RARE TEAM Program Overview

OVERVIEW OF THERARE TEAM PROGRAMFOR COMMERCIAL REAL ESTATE INVESTMENT SALES PROFESSIONALS STRICTLY PRIVATE & CONFIDENTIAL

Confidentiality & Disclaimer:This Presentation and the contents, except suchinformation, which is a matter of public record or isprovided in sources available to the public, are of aconfidential nature.By accepting this Presentation, you agree that you willhold and treat it in the strictest confidence, that you willnot photocopy or duplicate it, that you will not disclosethis document or any of the contents to any otherperson or entity.RARE CRE LLC (“RARE”) does not intend that anything inthis Presentation constitute an employment or affiliationcontract or an offer of an employment or affiliationcontract, express or implied, or that this Presentation bein any way deemed by any person, including RARE orany employee, to create any legally binding rights tooffering employment or to specific terms or conditionsof employment.No persons other than the Managing Partners of RAREcan enter into an agreement for employment oraffiliation.

About The Company RARE CRE LLC (“RARE” or the “Company”) is a boutique commercial real estate company that provides Investment Sales and Capital Advisory services to property owners, investors, and developers primarily in the Southeast U.S. We cater to the Commercial Real Estate Entrepreneur. Our clients vary in size and experience and can range from a regional developer building their largest project yet; a multifamily investor stepping up from a 50 unit multifamily complex to a 300 unit acquisition; to a hotel operator undertaking a complex disposition and recapitalization plan for their portfolio. All of them at different stages of their business, yet sharing an entrepreneurial spirit, and choosing to work with skilled and like-minded advisors. RARE was founded by Jamie Zambrana and Nelson Garcia. We’re a team of seasoned real estate and finance entrepreneurs that have built our relationships and experience through working at well-established trading, investment banking and private equity firms, as well as through proprietary real estate and technology business ventures. We have leveraged our knowledge, experience and technological know-how to create an innovative and institutional commercial real estate platform that delivers value which is unmatched by many of our ‘name brand’ competitors.PG / 3

The RARE TEAM ProgramWe formed the RARE TEAM Program in order to DYNAMIC & FUN & EXCITINGon-board, train and nurture a team of distinguished MERITOCRATICcommercial real estate professionals comprising of ATMOSPHERElicensed agents and brokers, non-licensed CULTULREassociates, and RARE Affiliates, with various levels DECADES-LONGof experience. HANDS-ON KNOWLEDGEAs a new company that is forward thinking we want MENTORS BASEto break the traditional brokerage mold andre-invent the way that investment sales areexecuted and team members are compensated.RARE is a true meritocracy with a focus on talentdevelopment and 100% return on value-added (“ROV”). Non-licensed Licensed Agents RARE Affiliates Associates ▪ 1 to 3 years of relevant ▪ 10+ years of experience in▪ No commercial real estate CRE/Finance experience commercial real estate experience required brokerage ▪ Real Estate associate or broker▪ Full-time and part-time license. (the Company may ▪ Licensed agents or brokers independent contractor or sponsor licensure costs). salaried positions ▪ Become a more efficient ▪ Start under a training and and effective deal maker by▪ Provide support services to mentorship program to master leveraging RARE’s transaction team members the art of CRE investment knowledge base, network, sales infrastructure, and team▪ Quarterly bonuses based on team performance ▪ 100% commission based to ▪ Opportunity to have start, with opportunity for draw exclusive market coverage▪ Opportunities to learn the or salary based on individual within the RARE TEAM business and move onto a performance transaction-based position ▪ Very competitive commission structurePG / 4

