#1Austin, TX GREYSTAR [11] PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. TM Greystar Equity Partners XI Prepared for Employees' Retirement System of Rhode Island US Value-Add Rental Housing Fund March 22, 2023#2IMPORTANT NOTICE & DISCLAIMER This presentation has been prepared at the specific request of Employees Retirement System of Rhode Island ("ERSRI") and is delivered solely to ERSRI strictly for its own information and is not for general distribution. The information herein is proprietary and highly sensitive. It should not be divulged to any person except as required by law. This Greystar Equity Partners XI, LP ("GEP XI" or the "Fund") document deck is for informational purposes only, it does not, and is not intended to, constitute an invitation or an offer of securities and should not be construed as such. Please note that this fund is not currently being actively marketed. Any information provided will only be at the request of the investor or its advisors. No marketing or solicitation or inducement activities are being used to offer or market Greystar Equity Partners XI. Information presented herein reflects aggregated data and information related to all of GREP's businesses, including its project development, property management and investment advisory business lines. Greystar Investment Group's activities are limited to investment advisory services for certain commingled investment funds and other separate accounts - Please see Greystar Investment Group's Form ADV Parts 1 and 2A for information specific to investment advisory services only. This presentation includes forward-looking statements. Statements that relate to future market conditions, results, operations, strategies or other future conditions or developments and any statements regarding objectives, opportunities, positioning or prospects are forward looking. Forward-looking statements are necessarily based upon speculation, expectations, estimates and assumptions that are inherently unreliable and subject to significant business, economic and competitive uncertainties and contingencies and therefore are not a promise or guarantee of future events. Information is as of the date of publication and there is no obligation or undertaking to disseminate any updates or revisions to any information contained in this presentation. Certain information contained herein has been obtained from third parties and has not been independently verified by Greystar. Any investment in the opportunity will involve a significant degree of risk (including risk of complete loss of investment), and there can be no assurance that the investment objectives will be achieved or that an investment will be profitable. Past performance is not necessarily indicative of future performance or a reliable indicator of future results. Nothing herein is or should be relied upon as a promise, representation or guarantee as to future performance. related Actual realized returns on unrealized investments and proceeds will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which any projections listed herein are based. Any performance projections or targets with respect to the opportunity or any specific project are unaudited and calculated on a pro-forma basis. The target returns presented are only estimates based upon certain assumptions made as of the date herein regarding (among other things) company size, leverage, rate of investment and income. Actual investment pace, purchase and sale prices and current income and other returns received on investments, investment hold periods, default and recovery rates of investments and other factors may differ significantly from the assumptions and estimates used to estimate target returns. Portfolio targets, projected exposures, performance and characteristics are provided for informational I purposes only; while such projections and targets are believed to be reasonable approximations based upon available information, no guarantee or assurance can be provided as to their accuracy. Consequently, the inclusion of the projections herein should not be regarded as a representation that the projections will be achieved, and actual returns may vary significantly. This presentation does not constitute, should not be construed, and may not be used as, an offer to sell or a solicitation of an offer to buy any interest in any fund sponsored by Greystar or its affiliates, which will only be made to qualified investors by means of a confidential private placement memorandum. This presentation, including the views and strategies described herein, may not be relied upon by any person in evaluating the merits of investing in any securities. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. These materials contain information for the ERSRI only, and their distribution or the divulgence of any of their contents to any person, other than the person to whom they were originally delivered and such person's advisors, without the prior consent of Greystar is prohibited. Data throughout this presentation is as of September 30, 2022, unless noted otherwise.#3AGENDA 01 02 03 04 GREYSTAR OVERVIEW Platform Team GREYSTAR EQUITY PARTNERS XI, LP OVERVIEW Strategy and Portfolio Construction Value Creation • Case Study Past Fund Performance • Summary of Proposed Terms ESG & DEI CONCLUSION PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. 123 Charlotte, NC LIM COS 1.1 WARN HENRICKLY TANTANG DAL MUNERN ME Band S LOVE GREYSTAR™ 3#4A GLOBAL LEADER IN RENTAL HOUSING™ Global Perspective, Executed Locally Estimated $250bn+¹ real estate under operation Specialist across multifamily, student, active adult housing, credit and logistics -793,900 units/beds managed worldwide Vertically integrated owner, developer and operator PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. Culture of Partnership Investment portfolio of $62bn+² assets under management Global platform with local presence 21,300+ staff across the US, UK, Continental Europe, Latin America and Asia-Pacific Proven execution at the asset level with significant scale Positioned to drive the institutionalization of rental housing globally As of end of 3Q22. Please see section 2 for gross and net level target returns for current investment opportunities.. Figures above represent Greystar's global platform. (1) Inclusive of the investment advisor's regulatory assets under management as well as assets at the Greystar Real Estate Partners ("GREP") level and other 3rd party managed assets. (2) Assets under management includes the investment advisors' regulatory assets under management, real estate investments organized by affiliates of Greystar Real Estate Partners ("GREP") and real estate projects where affiliates of GREP are the primary developer, manager or operator. Assets under management are calculated at gross asset value and include estimate total project costs for real estate investments and projects that have not been completed. The investment advisors' regulatory assets under management were $20.5 billion as of December 31, 2021. GREYSTAR™ 4#5GLOBAL FOOTPRINT WITH LOCAL EXECUTION 21,400+ people in 65 offices and presence in 225+ cities across the globe PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. oo O CURRENT UNITS/BEDS¹ US PLATFORM CURRENT TOTAL AUM² $50.0BN As of September 30, 2022. Greystar's global footprint does not guarantee that investors will avoid loss. (1) Includes operating assets and assets under development across all strategies within the US (2) Assets under management includes the investment advisors' regulatory assets under management, real estate investments organized by affiliates of Greystar Real Estate Partners ("GREP") and real estate projects where affiliates of GREP are the primary developer, manager or operator. Assets under management are calculated at gross asset value and include estimate total project costs for real estate investments and projects that have not been completed. The investment advisors' regulatory assets under management in the US were $19.4 billion as of December 31, 2021. 5 GREYSTAR™ MANAGED 755,112 oo OWNED 168,682 CHARLESTON HQ TEAM MEMBERS INVESTMENT DEVELOPMENT 293 853#6GREYSTAR SENIOR LEADERSHIP One Global Investment Committee reviews and approves strategies and investments which are sourced and executed by a talented network of local teams across the globe.1 GLOBAL INVESTMENT COMMITTEE BOB FAITH Founder, Chairman & CEO (33/29) GLOBAL PRACTICE LEADERSHIP JOSH CARPER Executive Director Finance & Legal (21/19) JENNY MARSHALL Senior MD Investment Legal & Compliance (16/5) CLAY WOLFORD MD Investment Management (17/12) LIZA KUNKEL MD BILL MADDUX Executive MD, Development and Construction (35/22) Communications JODI BEARDEN Executive Director Enterprise Services (26/8) PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. DEREK RAMSEY Executive MD, CFO (24/24) GARY MCLUSKEY MD Design (28/6) ANDREW LIVINGSTONE Executive MD US Property Management (28/21) JENNIFER BJORK Senior MD Enterprise Risk (22/20) JENNIFER CIULLO Senior MD Investor Relations (17/6) WES FULLER Executive MD, Global Investment Management (19/19) JOE PISTONE Senior MD Tax (18/1) CHRIS MACNAUGHTON Senior MD US Portfolio Management (25/15) SCOTT BERKA Senior MD Brand & Customer Experience (16/3) TONY DONA Executive Director, Investment Management (37/1) JENNIFER SMITH Senior MD People & Culture (16/5) JOHN MOLSTER Senior MD Europe Portfolio Management (13/8) COPE WILLIS MD MARY HAGER Executive Director, Investment Management (33/1) Sustainability (20/1) ANDREI GIRENKOV