OREP 2024 Annual Project Review

OCTOBER 2023

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AGENDA

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WHAT IS OUTL AW?

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OUTL AW REAL ESTATE PARTNERS

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ACTIVE PROJECT SUMMARY

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HOUSING AFFORDABILIT Y

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COMPETITIVE ADVANTAGES

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ACTIVE PROJECTS

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STRATEGIC PARTNERS

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DEVELOPMENT TEAM

WHAT IS OUTL AW? OUTLAW, based in Big Sky, Montana, is a one-of-a-kind real estate, marketing, media and events company, that provides residents and visitors a passport to western lifestyle. Founded on the pioneering principles of the Code of the West, Outlaw’s family of brands are strategically curated to create connections, build community and inspire action. This powerful ecosystem has contributed to a track record of success spanning 25 years in marketing, sales and real estate related to over $2 billion in real estate transactions in Southwest Montana alone.

The Outlaw audience is affluent and engaged. Outlaw media reaches over 4 million readers a year through its Explore Big Sky newspaper and flagship magazine publications Mountain Outlaw and VIEWS, while being a voice for life, land and culture in the greater Yellowstone region.

Outlaw is the cornerstone of events production in Big Sky and is renowned for its award-winning, high demand events like Big Sky PBR and Wildlands Festival that entertain tens of thousands of fans and generate over $38 million in economic impact each year.

Outlaw’s real estate teams live, work, play, and truly understand the lifestyle and dynamic characteristics of the Southwest Montana market. Through relationships and a thoughtful approach, our development team anchors purpose in sustainably growing projects to enhance this special place.

Outlaw is driven to make an impact by creating meaningful connections, supporting local community organizations, inspiring action in service, and producing quality content that represents a unique demographic and fosters a global kinship to the spirit of the Mountain West.

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MARKETING

OUTL AW FAMILY OF BRANDS

STRATEGY & CONSULTING | PUBLIC RELATIONS | GRAPHIC DESIGN VIDEO PRODUCTION & PHOTOGRAPHY | WEBSITE DEVELOPMENT DIGITAL & SOCIAL MANAGEMENT | CONTENT PRODUCTION

REAL ESTATE

EVENTS

Big Sky’s Biggest Week

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ADVENTURE + TRAVEL BRANDS

MEDIA

OUTL AW ECONOMIC IMPACT SU MMER 2023 EVENTS

This analysis represents results from the third-party economic impact study that covered 14 days of programming in July and August 2023 from Outlaw Partners produced events including: “Big Sky’s Biggest Week’, Big Sky PBR, Community Rodeo, CAAMP concert and Wildlands Festival.

$292,106 Big Sky’S Biggest Week

50,000

$4,048,200

$38,100,000

DIRECT DINING, DRINKS & RESTAURANTS

GROSS ECONOMIC IMPACT

$ 2 2 , 3 0 0,0 0 0 DIRECTLY RETAINED IN GALLATIN COUNTY

EVENT ATTENDEES

2.6 DAYS

$5,004,000

$12 ,900,00 0

DIRECT STORE RETAILERS

TOTAL LABOR INCOME

$513,473 Wildlands Festival

(American Rivers & Gallatin River Task Force)

$2,800,000 DIRECT & INDIRECT TAXES

$5,733,000 AVERAGE VISITOR STAY 5

DIRECT HOTELS & LODGING

556 FULL & PART TIME JOBS CREATED

$805,579 Donated To Charities through Outlaw Partners events

OUTLAW REAL ESTATE PARTNERS C O M PA N Y OV E RV I E W

• OUTLAW REAL ESTATE PARTNERS, based in Southwest MT, is a real estate investment, development, and services company founded to thoughtfully create special places to accommodate the exceptional growth occurring in the Rocky Mountain West​.

• O ​ REP’s team members have a track record of success in real estate investment, development, marketing, and sales related to over $2 billion in real estate transactions in Southwest Montana.​ • S ​ ince its founding in 2019, OREP has acquired and began development on $350m of projects in the SW Montana market​.

