series #BOBAPROTO](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000065/rsecex6x44.htm) (14)

**Exhibit 6.21** – [Purchase Agreement in respect of Series #CAPTAIN1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000065/rsecex6x46.htm) (14)

**Exhibit 6.22** – [Purchase Agreement in respect of Series #BASQUIAT1](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000072/rsecex6x31.htm) (15)

**Exhibit 6.23** – [Purchase Agreement in respect of Series #DRYOSAUR](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000072/rsecex6x32.htm) (15)

**Exhibit 6.24** – Purchase Agreement in respect of Series #FAREWELL

**Exhibit 6.25** – Purchase Agreement in respect of Series #ARSHAM1

**Exhibit 6.26** – Purchase Agreement in respect of Series #APOLLO14

**Exhibit 8.1** – [Amended and Restated Subscription Escrow Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880421000020/rsecex8x1.htm) (8)

**Exhibit 8.2** – [Amended and Restated Custody Agreement](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000051/rsecex8x2.htm) (11)

**Exhibit 11.1** – Consent of EisnerAmper LLP

**Exhibit 12.1** – Opinion of Maynard, Cooper & Gale, P.C.

**Exhibit 13.1** – [Testing the Waters Materials for Series #35MICKEY](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000061/rsecex13z24.htm) (12)

**Exhibit 13.2** – [Testing the Waters Materials for Series #SCARFACE](http://www.sec.gov/Archives/edgar/data/1688804/000168880422000061/rsecex13z26.htm) (12)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Previously filed as an Exhibit to the Company's Offering Statement on Form 1-A filed with the Commission on June 30, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 25 to its Form 1-A filed with the Commission on March 29, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Previously filed as an Exhibit to the Company's Form 1-A filed with the Commission on July 14, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Previously filed as an Exhibit to the Company's Pre-Qualification Amendment No. 1 to its Form 1-A filed with the Commission on October 12, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 1 to its Form 1-A filed with the Commission on November 17, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 2 to its Form 1-A filed with the Commission on November 24, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 3 to its Form 1-A filed with the Commission on November 24, 2021.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 5 to its Form 1-A filed with the Commission on December 8, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 7 to its Form 1-A filed with the Commission on February 11, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 15 to its Form 1-A filed with the Commission on April 13, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 21 to its Form 1-A filed with the Commission on June 22, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 23 to its Form 1-A filed with the Commission on August 11, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 24 to its Form 1-A filed with the Commission on August 11, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 25 to its Form 1-A filed with the Commission on September 12, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)Previously filed as an Exhibit to the Company's Post-Qualification Amendment No. 26 to its Form 1-A filed with the Commission on November 4, 2022.

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**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this post-qualification amendment to its offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on February 17, 2023.

**RSE COLLECTION, LLC**

By: RSE Collection Manager, LLC, its managing member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: Rally Holdings LLC, its sole member

By: RSE Markets, Inc., its sole member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Chris Bruno

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Christopher J. Bruno

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer & President

This offering statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date<br>|
| /s/ Christopher Bruno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Name: Christopher J. Bruno | Chief Executive Officer & President of RSE Markets, Inc.<br> (Principal Executive Officer)<br>| February 17, 2023 |
| /s/ Maximilian F. Niederste-Ostholt<br> Name: Maximilian F. Niederste-Ostholt | Chief Financial Officer of <br> RSE Markets, Inc. <br> (Principal Financial Officer and Principal Accounting Officer)<br>| February 17, 2023 |
| **RSE COLLECTION MANAGER, LLC**<br>By: Rally Holdings LLC, its sole member<br>By: RSE Markets, Inc., its sole member<br>By: /s/ Christopher Bruno&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Name: Christopher J. Bruno<br> Title: Chief Executive Officer & President | Managing Member | February 17, 2023 |

---

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## Ex1A-2B

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**December 28, 2022**

**SEVENTH AMENDED AND RESTATED**

**LIMITED LIABILITY COMPANY AGREEMENT**

OF

**RSE COLLECTION, LLC**

PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS AGREEMENT OR ANY PRIOR OR SUBSEQUENT COMMUNICATIONS FROM THE COMPANY, THE MANAGING MEMBER OR THEIR AFFILIATES, OR ANY PROFESSIONAL ASSOCIATED WITH THIS OFFERING, AS LEGAL, TAX OR INVESTMENT ADVICE. EACH INVESTOR SHOULD CONSULT WITH AND RELY ON HIS OR HER OWN ADVISORS AS TO THE LEGAL, TAX AND/OR ECONOMIC IMPLICATIONS OF THE INVESTMENT DESCRIBED IN THIS AGREEMENT AND ITS SUITABILITY FOR SUCH INVESTOR.

AN INVESTMENT IN THE SERIES OF INTERESTS CARRIES A HIGH DEGREE OF RISK AND IS ONLY SUITABLE FOR AN INVESTOR WHO CAN AFFORD LOSS OF HIS OR HER ENTIRE INVESTMENT IN THE SERIES OF INTERESTS.

THE INTERESTS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY OTHER STATE. ACCORDINGLY, INTERESTS MAY NOT BE TRANSFERRED, SOLD, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR A VALID EXEMPTION FROM SUCH REGISTRATION.

------

**TABLE OF CONTENTS**

Page

**ARTICLE I DEFINITIONS** **1**

Section 1.1Definitions1

Section 1.2Construction8

**ARTICLE II ORGANIZATION** **9**

Section 2.1Formation9

Section 2.2Name9

Section 2.3Registered Office; Registered Agent; Principal Office; Other Offices9

Section 2.4Purpose9

Section 2.5Powers10

Section 2.6Power of Attorney10

Section 2.7Term11

Section 2.8Title to Assets11

Section 2.9Certificate of Formation11

**ARTICLE III MEMBERS, SERIES AND INTERESTS** **12**

Section 3.1Members12

Section 3.2Capital Contributions14

Section 3.3Series of the Company14

Section 3.4Authorization to Issue Interests17

Section 3.5Voting Rights of Interests Generally17

Section 3.6Record Holders17

Section 3.7Splits18

Section 3.8Agreements18

**ARTICLE IV REGISTRATION AND TRANSFER OF INTERESTS.** **18**

Section 4.1Maintenance of a Register18

Section 4.2Ownership Limitations19

Section 4.3Transfer of Interests and Obligations of the Managing Member21

Section 4.4Remedies for Breach22

**ARTICLE V MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES** **22**

Section 5.1Power and Authority of Managing Member22

Section 5.2Determinations by the Managing Member24

Section 5.3Delegation25

Section 5.4Advisory Board25

Section 5.5Exculpation, Indemnification, Advances and Insurance26

Section 5.6Duties of Officers29

Section 5.7Standards of Conduct and Modification of Duties of the Managing Member30

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i

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**Table of Contents** (continued)

Page

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Section 5.8Reliance by Third Parties30

Section 5.9Certain Conflicts of Interest31

Section 5.10Appointment of the Asset Manager31

**ARTICLE VI FEES AND EXPENSES** **31**

Section 6.1Cost to acquire the Series Asset, Brokerage Fee;<br>Offering Expenses, Acquisition Expenses; Sourcing Fee31

Section 6.2Operating Expenses; Dissolution Fees31

Section 6.3Excess Operating Expenses; Further Issuance of Interests;<br>Operating Expenses Reimbursement Obligation(s)31

Section 6.4Allocation of Expenses32

Section 6.5Overhead of the Managing Member32

**ARTICLE VII DISTRIBUTIONS** **32**

Section 7.1Application of Cash32

Section 7.2Application of Amounts upon the Liquidation of a Series33

Section 7.3Timing of Distributions33

Section 7.4Distributions in kind34

**ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS** **34**

Section 8.1Records and Accounting34

Section 8.2Fiscal Year35

**ARTICLE IX TAX MATTERS** **35**

**ARTICLE X REMOVAL OF THE MANAGING MEMBER** **35**

**ARTICLE XI DISSOLUTION, TERMINATION AND LIQUIDATION** **36**

Section 11.1Dissolution and Termination36

Section 11.2Liquidator37

Section 11.3Liquidation of a Series37

Section 11.4Cancellation of Certificate of Formation38

Section 11.5Return of Contributions38

Section 11.6Waiver of Partition38

**ARTICLE XII AMENDMENT OF AGREEMENT, SERIES DESIGNATION** **38**

Section 12.1General38

Section 12.2Certain Amendment Requirements40

Section 12.3Amendment Approval Process40

**ARTICLE XIII MEMBER MEETINGS** **40**

Section 13.1Meetings40

Section 13.2Quorum41

Section 13.3Chairman41

Section 13.4Voting Rights41

Section 13.5Extraordinary Actions41

Section 13.6Managing Member Approval41

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ii

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**Table of Contents** (continued)

Page

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Section 13.7Action By Members without a Meeting41

Section 13.8Managing Member41

**ARTICLE XIV CONFIDENTIALITY** **41**

Section 14.1Confidentiality Obligations41

Section 14.2Exempted information42

Section 14.3Permitted Disclosures42

**ARTICLE XV GENERAL PROVISIONS** **42**

Section 15.1Addresses and Notices42

Section 15.2Further Action43

Section 15.3Binding Effect43

Section 15.4Integration43

Section 15.5Creditors44

Section 15.6Waiver44

Section 15.7Counterparts44

Section 15.8Applicable Law and Jurisdiction44

Section 15.9Invalidity of Provisions45

Section 15.10Consent of Members45

------

iii

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**SEVENTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF RSE COLLECTION, LLC**

This SEVENTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF RSE COLLECTION, LLC, (this **Agreement**) is dated as of December 28, 2022. Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in Section 1.1.

**WHEREAS**, the Company was formed as a series limited liability company under Section 18-215 of the Delaware Act pursuant to a certificate of formation filed with the Secretary of State of the State of Delaware on August 24, 2016;

**WHEREAS**, the Managing Member has authorized and approved the amendment and restatement of the Sixth Amended and Restated Limited Liability Company Agreement, dated as of October 26, 2022, of the Company on the terms set forth herein.

**NOW THEREFORE**, the limited liability company agreement of the Company is hereby amended and restated to read in its entirety as follows:

**ARTICLE I - DEFINITIONS**

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

**Abort Costs** means all fees, costs and expenses incurred in connection with any Series Asset proposals pursued by the Company, the Managing Member or a Series that do not proceed to completion.

**Acquisition Expenses** means in respect of each Series, the following fees, costs and expenses allocable to such Series (or such Series pro rata share of any such fees, costs and expenses allocable to the Company) and incurred in connection with the evaluation, discovery, investigation, development and acquisition of a Series Asset, including brokerage and sales fees and commissions (but excluding the Brokerage Fee), appraisal fees, vehicle title and registration fees (as required), research fees, transfer taxes, third-party industry and due diligence experts, bank fees and interest (if the Series Asset was acquired using debt prior to completion of the Initial Offering), auction house fees, transportation costs including those related to the transport of the Series Asset from acquisition location to the storage facility of the Asset Manager or the transport to a location for purposes of creating the photography and videography materials, travel and lodging for inspection purposes, technology costs, photography and videography expenses in order to prepare the profile for the Series Asset to be accessible to Investor Members via an online platform and any blue sky filings required in order for such Series to be made available to Economic Members in certain states (unless borne by the Managing Member, as determined in its sole discretion) and similar costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of a Series Asset.

**Additional Economic Member** means a Person admitted as an Economic Member and associated with a Series in accordance with ARTICLE III as a result of an issuance of Interests of such Series to such Person by the Company.

------

**Advisory Board** has the meaning assigned to such term in Section 5.4.

**Affiliate** means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term **control** means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

**Aggregate Ownership Limit** means, for all Investors other than the Managing Member, the greater of (a) 19.9% of the aggregate Outstanding Interests of a Series, or (b) such other percentage set forth in the applicable Series Designation, unless such Aggregate Ownership Limit is otherwise waived by the Managing Member in its sole discretion.

**Agreement** has the meaning assigned to such term in the preamble.

**Allocation Policy** means the allocation policy of the Company adopted by the Managing Member in accordance with Section 5.1.

**Asset Management Agreement** means, as the context requires, any agreement entered into between a Series and an Asset Manager pursuant to which such Asset Manager is appointed as manager of the relevant Series Assets, as amended from time to time.

**Asset Manager** means the manager of each of the Series Assets as specified in each Series Designation, or its permitted successors or assigns, appointed in accordance with Section 5.10.

**Broker** means any Person who has been appointed by the Company (and as the Managing Member may select in its reasonable discretion) and specified in any Series Designation to provide execution and other services relating to an Initial Offering to the Company, or its successors from time to time, or any other broker in connection with any Initial Offering.

**Brokerage Fee** means the fee payable to the Broker for the purchase by any Person of Interests in an Initial Offering equal to an amount agreed between the Managing Member and the Broker from time to time and specified in any Series Designation.

**Business Day** means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York, are authorized or required to close.

**Capital Contribution** means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any other property contributed or deemed contributed to the capital of a Series by or on behalf of such Member, reduced by the amount of any liability assumed by such Series relating to such property and any liability to which such property is subject.

**Capital Proceeds** means the amount available, if any, for distribution following the sale of all, or substantially all, of the Series Assets of a Series, net of any fees, costs, expenses, liabilities and reserves other than the Management Fee and the Success Fee, if any (each of the foregoing as determined by the Managing Member in its sole discretion).

------

**Certificate of Formation** means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware.

**Code** means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law.

**Company** means RSE Collection, LLC, a Delaware series limited liability company, and any successors thereto.

**Conflict of Interest** means any matter that the Managing Member believes may involve a conflict of interest that is not otherwise addressed by the Allocation Policy.

**Delaware Act** means the Delaware Limited Liability Company Act, 6 Del. C. Section 18-101, *et seq*.

**DGCL** means the General Corporation Law of the State of Delaware, 8 Del. C. Section 101, *et seq*.

**Economic Member** means together, the Investor Members, Additional Economic Members (including any Person who receives Interests in connection with any goods or services provided to a Series (including in respect of the sale of a Series Asset to that Series)) and their successors and assigns admitted as Additional Economic Members and Substitute Economic Members, in each case who is admitted as a Member of such Series, but shall exclude the Managing Member in its capacity as Managing Member. For the avoidance of doubt, the Managing Member or any of its Affiliates shall be an Economic Member to the extent it purchases Interests in a Series.

**ERISA** means the Employee Retirement Income Security Act of 1974.

**Exchange Act** means the Securities Exchange Act of 1934.

**Expenses and Liabilities** has the meaning assigned to such term in Section 5.5(a).

**Free Cash Flow** means any available cash for distribution generated from the net income received by a Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP, *plus* (i) any change in the net working capital (as shown on the balance sheet of such Series), (ii) any amortization to the relevant Series Asset (as shown on the income statement of such Series), (iii) any depreciation to the relevant Series Asset (as shown on the income statement of such Series) and (iv) any other non-cash Operating Expenses *less* (a) any capital expenditure related to the Series Asset (as shown on the cash flow statement of such Series), (b) any other liabilities or obligations of the Series, in each case to the extent not already paid or provided for and (c) upon the termination and winding up of a Series or the Company, all costs and expenses incidental to such termination and winding as allocated to the relevant Series in accordance with Section 6.4. For the avoidance of doubt, Free Cash Flows shall not include any Capital Proceeds.

------

**Form of Adherence** means, in respect of an Initial Offering or Subsequent Offering, a subscription agreement or other agreement substantially in the form appended to the Offering Document pursuant to which an Investor Member or Additional Economic Member agrees to adhere to the terms of this Agreement or, in respect of a Transfer, a form of adherence or instrument of Transfer, each in a form satisfactory to the Managing Member from time to time, pursuant to which a Substitute Economic Member agrees to adhere to the terms of this Agreement.

