Sun Belt Multifamily Portfolio III DST

CONFIDENTIAL

DST Interests are speculative, illiquid and involve a high degree of risk. This material is neither an offer to sell, nor the solicitation of an offer to buy any security, which can be made only by a Private Placement Memorandum (the Memorandum), dated March 18, 2020, and sold only by broker dealers and registered investment advisors authorized to do so. All potential investors must read the Memorandum, and no person may invest without acknowledging the receipt and complete review of the Memorandum. Investments are suitable for accredited investors only. Please see following page of this brochure for important disclosures. Summary Risk Factors An investment in the Interests of the Sun Belt Multifamily Portfolio III DST (the Parent Trust) involves significant risk and is suitable only for Investors who have adequate financial means, desire a relatively long-term investment and who will not need immediate liquidity for their investment and can afford to lose their entire investment. Investors must read and carefully consider the discussion set forth in the section of the Private Placement Memorandum (Memorandum) captioned “Risk Factors.” The risks involved with an investment in the Parent Trust include, but are not limited to:

• The Interests may be sold only to accredited investors, which, for • The Space Coast Property is located in a “Hurricane Susceptible natural persons, are investors who meet certain minimum annual Region,” which increases the risk of damage to the Space Coast income or net worth thresholds. Property.

• The Interests are being offered in reliance on an exemption from the • The Loans will reduce the funds available for distribution and increase registration requirements of the Securities Act of 1933, as amended, the risk of loss. and are not required to comply with specific disclosure requirements that apply to registration under the Securities Act of 1933, as amended. • The prepayment premiums associated with, or expected to be associated with, the Loans may negatively affect the Parent Trust’s exit • The Securities and Exchange Commission has not passed upon strategies. the merits of or given its approval to the Interests, the terms of the offering, or the accuracy or completeness of any offering materials. • If the Operating Trusts are unable to sell or otherwise dispose of their respective Properties before the maturity dates of the respective • The Interests are subject to legal restrictions on transfer and resale Loans, they may be unable to repay the Loans and may have to cause and Investors should not assume they will be able to resell their a Transfer Distribution (as defined herein). Interests. • The Loan Documents contain, or are expected to contain, various • Investing in Interests involves risk, and Investors should be able to restrictive covenants, and if the Parent Trust and/or the Operating bear the loss of their investment. Trusts fail to satisfy or violates these covenants, the Lender(s) may declare the applicable Loans in default. • Investors will have limited control over the Trusts. • The terms of the Marley Park Loan and the KeyBank Loan may be • The Trustees will have limited duties to Investors and limited authority. different than what is discussed in the Memorandum.

• There are inherent risks with real estate investments. • There is no public market for the Interests.

• There are economic risks associated with a fluctuating U.S. and • An investment in the Interests will not be diversified as to the type of world economy. asset or geographic location.

• There is risk of investor confidence due to public health concerns. • The Interests are not registered with the Securities and Exchange Commission or any state securities commissions. • The Parent Trust will depend on the Operating Trusts for revenue, the Operating Trusts will depend on the Master Tenants for revenue and • Investors may not realize a return on their investment for years, if at all. the Master Tenants will depend on the Residents under the Residential Leases, and any default by the Master Tenants or the Residents will • The Parent Trust is not providing any prospective Investor with adversely affect the Trust’s operations. separate legal, accounting or business advice or representation.

• The costs of complying with environmental laws and other • There are various tax risks, including the risk that an acquisition of an governmental laws and regulations may adversely affect the Parent Interest may not qualify as a Section 1031 Exchange. Trust and the Operating Trusts.

IMPORTANT NOTES The Inland name and logo are registered trademarks being used under license. “Inland” refers to some or all of the entities that are part of The Inland Real Estate Group of Companies, Inc. one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof. Inland has been creating, developing and supporting real estate-related companies more than 50 years.

