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Investor Presentaiton

LEM Investment Criteria ✓ 1st and 2nd tier markets ✓ Suburban location Built between late 1980s and early 2000s 200 to 400 units in size Markets with proven institutional appeal ✓ "B" or better location within the market Easy highway access Infill locations with high barriers to entry Diverse employment drivers ✓ Good school systems Quality tenant base ✓ Well-built with a full amenity package Value-add upside ✓ Unencumbered with long term debt ✓ Deal metrics meet requirements Strong current cash flow Solid operating partner Intangible, "Special" characteristics CAUTION SLIPPERY WHEN WET 22 22 Please refer to the performance disclosures on slide 2 and the Footnotes and Definitions LEM CAPITAL

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