**Governmental Entity** means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

**Gross Asset Value** means, with respect to any asset contributed by an Economic Member to a Series, the gross fair market value of such asset as determined by the Managing Member.

**Indemnified Person** means (a) any Person who is or was an Officer of the Company or associated with a Series, (b) any Person who is or was a Managing Member or Liquidator, together with its officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors, (c) any Person who is or was serving at the request of the Company as an officer, director, member, manager, partner, fiduciary or trustee of another Person; *provided*, that, except to the extent otherwise set forth in a written agreement between such Person and the Company or a Series, a Person shall not be an Indemnified Person by reason of providing, on a fee for services basis, trustee, fiduciary, administrative or custodial services, (d) any member of the Advisory Board appointed by the Managing Member pursuant to Section 5.4, (e) the Asset Manager, (f) any Person the Managing Member designates as an Indemnified Person for purposes of this Agreement, and (g) to the extent not already covered in clauses (a) through (f), any Rally Entity together with its respective officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors.

**Individual Aggregate 12-Month Investment Limit** means, with respect to any individual holder who is not an "accredited investor" as defined under the Securities Act, in any trailing twelve-month period, 10% of the greater of such holder's annual income or net worth or, with respect to any entity, 10% of the greater of such holder's annual revenue or net assets at fiscal year-end.

**Initial Member** means the Person identified in the Series Designation of such Series as the Initial Member associated therewith.

**Initial Offering** means the first offering or private placement and issuance of any Series, other than the issuance to the Initial Member.

**Interest** means an interest in a Series issued by the Company that evidences a Member's rights, powers and duties with respect to the Company and such Series pursuant to this Agreement and the Delaware Act.

**Interest Designation** has the meaning ascribed in Section 3.3(f).

**Investment Advisers Act** means the Investment Advisers Act of 1940.

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**Investment Company Act** means the Investment Company Act of 1940.

**Investor Members** mean those Persons who acquire Interests in the Initial Offering or Subsequent Offering and their successors and assigns admitted as Additional Economic Members.

**Liquidator** means one or more Persons selected by the Managing Member to perform the functions described in Section 11.2 as liquidating trustee of the Company or a Series, as applicable, within the meaning of the Delaware Act.

**Managing Member** means, as the context requires, the managing member of the Company or the managing member of a Series.

**Management Fee** means an amount up to 50% of any Free Cash Flows available for distribution pursuant to Article VII, as generated by each Series.

**Member** means each member of the Company associated with a Series, including, unless the context otherwise requires, the Initial Member, the Managing Member, each Economic Member (as the context requires), each Substitute Economic Member and each Additional Economic Member.

**National Securities Exchange** means an exchange registered with the U.S. Securities and Exchange Commission under Section 6(a) of the Exchange Act.

**Offering Amount** means the aggregate initial cash value of all the Interests sold in an Initial Offering or Subsequent Offering of a Series. For the avoidance of doubt, this amount includes the initial cash value of all Interests purchased by Economic Members pursuant to the initial issuance of such Interests by the Company, which may involve one or more closings; Transfers involving such Interests do not affect the calculation of the Offering Amount.

**Offering Document** means, with respect to any Series or the Interests of any Series, the prospectus, offering memorandum, offering circular, offering statement, offering circular supplement, private placement memorandum or other offering documents related to the Initial Offering of such Interests, in the form approved by the Managing Member and, to the extent required by applicable law, approved or qualified, as applicable, by any applicable Governmental Entity, including without limitation the U.S. Securities and Exchange Commission.

**Offering Expenses** means in respect of each Series, the following fees, costs and expenses allocable to such Series or such Series pro rata share (as determined by the Allocation Policy, if applicable) of any such fees, costs and expenses allocable to the Company incurred in connection with executing the Offering, consisting of underwriting, legal, accounting, escrow, custody and compliance costs related to a specific offering.

**Officers** means any president, vice president, secretary, treasurer or other officer of the Company or any Series as the Managing Member may designate (which shall, in each case, constitute "managers" within the meaning of the Delaware Act).

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**Operating Expenses** means in respect of each Series, the following fees, costs and expenses allocable to such Series or such Series' pro rata share (as determined by the Allocation Policy, if applicable) of any such fees, costs and expenses allocable to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any and all fees, costs and expenses incurred in connection with the management of a Series Asset, including import taxes, income taxes, title fees, periodic registration fees, transportation (other than those related to Acquisition Expenses), storage (including property rental fees should the Managing Member decide to rent a property to store a number of Series Assets), marketing, security, maintenance, refurbishment, perfection of title and utilization of the Series Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any fees, costs and expenses incurred in connection with preparing any reports and accounts of each Series of Interests, including any blue sky filings required in order for a Series of Interest to be made available to Investors in certain states and any annual audit of the accounts of such Series of Interests (if applicable) and any reports to be filed with the U.S. Securities and Exchange Commission including periodic reports on Forms 1-K, 1-SA and 1-U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any and all insurance premiums or expenses, including directors' and officers' insurance of the directors and officers of the Managing Member or the Asset Manager, in connection with the Series Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any withholding or transfer taxes imposed on the Company or a Series or any of the Members as a result of its or their earnings, investments or withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any governmental fees imposed on the capital of the Company or a Series or incurred in connection with compliance with applicable regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any legal fees and costs (including settlement costs) arising in connection with any litigation or regulatory investigation instituted against the Company, a Series or the Asset Manager in connection with the affairs of the Company or a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the fees and expenses of any administrator, if any, engaged to provide administrative services to the Company or a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; all custodial fees, costs and expenses in connection with the holding of a Series Asset or Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any fees, costs and expenses of a third-party registrar and transfer agent appointed by the Managing Member in connection with a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the cost of the audit of the Company's annual financial statements and the preparation of its tax returns and circulation of reports to Economic Members;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the cost of any audit of a Series annual financial statements, the fees, costs and expenses incurred in connection with making of any tax filings on behalf of a Series and circulation of reports to Economic Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any indemnification payments to be made pursuant to Section 5.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp; the fees and expenses of the Company or a Series counsel in connection with advice directly relating to the Company's or a Series' legal affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the costs of any other outside appraisers, valuation firms, accountants, attorneys or other experts or consultants engaged by the Managing Member in connection with the operations of the Company or a Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any similar expenses that may be determined to be Operating Expenses, as determined by the Managing Member in its reasonable discretion.

**Operating Expenses Reimbursement Obligation(s)** has the meaning ascribed in Section 6.3.

**Outstanding** means all Interests that are issued by the Company and reflected as outstanding on the Company's books and records as of the date of determination.

**Person** means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or other entity.

**Rally Entities** means, collectively or individually (a **Rally Entity**), each of RSE Markets, the Managing Member, the Asset Manager, and each of their respective direct and indirect Affiliates and subsidiaries.

**Record Date** means the date established by the Managing Member for determining (a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Members associated with any Series or entitled to exercise rights in respect of any lawful action of Members associated with any Series or (b) the identity of Record Holders entitled to receive any report or distribution or to participate in any offer.

**Record Holder** or **holder** means the Person in whose name such Interests are registered on the books of the Company, or its transfer agent, as of the opening of business on a particular Business Day, as determined by the Managing Member in accordance with this Agreement.

**Rally Holdings** means Rally Holdings LLC, a Delaware limited liability company, and sole member of the Managing Member.

**RSE Markets** means RSE Markets, Inc., a Delaware Corporation, and sole member of Rally Holdings LLC.

**Securities Act** means the Securities Act of 1933.

**Series** has the meaning assigned to such term in Section 3.3(a).

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**Series Assets** means, at any particular time, any and all assets, properties (whether tangible or intangible, and whether real, personal or mixed) and rights of any type contributed to or acquired by a particular Series and owned or held by or for the account of such Series, whether owned or held by or for the account of such Series as of the date of the designation or establishment thereof or thereafter contributed to or acquired by such Series.

**Series Designation** has the meaning assigned to such term in Section 3.3(a).

**Sourcing Fee** means the sourcing fee which is paid to the Asset Manager as consideration for assisting in the sourcing of such Series Asset and as specified in each Series Designation, to the extent not waived by the Managing Member in its sole discretion.

**Subsequent Offering** means any further issuance of Interests in any Series, excluding any Initial Offering or Transfer.

**Substitute Economic Member** means a Person who is admitted as an Economic Member of the Company and associated with a Series pursuant to Section 4.1(b) as a result of a Transfer of Interests to such Person.

**Success Fee** means the portion of any Capital Proceeds, determined in the manner set forth in Section 7.1(b) hereof, payable to the Asset Manager.

**Super Majority Vote** means, the affirmative vote of the holders of Outstanding Interests of all Series representing at least two thirds of the total votes that may be cast by all such Outstanding Interests, voting together as a single class.

**Transfer** means, with respect to an Interest, a transaction by which the Record Holder of an Interest assigns such Interest to another Person who is or becomes a Member, and includes a sale, assignment, gift, exchange or any other disposition by law or otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage.

**U.S. GAAP** means United States generally accepted accounting principles consistently applied, as in effect from time to time.

**Vote Limit** means the percentage interest specified in writing by a Vote Limited Record Holder pursuant to which such Record Holder (together with any other Vote Limited Record Holder that joined such Vote Limited Record Holder in its written request to be designated as such) will be irrevocably limited to such Vote Limit in any vote taken under Section 3.5 herein.

**Vote Limited Record Holder** means any Economic Member who submits a request in writing to the Managing Member to be designated as such, either separately or jointly with other Economic Members.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to paragraphs, Articles and Sections refer to paragraphs, Articles and Sections of this Agreement;

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(c) the term "include" or "includes" means "includes, without limitation," and "including" means "including, without limitation," (d) the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, (e) "or" has the inclusive meaning represented by the phrase "and/or," (f) unless the context otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto, (g) references to any Person shall include all predecessors of such Person, as well as all permitted successors, assigns, executors, heirs, legal representatives and administrators of such Person, and (h) any reference to any statute or regulation includes any implementing legislation and any rules made under that legislation, statute or statutory provision, whenever before, on, or after the date of the Agreement, as well as any amendments, restatements or modifications thereof, as well as all statutory and regulatory provisions consolidating or replacing the statute or regulation. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

**ARTICLE II - ORGANIZATION**

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formation. The Company has been formed as a series limited liability company pursuant to Section 18-215 of the Delaware Act. Except as expressly provided to the contrary in this Agreement, the rights, duties, liabilities and obligations of the Members and the administration, dissolution and termination of the Company and each Series shall be governed by the Delaware Act.

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name. The name of the Company shall be RSE Collection, LLC. The business of the Company and any Series may be conducted under any other name or names, as determined by the Managing Member. The Managing Member may change the name of the Company at any time and from time to time and shall notify the Economic Members of such change in the next regular communication to the Economic Members.

Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Office; Registered Agent; Principal Office; Other Offices. Unless and until changed by the Managing Member in its sole discretion, the registered office of the Company in the State of Delaware shall be located at 850 New Burton Road, Suite 201, Dover, Delaware 19904, and the registered agent for service of process on the Company and each Series in the State of Delaware at such registered office shall be National Corporate Research, Ltd. The principal office of the Company shall be located at 250 Lafayette Street, 2<sup>nd</sup> Floor, New York, New York, 10012. Unless otherwise provided in the applicable Series Designation, the principal office of each Series shall be located at 250 Lafayette Street, 2<sup>nd</sup> Floor, New York, New York, 10012 or such other place as the Managing Member may from time to time designate by notice to the Economic Members associated with the applicable Series. The Company and each Series may maintain offices at such other place or places within or outside the State of Delaware as the Managing Member determines to be necessary or appropriate. The Managing Member may change the registered office, registered agent or principal office of the Company or of any Series at any time and from time to time and shall notify the applicable Economic Members of such change in the next regular communication to such Economic Members.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purpose. The purpose of the Company and, unless otherwise provided in the applicable Series Designation, each Series shall be to (a) promote, conduct or engage in, directly

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or indirectly, any business, purpose or activity that lawfully may be conducted by a series limited liability company organized pursuant to the Delaware Act, (b) acquire and maintain a collection of investment grade collector's items and to exercise all of the rights and powers conferred upon the Company and each Series with respect to its interests therein, and (c) conduct any and all activities related or incidental to the foregoing purposes.

Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powers. The Company, each Series and, subject to the terms of this Agreement, the Managing Member shall be empowered to do any and all acts and things necessary or appropriate for the furtherance and accomplishment of the purposes described in Section 2.4.

Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power of Attorney.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Economic Member hereby constitutes and appoints the Managing Member and, if a Liquidator shall have been selected pursuant to Section 11.2, the Liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his or her true and lawful agent and attorney in fact, with full power and authority in his or her name, place and stead, to:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Certificate of Formation and all amendments or restatements hereof or thereof) that the Managing Member, or the Liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Delaware and in all other jurisdictions in which the Company or any Series may conduct business or own property; (B) all certificates, documents and other instruments that the Managing Member, or the Liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Managing Member or the Liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Economic Member pursuant to, or in connection with other events described in, ARTICLE III or ARTICLE XI; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Series of Interest issued pursuant to Section 3.3; (F) all certificates, documents and other instruments that the Managing Member or Liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of each Series; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Managing Member or the Liquidator determines to be necessary or appropriate to (A) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by any of the Members hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement; *provided*, that when any provision of this Agreement that establishes a percentage of the Members or of the Members of any Series required to take any action, the Managing Member, or the Liquidator, may exercise the power of attorney made in this paragraph

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only after the necessary vote, consent, approval, agreement or other action of the Members or of the Members of such Series, as applicable.

Nothing contained in this Section shall be construed as authorizing the Managing Member, or the Liquidator, to amend, change or modify this Agreement except in accordance with ARTICLE XII or as may be otherwise expressly provided for in this Agreement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Economic Member and the transfer of all or any portion of such Economic Member's Interests and shall extend to such Economic Member's heirs, successors, assigns and personal representatives. Each such Economic Member hereby agrees to be bound by any representation made by any officer of the Managing Member, or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Economic Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Managing Member, or the Liquidator, taken in good faith under such power of attorney in accordance with this Section. Each Economic Member shall execute and deliver to the Managing Member, or the Liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as any of such Officers or the Liquidator determines to be necessary or appropriate to effectuate this Agreement and the purposes of the Company.

Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term. The term of the Company commenced on the day on which the Certificate of Formation was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Act. The existence of each Series shall commence upon the effective date of the Series Designation establishing such Series, as provided in Section 3.3. The term of the Company and each Series shall be perpetual, unless and until it is dissolved or terminated in accordance with the provisions of ARTICLE XI. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Delaware Act.

Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title to Assets. All Interests shall constitute personal property of the owner thereof for all purposes and a Member has no interest in specific assets of the Company or applicable Series Assets. Title to any Series Assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Series to which such asset was contributed or by which such asset was acquired, and none of the Company, any Member, Officer or other Series, individually or collectively, shall have any ownership interest in such Series Assets or any portion thereof. Title to any or all of the Series Assets may be held in the name of the relevant Series or one or more nominees, as the Managing Member may determine. All Series Assets shall be recorded by the Managing Member as the property of the applicable Series in the books and records maintained for such Series, irrespective of the name in which record title to such Series Assets is held.

Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of Formation. The Certificate of Formation has been filed with the Secretary of State of the State of Delaware, such filing being hereby confirmed, ratified and approved in all respects. The Managing Member shall use reasonable efforts to cause to be filed

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such other certificates or documents that it determines to be necessary or appropriate for the formation, continuation, qualification and operation of a series limited liability company in the State of Delaware or any other state in which the Company or any Series may elect to do business or own property. To the extent that the Managing Member determines such action to be necessary or appropriate, the Managing Member shall, or shall direct the appropriate Officers, to file amendments to and restatements of the Certificate of Formation and do all things to maintain the Company as a series limited liability company under the laws of the State of Delaware or of any other state in which the Company or any Series may elect to do business or own property, and if an Officer is so directed, such Officer shall be an authorized person of the Company and, unless otherwise provided in a Series Designation, each Series within the meaning of the Delaware Act for purposes of filing any such certificate with the Secretary of State of the State of Delaware. The Company shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Formation, any qualification document or any amendment thereto to any Member.

