American Tobacco Holdings LLC 13 850 000 Richmond

American Tobacco Holdings, LLC $13, 850, 000* Richmond Redevelopment and Housing Authority (Va) Series 2017 Revenue Bonds Acquisition, Renovation & Equipping of an Affordable Housing Apartment Project

Project Overview § Affordable Housing Project in Richmond, Virginia § Substantial Rehab of Historic Tobacco Plant/Warehouse Facilities o Property placed on National Register of Historic Places (August 2016) § 4 Story Building(s) with 134 Total Units: o 131 One and Two Bedroom Units o 3 Three Bedroom Units § 142 d transaction - 4% LIHTC Qualifications o Federal, Historic, State Tax Credit Equity o Tax-exempt bonds sized @ 50% of project hard costs § Funding Sources: Tax Credit “Equity” 55% Bond Proceeds 45% § Borrower: American Tobacco Holdings, LLC 2

Project Phases Phase I: 134 units under construction Phase II: 159 units in predevelopment Project Costs Phase 1 Phase II Acquisition $2, 340, 000 $1, 700, 000 $4, 040, 000 Hard Costs 16, 743, 208 12, 897, 500 29, 640, 708 Soft Costs 5, 128, 784 6, 044, 160 11, 172, 944 Reserves 1, 208, 335 600, 000 1, 808, 335 Fees 3, 226, 000 2, 124, 000 5, 350, 000 Total Investment Totals $28, 646, 327 $23, 365, 660 $52, 011, 987 3

Summary of Tax Credit Equity – Phase I Equity Types of Equity Federal Low Income Housing Tax Credits (LIHTC) Federal Energy Tax Credits (Energy) Federal Historic Tax Credits (FHTC) State Historic Tax Credits (SHTC) Total Amount $ 8, 467, 416 312, 117 4, 107, 929 4, 129, 197 $ 17, 016, 659 Equity Contribution Schedule Credit Type LIHTC Fed Energy TC FHTC SHTC ** Total Stage 1 (Bond Settlement) $ 1, 693, 483 62, 423 821, 586 2, 500 $ 2, 579, 992 Stage 2* (Construction Completion) Stage 3* (At Targeted Occupancy) $ 4, 657, 079 171, 664 2, 259, 361 - $ 7, 088, 104 $ 2, 116, 854 78, 030 1, 026, 982 4, 126, 697 $ 7, 348, 563 Totals $ 8, 467, 416 312, 117 4, 107, 929 4, 129, 197 $ 17, 016, 659 4

Financing Summary - Sources and Uses (Bond Closing) Phase I Sources and Uses Sources of Funds Par Amount Tax Credit Equity Bridge Loan (Tax Credit Equity) Total Sources $ 13, 850, 000 3, 171, 321 9, 000 $ 26, 021, 321 Uses of Funds Project Fund Acquisition Costs Capitalized Interest Lease-up Reserve Debt Service Reserve Fund (Max Annual DS) Financing Fees for Tax Credits, Interim Loan, etc. Reimbursable Costs Professional Fees Costs of Issuance Total Uses $ 16, 743, 208 2, 340, 000 1, 057, 088 250, 000 660, 856 2, 066, 748 1, 100, 143 1, 362, 800 440, 478 $ 26, 021, 321 5

Financing Summary (cont) $13, 850, 000* Series 2017 Revenue Bonds Maturity Date July 1, 2020** Principal Amount Interest Rate Price CUSIP $3, 790, 000 3. 13% 100% 765411 AA 1 January 1, 2037 $10, 060, 000 5. 55% 100% 765411 AB 9 Summary Bond Metrics Blended Yield 10 -Year UST 7 -27 -17 WAM DSCR Loan to Cost Amortization Basis 2037 Maturity Balloon at Year 20 4. 88% 2. 33% 13. 8 Years 1. 25 x 48% 40 Years $8, 135, 000 (30% of Cost) *The source of repayment of Term Bonds maturing July 1, 2020 will be Tax Credit Equity (as defined herein), plus any available revenue from Project Operations 6

Transaction Positive Attributes § Development Team Experience § Market segment familiarity § CAHEC Involvement – additional due diligence, annual monitoring § Well leveraged - Bonds vs Equity § Staged construction, reduced construction risk § Final product quality “atypical” for affordable project § Jefferson Davis Corridor focal point of the City of Richmond 7

Project Overview (continued) Rear portion of northernmost building showing windows The American Tobacco Plant consists of a prior manufacturing structure with a power plant building that was used to provide steam and power to the facility as well as tobacco storage. The property has been bifurcated into the 2017 affordable housing project and a future project that will incorporate the tobacco storage sheds. 8