JSBO REALTY & CAPITAL Commercial brokerage,

4/4/2022 4 JSBO REALTY & CAPITAL INC. Who we are (cont’d)… TEAM CREDENTIALS - (cont’d)

Partners: Each of us has 35 or more years on Wall Street and Main Street real estate (John O & W, Casey, Bill, Paul & Jim) and 40+ years in private equity/venture capital investing and corporate M+A (Dick); 35 years in property development mainly with the Crow Holdings Int’l (Robert); 30+ years in infrastructure finance (Paul); 35+ years in government affairs (Jim); 30+ years in construction/project management (Jennifer)
Partners & I are native New Yorkers with ‘local street smarts’ and over 190 years combined transaction, development and advisory experience;
Partner, Paul H. Rapisarda; co-advises on infrastructure project finance;
Partner, Robert Roethenmund (B.A., Dartmouth; MBA, Harvard – 1982)
Partner, Richard Schneider (B.S./B.A. Princeton; MBA, Harvard – 1975)
Partner, Casey Kemper, (B.S.; MBA, CRE, ChFC Babson)
Partner, Bill Kinn, MAI, CRE (B.S. Finance/Economics, Susquehana Univ.)
Partner, James F. Capalino, CEO/Founder – Capalino & Company
Partner, Jennifer Murphy, Project Resources, NYC based
Partner, John S. Wehrle, CPA , J.D. Washington University – CPA/Tax advisor<br>

4/4/2022 5 JSBO REALTY & CAPITAL INC. What we do… Analyze and provide strategic real estate and financial solutions relating to office/retail/residential/self-storage, industrial/senior housing properties, renewable energy & bio-fuels infrastructure projects, realty capital markets & property development/investments. We also advise on selected corporate/investor clients we serve; services include:

Commercial tenants negotiating leases and/or purchases;
Investors acquiring or selling commercial/income properties & land;
Property owners/investors/developers seeking institutional and family office debt, JV equity, mezz debt and construction financing;
Renewable energy & bio-fuels project developers: finance
Procure, assess or conduct studies related to realty investment or corporate real estate decision-making,
Institutional investors or their advisors, commercial lenders or investors seeking independent ‘hands-on’ property level ‘due diligence’, strategic portfolio analysis for all property types in markets (mainly Eastern US)<br>

4/4/2022 6 JSBO REALTY & CAPITAL INC. Our core values… We place our clients’ interests above all else;
We give clients our independent counsel regardless of its impact on a transaction;
We guide our clients as ‘advisors’ involving them in every decision; we do not detach from our clients as ‘ivory tower’ consultants;
We are ‘hands-on’ and ‘long-term relationship-driven’, not transaction/fee driven; you get partner-level attention on all assignments;
Our reputation with our clients and our counterparties in our industry and in the marketplace is our life blood…it is everything!<br>

4/4/2022 7 JSBO REALTY & CAPITAL INC. What makes us different… My partners, Paul, Dick, Robert , Casey, Bill , Jim, Jennifer and John W and I work directly & collaboratively on your project(s)…no hand-offs to juniors;
We are ‘cross-trained’ in Main Street property markets (US & International) and ‘Wall Street’ capital markets (private and public) as well as institutional banking; Robert is based in Berlin and covers Europe and Asia property & capital markets; Dick is Manhattan based and concentrates on private equity investing and advising corporate sponsors in their acquisitions/dispositions, strategic plans or recapitalizations; Casey, Bill, Jennifer, Jim and I are Manhattan-based; John W. is based in St. Louis, MO;
We work only on corporate/user, development or ‘institutional’ and family office-appropriate investments; Casey, Bill, Dick, Robert, Jim, & Paul and JSBO all have special expertise in institutional debt & equity financing, Robert in development and international; Dick in private equity/venture capital investments and M+A advisory; Paul in infrastructure finance & operations; John W. in all accounting and tax and M+A matters for US and foreign investors; Jennifer in healthcare and office construction projects;
Clients receive the benefit of our combined 190+ years experience in commercial/investment property, realty capital market and private banking services/transactions and M+A corporate advisory;
We work as retained advisors under contract.<br>