**ARTICLE III - MEMBERS, SERIES AND INTERESTS**

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to paragraph (b), a Person shall be admitted as an Economic Member and Record Holder either as a result of an Initial Offering, Subsequent Offering, a Transfer or at such other time as determined by the Managing Member, and upon (i) agreeing to be bound by the terms of this Agreement by completing, signing and delivering to the Managing Member a completed Form of Adherence, which is then accepted by the Managing Member, (ii) the prior written consent of the Managing Member, and (iii) otherwise complying with the applicable provisions of ARTICLE III and ARTICLE IV.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Managing Member may withhold its consent to the admission of any Person as an Economic Member for any reason, including when it determines in its reasonable discretion that such admission could: (i) result in there being 2,000 or more beneficial owners (as such term is used under the Exchange Act) or 500 or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series of Interests, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act, (ii) cause such Person's holding to be in excess of the Aggregate Ownership Limit, (iii) in any trailing 12-month period, cause the Person's investment in all Interests (of all Series in the aggregate) to exceed the Individual Aggregate 12-Month Investment Limit, (iv) adversely affect the Company or a Series or subject the Company, a Series, the Managing Member or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company, or subject the Company, any Series, the Managing Member or any of their respective Affiliates to any tax to which it would not otherwise be subject, (v) cause the Company to be required to register as an investment company under the Investment Company Act, (vi) cause the Managing Member or any of its Affiliates to be required to register under the Investment Advisers Act, (vii) cause the assets of the Company or any Series to be treated as plan assets as defined in Section 3(42) of ERISA, or (viii) result in a loss of (a) partnership status by the Company for US federal income tax purposes or the termination of the Company for US federal income tax purposes or (b) corporation taxable as an association status for US federal income tax purposes of any Series or termination of any Series for US federal income tax purposes. A Person may become a Record

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Holder without the consent or approval of any of the Economic Members. A Person may not become a Member without acquiring an Interest.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The name and mailing address of each Member shall be listed on the books and records of the Company and each Series maintained for such purpose by the Company and each Series. The Managing Member shall update the books and records of the Company and each Series from time to time as necessary to reflect accurately the information therein.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise provided in the Delaware Act and subject to Sections 3.1(e) and 3.3 relating to each Series, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Members shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise provided in the Delaware Act, the debts, obligations and liabilities of a Series, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of such Series, and not of any other Series. In addition, the Members shall not be obligated personally for any such debt, obligation or liability of any Series solely by reason of being a Member.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise provided herein, and subject to ARTICLE XI, Members may not be expelled from or removed as Members of the Company. Members shall not have any right to resign or redeem their Interests from the Company; *provided* that when a transferee of a Member's Interests becomes a Record Holder of such Interests, such transferring Member shall cease to be a Member of the Company with respect to the Interests so transferred and that Members of a Series shall cease to be Members of such Series when such Series is finally liquidated in accordance with Section 11.3.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as may be otherwise agreed between the Company or a Series, on the one hand, and a Member, on the other hand, any Member shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Company or a Series, including business interests and activities in direct competition with the Company or any Series. None of the Company, any Series or any of the other Members shall have any rights by virtue of this Agreement in any such business interests or activities of any Member.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSE Collection Manager, LLC was appointed as the Managing Member of the Company with effect from March 26, 2021 and shall continue as Managing Member of the Company until the earlier of (i) the dissolution of the Company pursuant to Section 11.1(a), or (ii) its removal or replacement pursuant to Section 4.3 or ARTICLE X. Except as otherwise set forth in the Series Designation, the Managing Member of each Series shall be RSE Collection Manager, LLC until the earlier of (i) the dissolution of the Series pursuant to Section 11.1(b) or (ii) its removal or replacement pursuant to Section 4.3 or Article X. Unless otherwise set forth in the applicable Series Designation, the Managing Member or its Affiliates shall, at the first closing of any Initial Offering, hold at least one (1) Interest of the Series being issued pursuant to such Initial Offering. Unless provided otherwise in this Agreement, any Interests held by the Managing Member or any of its Affiliates shall be identical to those of an Economic Member and will not

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have any additional distribution, redemption, conversion or liquidation rights by virtue of its status as the Managing Member; provided, that the Managing Member shall have the rights, duties and obligations of the Managing Member hereunder, regardless of whether the Managing Member shall hold any Interests.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The minimum number of Interests a Member may acquire is one (1) Interest or such higher or lesser amount as the Managing Member may determine from time to time and as specified in each Series Designation, as applicable. Persons acquiring Interests through an Initial Offering or Subsequent Offering shall make a Capital Contribution to the Company in an amount equal to the per share price determined in connection with such Initial Offering or Subsequent Offering and multiplied by the number of Interests acquired by such Person in such Initial Offering or Subsequent Offering, as applicable. Persons acquiring Interests in a manner other than through an Initial Offering or Subsequent Offering or pursuant to a Transfer shall make such Capital Contribution as shall be determined by the Managing Member in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as expressly permitted by the Managing Member, in its sole discretion, (i) initial and any additional Capital Contributions to the Company or Series, as applicable, by any Member shall be payable in currency and (ii) initial and any additional Capital Contributions shall be payable in one installment and shall be paid prior to the date of the proposed acceptance by the Managing Member of a Person's admission as a Member to a Series (or a Member's application to acquire additional Interests) (or within five business days thereafter with the Managing Member's approval). No Member shall be required to make an additional capital contribution to the Company or Series but may make an additional Capital Contribution to acquire additional interests at such Member's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except to the extent expressly provided in this Agreement (including any Series Designation): (i) no Member shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution or termination of the Company or any Series may be considered as such by law and then only to the extent provided for in this Agreement; (ii) no Member holding any Series of any Interests of a Series shall have priority over any other Member holding the same Series either as to the return of Capital Contributions or as to distributions; (iii) no interest shall be paid by the Company or any Series on any Capital Contributions; and (iv) no Economic Member, in its capacity as such, shall participate in the operation or management of the business of the Company or any Series, transact any business in the Company or any Series name or have the power to sign documents for or otherwise bind the Company or any Series by reason of being a Member.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series of the Company.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Establishment of Series. Subject to the provisions of this Agreement, the Managing Member may, at any time and from time to time and in compliance with paragraph (c), cause the Company to establish in writing (each, a **Series Designation**) one or more series as such term is used under Section 18-215 of the Delaware Act (each a **Series**). The Series Designation shall relate solely to the Series established thereby and shall not be construed: (i) to affect the terms and

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conditions of any other Series, or (ii) to designate, fix or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests associated with any other Series, or the Members associated therewith. The terms and conditions for each Series established pursuant to this Section shall be as set forth in this Agreement and the Series Designation, as applicable, for the Series. Upon approval of any Series Designation by the Managing Member, such Series Designation shall be attached to this Agreement as an Exhibit until such time as none of such Interests of such Series remain Outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Operation. Each of the Series shall operate to the extent practicable as if it were a separate limited liability company.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Designation. The Series Designation establishing a Series may: (i) specify a name or names under which the business and affairs of such Series may be conducted; (ii) designate, fix and determine the relative rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests of such Series and the Members associated therewith (to the extent such terms differ from those set forth in this Agreement) and (iii) designate or authorize the designation of specific Officers to be associated with such Series. A Series Designation (or any resolution of the Managing Member amending any Series Designation) shall be effective when a duly executed original of the same is included by the Managing Member among the permanent records of the Company, and shall be annexed to, and constitute part of, this Agreement (it being understood and agreed that, upon such effective date, the Series described in such Series Designation shall be deemed to have been established and the Interests of such Series shall be deemed to have been authorized in accordance with the provisions thereof). The Series Designation establishing a Series may set forth specific provisions governing the rights of such Series against a Member associated with such Series who fails to comply with the applicable provisions of this Agreement (including, for the avoidance of doubt, the applicable provisions of such Series Designation). In the event of a conflict between the terms and conditions of this Agreement and a Series Designation, the terms and conditions of the Series Designation shall prevail.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets and Liabilities Associated with a Series.

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets Associated with a Series. All consideration received by the Company for the issuance or sale of Interests of a particular Series, together with all assets in which such consideration is invested or reinvested, and all income, earnings, profits and proceeds thereof, from whatever source derived, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be (**assets**), shall, subject to the provisions of this Agreement, be held for the benefit of the Series or the Members associated with such Series, and not for the benefit of the Members associated with any other Series, for all purposes, and shall be accounted for and recorded upon the books and records of the Series separately from any assets associated with any other Series. Such assets are herein referred to as **assets associated with** that Series. In the event that there are any assets in relation to the Company that, in the Managing Member's reasonable judgment, are not readily associated with a particular Series, the Managing Member shall allocate such assets to, between or among any one or more of the Series, in such manner and on such basis as the Managing Member deems fair and equitable, and in accordance with the Allocation Policy,

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and any asset so allocated to a particular Series shall thereupon be deemed to be an asset associated with that Series. Each allocation by the Managing Member pursuant to the provisions of this paragraph shall be conclusive and binding upon the Members associated with each and every Series. Separate and distinct records shall be maintained for each and every Series, and the Managing Member shall not commingle the assets of one Series with the assets of any other Series.

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Associated with a Series. All debts, liabilities, expenses, costs, charges, obligations and reserves incurred by, contracted for or otherwise existing (**liabilities**) with respect to a particular Series shall be charged against the assets associated with that Series. Such liabilities are herein referred to as **liabilities associated with** that Series. In the event that there are any liabilities in relation to the Company that, in the Managing Member's reasonable judgment, are not readily associated with a particular Series, the Managing Member shall allocate and charge (including indemnification obligations) such liabilities to, between or among any one or more of the Series, in such manner and on such basis as the Managing Member deems fair and equitable and in accordance with the Allocation Policy, and any liability so allocated and charged to a particular Series shall thereupon be deemed to be a liability associated with that Series. Each allocation by the Managing Member pursuant to the provisions of this Section shall be conclusive and binding upon the Members associated with each and every Series. All liabilities associated with a Series shall be enforceable against the assets associated with that Series only, and not against the assets associated with the Company or any other Series, and except to the extent set forth above, no liabilities shall be enforceable against the assets associated with any Series prior to the allocation and charging of such liabilities as provided above. Any allocation of liabilities that are not readily associated with a particular Series to, between or among one or more of the Series shall not represent a commingling of such Series to pool capital for the purpose of carrying on a trade or business or making common investments and sharing in profits and losses therefrom. The Managing Member has caused notice of this limitation on inter-series liabilities to be set forth in the Certificate of Formation, and, accordingly, the statutory provisions of Section 18-215(b) of the Delaware Act relating to limitations on inter-series liabilities (and the statutory effect under Section 18-207 of the Delaware Act of setting forth such notice in the Certificate of Formation) shall apply to the Company and each Series. Notwithstanding any other provision of this Agreement, no distribution on or in respect of Interests in a particular Series, including, for the avoidance of doubt, any distribution made in connection with the winding up of such Series, shall be effected by the Company other than from the assets associated with that Series, nor shall any Member or former Member associated with a Series otherwise have any right or claim against the assets associated with any other Series (except to the extent that such Member or former Member has such a right or claim hereunder as a Member or former Member associated with such other Series or in a capacity other than as a Member or former Member).

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ownership of Series Assets. Title to and beneficial interest in Series Assets shall be deemed to be held and owned by the relevant Series, and no Member or Members of such Series, individually or collectively, shall have any title to or beneficial interest in specific Series Assets or any portion thereof. Each Member of a Series irrevocably waives any right that it may have to maintain an action for partition with respect to its interest in the Company, any Series or any Series Assets. Any Series Assets may be held or registered in the name of the relevant Series, in the name of a nominee or as the Managing Member may determine; *provided, however*, that Series Assets shall be recorded as the assets of the relevant Series on the Company's books and records,

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irrespective of the name in which legal title to such Series Assets is held. Any corporation, brokerage firm or transfer agent called upon to transfer any Series Assets to or from the name of any Series shall be entitled to rely upon instructions or assignments signed or purporting to be signed by the Managing Member or its agents without inquiry as to the authority of the person signing or purporting to sign such instruction or assignment or as to the validity of any transfer to or from the name of such Series.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Issuance of Preference Interests. No Interests shall entitle any Member to any preemptive, preferential or similar rights unless such preemptive, preferential or similar rights are set forth in the applicable Series Designation on or prior to the date of the Initial Offering of any interests of such Series (the designation of such preemptive, preferential or similar rights with respect to a Series in the Series Designation, the **Interest Designation**).

Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorization to Issue Interests.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company may issue Interests, and options, rights and warrants relating to Interests, for any Company or Series purpose at any time and from time to time to such Persons for such consideration (which may be cash, property, services or any other lawful consideration) or for no consideration and on such terms and conditions as the Managing Member shall determine, all without the approval of the Economic Members. Each Interest shall have the rights and be governed by the provisions set forth in this Agreement (including any Series Designation).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 6.3(a)(i), and unless otherwise provided in the applicable Series Designation, the Company is authorized to issue in respect of each Series an unlimited number of Interests. All Interests issued pursuant to, and in accordance with the requirements of, this ARTICLE III shall be validly issued Interests in the Company, except to the extent otherwise provided in the Delaware Act or this Agreement (including any Series Designation).

Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voting Rights of Interests Generally. Unless otherwise provided in this Agreement or any Series Designation, (i) each Record Holder of Interests shall be entitled to one vote per Interest for all matters submitted for the consent or approval of Members generally, (ii) all Record Holders of Interests (regardless of Series) shall vote together as a single class on all matters as to which all Record Holders of Interests are entitled to vote, (iii) Record Holders of a particular Series of Interest shall be entitled to one vote per Interest for all matters submitted for the consent or approval of the Members of such Series, (iv) Vote Limited Record Holders shall be limited to their Vote Limit for all matters submitted for the consent and approval of either (x) Members generally or (y) Record Holders of a Series Interest, and (v) the Managing Member or any of its Affiliates shall not be entitled to vote in connection with any Interests they hold pursuant to Section 3.1(h), and no such Interests shall be deemed Outstanding for purposes of any such vote.

Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Record Holders. The Company shall be entitled to recognize the Record Holder as the owner of an Interest and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Interest on the part of any other Person, regardless of whether the Company shall have actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange or over-the-counter market on which such Interests are listed for trading (if ever). Without limiting the

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foregoing, when a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring or holding Interests, as between the Company on the one hand, and such other Persons on the other, such representative Person shall be the Record Holder of such Interests.

Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Splits.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to paragraph (c) of this Section and Section 3.4, and unless otherwise provided in any Interest Designation, the Company may make a pro rata distribution of Interests of a Series to all Record Holders of such Series, or may effect a subdivision or combination of Interests of any Series, in each case, on an equal per Interest basis and so long as, after any such event, any amounts calculated on a per Interest basis or stated as a number of Interests are proportionately adjusted.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever such a distribution, subdivision or combination of Interests is declared, the Managing Member shall select (i) a date as of which the distribution, subdivision or combination shall be effective (the **Split Effective Date**) and (ii) a date, which may be the same date as the Split Effective Date, as of which the Record Holders on such date shall be entitled to participate in such distribution, subdivision or combination (the **Split Record Date**), provided that the Split Record Date shall not precede the date on which such distribution, subdivision or combination is declared. The Managing Member may send notice of the distribution, subdivision or combination to each Record Holder of the affected Series. The Managing Member also may cause a firm of independent public accountants selected by it to calculate the number of Interests to be held by each Record Holder after giving effect to such distribution, subdivision or combination. The Managing Member shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 3.4 and unless otherwise provided in any Series Designation, the Company shall not issue fractional Interests upon any distribution, subdivision or combination of Interests. If a distribution, subdivision or combination of Interests would otherwise result in the issuance of fractional Interests, each fractional Interest shall be rounded to the nearest whole Interest (and a 0.5 Interest shall be rounded to the next higher Interest).

Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreements. The rights of all Members and the terms of all Interests are subject to the provisions of this Agreement (including any Series Designation).

**ARTICLE IV - REGISTRATION AND TRANSFER OF INTERESTS.**

Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance of a Register. Subject to the restrictions on Transfer and ownership limitations contained below:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company, or its appointee, shall keep or cause to be kept on behalf of the Company and each Series a register that will set forth the Record Holders of each of the Interests and information regarding the Transfer of each of the Interests. The Managing Member is hereby initially appointed as registrar and transfer agent of the Interests, provided that the Managing Member may appoint such third-party registrar and transfer agent as it determines appropriate in

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its sole discretion, for the purpose of registering Interests and Transfers of such Interests as herein provided, including as set forth in any Series Designation.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon acceptance by the Managing Member of the Transfer of any Interest, each transferee of an Interest (i) shall be admitted to the Company as a Substitute Economic Member with respect to the Interests so transferred to such transferee when any such transfer or admission is reflected in the books and records of the Company, (ii) shall be deemed to agree to be bound by the terms of this Agreement by completing a Form of Adherence to the reasonable satisfaction of the Managing Member in accordance with Section 4.2(g)(ii), (iii) shall become the Record Holder of the Interests so transferred, (iv) grants powers of attorney to the Managing Member and any Liquidator of the Company and each of their authorized officers and attorneys in fact, as the case may be, as specified herein, and (v) makes the consents and waivers contained in this Agreement. The Transfer of any Interests and the admission of any new Economic Member shall not constitute an amendment to this Agreement, and no amendment to this Agreement shall be required for the admission of new Economic Members.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing contained in this Agreement shall preclude the settlement of any transactions involving Interests entered into through the facilities of any National Securities Exchange or over-the-counter market on which such Interests are listed or quoted for trading, if any.

Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ownership Limitations.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Transfer of any Economic Member's Interest, whether voluntary or involuntary, shall be valid or effective, and no transferee shall become a substituted Economic Member, unless the written consent of the Managing Member has been obtained, which consent may be withheld in its sole and absolute discretion as further described in this Section 4.2. In the event of any Transfer, all of the conditions of the remainder of this Section must also be satisfied. Notwithstanding the foregoing but subject to Section 3.6, assignment of the economic benefits of ownership of Interests may be made without the Managing Member's consent, provided that the assignee is not an ineligible or unsuitable investor under applicable law.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Transfer of any Economic Member's Interests, whether voluntary or involuntary, shall be valid or effective unless the Managing Member determines, after consultation with legal counsel acting for the Company that such Transfer will not, unless waived by the Managing Member:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; result in the transferee directly or indirectly exceeding the Individual Aggregate 12-Month Investment Limit or owning in excess of the Aggregate Ownership Limit;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; result in there being 2,000 or more beneficial owners (as such term is used under the Exchange Act) or 500 or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series of Interests, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act, unless such Interests have been registered under the Exchange Act or the Company is otherwise an Exchange Act reporting company;

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(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause all or any portion of the assets of the Company or any Series to constitute plan assets for purposes of ERISA;

(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adversely affect the Company or such Series, or subject the Company, the Series, the Managing Member or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company or subject the Company, any Series, the Managing Member or any of their respective Affiliates to any tax to which it would not otherwise be subject;

(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; require registration of the Company, any Series or any Interests under any securities laws of the United States of America, any state thereof or any other jurisdiction; or

(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; violate or be inconsistent with any representation or warranty made by the transferring Economic Member.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The transferring Economic Member, or such Economic Member's legal representative, shall give the Managing Member prior written notice before making any voluntary Transfer and notice within thirty (30) days after any involuntary Transfer (unless such notice period is otherwise waived by the Managing Member), and shall provide sufficient information to allow legal counsel acting for the Company to make the determination that the proposed Transfer will not result in any of the consequences referred to in paragraphs (b)(i) through (b)(vi) above. If a Transfer occurs by reason of the death of an Economic Member or assignee, the notice may be given by the duly authorized representative of the estate of the Economic Member or assignee. The notice must be supported by proof of legal authority and valid assignment in form and substance acceptable to the Managing Member.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event any Transfer permitted by this Section shall result in beneficial ownership by multiple Persons of any Economic Member's interest in the Company, the Managing Member may require one or more trustees or nominees to be designated to represent a portion of or the entire interest transferred for the purpose of receiving all notices which may be given and all payments which may be made under this Agreement, and for the purpose of exercising the rights which the transferor as an Economic Member had pursuant to the provisions of this Agreement.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A transferee shall be entitled to any future distributions attributable to the Interests transferred to such transferee and to transfer such Interests in accordance with the terms of this Agreement; provided, however, that such transferee shall not be entitled to the other rights of an Economic Member as a result of such Transfer until he or she becomes a Substitute Economic Member.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and each Series shall incur no liability for distributions made in good faith to the transferring Economic Member until a written instrument of Transfer has been received by the Company and recorded on its books and the effective date of Transfer has passed.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any other provision of this Agreement to the contrary notwithstanding, any Substitute Economic Member shall be bound by the provisions hereof. Prior to recognizing any Transfer in accordance with this Section, the Managing Member may require, in its sole discretion:

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(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the transferring Economic Member and each transferee to execute one or more deeds or other instruments of Transfer in a form satisfactory to the Managing Member;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each transferee to acknowledge its assumption (in whole or, if the Transfer is in respect of part only, in the proportionate part) of the obligations of the transferring Economic Member by executing a Form of Adherence (or any other equivalent instrument as determined by the Managing Member);

(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each transferee to provide all the information required by the Managing Member to satisfy itself as to anti-money laundering, counter-terrorist financing and sanctions compliance matters; and

(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment by the transferring Economic Member, in full, of the costs and expenses referred to in paragraph (h) below,

and no Transfer shall be completed or recorded in the books of the Company, and no proposed Substitute Economic Member shall be admitted to the Company as an Economic Member, unless and until each of these requirements has been satisfied or, at the sole discretion of the Managing Member, waived.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The transferring Economic Member shall bear all costs and expenses arising in connection with any proposed Transfer, whether or not the Transfer proceeds to completion, including any legal fees incurred by the Company or any broker or dealer, any costs or expenses in connection with any opinion of counsel, and any transfer taxes and filing fees.

Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of Interests and Obligations of the Managing Member.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Managing Member may Transfer all Interests acquired by the Managing Member (including all Interests acquired by the Managing Member in the Initial Offering pursuant to Section 3.1(h)) at any time and from time to time following the first closing of the Initial Offering.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Economic Members hereby authorize the Managing Member to assign its rights, obligations and title as Managing Member to an Affiliate of the Managing Member without the prior consent of any other Person, and, in connection with such transfer, designate such Affiliate of the Managing Member as a successor Managing Member *provided*, that the Managing Member shall notify the applicable Economic Members of such change in the next regular communication to such Economic Members.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as set forth in Section 4.3(b) above, in the event of the resignation of the Managing Member of its rights, obligations and title as Managing Member, the Managing Member shall nominate a successor Managing Member and the vote of a majority of the Interests held by Economic Members shall be required to elect such successor Managing Member. The Managing Member shall continue to serve as the Managing Member of the Company until such date as a successor Managing Member is elected pursuant to the terms of this Section 4.3(c).

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Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remedies for Breach. If the Managing Member shall at any time determine in good faith that a Transfer or other event has taken place that results in a violation of this ARTICLE IV, the Managing Member shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer or other event.

**ARTICLE V - MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES**

Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power and Authority of Managing Member. Except as explicitly set forth in this Agreement, the Managing Member, as appointed pursuant to Section 3.1(h) of this Agreement, shall have full power and authority to do, and to direct the Officers to do, all things and on such terms as it determines to be necessary or appropriate to conduct the business of the Company and each Series, to exercise all powers set forth in Section 2.5 and to effectuate the purposes set forth in Section 2.4, in each case without the consent of the Economic Members, including but not limited to the following:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness, including entering into on behalf of a Series, an Operating Expenses Reimbursement Obligation, or indebtedness that is convertible into Interests, and the incurring of any other obligations;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company or any Series (including, but not limited to, the filing of periodic reports on Forms 1-K, 1-SA and 1-U with the U.S. Securities and Exchange Commission), and the making of any tax elections;

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Company or any Series or the merger or other combination of the Company with or into another Person and for the avoidance of doubt, any action taken by the Managing Member pursuant to this sub-paragraph shall not require the consent of the Economic Members;

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the use of the assets of the Company (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of the Company and the repayment of obligations of the Company and (ii) the use of the assets of a Series (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of such Series and the repayment of obligations of such Series;

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments that limit the liability of the Company or any Series under contractual arrangements to all or particular assets of the Company or any Series);

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(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the declaration and payment of distributions of Free Cash Flows or other assets to Members associated with a Series;

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the election and removal of Officers of the Company or associated with any Series;

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the appointment of the Asset Manager in accordance with the terms of this Agreement;

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the selection, retention and dismissal of employees, agents, outside attorneys, accountants, consultants and contractors and the determination of their compensation and other terms of employment, retention or hiring, and the payment of fees, expenses, salaries, wages and other compensation to such Persons;

(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the solicitation of proxies from holders of any Series of Interests issued on or after the date of this Agreement that entitles the holders thereof to vote on any matter submitted for consent or approval of Economic Members under this Agreement;

(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the maintenance of insurance for the benefit of the Company, any Series and the Indemnified Persons and the reinvestment by the Managing Member in its sole discretion, of any proceeds received by such Series from an insurance claim in a replacement Series Asset which is substantially similar to that which comprised the Series Asset prior to the event giving rise to such insurance payment;

(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the formation of, or acquisition or disposition of an interest in, and the contribution of property and the making of loans to, any limited or general partnership, joint venture, corporation, limited liability company or other entity or arrangement;

(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the placement of any Free Cash Flow funds in deposit accounts in the name of a Series or of a custodian for the account of a Series, or to invest those Free Cash Flow funds in any other investments for the account of such Series, in each case pending the application of those Free Cash Flow funds in meeting liabilities of the Series or making distributions or other payments to the Members (as the case may be);

(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the control of any matters affecting the rights and obligations of the Company or any Series, including the bringing, prosecuting and defending of actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or remediation, and the incurring of legal expense and the settlement of claims and litigation, including in respect of taxes;

(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the indemnification of any Person against liabilities and contingencies to the maximum extent permitted by law;

(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the giving of consent of or voting by the Company or any Series in respect of any securities that may be owned by the Company or such Series;

(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the waiver of any condition or other matter by the Company or any Series;

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(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the entering into of listing agreements with any National Securities Exchange or over-the-counter market and the delisting of some or all of the Interests from, or requesting that trading be suspended on, any such exchange or market;

(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the issuance, sale or other disposition, and the purchase or other acquisition, of Interests or options, rights or warrants relating to Interests;

(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the registration of any offer, issuance, sale or resale of Interests or other securities or any Series issued or to be issued by the Company under the Securities Act and any other applicable securities laws (including any resale of Interests or other securities by Members or other security holders);

(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the execution and delivery of agreements with Affiliates of the Company or other Persons to render services to the Company or any Series;

(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the adoption, amendment and repeal of the Allocation Policy;

(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the selection of auditors for the Company and any Series;

(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the selection of any transfer agent or depositor for any securities of the Company or any Series, and the entry into such agreements and provision of such other information as shall be required for such transfer agent or depositor to perform its applicable functions; and

(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unless otherwise provided in this Agreement or the Series Designation, the calling of a vote of the Economic Members as to any matter to be voted on by all Economic Members of the Company or if a particular Series, as applicable.

The authority and functions of the Managing Member, on the one hand, and of the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the DGCL in addition to the powers that now or hereafter can be granted to managers under the Delaware Act. No Economic Member, by virtue of its status as such, shall have any management power over the business and affairs of the Company or any Series or actual or apparent authority to enter into, execute or deliver contracts on behalf of, or to otherwise bind, the Company or any Series.

Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Determinations by the Managing Member. In furtherance of the authority granted to the Managing Member pursuant to Section 5.1 of this Agreement, the determination as to any of the following matters, made in good faith by or pursuant to the direction of the Managing Member consistent with this Agreement, shall be final and conclusive and shall be binding upon the Company and each Series and every holder of Interests:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amount of Free Cash Flow of any Series for any period and the amount of assets at any time legally available for the payment of distributions on Interests of any Series;

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(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amount of paid in surplus, net assets, other surplus, annual or other cash flow, funds from operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets;

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged);

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of any Series;

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by any Series or of any Interests;

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of Interests within a Series;

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any matter relating to the acquisition, holding and disposition of any assets by any Series;

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the evaluation of any competing interests among the Series and the resolution of any conflicts of interests among the Series;

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each of the matters set forth in Section 5.1(a) through Section 5.1(y); or

(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other matter relating to the business and affairs of the Company or any Series or required or permitted by applicable law, this Agreement or otherwise to be determined by the Managing Member.

Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delegation. The Managing Member may delegate to any Person or Persons any of the powers and authority vested in it hereunder and may engage such Person or Persons to provide administrative, compliance, technological and accounting services to the Company, on such terms and conditions as it may consider appropriate.

Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Board.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Managing Member may establish an **Advisory Board** comprised of members of the Managing Member's expert network and external advisors. The Advisory Board will be available to provide guidance to the Managing Member on the strategy and progress of the Company. Additionally, the Advisory Board may: (i) be consulted with by the Managing Member in connection with the acquisition and disposal of a Series Asset, (ii) conduct an annual review of the Company's acquisition policy, (iii) provide guidance with respect to, material conflicts arising or that are reasonably likely to arise with the Managing Member, on the one hand, and the Company, a Series or the Economic Members, on the other hand, or the Company or a Series, on the one hand, and another Series, on the other hand, (iv) approve any material transaction between the Company or a Series and the Managing Member or any of its Affiliates, another Series or an

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Economic Member (other than the purchase of interests in such Series), (v) provide guidance with respect to the appropriate levels of annual fleet level insurance costs and maintenance costs specific to each individual Series Asset, and review fees, expenses, assets, revenues and availability of funds for distribution with respect to each Series on an annual basis and (vi) approve any service providers appointed by the Managing Member in respect of the Series Assets.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Advisory Board determines that any member of the Advisory Board's interests conflict to a material extent with the interests of a Series or the Company as a whole, such member of the Advisory Board shall be excluded from participating in any discussion of the matters to which that conflict relates and shall not participate in the provision of guidance to the Managing Member in respect of such matters, unless a majority of the other members of the Advisory Board determines otherwise.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The members of the Advisory Board shall not be entitled to compensation by the Company or any Series in connection with their role as members of the Advisory Board (including compensation for attendance at meetings of the Advisory Board), *provided*, *however,* the Company or any applicable Series shall reimburse a member of the Advisory Board for any out of pocket expenses or Operating Expenses actually incurred by it or any of its Affiliates on behalf of the Company or a Series when acting upon the Managing Member's instructions or pursuant to a written agreement between the Company or a Series and such member of the Advisory Board or its Affiliates.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The members of the Advisory Board shall not be deemed managers or other persons with duties to the Company or any Series (under Sections 18-1101 or 18-1104 of the Delaware Act or under any other applicable law or in equity) and shall have no fiduciary duty to the Company or any Series. The Managing Member shall be entitled to rely upon, and shall be fully protected in relying upon, reports and information of the Advisory Board to the extent the Managing Member reasonably believes that such matters are within the professional or expert competence of the members of the Advisory Board, and shall be protected under Section 18-406 of the Delaware Act in relying thereon.

