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2019 Grubb Qualified Opportunity Fund, LLC

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For Accredited Investors Only

2

People who care. Places that matter.

Discloser Notes

This document is for the confidential use of only those persons to whom it has been delivered. It may not be reproduced, provided or disclosed to others without prior written authorization and, upon request, must be returned to Grubb Qualified Opportunity Fund - 2019, LLC (the “Fund”), or its affiliates.

This document is not an offer to buy or sell interests in the Fund or any other security. This document is intended only as a summary of selected points about the Fund for discussion purposes, is not to be used for any other purpose and does not purport to be a complete description of the terms or risks of an investment in the Fund. The information herein is subject to change and the Fund does not undertake to notify you of any changes. An offer to sell interests in the Fund will be made only through delivery of the confidential private placement memorandum of the Fund and all information contained herein is qualified entirely by the information contained in such memorandum.

This presentation contains projections and estimates regarding investment returns of certain investments made by Grubb Properties and its affiliates, including other funds managed by Grubb Properties and its affiliates, and investment returns of the Fund. Such “forward looking” statements involve assumptions and known and unknown risks and uncertainties and are not necessarily indicative of future performance, investment returns or results of such investments or the Fund. Actual events, performance, investment returns and results may differ materially from those reflected or contemplated in this presentation.

Additionally, this presentation contains statements about the past performance of investments made by Grubb Properties and its affiliates, including other investment funds managed by Grub Properties, Inc (“Grubb Properties”) and its affiliates. Such past performance relates to investments that are different from and were made at different stages of the economic cycle than investments that will be made by the Fund. Such past performance is not necessarily indicative of future performance or results of the Fund.

No representation or assurance is being made that the Fund will be able to achieve its targeted investment returns or results or that the Fund will be able to implement its investment strategy or achieve its investment objectives.

Certain economic, market and other information contained herein has been obtained from published sources prepared by third parties. While such sources are believed to be reliable, the Fund does not assume any responsibility for the accuracy or completeness of the information. Additionally, any past performance of real estate investments referenced in such information is not indicative of future results.

Governance, Compliance & Reporting

1. Grubb Properties is governed by a six member Board of Directors with a majority of outside Directors.

2. Grubb Properties has completed a Service Organization Controls Audit (SOC 1 – SSAE-16) as of December 31, 2016.

3. Grubb Qualified Opportunity Fund – 2019 LLC has engaged Tobin & Company Securities, LLC as the Registered Broker Dealer for the offering.

4. Grubb Qualified Opportunity Fund – 2019 LLC prepares its financial statements in accordance with United States generally accepted accounting principles, consistently applied, and has them audited by a firm of independent certified public accountants. Whenever the valuation of Company assets or net assets or a property in which the Company has made an Investment is required, the Manager shall determine the fair value thereof in good faith and consistent with ASC 820 Fair Value Measurements and Disclosures (formerly FAS157), relying on third-party support when available.

5. Grubb Properties currently utilizes Yardi Systems property management and accounting software and designates individual property accountants for day-to-day bookkeeping at the property level for the Fund’s investments. In addition, Grubb Properties designates a property accountant for the individual Fund bookkeeping and utilizes Cortland Capital Markets Services, LLC as an independent investment servicing company to provide fund administration and financial reporting for investors.

121918v1

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Agenda

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Overview

Market Opportunity

Investment Philosophy and Process

Opportunity Fund

Opportunity Zone Properties

Summary Terms

AppendixGrubb History

People

Fund Track Record

Realized Property Track Record

Community & Environmental Sustainability

Supplementary Case Study

For more information:(Jet) J.E. Taylor, III 908-400-7391 jtaylor@grubbproperties.com

James Holleman 704-405-1636 jholleman@grubbproperties.comChristy Burns 704-405-1635 cburns@grubbproperties.com

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Company Highlights• Experience – 55-year, employee-owned company with +$2

billion in transactions over the last 25 years and +$400 million in equity currently deployed.

• Track Record – Since 2002, the company has completed 25 round trip deals resulting in over $700 million in proceeds, a weighted average net property level IRR of 44.0%, and a 2.24x equity multiple utilizing less than 55% leverage.

• People – Vertically integrated team focused on details to drive same-property revenue growth. The past five years have resulted in over 11% annually versus the NAREIT average of 6.5%.

Company Highlights / Housing Crisis

4

Baby Boomers Gen-X Millennials Peak Births 2007

1946-196451-69

75 Million

1965-198037-52

66 Million

1981-200015-36

83 Million

Births Per Year in the United States 3

Total New Housing Construction (000’s of Housing Units) 4

1. Linneman Letter 2Q 2018; 2. Zero Day Finance; 3. US Center for Disease Control; 4. US Census Bureau and Co-Star 5. US Census Bureau

America’s Housing Crisis• Demographic Demand – Peak births in the US occurred in 2007,

driving demand to vastly exceed supply for new, affordable workforce housing over the next decade and beyond.

• Housing Shortfall – We have an estimated housing shortfall in the US of approximately 3.6 million units. 1

• Rising Cost – 80% of Americans can’t afford the cost of a new home at a median price of $328,7000 in the US. 40% of Americans can’t afford the average rent of a new apartment. 2

• Opportunity Zones – They comprise ~25% of the country’s low-income census tracts, historically underinvested and underserved areas, representing an untapped market opportunity. Source: US Census Bureau, 2018 Values Annualized as of Dec. 2018

0

500

1,000

1,500

2,000

Average: 1,402,300 new units per year

Average: 396,507 new units per year

2018: 1,198,400

2018: 396,800

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Why the Southeast?• Capital Investment & Productivity – The most net private sector job

growth and highest GDP of any region in the United States.5,6

• High Growth – 45% of the fastest growing metropolitan economies in the United States.7

• Target Rich Environment – Late metropolitan formation with once suburban office properties now in the heart of metropolitan regions.

