Breckenridge Investment Summary

This document is confidential and may not be reproduced or redistributed. The information presented herein has been prepared for informational purposes only and is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or fund interest or any financial instrument and is not to be considered investment advice. This presentation is for institutional use only and is not to be distributed to any party other than its intended recipient. The following materials present information regarding a proposed creation of a special purpose vehicle (the "Issuer") which would offer securities (the “Securities”) to finance its acquisition of a portfolio of financial assets to be selected and managed by the portfolio manager referred to herein (the "Manager").

These materials have been prepared to provide preliminary information about the Issuer and the transactions described herein to a limited number of potential underwriters of the Securities for the sole purpose of assisting them to determine whether they have an interest in underwriting the Securities. The views and opinions expressed in this presentation are those of Life Bridge Capital LLC (“Life Bridge Capital Capital”) and are subject to change based on market and other conditions. Although the information presented herein has been obtained from and is based upon sources Life Bridge Capital believes to be reliable, no representation or warranty, expressed or implied, is made as to the accuracy or completeness of that information. No assurance can be given that the investment objectives described herein will be achieved. Reliance upon information in this material is at the sole discretion of the reader. This data is for illustrative purposes only. Past performance of indices of asset classes does not represent actual returns or volatility of actual accounts or investment managers, and should not be viewed as indicative of future results. The investments discussed may fluctuate in price or value. Investors may get back less than they invested.

The forward-looking information contained in these materials is subject to certain inherent limitations. Such information is information that is not purely historical in nature and may include, among other things, expected structural features, anticipated ratings, proposed or target portfolio composition, proposed diversification or sector investment, specific investment strategies, and forecasts of future market or economic conditions. The forward looking information contained herein is based upon certain assumptions, which are unlikely to be consistent with, and may differ materially from actual events and conditions. In addition, not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results will vary and the variations may be material. Prospective investors should understand such assumptions and evaluate whether they are appropriate for their purposes. These materials may also contain historical market data; however, historical market trends are not reliable indicators of future market behavior.

Information in these materials about the Manager, its affiliates and their personnel and affiliates and the historical performance of portfolios it has managed has been supplied by the Manager to provide prospective investors with information as to its general portfolio management experience and may not be viewed as a promise or indicator of the Issuer's future results. Such information and its limitations are discussed further in the sections of these materials in which such information is presented.

Past performance of indices or asset classes does not represent actual returns or volatility of actual accounts or investment managers and should not be viewed as indicative of future results. The comparisons herein of the performances of the market indicators, benchmarks, or indices may not be meaningful since the constitution and risks associated with each market indicator, benchmark, or index may be significantly different. Accordingly, no representation or warranty is made to the sufficiency, relevance, importance, appropriateness, completeness, or comprehensiveness of the market data, information, or summaries contained herein for any specific purpose.

Past performance is not indicative of comparable future results. Given the inherent volatility of the securities markets, it should not be assumed that investors will experience returns comparable to those shown here. Market and economic conditions may change in the future producing materially different results than those shown here. All investments have inherent risks.

Executive

Thoughtful Design

Each unit only shares one common wall that is double framed for extra dampening and the interior is designed to naturally project sound back into the unit. Additionally, both the shared wall and ceiling of the first floor units contain sound channeling and insulation for further privacy.

Suburban Living

The four-plex style design brings an attractive aesthetic while lowering the density of the complex. Each unit comes with an assigned covered parking space.

Life Bridge Capital has identified Breckenridge for acquisition.

This asset is a 160-unit surface parked fourplex/townhome community currently under construction by Biltmore Group, the same developer that built Ridgecrest Commons, our last acquisition in Idaho purchased in late summer 2020. In fact, Breckenridge is using the exact same design and construction style as Ridgecrest which enables us to use our experience to underwrite future performance more accurately. Since our acquisition in August, Ridgecrest Commons has significantly outperformed expectations, the average occupancy rate has been over 99% since takeover and effective rents have climbed 28% in the 6 months of our ownership. Simultaneously, investment interest has spiked in the Treasure Valley as Class A/B+ properties like Ridgecrest and Breckenridge are trading around a 4.25% cap. We are thrilled to have an opportunity to secure Breckenridge pre occupancy for a 5.9 cap rate on pro forma, this pushes our value-add component to the front end of the transaction and should result in a minimum of $6M in equity at closing in March of ‘22. Life Bridge Capital is raising up to $5M now to secure the property, with the remaining funds to be raised in the first quarter of 2022.

Breckenridge is a unique opportunity for our investors to purchase a Class A property at a significant in one of the fastest growing markets in the entire country. Home prices in the area have grown 40% over the past year, vacancy is at all-time lows, and multiple moving services show Idaho as the #1 state for net migration. In fact, the most recent survey (Q4 of 2020) by the National Association of Residential Property Managers directly covering nearly 4,000 units, showed only 25 vacant units for total vacancy rate of 0.66%. This all time low is further augmented by exceptional delinquency performance, even during COVID. Ridgecrest Commons never exceeded 1% delinquency, and that performance was the norm across Class A/B communities.

