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The COVID-19 pandemic could impair CNL Sprott Strategic Asset Fund’s ability to maintain operational standards, disrupt the operations of its service providers, adversely affect the value and liquidity of its investments, and negatively impact its performance and your investment.

An investment in CNL Sprott Strategic Asset Fund, LLC is considered speculative and involves a high degree of risk, including the loss of all or a substantial amount of your investment. This offering is available to sophisticated accredited investors who fully understand, and are willing to assume, and have the financial resources to withstand, the risks involved in this specialized investment program and to bear the potential loss of their entire investment. See the Suitability Standards section of the Private Placement Memorandum (PPM) for complete details.

This is not an offer to sell nor a solicitation of an offer to buy units of CNL Sprott Strategic Asset Fund, LLC. Only the PPM makes such an offer. This piece must be read in conjunction with the PPM, including the Risk Factors section, in order to understand fully all the objectives, risks, charges and expenses associated with an investment in CNL Sprott Strategic Asset Fund, LLC.

As part of its investment strategy, the Fund seeks to make loans to entities principally engaged in the international natural resource, precious, and base metal extraction industry. Such loans are subject to credit risk, interest rate risk, liquidity risk, the risk of a borrower’s financial condition deteriorating and market risks. The Fund will seek to invest in gold bullion. Precious metals, like gold, experience volatile pricing. The Fund will invest in non-rated and below investment-grade debt securities. These securities, which may include preferred stock or debt, are predominantly speculative and involve major risk exposure to adverse conditions.

An investment in CNL Sprott Strategic Asset Fund, LLC is illiquid. Units sold in this offering will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. If investors are able to sell their units, they will likely receive less than their purchase price.

Distributions are not based on the Fund’s performance and are not guaranteed in frequency or amount. Distributions may be paid from net investment income and offering proceeds, borrowings or reimbursable expense support. Investor distributions from sources other than net income may not be sustainable, can reduce future cash available for distributions and be dilutive to investors.

If CNL Sprott Strategic Asset Fund, LLC is unable to raise substantial funds, it may not be able to fulfill its investment objectives, which reduces diversification and increases the potential for volatility.

The Fund's manager, sub-manager, and their respective affiliates, face conflicts of interest, including those that result from compensation arrangements and allocations of business opportunities. The Fund compensates the manager, sub-manager, and CNL Securities for services provided and may also compensate the parties when certain operational and performance thresholds are met. Certain management fees will be paid by investors even if they lose money in the investment.

The private offering of the Fund's securities has not been approved or disapproved by any federal or state securities commission or regulatory authority, including any U.S. or Canadian authority or the Attorney General of New York, nor have any of the foregoing passed upon the accuracy or adequacy of the offering. Any representation to the contrary is unlawful. As such, the Fund's Units have not been registered under the Securities Act of 1933, as amended, or under the securities laws of any state. The transferability of the Units is substantially restricted by securities laws and the terms of the PPM.

CNL Sprott Strategic Asset Fund, LLC commenced operations in February of 2021 and has a limited operating history. CNL Sprott Strategic Asset Fund, LLC is managed by CNL Sprott Strategic Asset Fund Management, LLC and sub-managed by Sprott Resource Lending Partnership, which are affiliates of CNL Financial Group and Sprott Inc., respectively. The sub-manager Sprott Resource Lending Partnership is a relying adviser of Resource Capital Investment Corporation. CNL Strategic Asset Fund Management, LLC and Resource Capital Investment Corporation are investment advisers registered with the U.S. Securities and Exchange Commission. Investors should not rely on the past performance of the manager and sub-manager and their respective affiliates as an indication of future performance. The Fund is a different investment vehicle with fees and risks dissimilar to the manager's and sub-manager's other funds.

Placement agent of CNL Sprott Strategic Asset Fund is CNL Securities Corp., member FINRA/SIPC. CNL Securities cannot provide investment advice for any individual or any individual situation, and is not acting in a fiduciary capacity to any investor. Please speak with your financial professional regarding what unit class may be best for your investment strategy.

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