PSG About Us

ABOUT US POVERNI SHEIKH GROUP, LLC

Regional Leaders in Development, Construction & Credit

POVERNI SHEIKH GROUP, LLC

Regional Leaders in Development, Construction & Credit

400 W Franklin St. Suite 300 | Baltimore, MD 21201 | PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com

POVERNI SHEIKH GROUP, LLC Regional Leaders in Development, Construction & Credit

POVERNI SHEIKH GROUP, LLC

OVERVIEW OF PSG

PSG INVESTMENT STRATEGY

»» 30-person vertically integrated real estate company with in-house development, construction, bridge lending and property management platforms.

MI SSION

»» Over $120 million in developed real estate since company’s inception in 2009

We look to add and create value through our experience in development, construction, asset management and deep knowledge of local real estate markets. We often leverage our investments with brownfield, enterprise, historic, low income and other applicable tax and local financing to help control costs and maximize returns.

»» $20 million in credit deployed in the last 12 months »» Outstanding brand reputation and deep relationships at the local and regional levels »» Add value through working with local governments, controlling construction costs, and leveraging property management experience

To seek and develop undervalued real estate investment opportunities in multifamily, self-storage and credit markets capitalizing on cost savings and operational synergies of our vertically integrated real estate services platform.

VA LUE ADD

TA RGE TE D ACQUISITIONS To pursue distressed and undervalued real estate investment opportunities for adaptive reuse and ground-up developments in multifamily and self-storage.

DEAL PIP E LINE “Off-market” transactions sourced from our extensive network as well as distressed owners and other private sellers who can no longer maintain or adequately invest in their properties.

Heath Street Lofts, A PSG project in Baltimore

»» Key principals share over 50 years of real estate development, construction and finance experience »» Key focus on development, lending and construction in the prime high growth Baltimore & Washington, D.C. Metropolitan Area

KE Y R E G IO N A L M ET R IC S

POPUL AT I O N EMPLOY MENT GROWT H MEDIAN H OUS E H O L D IN C O M E UNIT OCCU PAN C Y

BALTIMORE/TOWSON MSA

WASHINGTON/ ARLINGTON/ ALEXANDRIA MSA

USA

2,797,407

6,098,283

323 mil

1.3%

1.9%

1.6%

$75,520

$93, 924

$55,775

90%

93%

88% source: US Census

400 W Franklin St. Suite 300 | Baltimore, MD 21201 | PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com

POVERNI SHEIKH GROUP, LLC H K I E H S IUP, LRLCR E N T S T O R A G E P R O J E C T S C N R O V E GROU HOWARD CROSSING Howard Crossing is a $6.5 million, 100,000 sq. ft. mixed-use development in Baltimore, Maryland, containing ground floor retail and above-ground selfstorage. Property management services are being provided by Extra Space Storage (NYSE: EXR). The project was completed in August 2017.

9201 GUILFORD 9201 Guilford is an $11 million, 115,000 sq. ft. selfstorage project in Columbia, Maryland, featuring ground-level garage-like storage space access.

Property management services will be provided by Extra Space Storage (NYSE: EXR). The project broke ground in December 2017, and is expected to deliver in Q4 2018.

1413 S. HAVE N 3. 1413 S. Haven is a $12.8 million, 6-story, 110,000 sq. ft. self-storage project in Baltimore, Maryland. The project sits adjacent to Canton Crossing, a 300,000 sq. ft. Class-A Retail Center. Property management services will be provided by Extra Space Storage (NYSE: EXR).The project broke ground in May 2017, and is expected to deliver Q4 2018.

400 W Franklin St. Suite 300 | Baltimore, MD 21201 | PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com

POVERNI SHEIKH GROUP, LLC H K I E H S NRO TIPA N LBC L E M U L T I - F A M I L Y P R O J E C T S L , O V E GROU HE ATH STRE E T LOFTS Heath Street Lofts, located in Baltimore, Maryland, is a 67,000 sq. ft. building containing 59 apartment units. Heath Street Lofts features a social room, rooftop lounge, exercise room and business center.

The building was completed in September 2015.

THE VAULT The Vault, formally known as the Central Savings Bank, is a 40,000 sq. ft. building containing 26 apartment units and 12,000 sq. ft. of ground-level retail.The building was completed in September 2016.

WARW ICK RE SIDE NCE S PSG in partnership with the state of Maryland, is currently codeveloping the Warwick residences, an 80-unit affordable housing project.The $20 million new construction project will have 104,000 sq. ft. and will feature 80 units. Construction began in August 2017, and completion is expected in October 2018.

ST BRIGID’S SCHOOL PSG’s construction division acted as the general contractor on a $7.2 million project, converting the vacant school into a 33-unit apartment project. The project delivered in December 2017.

The project utilized both federal and local tax credits. PSG is also included in the asset and property management post-construction.

400 W Franklin St. Suite 300 | Baltimore, MD 21201 | PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com

POVERNI SHEIKH GROUP, LLC H K I E H S IP, LLC R E C E N T L O A N S N R O V E GROU ME RRICK BLVD, NY A $2 million loan for the construction of a 2-story commercial building in Jamaica, Queens, New York. The borrowers already owned the land and spent $800,000 on soft and hard costs. The building is planned to have 4 retail units on the first floor, and a daycare center on the second floor.

