Investor Presentaiton

CASE STUDY . FUND V (ACTIVE) Parq at Cross Creek Tampa, FL 297 Units Built 2008/2014 pon ings East Lake nisbrook, A ilamander Golf and rbor Keystone Fern TrailHead Lake Fern Lutz Cheval Slow Speed (Spring to Fall Variable Citrus Park Regulations) Greate Northd Sam's Club NEW TAMPA Lower Pebble Creek A Hillsborough Wilderness Preserve Lettuce Lake Park Thonotosassa Lake Magdalene University ELTHUS FARK COMMUNITY (939) Greater Carrollwood Westchase Mease Countryside Hospital Costco Wholesale Oldsmar untryside Mall (MD) University of South Florida Busch Gardens Tampa Bay (M Temple Terrace (3 Moccasin Lake Nature Dark Safety Harbor Property Name (LEM Fund) A Parq at Cross Creek (V) B Arbors at Carrollwood (V) C Gateway on 4th (III) D Isles of Gateway (II) E Lakes of Northdale (III) Egypt Town N Country WEST PARK G Raymond James Stadium T Davis Beach Del Rio Hillsboroug River State P Dinos e O B 回 Dove O East TAMPA HEIGHTS EAST TAMPA Lake-Orient Park EMEK Seffner Mango E Tampa IMPROVEMENT Semn Exete B 同 DAY LANDS D Palm River-Clair Mel Valrico Dov Brandon (60 Costco Wholesale Sourcing Marketed deal that was awarded to the Partnership largely due to LEM's relationship with the seller on a prior transaction. Location The submarket has grown rapidly and transformed over the last two decades due in part to strong recent population growth, which is projected to outpace the broader MSA. Proximate to several major office nodes and benefits from easy access to I-75. Value-Add Substantially upgrade interior finishes to create best in class units. Extensive clubhouse renovation that will dramatically expand the existing facility, enlarging both the fitness center and club room. Amenity upgrades include creating a resort-style pool, upgrading the dog park, children's playground area and adding several grilling stations throughout the Property. Curb appeal will be enhanced by painting the exteriors, enhancing the overall sense if arrival with new signage and improving landscaping throughout the property. Financing LEM leveraged market intelligence from other active pipeline deals to successfully reduce the loan spread by ~20bps during the final loan negotiation with Freddie Mac. INVESTMENT LEVEL SUMMARY1 Operating Partner Acquisition Date Operating Partner Equity LEM Equity Purchase Price Robbins Property Associates November 2020 $3.5mm $20.0mm $55.5mm ($187k/unit) Construction Budget $6.0mm ($20k/unit) Total Cost Basis Underwritten IRR/Multiple $63.6mm ($214k/unit) 15.5%/17.7x 1 As of the original underwriting acquisition. IRR and Multiple values are based on the underwritten projections of a 4-year hold. Please refer to the performance disclosures on slide 2 and the Footnotes and Definitions in the Investor Presentation. 30 L.E.M CAPITAL

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