CHCI

APRIL 2020 INVESTOR PRESENTATION Comstock Holding Companies, Inc. NASDAQ: CHCI Disclosures

This release includes “forward-looking” statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” “will,” “should,” “seeks” or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Additional information concerning important risks and uncertainties can be found under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Our actual results could differ materially from these projected or suggested by the forward-looking statements. Comstock claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements contained herein. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

While every attempt has been made to ensure the accuracy of included measurements, all future development measurements are based on available information at the time of production of this Investor Presentation and therefore all square foot measurements are subject to change without notice.

APRIL 2020 2 Comstock at a Glance

A PLATFORM FOR GROWTH DESIGNED TO CREATE VALUE FOR ALL STAKEHOLDERS

Comstock Holding Companies, Inc. (NASDAQ: CHCI) is a leading developer, operator, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. area where we primarily focus on select high-growth urban and transitioning “sub-urban” markets. As a vertically integrated real estate operating company and investor, we have several revenue sources.

• We invest capital on behalf of our asset management clients and institutional real estate investors in office, retail, residential and mixed-use properties, generally retaining an economic interest for the Company and providing management services to those properties, enabling the Company to increase its assets under management (“AUM”).

• Comstock is at the forefront of the urban transformation of one of 43805 Central Station Dr @ Ashburn Metro the most dynamic real estate markets in the nation, Washington DC’s Dulles Corridor, where it is developing a ~7M square foot portfolio of mixed-use and transit-oriented properties located adjacent to key Metro stations on the new Silver Line (the “Anchor Portfolio”).

• Comstock recently entered Arlington’s premier mixed-use and transit-oriented submarket, the Rosslyn-Ballston Corridor, acquiring a 211,000 square foot office tower located at the Clarendon Metro station through a joint venture with institutional capital partners, retaining an economic interest and management responsibilities.

• Comstock affiliates have been selected by multiple jurisdictions as the operating partner for Public-Private Partnerships responsible for development of mixed-use and transit-oriented developments that include large-scale public infrastructure elements.

3101 Wilson Blvd 1900 Reston Metro Plaza @ Clarendon Metro @ Reston Station Metro

APRIL 2020 3 Comstock at a Glance

ASSETS UNDER COMSTOCK REAL 2019 + 2020 YTD MANAGEMENT ESTATE SERVICES ACQUISITIONS

OPERATING UNDER CONSTRUCTION FUTURE DEVELOPMENT PORTFOLIO Delivering 2020 & 2021 PIPELINE $5.7M 5 2019 REVENUES BUILDINGS 82% 79% 1.4M leased 454K pre-leased 1.8M 5 750K SF COMMERCIAL SF COMMERCIAL SF OFFICE AND RETAIL SF MARKETS SERVED ADDITIONS TO AUM DC 90% VA 805 leased 318 1,600 $1.6M MULTIFAMILY UNITS MULTIFAMILY UNITS MULTIFAMILY UNITS MD ACQUISITION FEES PA 600K+ SF 2/450 NJ ~$285M 2019 AND YTD 2020 HOTELS/KEYS CAPITAL RAISED LEASING ACTIVITY AND DEPLOYED

CUSTOMERS ASSET TYPES SERVICES Corporate Real Estate Mixed-Use Transit Oriented Asset Management Owners Retail Asset Acquisition and Institutional Real Estate Office Disposition Investors Multifamily Leasing and Marketing Family Offices Hotel Design, Planning, and Financial Institutions Parking Entitlements Governmental Institutions Public Infrastructure Development and Construction Property Management Facility Management Environmental Engineering & COVID-19 Services

*All totals are approximate and subject to change.

