Investor Presentaiton

2500 2000 1500 Housing demand wildly exceeded expectations for the period 2019-2021 ... Average Annual Household Growth (Thousands) 1000 871 650 500 2011-2013 1,248 1,031 959 927 1,460 1,370 1,985 2,371 2,184 1,217 2013-2015 2015-2017 2017-2019 2019-2021 American Community Survey American Housing Survey JCHS Projected Rate for 2018- 2028 Housing Vacancy Survey W WISCONSIN SCHOOL OF BUSINESS UNIVERSITY OF WISCONSIN-MADISON TOGETHER FORWARD® JAMES A. GRAASKAMP CENTER for REAL ESTATE Source: Daniel McCue, Joint Center for Housing Studies, "The Surge in Household Growth and What it Suggests about the future of Housing Demand," January 17, 2023.

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