Our Investment Sales ProcessFrom Start To Finish1 Lead ▪ Motivated seller algorithm development Generation ▪ Lead List Building (CRE Owners) ▪ Lead Enrichment (true owner contact info aggregation) (“Find”) ▪ <Feed Enriched Leads into Prospecting Pipeline>2 Lead ▪ Cold-email/calling Enriched Leads in Prospecting Pipeline ▪ Qualify Enriched Leads (needs assessment/investment criteria) Conversion ▪ <Convert Enriched Lead to Opportunity and/or enroll into the (“Find”) Company’s email list together with investment criteria>3 Opportunity ▪ Build RARE Disposition Analysis Development ▪ Draft Proposal “(Win”) ▪ Draft and negotiate Agency Agreement ▪ <Close client and convert Opportunity to Project>4 Project ▪ Interview client and build information repository for assignment Development ▪ Define and develop brokerage services program with client (“Fulfill”) ▪ Develop comprehensive, property-specific financial model ▪ Develop marketing materials (Teaser, OM, HTML Email Flyers,5 Project Photos, Videos, Property Website) Execution (“Fulfill”) ▪ Publish listing on online portals and/or email distribution list (portal selection and distribution channels are decided on a deal-by-deal basis) ▪ Manage due diligence information dissemination, bidding process, LOIs and timetables ▪ Schedule and administer site tours ▪ Assist with closing and ownership transitionPG / 5

Return on Value-addedReturn on Value-added, or ROV, is a IMPACT ROVconcept created by RARE that rewardsdirect contributions made by a member of EFFORTa team on any transaction, fairly andtransparently.ROV is formulated by separating criticalelements of a deal (i.e. find, win, fulfill) andassigning a commission split for each ofthose elements, on a sliding scale that isadjusted for tenure.ROV measures clearly defined and tangible contributions (e.g. finding a seller,winning an engagement, finding a buyer), while ePactTM which is a measurementof effort and impact, considers intangible contributions such as time invested,exceeding the call of duty, and time sensitive deliveries,ePact is employed to make sure all value contributions, even those which are notclearly recognized by standard commission split models, are rewarded.Revenue generated by a RARE TEAM, net of base commission split is divided50/50 between the Company and an ePact pool. Distribution of the ePact pool isdefined and agreed to by all team members at closing of a transaction.Sample Commission Split on a $200,000 of gross commission revenue:Team Member Contribution Base Split % ePact % Adjusted SplitSenior Team Leader Find + Win 60% 0% 60% / $120,000Managing Sales Associate Fulfill + Support 25% 25% 26.9% / $53,750Junior Sales Associate Support 0% 75% 5.6% / $11,250RARE Platform/Overhead - 7.5% - 7.5% / $15,000ePact Pool 7.5% Total 100% / $200,000PG / 6

Licensed AgentsScope of Work & Commission SplitsA Day In the Life of Our Agents Often Includes:▪ Prospecting new client relationships from leads provided by the Company using our proprietary CRM▪ Generating new client leads through referrals, researching ownership records, market data and industry trends▪ Cultivating and maintaining a local and regional client base for the generation of investment sales advisory business▪ Attending networking and industry events▪ Joining and participating local and national commercial real estate organizations such as CCIM, AFIRE, ISCS, NAR/RCA, NAIOP, NAREIT, NMHC, BOMA, ULI, SIORs, etc.▪ Presenting marketing proposals to clients▪ Discussing our proprietary ‘RARE Disposition Analysis’ with clients▪ Negotiating exclusive listing agreements▪ Marketing exclusive listings to qualified buyers and negotiating offers through our buyer database and online portals▪ Advising clients on their individualized real estate investment strategies▪ Working with and mentoring junior associatesTeam and Commission Structure: Track Title Commission Split / ROV Compensation TenureTrack 1 Salary + Split Min. of 3 yearsTrack 2 Senior Team (not including ePact) Min. of 2 yearsTrack 3 Leader Draw + Split Min. of 1 year Find Win Fulfill Total Managing Sales Split n/a Associate 30% 30% 30% Up To Discretionary Junior Sales 90% Bonus Associate Find Win Fulfill Total 25% 25% 25% Up To 75% Find Win Fulfill Total 20% 20% 20% Up To 60%Trainee Intern n/aPG / 7