THIS OFFERING CONTAINS TRADEMARKS THAT ARE THE EXCLUSIVE PROPERTY OF CHRISTOPHER TODD LICENSING, LLC DBA CHRISTOPHER TODD COMMUNITIES (“CTC”) AND ITS AFFILIATES. OTHERS MAY LICENSE CTC TRADEMARKS FROM CTC. MASTER TENANT WILL HAVE A LICENSE TO USE CTC TRADEMARKS BUT SUCH LICENSE MAY EXPIRE OR TERMINATE AT ANY TIME, IN WHICH CASE THE CTC TRADEMARKS MAY NO LONGER BE USED OR ASSOCIATED WITH THE APPLICABLE CTC COMMUNITY. NONE OF CTC OR ITS AFFILIATES IS AN ISSUER OR UNDERWRITER OF THE INTERESTS BEING OFFERED IN THIS OFFERING, PLAYS (OR WILL PLAY) ANY ROLE IN THE OFFER OR SALE OF THE INTERESTS, OR HAS ANY RESPONSIBILITY FOR THE CREATION OR CONTENTS OF THIS OFFERING, AND CTC HAS NOT ENDORSED OR RATIFIED THIS MEMORANDUM OR THIS OFFERING. CTC MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THIS OFFERING. CTC DOES NOT OWN OR OPERATE ANY COMMUNITY REFERENCED IN THIS MEMORANDUM. IN ADDITION, CTC WILL NOT HAVE ANY LIABILITY OR RESPONSIBILITY WHATSOEVER ARISING OUT OF OR RELATED TO THE SALE OR OFFER OF THE INTERESTS BEING OFFERED IN THIS OFFERING, INCLUDING ANY LIABILITY OR RESPONSIBILITY FOR ANY FINANCIAL STATEMENTS, PROJECTIONS, FORECASTS OR OTHER FINANCIAL INFORMATION OR OTHER INFORMATION CONTAINED IN THIS OFFERING OR OTHERWISE DISSEMINATED IN CONNECTION WITH THE OFFER OR SALE OF THE INTERESTS OFFERED BY THIS OFFERING.

The companies depicted in the photographs or graphics herein may have proprietary interests in their trade names and trademarks. Nothing herein shall be considered an endorsement, authorization or approval of IPC or the Parent Trust by such companies. Further, none of these companies are affiliated with IPC or the Parent Trust in any manner.

Each prospective Investor should consult with his, her or its own tax advisor regarding an investment in the Interests and the qualification of his, her or its transaction under Internal Revenue Code Section 1031 for his, her or its specific circumstances. OFFERING HIGHLIGHTS BeneficialInterests: $80,895,627 Loan Proceeds: $83,928,000 Offering Price: $164,823,627 Loan-to-Offering Price Ratio: 50.92% Minimum Purchase (1031): $100,000 Minimum Purchase (cash): $25,000 Sun Belt Multifamily Portfolio III DST Portfolio of three multifamily properties located in growing metros in the Sun Belt Region of the United States

Sun Belt Multifamily Portfolio III DST (the Parent Trust), is a newly formed Delaware statutory trust and an affiliate of Inland Private Capital Corporation (IPC). The Parent Trust indirectly owns, or will own, three multifamily properties located in Melbourne, Florida and the Phoenix, Arizona metropolitan area:

• .Country Place AZ Multifamily DST (Country Place Trust) owns Christopher Todd Communities at Country Place (the Country Place Property), located at 2500 South 99th Avenue, Tolleson, AZ 85353

• .Marley Park AZ Multifamily DST (Marley Park Trust) will own Christopher Todd Communities at Marley Park (the Marley Park Property), located at 15025 West Old Oak Lane, Surprise, AZ 85379

• .Space Coast Multifamily DST (Space Coast Trust) will own Centre Pointe Apartments (the Space Coast Property), located at 6705 Shadow Creek Trail, Melbourne, FL 32940

The Country Place, Marley Park, and Space Coast Properties are collectively referred to herein as the Properties, and each may be referred to as a Property.