Section 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exculpation, Indemnification, Advances and Insurance.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to other applicable provisions of this ARTICLE V including Section 5.7, the Indemnified Persons shall not be liable to the Company or any Series for any acts or omissions by any of the Indemnified Persons arising from the exercise of their rights or performance of their duties and obligations in connection with the Company or any Series, this Agreement or any investment made or held by the Company or any Series, including with respect to any acts or omissions made while serving at the request of the Company or on behalf of any Series as an officer, director, member, partner, fiduciary or trustee of another Person, other than such acts or omissions that have been determined in a final, non-appealable decision of a court of competent jurisdiction to constitute fraud, willful misconduct or gross negligence. The Indemnified Persons shall be indemnified by the Company and, to the extent Expenses and Liabilities are associated with any Series, each such Series, in each case, to the fullest extent permitted by law, against all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company and counsel fees and disbursements on a solicitor and client

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basis) (collectively, **Expenses and Liabilities**) arising from the performance of any of their duties or obligations in connection with their service to the Company or each such Series or this Agreement, or any investment made or held by the Company, each such Series, including in connection with any civil, criminal, administrative, investigative or other action, suit or proceeding to which any such Person may hereafter be made party by reason of being or having been a manager of the Company or such Series under Delaware law, an Officer of the Company or associated with such Series, a member of the Advisory Board or an officer, director, member, partner, fiduciary or trustee of another Person, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any Series (including any indebtedness which the Company or any Series has assumed or taken subject to), and the Managing Member or the Officers are hereby authorized and empowered, on behalf of the Company or any Series, to enter into one or more indemnity agreements consistent with the provisions of this Section in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this paragraph that the Company and each applicable Series indemnify each Indemnified Person to the fullest extent permitted by law, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this Agreement, to the extent they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, including Section 5.7, are agreed by each Member to modify such duties and liabilities of the Indemnified Person to the maximum extent permitted by law.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any indemnification under this Section (unless ordered by a court) shall be made by each applicable Series. To the extent, however, that an Indemnified Person has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such Indemnified Person shall be indemnified against expenses (including attorney's fees) actually and reasonably incurred by such Indemnified Person in connection therewith.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Indemnified Person may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under paragraph (a). The basis of such indemnification by a court shall be a determination by such court that indemnification of the Indemnified Person is proper in the circumstances because such Indemnified Person has met the applicable standards of conduct set forth in paragraph (a). Neither a contrary determination in the specific case under paragraph (c) nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the Indemnified Person seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this paragraph shall

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be given to the Company promptly upon the filing of such application. If successful, in whole or in part, the Indemnified Person seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by law, expenses (including attorney's fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding may, at the option of the Managing Member, be paid by each applicable Series in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by each such Series as authorized in this Section.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnification and advancement of expenses provided by or granted pursuant to this Section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, or any other agreement (including without limitation any Series Designation), vote of Members or otherwise, and shall continue as to an Indemnified Person who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Person unless otherwise provided in a written agreement with such Indemnified Person or in the writing pursuant to which such Indemnified Person is indemnified, it being the policy of the Company that indemnification of the persons specified in paragraph (a) shall be made to the fullest extent permitted by law. The provisions of this Section shall not be deemed to preclude the indemnification of any person who is not specified in paragraph (a) but whom the Company or an applicable Series has the power or obligation to indemnify under the provisions of the Delaware Act.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and any Series may, but shall not be obligated to, purchase and maintain insurance on behalf of any Person entitled to indemnification under this Section against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of such Person's status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnification and advancement of expenses provided by, or granted pursuant to, this Section shall, unless otherwise provided when authorized or ratified, inure to the benefit of the heirs, executors and administrators of any person entitled to indemnification under this Section.

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and any Series may, to the extent authorized from time to time by the Managing Member, provide rights to indemnification and to the advancement of expenses to employees and agents of the Company or such Series.

(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Section or any portion of this Section shall be invalidated on any ground by a court of competent jurisdiction each applicable Series shall nevertheless indemnify each Indemnified Person as to expenses (including attorney's fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, including a grand jury proceeding or action or suit brought by or in the right of

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the Company, to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the Indemnified Persons may, in the performance of his, her or its duties, consult with legal counsel, accountants, and other experts, and any act or omission by such Person on behalf of the Company or any Series in furtherance of the interests of the Company or such Series in good faith in reliance upon, and in accordance with, the advice of such legal counsel, accountants or other experts will be full justification for any such act or omission, and such Person will be fully protected for such acts and omissions; *provided* that such legal counsel, accountants, or other experts were selected with reasonable care by or on behalf of such Indemnified Person.

(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Indemnified Person shall not be denied indemnification in whole or in part under this Section because the Indemnified Person had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any liabilities which an Indemnified Person incurs as a result of acting on behalf of the Company or any Series (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities indemnifiable under this Section, to the maximum extent permitted by law.

(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Managing Member shall, in the performance of its duties, be fully protected in relying in good faith upon the records of the Company and any Series and on such information, opinions, reports or statements presented to the Company by any of the Officers or employees of the Company or associated with any Series, or by any other Person as to matters the Managing Member reasonably believes are within such other Persons professional or expert competence (including, without limitation, the Advisory Board).

(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any amendment, modification or repeal of this Section or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of or other rights of any indemnitee under this Section as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted and provided such Person became an indemnitee hereunder prior to such amendment, modification or repeal.

Section 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duties of Officers.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as set forth in Sections 5.5 and 5.7, as otherwise expressly provided in this Agreement or required by the Delaware Act, (i) the duties and obligations owed to the Company by the Officers shall be the same as the duties and obligations owed to a corporation organized under DGCL by its officers, and (ii) the duties and obligations owed to the Members by the

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Officers shall be the same as the duties and obligations owed to the stockholders of a corporation under the DGCL by its officers.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Managing Member shall have the right to exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it thereunder either directly or by or through the duly authorized Officers of the Company or associated with a Series, and the Managing Member shall not be responsible for the misconduct or negligence on the part of any such Officer duly appointed or duly authorized by the Managing Member in good faith.

Section 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standards of Conduct and Modification of Duties of the Managing Member. Notwithstanding anything to the contrary herein or under any applicable law, including, without limitation, Section 18-1101(c) of the Delaware Act, the Managing Member, in exercising its rights hereunder in its capacity as the managing member of the Company, shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company, any Series or any Economic Members, and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby, under the Delaware Act or under any other applicable law or in equity. The Managing Member shall not have any duty (including any fiduciary duty) to the Company, any Series, the Economic Members or any other Person, including any fiduciary duty associated with self-dealing or corporate opportunities, all of which are hereby expressly waived. This Section shall not in any way reduce or otherwise limit the specific obligations of the Managing Member expressly provided in this Agreement or in any other agreement with the Company or any Series.

Section 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Company or any Series shall be entitled to assume that the Managing Member and any Officer of the Company or any Series has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company or such Series and to enter into any contracts on behalf of the Company or such Series, and such Person shall be entitled to deal with the Managing Member or any Officer as if it were the Company's or such Series sole party in interest, both legally and beneficially. Each Economic Member hereby waives, to the fullest extent permitted by law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing Member or any Officer in connection with any such dealing. In no event shall any Person dealing with the Managing Member or any Officer or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the Managing Member or any Officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the Company or any Series by the Managing Member or any Officer or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement were in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company or any Series and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company or the applicable Series.

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Section 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain Conflicts of Interest. The resolution of any Conflict of Interest approved by the Advisory Board shall be conclusively deemed to be fair and reasonable to the Company and the Members and not a breach of any duty hereunder at law, in equity or otherwise.

Section 5.10&nbsp;&nbsp;&nbsp;&nbsp; Appointment of the Asset Manager. The Managing Member exercises ultimate authority over the Series Assets. Pursuant to Section 5.3, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series Assets. The Managing Member has agreed on behalf of the Company to appoint the Asset Manager to manage the Series Assets on a discretionary basis, and to exercise, to the exclusion of the Managing Member (but under the supervision and authority of the Managing Member), all the powers, rights and discretions conferred on the Managing Member in respect of the Series Assets and, the Managing Member on behalf of each Series, will enter into an Asset Management Agreement pursuant to which the Asset Manager is formally appointed to manage the Series Assets. The consideration payable to the Asset Manager for managing the Series Assets will be the Management Fee and the Success Fee, if any.

**ARTICLE VI - FEES AND EXPENSES**

Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost to acquire the Series Asset; Brokerage Fee; Offering Expenses; Acquisition Expenses; Sourcing Fee. The following fees, costs and expenses in connection with any Initial Offering and the sourcing and acquisition of a Series Asset shall be borne by the relevant Series (except in the case of an unsuccessful Offering in which case all Abort Costs shall be borne by the Managing Member, and except to the extent assumed by the Managing Member in writing):

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost to acquire the Series Asset;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Fee;

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering Expenses

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition Expenses; and

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sourcing Fee.

Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Expenses; Dissolution Fees. Each Series shall be responsible for its Operating Expenses, all costs and expenses incidental to the termination and winding up of such Series and its share of the costs and expenses incidental to the termination and winding up of the Company as allocated to it in accordance with Section 6.4.

Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess Operating Expenses; Further Issuance of Interests; Operating Expenses Reimbursement Obligation(s).

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If there are not sufficient cash reserves of, or revenues generated by, a Series to meet its Operating Expenses, the Managing Member may:

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(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue additional Interests in such Series in accordance with Section 3.4. Economic Members shall be notified in writing at least 10 Business Days in advance of any proposal by the Managing Member to issue additional Interests pursuant to this Section;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pay such excess Operating Expenses and not seek reimbursement; or

(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; enter into an agreement pursuant to which the Managing Member loans to the Company an amount equal to the remaining excess Operating Expenses (the **Operating Expenses Reimbursement Obligation(s)**). The Managing Member, in its sole discretion, may impose a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Code)) on any Operating Expenses Reimbursement Obligation. The Operating Expenses Reimbursement Obligation(s) shall become repayable when cash becomes available for such purpose in accordance with ARTICLE VII.

Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation of Expenses. Any Brokerage Fee, Offering Expenses, Acquisition Expenses, Sourcing Fee and Operating Expenses shall be allocated by the Managing Member in accordance with the Allocation Policy.

Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overhead of the Managing Member. The Managing Member shall pay and the Economic Members shall not bear the cost of: (i) any annual administration fee to the Broker or such other amount as is agreed between the Broker and the Managing Member from time to time, (ii) all of the ordinary overhead and administrative expenses of the Managing Member including, without limitation, all costs and expenses on account of rent, utilities, insurance, office supplies, office equipment, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, travel, entertainment, salaries and bonuses, but excluding any Operating Expenses, (iii) any Abort Costs, and (iv) such other amounts in respect of any Series as it shall agree in writing or as is explicitly set forth in any Offering Document.

**ARTICLE VII - DISTRIBUTIONS**

Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Application of Cash.

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application of Free Cash Flows. Subject to Section 7.3, ARTICLE XI and any Interest Designation, any Free Cash Flows of each Series, after (i) repayment of any amounts outstanding under Operating Expenses Reimbursement Obligations including any accrued interest as there may be and (ii) the creation of such reserves as the Managing Member deems necessary, in its sole discretion, to meet future Operating Expenses, shall be applied and distributed, at least 50% by way of distribution to the Members of such Series (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member or its Affiliates), and at most 50% to the Asset Manager in payment of the Management Fee, except to the extent waived by the Asset Manager, in its sole discretion.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Application of Capital Proceeds.

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Series whose Initial Offerings commenced before January 1, 2023, subject to Section 7.3 and ARTICLE XI and any Interest Designation, any Capital Proceeds shall be applied and distributed 100% to the Members of such Series (pro rata in accordance with their

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Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates).

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Series whose Initial Offerings commenced on or after January 1, 2023, subject to Section 7.3 and ARTICLE XI and any Interest Designation, any Capital Proceeds shall be applied and distributed as follows:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Capital Proceeds are less than or equal to 110% of the Offering Amount of the related Series, then 100% of the Capital Proceeds shall be applied and distributed to the Members of such Series (pro rata in accordance with their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates);

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Capital Proceeds are (a) greater than 110% of the Offering Amount of the related Series, and (b) less than or equal to 120% of such Offering Amount, then ten percent (10%) of the amount by which the Capital Proceeds exceed 110% of the Offering Amount shall be paid to the Asset Manager in payment of the Success Fee, except to the extent waived by the Asset Manager, in its sole discretion, and the remainder of the Capital Proceeds shall be applied and distributed to the Members of such Series (pro rata in accordance with their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates); and

(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Capital Proceeds are greater than 120% of the Offering Amount of the related Series, then an amount equal to (x) one percent (1%) of the Offering Amount plus (y) twenty percent (20%) of the amount by which the Capital Proceeds exceed 120% of the Offering Amount shall be paid to the Asset Manager in payment of the Success Fee, except to the extent waived by the Asset Manager, in its sole discretion, and the remainder of the Capital Proceeds shall be applied and distributed to the Members of such Series (pro rata in accordance with their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates).

Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Application of Amounts upon the Liquidation of a Series. Subject to Section 7.3 and ARTICLE XI and any Interest Designation, any amounts available for distribution following the liquidation of a Series, net of any fees, costs, expenses and liabilities (each of the foregoing as determined by the Managing Member in its sole discretion), shall be applied and distributed 100% to the Members of such Series (pro rata in accordance with their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates).

Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timing of Distributions.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the applicable provisions of the Delaware Act and except as otherwise provided herein, the Managing Member shall pay distributions to the Members associated with such Series pursuant to Section 7.1, at such times as the Managing Member shall reasonably determine, and pursuant to Section 7.2, as soon as reasonably practicable after the relevant amounts have been received by the Series; *provided that*, the Managing Member shall not be obliged to make any distribution pursuant to this Section (i) unless there are sufficient amounts available for such distribution or (ii) which, in the reasonable opinion of the Managing Member, would or might leave the Company or such Series with insufficient funds to meet any future contemplated obligations or contingencies including to meet any Operating Expenses and outstanding Operating Expenses Reimbursement Obligations (and the Managing Member is hereby authorized to retain

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any amounts within the Company to create a reserve to meet any such obligations or contingencies), or which otherwise may result in the Company or such Series having unreasonably small capital for the Company or such Series to continue its business as a going concern. Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), distributions shall be paid to the holders of the Interests of a Series on an equal per Interest basis as of the Record Date selected by the Managing Member. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to any Member on account of its interest in any Series if such distribution would violate the Delaware Act or other applicable law.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything in this ARTICLE VII to the contrary, in the event of the termination and liquidation of a Series, all distributions shall be made in accordance with, and subject to the terms and conditions of, ARTICLE XI.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each distribution in respect of any Interests of a Series shall be paid by the Company, directly or through any other Person or agent, only to the Record Holder of such Interests as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Company and such Series liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions in kind. Distributions in kind of the entire or part of a Series Asset to Members are prohibited.

