BUILDING QUALITY FOR OUR CUSTOMER INVESTMENT MANAGEMENT COMPANY

BUILDING QUALITY FOR OUR CUSTOMER

INVESTMENT MANAGEMENT COMPANY OVERVIEW JPI CONSTRUCTION OUR TEAM JPI FINANCIAL COMMUNITIES FINANCIAL RELATIONSHIPS

OUR CULTURE AND TRADITION THE OWNERS’ VALUES Be faithful & obedient to God Be respectful to & help develop all people Be committed to excellence Be committed to service Be a person of character Grow profitably OUR MISSION & CREED OPERATING PRINCIPLES “Building Quality for Our Customers” Customer comes first Respect for people Continuous improvement Team approach Management by fact Integrity It is our purpose to build a company that will endure for our friends and associates, that will command the respect of our peers and that will quicken the pride of succeeding generations. Integrity coupled with an unwavering commitment to excellence will be the basis upon which to establish the standard of a company for all time, to go forth unfettered by the past and to building a company that is nearly ideal for its purpose as painstaking investigation and careful thought can make it. OUR GOAL To be recognized by our customers as the #1 residential company in the markets we serve. TO ACCOMPLISH OUR GOAL Have the best people in the industry • Be a learning organization Create a work environment that exceeds expectations Have timely, relevant information • Continuously reinvent competitive advantages Maintain “best practices” standards throughout the company Have the best risk-adjusted financial returns in our industry

COMPANY OVERVIEW Over our 28 -year history, we’ve developed or acquired 320 projects and 95, 000 units. These projects have been valued at more than $12 billion. We’ve developed properties in more than 125 cities and 27 states in North America. La rei ideaet. Sunum ad forit; nem etilius, conves cultum aculium talibem ingulic erebati cerritra, here. Tuampl. Ad nos vit? ium pliculictum consulti, nis. Ebemussum iam ilicape sserei faciam que denihil ieritim ovirice rortebatam inata denatum erse pratum ocavocchus conit ad crion zde fyaute duconem maximiste issa nostum.

COMPANY OVERVIEW Established in 1989 and headquartered in Irving, Texas, JPI has grown to be one of the most successful and respected multifamily companies in the United States. Our success comes the old-fashioned way: by doing our homework. Our commitment to maximizing each opportunity drives our attention to detail and our willingness to custom-design properties that will outperform expectations.

INVESTMENT MANAGEMENT DEVELOPMENT JPI companies have developed more than 328 projects encompassing over 98, 000 units in 140 cities covering 27 states and Canada, valued in excess of $12. 8 billion.

INVESTMENT MANAGEMENT ACQUISITIONS JPI companies have acquired over 104 projects, consisting of over 22, 000 units and valued at more than $2 billion.

INVESTMENT MANAGEMENT ASSET MANAGEMENT JPI employs the latest technologies to boost operating efficiencies, maximize revenue streams, and monitor property performance. We assist with administration, operations, marketing, maintenance, and financial oversight aimed at achieving the optimal investment objective for each asset.

INVESTMENT MANAGEMENT CONSTRUCTION MANAGEMENT JPI’s integrated construction management functions as a general contractor for all projects built by the company. We utilize best-in-class subcontractors within each market, backed by quality guidelines, industry experience, and best- build practices to ensure JPI construction standards are upheld throughout our portfolio of assets.

INVESTMENT MANAGEMENT PROJECT CAPITALIZATION JPI maintains strategic relationships with a diverse group of capital partners. These alliances enable us to be very competitive and maximize each party’s investment. Our commitment to providing a high level of service throughout our involvement is the foundation on which these successful relationships are built.

INVESTMENT MANAGEMENT CORPORATE SUPPORT SERVICES JPI delivers a comprehensive and robust array of corporate support services that enhance our ability to compete in the marketplace. We’re committed to providing lenders and investors with institutional-grade financing, accounting, treasury services, compliance, risk management, legal coordination, and all other administrative expertise. We also offer exceptional human resources, leadership development, organizational development, information systems, public relations, and support services. Put them all together and it’s not hard to see why JPI is one of the top industry leaders.

JPI CONSTRUCTION JPI’s project experience includes Garden, High Density, Wrap, Podium, Mid-Rise and Subterranean, as well as Mixed-Use Developments. As a result, JPI Construction has extensive expertise in all aspects of the construction process, offering services that include: • Pre-Construction • Project Management • Risk Management • Project Closeout 100% “Outstanding best practices” construction completion rate lender satisfaction survey score Strong leadership with 30+ years at JPI Subcontractor base is deep Streamlined draw process

JPI COMMUNITIES NORTHEASTERN REGION WESTERN REGION CENTRAL REGION

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON CHANDLER 283 UNITS CHANDLER, AZ JEFFERSON PACIFIC BEACH 172 UNITS | SAN DIEGO, CA JEFFERSON PLATINUM TRIANGLE 400 UNITS | ANAHEIM, CA JEFFERSON STADIUM PARK PHASE I 371 UNITS | ANAHEIM, CA JEFFERSON TOWN LAKE 244 UNITS TEMPE, AZ JEFFERSON STADIUM PARK PHASE II 376 UNITS | ANAHEIM, CA

JPI COMMUNITIES WESTERN REGION CENTRAL REGION JEFFERSON STADIUM PARK PHASE III 332 UNITS | ANAHEIM, CA NORTHEASTERN REGION JEFFERSON AT ONE SCOTTSDALE 388 UNITS | SCOTTSDALE, AZ JEFFERSON ON LEGACY 322 UNITS SCOTTSDALE, AZ