APRIL 2020 4 How Comstock Generates Revenues

As a vertically integrated real estate operating company and real estate investor, we generate revenue in several ways in connection with the ASSET MANAGEMENT SERVICES properties we acquire, develop, and/or manage. Our multiple revenue sources generally include fee-based revenue generated by providing • Asset management fees are earned pursuant to a long-term asset multiple services in connection with AUM properties, partnership income management agreement through 2027 on the Anchor Portfolio, generated by co-investing with our institutional partners in certain and pursuant to asset management agreements related to other AUM properties, performance-based incentive income generated when transaction related events occur and when the performance of an properties on shorter term contracts AUM property meets certain financial metrics, and; income generated • Management fees derived from multiple services: by providing supplemental real estate related services, including environmental remediation and COVID-19 related services. — Asset management fees as a percentage of managed portfolio revenues COMMERCIAL REAL ESTATE ACQUISITION FEE STREAM — Construction management fees as a percentage of costs associated with development of managed assets • Investment origination fee for equity capital raised • Loan Origination fee for capital markets/debt placements — Property management fees as a percentage of revenues • Fees related to ongoing Asset Management and Property generated by managed portfolio assets Management Services — Disposition fees as a percentage of the sales price of the disposition asset COMSTOCK REAL ESTATE SERVICES (CRES) • Anchor Portfolio managed pursuant to cost plus contract for downside protection • CRES provides supplemental services related to real estate brokerage, equity and debt originations, and title insurance services • Incentive fees as a percentage of free cashflow of AUM assets • Comstock Environmental provides variety of environmental above a specified preferred return on invested capital remediation and industrial hygiene management services, including COVID-19 related services • Leasing fees for new lease originations and lease renewals • CRES generates supplemental fee income from our highly qualified personnel and serve as a potential catalyst for joint venture and strategic acquisitions

APRIL 2020 5 Comstock Fee Structure

ASSET MANAGEMENT FEES SUPPLEMENTAL FEES Development Equity Asset Property Promote Loan Leasing + Construction Acquisition Disposition Investment Management Management Incentive Fee Origination Management Management Origination ANCHOR PORTFOLIO (*) - FULL SERVICE ASSET MANAGEMENT CONTRACTS Reston / Loudoun Station

Office X X X X X X X

Residential X X X X X X X

Retail X X X X X X X EXISTING

Parking X X X X X X X

Reston / Loudoun Station

Office X X X X X X X X

Residential X X X X X X X X

UNDER Retail X X X X X X X X

Parking X X X X X X X X CONSTRUCTION CO-COMMITTED ASSET The Hartford X X X X X Building MANAGED PORTFOLIO - SELECT-SERVICE ASSET MANAGEMENT CONTRACTS

Tysons Gateway X

Richmond X Station

Bella Collina X

Momentum @ X Shady Grove

Herndon X X X X X X X X

*Covered under the greater of the cost plus fee or market rate fee structure.

APRIL 2020 6 Comstock Leadership and Principal Owners of Anchor Portfolio

CHRIS CLEMENTE DWIGHT SCHAR Chairman & CEO of Comstock Holding Companies, Inc. Chairman of NVR Managing Director & Principal of Comstock Partners, LC, Owner of Washington Redskins, Principal of Comstock Partners, LC, (Owner of Anchor Portfolio) (Owner of Anchor Portfolio) 35 years industry experience 50 years industry experience

Chris Clemente founded the Comstock organization in 1985 and has guided its Dwight Schar co-owns Comstock Partners, LC with Christopher Clemente. Mr. Schar growth and diversification since its inception. Mr. Clemente managed the growth of has been active in the real estate development industry since 1969 when he joined Comstock as a private enterprise until the 2004 initial public offering of Comstock Ryan Homes in Ohio. Mr. Schar excelled in his management roles at Ryan Homes Homebuilding Companies, Inc. (NASDAQ: CHCI), now known as Comstock and led the expansion of Ryan Homes in the Washington, D.C. market in the 1970’s. Holding Companies, Inc. (“Comstock” or “Company”). Since the IPO, Mr. Clemente Mr. Schar left Ryan Homes to form NV Land and NV Homes in 1977. After much has served as Chairman of the Board and CEO of Comstock and is the largest success in the 1980’s, Mr. Schar orchestrated NV Homes’ acquisition of the much individual stockholder of the Company. Mr. Clemente chairs Comstock’s Executive larger Ryan Homes in 1987, renaming the combined companies NVR, Inc. (“NYSE: Committee, which charts strategic direction, evaluates acquisition opportunities, NVR”). Mr. Schar served as President and CEO of NVR until 2005 and as Executive and oversees strategic partnerships, including multiple public-private partnerships Chairman of the Board of Directors and Chairman of the Executive Committee of where Comstock is the operating partner. Mr. Clemente co-owns Comstock NVR. Mr. Schar is part-owner of the NFL Washington Redskins football team and Partners, LC with Dwight Schar and other family members, a family-owned, private was a managing partner of private equity firm, Red Zone Capital (“Red Zone”). company founded in 1999 to focus on commercial real estate development and Among other holdings, Red Zone owned Johnny Rockets Restaurants and Red investment. Mr. Clemente is also Managing Member at Comstock Partners, LC. Zebra Radio Stations. In 2007, Red Zone acquired Dick Clark Productions, owner of numerous popular entertainment assets including, the Golden Globe Awards, the Country Music Awards and Dick Clark’s Rockin’ New Year’s Eve.