**ARTICLE VIII - BOOKS, RECORDS, ACCOUNTING AND REPORTS**

Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records and Accounting.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Managing Member shall keep or cause to be kept at the principal office of the Company or such other place as determined by the Managing Member appropriate books and records with respect to the business of the Company and each Series, including all books and records necessary to provide to the Economic Members any information required to be provided pursuant to this Agreement or applicable law. Any books and records maintained by or on behalf of the Company or any Series in the regular course of its business, including the record of the Members, books of account and records of Company or Series proceedings, may be kept in such electronic form as may be determined by the Managing Member; *provided*, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Company shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. GAAP, unless otherwise required by applicable law or other regulatory disclosure requirement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Member shall have the right, upon reasonable demand for any purpose reasonably related to the Member's Interest as a member of the Company (as reasonably determined by the Managing Member) to such information pertaining to the Company as a whole and to each Series in which such Member has an Interest, as provided in Section 18-305 of the Delaware Act; provided, that prior to such Member having the ability to access such information, the Managing Member shall be permitted to require such Member to enter into a confidentiality

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agreement in form and substance reasonably acceptable to the Managing Member. For the avoidance of doubt, except as may be required pursuant to Article X, a Member shall only have access to the information (including any Series Designation) referenced with respect to any Series in which such Member has an Interest and not to any Series in which such Member does not have an Interest.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise set forth in the applicable Series Designation, within 120 calendar days after the end of the fiscal year and 90 calendar days after the end of the semi-annual reporting date, the Managing Member shall use its commercially reasonable efforts to circulate to each Economic Member electronically by e-mail or made available via an online platform:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a financial statement of such Series prepared in accordance with U.S. GAAP, which includes a balance sheet, profit and loss statement and a cash flow statement; and

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; confirmation of the number of Interests in each Series Outstanding as of the end of the most recent fiscal year;

provided, that notwithstanding the foregoing, if the Company or any Series is required to disclose financial information pursuant to the Securities Act or the Exchange Act (including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act), then compliance with such provisions shall be deemed compliance with this Section 8.1(c) and no further or earlier financial reports shall be required to be provided to the Economic Members of the applicable Series with such reporting requirement.

Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Year. Unless otherwise provided in a Series Designation, the fiscal year for tax and financial reporting purposes of each Series shall be a calendar year ending December 31 unless otherwise required by the Code. The fiscal year for financial reporting purposes of the Company shall be a calendar year ending December 31.

**ARTICLE IX - TAX MATTERS**

The Company intends to be taxed as a partnership or a disregarded entity for federal income tax purposes and will not make any election or take any action that could cause it to be treated as an association taxable as a corporation under Subchapter C of the Code. The Company will make an election on IRS Form 8832 for each Series to be treated as an association taxable as a corporation under Subchapter C of the Code and not as a partnership under Subchapter K of the Code.

**ARTICLE X - REMOVAL OF THE MANAGING MEMBER**

Economic Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series or the Company and which has a material adverse effect the Company. The Managing Member shall call a meeting of all of the Economic Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Economic Members may (i) by Super Majority Vote, remove the Managing Member of the Company and

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each relevant Series in accordance with this ARTICLE X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the Series in accordance with ARTICLE XI. If the Managing Member fails to call a meeting as required by this Article X, then any Economic Member shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a Series and the Asset Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member's appointment as Asset Manager of such Series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any Series, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such Series for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Asset Manager on the same terms and conditions set forth herein and in the Asset Management Agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the Series.

**ARTICLE XI - DISSOLUTION, TERMINATION AND LIQUIDATION**

Section 11.1&nbsp;&nbsp;&nbsp;&nbsp; Dissolution and Termination.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall not be dissolved by the admission of Substitute Economic Members or Additional Economic Members or the withdrawal of a transferring Member following a Transfer associated with any Series. The Company shall dissolve, and its affairs shall be wound up, upon:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an election to dissolve the Company by the Managing Member;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sale, exchange or other disposition of all or substantially all of the assets and properties of all Series (which shall include the obsolescence of the Series Assets) and the subsequent election to dissolve the Company by the Managing Member;

(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Delaware Act;

(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Delaware Act; or

(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a vote by the Economic Members to dissolve the Company following the for-cause removal of the Managing Member in accordance with ARTICLE X.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Series shall not be terminated by the admission of Substitute Economic Members or Additional Economic Members or the withdrawal of a transferring Member following a Transfer associated with any Series. Unless otherwise provided in the Series Designation, a Series shall terminate, and its affairs shall be wound up, upon:

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(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the dissolution of the Company pursuant to Section 11.1(a);

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sale, exchange or other disposition of all or substantially all of the assets and properties of such Series (which shall include the obsolescence of the Series Asset) and the subsequent election to terminate such Series by the Managing Member. The termination of a Series pursuant to this sub-paragraph shall not require the consent of the Economic Members;

(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an event set forth as an event of termination of such Series in the Series Designation establishing such Series;

(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an election to terminate the Series by the Managing Member; or

(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at any time that there are no Members of such Series, unless the business of such Series is continued in accordance with the Delaware Act.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The dissolution of the Company or any Series pursuant to Section 18-801(a)(3) of the Delaware Act shall be strictly prohibited.

Section 11.2&nbsp;&nbsp;&nbsp;&nbsp; Liquidator. Upon dissolution of the Company or termination of any Series, the Managing Member shall select one or more Persons (which may be the Managing Member) to act as Liquidator.

In the case of a dissolution of the Company, (i) the Liquidator shall be entitled to receive compensation for its services as Liquidator; (ii) the Liquidator shall agree not to resign at any time without 15 days prior notice to the Managing Member and may be removed at any time by the Managing Member; (iii) upon dissolution, death, incapacity, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days be appointed by the Managing Member. The right to approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this ARTICLE XI, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the Managing Member under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to complete the winding up and liquidation of the Company as provided for herein. In the case of a termination of a Series, other than in connection with a dissolution of the Company, the Managing Member shall act as Liquidator.

Section 11.3&nbsp;&nbsp;&nbsp;&nbsp; Liquidation of a Series. In connection with the liquidation of a Series, whether as a result of the dissolution of the Company or the termination of such Series, the Liquidator shall proceed to dispose of the assets of such Series, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Sections 18-215 and 18-804 of the Delaware Act, the terms of any Series Designation and the following:

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(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 11.3(c), the assets may be disposed of by public or private sale on such terms as the Liquidator may determine. The Liquidator may defer liquidation for a reasonable time if it determines that an immediate sale or distribution of all or some of the assets would be impractical or would cause undue loss to the Members associated with such Series.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities of each Series include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 11.2) as well as any outstanding Operating Expenses Reimbursement Obligations and any other amounts owed to Members associated with such Series otherwise than in respect of their distribution rights under ARTICLE VII. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of Free Cash Flows or other assets to provide for its payment. When paid, any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), all property and all Free Cash Flows in excess of that required to discharge liabilities as provided in Section 11.3(b) shall be distributed to the holders of the Interests of the Series on an equal per Interest basis.

Section 11.4&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of Certificate of Formation. In the case of a dissolution of the Company, upon the completion of the distribution of all Free Cash Flows and property in connection the termination of all Series (other than the reservation of amounts for payments in respect of the satisfaction of liabilities of the Company or any Series), the Certificate of Formation and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Company shall be taken by the Liquidator or the Managing Member, as applicable.

Section 11.5&nbsp;&nbsp;&nbsp;&nbsp; Return of Contributions. None of any Member, the Managing Member or any Officer of the Company or associated with any Series or any of their respective Affiliates, officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors will be personally liable for, or have any obligation to contribute or loan any monies or property to the Company or any Series to enable it to effectuate, the return of the Capital Contributions of the Economic Members associated with a Series, or any portion thereof, it being expressly understood that any such return shall be made solely from Series Assets.

Section 11.6&nbsp;&nbsp;&nbsp;&nbsp; Waiver of Partition. To the maximum extent permitted by law, each Member hereby waives any right to partition of the Company or Series Assets.

**ARTICLE XII - AMENDMENT OF AGREEMENT, SERIES DESIGNATION**

Section 12.1&nbsp;&nbsp;&nbsp;&nbsp; General. Except as provided in Section 12.2, the Managing Member may amend any of the terms of this Agreement or any Series Designation as it determines in its sole discretion and without the consent of any of the Economic Members. Without limiting the foregoing, the Managing Member, without the approval of any Economic Member, may amend any provision of

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this Agreement or any Series Designation, and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change that the Managing Member determines to be necessary or appropriate in connection with any action taken or to be taken by the Managing Member pursuant to the authority granted in ARTICLE V hereof;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the admission, substitution, withdrawal or removal of Members in accordance with this Agreement, any Series Designation;

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change that the Managing Member determines to be necessary or appropriate to qualify or continue the qualification of the Company as a limited liability company under the laws of any state or to ensure that each Series will continue to be taxed as an entity for U.S. federal income tax purposes;

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change that the Managing Member determines to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Delaware Act);

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change that the Managing Member determines to be necessary, desirable or appropriate to facilitate the trading of the Interests (including, without limitation, the division of any class or classes or series of Outstanding Interests into different classes or Series to facilitate uniformity of tax consequences within such classes or Series) or comply with any rule, regulation, guideline or requirement of any National Securities Exchange or over-the-counter market on which Interests are or will be listed for trading, compliance with any of which the Managing Member deems to be in the best interests of the Company and the Members;

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change that is required to effect the intent expressed in any Offering Document or the intent of the provisions of this Agreement or any Series Designation or is otherwise contemplated by this Agreement or any Series Designation;

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a change in the fiscal year or taxable year of the Company or any Series and any other changes that the Managing Member determines to be necessary or appropriate;

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amendment that the Managing Member determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company, the Managing Member, any Officers or any trustees or agents of the Company from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act, or plan asset regulations adopted under ERISA, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

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(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amendment that the Managing Member determines to be necessary or appropriate in connection with the establishment or creation of additional Series pursuant to Section 3.3 or the authorization, establishment, creation or issuance of any class or series of Interests of any Series pursuant to Section 3.4 and the admission of Additional Economic Members;

(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other amendment other than an amendment expressly requiring consent of the Economic Members as set forth in Section 12.2; and

(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other amendments substantially similar to the foregoing.

Section 12.2&nbsp;&nbsp;&nbsp;&nbsp; Certain Amendment Requirements. Notwithstanding the provisions of Section 12.1, no amendment to this Agreement shall be made without the consent of the Economic Members holding of a majority of the Outstanding Interests, that:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; decreases the percentage of Outstanding Interests required to take any action hereunder;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; materially adversely affects the rights of any of the Economic Members (including adversely affecting the holders of any particular Series of Interests as compared to holders of other series of Interests);

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; modifies Section 11.1(a) or gives any Person the right to dissolve the Company; or

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; modifies the term of the Company.

Section 12.3&nbsp;&nbsp;&nbsp;&nbsp; Amendment Approval Process. If the Managing Member desires to amend any provision of this Agreement or any Series Designation, other than as permitted by Section 12.1, then it shall first adopt a resolution setting forth the amendment proposed, declaring its advisability, and then call a meeting of the Members entitled to vote in respect thereof for the consideration of such amendment. Amendments to this Agreement or any Series Designation may be proposed only by or with the consent of the Managing Member. Such meeting shall be called and held upon notice in accordance with ARTICLE XIII of this Agreement. The notice shall set forth such amendment in full or a brief summary of the changes to be effected thereby, as the Managing Member shall deem advisable. At the meeting, a vote of Members entitled to vote thereon shall be taken for and against the proposed amendment. A proposed amendment shall be effective upon its approval by the affirmative vote of the holders of not less than a majority of the Interests of all Series then Outstanding, voting together as a single class, unless a greater percentage is required under this Agreement or by Delaware law. The Company shall deliver to each Member prompt notice of the adoption of every amendment made to this Agreement or any Series Designation pursuant to this ARTICLE XII.

**ARTICLE XIII - MEMBER MEETINGS**

Section 13.1&nbsp;&nbsp;&nbsp;&nbsp; Meetings. The Company shall not be required to hold an annual meeting of the Members. The Managing Member may, whenever it thinks fit, convene meetings of the Company or any Series. The non-receipt by any Member of a notice convening a meeting shall not invalidate the proceedings at that meeting.

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Section 13.2&nbsp;&nbsp;&nbsp;&nbsp; Quorum. No business shall be transacted at any meeting unless a quorum of Members is present at the time when the meeting proceeds to business; in respect of meetings of the Company, Members holding 50% of Interests, and in respect of meetings of any Series, Members holding 50% of Interests in such Series, present in person or by proxy shall be a quorum. In the event a meeting is not quorate, the Managing Member may adjourn or cancel the meeting, as it determines in its sole discretion.

Section 13.3&nbsp;&nbsp;&nbsp;&nbsp; Chairman. Any designee of the Managing Member shall preside as chairman of any meeting of the Company or any Series.

Section 13.4&nbsp;&nbsp;&nbsp;&nbsp; Voting Rights. Subject to the provisions of any class or series of Interests of any Series then Outstanding, the Members shall be entitled to vote only on those matters provided for under the terms of this Agreement.

Section 13.5&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary Actions. Except as specifically provided in this Agreement, notwithstanding any provision of law permitting or requiring any action to be taken or authorized by the affirmative vote of the holders of a greater number of votes, any such action shall be effective and valid if taken or approved by the affirmative vote of holders of Interests entitled to cast a majority of all the votes entitled to be cast on the matter.

Section 13.6&nbsp;&nbsp;&nbsp;&nbsp; Managing Member Approval. Other than as provided for in ARTICLE X, the submission of any action of the Company or a Series to Members for their consideration shall first be approved by the Managing Member.

Section 13.7&nbsp;&nbsp;&nbsp;&nbsp; Action By Members without a Meeting. Any Series Designation may provide that any action required or permitted to be taken by the holders of the Interests to which such Series Designation relates may be taken without a meeting by the written consent of such holders or Members entitled to cast a sufficient number of votes to approve the matter as required by statute or this Agreement, as the case may be.

Section 13.8&nbsp;&nbsp;&nbsp;&nbsp; Managing Member. Unless otherwise expressly provided in this Agreement, the Managing Member or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

**ARTICLE XIV - CONFIDENTIALITY**

Section 14.1&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality Obligations. All information contained in the accounts and reports prepared in accordance with ARTICLE VIII and any other information disclosed to an Economic Member under or in connection with this Agreement is confidential and non-public and each Economic Member undertakes to treat that information as confidential information and to hold that information in confidence. No Economic Member shall, and each Economic Member shall ensure that every person connected with or associated with that Economic Member shall not, disclose to any person or use to the detriment of the Company, any Series, any Economic Member or any Series Assets any confidential information which may have come to its knowledge concerning the affairs of the Company, any Series, any Economic Member, any Series Assets or any potential Series Assets, and each Economic Member shall use any such confidential

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information exclusively for the purposes of monitoring and evaluating its investment in the Company. This Section 14.1 is subject to Section 14.2 and Section 14.3.

Section 14.2&nbsp;&nbsp;&nbsp;&nbsp; Exempted information. The obligations set out in Section 14.1 shall not apply to any information which:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is public knowledge and readily publicly accessible as of the date of such disclosure;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; becomes public knowledge and readily publicly accessible, other than as a result of a breach of this ARTICLE XIV; or

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; has been publicly filed with the U.S. Securities and Exchange Commission.