• OREP is committed to the long-term growth prospects of Bozeman and the greater Gallatin Valley; we have witnessed firsthand how COVID-19 further accelerated the growth of our market because of 1) access to the outdoors and outdoor activities 2) expanding workforce of telecommuters from U.S. Gateway Cities 3) widespread adoption of work from home/hybrid flex model that allows employees to work from anywhere and the 4) general sustainable growth of the Bozeman and the greater Gallatin Valley.

• F ​ rom project concept to completion, the OREP team is responsible for all aspects of the real estate company and its investments including managing and organizing, generating partnership agreements, securing investment opportunities, financing the investments, operating the properties, and executing marketing and sales.​ • L ​ everaging key relationships with local environmental nonprofits like Gallatin River Task Force and Gallatin Valley Land Trust, our purpose is to develop sustainable and responsible growth that benefits Southwest Montana for generations to come.

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ACTIVE PROJECT SUMMARY O U T L AW R E A L E S TAT E PA RT N E R S

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ACTIVE AND STABILIZED DEVELOPMENT PROJECTS

372

COMMITTED ​EQUITY

18K

HOUSING UNITS​ (COMPLETED/CONSTRUCTION)​

COMMERCIAL SQ FT​ (COMPLETED/CONSTRUCTION)

350K+

$150M+

COMMERCIAL SQ FT​ (PLANNING)​

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$134M

NEW EQUITY INVESTMENT OPPORTUNITY (12-24 MONTHS)​

$290M

DEVELOPMENT INVESTMENT

1,296

HOUSING UNITS​ (PLANNING)

$300M+

NEW CONSTRUCTION DEBT REQUIRED ​(12-24 MONTHS)

2023

2024

2025

2026

PROJECT SUMMARY – HOUSING AFFORDABILIT Y

1 BEDROOM

4,500 4,000 3,500 3,000 2,500 2,000 1,500

Cloverleaf

1,000

Laurel Lofts

O U T L AW R E A L E S TAT E PA RT N E R S

2023

2024

2025

2026

• OREP is committed to promoting housing stability by developing workforce housing​ • Workforce housing is defined by HUD as being 30% of income for a range of 80% to 150% of Area Median Income​

2 BEDROOM

4,500 4,000

3,000

Millhouse

2,500 2,000

Mayfly

1,500 1,000

2023

2024

2025

2026

80% AMI

3 BEDROOM

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000

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The Grange

3,500

• Our current for-rent housing projects in Bozeman are targeted to this demographic range​ • Charts are based on 2023 Area Median Income for Bozeman, MT and grown at 3% annually

Urban Farm

150% AMI

COMPETITIVE ADVANTAGES O U T L AW R E A L E S TAT E PA RT N E R S

• WHY IT IS A GOOD TIME TO INVEST/PARTNER WITH OUTLAW​ • OREP has a robust pipeline of existing development opportunities providing for a diversity of options in equity or debt investment ​ • $150+ million equity / $300+ million construction debt​ • Including $75 million - $100 million equity for SHOVEL READY PROJECTS​ • OREP is committed to delivering market appropriate projects which include attainable housing and commercial uses to support continued economic strength of markets served​ • OREP is well-connected with development partners and landowners throughout southwest Montana to source strategic development sites

• OREP COMPETITIVE ADVANTAGES OVER OTHER DEVELOPERS/LARGER FUNDS/ORGS • OREP is prudent with resources and leverages our team’s deep experience to deliver exceptional results ​ • OREP is flexible with terms and structures to best fit our partners’ investment criteria • OREP can provide on-going reporting and compliance that is structured around our partners’ requirements • OREP has development experience across an array of asset classes, from industrial to multifamily and can offer a diverse portfolio of investment opportunities in Montana

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ACTIVE PROJECTS O U T L AW R E A L E S TAT E PA RT N E R S

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

Millhouse Apartments West Bozeman Multifamily (For-Rent) $8.8 million $3.7 million 19.35% IRR 1.93x Equity Multiple $8.8 million net profit

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

The Grange​ West Bozeman​ Single family (For-Rent)​ $12.0 million​ $5.8 million​ 13.47% IRR​ 2.05x Equity Multiple​ $6.0 million net profit​

