KI Florida Fund II, LLC Company & Fund Overview

1. KI Florida Fund II, LLC Company & Fund Overview 2901 W. BUSCH BOULEVARD, SUITE 901 TAMPA, FLORIDA 33618 PH: (813) 554-1200 KENNEDYINVESTMENTS.COM

2. Disclaimer This presentation has been prepared by Kennedy Investments, Inc. for informational purposes only and is being furnished solely for its recipients in consideration of investments or transactions involving Kennedy Investments. Although this information has been compiled with considerable care to ensure its accuracy as of the date of publication, Kennedy Investments and its agents make no representation or warranty, expressed or implied, with regard to the accuracy or completeness of the data or information presented. By reading and reviewing the information contained in this presentation, the recipient acknowledges and agrees that Kennedy Investments and/or its agents assume no liability to any party for any loss or damage caused by the use of the information presented, or by errors or omissions in the information contained herein, in making any investment decision, whether such errors or omissions result from negligence, oversight or any other cause. In no event will Kennedy Investments and/or its agents be liable to any party for any direct, indirect, special, incidental or consequential damages of any kind arising out of the use of this presentation or any information contained herein. Kennedy Investments and/or its agents specifically disclaim any guarantees, including but not limited to, stated or implied potential profits, rates of return, or investment timelines discussed or referred to herein. Investors should conduct their own investment analyses and due diligence and draw their own conclusions regarding investment decisions. Questions about taxes or specific legal and technical matters must be referred to lawyers, accountants, brokers and other professionals licensed and qualified to render such advice. By accepting this presentation, each recipient agrees that it will not copy, reproduce or distribute it in whole or in part at any time without the express prior written consent of Kennedy Investments. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

3. Contents/Overview • About Kennedy Investments • Market Opportunity & Investment Strategy • Highlights of KI Florida Fund I (launched January 2017) • Overview of KI Florida Fund II (launched July 2019) • Q&A 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

4. About Kennedy Investments • Regional Experience: Active owner, manager & syndicator of commercial real estate investments in Florida since 1970 • Diversity: Experienced owner and manager of retail, office, industrial, multi-family, self-storage, and other commercial property types. • Value-Added Strategy: Decades of proven success in different types of value-added real estate investments • Vertically Integrated: Dedicated in-house financial, administrative, property management and maintenance personnel • Focus on Relationships: Strong ties to the community and longstanding relationships in regional banking, legal and real estate circles • Proven Performance:Estimated investor IRR of +22% on KI Florida Fund I (realized and unrealized gains) 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

5. Current Investment Portfolio Approximately $100M in assets & 1MM sq. ft. under management (as of Q3 2019) 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

6. Principals • Jay Kennedy, President • 24 years of investment, brokerage, leasing, development and construction management experience. • Graduate of Miami University with BA in Business. • Joined Kennedy Investments in 2001. • Darren A. Wilson, Vice President • 20+ years of management and entrepreneurial experience in technology, legal and real estate businesses. • Earned a BA from the University of Virginia and MBA from the University of Texas. • Joined Kennedy Investments in 2011. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

7. Management Team • Cristina Paredes, Controller • 17 years of commercial real estate accounting experience; started with Holsten Real Estate Development Corporation in Chicago • Joined Kennedy Investments in 2014 • Victor Pietropaoli, Director of Facilities & Construction • 37 years of direct construction industry & property management experience • 24 years with Kennedy Investments (joined the company in 1995) • Tammy Roque, Director of Property Management • 25 years of commercial property management experience with Opus South, Cushman & Wakefield, RMC Property Group, and CLW in Florida • Joined Kennedy Investments in 2018 • Ryan Hutkowski, Director of Leasing & Brokerage • 8 years of commercial real estate experience as a research analyst & broker • Joined Kennedy Investments in 2015 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

8. Investment Strategy & Market Opportunity 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

9. Value-Added Investing Value-added real estate investments require the efforts of an experienced operator to increase an asset’s income and market value. Kennedy Investments has decades of experience identifying undervalued, underperforming properties and working to enhance their value. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

10. Acquisition Strategy • Regular consultation with area brokers, executives, and banks to identify potential on- and off-market acquisitions. • All types and classes of commercial real estate investments are evaluated for potential value enhancement through rehabilitation, re-purpose, lease-up or superior management. • Packaged or bundled transactions are evaluated to obtain desirable assets at a discount. • Note purchases are evaluated with the option of loan restructuring or foreclosing on the underlying asset. • Local relationships and the perspective of 50 years in the region create an edge in performing due diligence and executing value-added strategy. • Kennedy Investments performs due diligence and deploys capital quickly, cultivating its reputation as a credible, knowledgeable buyer in the market. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