We were able to secure Breckenridge because of our past relationship with the Biltmore Group, the developer for Ridgecrest Commons. The terms are as follows:

• LBC has a fully executed Purchase and Sale Agreement that guarantees a fixed price of $30,500,000, which is effectively a 5.9% cap rate on pro forma.

• By May 15th LBC must transmit the earnest money deposit, which equals 15% of the purchase price ($4.575M), to the Biltmore Group to help fund construction.

• The first buildings will be completed late summer of 2021, with staged completions till March of 2022.

• Upon receipt of the final certificate of occupancy, LBC has up to 90 days to close on the full transaction.

Investment Summary

• Gross rental rates are estimated lower than current rents at Ridgecrest Commons, and 6% under the budget prepared by Table Rock Residential, our property management partner.

• The $6M in projected equity at close is based on a 5% cap rate, current cap rates for this product type are currently hovering between 3.00 – 4.25%. We recently received an off-market offer for Ridgecrest at a 4.25% cap.

• We are underwriting the initial loan to a 4% interest rate and projecting nearly $500k lower loan proceeds than the debt service coverage would indicate.

• LBC is planning to raise $700,000 as a capital reserve to provide an additional buffer.

• We forecast rents to grow on average 3% annually even though occupancy is at all time highs and rents have grown over 5% each of the past 5 years, and over 12% in 2020.

• Finally, we are projecting 4.5% vacancy plus 1.5% loss to lease annually, even though MSA has not been above that figure since 2010.

preferred return of 7% which will accrue over the life of the deal. Cashflow from operations remaining after paying out Class A will be distributed to Class B investors monthly. The minimum investment in Class B is $50k. This tier is for investors who want to maximize their returns over the life of the investment. Class B investors will participate in the upside upon disposition or capital events.

Year 1: Funds invested in either class in the next 30 days will be entitled to a 10% preferred return for the first year that will defer until the project is completed in the spring of 2022. The preferred return will start immediately upon closing, with the preferred return catching up by the beginning of year 4. See the next page for specific cash on cash return projections.

equity stake in the project. Class B investors will continue to receive the 7% preferred return based on initial equity investment; the splits will change for any additional cash flows. If Class A investors are wholly bought out, then the cash distribution will change to the following:

• Class B: 7% preferred return based on initial equity

• A secondary non-accruing or compounding 7% preferred return to the GP based on initial Class B equity

• Any cash flows above the combined 14% are split 50/50 between Class B and the GP

Investment Offering

Serene Fourplex community provides residents proximity to both employers and retail in the immediate vicinity, as well as a fantastic central Treasure Valley location with great access to Downtown Boise, the Greenbelt, and a wide variety of recreational opportunities in nearby mountain ranges and lakes.

Energy Efficient Appliance Package

Path of Progress: Breckenridge is located in one of the fastest growing MSA’s in the entire country, right in the heart of North Nampa. The property is located within 1.5 miles of both I-84 and Hwy 26, the two main east-west transit corridors for the Treasure Valley. Additionally, Breckenridge is within a mile of the Nampa St. Luke’s Medical Center, the flagship medical center for the Western Treasure Valley (built in 2017) and the Treasure Valley Marketplace which is anchored by Costco, Best Buy, and Target. Finally, Breckenridge is within 2 miles of both the Sky Ranch and North Ranch business parks, these two developments will bring nearly 3M sq/ft of purpose built industrial and warehouse space over the next 5 years.

UNIT MIX (AS OF JUNE 2020)

BED/BATH

SF

Conservative Rent Estimates: The below table highlights the year 1 (2022) income assumptions for Breckenridge, along with the current price per unit at Ridgecrest Commons, the sister property in our portfolio. Table Rock Residential, our management partner in ID, has assembled a budget for Breckenridge and we subtracted 6% of their rent estimates to be conservative.

As a result, the returns projected are based on rents in 2022, for the exact same unit, coming in less than current rents.

RIDGECREST COMPARISON BRECKENRIDGE PROJECTED RENT

RENT /SF

Leverage Hot Single-Family Market: The Boise Meridian Nampa MSA is one of the fastest growing in the country, with projections showing an additional 300,000 residents by 2040. The single family market in Canyon County, which encompasses Nampa, has jumped significantly in recent years, a February survey shows the median sale price has jumped to $369,000, up 39.25% year over year. Assuming 20% down and an interest rate of 3.25%, the monthly mortgage payment in Nampa would be $1660 per month, 20% higher than the average unit price at Breckenridge.