APRIL 2020 7 Reshaped Management Team Combines Local Expertise with Institutional Asset Management Experience

TIMOTHY STEFFAN CHRISTOPHER GUTHRIE JUBAL THOMPSON JOSEPH SQUERI EVP of Asset Management, CFO & EVP General Counsel & EVP Director & EVP of Strategy and, Leasing & Development 19 years industry experience 21 years industry experience Corporate Development 35 years industry experience 33 years industry experience

MIKE DAUGARD RANDI KILLEN MICHAEL GUALTIERI TRACY SCHAR SVP of Acquisitions SVP of Human Resources SVP of Finance & Corporate Controller SVP of Marketing & Brand Management 21 years industry experience 18 years industry experience 16 years industry experience 31 years industry experience

STEVE TRAUNER KIMBERLEY SINKOVIC KRIS GREEN DYLAN CLEMENTE Managing Director CRES VP of Commercial Property Management VP of Residential Property Management VP of Park X Management 25 years industry experience 20 years industry experience 12 years industry experience 5 years industry experience

APRIL 2020 8 Comstock History

1985 2012 Company CHCI changes name Founded to Comstock Holding as for-sale 2004 Companies, Inc. 2018 homebuilder IPO Comstock (NASDAQ: CHCI) CHCI begins transformation (“HB”) in northern Homebuilding 2016 of operating platform to real VA Companies, Inc. CHCI divests HB CP delivers AMC estate related fee based 2019 (NASDAQ: CHCI) subsidiaries in NC, SC, Theatre and 1st services company, merging | CP & CHCI amend AMA expanding | and GA office building in staff with CP fee based services and adding 1997 2008 Loudoun Stn 2005 greater of market-rate or cost plus HB expanded Delivered Eclipse CP delivers BLVD at CHCI and CP enter Asset Began first | feature and incentive fees into Raleigh, NC at Potomac Yard Loudoun Stn and begins Management Agreement mixed-use 2016-2018 Market Phase II of Loudoun Stn (“AMA”) covering Anchor project, Eclipse | CHCI transforms CHCI completes wind-down of HB commercial Portfolio | at Potomac Yard 2010 operations to and recapitalizes Balance Sheet 1999 CP begins | focus on CRE Comstock Partners CHCI buys first of Loudoun 2013 development CP delivers Loudoun Stn Metro CP acquires CMC office portfolio, (“CP”) founded as several stabilized Stn Phase I CP delivers Reston Stn and asset garage in P3 with Loudoun further expanding Reston Stn CRE developer apt communities residential Transit Facility management County neighborhood and Anchor Portfolio

1985 − PRESENT

2000 2006 2011 2014 2017 2018-2019 2019 CP begins CP wins RFP to CHCI delivers CP begins BLVD at CHCI acquires JK CP acquires land to Reston Stn leads market with acquiring land develop Reston & sells first Reston Stn Environmental further expand Reston Stn 500k+ sf of office space leases for Reston Stn & Station Transit merchant built | Services, rebrands neighborhood, creating Reston | Loudoun Stn Facility in P3 with apartment as Row District 2020 Fairfax County development 2015 Comstock | | CP acquires CMC 6, further CP wins RFP to develop Environmental 2001 Metro Garage at 2019 expanding the Reston Station st CHCI expands Services, LC CP delivers 1 HB operations Loudoun Stn in P3 with CHCI and CP form venture neighborhood and the Anchor office building in Carolinas and Loudoun County CP wins RFP and acquire Hartford Bldg Portfolio AMA and delivers Loudoun (Current HQ) at GA through for P3 Herndon in Arlington, VA Phase II residential Reston Station acquisitions downtown redevelopment CHCI expands Hartford Bldg venture, admitting institutional capital and CP begins placing institutional debt Loudoun Stn Phase II residential HB= Home Builder CP=Comstock Partners