11. Why Florida? • From 2010 to 2018 Florida’s population grew by 15%, surpassing New York to become the 3rd most populous state at nearly 22 million and an annual growth rate over 1.6% • Florida is the 4th largest economy in the US (19th in the world) • Florida is ranked the 3rd best recession-proof retirement destination by Forbes, and is a top relocation state for the 75 million Baby Boomers reaching retirement age • No personal income tax and the 4th best business tax climate in the U.S. (Tax Foundation BTC Index) • Strong growth projections for population and economy in the coming decade 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

12. Why Tampa Bay? • Tampa Bay’s population grew to over 3.1M in 2018, an increase of 13% since 2010, becoming the nation’s 18th largest metropolitan area • Tampa Bay scores 89.7 on the national cost-of-living index, making it one of the most affordable large metros in the U.S. (C2ER) • The region is home to championship NFL, NHL and MLB teams, amusement parks, tourist destinations and top-rated beaches • More than $6.5B in large-scale commercial developments are underway in Tampa • Tampa is home to Florida’s largest, most diversified deepwater port, serving a population of over 8 million within 100 miles • The University of South Florida is the 4th largest in the state and a major research & medical center (and one of 50 colleges and universities in Tampa Bay) • Tampa International Airport is booming and consistently ranked among the best airports in the U.S. by business travelers • US Central Command (CENTCOM) at Mac Dill Air Force Base in Tampa boasts an economic impact of over $3B in the region 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

13. KI Florida Fund IHighlights 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

14. KI Florida Fund I Summary • Kennedy Investments launched its first fund, KI Florida Fund I, in January 2017 with $10.6M in equity commitments. • Fund I’s capital was deployed into ten diversified investments including office, industrial, self-storage, retail, debt and special purpose properties. • Fund I issued its 4th and final capital call in August 2018, attracting an additional $5.7M in co-investment from 2017-2018. • Successfully exited two Fund I investments totaling over $7M, earning an ROI in excess of 40% on both transactions. • At YE 2018, third-party mark-to-market valuations of Fund I assets estimated investor IRR at over 22% on realized and unrealized gains. • Distributions through Q2 2019 equal to 12.5% of invested capital. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

15. KI Florida Fund I Current Asset Summary • KI Bayview Office Building: • Purchased April 2017 for $8.7M • Invested in capital improvements • Currently +95% Leased • Allocation of Fund Capital: 16% • 2018 EOY Valuation: +1% 72,751 Sq. Ft. Office Building Celebration Self-Storage Development: • 690-unit climate-controlled facility near Disney World in Orlando • Opened in January 2019 • Currently more than 50% leased • Allocation of Fund Capital: 16% • 2018 EOY Valuation: +71% New Construction – 700 Units Self Storage 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

16. KI Florida Fund I Current Asset Summary • KI Hanna Warehouse II: • Purchased May 2017 for $2.45M • Currently 67% leased • $185K in distributions to date • Allocation of Fund Capital: 5.8% • 2018 EOY Valuation: $4.2 to $4.5M 70,000 Sq. Ft. Warehouse • Tyrone Tower Office: • Purchased at auction for $2.85M in December 2018 • Undergoing extensive renovation • Currently 30% Leased • Allocation of Fund Capital: 12.1% • Value currently estimated at $5M 72,000 Sq. ft. Office 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

17. KI Florida Fund I Current Asset Summary • Hamner Outparcel: • Purchased vacant outparcel for $380,000 November 2018 • Signed ground lease with Take 5 Oil Change commencing Dec 2019 for $80,000/yr. (construction in process) • Allocation of Fund Capital: 3.9% • Value estimated at over $1M ½ acre Retail Outparcel • Laurel Run Professional Center • Purchased at foreclosure auction for $1.6M in Q2 2019 • Currently 25% leased • Improvements & lease-up underway • Percentage of Fund Capital: 16% • Estimated Current Value $2.5M 50,000 Sq. Ft. Office Park 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

18. KI Florida Fund I - SOLD NFLA Office • NFLA Office (Tampa) • Purchased bank-owned, distressed office building in May 2018 • Size: 28K sq. ft. single-tenant building on 4.8 acres • Acquired for $1.25M and invested ~$300K in improvements • Sold in September 2018 for $2.38M • Deal IRR just under 200% 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