Floor Plans

OCCUPANCY

INCOME

EXPENSES*

RATE IRR

NEW PHOTO REQUESTED FOR THIS AND BACKGROUND

Market Overview

Idaho

Medical, Industrial, and Retail Hub

Breckenridge is located just off I-84’s Karcher exit, a burgeoning retail, medical, and industrial area that serves the Central Treasure Valley. Home to the new St. Luke’s Medical Center and the Treasure Valley Marketplace, the Karcher exit is the retail hub for the western half of the Treasure Valley. Breckenridge is within 5 miles of the new Caldwell industrial complex off Hwy 26, the new Amazon hub in East Nampa, and within 10 minutes of the 10 Mile office park, a new development with over 500,000 sq/ft of medical and office built in the last 3 years, with another 500,000 sq/ft in -84 is wrapping up an expansion project that will add a 3rd lane to each direction by summer of 2021, adding capacity and reducing commute times to the airport or Downtown Boise.

ST LUKE PHOTO REQUESTED. I DON’T THINK I HAVE IT

Nampa,

• Located 15 miles west of Boise, Nampa is a principal city of the Boise-Nampa Metro area and is centrally and ideally located to reach all western U.S markets.

• Nampa is known for its food processing, manufacturing, and blossoming logistics sectors and continues to attract a wide variety of retail and office space. Employment opportunities abound, and the low cost of living, 89.8% of the national average, and low cost of business, 30% lower than California and Washington, continue to attract companies such as Mission Aviation Fellowship, Amazon, Autovol, and Matern North America.

• Breckenridge, centrally located on the northern edge of Nampa, is uniquely positioned to benefit from the aforementioned economic growth. With a low-density design style, first-class finishes, and a significant cost advantage to purchasing a home Breckenridge will attract a wide variety of high-quality tenants who value the accessibility of the Property to all the Treasure Valley has to offer.

Burgeoning Boise Market Contributes to Nampa Growth

Boise’s economic growth continues to directly affect the population boom across the Treasure Valley. The recent lane additions on I-84 from the Garrity to the Karcher interchange adds capacity to this vitaltransportation link that facilitates easy access to major employment centers across the valley, with residents at Breckenridge only a 5 minute drive from several major employment hubs (St. Lukes Medical Center, Sky Ranch Business Park) and less than 30 minutes to Downtown Boise or the Boise Airport.

Business Plan:

TABLEROCK RESIDENTIAL

Property Management

TableRock Residential is a full-service property management company. Built on a foundation of more than 35 years of industry experience, the organization has deep roots in Boise and the Treasure Valley area.

Principals Tami Greene and Rich Fernandez previously worked for some of the most well-known and respected companies in real estate, including Legacy Partners, AvalonBay, HSC Real Estate, Riverstone, and Greystar. The two honed their skills in large, competitive markets such as Denver, Seattle, and Nashville, gaining experience at every level, from onsite leasing representative and assistant manager, to management, regional leadership, and executive roles.

LOCAL MARKET EXPERIENCE MATTERS

In real estate, maybe more than any other industry, local market experience matters. Since 2004, the combined background of our executive team includes direct oversight of over 5,000 units in the Treasure Valley. In addition, when considering all services provided, including due diligence, analysis, consulting, and management, we have worked on more than 11,750 units throughout Idaho.

Leveraging our deep understanding of the area and an extensive local network of brokers, on-site employees, and vendors, TableRock provides the highest level of service to clients, residents, and associates. Boise is a unique market, and our knowledge of, and connection to, the city and the region is unmatched.

Team

Life Bridge Capital is a multifamily investment firm with over $60,000,000 of assets under management. Life Bridge is focused on acquiring properties in Rocky Mountain metropolitan statistical areas (MSA’s) which demonstrate consistent rent growth, low vacancy and a growing Real GDP. The firm repositions properties through operational efficiencies, moderate-to-extensive renovations and complete rebranding.

SAM RUST:

A lifelong learner, Sam Rust is a managing partner at Life Bridge Capital and full-time investor in commercial real estate. Sam graduated from Thomas Edison State University with a BSBA in Business Management and currently lives in Colorado with his wife and 5 children. He has been active in commercial real estate since 2017 and has led the acquisition of a portfolio of properties across Colorado and Idaho with a value in excess of $150 million.

When not underwriting or touring properties, Sam enjoys spending time outdoors with his family chasing beautiful views, Ultimate Discs, or big game.

WHITNEY SEWELL:

Founder of Life Bridge Capital LLC, Whitney began his real estate investing career in 2009. Whitney’s passion is working with investors, helping them secure financial security via the exceptional opportunities that multifamily syndication offers. Whitney hosts The Real Estate Syndication Show, a daily podcast where he has now interviewed over 550 experts providing cutting-edge tools and strategies of the syndication business. Whitney and his wife Chelsea are on a mission to help other families through the process of adoption. They have personally endured the financial burdens that the process puts on families and have committed 50% of their profits to this goal. Whitney and Chelsea have three children by adoption.