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION SUR 512 BY JEFFERSON 352 UNITS AUSTIN, TX JEFFERSON HEIGHTS 198 UNITS HOUSTON, TX JEFFERSON RIVERSIDE 371 UNITS IRVING, TX JEFFERSON STONEBRIAR 424 UNITS FRISCO, TX SOUTH SIDE FLATS BY JEFFERSON 290 UNITS | DALLAS, TX JEFFERSON AT GALATYN PARK 379 UNITS | RICHARDSON, TX

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON LANDMARK 324 UNITS FARMERS BRANCH, TX JEFFERSON LASCO 422 UNITS IRVING, TX JEFFERSON MERCER CROSSING 424 UNITS FARMERS BRANCH, TX JEFFERSON ROUTH CREEK 420 UNITS RICHARDSON, TX JEFFERSON WEST LOVE 368 UNITS DALLAS, TX ARIOSO APARTMENT HOMES 288 UNITS CRAND PRAIRIE, TX

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION CIELO APARTMENTS 326 UNITS AUSTIN, TX JEFFERSON CENTER 360 UNITS RICHARDSON, TX JEFFERSON LAS COLINAS 386 UNITS IRVING, TX MADRONE 228 UNITS AUSTIN, TX JEFFERSON CREEKSIDE 444 UNITS ALLEN, TX

JPI COMMUNITIES WESTERN REGION CENTRAL REGION JEFFERSON PLAZA AT FARMINGDALE STATION 154 UNITS | FARMINGDALE, NY NORTHEASTERN REGION PADDOCK ESTATES AT BOXBORO 244 UNITS | BOXBOROUGH, MA