RARE AffiliatesProgram OverviewBecome A More Efficient And Effective Deal Maker.We seek to work with seasoned licensed agents and broker affiliates (“RARE Affiliates”) on aprogrammatic, co-operative basis. Affiliates are able to access our first-class brokerage andmarketing platform for the most time-intensive aspects of investment sales; allowing themto get out from behind the computer and focus on sourcing more deals.Who Is An Ideal RARE Affiliate?✓ Independent agent/broker and experienced deal maker✓ Has access to clientele, but does not have the platform to win a listing or effectively manage an entire transaction process✓ Wants to do more deals every year without placing all of their eggs in one basket✓ Wants access to a transaction execution team without having to operate their own infrastructure and carry high overhead expenses✓ Not interested in joining a national brokerage firm under strict rules and guidelines✓ Very familiar with a particular market and may seek exclusive geographic coverage over a certain area under the RARE brandA-la-carte SupportWhen a RARE Affiliate introduces a qualified opportunity, they control their commission splitbased on which of the three support service sets they require from the Company, inaccordance with the following table:Support Service Set % Split to the Company1. Close Opportunity (Secure Listing/Engagement) 10%2. Production, Marketing and Transaction Execution 20%3. Fulfill Listing (Originate Buyer) 20%By way of example: a RARE Affiliate can earn up to an 80% commission split if they deliver an executed listingagreement, originate a buyer and only rely on the Company for production, marketing and transactionexecution support. Conversely, a RARE Affiliate who simply introduces an opportunity and relies on theCompany for all other aspects of executing a listing would earn a 50% commission split. Refer to Pg. 5 formore detail on scope of services.PG / 8

Tools to Achieve SuccessOur Platform is Your PlatformExperienced Founding Team Technology-Driven Lead Gen1. Founders have Extensive Experience 1. Proprietary Network (institutional and regional investors and in CRE, Wall Street/Capital Markets, capital providers) and Technology/Digital Marketing 2. Content and Inbound Marketing (RARE CRE Blog, White2. Multi-asset-class Competency Papers, PR, Social Media) across Multifamily (Market, Affordable, Student, Seniors), Residential For-Sale 3. Motivated Seller/Borrower Identification System Development, Hotel & Resort, Mixed- (Predictive analytics, targeted marketing campaigns) Use Commercial, Office, Retail, Marina, Parking, Secured Notes, etc. 4. Lead List Building & Enrichment (Contact scraping, LinkedIn contact mining)3. Multi-Vertical Competency: Acquisitions, Asset Management, 5. Lead Outreach/Prospecting (Email, phone and direct mail) Development and Investment Banking 6. Lead Capture, Nurturing and Pipeline Management (landing4. Experience and Relationships with pages and CRM) national/global institutional investors as well as regional (Florida) 7. Analytics & Retargeting (Web analytics, CRM pipelines, owners/developers Virtual Call Center) 8. Closing Tools (Template proposals, pitchbooks, sales guides, agency agreements, etc.)Industry Leading Listing Fulfillment Execution SupportMarketing Production 1. Email/Call Campaign for Proprietary Network (In-1. Market Analysis & Comp Building: (CoStar, house relational database) REIS, RCA, etc.) 2. Email/Call Campaign for Outside Network2. Financial Modeling & Proforma Building (National and regional listing services) (Proprietary property-specific Excel Templates & ARGUS) 3. Online Listing Portal Setup & Publishing (Subscriptions to third party services)3. Financial Structuring (In-house capital markets expertise & knowledge-base) 4. Buyer Lead Pipeline Management (track downloads, virtual data-room access, executed4. Production of Marketing Materials (Flyer, CA’s, offers, etc.) Teaser, OM, Email, Postcard) 5. Closing & Due Diligence Execution (Template DD5. Production of Email Campaigns (Mailchimp, Checklists, virtual data rooms, legal documents and Custom HTML Templates) proven optimized transaction management procedures)PG / 9

Current OpportunitiesWe plan to begin interviewing in Q1 2018 for the positions below: Origination Underwriting & Marketing & Admin Research1. Lead Gen & Sales Associate 1. Marketing Specialist2. New Market Broker Affiliate 1. Investment Sales Analyst 2. Capital Markets AnalystMay require real estate sales associate or broker licensingPG / 10

For More Information Contact Jamie Zambrana Managing Partner 561-510-0390 [email protected] Nelson Garcia Managing Partner 786-763-1480 [email protected] / 11