T H E E X E T E R T E A M P R E S E N T A T I O NProvidence Innovation District - Parcel 28

P R OV I D E N C E , R IM A R C H 27, 2019

E X E C U T I V E S U M M A R Y

T H E E X E T E R T E A M V A L U E P R O P O S I T I O N

– Uniquely experienced, well capitalized team

– Market leading planning and design from one of the global thought leaders in New Urbanism

– Expansive resume of multifamily development, large scale PPP’s and collaborative development

– Deep knowledge and national focus on Meds & Eds driven markets

– Assured Performance; Long and proven track record of Developer/Architect team

A B O U T E X E T E R

A B O U T E X E T E R

E P G U R B A N / E X E T E R ( “ E X E T E R ” )

– Real estate private equity operator founded in 2006

– Headquartered in Conshohocken, PA with 150 employees worldwide

– Serving over 100 institutional investors around the globe from 18 offices in North America and 8 in Europe

– Total Equity under management exceeds $6 billion across several asset classes and geographies

– High degree of transparency, accountability and alignment of interests

– In-house controls ensure consistency and discipline in financial underwriting, budgeting and accounting

– Management team, led by Ward Fitzgerald and Tim Weber, has worked together for over 15 years

– Principals and senior staff have extensive experience with large-scale, mixed use projects and PPPs

O R G A N I Z A T I O N A L O V E R V I E W

L O C A L I Z E D R E A L E S T A T E O P E R A T O R E X P E R T I S E , P A I R E D W I T H G L O B A L P L A T F O R M

– National and local deal sourcing of one-off and small portfolio transactions builds institutional scale from the ground up

– Directly effectuate business plans through local leasing, development and property operations

– Superior insight into market inefficiencies, tenant, resident and broker preferences, and building design

AtlantaDallas

Chicago

South Florida

Memphis

Philadelphia

Washington, DCColumbusIndianapolis

San Francisco

Los Angeles

Mexico City

Phoenix

Charlotte

EXETER OFFICES

Houston

Seoul

Seattle

Salt Lake City

St. Louis

UNITEDKINGDOM

SPAIN

POLAND

ITALY

IRELAND

GERMANY

FRANCE

CZECH REPUBLICLUX

NETHERLANDS

BELGIUM

SLOVAKIA

HUNGARYAUSTRIA

LONDON

DUBLIN

PARIS

DŰSSELDORF

LUXEMBOURG

WARSAW

BIRMINGHAM

SWITZERLAND

EXETER OFFICES

AMSTERDAM

O R G A N I Z A T I O N A L O V E R V I E W

Ward FitzgeraldCEO

AcquisitionAssociates (6)

AccountingBrad Reed

Mike Miller John Mobley

Tim WeberCFO

LegalBrian Fogarty

Property Mgmt. &Due DiligenceJason BorrelliKelly Delozier

Global TenantAccounts

Bob WaitkusDennis Durkin

Develop. & Constr. Jason HonestyJohn Warren

Investor Relations and ReportingRayenne ChenKate Giordano

North America Regional OfficesHenry Steinberg - Northeast

Todd Carter – SoutheastBarney Sinclair – SouthSteve Stein – Midwest

Tom Wang - WestTom Theobold –CanadaRicardo Serrano - Mexico

U.S. Industrial & OfficeValue AddRob Jones

Matt BrodnikFred Knapp

DebtBrian Ford

25 Regional Offices: Acquisitions, Development, Leasing & Asset Management, Property Management

U.S. Core &Managed Accounts

James Hoeland Kevin SheaTom Meehan Ryan Roberts

Europe Regional OfficesKim Farley – UK

Mark Nolan – IrelandPatrick Rebel – France

Roniek Bannink –NetherlandsNiko Gedaze, Bernhard Scheer – Germany

Waldemar Grabka – PolandKatarzyna Pyś – CEE

Europe IndustrialValue Add

Paul RubincamJohn Toukatly

Philadelphia/London/Luxembourg: Centralized Operations and Controls

Europe Core &Managed Accounts

GeorgeFraser-Harding

AcquisitionAssociates

Jono MackieAngelo Ruggiero

AccountingPiotr Andrzejewski

Catherine LaneBeni Ntamutumba

Paul Collin

LegalJim Golunski

Property Mgmt. &Due Diligence

Robert Kerr

Develop. & Constr.Rhodri Davies

Dominik Mueller

Investor Relations and Reporting

Jamie Lee

Debt & FinanceJim Stretton

Compliance & Risk

Barry BreenMark Cunneen

Shared:

U.S. Multi-FamilyBryan Lamb

Jeremy SmallGianni Parente

O R G A N I Z A T I O N A L O V E R V I E W

T O P I N V E S T M E N T P A R T N E R S

A L L I N V E S T M E N T P A R T N E R S1199 SEIU Healthcare Employee Pension FundAmerican Electric Power Retirement TrustAmerican Institute for ResearchAmerican Value PartnersAvivaBattelle Pension Management and Investment

CouncilBucknell UniversityCommonfundChicago LaborersCredit SuisseDartmouth CollegeFord Motor Company Pension FundGCM GrosvenorGilder FamilyGovernment of Singapore Investment Corp.Group Health Cooperative Pension FundIAM National Pension FundKansas Public Employees Retirement SystemKorea Teachers Credit Union

Los Angeles Fire and Police Pension Mercer Private Investment PartiesMerit EnergyMetropolitan Real Estate PartnersMichigan Laborers’ Pension FundMicigan Municipal Employees’ Retirement SystemMissouri PSRS/PEERSMN - Pensioenfonds Metaal & Techniek (PMT)MN - Pensioenfonds van de Metalektro (PME)Morgan Stanley Alternative Investment PartnersMorgan Stanley InvestmentMPC Real Estate Opportunity PartnersNationwide Mutual Insurance CompanyNationwide Pension FundNew Hampshire Retirement SystemNew Jersey Department of InvestmentNew York City Retirement SystemsMorgan Stanley Alternative Investment PartnersNorthern States Power Pension Fund

NPS of KoreaOhio Carpenters’ Pension FundOhio Laborers’ District Council Pension FundOhio Police and Fire Pension FundPartners GroupPenn SquarePA Public School Employees’ Retirement SystemPerella Weinberg PartnersPhiladelphia Public Employees’ Retirement SystemPortfolio AdvisorsProducer-Writers Guild of America Pension PlanReynolds American Pension FundRhode Island Employees’ Retirement SystemRutgers, The State University of New JerseySanabilSan Antonio Fire and Police Pension FundSiguler GuffPortfolio AdvisorsStrategic Capital Management (SCM)

State of New Mexico State Investment CouncilStepStoneTalanx Asset managementTema DevelopmentTennessee Consolidated Retirement SystemTexas Employees’ Retirement SystemThe Children’s Hospital of Philidelphia FoundationThe Cultural Institutions Pension Pland and TrustThe Fisher GroupThe Norinchukin BankTrinity Health SystemUnited Nations Joint Staff Pension FundUniversity at BuffaloUniversity of FloridaUniversity of North CarolinaUniversity of WisconsinVerdis Real Estate PartnersWheels Common Investment FundWilliam Blair CompanyXcel Energy Pension

T H E E X E T E R M U L T I F A M I L Y P L A T F O R M

E X E T E R M U L T I F A M I L Y

– Exeter offers a highly experienced and dedicated multifamily team with a $1.6 billion track record of development and redevelopment totaling nearly 6,000 residential units over the

past 15 years

– National footprint and extensive experience with public private partnerships, ground leases, RFP’s and creative acquisition techniques leads to premium, (largely) non-brokered

opportunities

– Differentiated focus on high job growth “Meds and Eds” submarkets provides a renewable source of renter demand and protection in an economic downturn

– Sustained demographic trends throughout the US and demand for urban lifestyle continue to make multifamily an attractive long-term opportunity

– Through development and select value-add opportunities, the EPG Urban team can generate stabilized yields that are 150 – 200 basis points above core market cap rates