Why Office?• Demographic Demand – By 2025, 75% of workers will be millennials, the

most highly educated generation is anticipated to drive significant demand for office space over the next decade.11

• Rising Cost – Increased office demand and high cost of construction will create an affordability issue for office space in the future. 12

• High Growth – In Southeast markets, the rental rate for Class A office is now at the widest premium to Class B.13

Why Multifamily?• Historic Demand – The US is experiencing unprecedented demand for

housing particularly at the low to moderate level as demographic pressure builds over the next 10 years.

• Supply Shortfall – New supply has remained below the 50-year average for over 10 years. 8 This has created a collective gap of over 900 thousand multifamily units and growing.9

• Affordability Challenge – 80% of the millennial workforce earns less than $50,000 and can’t afford the average monthly apartment rent in the US, a problem that is further magnified in low-income areas that have now been designated as opportunity zones.10

Market Highlights

5

Rent Premium Between Class A vs Class B OfficeRaleigh, NC

80%

Of millennials earn $50k or less per year

Average Monthly Apartment Rent in US

$1361

Southeast

5. US Bureau of Labor Statistics; 6. US Bureau of Economic Analysis; 7. Michael Gallis & Associates; 8. Harvard Joint Center for Housing Studies; 9. Linneman Letter 2Q 2018; 10. Zero Day Finance; 11. Brookings and Co-Star; 12.. Turner Construction Cost Index; 13.Co-Star

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Location• Dynamic growth submarkets

• Urban and infill properties

• Highly visible locations with strong drive-by traffic

Basis• Distressed and other assets at significant discount to replacement cost

• Secure subsidies to drive down cost basis vs. competition

• 58 levers to drive down effective cost basis including shared parking

Design• Extensive renovations of outdated and cash-starved assets

• Create value through master planning and entitlements on excess land

• Repetitive nature of six highly efficient floor plans allows for economy of scale

Investment Philosophy: Deep Value in Growth Markets

6

Basis Matters Acquire assets significantly below replacement cost and intrinsic valueLocation, Basis, Design

Ashbrook

Myers Park

Madison Park

Park Road Shopping Center

Montford Drive

Sedgefield

Barclay Downs

SelwynAve

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Methodical and Disciplined Investment Process

7

Investment team determines key opportunities based on

market assessments and submarket

Top DownAnalysis

Portfolio

Bottom UpAnalysis

Extensive due diligence on asset and submarket. Review approximately 100 deals for

every deal executed

Maximizing Value

Office

Strategically drive NOI growth through:• In-depth renovations• Creative and aggressive leasing strategies• Top-tier property management

Multifamily

Strategically drive value through:

• Reputation that enhances entitlement opportunities on office sites

• Secure subsidies to achieve competitive advantage in overall basis

• Highly efficient design

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Link Apartments® Edge

8

Primary Market: 35 and under, single female

• College Graduates: Represent 60% of college graduates 14

• Gender Pay Gap: Suffer from a 17% gender pay gap 15

Thoughtfully Designed: Six highly efficient floor plans with large vanities, walk-in closets, and well-appointed kitchens

Resident Based Design Research: 58 creative methods to drive value, including:

• Complementary Sites: We can often secure land gratis via our office division and our entitlement process

• Shared Parking: We construct purpose-built shared parking that reduces our upfront costs as well as our recurring operating expenses

• Parking Income: Repeatedly securing meaningful daytime parking income

• Tax Abatements: Often Grubb secures some type of recurring tax abatement

• Tax Credits: Frequently securing energy rebates, accelerated tax deductions and tax credits for our green building practices

• Long-Term Financing: Often Grubb is able to secure construction-to-permanent loans – for example, one of its developments has a loan with a fixed rate of 3.45% through 2052

Nationally Ranked Apartment Management: Grubb is consistently ranked in the top 25 nationally for apartment resident satisfaction scores by SatisFacts

14. National Center for Education Statistics; 15. US Bureau of Labor Statistics

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Case Study: Montford Park Acquisition

9

Acquisition and improvement: Transforming two under-performing office buildings with approximately 10.5 acres where over 75% of the property is consumed by surface parking

Cost: Buildings were acquired for less than $80 per square foot, the first has been fully renovated with occupancy improving from 60% to 100% and rents going from $16.50 to $22.00 per square foot within 18 months

Result: Two stabilized office buildings with excess land that was recently entitled for over 500 multifamily units and over 250,000 square feet of additional commercial development

Amassing Site Plan Original Acquisition Cost $17.8m

Achieved Entitlement Value $13.9m net land value

Anticipated Total Equity Multiple (7-year hold) 4.14 x initial investment

4 2

6

1

5

3

1. Existing Office | 118,650 SF

2. Existing Office | 109,674 SF

3. Phase I | 287 Units

4. Phase II | 213 Units

5. Park & Plaza Area

6. Future Phase III | 213 Units

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Opportunity Fund

Qualified Opportunity Zones

• Created by the 2017 Tax Cuts and Jobs Act to spur the investment of capital in underdeveloped areas

• Low-income census tracts (and tracts contiguous with low-income census tracts) designated by state governors and approved by the IRS

• More than 8,700 census tracts received the QOZ designation

• Investment in these areas is designed to operate through newly-created investment vehicles known as Qualified Opportunity Funds (“QOFs”).

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Opportunity Fund

Qualified Opportunity Funds

• Any investment vehicle that is organized with the purpose of investing in QOZ property including QOZ stock, QOZ partnership interests and QOZ business property

• Any QOZ property must be acquired after December 31, 2017

• 90% of a QOF’s assets must be in the form of QOZ property

• Subject to certain restrictions, cash in the form of working capital invested in a QOZ Business will qualify as QOZ property

• If a QOF is acquiring QOZ business property that is already in use in the QOZ, the QOF must significantly improve the property by making a further investment into the property equal to its basis within a 30-month period

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Opportunity Fund

How It Works1. The taxpayer sells or exchanges property he or she holds

to an unrelated person, generating capital gain.

2. The taxpayer invests some or all of the capital gain into a QOF within 180 days of the sale generating the capital gains.

3. The QOF invests in QOZ property.

4. The taxpayer is able to defer paying tax on the sale of the capital asset until either the sale of the interest of the QOF or Dec. 31, 2026, whichever comes first.