Section 14.3&nbsp;&nbsp;&nbsp;&nbsp; Permitted Disclosures. The restrictions on disclosing confidential information set out in Section 14.1 shall not apply to the disclosure of confidential information by an Economic Member:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to any person, with the prior written consent of the Managing Member (which may be given or withheld in the Managing Member's sole discretion);

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if required by law, rule or regulation applicable to the Economic Member (including without limitation disclosure of the tax treatment or consequences thereof), or by any Governmental Entity having jurisdiction over the Economic Member, or if requested by any Governmental Entity having jurisdiction over the Economic Member, but in each case only if the Economic Member (unless restricted by any relevant law or Governmental Entity): (i) provides the Managing Member with reasonable advance notice of any such required disclosure; (ii) consults with the Managing Member prior to making any disclosure, including in respect of the reasons for and content of the required disclosure; and (iii) takes all reasonable steps permitted by law that are requested by the Managing Member to prevent the disclosure of confidential information (including (a) using reasonable endeavors to oppose and prevent the requested disclosure and (b) returning to the Managing Member any confidential information held by the Economic Member or any person to whom the Economic Member has disclosed that confidential information in accordance with this Section); or

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to its trustees, officers, directors, employees, legal advisers, accountants, investment managers, investment advisers and other professional consultants who would customarily have access to such information in the normal course of performing their duties, but subject to the condition that each such person is bound either by professional duties of confidentiality or by an obligation of confidentiality in respect of the use and dissemination of the information no less onerous than this ARTICLE XIV.

**ARTICLE XV - GENERAL PROVISIONS**

Section 15.1&nbsp;&nbsp;&nbsp;&nbsp; Addresses and Notices.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice to be served in connection with this Agreement shall be served in writing (which, for the avoidance of doubt, shall include e-mail) and any notice or other correspondence

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under or in connection with this Agreement shall be delivered to the relevant party at the address given in this Agreement (or, in the case of an Economic Member, in its Form of Adherence) or to such other address as may be notified in writing for the purposes of this Agreement to the party serving the document and that appears in the books and records of the relevant Series. The Company intends to make transmissions by electronic means to ensure prompt receipt and may also publish notices or reports on a secure electronic application to which all Members have access (including without limitation the Rally Rd. platform or any successor thereto), and any such publication shall constitute a valid method of serving notices under this Agreement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice or correspondence shall be deemed to have been served as follows:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of hand delivery, on the date of delivery if delivered before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following delivery;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of service by U.S. registered mail, on the third Business Day after the day on which it was posted;

(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of email (subject to oral or electronic confirmation of receipt of the email in its entirety), on the date of transmission if transmitted before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following transmission; and

(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of notices published on an electronic application, on the date of publication if published before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following publication.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In proving service (other than service by e-mail), it shall be sufficient to prove that the notice or correspondence was properly addressed and left at or posted by registered mail to the place to which it was so addressed.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice to the Company (including any Series) shall be deemed given if received by any member of the Managing Member at the principal office of the Company designated pursuant to Section 2.3. The Managing Member and the Officers may rely and shall be protected in relying on any notice or other document from an Economic Member or other Person if believed by it to be genuine.

Section 15.2&nbsp;&nbsp;&nbsp;&nbsp; Further Action. The parties to this Agreement shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

Section 15.3&nbsp;&nbsp;&nbsp;&nbsp; Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

Section 15.4&nbsp;&nbsp;&nbsp;&nbsp; Integration. This Agreement, together with the applicable Form of Adherence and Asset Management Agreement and any applicable Series Designation, constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

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Section 15.5&nbsp;&nbsp;&nbsp;&nbsp; Creditors. None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company or any Series.

Section 15.6&nbsp;&nbsp;&nbsp;&nbsp; Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

Section 15.7&nbsp;&nbsp;&nbsp;&nbsp; Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto (which signature may be provided electronically) or, in the case of a Person acquiring an Interest, upon acceptance of its Form of Adherence.

Section 15.8&nbsp;&nbsp;&nbsp;&nbsp; Applicable Law and Jurisdiction.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware. Non-contractual obligations (if any) arising out of or in connection with this Agreement (including its formation) shall also be governed by the laws of the State of Delaware. The rights and liabilities of the Members in the Company and each Series and as between them shall be determined pursuant to the Delaware Act and this Agreement. To the extent the rights or obligations of any Member are different by reason of any provision of this Agreement than they would otherwise be under the Delaware Act in the absence of any such provision, or even if this Agreement is inconsistent with the Delaware Act, this Agreement shall control, except to the extent the Delaware Act prohibits any particular provision of the Delaware Act to be waived or modified by the Members, in which event any contrary provisions hereof shall be valid to the maximum extent permitted under the Delaware Act.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by applicable law, any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby shall be brought in Chancery Court in the State of Delaware and each Member hereby consents to the exclusive jurisdiction of the Chancery Court in the State of Delaware (and of the appropriate appellate courts therefrom) in any suit, action or proceeding, and irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. To the fullest extent permitted by applicable law, each Member hereby waives the right to commence an action, suit or proceeding seeking to enforce any provisions of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby or thereby in any court outside of the Chancery Court in the State of Delaware except to the extent otherwise explicitly provided herein. The provisions of this Section 15.8(b) shall not be applicable to an action, suit or proceeding to the extent it pertains to a matter as to which the claims are exclusively vested in the jurisdiction of a court or forum other than the Court of Chancery of the State of Delaware, or if the Chancery Court in the State of Delaware does not have jurisdiction over such matter. The Company acknowledges for the avoidance of doubt that this Section 15.8(b) shall not apply to claims arising

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under the Securities Act and the Exchange Act, and by agreeing to the provisions of this Section 15.8(b), each Member will not be deemed to have waived compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.

(c)Process in any suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any court. Without limiting the foregoing, each party agrees that service of process on such party by written notice pursuant to Section 11.1 will be deemed effective service of process on such party.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EVERY PARTY TO THIS AGREEMENT AND ANY OTHER PERSON WHO BECOMES A MEMBER OR HAS RIGHTS AS AN ASSIGNEE OF ANY PORTION OF ANY MEMBER'S MEMBERSHIP INTEREST HEREBY WAIVES ANY RIGHT TO A JURY TRIAL AS TO ANY MATTER UNDER THIS AGREEMENT OR IN ANY OTHER WAY RELATING TO THE COMPANY OR THE RELATIONS UNDER THIS AGREEMENT OR OTHERWISE AS TO THE COMPANY AS BETWEEN OR AMONG ANY SAID PERSONS. NOTWITHSTANDING THE ABOVE, THE FOREGOING WAIVER OF THE RIGHT TO A JURY TRIAL DOES NOT APPLY TO CLAIMS ARISING UNDER THE SECURITIES ACT AND THE EXCHANGE ACT.

Section 15.9&nbsp;&nbsp;&nbsp;&nbsp; Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

Section 15.10 Consent of Members. Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member shall be bound by the results of such action.

*[Remainder of page intentionally left blank]*

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**IN WITNESS WHEREOF**, this Agreement has been executed as of the date first written above.

MANAGING MEMBER

**RSE COLLECTION MANAGER, LLC**

By Rally Holdings LLC, its sole member

By RSE Markets, Inc., its sole member

By: /s/ George Leimer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

George Leimer 

Chief Executive Officer

COMPANY

**RSE COLLECTION, LLC**

By RSE Collection Manager, LLC, its managing member

By Rally Holdings LLC, its sole member

By RSE Markets, Inc., its sole member

By: /s/ George Leimer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

George Leimer 

Chief Executive Officer

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*[Signature Page to Seventh Amended & Restated Limited Liability Company Agreement]*

## Ex1A-6

DocuSign Envelope ID: 0B5F5851-342F-4009-A5C1-8D0DDD116258

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**ASSETS PURCHASE AGREEMENT**

This Assets Purchase Agreement (this "**Agreement**") is entered into effective September 21, 2021

(the "**Effective Date**"), by and between RSE Archive, LLC ("**Buyer**") and Jeremy O'Connor, LLC

("**Seller**").

**WHEREAS**, Seller has good and valid title to the assets described on Schedule A hereto (the

"**Assets**"), free and clear of all encumbrances, and wishes to sell and assign the Assets to Buyer, and Buyer wishes to purchase the Assets from Seller; and

**WHEREAS**, Buyer intends (a) to contribute the Assets to a series of Buyer (the "**Series**"); and (b) to offer to the public ownership interests in the Series ("**Series Interests**") in an offering (the "**Offering**") exempt from registration under the Securities Act of 1933, as amended (the "**Act**"), pursuant to Tier 2 of Regulation A, as amended, promulgated thereunder ("**Regulation A**").

**NOW, THEREFORE**, in consideration of the mutual representations, warranties, covenants, and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller (each, a "**Party**" and, collectively, the "**Parties**") hereby agree as follows:

1.**Purchase and Sale of the Assets**. Subject to the provisions set forth herein, at the Closing, Seller shall sell, convey, assign and transfer to Buyer, and Buyer shall purchase and acquire from Seller, the Assets. The consummation of the transactions contemplated by this Agreement (the "**Closing**") shall take place as of 3:00 P.M. Eastern Time on September 24th, 2021 or at such other time as the Parties may mutually agree (the "**Closing Date**").

2.**Purchase Price**. Subject to the terms of this Agreement, in consideration for the sale of the Assets, Buyer agrees:

a. To pay Seller Jeremy O'Connor, LLC Dollars ($165,750.00) by E-check to Seller

of immediately available funds, on the Closing Date (the "**Purchase Price**").

3.**Representations and Warranties of Seller**. Seller has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. Seller hereby represents that the name, year and authentication information set forth on Schedule A are true and accurate with respect to the Assets. Seller now has and on the Closing Date will have (a) good and marketable title to the Assets, free and clear of all liens and encumbrances and (b) full right, power and authority to effect the sale and delivery of the Assets pursuant to this Agreement. Upon the Closing, including payment of the Purchase Price, Buyer will receive good and marketable title to the Assets, free and clear of all liens and encumbrances. This Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally.

4.**Representations and Warranties of Buyer**. Buyer has all necessary power and authority to enter into this Agreement, to carry out Buyer's obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly authorized by all requisite action on the part of Buyer.

5.**Indemnification**. Each of the Parties shall indemnify and hold harmless the other of, from and against any and all damages, losses, liabilities, deficiencies, actions, demands, judgments, costs and expenses (including reasonable attorneys' fees) which the other may suffer or incur by reason of a breach of this Agreement by the breaching Party.

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DocuSign Envelope ID: 0B5F5851-342F-4009-A5C1-8D0DDD116258

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6.**Specific Performance**. Seller agrees that Buyer will incur irreparable damage if Buyer does not receive good and marketable title to, as well as physical possession of, the Assets on the Closing Date and that Buyer shall be entitled to specific performance of the terms of this Agreement, in addition to any other remedy to which it is entitled at law or in equity.

7.**Governing Law; Venue**. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.

8.**Survival**. The terms and conditions of this Agreement, together with the representations, warranties and covenants contained herein or in any instrument or document delivered or to be delivered pursuant to this Agreement shall survive the execution of this Agreement and the Closing Date for the applicable statute of limitations regardless any investigation made by the Party making the claim hereunder.

9.**Notices**. All notices, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); or (c) on the date sent by email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient. Such communications must be sent to the respective Party at the set forth under its signature or such other address as the Party may hereafter specify by notice to the other Party given in accordance with this Section 9.

10.**Miscellaneous**. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and all prior negotiations, writings, and understandings relating to the subject matter of this Agreement are merged in and are superseded and canceled by, this Agreement. It may not be modified or amended except by a writing signed by the Parties and is not intended to confer upon any person or entity not a party (or their successors and permitted assigns) any rights or remedies hereunder. The Parties agree that the terms of this Agreement shall be kept confidential (except as may be required by law, rule or regulation of any governmental authority) and will not be disclosed to any individual or entity, except that either Party may disclose such terms as are reasonably necessary to their respective members, lenders, officers, directors, members, managers, employees, accountants, counsel and agents, with a reasonable need to know such information in their representative capacities, and all persons acting by, through, under or in concert with any of them. Neither Party may assign either this Agreement or any of their rights, interests, or obligations hereunder without the prior written approval of the other Party. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement may be signed in any number of counterparts, each of which will be an original with the same effect as if the signatures were upon the same instrument, and it may be signed electronically. Any provision in this Agreement that is held to be invalid, illegal, or unenforceable in any respect by a court of competent jurisdiction will be ineffective only to the extent of such invalidity, illegality, or unenforceability without affecting in any way the remaining provisions hereof; provided, however, that the Parties will attempt in good faith to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent. The Parties have read, understand, and agree to the terms of this Agreement and are duly advised and have had the opportunity to consult with counsel regarding this Agreement.

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DocuSign Envelope ID: 0B5F5851-342F-4009-A5C1-8D0DDD116258

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*Signature page follows* 

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DocuSign Envelope ID: 0B5F5851-342F-4009-A5C1-8D0DDD116258

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Each of the undersigned has caused this Assets Purchase Agreement to be duly executed and

delivered as of the date first written above.

**SELLER**:

**Jeremy O'Connor, LLC**

By: /s/ Jeremy O'Connor

Name: Jeremy O'Connor

Title: Principle

Address: 1050 Second Ave

New York, NY 10022

Email Address:Jeremy@collectorsfolio.com **BUYER**:

**RSE Archive, LLC**

By: RSE Archive Manager, LLC, its managing member

By: Rally Holdings LLC, its sole member

By: RSE Markets, Inc., its sole member

By: /s/ George Leimer

Name: George Liemer

Title: CEO

Address: 250 Lafayette St.

New York, NY 10012

Email Address: George@Rallyrd.com

*Signature Page to Assets Purchase Agreement*

**Schedule A** 

**to Assets Purchase Agreement**

**Assets:** **1st Edition copy of The Sound and the Fury by William Faulkner**

**Year: 1929** 

**Authentication: _____** 

**Price: $27,500.00** 

**Assets:** **1st Edition Copy of The Hobbit by J.R.R Tolkien**

**Year: 1937** 

**Authentication: _____** 

**Price: $68,750.00** 

**Asset:** **1st Edition Copies of The Adventures of Sherlock Holmes and the Memoirs of** **Sherlock Holmes**

**Year: 1892-1894** 

**Authentication: _____** 

**Price: $20,000.00** 

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DocuSign Envelope ID: 0B5F5851-342F-4009-A5C1-8D0DDD116258

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**Asset:** **1st Edition Copy of Tender is the Night by F. Scott Fitzgerald**

**Year: 1934** 

**Authentication: _____** 

**Price: $25,000.00** 

**Asset:** **1st Edition Copy Lord of the Flies by William Golding**

**Year: 1954** 

**Authentication: _____** 

**Price: $11,000.00** 

**Asset:** **1st Edition Copy of A Farewell To Arms**

**Year: 1929** 

**Authentication: _____** 

**Price: $13,500.00** 

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DocuSign Envelope ID: 0B5F5851-342F-4009-A5C1-8D0DDD116258

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## Ex1A-6

DocuSign Envelope ID: 786BF255-BC0F-40C2-9916-89694C28BF13

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**ASSET PURCHASE AGREEMENT**

This Asset Purchase Agreement (this "**Agreement**") is entered into effective January 27<sup>th</sup>, 2023

(the "**Effective Date**"), by and between RSE Collection, LLC ("**Buyer**") and Daniel Arsham Inc. ("**Seller**").

**WHEREAS**, Seller has good and valid title to the asset described on Schedule A hereto (the "**Asset**"), free and clear of all encumbrances, and wishes to sell and assign the Asset to Buyer, and Buyer wishes to purchase the Asset from Seller; and

**WHEREAS**, Buyer intends (a) to contribute the Asset to a series of Buyer (the "**Series**"); and (b) to offer to the public ownership interests in the Series ("**Series Interests**") in an offering (the "**Offering**") exempt from registration under the Securities Act of 1933, as amended (the "**Act**"), pursuant to Tier 2 of Regulation A, as amended, promulgated thereunder ("**Regulation A**").

**NOW, THEREFORE**, in consideration of the mutual representations, warranties, covenants, and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller (each, a "**Party**" and, collectively, the "**Parties**") hereby agree as follows:

1.**Purchase and Sale of the Asset**. Subject to the provisions set forth herein, at the Closing, Seller shall sell, convey, assign and transfer to Buyer, and Buyer shall purchase and acquire from Seller, the Asset. The consummation of the transactions contemplated by this Agreement (the "**Closing**") shall take place as of 5:00 P.M. Eastern Time on January 27, 2023, or at such other time as the Parties may mutually agree (the "**Closing Date**").