Senior MD Enterprise Technology (15/3) MICHAEL JOYCE Senior MD Research & Strategy (14/5) (14/5) (year/year): # of years of experience /# years at Greystar (1) In certain cases, for some of Greystar's credit vehicles, the Global Investment Committee may delegate investment decision-making authority to a sub-committee or certain authorized individuals in order to meet timing requirements. These individuals may approve deals that do not exceed minimum thresholds, and such deals must be subsequently ratified by the Global Investment Committee. GREYSTAR™ 6#7US VALUE-ADD STRATEGY LEADERSHIP Strategy led by an experienced senior management team with 18+ years of experience, supported by local investment, property management and development teams across all target markets SENIOR LEADERSHIP WES FULLER EXECUTIVE MD Investment Management Global Leader INVESTMENT EAST SAM MOORE SENIOR MD DEVELOPMENT JERRY BRAND EXECUTIVE DIRECTOR ASHLEY HEGGIE EXECUTIVE DIRECTOR KEVIN KABERNA EXECUTIVE DIRECTOR Investment Management North America Leader CENTRAL CLIFF CHANDLER SENIOR MD DAVID REID SENIOR MD TODD WIGFIELD EXECUTIVE DIRECTOR PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. CHRIS MACNAUGHTON SENIOR MD Portfolio Management WEST SHAWN HANSEN SENIOR MD ACCOUNTING KAREN HARMON MD PATRICK DUFFY SENIOR DIRECTOR JAMES O'BRIEN MD Portfolio Management ASSET MANAGEMENT JOE PARSONS MD STRATEGY & RESEARCH MICHAEL JOYCE SENIOR MD JORDAN KABBANI SENIOR DIRECTOR TONI EUBANKS EXECUTIVE DIRECTOR Real Estate Operations CAPITAL PROJECTS JUSTIN KEELING MD INVESTOR RELATIONS RACHAEL BRITTINGHAM SENIOR MD JENNIFER CIULLO SENIOR MD GREYSTAR™ 7#8GREYSTAR EQUITY PARTNERS XI, LP OVERVIEW Seeks to build upon Greystar's value-add strategy and deliver competitive risk-adjusted returns OBJECTIVES Build a diversified, institutional-quality portfolio of rental housing Target US markets where Greystar has a presence and experience Implement specific value-add strategies at the asset level to drive growth ● ● PORTFOLIO STRATEGY Identify investment opportunities through our research-based approach Target market recommendations offer the most attractive risk-adjusted return profiles Leverage relationships to add value through sourcing capabilities ● Construct a diversified portfolio, leveraging Greystar's vertically integrated, national rental housing platform We believe our ability to identify relative value between markets, rental housing types and investment structures is beneficial to portfolio diversification • Maximize value of assets acquired during their hold periods Implement capital improvements in units and common areas Reposition asset within the market Enhance operations at the property-level - PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. HEATHERBRAE APARTMENTS Portland, OR GATEWAY AT TEMPE Tempe, AZ GREYSTAR™ 8#9PORTFOLIO CONSTRUCTION MARKET SELECTION Top-down macro views from our Investment Strategy & Research team Scale: economy, population, demographics, capital liquidity Growth: economic, employment, income, demographic, population Risk: regulatory environment, home price volatility, recession resilience Bottom-up, real-time local inputs from Regional Investment teams Market pricing/spot cap rates Micro-location insights on growth and risk *For illustrative purposes only. There can be no assurance that the Fund will achieve the same or comparable results. PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. ● ASSET SELECTION Seek to build a diversified portfolio of assets, identifying the best relative value opportunities within the rental residential sector Leverage relationships with brokers and local market participants to source potential investment opportunities Underwrite between 1,000 and 1,500 opportunities per year on behalf of the GEP Fund Series* Complete comprehensive due diligence and approval process prior to acquisition TARGET PORTFOLIO ALLOCATION Alternative Rental Sectors max 20% PRODUCT TYPE Conventional Multifamily 80% Development max 20% INVESTMENT STRUCTURE Acquisition 80% GREYSTAR™ 9#10GREYSTAR'S APPROACH TO VALUE CREATION Seek to leverage Greystar's scale and experience to drive value at the asset level • DEAL SOURCING National scale with local expertise Deep relationships with potential for off-market sourcing Ability to source, underwrite and execute on both single assets and large portfolio transactions DE 10 TALON HILL Colorado Springs, CO + PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. OPERATIONAL ENHANCEMENTS Leverage procurement advantages and technology Use national recommended practices and local operating platforms • Focus on growing rent, other income, occupancy and controlling expenses AVANA COLLINS CREEK Nashville, TN + CAPITAL IMPROVEMENTS Dedicated Capital Projects team