5. Depending on how long the QOF interest is held, the taxpayer can receive a basis adjustment:

- In order to receive a 15% increase in basis, the investor must invest in a QOF by Dec. 31, 2019.

- In order to receive a 10% increase in basis, the investor must invest in a QOF by Dec. 31, 2021.

6. Upon disposition, the taxpayer may also exclude gain on the appreciation of his or her QOF interest if the QOF interest is held for at least10 years.

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Opportunity Fund

Elimination of Tax on the Appreciation of the QOF InterestIf the taxpayer holds his interest in the QOF for at least 10 years, then any appreciation in the interest in the QOF will be tax-free and the basis will equal the fair market value, as of the date the QOF interest is sold or exchanged.

Chris has excluded $1,650,000 from capital gains tax as a result of investing in the QOF.

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Chris sells an asset resulting ina capital gain of

$1,000,000.

January 1, 2019

Chris invests the $1,000,000 gain in a QOF within 180 days

and defers paying tax until December 31,

2026.

May 1, 2019

Chris receives 10% step-up in his basis in

the QOF interest.

May 1, 2024

Chris receives additional 5% step-up in his basis in the

QOF interest.

May 1, 2026

Chris has held his QOF interest for seven years and has received a

basis adjustment of 15%. Thus, Chris has to recognize $850,000 in gain

on Dec. 31, 2026.

December 31, 2026

Chris has held his interest for 10

years and, upon sale it is worth

$2,500,000. Because he has held his interest

for ten years, upon sale his

basis is equal to $2,500,000, the

fair market value.

May 1, 2029 toDecember 31, 2047

5 years

7 years

10 years

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Seed Investment – Link Apartments® Fourth Street

Location/Site HighlightsMSA/Submarket Winston-Salem, NC

Address 501 W Fourth Street

Site Acreage 1.33

First Unit Delivery August 2020

Final Unit Delivery December 2020

Total units 224

Parking Spaces ~310

# of Stories 5

Retail Space ~1,300 square feet

Total Project Cost $46,000,000

Additional Project Details

Parking shared with existing commercial building through long-term parking lease in deck across Spruce Street

30% of the units are available to residents that make 90-110% of the area median income by way of an incentive grant subsidy agreement.

This agreement provides $1.65M in tax abatement over 10 years while a Brownfield subsidy provides a stepped tax abatement over a five-year period.

Anticipate financing through a HUD 221(d)(4) loan, a 42-year, fixed-rate, fully amortizing and assumable loan.

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Current Properties in Opportunity Zones

Link Apartments® Innovation QuarterLocation Winston-Salem, NC

Total Units 344

Total Projected Cost (under construction)

$68,000,000

Projected Cost Per Unit $198,000

Link Apartments® West EndLocation Greenville, SC

Total Units 215

Property Value $41,800,000

Value Per Unit $194,419

Link Apartments® ManchesterLocation Richmond, VA

Total Units 187

Property Value $28,300,000

Value Per Unit $151,337

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Benefits: Social, Environment, Community

4601 Park Road 1515 Montford Park Link Apartments® Montford

Impact Investing Without Sacrificing Returns

• Housing – New, moderate-priced rental housing serving residents that earn 60% - 140% of

area median income.

• Tax Base – New tax base estimated to be over $200 million at full build-out without requiring

significant infrastructure investments by local governments.

• Efficiency – Shared parking reduces upfront and recurring operating cost while consuming

less construction material resources.

• Repurpose – Renovation and repositioning of existing office properties instead of demolition

consuming valuable landfill resources.

• Conservation – Reduction in demand for energy and water usage across all property types.

• Storm – Correct historic problems with new storm water quantity and quality measures.

• Location – Four out of previous 10 projects are within opportunity zones.

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Our fund will:

• Seek to invest 10% of its capital commitments into non-Link Apartments projects, such as retail, job centers or other forms of housing.

• Cap entity level returns at 10%, plus return of capital, with any excess to be donated to community development and similar organizations benefiting the Charlotte area.

• Not charge an asset management fee on any funds invested into these projects.

Community Development Initiative

17

Grubb Qualified Opportunity Fund intends to work with community partners to boosteconomic development and fight displacement on Charlotte, NC’s west side.

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Grubb Properties Fund Advantages

18

Structured as a REIT

• Based on current guidance, REITs are the preferred structure for multi-asset QOFs on exit

• Elimination of state-level tax filing obligations for investors• Shareholders receive an IRS Form 1099-DIV rather than a

partnership K-1• Required to distribute 90% of net income

Alignment of Interests

• Side-car investment to Grubb Southeast Real Estate Fund VI• All asset management fees and carried interest paid to Fund VI

Anticipated Recycling of Capital

• Early asset sales reinvested• Ability to enhance returns from early gains

Low Leverage

• Lowers deal-level risk• Helps deploy capital quickly under OZ regulations• Refinancing to fund investor tax liabilities recognized on

December 31, 2026

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Summary TermsSummary Terms

Fund Name Grubb Qualified Opportunity Fund -2019

Manager Grubb Fund Management, LLC

Fund Term Ten years from the Final Closing

Fund AssetManagement Fee

From January 1, 2020 until the second anniversary of the final closing, 1.8% on aggregate commitments. Following the second anniversary of the final closing, 1.8% on invested commitments that remain invested

Preferred Return 8% compounding annually, if accrued

Investment Waterfall

1. 100% to shareholders until an 8% preferred return is distributed

2. 100% to shareholders until return of capital contributions

3. 100% to Grubb Southeast Real Estate Fund VI until the accrued portion of its carried interest (18% of profits) is distributed

4. Thereafter 82% to the shareholders and 18% to Grubb Southeast Real Estate Fund VI

Sustainability The Fund intends to seek a green designation for each investment when practical

Leverage Restrictions

No cross collateralization of the assets and no recourse guarantees by the Fund. (Recourse may be provided by the Guaranty Vehicle)

Guaranty Vehicle Manager reserves the right to set aside up to $5M of capital for a guaranty entity that would be wholly owned by the Fund

Fund Counsel Clifford Chance U.S. LLP

Qualified Opportunity Fund Status

The manager will use commercially reasonable efforts to cause the Fund to qualify as a Qualified Opportunity Fund for U.S. federal income tax purposes

REIT Status The manager will use commercially reasonable efforts to cause the Fund to qualify as a REIT for U.S. federal income tax purposes

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Appendix

People who care. Places that matter.

