vested equity ($50) ($50) ($50) ($50) ($50) ($50) $0 $0 $0 $0 Distributions $0 $0 $2 $3 $5 $6 $8 $8 $8 $8 Exit cap rate 8.75% Exit NOI $70 Exit TEV $797 Exit net debt $444 Exit equity value $353 Total investor cash flows ($50) ($50) ($48) ($47) ($45) ($44) $8 $8 $8

st& lunorliza0on $272250 Deal Expenses Moose Total 67522.250 Exit Total Investment 57.522.250 NOI Year 1 5603.745 Cap (Stabilized) 8.03% Exit NOI on Refinance 5649.253 Sale Valuation Stabilized NCH 6649.253 5% for Transaction Costs 95% Valuation of 4.5 Cap 514.427545 $721.392 $13.706