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON CHANDLER 283 UNITS | UNDER CONSTRUCTION Jefferson Chandler is a Class A residential development located on the edge of Chandler’s renowned Price Corridor. The development includes 283 luxury apartment units with resort-style amenities including a dog park and dog wash, a putting green, a resort-style pool, and 24 -hour access to package lockers. Chandler ranks as one of the best places to live, according to Money magazine – and one of the best communities for young people according to America’s Alliance. The community will begin leasing in summer 2017.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON PACIFIC BEACH 172 UNITS | UNDER CONSTRUCTION Scheduled for groundbreaking in summer 2017, Jefferson Pacific Beach is a bayfront development on a nearly three-acre site that will include 172 luxury apartment units – approximately 169, 571 square feet, with set-asides for affordable housing and 14, 000 square feet of commercial space. The land is situated at the gateway to San Diego’s Mission Bay Park in the Pacific Beach community. Jefferson Pacific Beach is a part of a broader effort within the City of San Diego to bring private development and community assets together to improve this prime area that is overdue and deserving of the activation of key coastal boulevards, with fresh development and public improvements. Through advanced, leading-edge architectural designing that includes inviting pedestrian plazas and public patios, Jefferson Pacific Beach will provide a proud entry into one of San Diego’s most cherished neighborhoods.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON PLATINUM TRIANGLE 400 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson Platinum Triangle is a Class A residential development located in the heart of Orange County. The development includes 400 residential units with a combination of studio, one-, two-, and three-bedroom floor plans. Residents can enjoy access to a variety of amenities and recreation facilities including two unique clubrooms, two resort-style pools with spas, two outdoor kitchens and seating areas, multiple grilling stations, two fitness gyms, yoga/stretching studio, screening/media room, two outdoor fireplaces, outdoor work station, and wine bar/lounge with refrigerated beverage storage. The property is located adjacent to a community park that is pet-friendly and has a tot lot.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON STADIUM PARK PHASE I 371 UNITS | UNDER CONSTRUCTION Jefferson Stadium Park Phase I consists of 371 luxury apartment homes, with amenities that include a resort -style pool, a gaming room, a rooftop lounge with a spa and outdoor cooking, and a fitness center. Jefferson Stadium Park Phase I also includes the construction of a 1. 1 -acre public park. The public park will be accessible to the entire Platinum Triangle community and will include an off-leash dog park, bocce ball courts, and outdoor fitness equipment. Construction on the project began in March 2017 and occupancy is scheduled for fall 2018.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON TOWN LAKE 244 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson Town Lake is a Class A, 244 -unit luxury residential development located on the shoreline of Tempe Town Lake in Tempe, Arizona. The community design features seven stories of residential homes, two levels of underground parking and amenities that are among the most unique in Arizona. Residents will enjoy a rooftop deck, direct lake access, and an elevated resort-style pool area that opens to the lake. Benefiting from direct visibility from North Scottsdale Road, the property’s premier location is within walking distance to some of the region’s largest employers, including State Farm, Wells Fargo, and Arizona State University, and is in close proximity to Tempe’s Mill Avenue District, home to over 75 restaurants, 37 shops, and 26 nightlife venues.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON STADIUM PARK PHASE II 376 UNITS | UNDER DEVELOPMENT Jefferson Stadium Park Phase II is a 276 -unit luxury multifamily development including 12 live/work units. Residents of the community will enjoy a resort-style pool with a lap pool, a rooftop park with an outdoor kitchen and pickle ball court, and a state-of-the-art fitness center with a juice bar. Phase II of Jefferson Stadium Park broke ground in March 2017, with expected occupancy in fall of 2018.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON STADIUM PARK PHASE III 332 UNITS | UNDER DEVELOPMENT Jefferson Stadium Phase III includes 332 units and 14, 600 square feet of neighborhood-serving retail. This phase is located at the corner of Gene Autry Way and State College Boulevard, directly across from Angels Stadium. Residents will enjoy a resort-style pool, co-working space, indoor/outdoor fitness center, and a sky lounge overlooking the stadium. Phase III will break ground in fall 2018.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON AT ONE SCOTTSDALE 388 UNITS | GARDEN | SOLD Jefferson at One Scottsdale is a Class A, 388 -unit community located in the Scottsdale Air Park in North Scottsdale, Arizona, with close proximity to quality jobs, entertainment, and dining opportunities. The community features distinctive Desert Craftsman-style architecture with extensive amenities and high-quality upgraded interiors to attract more affluent and discerning renters, desirous of a true live, work, and play environment.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON ON LEGACY 322 UNITS | GARDEN | SOLD Jefferson on Legacy is a Class A, 322 -unit development located within the One Scottsdale master -planned development in the heart of the growing North Scottsdale corporate corridor. Residents enjoy a 10, 400 -square-foot clubhouse including golf simulator/media room, gourmet kitchen and fitness center with spin bikes, resort-size saltwater pool with spa and Wi. Fi access in all common areas.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION SUR 512 BY JEFFERSON 352 UNITS | MID-RISE | NOW LEASING Sur 512 is a 352 -unit, Class A urban community located less than four miles south of downtown Austin along the prestigious South Congress Avenue. The community features a four-story urban design with two multilevel parking garages and is divided by Williamson Creek, with 162 units on the north side of the creek and 190 units on the south side. Sur 512 provides its residents with top-of-the-market community and unit amenities in a location that offers convenient access to all areas of Austin, given the close proximity to I-35 and Highway 71/Ben White Boulevard.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON HEIGHTS 198 UNITS | MID-RISE | NOW LEASING Jefferson Heights is a planned urban Class A multifamily development located in the vibrant Washington Corridor submarket of Houston, Texas. The project has unmatched views of downtown and direct access to the Buffalo Bayou hike/bike trails and entertainment park. Jefferson Heights totals 198 residential units on 1. 47 acres and is located at the northwest corner of N. Memorial and Houston Avenue. The podium-style community has five levels of residential over two levels of parking. Jefferson Heights features first-class amenities throughout the community as well as in the units.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON RIVERSIDE 371 UNITS | MID-RISE | NOW LEASING Jefferson Riverside is a Class A development located at 655 Promenade Pkwy. in Irving, Texas. The community features urban-style architecture with extensive amenities and upgraded interiors to attract more affluent and discerning renters, desirous of a true live, work, and play environment. Sitting within the master-planned Las Colinas Urban Center, the community boasts a luxurious clubhouse, resort-style pool, two private courtyards, yoga studio, a state-ofthe-art fitness center, climate-controlled hallways, structured garage parking, top-of-the-line interiors, a 5 th-floor amenity deck with lake views, and a unique sense of walkability in the revived urban center. Jefferson Riverside will be within walking distance from a DART Rail Orange Line, making Jefferson Riverside a truly transit-oriented property.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON STONEBRIAR 424 UNITS | MID-RISE | NOW LEASING Jefferson Stonebriar will be a Class A development located at 9600 Gaylord Pkwy. in Frisco, Texas. The community features urban-style architecture with extensive amenities and upgraded interiors to attract more affluent and discerning renters, desirous of a true live, work, and play environment. Within Frisco’s “$5 billion mile, ” the community will boast a luxurious clubhouse, a 4 th-floor amenity space, resort-style pool, two private courtyards, yoga studio, a state-of-the-art fitness center, climate-controlled hallways, structured garage parking along with private garages, private yards, private resident rooftop decks, top-of-the-line interiors including quartz countertops, and a one-acre park, all while located in the fastest growing submarket in DFW. These unmatched, high-quality amenities will make Jefferson Stonebriar the top community in the submarket.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION SOUTH SIDE FLATS BY JEFFERSON 290 UNITS | MID-RISE | NOW LEASING 1210 South Lamar is a Class A, 4. 