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History of Grubb Properties

21

1960s1963 Robert Grubb incorporates a home building business that combines prosperity with compassion which will later become Grubb Properties

1970s 1972 Grubb Properties becomes the single largest home-builder in Davidson County, North Carolina

1980s 1985 Grubb Properties becomes North Carolina’s largest condominium seller with over 2,500 units sold

1990s1994 Grubb Properties creates its first fund, Rexford, LLC, which achieved a 5.5x multiple and a net 47% IRR for its original investors

2000s2005 Grubb Properties makes its last real estate investment of the cycle in August and aggressively reduces its real estate exposure

2010s2009 After 3 ½ years without making a single new real estate investment, Grubb Properties launches its first of many real estate funds

2020s2018 Grubb Properties completes its 25th round-trip investment since 2002 resulting in a weighted average net property level IRR of over 40%

In 1909, H. Clay Grubb Sr., great-grandfather to the current CEO, W. Clay Grubb, developed one of the first steel and concrete high-rises in North Carolina

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Investment Committee

22

Team Member Years with Grubb

Years of Experience Summary

W. Clay Grubb

Chief Executive Officer30 34

Career real estate professionals withaverage of 25+ years experience

Expertise

• Strategy

• Capital

• Finance

Vertically integrated Team-based decision making

M. Scott Brown

President & Chief Operating Officer

23 28

• Oversees day-to-day operating activities including construction, project management, leasing, property management, human resources and information technology

• Extensive expertise in construction as a general contractor with additional experience in property operations and corporate management

• UNC - Chapel Hill Kenan-Flagler Business School Senior Executive Institute; A.A., Business Administration and B.A., Economics, University of Maryland at Baltimore

• Construction

• Asset Management

• Operations

Todd Williams

Chief Investment Officer17 26

• Oversees the company’s investment activity and capital strategy including discretionary fund programs, joint ventures and investor relations

• Extensive expertise in research, entitlement, design and urban planning with additional experience in acquisitions, development, capital raising and finance

• B.A. and BARCH, UNC - Charlotte College of Architecture; adjunct faculty, UNC - Charlotte Childress Klein Center for Real Estate

• Urban Planning &

Architecture

• Development

Henry Lomax

Chief Financial Officer3 32

• Oversees finance, accounting and compliance practices, including the oversight of all underwriting and closing activity

• Extensive expertise in accounting and finance with additional experience in development, brokerage, and corporate management

• MBA, UNC - Chapel Hill; B.A., Psychology, Davidson College

• Capital Markets

• Development• Leasing /

Investment Sales

2 20

• Oversees commercial property management, leasing, and maintenance activities• Extensive expertise in brokerage, leasing, and property management with additional experience

in development and construction• B.S., Environmental Science, Indiana University; Certificate in Building Construction, Georgia

Institute of Technology; Licensed North Carolina Real Estate Broker

• Office Development

• Leasing, Acquisitions,

Dispositions

16 24• Manages investor relations, including reporting and relationship management• Extensive experience in commercial, retail and multifamily property management• Licensed North Carolina Real Estate Broker

• Communications

• Asset Management

Joseph S. Dye

Executive Vice President -Commercial

Sherry Long

Senior Vice President –Investor Relations

• Leads the company’s overall strategic vision and serves as chairman of the Grubb Properties board of directors

• Extensive experience in investments, capital raising, finance, leasing, and management, and serves on numerous corporate boards and organizations

• J.D., UNC School of Law; B.S.M. with a concentration in Finance and a second major in Economics, A.B. Freeman School of Business, Tulane University

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Additional Team Members

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Team Member Summary

Paul O'Shaughnessy

Senior Associate -Development

• Manages multifamily and commercial development projects

• Experience in investments, asset management and development

• MBA, Masters in Urban and Regional Planning, B.A., International Economics, UNC - Chapel Hill

Charlie Henderson

Director - Finance

Frank Tetel

Director – Acquisitions & Dispositions

• Leads investments in multifamily and office properties

• Former VP with Southeast multifamily investment group

• MSRE, University of Florida; A.B., Duke University

Seun Falade

Senior Associate -Development

Michael Threlkeld

Director - Finance

• Manages and coordinates the sourcing and closing of all company loans, including development, acquisition, refinancing and corporate loans

• Previously involved in commercial real estate underwriting

• B.B.A., Economics, University of Georgia

• Responsible for debt financing, financial reporting and analysis, accounting, tax, audit, and insurance

• Four years in the US Air Force

• B.A., Finance, UNC - Charlotte

Rob Miller

Executive Vice President -Finance

• Leads Grubb Properties' acquisitions underwriting and financial analysis functions

• Experience in investment advisory, evaluation and consultancy

• B.S., Finance, The Ohio State University

• Responsible for development and construction management

• Seasoned manager of over $400 million in construction projects in numerous asset classes

• MSRE, University of Florida; B.S., Construction Management, University of Florida

14

Years with Grubb

21

3 14

4 15

3 8

2 11

2 12

Experience

Andrew Rosti

Director - Investments

3 11

• Responsible for equity sourcing, entitlements, investor reporting and research

• Experience in commercial real estate and private equity

• MSRE, Johns Hopkins University; B.S., Economics, University of Virginia

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Additional Team Members

24

Team Member Experience

Lorraine Sowers

Operations Controller

• Manages all phases of accounting: property and fund accounting, payroll, financial reporting and banking

• Associate of Applied Science in Accounting

Shawn Cardner

Executive Vice President –Information Technology

• Responsible for new business development and client service

• Extensive experience in consultative sales and marketing in the investment industry, as well as commercial brokerage. Formerly Managing Director at The Carlyle Group, Metropolitan Real Estate. Former Washington & Lee Alumni Board member, president of College Men's Club Foundation

• B.S., Commerce (Magna Cum Laude), Washington & Lee University; Series 63, 82 licensed

(Jet) J.E. Taylor, III

Managing Director

Christy Burns

Fund Coordinator

• Assists with fundraising, reporting and investor relations

• Experience in office and retail leasing, property management, sales, marketing and event planning

• B.A., Journalism and Mass Communication, UNC - Chapel Hill; Licensed North Carolina Real Estate Broker

• Responsible for all aspects of information technology, including ERP, information security, data, and architecture

• Board member of Reach Kericho Kenya and President of REACH US International, Inc.