APRIL 2020 9 Focusing on Select High-Growth Urban & Transitioning “Sub-Urban” Markets

TRANSIT-ORIENTED DEVELOPMENTS Irreplaceable locations adjacent to key Metro stations on DC area’s new Silver Line, which is designed to accommodate over 5M passengers annually when Phase II is fully operational in 2021

STRONG SUBMARKET ECONOMIC FUNDAMENTALS Thriving Northern Virginia fundamentals including YOY job growth at 4.4% in Q1-20 and among highest median household income in nation

RESILIENT ECONOMY The Washington, DC MSA is diverse and resilient, demonstrating strong job growth in most years and ability to recover from market slowdowns faster than most other markets

APRIL 2020 10 Since Transforming Operating Platform, Comstock Has Added More Than 4M SF of Assets Under Management

Q1 2018 CURRENT DIFFERENCE

COMMERCIAL 958,000 SF 3,250,000 SF 2,292,000 SF

MULTIFAMILY 2,000,000 SF 3,200,000 SF 1,200,000 SF

HOTELS 0 400,000 SF 400,000 SF

RETAIL 314,000 SF 475,000 SF 161,000 SF

TOTAL SF 3,272,000 SF 7,325,000 SF 4,050,000 SF

Number of commercial assets 7 15 8

Number of multifamily assets 6 (1,400 units) 10 (2,800 units) 4

Number of hotel assets 0 (0 Keys) 2 (450 Keys) 2

TOTAL number of assets 13 27 14

Figures are approximate and include pipeline of development assets.

APRIL 2020 11 Increasing AUM Through Acquisition of Stabilized Assets and Development of Anchor Portfolio

7.0

6.0

5.0

4.0

3.0 Sqft (millions) Sqft

2.0

1.0

0 2019 2020 2021 2022 2023 2024 2025 Operating Under construction / Development pipeline Additions from acquisitions

Figures and timing are approximate and include pipeline of development assets.

APRIL 2020 12 Mixed-Use and Transit Oriented Reston Station Attracting Quality Tenants

5.8% 5.4% 4.8%

4.3% 10.2% 3.6% 2.3% 17.8% 2.3% 2.2% 2.1%

22.0% 15.1% 1.9% OTHER

etc.

Based on net sq ft. Includes vacant spaces and expansion spaces at 1900 Reston Metro Plaza.

APRIL 2020 13 Reston Station Represents the Beginning Transformation of Dulles Corridor

Reston Station is among the largest mixed-use, transit-oriented developments in the Washington D.C. MSA and led the market with more than 500,000 sf of office leases in 2019 Located midway between Dulles Airport and Tysons Corner, the urban core of Reston Station surrounds the only fully integrated transit facility in northern VA Metro’s Wiehle Reston-East Station is situated at center of Reston Station neighborhood and will accommodate upwards of 25,000 daily commuters when Phase II of the Silver Line opens in late 2020 or early 2021 Spanning the Dulles Toll Road, the 40+ acre Reston Station neighborhood is being developed in four distinct Commerce District in foreground. Metro Plaza and West District in background. districts: • Metro Plaza District • Commerce District • Reston Row District • West District (also known as Promenade District) RESTON STATION ASSETS OVERVIEW* 5M SF MIXED USE DEVELOPMENT 2M SF TROPHY-CLASS & CLASS-A OFFICE 210K SF RESTAURANTS, DESTINATION RETAIL 400+ KEYS FULL SERVICE & EXTENDED STAY HOTELS (2) 2,000+ RESIDENTIAL UNITS 7,500+ PARKING SPACES 500K+ SF LEASING ACTIVITY 2019 Reston Row District and West District in foreground and Commerce District in background. *All numbers are approximate and residential totals include buildings by others.