0 -acre urban development located in the South Side neighborhood adjacent to downtown Dallas, Texas. The site is located at the intersection of South Lamar and Powhattan Street, in close proximity to South Side on Lamar, NYLO Dallas South Side, Alamo Drafthouse, The Beat Lofts, Gilley’s Dallas, and South Side Ballroom. There are numerous restaurants within walking distance including Full Circle Tavern, The Cedars Social, and Opening Bell. Residents can also walk to the DART light rail at Cedars Station, connecting them to entertainment and business venues such as the Dallas Convention Center, American Airlines Center, Victory Park, and Mockingbird Station, making this a truly unique transit-oriented development. The community will feature urban-style architecture with extensive amenities and upgraded interiors to attract more affluent and discerning renters, desirous of a true live, work, and play environment.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON AT GALATYN PARK 379 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson at Galatyn Park will be a Class A, 5. 4 -acre urban development located in the Galatyn Park masterplanned community of Richardson, Texas. A truly transit -oriented property, Jefferson Galatyn is within walking distance to a Red Line DART rail station. Located less than 2 miles from the new City. Line development, the community will feature a luxurious clubhouse, resortstyle pool, four private courtyards, yoga studio, a state-of -the-art fitness center, climate-controlled hallways, coffee bar, dog park, structured garage parking, top-ofthe-line interiors including quartz countertops and separate stand-in showers, and a 4 th-floor amenity deck. These unmatched, high-quality amenities will make Jefferson Galatyn the top community in the submarket.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON LANDMARK 324 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson Landmark will be a Class A, 4. 1 -acre urban development located in Farmers Branch, Texas, northwest of I-635 and DNT. The community will include a resort-style pool, community courtyards, 5 th -floor public amenity space, courtyard pass-through feature: amenity space connecting courtyards, a stateof-the-art fitness center and yoga studio, and a coffee bar for residents.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON LASCO 422 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson Las. Co will be a Class A, 7. 23 -acre urban development located in the Las Colinas Urban Center in Irving, Texas. A truly transit-oriented property, Jefferson Las. Co is within walking distance to an Orange Line DART rail station, which finished its connection to the DFW airport in 2014. The community will be located less than 1 mile from The Music Factory, the under-construction entertainment venue featuring 250, 000 square feet of retail and restaurants, 100, 000 square feet of office space, and an 8, 000 -seat amphitheater run by Live Nation Entertainment Inc. The community will feature a luxurious clubhouse, resort-style pool, two oversized private courtyards, yoga studio, a state-of-the-art fitness center, climate-controlled hallways, coffee bar, structured garage parking, top-of-the-line interiors including quartz countertops and separate stand-in showers, and a 4 th-floor amenity deck.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON MERCER CROSSING 424 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson Mercer Crossing will be a Class A 15 -acre urban development located in Farmers Branch, Texas, south of I-635 just west of I-35. The community will sit on a 30 -acre lake and feature urban-style architecture with a resort-style pool, an internal greenbelt, a business center, state-of-the-art fitness center, dog park, two miles of on-site trails, and a coffee bar for residents.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON ROUTH CREEK 420 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson Routh Creek will be a Class A community located in Richardson, Texas. The community will feature urban-style architecture with extensive amenities such as a resort-style pool, concierge service, a business center, and a state-of-the-art fitness center & yoga studio along with controlled building access. The property backs up to the 57 -acre Spring Creek Natural Area, featuring a 4. 5 -mile hike and bike trail.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON WEST LOVE 368 UNITS | MID-RISE | UNDER CONSTRUCTION Jefferson West Love is a Class A, 5. 86 -acre development located in the Medical District in Dallas, Texas. The community is part of a mixed-use development that when completed will include approximately 200, 000 square feet of office space and 65, 000 of retail and restaurant space, as well as a 244 -room combination Aloft and Element hotel. Jefferson West Love will include a resort-style pool, rooftop lounge, a state-of-the -art fitness center and yoga studio, and upgraded amenities.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION ARIOSO APARTMENT HOMES 288 UNITS | WALK-UP | SOLD The Hill Country homes on the edge of the Metroplex. The rustic architecture will enthuse you, the amenity package will astound you. True to its name, Arioso is a melody of textures and living fulfillment with spacious 1 - and 2 -bedroom floorplans, each with its own unique features. Arioso…the rhythm of style and luxury served up on a platter of rustic elegance.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION CIELO APARTMENTS 326 UNITS | GARDEN | SOLD Cielo is a 326 -unit, Class A development located on a 38 -acre site in the Lake Travis area of Austin, Texas. The community is set among the rolling hills in the prestigious and rapidly growing Southwest submarket, and has the unique benefit of providing its residents with access to the award-winning schools in the Lake Travis ISD. The property is surrounded by the Balcones Canyonlands preserve, which provides for an authentic Hill Country living experience. Cielo feature Hill Country-style architecture, with all of the upgraded unit and common area amenities that you would expect from one of the premier multifamily communities in the Austin area.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON CENTER 360 UNITS | WALK-UP | SOLD Jefferson Center is a Class A, 30 -acre development located in the Telecom Corridor area in Richardson, Texas. The combination of strong product quality and central location will make Jefferson Center the premier multifamily community in the submarket. The community features urban-style architecture with extensive amenities and quality upgraded interiors to attract more affluent and discerning renters, desirous of a true live, work, and play environment.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON CREEKSIDE 444 UNITS | SOLD Jefferson Creekside is a Class A 19. 83 -acre development at a prestigious location in Allen, Texas; with an average household income of $117, 000 within a 3 -mile radius. The combination of strong product quality, Allen school district and central location make Jefferson Creekside the premier multifamily community in the submarket. The community features urban-style buildings with extensive resort amenities and quality upgraded interiors with attached and detached access garages available. The site is nestled along West Rowlett Creek which offers stunning views and access to a trail system that includes over 40 miles of paved hike and bike trails.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON LAS COLINAS 386 UNITS | SOLD Jefferson Las Colinas is a Class A 6. 6 -acre urban development located in the Las Colinas area in Irving, Texas within walking distance to the Irving Convention Center, and an orange line DART rail station making this a truly unique transit-oriented development. The community features urban-style architecture with extensive amenities and quality upgraded interiors to attract more affluent and discerning renters, desirous of a true live, work and play environment.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION MADRONE 228 UNITS | GARDEN | SOLD Madrone is a 228 -unit Class A development located on a 40 -acre site in the Lake Travis area in Austin, Texas, located immediately adjacent to JPI’s Cielo community. Madrone is set among the rolling hills of the Balcones Canyonlands preserve, and provides its residents with access to the award-winning schools in the Lake Travis ISD. The community will feature modern Hill Countrystyle architecture along with top-of-the-market community and unit amenities.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION JEFFERSON PLAZA AT FARMINGDALE STATION 154 UNITS | LOW-RISE | NOW LEASING Jefferson Plaza at Farmingdale Station is located diagonally across the street from the Farmingdale train station of the Long Island Railroad, and is also one block away from Farmingdale’s Main Street retail corridor, which includes a variety of charming shops and restaurants. The project will be a mixed-use transitoriented development consisting of 115 residential units with 162, 000 gross square feet of residential and a 70, 000 square-foot below-grade parking garage with 172 parking spaces. The project will feature high-end rental units with a range of amenities such as a club room, fitness facility, garage parking, and courtyard recreational areas, and will also feature 12 workforce housing units. The ground floor retail will also serve as a de facto amenity for the residents.