R E L E V A N T E X P E R I E N C E

T H E S T. J A M E SP H I L A D E L P H I A , P A$ 1 3 0 M I L L I O N T O T A L B U D G E T, 3 0 7 U N I T S

P A C I F I C B E A C O NS A N D I E G O , C A $ 3 5 2 M I L L I O N T O T A L B U D G E T, 1 , 1 9 9 U N I T S

3 7 2 0 C H E S T N U TP H I L A D E L P H I A , P A$ 1 5 6 M I L L I O N T O T A L B U D G E T, 4 0 5 U N I T S

T H E C L A R E N D O NA R L I N G T O N , V A$ 6 2 M I L L I O N T O T A L B U D G E T, 2 9 2 U N I T S

A B O U T T O R T I G A L L A S + P A R T N E R S

24Nationalities

$75BConstruction

20Languages

1M+People Housed

100+Experience

100+ Cities • 36 States15 Countries

1800+Communities

94LEED Platinum

65Years

Culture of Learning

100+Awards

National + International

A B O U T T O R T I G A L L A S + P A R T N E R S

A B O U T T O R T I G A L L A S + P A R T N E R S

– Established in Silver Spring, MD in 1953

– 5 offices in the United States and 1 in Asia offer global reach

– Among the largest planning and architecture firms in the US dedicated to New Urbanism

– Designed 485,000 new residential units world-wide

– Holistic, ‘SPECTRUM’ approach unites Natural Systems, Built Environment and People

W E S T M I N S T E R N E W D O W N T O W NW E S T M I N S T E R , C O

C L A R E N D O N C E N T E R A R L I N G T O N , V A

T H E B A R T L E T TA R L I N G T O N , V A

A B O U T T O R T I G A L L A S + P A R T N E R S

P A R K V A N N E S SW A S H I N G T O N , D C

P R O V I D E N C E A N D T H E I N N O V A T I O N D I S T R I C T

T H E I N N O V A T I O N D I S T R I C T O P P O R T U N I T Y

P R O V I D E N C E P O T E N T I A L

– Generational opportunity to build upon the years of

thought, planning and hard work of the State of Rhode

Island, City of Providence and 195 Commission

–One of the most dense yet under appreciated

concentrations of Higher Education, Health Care and

Research in the United States

–World class planning, design and development expertise

can collaborate with and expand upon the vision of the

master plan, the City Walk plans and the larger housing

efforts of the City

–Deliver a meaningful amount of high quality, market rate

and fully amenitized housing to one of the few US markets

that has not already seen an oversupply of housing

–Set the bar for the future growth of the District – through

which we all hope to benefit

T H E I N N O V A T I O N D I S T R I C T O P P O R T U N I T Y

M E D S & E D S M U L T I F A M I L Y S T R A T E G Y

– Job growth drives the multifamily sector, and Meds and Eds jobs have grown

at 3x the rest of the economy for the last 25 years; this trend is projected to

continue for at least another decade

– Medical and educational facilities tend to co-locate due to interdependence

of workforce and research, creating vibrant, dynamic nodes (often just

outside the traditional city center)

– This job growth, co-location and facilities boom has created a large and

rapidly expanding pool of natural, predisposed renters

– Sustained demographic trends including historically low homeownership rates

and a millennial population boom driving the renter pool to an all-time high

make multifamily a highly attractive asset class

– Ongoing urbanization has dramatically increased the demand for multifamily

assets in walkable locations with 24-hour activity

– EPG Urban’s differentiated strategy focuses solely on providing customized,

purpose-built product to this high growth, Meds and Eds renter population

University City, Philadelphia

Illinois Medical District, Chicago

C O N C E P T U A L D E S I G N

V I E W F R O M T H E S O U T H8Parcel 28 - Providence, ri

21 August 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

exeter MultifaMily

Concept Massing

VieW FRom soUth

G R O U N D L E V E L F L O O R P L A N 5Parcel 28 - Providence, ri

20 August 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

exeter MultifaMily

Ground Level Floor Plan

0 20 40 80

N

Flex Units10,000 sf on 2 levels

Amenities5,400 sf

Parking & Loading30 Spaces15,500 sf

Retail1,400 sf

Restaurant3,300 sf

Retail3,600 sf

Yoga2,000 sf

ConvenienCe RetAiL AnChoR

9,500 SF

Bar & Cafe2,900 sf

Lobby1,200 sf

Convenience elevator

Loading

Utilities

Exeter Proposed Program

Unit Count 246

Studios 61

1 Bedrooms 157

2 Bedrooms 20

Flex Townhomes 8

Retail Square Feet 22,700

Onsite Parking 30

Total Gross Square Feet 256,724

Stories 5/6

U P P E R L E V E L F L O O R P L A N 6Parcel 28 - Providence, ri

20 August 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

exeter MultifaMily

Upper Level Floor Plan

0 20 40 80

N

L2 Garden4,800 sf

(49’ x 98’)

