Location Based Approach — Balanced Between Established Gateway Cities and Growth Markets amemigima • Up-and-coming neighborhoods in NY, LA, Bay Area, Seattle • Gateway cities more defensive across cycles, more liquidity • However, Opp Zones in gateway cities are often distressed, marginal areas or require environmental remediation • Urban gateway locations are dense — demolition of existing assets and displacement may be an issue • Demographic headwinds — millennial out-migration Seattle .•c 44,sk it• 7 s IS " ‘r ° t • a 6 • Clir 11:15 0N,N0 San PoSsce Las Ss p all s • 3 Los Angelei Growth Markets • More affordable cities with strong job growth that are targets of millennial in-migration • Focus on Sunbelt cities such as Phoenix, Dallas, Orlando • Opp Zones in the South and West are geographically much larger and pose less constraint / competition for deals as fewer managers have active presence • Opp Zone areas are typically not distressed, just underdeveloped • Suburban assets easier to construct, less cost overrun risk di la .4• .„,,i'Aliii4ik , . .... -, .. ......le- • r • - •••:-.1., T.,- ...:, -.146ul tort ..a: I s Austin - - r • •i i • P ' t • .' Orlando Boston a . New York • Washington DC Miami 12 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0071204 CONFIDENTIAL SDNY_GM_00217388 EFTA01375649