The Parent Trust is offering (the Offering) to sell to qualified, accredited investors pursuant to the Memorandum, 100 percent of the beneficial interests in the Parent Trust. The Offering is designed for accredited investors seeking to participate in a tax-deferred exchange as well as those seeking a quality, multiple-owner real estate investment. Only accredited investors may purchase interests in this Offering. For more information, see “Summary of the Offering” and “The Offering” in the Memorandum.

You should read the Memorandum, including the anticipated results of operation set forth as an exhibit thereto, in its entirety before making an investment decision. Capitalized terms used in pages 1 through 16 but not defined herein shall have the meanings set forth in the Memorandum.

View Sun Belt Multifamily Portfolio III DST Offering Materials Online* Inland-investments.com/sun-belt-multifamily-portfolio-iii-dst Passcode: SB3FAZ

*When entering the passcode and accessing the digital kit, you will be asked to represent that: (1) you are an accredited investor; (2) you have not been directed to this webpage by any general solicitation or general advertising; and (3) you agree to keep the contents of this Digital Investor Kit, including the Private Placement Memorandum, confidential and not to duplicate or furnish copies to any person other than your advisors.

Sun Belt Multifamily Portfolio III DST 1 LOAN LOAN

Investment Highlights IPC believes that an investment in the Parent Trust offers the following potential benefits:

• .Newly constructed properties with brand-new luxurious finishes, thoughtful design and world- class quality • .The Space Coast Property is located in Palm Bay-Melbourne-Titusville MSA (Melbourne MSA), • a Milken’s Institute Top 10 ‘Best Performing Cities 2020, ranked by MSA1 • .The Country Place and Marley Park Properties are located within the Phoenix MSA, one of the fastest growing metros in the nation with forecasted annual growth of 2% through 20232 • .The Phoenix MSA (#1) and Space Coast Melbourne MSA (#22) are both considered among the top 25 most popular spots to retire in the nation3

• The Country Place and Marley Park Properties were developed by Christopher Todd Properties, a developer of high-end single-family, single-story rental homes in gated, planned communities • All three Properties will be professionally managed by Inland • Inland’s management team has experience in all aspects of acquiring, owning, managing, and financing multifamily properties, and has acquired and managed more than 19,000 units as of December 31, 2019

LOAN LOAN • Each PropertyLOAN is, or will be, financed with a separate loan with no cross-collateralization • Each Loan has, or will have a 10-year term, with fixed interest rates and amortizing principal

The Financing

LOAN LOAN Principal Loan Annual Interest Borrower Lender Term Amount Rate

NorthMarq Capital Finance L.L.C., Country Place Trust $22,101,000 3.16% 10 years under the Fannie Mae DUS loan program NorthMarq Capital Finance L.L.C., Marley Park Trust $22,931,000 2.88% 10 years under the Fannie Mae DUS loan program KeyBank National Association, Space Coast Trust $38,896,000 3.15% 10 years under the Fannie Mae DUS loan program

1 Milkin Institute. Best-Performing Cities 2020. Where America’s Jobs Are Created and Sustained. 2 Appraisal Reports by Cushman & Wakefield. 3 https://www.bizjournals.com/orlando/news/2019/05/22/3central-florida-locations-among-most-popular.html

2

LOAN

LOAN Investment Strategy The market dynamics are anticipated to be sustainable throughout the hold period, providing the Property Manager the opportunity to maintain or increase occupancy and to increase rental rates at the Properties. In conjunction with rental growth, the operational strategy includes monitoring and controlling expenses, and utilizing reserves effectively. To maximize property performance, a state-of-the-art computerized revenue management program will be instituted to analyze market and submarket data and establish optimal unit pricing based on several factors including inventory, days on market, move-in date and location.

The Property Manager intends to introduce, and/or monitor the recovery of, other income and fees, such as utility costs, trash removal fees, administrative fees, application fees and pet rent. To retain Residents, the Property Manager intends to implement a lease management system that seeks to limit the number of monthly lease expirations to approximately 10 percent of the Units. Programs will also be put in place to enhance the online rating scores on apartment rental sites as well as multiple search engines, which are critical in today’s technology-driven market.

