Greystar Equity Partners XI (May-23)

IMPORTANT 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.

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