• B.A., Political Science, Binghamton University; Microsoft & ITIL certifications

Team Member SummaryExperienceYears with Grubb

14 21

9 20

25 26

3 14

1 30

Kay Allen

Executive Vice President –Human Resources

Clark Spencer

Senior Vice President –Investments

• Oversees all human resource functions: legal compliance, policies and procedures, recruiting, benefits, employee relations, communication, safety and training

• B.S., Business Administration (Summa Cum Laude), UNC – Chapel Hill; Senior Professional in Human Resources designation; Society for Human Resource Management - Senior Certified Professional

1 5

• Manages the company’s Qualified Opportunity Fund

• Licensed attorney experienced in capital markets, securities, reporting and corporate compliance. Formerly an associate attorney with Clifford Chance and Womble Bond Dickinson in capital markets and corporate and securities groups

• J.D., UNC School of Law; B.A., History and Germanic Languages, UNC – Chapel

James Holleman

Director – Investments1 6

• Responsible for new business development and client service

• Experience in consultative sales and marketing within the alternative investment industry. Formerly an Alternative Investment Consultant and Financial Advisor for Wells Fargo, dealing primarily with High Net Worth portfolio allocation strategies. United States Army Veteran

• MBA expected 2019, Wake Forest University; B.A., Business Administration, Gardner-Webb University

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Board Members

25

Team Member Experience

Laura Schulte

• Former Eastern Bank President at Wells Fargo & Company where she led the enterprise's largest banking

divisions as a member of the CEO’s management committee

• Serves on several corporate and higher education boards

• Completed Stonier Graduate School of Banking, U. Pennsylvania; B.S., University of Nebraska-Lincoln

George Grubb

• President and Chief Creative Officer of Wray Ward, creative marketing communications firm

• Numerous leadership positions and involvement with nonprofit culture organizations, including chairing the board of directors for the

Arts & Science Council

• B.A., Pennsylvania State University

Jennifer Appleby

Brad Blaylock

• Founded Thetford Associates Inc., providing financial management services to high-net-worth individuals and their

companies

• Has provided hands-on management services and recapitalization for company restructuring

• MBA, Loyola University; B.A., Johns Hopkins University

• Founder of and manager for GTG Ventures, LLC, an investment company

• Founder of Playstream LLC, a digital-media-service provider

• MBA, UNC - Chapel Hill Kenan-Flagler Business School; MFA, American Film Institute; B.A., North Carolina State University

Board Member Summary

W. Clay Grubb

Peter Ezersky

• CEO of Grubb Properties; leads the company’s overall strategic vision

• Extensive experience in investments, capital raising, finance, leasing, and management, and serves on numerous corporate

boards and organizations

• J.D., UNC School of Law; B.S.M., A.B. Freeman School of Business, Tulane University

• Founder, Stony Hill Capital; co-founder, Quadrangle Group LLC, a private equity firm

• Started Rhône Group LLC’s real estate investment activities

• Ran worldwide media and communications group at Lazard Frères & Co.

• J.D., Yale Law School; B.A. Amherst College

Jimmy Blackmon

• Experienced combat leader who has served in various command and staff positions in the United States Army, including 12 years

In the 101st Airborne Division

• Concluded military service as Division Chief in the J5 – Plans and Policy Division on the Joint Staff in Washington, D.C.

• MSE, Old Dominion University; M.S., National War College; B.A., North Georgia College

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$8.0 $8.9 $19.0 $30.0 $12.7 $15.0 $2.0 $6.2

$5.1

$11.1 $39.1 $34.9

$17.8

$26.1

$41.1 $41.1

$0.0

$9.0

$18.0

$27.0

$36.0

$45.0

FUND PERFORMANCEAs of September 30, 20181

Discretionary Funds: Performance History

26

2011Fund IIIAUM: $389.7 M

IRR 24.6%EM 2.27x

2012Fund IVAUM: $69.9 M

IRR 17.8%EM 1.93x

2015Fund VAUM: $187.1 M

IRR 10.0%EM 1.14x

2010Fund II

AUM: $149.8 MIRR 17.3%EM 2.01x

($M)

NAMEINCEPTION

FUND FOCUS

NET IRR

NET EQ. MULT.

FUND EQUITY /OTHER EQUITY CAPITAL2

TOTAL EQUITY CAPITAL

MARKET / BOOK VALUE3

Fund II2010

Value Add

18.6%

2.22x

$8.0 M /$28.4 M

$36.4 M

$156.6 M / $114.5 M

Fund III2011

Opportunistic

27.7%

2.94x

$8.9 M /$192.5 M

$201.4 M

$556.4 M / $431.2 M

Fund IV2012

Value Add

17.6%

2.16x

$19.0 M /$0.0 M

$19.0 M

$73.6 / $54.7 M

Fund V2015

Opportunistic

13.5%

1.37x

$30.0 M /$70.5 M

$100.5 M

$243.7 M / $208.2 M

(1) Fund Returns are as of Sept. 30, 2018, and current value and distributions are net of fees and Manager’s carried interest. Equity multiples are equivalent to TVPI.(2) Other Equity Capital represents equity capital raised by Grubb Properties through third-party joint venture equity or additional minority partner investments.(3) Market Value represents current appraised value of existing assets and sale price of realized assets. Book Value represents cost basis of current and realized assets (at sale).(4) Past performance is no guarantee of future results.