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ACTIVE PROJECTS O U T L AW R E A L E S TAT E PA RT N E R S

Urban+Farm West Bozeman Land Development/Mixed-Use: Commercial & Residential $52.9 million $43.9 million 29.21% IRR 2.13x Equity Multiple​ $30.7 million net profit

PHASE I

± 8.72 Acres | 64 Units Paseo Open Space

Paseo Open Space

Paseo Open Space

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

MAYFLY ± 5.48 Acres 62 Units

Attached Single-Family

Multifamily

Commercial

Park

Detached Single-Family

Affordable Multifamily

Fire Station

Open Space

Mixed-Use

HYD HYD

HYD

PA-1

VERTICAL DEVELOPMENT OPPORTUNITY:​ Multiple planned areas, including PA 1, 2, 8, 9, 15 (partial), 18, 19, 20, 21, 24, 30, 32. ​ Overall investment opportunity includes:​ • 600-800 multifamily units ​ • $250-300 million project costs​ • $85-100 million equity​ • $160-180 million construction debt​ • 16-20% IRR

Millhouse East + West 36 Units Lease-Up

FALLON LOT 1 ± 1.40 Acres 33 Units

The Grange 22 Units Under Construction

PA-9 PA-10 HYD

HYD

HYD

HYD

HYD

HYD

HYD

Valley Commons Linear Park (West)

HYD

Valley Commons Linear Park (Central)

Valley Commons Linear Park (East)

HYD

Greenhouse HYD

HYD

HYD

West Linear Park and Dog Park

PA-4

PA-15 HYD

Baxter Creek Open Space

Event Lawn & East Garden Central Park

HYD

HYD

Recreation Center

PA-13

PA-8

PA-24

HYD

PA-18 & 19 PA-2

HYD

PA-20

PA-12

HYD

HYD

HYD

Fire Station PA-21

PA-31 HYD

HYD

PHASE II ± 8.71 Acres | 1,100 Units

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Existing Park

HYD HYD

PA-30

ACTIVE PROJECTS O U T L AW R E A L E S TAT E PA RT N E R S

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

Mayfly​ West Bozeman​ Land Development/Multifamily (For-Rent)​ $6.0 million​ $4.9 million​ 16.93% IRR​ 1.35x Equity Multiple​ $1.7 million net profit

VERTICAL DEVELOPMENT OPPORTUNITY:​ 3 STORY ROW HOUSES 64 townhomes/duplex (for-rent)​ $33.1 million project costs​ $13.7 million equity​ $20.5 million construction debt​ 13-17% IRR​ north elevation

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

Laurel Lofts (“Lot 1’”)​ West Bozeman​ Land Development/Multifamily (For-Rent)​ $1.1 million​ $1.1 million​ 34.11% IRR​ 1.64x Equity Multiple​ $0.7 million net profit

VERTICAL DEVELOPMENT OPPORTUNITY:​ 36 apartments (for-rent)​ $15.8 million project costs​ $6.3 million equity​ $9.5 million construction debt​ 14-17% IRR

corner of fallon + laurel

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west elevation

south elevation

ACTIVE PROJECTS O U T L AW R E A L E S TAT E PA RT N E R S

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

Frank Road​ Belgrade​ Industrial development​ $37.2 million​ $16.9 million​ 20.86% IRR​ 2.16x Equity Multiple​ $19.4 million net profit

DEVELOPMENT FUNDING OPPORTUNITY: $6.0 million equity $20.5 million construction debt PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

PO

Six Range​ West Bozeman​ Residential (For-Sale)​ $98.1 million​ $34.3 million​ 19.45% IRR​ 1.50x Equity Multiple​ $17.5 million net profit

DEVELOPMENT FUNDING OPPORTUNITY: $34.3 million equity​ $63.8 million construction debt

Gra

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SCA

DRA

DAT PRO

ACTIVE PROJECTS O U T L AW R E A L E S TAT E PA RT N E R S

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

Cloverleaf​ Northeast Bozeman​ Multifamily (For-Rent)​ $42.5 million​ $19.2 million​ 22.04% IRR​ 2.68x Equity Multiple​ $32.3 million net profit

DEVELOPMENT FUNDING OPPORTUNITY: $9.1 million equity​ $23.4 million construction debt

