Greystar Equity Partners XI (May-23)

PORTFOLIO 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

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