Regular meetings will be held between the Asset Managers and Property Manager to review performance, discuss new leasing activity, and improve tenant retention as well as other topics. The Property Manager also expects to host regular Resident functions to foster a sense of community and help to increase tenant retention.

An annual property tax review and appeal program will be put in place and annual property insurance reviews will be conducted. Finally, the Asset Managers will leverage economies of scale in order to provide the most cost-effective pricing structure on contractor and vendor services.

Sun Belt Multifamily Portfolio III DST 3 Multifamily Sector — Healthy Demand and Favorable Demographics The housing affordability crisis in the United States has made homeownership unattainable for many multifamily residents. Increasing home values, lack of moderately priced inventory, student loan debt and struggles to save for down payments are barriers that support healthy renter percentages across the country.

The ongoing demand for renting has been driven by two of the largest generations in the United States – Millennials and Baby Boomers. While these two generations may differ in age, they are similar in their desire for flexibility and convenience.

Highlights • 36% renter-occupied households vs. 64% owner-occupied households4 • 2019 renter households climbed to an all-time high of 43.8 million5 • Home prices are rising 2x faster than wages, further increasing the demand to rent6 • Nearly two-thirds of renters cannot afford to buy a home and are not planning to do so in the near future7

MILLENNIALS BABY BOOMERS

Love of Amenities  Love of Community Love of Activity  Love of Luxury Including electric car charging Including community and Including walkability and Apartments offer a more ports, gyms and cellphone shared spaces and proximity easy transportation to jobs luxurious place to live with reception in all areas to culture and nightlife and activities they love high-end amenities often not affordable with owning a home

Love of Flexibility Love of Convenience Love of Savings Love of Convenience Being able to terminate Keeping home maintenance Renting saves thousands of No responsibility for lease or choose not to and yard work out of dollars a year to enjoy life, maintenance, which is a lifestyle renew for any reason, budgets, and out of travel and spend time with perk that apartments offer especially career reasons weekend to-do lists family versus the upkeep required for homes

4 https://www.nmhc.org/research-insight/quick-facts-figures/quick-facts-resident-demographics/ 5 Yardi Matrix. Multifamily National Report. June 2019. 6 https://www.housingwire.com/articles/47878-home-prices-are-rising-faster-than-wages-in-80-of-us-markets 7 https://www.wsj.com/articles/more-renters-give-up-on-buying-a-home-1522773685

4 The Properties Collectively, the Properties include 599 total units.

Total 1-Bedroom 2-Bedroom 3-Bedroom Property & Address Year Built Units Units Units Units

Country Place Property Christopher Todd Communities 50 104 at Country Place 2018 154 (668 Average (1,022 Average N/A 2500 South 99th Avenue Square Feet) Square Feet) Tolleson, AZ 85353 Marley Park Property Christopher Todd Communities 64 109 at Marley Park 2019 173 (668 Average (1,022 Average N/A 15025 West Old Oak Lane Square Feet) Square Feet) Surprise, AZ 85379

Space Coast Property 124 116 32 Centre Pointe Apartments 2019 272 (829 Average (1,175 Average (1,472 Average 6705 Shadow Creek Trail Square Feet) Square Feet) Square Feet) Melbourne, FL 32940

See “The Properties” in the Memorandum for additional detail. Also see “Risk Factors – Risks Related to the Properties” in the Memorandum.

Marley Park Property

Country Place Property Space Coast Property

Sun Belt Multifamily Portfolio III DST 5 The Country Place and Marley Park Properties The Country Place and Marley Park Properties were developed by Christopher Todd Communities, a developer focused on the to build to rent sector. Built and managed as rentals, these innovative communities provide “horizontal living” with a maintenance-free lifestyle, featuring expertly planned, luxury single-story, single-family, smart rental homes. Each home features a private backyard and many amenities that offer residents a feeling of home ownership without the hassles.

