EFTA01378899.pdf

Target Strategy Allocation and Returns Urban Suburban / SF 'Original Use' Covered Land / Development / Total Fund Rental Acquisition Re-Entitlement Redevelopment Target Allocation 40% 40% 10% 10% 100% Target Gross IRR* 13-14% Gross 13 - 15% 11 — 13% 11 — 13% 14 — 16% (Before tax benefit) 9-11% Net Target Gross 3.0x Gross Multiple* > 3.0x > 2.5x > 2.5x > 3.5x 2.5x Net (Before tax benefit) Target LTC 55 — 65% 55 — 65% 60 - 70% 30 - 40% 50 — 65% Target Time Horizon 10+ years 10+ years 10+ years 10+ years 12 years Under these assumptions, Opp Zone Tax benefits may add 3.1% to 4.5% to after-tax IRR; however, this will depend on individual investor circumstances (e.g. timing of deferrals)** 'Target returns for each strategy above are after leverage and 1v partner promote but before fund-level expenses and fees (including fund-level promote). Total fund returns are shown at Gross level before fund expenses, fees and promote, and Net level after all fund expenses, fees and promote. Actual allocations and returns may vary materially from targets. Investor implied after-tax returns including the tax benefit are not shown due to further necessary guidance on tax treatment and certain other aspects of Opp Zone regulation. Individual asset targets may differ materially from the ranges shown here. •• Recipients are urged to consult their own accountants for tax advice. 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076174 CONFIDENTIAL SDNY_GAt00222358 EFTA01378899