JPI COMMUNITIES WESTERN REGION CENTRAL REGION NORTHEASTERN REGION PADDOCK ESTATES AT BOXBORO 244 UNITS | GARDEN | UNDER CONSTRUCTION Paddock Estates at Boxboro is a 244 -unit luxury apartment community located in Boxborough, Massachusetts. Situated in a picturesque setting along the I-495 loop, the property has access to numerous outdoor amenities, including walking trails and bike trails, and will offer serene views of the adjacent horse grazing pasture. The community itself will offer a wide variety of on-site amenities such as a clubhouse, fitness center, resort-style pool with cabana, basketball court, bocce court, playground, and outdoor fire pits. The community is conveniently located at the intersection of Massachusetts State Route 111 and I-495, providing easy access to employment centers. Employers located along I-495 include Cisco Systems, Raytheon, Lucent Technologies, Fidelity Investments, and Genzyme. Located one mile west of the community is Cisco System’s East Coast headquarters, which employs over 1, 700 people, with a Cisco satellite office located directly across Route 111 from the site’s entrance.

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS WESTERN REGION CENTRAL REGION CORPORATE SERVICES

OUR TEAM MANAGING PARTNERS BOBBY PAGE FOUNDING PARTNER AND CEO Bobby Page began his career with the company over 30 years ago, after graduating from Texas A&M University with a bachelor’s degree in business administration and finance. He was a founding member of JPI, and during his tenure with the company has overseen an asset portfolio of approximately $11 billion. As one of JPI’s founding partners, his responsibilities include advising senior management regarding the company’s capital relationships and investment strategy. Mr. Page also serves on the Executive Committee and the Investment Committee.

OUR TEAM MANAGING PARTNERS RON INGRAM FOUNDING PARTNER Ron Ingram’s professional life began over 35 years ago on graduation from Stephen F. Austin State University with a bachelor’s degree in business administration. Ron was one of the original founding members of JPI when it was formed in 1989. As one of the founding partners, he is responsible for advising senior management regarding the company’s strategic planning and operating strategies. Ron also serves on the company’s Executive Committee and Investment Committee.

OUR TEAM MANAGING PARTNERS MARK BRYANT MANAGING PARTNER AND CHIEF CAPITAL MARKETS OFFICER Mark joined the company in 1998 and serves as its chief capital markets officer. He is responsible for leading and guiding the company, setting long- and short-term strategies/objectives, directing the investment policy, leading new business activities and ventures, and overseeing day-to-day company operations. Prior to joining the company, Mark also served in various capacities with GE Capital, FGB Realty Advisors, and Hall Financial. With 24 years of real estate experience, he has a broad knowledge in multifamily development, acquisitions, portfolio management, and asset dispositions. Mark holds a bachelor’s degree in business administration and finance from Texas Tech University and a master’s degree in business administration from the University of North Texas.

OUR TEAM MANAGING PARTNERS KIRK MOTSENBOCKER MANAGING PARTNER AND CFO Kirk joined the company in 1998 and is responsible for the financial strategy and legal structure of the company along with the CEO. He oversees all financial activities within the company. In addition, Kirk directs and coordinates all activities related to the accounting, treasury, tax, legal, financial reporting, lender/bank relations, and investor relations functions. He has 22 years of industry experience, and prior to joining JPI served in various financial capacities with Trammell Crow Company. Kirk is a graduate of Texas Tech University with a BBA in Accounting and is a Certified Public Accountant. Kirk also serves on the Executive Committee and the Investment Committee.

OUR TEAM MANAGING PARTNERS BRAD TAYLOR MANAGING PARTNER, CENTRAL REGION Brad is responsible for acquisition, development, construction, and asset management activities, principally in Texas. Brad joined JPI in 1990 and his team has developed or acquired over 16, 000 units in five states. A native of Dallas, Brad holds a Bachelor of Business Administration in Real Estate from The University of Texas at Arlington. Brad serves on the company’s Investment Committee.

OUR TEAM MANAGING PARTNERS GUS VILLALBA MANAGING PARTNER, WESTERN REGION Gus has over 30 years of experience managing institutional multifamily and commercial real estate investments in the United States and Canada, including 20 years with JPI. He currently oversees acquisition, development, construction, capital markets, and portfolio and investment management for the Western Region of the United States, specifically California, Arizona, and Washington markets. Since moving to California in 1999, Gus has contributed to the underwriting, capitalization, development, operation, and disposition of over 12, 000 apartment homes valued at over $3 billion. He is a California licensed real estate broker, Chartered Financial Analyst candidate, and a Certified Public Accountant. He received his Bachelor of Science in Business Administration from Trinity University in San Antonio, Texas. Gus serves on the company’s Investment Committee.

OUR TEAM WESTERN REGION TODD BOWDEN SENIOR VICE PRESIDENT AND MANAGING DEVELOPMENT PARTNER Todd is responsible for acquisition and development services for the Western Region of the U. S. , primarily in the California, Arizona, and Washington markets. He has over 20 years of experience in residential real estate development including institutional multifamily for-rent product as well as attached and detached forsale product. Todd has acquired land developed projects in excess of $1 billion during his career in the Western U. S. He holds a BBA degree from The University of Texas, an MBA from Texas Christian University, and is a Chartered Financial Analyst candidate. Todd lives with his family in Scottsdale, Arizona.