PROJECT: LOCATION: TYPE: ​ PROJECT COSTS: EQUITY: RETURNS: (PROJECTED)

Wildlands​ Northeast Bozeman​ Commercial (Retail) and Residential (For-Sale)​ $24.2million​ $7.2 million​ 19.35% IRR​ 1.93x Equity Multiple​ $6.6 million net profit

DEVELOPMENT FUNDING OPPORTUNITY: $4.6 million equity for commercial space (12,545 square feet)

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STRATEGIC PARTNERS – LOCAL KNOWLEDGE O U T L AW R E A L E S TAT E PA RT N E R S

GENERAL CONT RACTORS

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DEVELOPMENT TEAM O U T L AW R E A L E S TAT E PA RT N E R S

ERIC LADD​| MANAGING PARTNER & CEO​ As the Co-founder, Managing Partner and CEO of Outlaw Real Estate Partners (OREP), Eric Ladd is a fourth-generation developer that brings over 30 years of experience in real estate sales, development, marketing, events, media, resort operations and expedition guiding. Eric has worked in leadership or consulting capacities with brands including Vail Resorts, Yellowstone Club, Baldface Cat Skiing and Everlands. Eric has a strong entrepreneurial passion supporting charity organizations that focus on preservation of land, rivers and wildlife. He is also involved with non-profit groups supporting orphans in Nepal, is a member of Big Sky Search and Rescue and Board member of Gallatin River Task Force. ​ Eric and his team founded Outlaw Partners in 2009, a sister company to OREP. Quickly becoming one of the region’s largest marketing, media and event companies, Outlaw produces four publications with more than 4 million annual readers in addition to nationally recognized marketing campaigns.​ Eric and the Outlaws have created acclaimed events, producing the nine-time award-winning Big Sky PBR, TEDx Big Sky, and a series of headliner concerts including Peak to Sky and Wildlands Festival. On an annual basis, the Outlaw Events division of the company hosts ticketed events in Big Sky eclipsing over 50,000 attendees and generating millions in donations for local charities.

I​n 2010, Eric co-founded Outlaw Realty, a real estate brokerage based in Big Sky and Bozeman, Montana. Outlaw Realty is now an industry leader in luxury real estate and consulting for top resort brands such as Yellowstone Club, Moonlight Basin, Spanish Peaks Mountain Club, Whisper Ridge and Mukul Resort. Outlaw Realty has achieved more than $2 billion in real estate sales.

MIKE MAGRANS​| MANAGING PARTNER + CHIEF INVESTMENT OFFICER As the Co-founder, Managing Partner and Chief Investment Officer of Outlaw Real Estate Partners, Mike Magrans is responsible for managing OREP’s capital with the purpose of sourcing new investments, developing strategic plans for all development projects, managing the acquisitions and finance team, sourcing debt capital, and overseeing the operations and financials of OREP’s real estate portfolio. ​ ​ rior to Outlaw, Mike was a Partner at Ernst & Young LLP, where he was a leader of the real estate and hospitality strategy and transactions business for 20 years. At EY, P Mike performed financial and commercial diligence on transactions and development deals in excess of $5 billion on an annual basis. Mike has a unique competency in hospitality and leisure assets and has played a role in some of the largest mountain and golf resort development projects over the last 20 years. Moreover, Mike has worked with countless global destinations on how to drive economic growth, including unlocking value of real estate and attracting visitors and employers. ​ Mike’s pedigree also includes distinction as a member of the ULI Travel Experiences and Trends Council. Mike’s global experience enables Outlaw to leverage leading investment and development strategies to apply to growing metropolitan areas in the heart of the Northern Rockies. Mike received a BA in government from the University of Virginia and his MS in real estate development from New York University.