4/4/2022 8 JSBO REALTY & CAPITAL INC. Current-recent projects… Purchased two multi-family complexes (346 units & 558 units) in suburban Chicago ($28.25M; then arranged $22.6M in Freddie Mac debt post-closing; and $51M all equity; sold 346- unit project in 4Q17 realizing a 26% IRR in 3 years;
1,300 acres with 425 home sites; raw land development in western North Carolina; ($25M in equity and $5M in debt);
Arranged the sale of 70 acres in NW Connecticut to private buyer and local Land Trust ($1.1M);
Closed $50M sale of 120,000 loft/industrial building in SoHo, Manhattan to developer for conversion to luxury residential/retail;
Served as Managing Member of a closely held New York LLC investment company and advised global financial institution as Trustee in the valuation and wind-up of a family trust whose principal holdings are real estate minority interests all around USA;
Advised a Middle East sovereign wealth fund on their $525M equity investment in first two towers in a Manhattan based mixed-use 12 million SF Wst Side development;
Representing Martha Graham Center for Contemporary Dance in its HQ relocation and lease negotiation; now negotiating (pro bono) 7 separate lease renewals for the Company;
Raised $25-50M in LP equity for a new self-storage development platform in the outer boroughs of New York (ongoing);
Represented a 17,000 SF CPA-tax advisory firm in its Manhattan HQ office relocation/lease negotiation at a Class A Midtown Office Building;
Closed sale of an $8M commercial survey/engineering firm HQ’d in NY/NJ
Advising on financing of Assisted Living-Memory Care Community in Northern Vermont<br>

4/4/2022 9 JSBO REALTY & CAPITAL INC. Attributes of successful projects… Strong investor sponsorship with strong track record, net worth & liquidity & implementation team;
Institutional grade and sized projects; or strong niche projects suitable for family office investment with strong market position & sponsorship;
Demonstrated demand for output/sale or rental of units of a project/portfolio confirmed by independent 3rd-party analysis;
Strong competitive position versus Primary Market Area competitive supply;
Sufficient interest by capital market investors, lenders and buyers/off-takers/renters.<br>

4/4/2022 10 JSBO REALTY & CAPITAL INC. Typical projects… Negotiate as agent/advocate and often as partner with sponsor or advise on lease, sale, financing and/or acquisition negotiations;

Advise investors, investment managers, developers, operators, buyers or sellers of projects;

Advise on debt and equity financing for investors, operators & developers to acquire, (re) finance or fund construction/(re) development/operation of a real estate, renewable fuels or elder care project;

Perform property/market level studies and due diligence on properties/portfolios (all types) prior to commercial lenders or investors closing new loans or equity investments or to determine optimal exit or refinancing strategy (sale, joint venture or refinancing).<br>

4/4/2022 11 JSBO REALTY & CAPITAL INC. Typical clients… Service businesses of all types: office, retail, industrial, senior care (Assisted Living/Memory Care); behavioral health hospital developer/operator;
Family offices seeking advice on deployment of capital into real estate assets or strategies for generating liquidity from owned assets;
Developers, investor/owner/operators of commercial properties: multi-family, retail, office, industrial, mixed-use, raw or developed land and energy/bio-fuels projects;
Institutional investors, lenders or investment advisors;
Non-profit institutions: schools, churches, NGOs<br>

4/4/2022 12 JSBO REALTY & CAPITAL INC. Recent client projects… Sovereign wealth fund underwriting their NYC equity investment;
Developer of infrastructure projects: renewable energy, bulk terminal ports and bio-fuels manufacturing plants;
Commercial survey/engineering firm;
Land developer in Asheville, NC;
Commercial tenant in Manhattan;
Privately-held self-storage developer/operator;
Manhattan churches
United Nations NGOs
German and & U.S. lenders
Wall Street private bank/trust department
Yonkers, NY industrial building owner
Developer of Assisted Living-Memory Care Communities<br>

4/4/2022 13 JSBO REALTY & CAPITAL INC. Identifying leads or referrals… “Our lease is coming up for renewal …”
“We own a portfolio of properties and need a strategic study of our options to raise capital or develop an exit strategy…”
“We have outgrown our space or need to sublease our surplus...”
“We’re considering relocating…”
“We need to arrange acquisition and construction financing…”
“We need to sell, refinance or develop inherited property”
“We need to know the value of our land & how to maximize it…”
“We’re buying an investment property and need a partner to help with the purchase…What are typical terms? ”
“Our loan is maturing; can you help us refinance it?”
“We’re buying (or own) a parcel of land/cash-flowing building and need a JV equity partner and/or lender to help us (re) develop it…”
“Our clients now own or want to invest in real estate…and we need guidance about what types of investments are most suitable for them and how to help ensure optimal return considering tax and estate planning.”<br>