Size of platform provides economies of scale Scopes designed to seek optimal return for each property AVANA VISTA POINT Sacramento, CA + SELECTIVE DEVELOPMENT Ability to execute across strategies and markets "On-the-ground" local teams with submarket knowledge Integrated real estate expertise and refinement of development model while managing projects BIRCHWAY INTERPORT 71/130 Austin, TX GREYSTAR™ 10#11CASE STUDY-AVANA ON BRECKINRIDGE Garden-style asset located in Duluth submarket, benefitting from local employment drivers, access to well-rated schools and proximity to central business district SOURCING VALUE-ADD OPERATIONAL ENHANCEMENTS DISPOSITION • ● ● Asset was purchased at a discount to replacement cost and was underwritten for a 5-year hold period Renovated 179 units at ~60% return on cost during the hold period, Scope included flooring, countertops, plumbing and lighting fixtures Common area renovations: landscaping, pool and outdoor space upgrades Achieved ~40% cumulative rent growth during hold period Executed opportunities to reduce controllable expenses, including: More efficient staffing plan Clearly defined capitalization program Use of national vendor relationships Achieved 25% + reduction in controllable expenses during first ● ● ● year of hold Conducted comprehensive hold/sell analysis using Greystar's proprietary data and market analytics Capitalized on near-peak market pricing to exit the asset early and reduce the Fund's exposure to the Atlanta market MARKET FUND VINTAGE UNITS SQFT/UNIT ACQUISITION DATE DISPOSITION DATE LEVERAGE (LTC) BEFORE TRANSACTION OVERVIEW Atlanta, GA Greystar Equity Partners X 1986 400 881 April 2020 October 2022 65% AFTER This example was selected as a case study because it is the most recently realized asset within the Greystar Equity Partners fund series. A complete list of investments is available upon request. Past performance is not indicative of future results. PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE GREYSTAR™ 11 ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION.#12GREYSTAR DISCRETIONARY US VALUE-ADD TRACK RECORD¹ Greystar has managed six discretionary commingled funds that invest in value-add multifamily real estate assets within the United States PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. GEP I REALIZED GEP III REALIZED GEP VII REALIZED GEP VIII REALIZED GEP IX REALIZED GEP X (PROJECTED) UNREALIZED (HARVESTING) INVESTED # OF EQUITY ASSETS GROSS GROSS NET NET IRR MULTIPLE IRR MULTIPLE $31M² 9 26.4% 2.0X 22.0% 1.9X $303M 14 31.0% 1.3X $584M 35 $735M 34 $1.1B 30 26.7% 2.1X 14.6% 1.8X 18.4% 1.8X 21.1% 1.2X 20.1% 1.8X 12.5% 14.3% 1.6X 1.7X $1.6B 54 16.1% 1.8X 12.4% 1.6X (1) Greystar's prior discretionary, commingled US value-add funds include GEP I, GEP III, GEP VII, GEP VIII, GEP IX and GEP X. GEP II, IV, V and VI are not included in this track record because they were non-discretionary, programmatic joint ventures, in which Greystar did not control investment decisions. (2) GEP I included 2 non-multifamily assets, representing approximately $10M of invested equity. Gross returns are reflected gross of fees and carried interest. Returns are on a weighted-average on an invested equity basis. The net returns and equity multiples presented above take into account all fund-level fees and expenses, including management fees and carried interest, which (i) for the ventures that have been fully realized as of the date hereof, represent the weighted average fees and carried interest actually borne by investors in the applicable venture as a group, and (ii) for the ventures that have not been fully realized as of the date hereof (i.e., unrealized ventures), represent the management fees and carried interest specified in the governing documents of the vehicle, without giving effect to any fee discount, rebate, holiday or other similar reduction that may have otherwise been applicable to specific investors, but does not take into account investor-level taxes. Net IRR for certain funds reflects the impact of utilizing a capital call line of credit to finance investments prior to issuing a capital call to limited partners. The related delay of limited partner contributions will impact limited partners' Net IRR. Past performance is not indicative of future results. All returns unless otherwise stated as realized are current returns as of end of 3Q22. A complete list of investments is available upon request. Projected returns and equity multiples reflected herein are hypothetical and have been prepared based on various estimations and assumptions made by Greystar that Greystar believes are reasonable and accurate in all material respects as of the date of this presentation, including, without limitation, interest rates, entry and exit capitalization