$809 M of Gross Investments

Current value of $1.03 Billion(realized and unrealized)

Fund Capital Investment

Unrealized Value

Realized Value

grubbproperties.com

Fully Realized Investments Since 2002

27

Realized InvestmentsInvestment Performance - Property Level2002 to Q3 2018

Year Year Purchase Sale Price Cumulative Cumulative Gain (Loss) Internal Rate EquityProperty Name Fund(s) Type Location SF/Units Acq'd / BuiltSold / Recap Price / Cost Exit Value Contributions Distributions on Investment of Return Multiple

3400 Selwyn Avenue Apartments GREIC MF Charlotte, NC 129 2004 2007 6,200,000$ 8,350,000$ 738,047$ 4,179,042$ 3,440,995$ 88.68% 5.66

Sterling Regency Office (1) GREIC COM Cary, NC 400,000 2004 2006 37,595,000$ 54,000,000$ 9,362,959$ 23,864,764$ 14,501,805$ 48.16% 2.55

Invesco Portfolio (1) (2) GREIC MF Various (4 assets) 1,010 2004 2005-2011 R 61,905,000$ 66,975,000$ 15,071,994$ 12,704,415$ (2,367,579)$ -3.20% 0.84

Glen Lennox Shopping Center (1) GREIC COM Chapel Hill, NC 26,032 2004 2016 R 500,000$ 4,729,327$ 559,197$ 5,613,741$ 5,054,544$ 63.74% 10.04

Latta Pavilion (3) GREIC BOTH Charlotte, NC 34,000 / 162 2005 2005-2011 R 32,500,000$ 46,353,005$ 2,752,333$ 6,170,039$ 3,417,706$ 33.32% 2.24Arlington & Concorde Apartments I MF Chattanooga, TN 238 2010 2011 5,900,000$ 11,000,000$ 3,700,000$ 6,730,060$ 3,030,060$ 50.30% 1.82

Sterling Magnolia Apartments (4) GREIC MF Charlotte, NC 174 2010 2013 R 23,121,719$ 26,500,000$ 1,537,919$ 5,910,856$ 4,372,937$ 53.66% 3.84Sterling Forest Apartments II MF Raleigh, NC 174 2010 2015 10,015,000$ 16,250,000$ 3,892,072$ 7,825,000$ 3,932,928$ 14.91% 2.01Glen Lennox Apartments GREIC MF Chapel Hill, NC 440 2011 2016 R 29,726,587$ 67,270,673$ 15,560,045$ 53,435,941$ 37,875,896$ 32.01% 3.43Quarterside Apartments II, III MF Charlotte, NC 184 2011 2014 22,363,600$ 31,200,000$ 6,300,000$ 11,336,304$ 5,036,304$ 31.83% 1.80Sterling TownCenter Apartments III MF Raleigh, NC 339 2012 2014 R 32,905,970$ 40,000,000$ 4,932,246$ 11,960,840$ 7,028,594$ 42.06% 2.43Sterling Steele Creek Apartments II MF Charlotte, NC 456 2012 2015 36,500,000$ 49,700,000$ 10,049,611$ 24,738,996$ 14,689,385$ 38.67% 2.461535 Elizabeth Avenue GREIC COM Charlotte, NC 12,260 2012 2014 R 1,761,000$ 2,674,626$ 330,890$ 676,839$ 345,949$ 153.74% 2.53

Newcastle North & South Office (5) III COM Durham, NC 193,930 2012 2014-2015 4,000,000$ 29,250,000$ 10,170,047$ 25,777,291$ 15,607,244$ 83.52% 2.53Lenovo Enterprise Campus III COM Durham, NC 445,584 2013 2015 26,000,000$ 127,000,000$ 78,000,000$ 128,687,199$ 50,687,199$ 98.34% 1.65

9th & Tryon (6) III LAND Charlotte, NC - 2014 2017 6,450,000$ 10,500,000$ 690,000$ 1,120,000$ 430,000$ 19.32% 1.62Lincoln Office III COM Charlotte, NC 25,521 2014 2016 4,100,000$ 5,355,000$ 5,091,048$ 6,350,267$ 1,259,219$ 17.32% 1.25

3135 Springbank Office (7) GREIC COM Charlotte, NC 16,313 2015 2015 -$ 2,400,000$ 4,461$ 321,725$ 317,264$ NA 72.12Paradigm Park Office V COM Durham, NC 147,477 2015 2018 6,600,000$ 16,163,632$ 8,012,784$ 12,181,002$ 4,168,218$ 17.20% 1.52

525 North Tryon (8) V COM Charlotte, NC 405,134 2014 2018 60,000,000$ 85,146,420$ 70,470,065$ 92,115,938$ 21,645,873$ 12.39% 1.36Beacon Ridge Apartments GREIC MF Greenville, SC 144 2010 2018 5,500,000$ 14,625,000$ 2,030,000$ 11,265,168$ 9,235,168$ 33.95% 5.52

Wtd. Avg. IRR Wtd. Avg. EMTotal Multifamily 3,450 266,637,876$ 378,223,678$ 66,564,267$ 156,256,661$ 89,692,394$ 28.54% 2.38Total Commercial 1,706,251 147,006,000$ 337,219,005$ 182,691,451$ 296,708,766$ 114,017,315$ 59.35% 1.91Total All 413,643,876$ 715,442,683$ 249,255,718$ 452,965,426$ 203,709,709$ 44.05% 2.23

General Notes:"R" shown in the Year Sold column Indicates properties where the inv estment was recapitalized rather than sold

Notes to Individual Assets:

Property Data Property Equity Metrics

(1) Sterling Regency 11000, Sterling Regency 9000, Glen Lennox Shopping Center, Glen Lennox Apartments, Sterling Brook, Sterling Bluff, and Sterling Square were purchased for $100 million in 2004 as part of the unwinding of a $200 million portfolio with Inv esco Realty Adv isors. The Regency assets were then acquired by a separate joint v enture where GREIC was the sponsor and a minority owner, the four apartment communities were acquired by GREIC with a common loan v ehicle, and Glen Lennox Shopping Center was acquired by GREIC in a

(2) Glen Lennox Apartments was recapitalized through the sale of an 80% interest in the property. GREIC retained a 20% interest and receiv ed an additional promoted interest subject to certain return hurdles. In addition, GREIC retained a Right of First Offer to repurchase the

(3) GREIC acquired the majority ownership interest in the Latta Pav ilion joint v enture between Grubb Properties and Fortis Insurance in 2005 for $32,500,000. Following the closing of this transaction, GREIC conv erted 162 units of apartments to condominiums which were sold from 2005-2009 at a v alue of $38,868,005. GREIC also sold a commercial condominium unit to 131 Main Restaurant Group in 2008 for $2,800,000. The remaining commercial space was retained by GREIC until 2011 when it was recapitalized at a v alue of $4,685,000.