OUR TEAM WESTERN REGION JASON SPRATT SENIOR VICE PRESIDENT AND REGIONAL PORTFOLIO & INVESTMENT MANAGEMENT PARTNER Jason currently serves in various capacities to support JPI’s Executive and Investment committees in addition to overseeing the company’s Western assets. He has over 10 years of experience in multifamily asset management, acquisitions, development, dispositions, and finance. During his career, he has served in key roles for transactions valued at over $1 billion. Jason began his career at JPI in 2005, working in the California development and asset management teams. Prior to returning to JPI in 2014, Jason was responsible for overseeing acquisitions, dispositions, and investment management functions for BRE Properties, a West Coast REIT. Jason holds a bachelor’s degree in urban planning and development from the University of Southern California.

OUR TEAM WESTERN REGION HEIDI MATHER SENIOR VICE PRESIDENT AND DEVELOPMENT PARTNER Heidi has over 25 years’ industry experience and has responsibility for overseeing all aspects of the development process, including contract negotiations, land acquisition, due diligence, investment approvals, project design, consultant management, the public approval process, permit processes, city interface, capitalization, both owner/contractor and owner/property manager interface, and disposition. During her 19 -year tenure with the company, Heidi has been involved with planning and development of over 7, 000 units in California and 1, 200 units in Arizona. Heidi received her Bachelor of Arts degree from the University of California – San Diego, majoring in Urban Studies and Planning.

OUR TEAM WESTERN REGION ROSIE COOPER VICE PRESIDENT AND DEVELOPMENT MANAGER Rosie has 14 years’ industry experience and is responsible for overseeing all aspects of the development process. Her unique combination of experience in both construction management and development brings a comprehensive approach to the entitlement and design of apartment communities. During her multifamily career, Rosie has been involved with the approvals and construction of over 2, 500 units comprising 11 communities in California. She is a registered professional engineer and licensed real estate broker. Rosie received both her Bachelor of Science in Civil Engineering and Bachelor of Science in Environmental Engineering from the United States Air Force Academy, and her Master of Science in Construction Engineering and Management and Master of Science in Real Estate Development from the University of Southern California.

OUR TEAM WESTERN REGION ROB MORGAN VICE PRESIDENT AND DEVELOPMENT MANAGER Rob is responsible for acquisition, deal capitalization, and development management services for the Western Region of the U. S. , primarily in Southern California and Arizona. He has over 13 years of real estate experience including institutional multifamily for-rent, residential for-sale, and commercial retail and office. Prior to joining JPI he worked in multifamily development with Con. Am and as a top-producing broker for Colliers International, specializing in urban infill land adaptive reuse. He has been involved in over $200 million of land acquisitions representing over $1 billion in development. Rob received his Bachelor of Arts in Business Administration and Philosophy & Theology from Point Loma Nazarene University and a Master of Science in Real Estate Development from USC.

OUR TEAM WESTERN REGION DAVID POTTER VICE PRESIDENT AND DEVELOPMENT MANAGER David Potter has over 11 years’ industry experience and as VP/development manager at JPI is responsible for managing the development process, including entitlements and design along with owner oversight of communities during construction and lease-up. David brings a wide range of experience in the multifamily and commercial sectors, including acquisitions, institutional asset/portfolio management, development, dispositions, and finance. David has been involved in the planning and development of over 3, 500 units across Southern California and Arizona, including for-rent as well as attached and detached for-sale product. David received a Bachelor of Science in Business Administration from the University of California Berkeley Haas School of Business and a Master of Real Estate Development from the University of Southern California.

OUR TEAM WESTERN REGION PATRICK PINE VICE PRESIDENT AND REGIONAL ASSET MANAGER Patrick began his career with JPI after graduating from Texas Christian University with a bachelor’s degree in business administration, majoring in both finance and accounting. He is responsible for evaluating opportunities in the western U. S. as well as overseeing asset management responsibilities and assisting with capital raise efforts. Patrick has over eight years of multifamily experience, including over five years with JPI. Patrick spent three years in various roles with Greystar prior to joining the JPI Western Region team.

OUR TEAM WESTERN REGION KAREN VAN WINKLE VICE PRESIDENT AND DESIGN MANAGER Karen is a licensed architect in California as well as a LEED-accredited professional with more than 20 years of experience in the multifamily industry. Her multifaceted career has afforded her involvement in various capacities including design, construction management, and development of over 9, 000 units and projects worth an excess of $5 billion throughout the western United States and overseas. In addition to multifamily, she has worked on the design and construction of school facilities and high-end hospitality projects. Karen holds a Bachelor of Architecture from California Polytechnic State University, San Luis Obispo.

OUR TEAM WESTERN REGION ANDY BRATTON SENIOR VICE PRESIDENT AND CONSTRUCTION PARTNER Andy is responsible for overseeing all construction and pre-construction activities within the Western Region, specifically Arizona and California. He began his career with JPI in 2001 on graduating from Cal Poly San Luis Obispo with a Bachelor of Science in Construction Management. He has been involved in the development of 3, 300 multifamily units during the last 15 years with the company in various positions, including field operations, estimating, and project management.

OUR TEAM WESTERN REGION RON COLWELL VICE PRESIDENT AND AREA CONSTRUCTION MANAGER Ron is responsible for construction activities performed in the Western Region, specifically the California and Arizona markets. Ron brings 23 years of multifamily construction, Class A retail construction/project management, and team management experience to JPI. During his career Ron has built over 6, 500 multifamily and single-family units. Prior to rejoining JPI in 2012, Ron worked as vice president of construction for a national home builder, overseeing all multifamily construction.

