CIVITAS CAPITAL GROUP

CIVITAS CAPITAL GROUP

UNCOMPROMISING STANDARDS Civitas Capital Group is an alternative asset management firm that focuses on compelling, niche investment strategies in U.S. real estate and lodging. The firm has more than $1.3 billion of assets under management in more than 50 investments. Civitas is based in Dallas, Texas, which gives it a perspective that encompasses the West Coast, the East Coast, and all opportunities in between. Civitas Alternative Investments division is accomplished in sourcing and integrating nontraditional capital and structures for our investments to enhance returns and mitigate risk. We dig deeper to identify strategies that other miss, drawing on a network of top specialists to bring our clients compelling, high-quality opportunities. Civitas' executive team has over 100 years of combined investment experience, including more than 80 years of collective hospitality experience. The firm s team is multidisciplinary, comprising over 50 people with complementary skill sets. Civitas competitive advantage comes from its deep expertise in U.S. markets paired with its international cultural competency. The firm s investors include insurance companies, pension funds, private equity, family offices, and individuals. civitas [siv-i-tas; Latin kee-wi-tahs] WHAT'S IN A NAME? Firm founded in depth of the 2008-09 recession on the idea that international investment capital could catalyze growth in our hometown of Dallas, Texas Civitas is Latin for both "city" and "citizenship," reflecting the roots of our firm: serving our city by attracting investment from global citizens WHY CIVITAS? Firm's assets are our people, capital, and reputation The firm leverages its diversity with its creative and analytical approach to find attractive investment opportunities and solutions for its investors We marshal these resources to drive superior risk-adjusted returns for our investors The information provided herein is for informational purposes only. The information may include views, estimates, and information from other sources that may or may not be accurate. Nothing in this document constitutes investment advice, an offer or commitment to sell securities, a solicitation of an offer to purchase securities, or any advice or recommendations to enter into or conclude any transaction. Civitas Capital Group and its affiliates do not make any express or implied warranties or representations as to the completeness or accuracy of this information. Nothing in this document constitutes financial, legal, or tax advice. You should consult your legal counsel and tax and financial advisors prior to making any decisions or taking any action concerning the information provided in this document. Copyright 2018 Civitas Capital Group and affiliates. All rights reserved.

CIVITAS TODAY CIVITAS IS A DIFFERENT KIND OF ALTERNATIVE ASSET MANAGEMENT FIRM. We focus on niche, differentiated investment strategies through our Alternative Investments and EB-5 Capital divisions. WHO WE ARE CORE VALUES KEY STATISTICS Based in Dallas, Texas Executive team with 100+ years of combined investment experience Multidisciplinary team with complementary skill set 50+ employees from 18 countries who speak 17 languages Ever-deepening cultural competency Rich expertise and analytical rigor Creativity in everything we do Integrity and transparency $1.3 billion of assets under management* 50+ investments Institutions and investors served from 30+ countries Flexibility to invest throughout the capital stack Investors include insurance companies, pension funds, private equity, family offices, and individuals REAL ESTATE & LODGING PORTFOLIO INVESTMENT TYPE BY NUMBER OF TRANSACTIONS 6% 6% 8% 40% BY AUM 2% 3% 12% Millions 800 700 600 500 400 100% 80% 60% 57% 40% TotaI Investments: 50 26% 300 57% 200 100 0 Total AUM: $1.3 billion Multifamily Senior Office Living Hotels Other 40% 20% 0 27% 14% 2% Hotels Multifamily Office Senior Debt Mezzanine Equity Corporate Debt Senior Living Other *AUM includes managed funds and advisory engagements. All figures as of December 2017. Past performance does not guarantee future success. Potential investors should review all disclosures prior to making any decision to invest.

DIFFERENTIAL ADVANTAGE ACCESS TO BELOW-MARKET CAPITAL Through our EB-5 Capital division, we provide an attractive funding component that can enhance equity investment returns and drive alpha. INTERNATIONAL EXPERTISE We serve clients from more than 30 countries and are skilled at meeting the unique needs of non-u.s. investors. UNIQUE DIFFERENTIATORS CREATIVE STRUCTURING We specialize in leveraging nontraditional tools such as public subsidies and tax credits, to enhance investment returns. ACCESS TO OFF-MARKET TRANSACTIONS Firm's long and trusted relationships with leading developers, lenders, and investors creates consistent off-market deal flow. CORE STRENGTHS RISK MANAGEMENT AND COMPLIANCE Our Asset Management team takes a proactive approach in assessing risk and monitoring the status of each project. The company has a dedicated Compliance team that works diligently to ensure we meet our obligations under U.S. securities laws. INSTITUTIONAL QUALITY OFFERINGS Institutional platform with integrated investment, asset management and reporting functions as well as strong financial controls and compliance oversight. All investment vehicles are audited annually by PwC. PROVEN TRACK RECORD Flexibility and experience to invest across property types, markets, and cycles. Expertise to execute and raise capital across the capital stack. SEASONED MANAGEMENT With over 100 years combined experience, we have a specialized and experienced team with complementary skill sets. DIVERSE EXPERIENCED TEAM Diversity is a core value for the firm. Our staff hails from 18 countries and speaks 17 languages. Our depth of experience across different disciplines lends both versatility and expertise to our firm.

OUR TEAM Civitas prides itself on its people. The firm s well-earned reputation for analytical rigor is matched only by our industry knowledge and expertise. DANIEL J. HEALY Chief Executive Officer Responsibilities: Strategic direction and general management of the firm Investment Experience: 18 years OLOF AKESSON Managing Director, Head of Investor Relations Responsibilities: Investor relationship development and management, fundraising, and investor communication Investment Experience: 16 years ALMAZ WOLDEAB, CPA Managing Director & Chief Accounting Officer Responsibilities: Accounting, financial reporting, financial planning, budgeting, treasury, and audit functions. Finance Experience: 22 years RAFAEL ANCHIA Managing Director Responsibilities: New market development, public policy, and public-private partnerships Management Experience: 20 years DARLA WILTON Managing Director & Chief Operating Officer Responsibilities: All operation functions including human resources, marketing, and servicing aspects of the firm Operation Experience: 29 years DAVID E. PEREL Managing Director, Head of Lodging Investments Responsibilities: Strategic investment management for the firm Investment Experience: 25 years LAURIE ROBERTS Managing Director & Chief Compliance Officer Responsibilities: All securities and compliance matters for each of the Civitas Capital Group operating divisions Compliance Experience: 22 years MANUEL F. ORTIZ Director, Head of EB-5 Investor Relations Responsibilities: Develop, manage, and maintain relations with institutional and individual investors Management Experience: 15 years DAVID LEE, CFA Director, Investments Responsibilities: Investment platform oversight for all of the firm s operating divisions Investment Experience: 15 years IRENE SHEN Director, Investor Relations Responsibilities: Business development of Alternative Investments. As well as institutional and individual client relationships Investment Experience: 20 years CLAUDIA BETANCOURT Director, Investor Relations Responsibilities: Relationship management for high net worth individuals, family offices, and institutions globally Financial Management Experience: 15 years NAJAM SYED Director, Head of Asset Management Responsibilities: Managing project and investment performance across all divisions of the company, as well as investor reporting Investment Experience: 15 years TILLIE BORCHERS Director, Investments Responsibilities: Originating and underwriting investments for the Grow South Fund and other Civitas managed funds Investment Experience: 13 years

English 2018/08 Civitas Capital Group One Arts Plaza 1722 Routh Street Suite 800 Dallas, Texas 75201 214 572 2300 telephone 214 572 2398 facimile info@civitascapital.com civitascapital.com