NORTH AVE NUE , MD A $3.8 million loan for the refinance and renovation of a 67-unit 45% occupied apartment community in the Station North neighborhood of Baltimore. The loan was to pay off the existing bridge capital lender and provide capital to renovate the property.

GRE E NMOUNT AVE NUE , M D A $1.5 million loan for the acquisition of a 26-unit apartment complex in the Waverly neighborhood of Baltimore. The property had been acquired at auction and the borrower had 30 days to close on the acquisition, which PSG Lending successfully executed on.

RE D PUM P ROAD, MD A $1.075 million loan secured by 7 parcels of land in Harford County. The strength of the loan stems from the value of the 7 contiguous parcels (approximately 10 acres) as well as an experienced sponsor and strong land value.

400 W Franklin St. Suite 300 | Baltimore, MD 21201 | PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com

POVERNI SHEIKH GROUP, LLC H K I K E Y IPSEH RE SONS’ ROLES & BIOGRAPHIES C N R , LL P E U O V GRO EUGENE POVERNI – CE O

Mr. Poverni’s expertise encompasses structuring and managing of the development life cycle, from project feasibility studies, to site control, financing, syndication, construction management, asset stabilization and disposition. Mr. Poverni founded the firm in 2011 and continues to be the driving force behinds its growth, and is thankful for the talented people that work at PSG to help make its’ projects and business lines a success day-in and day-out. Mr. Poverni holds a J.D. from the George Washington University, and an M.B.A from the University of Maryland.

IBRAH IM S HEIK H – PRE SI DE NT, P E RMI RA CO N STRUC TI O N Mr. Sheikh has over 10 years of experience in the Baltimore construction and development fields, with a particular focus on adaptive reuse. Mr. Sheikh oversees PSG general contracting division and is focused on design-building PSG’s projects. Mr. Sheikh holds a B.S. in Economics from the University of Maryland.

GREG KOSTRIK IN – CO O Mr. Kostrikin is an experienced real estate professional and corporate executive. He has been involved in real estate development, asset management and finance since 2008. As a principal of Poverni Sheikh Group, he has been instrumental in building and managing a growing portfolio of small and mid-size multifamily, as well as mixed use and commercial properties. Mr. Kostrikin’s prior experiences include working within the exotic securities division of Morgan Stanley, as well as holding a managerial position with one of the industry leading mortgage servicers and originators. Mr. Kostrikin holds a B.S. in Financial Economics from the University of Maryland, Baltimore County.

PAUL K HAZANS KY – P RE SI DE N T, P SG L E NDI N G Mr. Khazansky is responsible for the day-to-day operations, marketing, underwriting, and asset-management of PSG Lending. Mr. Khazansky has extensive experience in the Baltimore real estate industry, with a focus on sourcing and underwriting PSG’s $100 million development pipeline since 2013 and PSG Lending’s $120m loan opportunity pipeline since 2015. Mr. Khazansky holds a B.A. in Finance from Loyola University in Maryland, and M.B.A. from Duke University.

S HIM ON K ANTER - AVP, DE V E LO P ME N T & ACQ UI SI TI O N S Mr. Kanter is the AVP of development at the Poverni Sheikh Group, LLC. Mr. Kanter was most recently on the acquisitions team at Corporate Office Properties Trust (COPT) a REIT based in Columbia, MD. Mr. Kanter was involved in transactions totaling over $150 million. Prior to COPT, Mr. Kanter was involved in the development and management of 250 apartments for a local management firm Sage Management Group.

JACOB ANS BACH ER – VP, P SG L E NDI N G Mr. Ansbacher is a loan officer who specializes in loan origination and underwriting for PSG Lending. Mr. Ansbacher’s prior experiences include work as a paralegal for Rosenberg & Clark, LLC, a real estate law firm specializing in cell tower lease negotiations, and work for the BP settlement fund as a claims analyst. Mr. Ansbacher holds a B.S. in Finance at Tulane University, New Orleans, Louisiana.

JANICE TOLJ – CONTRO L L E R Ms.Tolj is responsible for the budget review, financial statement preparation, audit, and analysis and cash flow management for the firm. Ms. Tolj is an accounting executive with over 20 years of experience in accounting and controls. Ms. Tolj holds a B.A from Loyola University and an M.B.A. from the University of Baltimore.

DISCLAIMERS AND RISK FACTORS This presentation does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, which will only be made by means of an offering memorandum and/or subscription documents.You may not rely on this presentation as the basis upon which to make an investment decision. This presentation does not purport to be complete on any topic addressed.The information in this presentation is provided to you as of the dates indicated and PSG does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. In considering any performance data contained herein, you should bear in mind that past or targeted performance is not necessarily indicative of future results.This presentation is not intended to provide, and should not be relied upon for, tax, legal, accounting or investment advice

400 W Franklin St. Suite 300 | Baltimore, MD 21201 | PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com

POVERNI SHEIKH GROUP, LLC

Regional Leaders in Development, Construction & Credit 400 W FRANKLIN STREET, SUITE 300 BALTIMORE, MD 21201

PH 443.873.8098 | FAX 410.861.2408 | www.povernisheikh.com