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DEVELOPMENT TEAM O U T L AW R E A L E S TAT E PA RT N E R S

TOM BERKLEY​| DIRECTOR OF DEVELOPMENT As the Director of Development for Outlaw Real Estate Partners, Tom is responsible for overseeing the growth strategy and relationship building for all of OREP’s development projects. With more than 25 years of experience leading and managing a variety of development types across the country including new master-planned communities, mixed-use and institutional environments, as well as ski area and resort destinations Tom Berkley is an ideal fit to support the growth of our team. Over the course of his career, Berkley has helped design, manage, and build projects across the country of exceptional quality with overall values more than $1B. Prior to joining Outlaw Real Estate Partners, Berkley was Vice President of Land and Housing for Brookfield Residential Properties in Boston; focused on the redevelopment of a 1500-acre former military base. Berkley received his Bachelor of Landscape Architecture/Urban Planning from the State University of New York and Syracuse University. Tom is married and has two daughters. He enjoys the outdoors, skiing, cycling, and fly-fishing.

EVAN MCLAUGHLIN, CPA​| DIRECTOR OF FINANCE AND ACCOUNTING As the Director of Finance and Accounting, Evan McLaughlin works closely with the leadership at OREP to lead the finance and accounting functions. He has more than 15 years of broad experience in public accounting and the commercial real estate industry having held leadership positions in financial reporting for large portfolios of mixed-use and multi-family properties, corporate accounting, and project level development. Most notably, McLaughlin worked for Madison Marquette in Washington, DC overseeing portfolio reporting for several of their largest institutional investment partners. Additionally, McLaughlin’s experience includes being an adjunct professor at Boise State University. McLaughlin received a BBA in Accounting and a MS in Professional Accounting from Gonzaga University as well as a Master of Real Estate Development from Georgetown University.

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DEVELOPMENT TEAM O U T L AW R E A L E S TAT E PA RT N E R S

JACE BOVINGTON​| SENIOR DEVELOPMENT MANAGER As the Senior Development Manager, Jace Bovington works closely with our partners to establish proposals, contracts and overseeing each project’s flow is maintained. Originally from Helena, Montana, Bovington has designed and managed projects ranging from single family housing, K-12 schools, mixed-use residential projects, and a U.S. Embassy. Upon transitioning his career to development project management, he has found his experience in design, permitting, and construction to be valuable assets on his many projects. Bovington received his degree in civil engineering from Gonzaga and his Professional Engineering license from the State of Washington.

MEG KOENIG​| PROJECT COORDINATOR As the Project Coordinator, Meg Koenig is responsible for chasing down unique one-off projects within the various projects that are part of the Outlaw Real Estate Partners ecosystem. Koenig brings a decade of events and project management expertise to the OREP team.

Most notably, her work in project management in the local construction industry helps her to be a strong driver of workflow for OREP. Koenig plays a key role in facilitating internal communications, special project coordination and helping strategize marketing and internal communications as projects develop. Koenig holds a BS in Commercial Recreation Management from Penn State University.

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DEVELOPMENT TEAM O U T L AW R E A LT Y

EJ DAWS ​| BROKER As a fourth generation Bozeman native, EJ leads our Bozeman Office. With 5 years of experience, EJ aims to provide buyers and sellers with critical market insight, local connections in the real estate market. He works in the residential, commercial and project development areas of real estate.

He simultaneously works as the Vice President for Big Sky based marketing and media firm Outlaw Partners, which services clients across the western U.S. Including Montana, Wyoming, Oregon, and beyond. Outlaw serves as a sister-company to L&K, giving our buyers and sellers a leading edge to networking or promoting property. Outlaw’s media, marketing and event platforms reach over 1 million viewers and readers per month, and serve as a crucial creative launchpad for all things L&K.

ASHLEY KELLER​| MARKETING DIRECTOR Ashley Keller is a licensed Sales Associate in the state of Montana with extensive experience in luxury real estate marketing and sales.

Her expertise makes her a valuable addition to our team and an excellent resource for anyone looking to buy or sell property in the state of Montana. Ashley’s unwavering dedication to her clients and community underscores her commitment to her profession and the prosperity of those she serves.

She places a strong emphasis on building long-lasting relationships with her clients and vendors, establishing a trusted database that can be relied on by those who are relocating, whether to or from the area.

Ashley is a devoted mother to her children, Cade and Audrey. She enjoys an active lifestyle, traveling, warm-weather fishing, and giving back to her community. She has earned several prestigious awards for her work with the Department of the Army, and other militaryfocused non-profit organizations such as the Fisher House and the USO. Ashley’s passion for real estate means you’ll love who you work with and where you live.

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