EFTA01378913.pdf

Benefits of the REIT Structure Benefits of the REIT Structure for Opp Zone Investing 1. Ease of entry — REIT structure is investor friendly • Open to Accredited Investors with $100k minimum investment • Rolling investor closings but pro-rata participation in all fund assets • Upfront commitment of realized gain or a drawdown option 2. Ease of administration — REIT structure is advisor friendly • One Form 1099 vs. multiple K1s for each property • No state source income filings • Quarterly NAV values 'above the line' 3. Manager incentives are well aligned • Commingled fund-wide incentive fee across all assets vs. deal-by-deal promote • No differential fees or side deals 4. Flexibility in managing working capital • Recycling of capital within the REIT • 20% deduction on ordinary REIT dividend distributions 5. Multiple exit strategies • REIT IPO • Ability to sell underlying properties through Plan of liquidation (vs. entire partnership interest) • REIT conversion into a partnership 32 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076190 CONFIDENTIAL SDNY_GM_00222374 EFTA01378913