L2 Garden6,000 sf

(60’ x 98’)

L1 Garden1,500 sf

(47’ x 40’)

T E R R A C E ( L E V E L 5 ) F L O O R P L A N 7Parcel 28 - Providence, ri

20 August 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

exeter MultifaMily

Terrace (Level 5) Floor Plan

0 20 40 80

N

Lounge1,800 sf

Roof terraces7,200 sf

C O N C E P T U A L S E C T I O N

2PARCEL 28 - PROVIDENCE, RI

29 November 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

EXETER MULTIFAMILY

Conceptual Site Section

Top of Parapet93’-0” (79’-0” Above Street)

Level 6

78’-0”

Top of Stair Parapet85’-0”

Level 5

67’-0”

Top of Terrace Parapet72’-0” (73’-0” Above Street)

Level 4

56’-0”Level 456’-0”

Level 345’-0”

Level 345’-0”

Level 234’-0”

Ground Level14’-0” F.F.L.

8’-0”

F.F.L.10’-0” F.F.L.

6’-0”

Level 234’-0”

Level 1 (Mezzanine)23’-0”

Ground Level0’-0”

Fitness / AmenityLobby

Feature Retail Court Parking(N.I.C.)

Richmond St.

RetailRetail(N.I.C.)

Chestnut St.

“9 Lofts”

(N.I.C.)

Retail

Terrace Terrace

Terrace

Terrace

Retail

Apartments Apartments

Apartments Apartments

V I E W F R O M T H E S O U T H E A S T 9Parcel 28 - Providence, ri

21 August 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

exeter MultifaMily

Concept Massing

VieW FRom soUtheast

V I E W F R O M T H E E A S T 10Parcel 28 - Providence, ri

21 August 2018 ©2018 Torti Gallas + Partners | 1300 Spring Street, 4th Floor | Silver Spring, Maryland 20910 | 301.588.4800

exeter MultifaMily

Concept Massing

VieW FRom east

E X E C U T I O N P L A N

S I T E 2 8 D E V E L O P M E N T & C O N S T R U C T I O N S C H E D U L E

2018 2019 2020 2021 2022

Item Start End Mos. Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 5 Q 6 Q 6 Q 8 Q 9 Q 10 Q 11 Q 12 Q 13 Q 14 Q 15 Q 16

Total 7/1/2018 5/31/2022 47

Due Diligence & Pre Dev. 7/1/2018 10/31/2018 4.0

RFP Response 11/30/2018 12/31/2018 2.0

RFP Exentsion 1/1/2019 2/28/2019 2.0

Presentation 3/27/2019 3/27/2019 1.0

Commission Review/Award 4/1/2019 4/30/2019 1.0

Level 1 Submission 5/1/2019 5/15/2019 0.5

Level 1 Pres/Rev/OK 5/16/2019 6/16/2019 1.0

LOI Negotitation & Execution 6/16/2019 6/30/2019 0.5

Design to Permit Set 6/16/2019 12/31/2020 6.5

City/Commssion Design Reviews 7/1/2019 8/31/2019 2.0

Level 2 Submission 9/1/2019 9/15/2019 0.5

Level 2 Pres/Rev/OK 9/16/2019 9/30/2019 0.5

Neg./Execution PSA & Subsidies 9/1/2019 9/30/2019 1.0

Permit Review & Approval 1/1/2020 2/28/2020 2.0

Final Docs & Mobilization 1/1/2020 4/30/2020 4.0

Construction 5/1/2020 2/28/2022 22.0

Close Out & Turnover 3/1/2022 5/31/2022 3.0

S U M M A R Y E C O N O M I C S

Program

Total

Gross FAR SF of Residential 218,524

Gross SF of Retail 22,700

Residential Parking (30 Spaces) 15,500

Total Built Square Footage 256,724

Unit Count (Total) 246

GSF/Unit 842

NSF/Unit 722

Return on Cost 6.4%

Q U E S T I O N S

C O N T A C T :B R Y A N L A M B

E P G U R B A NB L A M B @ E P G U R B A N . C O M

2 4 0 . 6 3 8 . 6 6 7 3