Building quality for our customers January 15th, 2018

Disclaimer

Our culture and tradition The owners’ values Be faithful & obedient to God Be respectful to & help develop all people Be committed to excellence Be committed to service Be a person of character Grow profitably Our mission & creed “Building Quality for Our Customers” It is our purpose to build a company that will endure for our friends and associates, that will command the respect of our peers and that will quicken the pride of succeeding generations. Integrity coupled with an unwavering commitment to excellence will be the basis upon which to establish the standard of a company for all time, to go forth unfettered by the past and to building a company that is nearly ideal for its purpose as painstaking investigation and careful thought can make it. Operating principles Customer comes first Respect for people Continuous improvement Team approach Management by fact Integrity Our goal To be recognized by our customers as the #1 residential company in the markets we serve. To accomplish our goal Have the best people in the industry • Be a learning organization Create a work environment that exceeds expectations Have timely, relevant information • Continuously reinvent competitive advantages Maintain “best practices” standards throughout the company Have the best risk-adjusted financial returns in our industry

Our leadership

Our company Development Construction Acquisitions Project Capitalization Finance & Accounting Asset/Property Management JPI EXPERTISE Established in 1989 and headquartered in Irving, Texas, JPI has grown to be one of the most successful and respected multi- family companies in the United States. Our success comes the old-fashioned way: by doing our homework. Our commitment to maximizing each opportunity drives our attention to detail and our willingness to custom-design apartment communities that will exceed our residents expectations, as well as provide the best risk adjusted returns for our investors. Our production pipeline is focused on Texas, Southern California, and Arizona. Our leaders have an average of over 25 years in real estate experience. We know that among asset classes, luxury apartments represent the highest risk- adjusted return.

Our success Best people + Best practices = Best results Over our 28-year history, we’ve developed or acquired 334 apartment communities consisting of over 99,800 apartment homes, with a total valuation of over $13.3 billion. We’ve developed apartment communities in more than 140 cities and 27 states in North America. JPI has financed projects with 90 banks and 49 equity/mezzanine partners. In the past seven years alone, 21 senior lenders and 22 equity/mezzanine lenders have invested in our 33 projects. We currently have 23 projects under development or operation in fifteen different cities. Our current developments are valued at more than $2.0 billion. Currently, over 2018 - 2020, we have a $2.0 billion production pipeline, or roughly $600 million a year.

Current JPI communities western region Central region Northeastern region Jefferson heights 198 Units houston, tx Sur512 by jefferson 352 Units austin, tx Jefferson riverside 371 Units irving, tx Jefferson stonebriar 424 Units frisco, tx Jefferson at galatyn park 379 Units | richardson, tx Jefferson lasco 422 Units irving, tx South side flats by jefferson 290 Units | dallas, tx Jefferson landmark 324 Units farmers branch, tx Jefferson at galatyn park 379 Units | richardson, tx

Current JPI communities western region Central region Northeastern region Jefferson routh creek 420 Units richardson, tx Jefferson landmark 324 Units farmers branch, tx Jefferson lasco 422 Units irving, tx Jefferson west love 368 Units dallas, tx Jefferson mercer crossing 424 Units farmers branch, tx Jefferson routh creek 420 Units richardson, tx Jefferson routh WOODS 456 Units richardson, tx Jefferson eastshore 286 Units irving, tx Jefferson Promenade 387 Units Irving, tx

Current JPI communities western region Central region Northeastern region Jefferson landmark 324 Units farmers branch, tx Jefferson Woodlands 364 Units garland, tx Jefferson Silverlake 371 Units grapevine, tx Jefferson lasco 422 Units irving, tx Jefferson mercer crossing 424 Units farmers branch, tx Jefferson routh creek 420 Units richardson, tx Jefferson routh WOODS 456 Units richardson, tx Jefferson Promenade 387 Units Irving, tx

CURRENT JPI communities western region Central region Northeastern region Jefferson chandler 283 Units chandler, az Jefferson pacific beach 172 Units | san diego, ca Jefferson platinum triangle 400 Units | anaheim, ca Jefferson stadium park phase I 371 Units | anaheim, ca Jefferson town lake 244 Units tempe, az Jefferson stadium park Phase II 376 Units | anaheim, ca

Current JPI communities western region Central region Northeastern region Jefferson stadium park phase III 332 Units | anaheim, ca Jefferson at one scottsdale 388 Units | scottsdale, AZ Jefferson on legacy 322 Units scottsdale, az

JPI communities western region Central region Northeastern region Jefferson plaza at farmingdale station 154 Units | farmingdale, ny Paddock estates at boxboro 244 Units | boxborough, ma

ReCENTLY Sold JPI communities western region Central region Northeastern region Cielo apartments 326 Units austin, tx Jefferson center 360 Units richardson, tx Jefferson creekside 444 Units allen, tx Jefferson las colinas 386 Units irving, tx madrone 228 Units austin, tx Arioso apartment homes 288 Units grand prairie, tx

ReCENTLY Sold JPI communities western region Central region Northeastern region Sur512 by jefferson 352 Units austin, tx Cielo apartments 326 Units austin, tx Jefferson center 360 Units richardson, tx South side flats by jefferson 290 Units | dallas, tx Jefferson creekside 444 Units allen, tx Jefferson las colinas 386 Units irving, tx madrone 228 Units austin, tx Arioso apartment homes 288 Units crand prairie, tx

Luxury Amenities 486 Units | Irving, TX 228 Units | Austin, TX 388 Units | Scottsdale, AZ

Highest quality FINISHES 326 Units | Austin, TX 388 Units | Scottsdale, AZ

Financial relationships Banking relationships capital relationships Banking relationships Capital relationships

contact tO Learn more about JPI Please contact US Email: socialmediainfo@jpi.com Website: www.jpi.com Corporate Office: 600 E. Las Colinas Blvd., Ste. 1800 Irving, TX 75039