(9) Weighted Av erage Calculations omit 3135 Spingbank.

(4) GREIC prev iously owned a minority interest in Sterling Magnolia Apartments, a 174-unit apartment community in an infill location in Charlotte, NC. The property was originally dev eloped in a joint v enture with Greystar in which GREIC sold the land for appraised v alue and kept a minority ownership interest. Since the original inv estment was made prior to 2002, it was not shown on this schedule until 2010 when Grubb recapitalized the inv estment and became the majority owner.

(5) North building sold for $14,500,000 during 1Q2014 and South Building sold for $14,750,000 during 2Q2015.

(6) This represents the sale of Fund III's 10.0% interest in the 9th & Tryon asset for $1.05 million closed in the third quarter of 2017 along with Fund III's promoted interest for $45,000.

(7) Property was bid at an auction at an initial offer price of $1,900,000. The property went through a number of upset bids and was ultimately sold outside the auction process for $2,400,000. GREIC receiv ed $321,000 upon closing, based on a prev ious agreement with seller. Giv en there was no upfront inv nestment, IRR is unable to be calculated and results are ommitted from weighted av erage IRR calculation. In addition, the equity multiple of 72.12x is excluded from the weighted av erage multiple calculation.

(8) Data for 525 N. Tryon is based on the recorded dates for the GP entity. Final dates are pending in the full examination process that is forthcoming.

grubbproperties.com

Unrealized Investments (Current Portfolio)

28

Unrealized InvestmentsInvestment Performance - Property LevelInception to Q3 2018

Year Purchase Fair Market Cumulative Cumulative Fair Market Gain (Loss) Internal Rate EquityProperty Name Fund(s) Type Location SF/Units Acq'd / Built Price / Cost Property Value Contributions Distributions Equity Value on Investment of Return Multiple

Sterling Magnolia Apartments GREIC MF Charlotte, NC 174 2013 26,500,000$ 32,800,000$ 6,910,856$ 743,097$ 14,247,569$ 8,079,810$ 17.57% 2.17

Inspire Southpark Apartments - Carried Interest GREIC MF Charlotte, NC 359 2018 94,100,000$ 94,100,000$ -$ -$ -$ -$ NA NAEdinburgh Office GREIC COM Cary, NC 114,562 2012 7,000,000$ 18,100,000$ 4,395,002$ 5,338,892$ 8,753,177$ 9,697,067$ 28.23% 3.21Harrison Office GREIC COM Cary, NC 30,352 2011 3,725,000$ 4,900,000$ 2,450,000$ 12,427$ 2,228,138$ (209,435)$ -2.05% 0.91Latta Pavilion GREIC COM Charlotte, NC 23,248 2003 4,703,597$ 6,600,000$ 1,000,000$ 600,456$ 1,881,908$ 1,482,364$ 30.66% 2.48Elizabeth Ave 1523 & 1535 GREIC COM Charlotte, NC 48,905 2014 11,000,000$ 13,200,000$ 4,516,818$ 919,980$ 5,422,626$ 1,825,787$ 17.08% 1.40Triangle Ortho Surgery Cntr GREIC COM Raleigh, NC 11,416 2013 5,907,349$ 7,386,815$ 953,839$ 2,024,314$ 2,276,959$ 3,347,434$ 54.60% 4.51D1 Jackson GREIC COM Madison, MS 20,459 2013 2,865,576$ 3,529,372$ 191,043$ 413,588$ 1,337,564$ 1,560,109$ NA 9.17Charlotte Chamber Building GREIC COM Charlotte, NC 65,570 2014 12,150,000$ 19,800,000$ 4,114,699$ 400,000$ 8,727,159$ 5,012,460$ 19.78% 2.22Sterling Oaks Apartments II MF Atlanta, GA 184 2011 8,055,000$ 21,900,000$ 4,500,000$ 8,460,065$ 9,461,557$ 13,421,622$ 26.91% 3.98

Sterling Westchester Apartments (4) II MF Greenville, SC 215 2011 5,500,000$ 10,900,000$ -$ -$ -$ -$ 0.00% 0.00Sterling Pelham Apartments II MF Greenville, SC 422 2011 11,800,000$ 26,600,000$ 7,500,000$ 6,445,397$ 6,711,814$ 5,657,211$ 11.16% 1.75Link Apartments Brookstown III MF Winston-Salem, NC 205 2015 27,056,583$ 36,300,000$ 9,099,279$ 4,578,616$ 14,982,225$ 10,461,562$ 46.79% 2.15Link Apartments Manchester III MF Richmond, VA 184 2013 21,492,204$ 28,300,000$ 3,900,000$ -$ 9,510,045$ 5,610,045$ 14.60% 2.44Link Apartments Glenwood South III MF Raleigh, NC 204 2016 36,599,543$ 46,800,000$ 17,849,758$ 7,098,753$ 22,157,990$ 11,406,985$ 17.80% 1.64

Skyhouse Charlotte I - Carried Interest (1) (2) III MF Charlotte, NC 336 2015 70,032,473$ 70,032,473$ -$ -$ -$ -$ NA NA

