EFTA Document EFTA01375674

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Fund Profile I 2019 I- f, --- - — k Retail ut - Aiwr- Nof. r Dist on s i GTIS Qualified Opportunity FundCLC ''''' ''' ' v .:— ^ 1-- if,... - ....7,,, GTIS Partners LP ' Fund Profile Sponsor Strategy Target Fund Size Structure GTIS Partners ("GTIS- ) Qualified Opportunity Zones $500 million Private REIT Geographic Focus NY, SF, tA, DC, Boston, Seattle, Phoenix, Denver, Miami, Dallas, Orlando Target Gross Target Net IRO' Target Gross Multiple's) Target Net Multiple) Fees Preferred Return Catch-up Incentive Term Minimum Investment Investor Qualification Closings Due Diligence 13-14% 9-11% (before tax benefit) 3.0x 2.5x (before tax benefit) 1.6% on Committed capital during Investment Period 1.6% on NAV thereafter 8% to Investors 60% GTIS / 40% Investor 20% Fund-wide waterfall 12 years $100,000 U.S. Taxable Accredited Investor Monthly Full upfront commitment Albourne Partners Rocaton Inv Advisors Mercer Key QOZF Professional Tom Shapiro President and CIO • Previously Senior MD at Tishman Speyer, member of Investment and Management Committees • At Tishman for 17 years, managed JV between Tishman and Goldman Sachs, commercial leasing and capital markets • 30 years of real estate experience Contact Information Peter Ciganik and Investor Relations 787 Seventh Avenue, 50: Floor New York, NY 10019 Opportunity Zone Overview • GTIS Qualified Opportunity Fund LLC ("Fund") will target investments in select Qualified Opportunity Zones (QOZs), underserved areas designated by the 2017 Tax and Jobs Act • QOZ investments can qualify for substantial tax benefits at federal as well as state level: 1) Tax deferral of capital gains until 2026 from almost any investment- stocks, real estate, art, business sale, K1 partnership gains 2) Tax reduction on the rollover gain by 10% if investment in QOZ is held for at least 5 years, or 15% if held for 7 years by end of 2026 3) Tax elimination for gain on the new QOZ fund investment if held for >10 years • Zone locations are quite wide ranging, not just distressed areas (>10,000 ZIP codes, 76% large urban MSAs) and have clear potential as well as need for investment • Expected to become the largest economic development and tax incentive program in the last few decades as concentration of capital transforms communities over time • QOZ regulations lead to development oriented strategy, as they require 1) Original use of a ground up development in a 002, or 2) Substantial improvement by investing more than the original basis (ex land) GTIS Firm Overview • Real estate fund manager founded in 2005 with $4.7 billion of AuM focused on the U.S. and Brazilel with 94 employees located across seven offices • While experienced across all asset classes, GTIS strategy in the US is focused on residential and mixed use development in areas similar to OpportunityZones • Over $1.4 billion of equity capital committed to 81 residential p in 30 markets comprising $7.1 billion in total project costal • Over $12•3 million of equity committed to 7 projects that are now located in Opportunity Zones, including 1.8 million square feet of commercial space and 4,000 planned residential units • Principals have development and operating background, but the firm invests as a capital alkxator, leading to a hytindAllocator/Operator model well suited for the QOZ strategy— enables diversification across markets with local partners but also direct development oversight • Established fund management platform with extensive tax and structuring experience, and an investor base including some of the world's largest pensions and endowments GTIS Qualified Opportunity Zone Strategy • Diversified — invest in residential and commercial development in up-and-coming areas of major gateways (e.g. NY, SF) and select next-tier markets (e.g. PHX, ATL, DAL) Focused on growth markets — urban as well as suburban development (e.g. Multifamily and Single family rental) with a focus on sunbelt markets that have stronger demographics, job growth, and business friendly climate • Balanced portfolio — 10-15 'bite sized' assets (target $20-$50M commitment) vs. one- off mega deals that carry idiosyncratic risks • Commingled fund — REIT structure enables commingled pool with the flexibility to exit through IPO or individual property sales, and manager incentive tied to overall fund performance (fund-wide promote vs. deal-by-deal) • Extensive sourcing network — prior investments with over 30 local development partners, and investment presence in 15 out of the 16 target markets • Proprietary research — dedicated research team and tools developed to evaluate markets and submarkets to select QOZs with the most potential • Identified pipeline — $250M+ pipeline diversified across property types and markets, as a direct continuation of GTIS investment strategy carried out over the past 10 years NOT FOR DISTRIBUTION THROUGH BRANCH RETAIL CHANNELS SUCH AS THE FIDELITY WEALTH ADVISOR SOLUTIONS PROGRAM OR TD AMERITRADE ADVISOR DIRECT REFERRAL PROGRAM. GTIS RESERVES THE RIGHT NOT TO ACCEPT CAPITAL COMMITMENTS SOURCED THROUGH THESE OR SIMILAR BRANCH RETAIL CHANNEL REFERRALS. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0071231 CONFIDENTIAL SDNY_GM_00217415 EFTA01375674