6 Single-Family Living with a Maintenance-Free Lifestyle The Country Place and Marley Park Properties were built in 2018 and 2019, respectively, and feature one and two-bedroom single-family rental homes within gated communities. Each home boasts 10 to 12-foot- high ceilings, private backyards with pet doors, and an array of smart home technology, including keyless entry, doorbell cameras, light controls, thermostats, motion detectors and security systems. High-end interior finishes include granite countertops, full-size washers and dryers, faux-wood flooring and soaking bathtubs. Residents can also enjoy community amenities including heated resort-style pools and spas, event lawns for activities, barbeques, outdoor firepits, and covered parking.

Unit Amenities Community Amenities

P One- and two-bedroom single-story homes P Smart entry security gates P Fenced and gated private backyards P Detached garages and covered parking P Granite countertops P Heated resort-style pool P In-home washers and dryers P Relaxing spa P Expansive walk-in closets P Event lawns P Pet friendly with in-home “doggie doors” P Outdoor firepits P Soaking bathtubs P Outdoor ramadas & televisions P Smart home technology, including keyless entry, P Community barbeques doorbell camera, smart lighting, smart P Access to Christopher Todd Communities thermostat fitness centers*

* Fitness center located at Marley Park Property only

See “The Properties” in the Memorandum for additional detail. Also see “Risk Factors – Risks Related to the Properties” in the Memorandum.

Sun Belt Multifamily Portfolio III DST 7 The Country Place Property The Country Place Property, known as Christopher Todd Communities at Country Place, is located in Tolleson, Arizona, approximately 10 miles west of downtown Phoenix. Situated less than two miles from Interstate 10, an east/west freeway and major commercial thoroughfare in the Phoenix central business district. To the east, Interstate 10 connects residents to Phoenix and further east. To the west, Interstate 10 terminates in Los Angeles, naturally making the area a popular area for transportation and distribution employment.

The Country Place Property is situated directly across the street from the Pecan Promenade, providing residents with convenient access to essential retailers, services and restaurants, including Target, LA Fitness and Chase Bank. The Country Place Property is in proximity to large distribution warehouses that have been built recently in response to high demand from e-retailers and logistics companies.

Area Demographics8 1-Mile 3-Mile 5-Mile 2019 Average Household Income $73,376 $65,480 $66,778 Median Housing Values $164,506 $171,427 $165,321 2019 Estimated Population 8,280 107,204 310,662 2024 Projected Population 8,416 108,681 322,188 Estimated Population Growth (2019-2024) 1.64% 1.38% 3.71% Estimated Renters % 59.98% 48.15% 46.14%

8 Appraisal Report from Cushman & Wakefield. Median Housing Values as reported by CoStar on March 18, 2020.

8 The Marley Park Property The Marley Park Property, known as Christopher Todd Communities at Marley Park, is located in the community of Surprise, which is in the northwestern portion of the Phoenix metro area. Both the community and residents of the Marley Park Property benefit from major infrastructure improvements in the West Valley, including the Loop 303, which is located directly five miles west of the Marley Park Property and connects the North-South Interstate 17 to the East-West Interstate 10, both major interstates in the Phoenix metro area.

Surprise has been one of the fastest growing cities in the nation, with the city’s population growing by nearly 400 percent during the past 15 years. This rapid growth has taken the city from a population of approximately 30,000 at the 2000 census to more than 130,000 today.9

Area Demographics9 1-Mile 3-Mile 5-Mile 2019 Average Household Income $86,985 $78,106 $71,425 Median Housing Values $257,641 $244,194 $245,709 2019 Estimated Population 15,313 88,319 195,189 2024 Projected Population 17,221 95,456 209,377 Estimated Population Growth (2019-2024) 12.46% 8.08% 7.27% Estimated Renters (%) 28.42% 32.33% 28.59%