Skyhouse Charlotte II - Carried Interest (1) (2) III MF Charlotte, NC 336 2017 83,171,071$ 83,171,071$ -$ -$ -$ -$ NA NASterling Collier Hills Apartments IV MF Atlanta, GA 120 2012 9,400,000$ 15,850,000$ 4,083,683$ 2,046,046$ 8,687,837$ 6,650,200$ 21.47% 2.63Sterling Vinings Apartments IV MF Smyrna, GA 106 2014 6,775,000$ 13,750,000$ 3,481,941$ 1,692,463$ 7,092,866$ 5,303,388$ 27.97% 2.52Sterling Beaufont Apartments IV MF Richmond, VA 312 2014 18,500,000$ 30,300,000$ 7,778,934$ 2,846,491$ 17,165,474$ 12,233,031$ 28.82% 2.57Sterling Glenwood Apartments IV MF Raleigh, NC 254 2013 8,800,000$ 13,700,000$ 6,614,985$ 515,183$ 8,436,454$ 2,336,652$ 8.22% 1.35Link Apartments West End V MF Greenville, SC 215 2017 38,550,534$ 41,800,000$ 14,837,097$ 3,794,542$ 13,343,279$ 2,300,724$ 7.32% 1.16Link Apartments Mixson V MF Charleston, SC 358 2016 5,300,000$ 38,140,000$ 8,750,000$ -$ 12,448,446$ 3,698,446$ 23.92% 1.42Triad Center Office V COM Greensboro, NC 394,600 2016 6,350,000$ 28,500,000$ 9,729,521$ -$ 24,940,230$ 15,210,709$ 73.70% 2.56Park at Perimeter Center East V COM Dunwoody, GA 284,538 2015 32,650,000$ 47,240,000$ 12,500,000$ -$ 13,283,957$ 783,957$ 2.00% 1.06Sterling Bluff Apartments V MF Savannah, GA 216 2014 17,020,800$ 21,400,000$ 8,419,526$ 2,014,326$ 8,172,815$ 1,767,616$ 9.39% 1.21Mansell Forest V COM Alpharetta, GA 52,235 2016 5,933,363$ 8,100,000$ 2,954,895$ 213,382$ 4,055,954$ 1,314,441$ 22.04% 1.44

Link Apartments Innovation Quarter (2) V, VI MF Winston-Salem, NC 344 2019 est. 36,701,315$ 36,701,315$ 21,026,513$ -$ 21,026,513$ 21,026,513$ 0.00% 1.00

Link Apartments Fourth Street (2) V, VI MF Winston-Salem, NC 224 2020 est. 316,453$ 316,453$ 316,453$ -$ 316,453$ 316,453$ 0.00% 1.00

Link Apartments Grant Park (2) VI MF Atlanta, GA 246 2020 est. 7,147,602$ 7,147,602$ 8,673,659$ -$ 8,673,659$ 8,673,659$ 0.00% 1.00

Link Apartments Montford Park Ph1 (2) VI MF Charlotte, NC 288 2020 est. 12,658,098$ 12,658,098$ 12,658,098$ -$ 12,658,098$ -$ 0.00% 1.00Argon Plaza VI COM Fairfax, VA 274,930 2018 38,800,000$ 51,300,000$ 11,737,903$ -$ 23,227,353$ 11,489,450$ 414.96% 1.984601 Park Road PC COM Charlotte, NC 118,650 2014 9,650,000$ 20,900,000$ 5,023,152$ 1,108,135$ 9,695,833$ 5,780,816$ 28.95% 2.151515 Montford Park PC COM Charlotte, NC 123,115 2015 15,142,348$ 26,697,153$ 12,752,359$ -$ 11,767,446$ (984,913)$ -5.77% 0.92

Unit 4 Land (3) PC LAND Charlotte, NC 246 2016 -$ 5,521,615$ -$ -$ 3,396,615$ 3,396,615$ NA NA

Unit 5 Land (3) PC LAND Charlotte, NC 288 2016 -$ 4,975,000$ -$ -$ 4,075,000$ 4,075,000$ NA NA

Glen Lennox Apartments (4) GL MF Chapel Hill, NC 396 2016 67,270,673$ 58,805,000$ 39,990,486$ 9,711,000$ 31,119,483$ 839,997$ 1.12% 1.02Glen Lennox Shopping Center GL COM Chapel Hill, NC 26,032 2016 4,729,327$ 6,400,000$ 1,172,374$ 260,609$ 2,712,765$ 1,801,000$ 76.41% 2.54

Link Apartments Linden (2) GL PH 1 MF Chapel Hill, NC 215 2020 est. 5,200,000$ 5,200,000$ 5,200,000$ -$ 5,200,000$ 5,200,000$ 0.00% 1.00

Gwendolyn Office (2) GL PH 1 COM Chapel Hill, NC 106,000 2020 est. 3,111,000$ 3,111,000$ 3,111,000$ -$ 3,111,000$ 3,111,000$ 0.00% 1.00

Total Multifamily 6,447 617,947,349$ 757,168,627$ 191,591,269 49,945,981 238,884,192 132,455,529 Total Commercial 1,694,612 163,717,560$ 265,764,340$ 76,602,604 11,291,782 123,422,070 61,222,247 Total All 781,664,909$ 1,022,932,967$ 268,193,873 61,237,762 362,306,262 193,677,776

Notes:(1) Indicates properties where there is a carried interest without any direct inv estment and no v alue has been assumed.(2) Indicates properties that are currently under construction and are held at cost.(3) Unit 4 & Unit 5 land held by Park Charlotte has no allocated cost and results in an infinite IRR and Equity Multiple(4) Cells highlighted in grey indicated data is incomplete for Sterling Westchester due to a recent restructuring of two TIC's to a single joint v enture. Data is being input into Yardi IM.

Property Equity Metrics Property Data

grubbproperties.com

Community & Environmental Sustainability

29

Have a positive impact on the communities where we invest• Listen to neighbors and civic leaders to strengthen our vision and identify opportunities • Create walkable design and connectivity to amenities and recreational space• Seek permanent solutions to deferred or inadequate infrastructure

Minimize our overall environmental footprint and impact• Invest in green building construction through LEED and NGBS programs to create

both sustainable environments and direct operating cost benefits• Take advantage of green tax credits, abatements, rebates and where applicable

secure Brownfields agreements• Focus on the reduction of energy and water usage to drive down recurring expenses

not only for ownership, but for residents and tenants too

Drive overall community economic value • Create value-based housing near employment centers to minimize commuting • Enhance the community tax base without taxing precious community resources• Reduce overall parking count while increasing density and value

Community Impact

Sustainable Impact

Economic Impact

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”

- Buckminster Fuller