APRIL 2020 14 Loudoun Station Is The First Transit-oriented, Mixed-use Development in Loudoun County

Loudoun Station, located at the terminus of Phase II of Metro’s Silver Line in Ashburn, VA is Loudoun County’s first Metro connected development. Currently the neighborhood is connected to Metrorail via non-stop commuter bus to Reston Station. Loudoun Station will be the terminus of the Silver Line upon completion.

Phase II of Metro’s Silver Line is under construction and scheduled to commence passenger service in late 2020 or early 2021. Phase I and II looking north from Metro station.

More than 1 million SF of mixed-use development completed. Loudoun Station will be the terminus of the Silver Line Metro upon completion.* • 1,000 residential units • 500K SF of Class-A Office Space • 150K of destination retail • 5,000+ parking spaces

Loudoun Station neighborhood with future phases in foreground. *All numbers are approximate.

APRIL 2020 15 Stabilized Operating Assets

PROJECT NAME LOCATION ASSET CLASS OFFICE GSF UNITS RETAIL SF

BLVD RESTON Reston Station Multifamily/Retail NA 448 8,700

FOUNDING FARMERS Reston Station Retail/Dining NA NA 12,500

1900 RESTON METRO PLAZA Reston Station Office/Retail 371,000 NA 8,500

1850 CENTENNIAL PARK Reston Station Office/Retail 107,000 NA 3,000

11400 COMMERCE PARK Reston Station Office/Retail 124,000 NA 12,400

11440 COMMERCE PARK Reston Station Office 162,000 NA NA

11480 COMMERCE PARK Reston Station Office 133,000 NA NA

1886 METRO CENTER DR Reston Station Office 90,000 NA NA

BLVD LOUDOUN - PHASE I Loudoun Station Multifamily/Retail NA 357 62,000

43777 CENTRAL STATION Loudoun Station Office 52,000 NA NA

AMC THEATRES Loudoun Station Retail NA NA 62,000

THE HARTFORD BUILDING Clarendon Office/Retail 196,000 NA 16,000

805 units TOTAL 1,235,000 185,100 ~1,000,000 SF

PARK X RESTON Reston Station Parking NA 1,687 spaces NA

PARK X COMMERCE Reston Station Parking NA 1,629 spaces NA

PARK X LOUDOUN Loudoun Station Parking NA 1,518 spaces 21,000

PARK X HARTFORD Clarendon Parking NA 520 spaces NA

Figures are approximate and include future development assets.

APRIL 2020 16 Active Development Pipeline

ESTIMATED PROJECT NAME LOCATION SQUARE FEET TYPE COMPLETION

1906 RESTON METRO PLAZA Reston Station 203K Office 2020

BLVD GRAMERCY EAST AND BLVD FLATS Loudoun Station 419K 318 units 2020

1902 RESTON METRO PLAZA Reston Station 225K Office 2020

HERNDON STATION Herndon 339K 273 units 2023

ONE GRAMERCY Loudoun Station 175K Office 2022

ONE RESTON ROW Reston Station 315K Office 2022

BLVD GRAMERCY WEST Loudoun Station 304K 249 units 2022

MARRIOTT HOTEL AND CONDOS Reston Station 465K Office 2022

ONE COMMERCE Reston Station 385K Office Build-to-suit

BLVD RESTON ROW AND RETAIL Reston Station 355K 250 units 2023

TWO RESTON ROW Reston Station 222K Office 2024

BLVD WEST Reston Station 219K 200 units 2024

BLVD COMMERCE Reston Station 220K 200 units 2024

FUTURE PHASES 1.2M 500 units

TOTAL 5M 1,990 units

Figures are approximate, include future development assets, and completion dates are subject to adjustments based on market conditions.

APRIL 2020 17 Northern VA Office Market

Next 24 Months OFFICE MARKET SUPPLY/DEMAND FORECAST WASHINGTON METRO AREA Demand: 5.5 million SF (24 MONTHS ENDING SEPTEMBER 2021) New Supply: 7.5 million SF

5

38% Preleased 4 48% Preleased 64% 3 Preleased 2 1

Millions of Feet Square 0 Northern Virginia Suburban Maryland D.C.

