American Tobacco Holdings, LLC $13,850,000* Richmond Redevelopment and Housing Authority (Va) Series 2017 Revenue Bonds Acquisition, Renovation & Equipping of an Affordable Housing Apartment Project

Project Overview Affordable Housing Project in Richmond, Virginia Substantial Rehab of Historic Tobacco Plant/Warehouse Facilities Property placed on National Register of Historic Places (August 2016) 4 Story Building(s) with 134 Total Units: 131 One and Two Bedroom Units 3 Three Bedroom Units 142d transaction - 4% LIHTC Qualifications Federal, Historic, State Tax Credit Equity Tax-exempt bonds sized @ 50% of project hard costs Funding Sources: Tax Credit “Equity” 55% Bond Proceeds 45% Borrower: American Tobacco Holdings, LLC

Project Phases Phase I: 134 units under construction Phase II: 159 units in predevelopment Project Costs Phase 1 Phase II Totals Acquisition $2,340,000 $1,700,000 $4,040,000 Hard Costs 16,743,208 12,897,500 29,640,708 Soft Costs 5,128,784 6,044,160 11,172,944 Reserves 1,208,335 600,000 1,808,335 Fees 3,226,000 2,124,000 5,350,000 Total Investment $28,646,327 $23,365,660 $52,011,987

Summary of Tax Credit Equity – Phase I Equity Types Types of Equity   Amount Federal Low Income Housing Tax Credits (LIHTC) $ 8,467,416 Federal Energy Tax Credits (Energy) 312,117 Federal Historic Tax Credits (FHTC) 4,107,929 State Historic Tax Credits (SHTC) 4,129,197 Total $ 17,016,659 Equity Contribution Schedule Credit Type Stage 1 (Bond Settlement) Stage 2* (Construction Completion) Stage 3* (At Targeted Occupancy) Totals LIHTC $ 1,693,483 $ 4,657,079 $ 2,116,854 $ 8,467,416 Fed Energy TC 62,423 171,664 78,030 312,117 FHTC 821,586 2,259,361 1,026,982 4,107,929 SHTC ** 2,500 - 4,126,697 4,129,197 Total $ 2,579,992 $ 7,088,104 $ 7,348,563 $ 17,016,659

Financing Summary - Sources and Uses (Bond Closing) Phase I Sources and Uses Sources of Funds Par Amount $ 13,850,000 Tax Credit Equity 3,171,321 Bridge Loan (Tax Credit Equity) 9,000,000 Total Sources $ 26,021,321 Uses of Funds Project Fund $ 16,743,208 Acquisition Costs 2,340,000 Capitalized Interest 1,057,088 Lease-up Reserve 250,000 Debt Service Reserve Fund (Max Annual DS) 660,856 Financing Fees for Tax Credits, Interim Loan, etc. 2,066,748 Reimbursable Costs 1,100,143 Professional Fees 1,362,800 Costs of Issuance 440,478 Total Uses

Financing Summary (cont) $13,850,000* Series 2017 Revenue Bonds Maturity Date Principal Amount Interest Rate Price CUSIP July 1, 2020** $3,790,000 3.13% 100% 765411 AA1 January 1, 2037 $10,060,000 5.55% 765411 AB9 Summary Bond Metrics Blended Yield 4.88% 10-Year UST 7-27-17 2.33% WAM 13.8 Years DSCR 1.25x Loan to Cost 48% Amortization Basis 2037 Maturity 40 Years Balloon at Year 20 $8,135,000 (30% of Cost) *The source of repayment of Term Bonds maturing July 1, 2020 will be Tax Credit Equity (as defined herein), plus any available revenue from Project Operations

Transaction Positive Attributes Development Team Experience Market segment familiarity CAHEC Involvement – additional due diligence, annual monitoring Well leveraged - Bonds vs Equity Staged construction, reduced construction risk Final product quality “atypical” for affordable project Jefferson Davis Corridor focal point of the City of Richmond

Project Overview (continued) The American Tobacco Plant consists of a prior manufacturing structure with a power plant building that was used to provide steam and power to the facility as well as tobacco storage. The property has been bifurcated into the 2017 affordable housing project and a future project that will incorporate the tobacco storage sheds. Rear portion of northernmost building showing windows

American Tobacco Site as of June, 2017 Project Progress American Tobacco Site as of June, 2017

Project Progress Cutting Concrete

Project Progress Framing Underway

Project Progress Framing Atrium

Refurbishing Historic Windows Project Progress Refurbishing Historic Windows

Converting Drying Sheds Project Phases Converting Drying Sheds