CASE STUDY

Long-Term Capital

Cross Border Xpress (CBX) Airport terminal featuring an enclosed pedestrian skywalk bridge exclusively for International Airport passengers who cross the U.S./Mexico border as part of their travels

INVESTMENT SUMMARY COMPANY HIGHLIGHTS EGI took the lead in the U.S. for educating federal, CBX broke ground in 2014, opened in December 2015, and is state and local government agencies and officials, as exceeding user demand growth projections. well as regional economic, business and environmental Local, regional and national agencies and organizations stakeholders, to gain support and approval for a recognize CBX as an economic engine for the Baja public/private partnership with no precedent. Well Region, facilitating commerce and travel on both sides of the beyond the scope of a typical real estate development, border. CBX required a Presidential Permit. We commissioned REVENUE GENERATORS: numerous market studies on TIJ airline traffic, cross- • Passenger ticketing • Surrounding land sale/ development border travel patterns, and other regional border • Parking crossings. This seven-year outreach and research • Food & Beverage effort culminated in nearly universal support for CBX • Retail and a 2014 groundbreaking. • Transportation/car rental • Advertising

INVESTMENT HIGHLIGHTS CBX SERVES 3 MILLION TRAVELERS A YEAR

SELLING INTO EXISTING DEMAND TIJ is located just 500 feet south of the U.S. border, providing a unique opportunity to tap into the existing demand of over 7.8 million people – 58% of all TIJ passengers -- who already use the airport and cross the border. Northbound wait times to cross into the U.S. from Mexico at alternative border crossings are unpredictable and can extend several hours. Site: 94 acres – Terminal: 70,000 Sq. Ft. – Bridge: 390 Ft.

NICHE SERVICE WITH LITTLE-TO-NO COMPETITION While International Airport nears capacity with limited room for geographic expansion, TIJ presents relatively unlimited geographical constraints and continues to grow. Further, existing regional airports, including Los Angeles International Airport, offer limited-to-no direct service to many interior Mexico destinations.

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EGI is providing the information contained herein, solely as an overview of EGI’s investment activities for the purposes related only to the sourcing of investment opportunities. No portion of the document may be reproduced or distributed without express written approval of EGI. This document does not constitute an offer to sell or a solicitation of an offer to buy a security in any investment vehicle, nor is it intended to recommend any investment described herein. Statements herein are made as of July 2020. For the purposes of these materials, EGI refers to (a) the Equity Group Investments division of Chai Trust Company, LLC, which currently employs the EGI investment professionals, and (b) Equity Group Investments, LLC, which employed such EGI professionals prior to January 1, 2012.