9 Appraisal Report from Cushman & Wakefield. Median Housing Values as reported by CoStar on March 18, 2020.

Sun Belt Multifamily Portfolio III DST 9 Phoenix, Arizona MSA10

The Country Place and Marley Park Properties are located within the Phoenix-Mesa-Scottsdale, AZ Metropolitan Statistical Area (Phoenix MSA), which is in south central Arizona and includes Maricopa and Pinal Counties. Located in Maricopa County, Phoenix is the capital of the state and is home to more than 4.7 million people. Due to its central location in the rapidly growing southwestern quadrant of the United States, Phoenix has evolved into a commercial and distribution hub. During the past three decades, the area’s low business costs, housing affordability, and proximity to major southern California markets, such as Los Angeles and San Diego, have made it an appealing business-friendly environment. 2019 employment growth for the Phoenix MSA was reported at three percent, a pace that is more than 1.5 times that of the United States and the Western United States.

Marley Park Property

Country Place Property

10 Appraisal Report by Cushman & Wakefield.

10 Phoenix MSA Employment Overview11

Phoenix’s employment base is relatively diverse. The largest employment share is in the trade, transportation and utilities sector at 19.2 percent, followed by professional and business services at 16.8 percent, education and health services at 15.4 percent, and government at 11.3 percent.

Largest Employers Banner Health System 36,310 Wal-Mart Stores Inc. 34,776 Wells Fargo 14,818 Arizona State University 12,715 HonorHealth 11,296 Dignity Health 11,182 Intel Corp. 11,000 JP Morgan Chase & Co. 10,600 Bank of America 10,000 Raytheon Missile Systems 9,600

11 Appraisal Reports by Cushman & Wakefield.

Sun Belt Multifamily Portfolio III DST 11 The Space Coast Property The Space Coast Property, known as Centre Pointe Apartments, is a brand new, 272-unit luxury apartment community featuring high-end design and an expansive list of amenities. Residents can enjoy many modern community amenities, including a resort-style pool and spa, private cabanas, outdoor kitchens, a fitness center with Peloton bikes, indoor basketball court and a wine room. In addition, residents of Centre Pointe Apartments can enjoy a free membership at Duran Golf Club, which is located right next door. Home interiors include woodplank flooring, granite counters and glass tile backsplashes, stainless-steel appliances and large walk-in pantries. All homes include smart home features, such as an Amazon Echo, USB charging ports, smart thermostats and alarm systems.

The Space Coast Property is located in Melbourne, Florida at the heart of the Space Coast and directly off of Interstate 95. Strategically located in the Viera master-planned community, residents can enjoy convenient access to more than 100 shops and restaurants, two golf courses, the Brevard Zoo, Space Coast Stadium, and several community parks.

12 Unit Amenities Community Amenities

P One, two- & three-bedroom units PSmart entry security gates P Black stainless-steel appliances P Infinity edge saltwater pool with cabanas P Granite countertops & glass tile backsplash P Fitness center with cardio room & Peloton bikes P Gourmet chef-inspired island kitchens P Indoor basketball court P Wood-plank vinyl flooring P Theater room with surround sound P Bathrooms with walk-in showers P Wine tasting room P In-unit washer & dryer P Professional demonstration kitchen P Private patios & balconies* P Billiard room P WiFi nest thermostats & Amazon Echo P 24-Hour package concierge P Pet grooming room P Car care center with tire filling station *In select units P Detached garages P Pet park in walking distance P Membership to Duran Golf Club

Inland has a large multifamily presence in Florida with 17 properties totaling 4,654 units under management across the state, including the Space Coast Property.

Sun Belt Multifamily Portfolio III DST 13 Melbourne MSA

The Space Coast Property is located within the Melbourne MSA, which is centrally located on Florida’s Atlantic Coast and home to Kennedy Space Center and Cape Canaveral Air Force Station. The area was ranked number 10 in Milken Institute’s Best Performing Large Cities of 2020 Report, moving up from number 57 in 2018.12 The area’s economy suffered from the recession and elimination of the NASA space shuttle program in 2011, but has recovered since, with job growth reported at twice the national average over the past two years.13 The Melbourne MSA’s economy is heavily influenced by manufacturing and government employment. Port Canaveral is located in the area and is a growing cargo trade port, with 6.4 million tons passing through in 2018.