2.**Purchase Price**. Subject to the terms of this Agreement, in consideration for the sale of the Asset, Buyer agrees:

a. To pay Seller one-hundred and twenty-thousand Dollars ($120,000) by wire

transfer to Seller of immediately available funds, on the Closing Date (the "**Purchase Price**").

3.**Representations and Warranties of Seller**. Seller has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. Seller hereby represents that the name, year and authentication information set forth on Schedule A are true and accurate with respect to the Asset. Seller now has and on the Closing Date will have (a) good and marketable title to the Asset, free and clear of all liens and encumbrances and (b) full right, power and authority to effect the sale and delivery of the Asset pursuant to this Agreement. Upon the Closing, including payment of the Purchase Price, Buyer will receive good and marketable title to the Asset, free and clear of all liens and encumbrances. This Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally.

4.**Representations and Warranties of Buyer**. Buyer has all necessary power and authority to enter into this Agreement, to carry out Buyer's obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly authorized by all requisite action on the part of Buyer.

5.**Indemnification**. Each of the Parties shall indemnify and hold harmless the other of, from and against any and all damages, losses, liabilities, deficiencies, actions, demands, judgments, costs and expenses (including reasonable attorneys' fees) which the other may suffer or incur by reason of a breach of this Agreement by the breaching Party.

6.**Specific Performance**. Seller agrees that Buyer will incur irreparable damage if Buyer does not receive good and marketable title to, as well as physical possession of, the Asset on the Closing

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DocuSign Envelope ID: 786BF255-BC0F-40C2-9916-89694C28BF13

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Date and that Buyer shall be entitled to specific performance of the terms of this Agreement, in addition to any other remedy to which it is entitled at law or in equity.

7.**Governing Law; Venue**. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.

8.**Survival**. The terms and conditions of this Agreement, together with the representations, warranties and covenants contained herein or in any instrument or document delivered or to be delivered pursuant to this Agreement shall survive the execution of this Agreement and the Closing Date for the applicable statute of limitations regardless any investigation made by the Party making the claim hereunder.

9.**Notices**. All notices, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); or (c) on the date sent by email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient. Such communications must be sent to the respective Party at the set forth under its signature or such other address as the Party may hereafter specify by notice to the other Party given in accordance with this Section 9.

10.**Miscellaneous**. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and all prior negotiations, writings, and understandings relating to the subject matter of this Agreement are merged in and are superseded and canceled by, this Agreement. It may not be modified or amended except by a writing signed by the Parties and is not intended to confer upon any person or entity not a party (or their successors and permitted assigns) any rights or remedies hereunder. The Parties agree that the terms of this Agreement shall be kept confidential (except as may be required by law, rule or regulation of any governmental authority) and will not be disclosed to any individual or entity, except that either Party may disclose such terms as are reasonably necessary to their respective members, lenders, officers, directors, members, managers, employees, accountants, counsel and agents, with a reasonable need to know such information in their representative capacities, and all persons acting by, through, under or in concert with any of them. Neither Party may assign either this Agreement or any of their rights, interests, or obligations hereunder without the prior written approval of the other Party. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement may be signed in any number of counterparts, each of which will be an original with the same effect as if the signatures were upon the same instrument, and it may be signed electronically. Any provision in this Agreement that is held to be invalid, illegal, or unenforceable in any respect by a court of competent jurisdiction will be ineffective only to the extent of such invalidity, illegality, or unenforceability without affecting in any way the remaining provisions hereof; provided, however, that the Parties will attempt in good faith to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent. The Parties have read, understand, and agree to the terms of this Agreement and are duly advised and have had the opportunity to consult with counsel regarding this Agreement.

*[Signature page follows]* 

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DocuSign Envelope ID: 786BF255-BC0F-40C2-9916-89694C28BF13

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Each of the undersigned has caused this Asset Purchase Agreement to be duly executed and

delivered as of the date first written above.

**SELLER**: **BUYER**:

**Daniel Arsham Inc.** **RSE Collection, LLC**

By: /s/Daniel Arsham By: RSE Collection Manager, LLC, its managing member

Name: Daniel Arsham By: Rally Holdings LLC, its sole member

 By: RSE Markets, Inc., its sole member

Title: <sup>President</sup>

By: /s/ Matthew Ammirati By: /s/Christopher Bruno

Name: Christopher Bruno Name: Matthew Ammirati

Title: Co-owner Title: CEO

Address: 4-40 44th Drive Suite A, Long Island Address: 446 Broadway, Fl. 2, New York, NY

10013

City, NY 11101

Email Address: chris@rallyrd.com

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DocuSign Envelope ID: 786BF255-BC0F-40C2-9916-89694C28BF13

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*[Signature Page to Asset Purchase Agreement]*

**Schedule A** **to Asset Purchase Agreement**

**Asset:** **Arsham Studio x Stone Island Mercedes-Benz Unimog 404** 

**Year:** **1963**

## Ex1A-6

![](rsecex6x26_1.jpg)

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![Picture 2](rsecex6x26_2.jpg)

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![Picture 3](rsecex6x26_3.jpg)

## Ex1A-11

**Exhibit 11.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Qualification Offering Circular Amendment No.27 to the Regulation A Offering Circular of RSE Collection, LLC on Form 1-A (No. 024-11584) to be filed on or about February 17, 2023 of our report dated April 22, 2022, on our audits of the Company and each listed Series' financial statements as of December 31, 2021 and 2020, and for each of the years then ended, which report was included in the annual report on Form 1-K filed on April 22, 2022.

/s/ EisnerAmper LLP

EISNERAMPER LLP

New York, New York

February 17, 2023

## Ex1A-12

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[Letterhead of Maynard, Cooper & Gale, P.C.]

Maynard, Cooper & Gale, P.C.

1901 Sixth Ave N, Suite 1700

Birmingham, AL 35203

February 17, 2023

RSE Collection, LLC

c/o RSE Markets, Inc.

446 Broadway

2nd Floor

New York, NY 10013

Re:RSE Collection, LLC – Post-Qualification Amendment No. 27 to the Offering Statement on Form 1-A

Ladies and Gentlemen:

We have acted as special counsel to RSE Collection, LLC, a Delaware series limited liability company (the "**Company**"), in connection with the Company's filing with the Securities and Exchange Commission (the "**Commission**") on the date hereof of the Company's Post-Qualification Amendment No. 27 (the "**Amendment**") to its Offering Statement on Form 1-A, File No. 024-11584 (the "**Offering Statement**"), under Regulation A of the Securities Act of 1933, as amended (the "**Securities Act**"). The Offering Statement, as amended by the Amendment, includes offerings of various series of membership interests (each a "**Series**"), a series designation (each, a "**Series Designation**" and, collectively, the "**Series Designations**") for each of which will be in the form filed with the Offering Statement and will be attached to the Seventh Amended and Restated Limited Liability Company Agreement of the Company, dated as of December 28, 2022 (the "**Company Operating Agreement**"), prior to the issuance thereof.

The Amendment relates, among other things, to the proposed issuance and sale by the Company (the "**Offering**") of three series of the Company's Interests (as defined in the Company Operating Agreement) (designated as the "**Series Interests**" on Schedule A to this opinion letter), as further described in the Amendment.

We assume that the Series Interests will be sold as described in the Offering Statement and the Amendment and pursuant to a Subscription Agreement, substantially in the form filed as an exhibit to the Offering Statement, to be entered into by and between the Company and each of the purchasers of the Series Interests (each, a "**Subscription Agreement**" and, collectively, the "**Subscription Agreements**").

For purposes of rendering this opinion, we have examined originals or copies (certified or otherwise identified to our satisfaction) of:

1. the Certificate of Formation of the Company, filed with the Secretary of State of the State of Delaware on August 24, 2016;

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2. the Company Operating Agreement;

3. the Certificate of Formation of RSE Collection Manager, LLC, the managing member of the Company (the "**Managing Member**"), filed with the Secretary of State of the State of Delaware on March 16, 2021;

4. the Limited Liability Company Agreement of the Managing Member, dated as of March 16, 2021 (the "**Managing Member Operating Agreement**");

5. the Certificate of Formation of Rally Holdings LLC, the sole member of the Managing Member ("**Rally Holdings**"), filed with the Secretary of State of the State of Delaware on October 27, 2020;

6. the Limited Liability Company Agreement of Rally Holdings, dated as of November 23, 2020 (the "**Rally Holdings Operating Agreement**");

7. the Amended and Restated Certificate of Incorporation of RSE Markets, Inc., the sole member of Rally Holdings ("**RSEM**"), filed with the Secretary of State of the State of Delaware on April 28, 2016;

8. the Bylaws of RSEM;

9. the Officers' Certificate of certain officers of RSEM, dated as of February 15, 2023; and

10. resolutions of the Board of Directors of RSEM and of the sole member of the Managing Member, with respect to the Offering.

We have also examined the Offering Statement, form of Subscription Agreement and form of Series Designation filed with the Commission and such other certificates of public officials, such certificates of executive officers of RSEM and such other records, agreements, documents and instruments as we have deemed relevant and necessary as a basis for the opinion hereafter set forth.

In such examination, we have assumed: (i) the genuineness of all signatures, (ii) the legal capacity of all natural persons, (iii) the authenticity of all documents submitted to us as originals, (iv) the conformity to original documents of all documents submitted to us as certified, conformed or other copies and the authenticity of the originals of such documents, (v) that all records and other information made available to us by the Company on which we have relied are complete in all material respects, (vi) that the statements of the Company contained in the Offering Statement, the Amendment and the Officers' Certificate are true and correct as to all factual matters stated therein, (vii) that the Offering Statement, as amended by the Amendment, will be and remain qualified under the Securities Act, and (viii) that the Company will receive the required consideration for the issuance of such Interests at or prior to the issuance thereof. As to all questions of fact material to this opinion, we have relied solely upon the above-referenced certificates or comparable documents and other documents delivered pursuant thereto, have not performed or had performed any independent research of public records and have assumed that certificates of or other comparable documents from public officials dated prior to the date hereof remain accurate as of the date hereof.

Members of our firm involved in the preparation of this opinion are licensed to practice law in the State of Alabama, and we do not purport to be experts on, or to express any opinion herein concerning, the

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laws of any jurisdiction other than the laws of the State of Alabama and the Delaware Limited Liability Company Act (the "**Delaware Act**").

Our opinion below is qualified to the extent that it may be subject to or affected by (i) applicable bankruptcy, insolvency, reorganization, receivership, moratorium, usury, fraudulent conveyance or similar laws affecting the rights of creditors generally, and (ii) by general equitable principles and public policy considerations, whether such principles and considerations are considered in a proceeding at law or at equity.

Based upon and subject to the foregoing, and the other qualifications and limitations contained herein, we are of the opinion that, when the Offering Statement, as amended by the Amendment, is qualified under the Securities Act and when the Series Interests are issued and sold in accordance with the terms set forth in the Company Operating Agreement, the applicable Series Designation and the applicable Subscription Agreement and the Company has received payment therefor in the manner contemplated in the Offering Statement, (a) the Series Interests will be legally issued under the Delaware Act and (b) purchasers of the Series Interests (i) will have no obligation under the Delaware Act to make payments to the Company (other than their purchase price for the Series Interests and except for their obligation that may arise in the future to repay any funds wrongfully distributed to them as provided under the Delaware Act), or contributions to the Company, solely by reason of their ownership of the Series Interests or their status as members of the Company, and (ii) will have no personal liability for the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, solely by reason of being members of the Company.

The opinion expressed herein is rendered as of the date hereof and is based on existing law, which is subject to change. Where our opinion expressed herein refers to events to occur at a future date, we have assumed that there will have been no changes in the relevant law or facts between the date hereof and such future date. We do not undertake to advise you of any changes in the opinion expressed herein from matters that may hereafter arise or be brought to our attention or to revise or supplement such opinion should the present laws of any jurisdiction be changed by legislative action, judicial decision or otherwise.

Our opinion expressed herein is limited to the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated.

We hereby consent to the filing of this opinion letter with the Commission as an exhibit to the Amendment and to the reference to our firm in Item 4 of Part I of the Amendment. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the Commission.

Very truly yours,

/s/ Maynard, Cooper & Gale, P.C.

Maynard, Cooper & Gale, P.C.

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SCHEDULE A

Series of RSE Collection

---

| | | |
|:---|:---|:---|
| **Series** | **Underlying Asset** | **Maximum Interests** |
| #APOLLO14 | 1971 Apollo 14 Flown King James Bible carried to the Moon by astronaut Edgar Mitchell  | 2000 |
| #FAREWELL | 1929 1st Edition copy of A Farewell To Arms by Ernest Hemingway  | 1500 |
| #ARSHAM1 | 1963 Arsham Studio Stone Island Mercedes-Benz Unimog 404 | 6750 |

---

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** RSE Collection, LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2016

**CIK:** 0001688804

**I.R.S. Employer Identification Number:** 37-1835270

**Primary Standard Industrial Classification Code:** 3714

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 446 BROADWAY, 2ND FLOOR, NEW YORK, NY 10013

**Company Phone:** 2015640493

**Person to contact:** Max Niederste-Ostholt

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount      |
|:---|:---|
| Cash and Cash Equivalents                | $119066.00  |
| Investment Securities                    | $0.00       |
| Accounts and Notes Receivable            | $0.00       |
| Property, Plant and Equipment (PP&E)     | $0.00       |
| Total Assets                             | $7924063.00 |
| Accounts Payable and Accrued Liabilities | $22220.00   |
| Long-Term Debt                           | $0.00       |
| Total Liabilities                        | $1252377.00 |
| Total Stockholders' Equity               | $6671686.00 |
| Total Liabilities and Equity             | $7924063.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount      |
|:---|:---|
| Total Revenues                            | $0.00       |
| Costs and Expenses Applicable to Revenues | $0.00       |
| Depreciation and Amortization             | $0.00       |
| Net Income                                | $-116841.00 |
| Earnings Per Share - Basic                | 0.00        |
| Earnings Per Share - Diluted              | 0.00        |

**Auditor Information**

| Metric          | Amount          |
|:---|:---|
| Name of Auditor | EisnerAmper LLP |

### Outstanding Securities

| Class         |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Series #69BM1 |          2000 | 78108H208 | None              |
|  |             0 |  |  |
|  |             0 |  |  |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Other(describe)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** Yes

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount      |
|:---|:---|
| Number of securities offered                                    | 123600      |
| Number of securities outstanding                                | 0           |
| Price per security                                              | $10.55      |
| Issuer's aggregate offering price                               | $1303500.00 |
| Aggregate offering price of securities held by security holders | $0.00       |
| Aggregate price of securities offered concurrently              | $0.00       |
| Total aggregate offering price                                  | $1303500.00 |

**Anticipated Fees**

| Service Provider   | Name                       | Fees   |
|:---|:---|:---|
| Auditor            | EisnerAmper LLP            | $0.00  |
| Legal              | Maynard Cooper & Gale, LLP | $0.00  |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $1290465.00

### Item 5. Jurisdictions in Which Securities are to be Offered

- All States and Territories

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** RSE Collection, LLC

**Title of Securities Issued:** Series #77LE1, a series of RSE Collection, LLC

**Total Amount of Securities Issued:** 2000

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** Aggregate amount: $77,700 Basis of Computing: 2000 LLC Interests at $38.85 per Interest

**Basis for aggregate consideration:** —

**Securities Act Exemption:** Rule 506(c) - sale to verified accredited investors of interests in Series #77LE1