OUR TEAM CENTRAL REGION MATT BRENDEL SENIOR VICE PRESIDENT AND DEVELOPMENT PARTNER Matt is responsible for acquisition, development, and asset management activities, principally in Texas and Colorado. Mr. Brendel has over 15 years’ industry experience, and prior to joining the company served in various roles with leading multifamily firms where he was responsible for assets with a total market value of over $2 billion. He received his Bachelor of Business Administration in Accounting and Master of Science in Finance degrees from Texas A&M University.

OUR TEAM CENTRAL REGION MILLER SYLVAN VICE PRESIDENT AND AREA PARTNER Miller began his JPI career in February 2013 and with more than 11 years of industry experience will now be responsible for all aspects of new project development in the DFW area, including site selection, entitlement and pre-development, and capitalization, as well as regional coordination, property management, and management of construction services. Miller received his Bachelor of Business Administration from the University of Tennessee.

OUR TEAM CENTRAL REGION SCOTT LANGLEY VICE PRESIDENT, ASSET MANAGEMENT Scott is responsible for asset management activities in the Central Region. Mr. Langley has over 12 years of industry experience, and prior to joining the company served as a development manager for SNK Realty Group. His unique combination of development, construction, and property management experience brings a comprehensive approach to the operation of our apartment communities. He has been directly involved in the development and lease-up of over 5, 000 units, with a market value of over $1 billion. Scott received his Bachelor of Business Administration in Finance from Southern Methodist University.

OUR TEAM CENTRAL REGION CHUCK BERBERICH VICE PRESIDENT, DESIGN MANAGEMENT Chuck is responsible for all aspects of design management, ensuring JPI is delivering best-in-class communities with innovative amenities and construction. Chuck brings nearly 30 years of architectural experience to JPI, including 15 years of country clubhouse design on projects from all regions of the United States. His experience is varied and includes custom residential design, restaurant design, and federal, state, and local government projects. Chuck holds a bachelor’s degree from Northern Kentucky University and architectural licenses in Texas and Wisconsin.

OUR TEAM CENTRAL REGION JEREMY WILLIAMS VICE PRESIDENT AND DEVELOPMENT MANAGER Jeremy is responsible for the overall project design and development for the Austin, Houston, and San Antonio markets, as well as all student living markets. He has 13 years of design experience with multifamily, senior living, and student living projects and has helped design over 4, 800 units, with a project cost exceeding $450 million. Jeremy is a licensed architect and graduate of Texas A&M University.

OUR TEAM CENTRAL REGION DUSTY BROADWAY SENIOR VICE PRESIDENT AND CONSTRUCTION PARTNER Dusty is responsible for overseeing all construction and pre-construction activities within the Central Region. He began his career with JPI in 1995 in field operations, expanding his experience to project supervision within the Dallas market. Prior to rejoining JPI in 2012, Dusty spent 11 years working in the third-party/general contractor arena where he gained added expertise in contract negotiations, project execution, and client relations on HUD, conventional, student, senior, and assisted living projects throughout the Texas market. During his tenure in the industry, Dusty has been involved in the development of $500 million worth of assets totaling over 6, 500 multifamily units. Dusty holds a Bachelor of Science in Construction Management from the University of Louisiana at Monroe and an MBA in Corporate Finance from the University of Dallas.

OUR TEAM CENTRAL REGION DALLAS MEADE VICE PRESIDENT, AREA CONSTRUCTION MANAGER Dallas is responsible for overseeing the pre-construction department and managing half of the construction activities performed within the Central Region. During his career Dallas has built nearly 9, 000 multifamily units, with a combined value in excess of $523 million. Dallas has extensive experience in contract negotiation, plan development, pre-construction, and construction management. Dallas brings over 36 years of multifamily construction-related experience to JPI and is a LEEDcertified associate. Prior to joining JPI in 2015, Dallas worked in a variety of senior management roles for both third-party/general contractors and developer/builders in six different states. During that period he built a combination of senior living, HUD, and conventionally financed multifamily communities.

OUR TEAM CENTRAL REGION SCOTT ST. CLAIR VICE PRESIDENT, AREA CONSTRUCTION MANAGER Scott is responsible for managing half of the construction activities performed in the Central Region. This includes pre-construction management, final design, and budget from inception to acceptance of projects. Scott began his JPI career in May 2015 and has more than 29 years of construction experience, with 17 being in the multifamily sector. In addition to multifamily construction, Scott has experience in commercial high-rise development and construction management. Scott received his bachelor’s degree from Texas A&M University in architecture.

OUR TEAM CORPORATE SERVICES ROD RIORDAN EXECUTIVE VICE PRESIDENT AND FINANCE PARTNER Rod provides leadership and direction for the company’s financing and capital investment activities, including sourcing debt and equity. He actively participates in the closing of business deals and with asset sales. He also oversees the company’s accounting, forecasting, treasury, risk management, and information technology teams. Rod has over 20 years of financial experience and has served in various financial and accounting capacities with Belo Corp. and the Financial Advisory Services group of Price. Waterhouse. Coopers LLC. Rod graduated from The University of Texas at Austin with a bachelor’s degree in finance and holds an MBA from the Cox School of Business at Southern Methodist University.