Melbourne MSA Largest Employers14

• School Board of Brevard County • Northrop Grumman Corporation • Health First Medical Group LLC • Brevard County • Harris Corporation • Department of Defense • Publix Supermarkets Inc. • National Aeronautics/Space Administration • Walmart Associates Inc. • New Rockwell Collins Inc.

Area Demographics13 1-Mile 3-Miles 5-Miles 2019 Average Household Income $96,835 $98,023 $101,466 Median Housing Values $295,945 $259,225 $252,932 2019 Estimated Population 5,277 39,312 68,865 2024 Projected Population 6,031 43,290 74,862 Estimated Population Growth (2019-2024) 2.71% 1.95% 1.68%

12 Milkin Institute. Best-Performing Cities 2020. Where America’s Jobs Are Created and Sustained. 13 Appraisal Report by CBRE. Median housing values as reported by CoStar on March 18, 2020. 14 https://www.spacecoastmls.com/consumer-resources/about-brevard-county

14 IPC’s Full Cycle Residential Activity15 IPC is the leader in the securitized 1031 exchange industry and offers a diverse menu of investment opportunities across a variety of asset classes throughout the United States. As an active asset manager, IPC aims to produce greater return of capital to its investors by selling properties at the optimal time in the market cycle.

Offering Hold Period Average Rate of Program Name Sale Price Price (Years) Return (ARR)16 Austin Lakeshore Multifamily DST $45,451,864 $50,500,000 3.01 10.90% Bradenton Multifamily DST $44,038,085 $50,500,000 4.67 11.39% Cary Custom 1031, L.L.C. $27,771,102 $31,350,000 3.67 9.05% Chicagoland Multifamily DST $13,779,945 $15,240,000 6.92 8.26% Colorado Multifamily Portfolio DST $184,873,551 $206,500,000 4.42 9.57% Colorado Multifamily Portfolio II DST $59,040,631 $72,500,000 3.83 13.86% Dallas MSA Multifamily DST $80,998,164 $86,000,000 3.92 6.54% Denver MSA Multifamily DST $49,092,573 $56,750,000 1.75 22.23% Denver Multifamily Portfolio DST $20,478,099 $21,850,000 3.42 9.17% Jacksonville Multifamily DST $45,674,330 $48,500,000 4.33 6.39% Louisville Multifamily DST $40,446,245 $45,500,000 4.58 8.88% Naples Multifamily DST $18,043,793 $20,250,000 1.92 24.08% Orlando Student Housing DST $78,240,475 $81,721,250 2.67 10.62% Pearland Multifamily DST $56,388,081 $57,500,000 4.75 5.62% San Antonio Multifamily DST $53,365,096 $46,000,000 4.58 -2.47% San Antonio Multifamily II DST $34,783,958 $34,500,000 4.33 2.82%

This table reflects all residential programs that had been sold as of December 31, 2019. Past performance is not necessarily indicative of future performance.

As of December 31, 2019, IPC had sold more than $925 million within the residential sector (multifamily and student housing), producing a weighted ARR of 9.33%.17

15 Full-Cycle Programs are those programs that no longer own any assets. However, in certain limited situations in which the subject property(ies) were in foreclosure, IPC has negotiated with the lenders and advanced funds to the investors to allow the investors to Exchange their beneficial interest in the original program for a proportionate beneficial interest in a new program, in order to continue their Section 1031 exchanges and avoid potential capital gains and/or forgiveness of debt tax liabilities. Because such exchanges result in an investment continuation, the original programs are not considered full-cycle programs for these purposes.

16 Average Annualized Rate of Return (ARR) for each full-cycle program is calculated as the sum of total cash flows distributed during the term of the investment program, plus any profit or loss on the initial offering price, divided by the investment period for that program.