Demand Development Pipeline

OPPORTUNITY: METRO-ADJACENT OUTPERFORMING OFFICE VACANCY RATE: NORTHERN VIRGINIA 3Q 2019

20% 18% 16% 14% 12% 10% Vacancy Rate 8% Within 1/4 mile radius Class A in Reston and Tysons All Northern Virginia of silver line station Source: Newmark Knight Frank.

APRIL 2020 18 Big Tech Focus on Northern Virginia Transforming Region into Silicon Valley of the East

The Silver Line consists of 23 miles of new track and 11 new commuter rail stations. Constructed in two phases, the first phase opened in 2014 and the second phase will open in late 2020 or early 2021. Phase I includes four stations in Tysons Corner and one station in the Dulles Corridor at Comstock’s Reston Station, which serves as terminus of Phase I of Silver Line. Phase II will extend the Silver Line from Reston Station to Dulles International Airport and into Loudoun County, adding six stations and terminating at Comstock’s Loudoun Station development.

Commuter parking facilities are provided only at the Reston Station terminus of Phase I, and five of the six stations of Phase II. No commuter parking is provided at the stations at Tysons Corner, Reston Town Center Station and Dulles Airport Station.

APRIL 2020 19 Reston Market

Reston is located in Fairfax County in Northern Virginia $60.00 • Fairfax County is a major business center and one of the most desirable communities $50.00 in the Washington metropolitan area (#1 populous jurisdiction in the DC Metro region, #2 wealthiest county in the nation, 3.6% unemployment rate vs. 4.0% national average) $40.00

• Since 2014, rents in the Reston Station area have increased 57.1% due to new construction, PSF renovated buildings, and new walkable amenities, including Metro rail $30.00 • Silver Line will provide 7 rail stations in Dulles Corridor with Reston Station representing the Office Rent Terminus of Phase I, and the largest commuter parking garage $20.00

Reston Town Center commands a rent premium over older and less walkable micro-markets $10.00 within Reston

• Historically has experienced not only the lowest vacancy rate in Reston but one of the lowest $ - 1900 Reston Reston Town Reston Class A Reston Class B rates of any micro-market in the Washington DC region Metro Plaza Center overall overall

Reston Station achieving comparable rents to Reston Town Center • New buildings, ample parking, abundant amenities, and on-site Metro station attracting corporate relocations from Reston Town Center and elsewhere • Led DC market with 500K+ SF of new office leases in 2019 with Big Tech companies and federal contractors • Silver Line will be completed in late 2020 or early 2021 and is projected to serve 5M+ commuters annually

The Dulles Corridor is well positioned to outperform the broader market from a demand perspective with a fully funded defense budget and strong growth from big tech tenants specializing in cloud computing and cyber security

Commerce District Wiehle-Reston East Metro Metro Plaza District Reston Row District

APRIL 2020 20 Loudoun Market

Loudoun County is located in the northeastern portion of Virginia and is less than 24 miles outside of Washington D.C. #1 Loudoun County is the fastest growing and highest earning county in the U.S. with job growth of 68% Job Growth since 2000 and a median household income of ~$125K, nearly triple that of the national average in the United States More than $3.5B has been invested in Loudoun County between July 2016 and April 2019, bringing the three-year total to more than $7.2 billion in commercial real estate investment Silver Line will add 7 Rail Stations in the Dulles Corridor with Loudoun Station representing the Terminus #1 of Phase II Wealthiest County Loudoun County benefits from its close proximity to the Dulles International Airport in the Nation • Washington Dulles International Airport is the second busiest Trans-Atlantic airport on the East Coast serving more than 24M passengers annually with year-round flights to over 125 destinations around the world 2.5% Unemployment Rate vs. 4.0% national average

36 YEARS Median Age

Loudoun Station I and II with future phases of development and metro station in foreground.

APRIL 2020 21 CHRISTOPHER GUTHRIE Chief Financial Officer 703.230.1146

comstockcompanies.com | 1886 Metro Center Dr, Reston, VA 20190 | 703. 230.1985