OUR TEAM CORPORATE SERVICES JOE SAMFORD SENIOR VICE PRESIDENT AND MANAGING DIRECTOR Joe is responsible for providing investment services including sourcing and negotiating debt transactions for the Central and Western regions at JPI. He has been in commercial real estate finance for the last 34 years, holding various loan production positions with both management and client-facing responsibilities. Over the past 11 years Joe was employed with Regions Bank/Am. South, and the previous 21 years with JPM Chase/Bank One/MBank. Prior to getting into commercial banking, Joe began his commercial real estate lending career with Lumbermen’s Investment Corporation. Joe holds a Bachelor of Business Administration in Accounting from The University of Texas at Austin and is a Certified Public Accountant.

OUR TEAM CORPORATE SERVICES BETH BEACH, CPA, ARM VICE PRESIDENT, TREASURY AND RISK MANAGEMENT Beth is responsible for the risk management, treasury, and IT functions of the company. Beth has been with the company for over 19 years serving in various financial and accounting capacities. Beth graduated from Indiana State University in Terre Haute, Ind. , with a BBA in Accounting and is a Certified Public Accountant.

OUR TEAM CORPORATE SERVICES CHAD TOMERLIN, CPA VICE PRESIDENT ACCOUNTING AND FORECASTING Chad is responsible for the company’s accounting, financial reporting, and forecasting activities. Chad has over 19 years of accounting experience and has served in various financial and accounting capacities with JPI and Philip Vogel & Co. , PC. Chad graduated from Hardin-Simmons University with a BBA in Accounting and Finance and is a Certified Public Accountant.

OUR TEAM CORPORATE SERVICES JULIE HUNT GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, AND EB-5 MANAGER Julie joined the company in 2016 and serves as general counsel. Julie is also responsible for oversight of JPI’s compliance program and certain aspects of JPI’s foreign capital program. She has practiced law for over 17 years, and has a broad range of experience in construction projects and financing transactions. Julie received her bachelor’s degree from Harvard University and her J. D. /LL. M. from Duke University School of Law.

OUR TEAM CORPORATE SERVICES TAMARA KUBALA VICE PRESIDENT, FOREIGN CAPITAL/EB-5 Tamara is responsible for many facets of JPI’s foreign funding development, with a focus on internal processes and regulatory compliance. Tamara spent 14 years with JPI where she served in several different business areas; combined with her experience at Oxy, Neiman Marcus, and Lehigh Hanson, her talents include application of complex accounting processes and project management. Tamara is a graduate of the University of South Florida with a Bachelor of Science in Accounting.

OUR TEAM CORPORATE SERVICES BLAKE INGRAM VICE PRESIDENT AND SPECIAL ASSISTANT TO EC Blake Ingram has been with JPI since December 2005 and has 14 years of industry experience. Prior to joining JPI, Blake served in various capacities at Stonehill-PRM as well as the investment banking division of Henry S. Miller. Blake received his BBA in Marketing from Texas Tech University, Rawls College of Business. During his tenure with the company, Blake has gained significant experience in multifamily development, acquisitions, project capitalization, asset management, and asset dispositions. Today, he is responsible for assisting and supporting the managing partners in regard to the company’s strategic planning, operating strategies, and people development strategies. He also assists the Executive Committee members in developing, implementing, and monitoring the company’s property management strategies, corporate communications, public relations, and marketing strategies.

OUR TEAM CORPORATE SERVICES CORI LANCOS ASSISTANT VICE PRESIDENT HUMAN RESOURCES AND ADMINISTRATION SERVICES Cori is responsible for the human resources and administration services functions of the company. Cori has been with the company for over 20 years serving in various company capacities including divisional project coordinator and business systems analyst. Cori graduated with a Bachelor of Science degree from the University of Louisiana at Lafayette.

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FINANCIAL RELATIONSHIPS BANKING RELATIONSHIPS CAPITAL RELATIONSHIPS

FINANCIAL RELATIONSHIPS BANKING RELATIONSHIPS CAPITAL RELATIONSHIPS

FINANCIAL RELATIONSHIPS BANKING RELATIONSHIPS CAPITAL RELATIONSHIPS

JPI FINANCIAL COMMUNITY CITY STATE Euless TX 264 June ’ 01 $40. 9 Lewisville TX 304 June ’ 04 50. 3 Farmingdale NY 154 Nov. ’ 13 84. 7 South Side Flats by Jefferson Dallas TX 290 April ’ 14 50. 5 Sur 512 by Jefferson Austin TX 352 May ’ 14 74. 9 Subtotal: Operating 1, 364 $301. 3 Under Construction Jefferson Heights Houston TX 198 June ’ 14 $43. 5 Jefferson Platinum Triangle Anaheim CA 400 Dec. ’ 14 184. 8 Jefferson Stonebriar Frisco TX 424 July ’ 15 92. 4 Jefferson Riverside Irving TX 371 July ’ 15 82. 6 Jefferson at Beaver Brook Boxborough MA 244 Oct. ’ 15 89. 2 Jefferson at Galatyn Park Richardson TX 379 Nov. ’ 15 85. 9 Jefferson on Lake Carolyn Irving TX 422 Dec. ’ 15 93. 5 Tempe AZ 244 May ’ 16 83. 7 Chandler AZ 283 July ’ 16 79. 0 Subtotal: Under Construction 2, 965 $834. 6 TOTAL – Owned 4, 329 $1, 135. 9 Operating The Franciscan at Bear Creek Mira Vista Ranch The Jefferson at Farmingdale Plaza Jefferson Town Lake Jefferson Chandler UNITS START DATE SALES PRICE

CONTACT JOHN DOE TITLE 0000 Anystreet Anytown, TX 75206 john_doe@jpi. com Office: 0000 Cell: 0000