17 Weighted Average Annualized Rate of Return (ARR) is determined for each residential program by multiplying the program's ARR by the capital invested in that program, divided by the total capital invested in all full-cycle programs within the residential class since inception (2001). For a full list of program dispositions, see “Prior Performance of IPC Affiliates” set forth in this Memorandum. Sun Belt Multifamily Portfolio III DST 15 About Inland Private Capital Corporation Inland Private Capital Corporation (IPC) specializes in offering multiple-owner, tax-focused, private placement investments for accredited investors seeking replacement property for an IRS Section 1031 exchange, as well as Qualified Opportunity Zone opportunities, throughout the United States. IPC is recognized as the industry leader in securitized 1031 Exchange transactions.18 IPC is part of the Inland Real Estate Group of Companies, Inc. (Inland), one of the nations’ largest commercial real estate and finance groups with more than 50 years of experience, and a subsidiary of Inland Real Estate Investment Corporation, the sponsor for Inland’s real estate investments and income solution programs. #1 255 $7.8 6.72% 18 Market Share Sponsored Programs Billion AUM Weighted Average Annualized Rate of Return19 AUM by Sector on Full-Cycle Programs20 1.7% 1.4% Results by Asset Class 3.5% 0.6% Multifamily 3.8% Retail Number of Cumulative Weighted Programs Sales Price Avg. ARR Office Multifamily 15 $815,706,108 8.04% 8.1% Healthcare Self-Storage Retail 45 $646,678,911 6.37% % 8.7% 34.8 Hospitality Office 14 $402,664,165 4.47% Student Housing Student 1 $81,721,250 10.62% 11.2% Industrial Housing Senior Living Industrial 7 $118,170,041 5.98% 26.2% Qualified Healthcare 1 $45,775,000 11.23% Opportunity Fund

Since IPC's inception in 2001, Inland entities, Inland employees and spouses, Inland directors, Inland officers and affiliated Inland employees have invested more than $61 million in IPC-sponsored offerings, reflecting Inland's alignment with its investors.

NOTE: All data as of December 31, 2019. Past performance is not necessarily indicative of future performance.

18 Source: Mountain Dell Consulting 1031 DST/TIC Market Equity Update. Statement based on total equity raised. 19 Weighted Average Annualized Rate of Return (ARR) For each full-cycle program, the ARR is calculated as the sum of total cash flows distributed during the term of the investment program, plus any profit or loss on the initial offering price, divided by the investment period for that program. To determine the weighted average for all programs, the ARR for each program is multiplied by the capital invested in that program, divided by the total capital invested in all full-cycle programs since inception (2001). To determine the weighted average in each asset class, the ARR for each program within that asset class is multiplied by the capital invested in that program, divided by the total capital invested in all full-cycle programs within that asset class since inception (2001). For a full list of program dispositions, see “Prior Performance of IPC Affiliates” set forth in this Memorandum.

20 Full-Cycle Programs are those programs that no longer own any assets. However, in certain limited situations in which the subject property(ies) were in foreclosure, IPC has negotiated with the lenders and advanced funds to the investors to allow the investors to exchange their beneficial interest in the original program for a proportionate beneficial interest in a new program, in order to continue their Section 1031 exchanges and avoid potential capital gains and/or forgiveness of debt tax liabilities. Because such exchanges result in an investment continuation, the original programs are not considered full-cycle programs for these purposes.

16 Inland Private Capital Corporation was recognized in 2006 and 2016 Private Capital Corporation for distinguished accomplishments that demonstrated commitment to excellence and service to the alternative investment industry. 2901 Butterfield Road Inland Private Capital Corporation Oak Brook, IL 60523 2006 & 2016 Recipient 888.671.1031 inlandprivatecapital.com

SM Inland received the BBB’s prestigious award in 2009, 2014 and 2017

Current publication date: 03/18/2020 CHICAGOLAND & NORTHERN ILLINOIS honoring businesses that exhibit ethical practices in the marketplace. 2009, 2014 & 2017 Recipient