EFTA Document EFTA01375648

GTIS Opportunity Zone Strategy 1 [ 0 Diversified, Commingled Fund Capital appreciation strategy (10+ yr hold) Long-term economic, demographic and social factors that will shape the living and working environment of the future Diversified strategy with national execution to manage market risk and specific development risk (Multifamily, SFR, Office, Logistics, Infra) Commingled diversified pool with fund-wide waterfall to align incentives Opportunity Zones Location-based Approach Geographically defined areas that have high need for investment as well as proven growth potential Up-and-coming neighborhoods in Gateway cities - NY, SF, LA Growth markets — DEN, PHX, DAL . Market research and submarket selection critical to identify Opp Zones that will succeed Development Oriented Strategy r "Substantial improvement" - heavy focus on ground-up development and redevelopment (urban and suburban) "Original use" - nearly complete projects to mitigate development risk but at a lower initial yield 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0071203 CONFIDENTIAL SDNY_GM_00217387 EFTA01375648