rates, supply and demand trends, increases in real estate value in similarly-situated properties, acquisition and/or disposition activity, development margins, the terms and costs of debt financing, assumptions relating to the broader economy, macro and applicable micro economic trends, personal and consumer behavior, the geopolitical landscape, liquidity and depth of transactional markets, health, population and the environment. There can be no guarantee that any of these assumptions will prove to be correct. There can be no assurance that the Fund will achieve comparable results, that the returns generated by the Fund will equal or exceed those of other fund investment activities of Greystar or that the Fund will be able to implement its investment strategy or achieve its objectives. Returns are hypothetical and do not reflect actual returns of any investor. GREYSTAR™ 12#13GREYSTAR'S ESG FRAMEWORK We believe our ESG strategy is an essential part of being a trusted business partner, a great employer and a meaningful member of the communities in which we operate. Environmental Pursue opportunities to improve the efficiency and resiliency of our assets. Social Promote positive impacts for our team members, residents and communities. Governance Build best governance practices and seek to integrate ESG reporting practices. PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. CLIMATE & CARBON Energy Efficiency Climate Risk & Resiliency Renewables & Electrification Energy Data Management ● ● ● ● PEOPLE & CULTURE Diversity, Equality & Inclusion Talent Development Well-Being ● ESG INTEGRATION ESG Policy ESG Oversight ESG Operating Model ● GREEN BUILDING Green Building Guidelines Building Certifications Embodied Carbon ● • IMPACT HOUSING Supply Access Affordability PROFESSIONAL STANDARDS ● ● ● Pillars of Excellence & Values Code of Conduct Regulatory Compliance Operational Standards WASTE & WATER ● Recycling & Landfill Diversion Water Efficiency COMMUNITY & RESIDENT IMPACT ● Charitable Giving & Volunteering Resident Experience 000 TRANSPARENCY & REPORTING Data Quality & Governance ESG Disclosures & Reporting GREYSTAR™ 13#14● ● GREYSTAR'S DEI FRAMEWORK Within Investment Management, our DEI advisory committee focuses on four main efforts. ATTRACT Strategic Campus Recruiting Partnerships with campus organizations at colleges, trade schools, junior colleges and high schools Sponsorships of on-campus programs and competitions Internship Programs Bridge Program through Project Destined PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. ● ● ● BELONG Diversity Awareness Showcase diversity across all groups Provide training to employees Employee Resource Groups Continue to grow membership/promote programs from these groups Mentorship Programs ● PROMOTE Focus on High Potential Team Members Identify high-performing team members for promotion Develop "Next Gen" Leadership Provide formal and informal training to help develop leadership and technical skills ● INFLUENCE Vendor/Supplier Diversity Seek to track and grow diversity across our contracts Participation in Industry Organizations GREYSTAR™ 14#15SUMMARY OF PROPOSED TERMS GREYSTAR EQUITY PARTNERS XI, LP (THE "FUND") TARGET SIZE HARD CAP GREYSTAR CO-INVESTMENT MANAGEMENT FEE PERFORMANCE FEES INVESTMENT PERIOD FUND TERM $2.5bn of equity commitments $3.0bn of equity commitments 3% of total commitments 1.50% on committed capital during investment period; 1.50% on invested capital thereafter 20% over an 8% preferred return hurdle; 50/50 catchup 3 years from the initial closing, plus a one-year extension subject to advisory committee approval 8 years from the initial closing, plus two, one-year extensions subject to advisory committee approval This summary is neither complete nor exact and is qualified in its entirety by reference to the partnership agreement, which will be provided to qualified investors upon request and should be reviewed carefully before an investment decision is made. PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE GREYSTAR™ 15 ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION.#16CONCLUSION We believe Greystar is positioned to successfully execute on GEP XI's value-added strategy SCALE OF PLATFORM REPEATABLE INVESTMENT STRATEGY DATA-DRIVEN APPROACH INVESTMENT IN INNOVATION CULTURE OF PARTNERSHIP ● ● ● Ⓡ Vertically integrated owner, developer and operator, with local teams supported by a global platform Scale and experience in the Fund's target markets Greystar has managed six prior funds in its flagship US residential value-add fund series Strategy designed to leverage Greystar's value-add capabilities: preferred deal sourcing, strategic capital improvements, operational upside and select development Portfolio of 793,900 units/beds under management provides unparalleled access to real-time asset and market data Managed-asset data is incorporated into market selection and asset underwriting and used to better inform asset management decisions and hold/sell analyses Greystar invests in innovations and technologies across the platform, aiming to improve things like property operations, resident experiences and ESG performance Size of platform provides opportunities to pilot, prove and scale these solutions We seek to deliver a positive living experience to our residents and returns and partnership to our investors, while improving the communities in which we invest, develop and operate Greystar approaches its investments and operations with a goal of ongoing partnership with all stakeholders PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION. GREYSTAR™ 16#17ADDITIONAL DISCLAIMERS Actual realized returns on unrealized investments and proceeds will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which any projections listed herein are based. Portfolio targets, projected exposures, performance and characteristics are provided for informational purposes only; while such projections and targets are believed to be reasonable approximations by Greystar based upon available information, no guarantee or assurance can be provided as to their accuracy. Consequently, the inclusion of the projections herein should not be regarded as any representation by the strategy, Greystar or their respective affiliates that the projections will be achieved. Unless otherwise set forth herein, all statements and information in this presentation are made as of publication date. Greystar shall not have any obligation or undertaking to disseminate any updates or revisions to any information contained in this presentation. Certain information contained herein has been obtained from third parties and has not been independently verified by Greystar. This presentation includes forward-looking statements. All statements that are not historical facts are forward-looking statements, including any statements that relate to future market conditions, results, operations, strategies or other future conditions or developments and any statements regarding objectives, opportunities, positioning or prospects. Forward-looking statements are necessarily based upon speculation, expectations, estimates and assumptions that are inherently unreliable and subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are not a promise or guarantee of future events. Certain information in this document has been obtained from sources believed to be reliable as of the date presented; however, Greystar has not verified and cannot guarantee the accuracy of such information, assure its completeness or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. Greystar has no obligation to update any or all such information; nor does Greystar make any express or implied warranties or representations as to its completeness or accuracy. Any information presented regarding the affiliates of Greystar is presented purely to facilitate an organizational overview and is not a solicitation on behalf of any affiliate. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any investment instrument or any investment management services. These materials do not constitute investment advice and should not be used as the basis for any investment decision. All performance and targets contained herein are subject to revision by Greystar and are provided solely as a guide to current expectations. There can be no assurance that any product or strategy described herein will achieve any targets or that there will be any return of capital. Past performance is not a guarantee or a reliable indicator of future results. No representations are made by Greystar as to the actual composition or performance of any investment. The gross performance results and/or projections set forth herein do not reflect the deduction of applicable management, performance-based and/or other fees and expenses. Please be advised that your returns will be reduced by such fees and other expenses applicable with respect to an investment in these strategies. A detailed description of the fees and expenses applicable to these strategies will be provided to each investor and is otherwise available upon request. Net returns include the deduction of fees, incentive compensation, expenses and commissions. Net returns reflect the receipt of any operating income and other earnings. The performance returns presented may be materially different than the results that investors in the prior strategies will obtain at the termination of the prior strategy. Past performance is no indication of future results. Inherent in any investment is the potential for loss.