19. KI Florida Fund I - SOLD Ocala Logistics Center • Ocala Logistics Center • Purchased distressed industrial park in Ocala, FL for $2.5M in November 2018 • Comprised of 11 buildings totaling 254K sq. ft. on 28 acres along I-75 • Approximately 90% vacant at purchase • Sold in March 2019 for $4.7M • Fund ROI of 45% and IRR over 118% 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

20. KIFF Development Partners • Reliant 5G, LLC - Cell Tower Development • In Q2 of 2019, KI Fund I partnered with a cell tower developer with a proven track record and 20+ years of cell tower construction experience • Capitalizing on emerging telecom technologies (5G) and growing consumer and commercial demand for high-speed wireless data • Committed to development and ownership of up to 10 new cell towers over 24 months at an estimated cost of $3.25M • Fund I is supplying more than 50% of the committed equity for the initial 10 towers; KI has secured additional tower development opportunities for Fund II • Estimated hold period 2-3 years per tower, with a projected deal IRR over 25% 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

21. KIFF Development Partners • Avenida Suites – Corporate Housing Partnership • In 2019, KI Florida Fund I will partner with Avenida Suites, an established corporate housing / short-term rental operator in the Tampa Bay area. • Avenida has operated furnished apartments for 12+ years, earning a number of industry accolades for the quality of their services • Demand for short term rentals in Tampa Bay is strong, driven by corporate relocations, traveling healthcare professionals, government & military personnel, and tourism • KI Florida Fund I will invest in the real estate and operations with additional investment opportunities for Fund II in the future. • Estimated hold period 3-5 years with a projected deal IRR over 15% 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

22. KI Florida Fund IIOverview 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

23. KI Florida Fund II KI Florida Fund II was launched on July 15th, 2019. Like our first fund, KI Florida Fund II will offer accredited investors access to diversified commercial real estate investments in Florida, targeting investment opportunities with the potential for income generation, capital appreciation, or value enhancement through renovation or repositioning. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

24. Investment Strategy • Seek out on- and off-market value-added investment opportunities within our area of market expertise • Pursue investment transactions ranging in size from $1M to over $10M within Florida • Conduct rigorous financial, legal and physical due diligence to screen out undesirable transactions and identify risks • Ensure sufficient capital for investment in deferred maintenance, capital improvements and competitive rents • Conservative use of leverage on stabilized assets to recapture capital and enhance investor returns • Target holding period of 3-7 years for most assets • Pursue investments with a minimum projected deal IRR of 10% over the holding period 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

25. KI Florida Fund II Fund II will employ a diversified asset acquisition strategy in Florida, targeting real estate investments which are projected to meet or exceed the Fund’s financial performance objectives. These investments may include office, retail, industrial, self-storage, single and multi-family residential, land, note purchases, debt or special-use properties. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

26. Manager Compensation • KI FLORIDA FUND II - MANAGER COMPENSATION: • Annual asset management fee of 2% of the total invested capital • After 100% of invested capital has been returned to Investors, remaining cash flow is split 80/20 between Investors and Manager • Property management and leasing fees at prevailing market rates • FEES NOT CHARGED BY MANAGER INCLUDE: • Acquisition Fees • Construction Management Fees • Financing Fees • Disposition Fees 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

27. Summary • Kennedy Investments has long provided investors superior returns on commercial real estate investments in Florida. • Kennedy Investments has successfully capitalized on market opportunities in all economic cycles across a variety of asset types. • Florida and Tampa Bay offer excellent long-term growth prospects relative to other regions, enhancing asset values and returns. • Kennedy Investments’ intense regional focus and extensive relationships within local business, banking and real estate communities are key strengths in identifying and capitalizing on opportunities. • We offer a proven track record, a solid reputation and strong references in the investor community. • Fund I has produced strong returns through our diverse “asset agnostic” value-added investment strategy. 2901 W. BUSCH BLVD. | SUITE 901 | TAMPA, FLORIDA 33618 | PH: (813) 554-1200 | KENNEDYINVESTMENTS.COM

28. For more information, please visit our website or contact: Jay Kennedy Darren A. Wilson President Vice President Jay@KennedyInvestments.comDarren@KennedyInvestments.com O: (813) 554-1203 O: (813) 554-1206 C: (813) 220-3349 C: (813) 391-2939