EXETER INDUSTRIAL

VALUE FUND IV, L.P.

Presentation to

New Mexico State Investment Council

February 28, 2017

2

Exeter - who we are

Prior funds’ execution and performance

What we will do in Fund IV

Industrial fundamentals and opportunities

Q & A

Introduction

3

Who We Are: Team

Experienced and cohesive operator with repeatedly proven track record

Expert team of 90 professionals has managed over $14 billion in properties

Management team has an average of 15 years working together and 25 years

of experience through multiple market cycles since 1980’s

Track record of Top 5th percentile outperformance in value-add industrial

real estate acquisitions, development, renovations, leasing and dispositions

Strong alignment of interest, as firm is 100% owned by Exeter professionals

who personally contribute 100% of GP co-investment

4

Exeter Organization:Deep, Vertically Integrated Organization

Midwest/Mid-SouthJason DeFilippis Steve Stein

Andy Brown Bryan LambTom Theobald (D) Eric Hussey

Andy Taylor Doug RandolTracy Johnson Tim KaylorInvestments/Asset Mgmt

SoutheastRalph Kittrell Todd Carter

Mike Yocco Adam Duerr (D) Tim Hazelwood Jessica Dodson

Adrienne Davis Kelly MillerAntoine Dennard

Investments/Asset Mgmt

Ward Fitzgerald

CEO

Cristina Virgilio Brian SerpicoJustin Burns Jason Kushner

Acquisition Associates

Brad ReedDan O’Neill

Controller/Treasurer

Laurel PhillipsHead of Property

Accounting

Tim Weber

CFO

Brian FogartyBarry Breen

Sokohna Roeun Sarah Spivack

Legal, Compliance & HR

Jason Borrelli Jim Daywalt

Lisa Bianchini

National Property Due Diligence and Management

Dennis Durkin Bob WaitkusCourtney O’Donnell

Rahul Jaggi

National Client Accounts and Marketing

Southwest /WestBarney Sinclair Tom Wang

John Warren (D) Rich Poolis (D)Fred Knapp Craig Cosgrove Frank Fallon Jr. Dan Davila

Blake Ezell Eric Deo Investments/Asset Mgmt

Jason Honesty (NE)Regional Project

Managers marked “(D)”

Development andConstruction

Rayenne ChenGreg Nicotera

Jamie Lee

Investor Relations and Reporting

Northeast /Mid-AtlanticHenry Steinberg Scott DoughertyTom Allman (D) Jeff Grabowski

Ben Hoog Sander SmithJohn McCormick Ken Iriana

Investments/Asset Mgmt

Amy Rusavage Genise Coursey Kelley Black Beth DeGeorge Mark Johann Stephen MelletDarlene Stecklein Mike Miller Heather Ong Debra O’Donnell John Kelly Lisa MessnerAngela Nigro Lisa Grace Ryan Gallagher

Property Accountants

Paul RubincamJohn Toukatly

Europe Division

EuropePatrick Rebel Mark Nolan

Niko Gedaze Waldemar GrabkaRoniek Bannink Rhodri Davis (D)

Kim Farley Greg IvancichJonathan Mackie

Investments/Asset Mgmt

Rob JonesMatt Brodnik

U.S. Value Add Division

James HoelandRyan Roberts

Mark Cunneen

U.S. Core Division

Brian FordAndy Albeck

Debt Procurement Officers

Kevin FarleyDispositions Officer

Regional Offices

Kevin SheaSteve PronKim Villani

U.S. Managed Account

5

National Operator Platform & Local Expertise

With 13 offices, national and local

deal sourcing maximizes

investment selection

Direct influence on investment

results through in-house asset

management, property

management and construction

Create profitable portfolios due to

keen insights into building design

and global tenant relationships

Renovate and redevelop: “Bricks and Sticks”

Leasing and asset management: “Fill the Seats”

Dispositions: “Manufacture” core portfolios

Acquire through one-off transactions

Realize pricing premium when investments are stabilized, aggregated, and sold as large portfolios of complementary assets

6

Global Flow of Goods and Tenants

7

Industrial Specialist with

Proven Track Record

Series U.S. Investment Vehicles

(and investment period)

Status Equity Trans-

actions

Net

Leveraged

IRR

Net

Equity

Multiple

Gross

Leveraged

IRR

Gross

Equity

Multiple

Industrial

Value Add

Funds

Value Fund IV Investing $1,275 M target

13%-15%

target

1.8x

target

16%-20%

target

2.0x

Value Fund III (2014-2016)* Fully Invested $832 M 107 14.7% 1.8x 18.9% 2.0x

Value Fund II (2011-2014)* Realized $615 M 72 31.0% 2.0x 39.0% 2.3x

Value Fund I (2007-2010)* Realized $357 M 59 10.7% 1.7x 13.6% 1.9x

Co-Invest

and JVs

Co-Invest, Value Fund III (2015) Fully Invested $102 M 22 16.0% 1.8x

Co-Invest, Value Fund III (2015) Fully Invested $58 M 51 17.8% 2.0x

Co-Invest, Value Fund I (2011) Realized $72 M 22 25.1% 2.2x

Co-Invest, Value Fund I (2010) Realized $25 M 15 34.4% 2.6x

Industrial

Core Club

Funds

Core Club Fund II (2016-2018) Investing $575 M 8 target

8%-10%

target

1.9x

target

9%-11%

target

2.0x

Core Club Fund I (2012-2015) Realized $404 M 23 22.3% 1.5x 25.2% 1.6x

Separate

Accounts

Prior to

Exeter

Historic Track Record (1996-2006) Concluded 100+ assets for industrial/office public REIT; $1.2 B gross real estate

Colorado PERA (2002-2006) Concluded Industrial real estate JV relationships; $125 M gross real estate

Ohio STRS (1987-1997) Concluded Office real estate separate account; $300 M gross real estate

* Returns are estimated as of September 30, 2016. As of this date, Value Funds I and II are substantially realized, as Fund I has realized 52 out of 59 investments amd Fund II has realized 62 out of 72 investments.

Additional information is available upon request. The Fund will make investments in different economic conditions than those prevailing in the past, thus no guarantee is made that the Fund will have the same types or diversity

of investment opportunities as prior funds. Past performance is not indicative of future results.

8

What We Will Do:

Fund IV Investment Focus

Class A, big box and last mile warehouses

Primary markets and e-commerce hubs

Invest across risk-return spectrum to

create balanced portfolio:

Well-occupied, short term leased assets

Pricing discounts due to lease rollover

Anchor the fund portfolio with high

immediate cash flow

Under-leased assets

High returns for lease up risk

Development

Own best product in submarket

without exceeding replacement cost

Enhance and protect equity with prudent

debt management

Anticipated Allocation

Renew/Re-Let50%

Lease Up25%

Redevelop/Develop

25%

Big Box Warehouse

60%Flex/Office

5%

Last Mile35%

Emphasize Top 20 Markets

Top 5 DC

50%

E-Commerce

Hubs30%

Other Select

Markets20%

Strategy

Building Profiles

9

Strategy Execution

EIVF III Case Study: Remington Lakes

Location: Chicago, Illinois

Status: Acquired June 2014, Realized July 2016

Size: 219,040 SF

Strategy: Develop

Opportunity

Acquired land parcel in high-demand I-55

Corridor west of Chicago CBD

Market to deep pool of 200,000 to 250,000 SF

users who are under-served for modern product

Execution

Designed and speculatively developed best-in-

class asset, on time and within budget

Leased to 100% to full-building user on 7.5 year

lease shortly after building completion

7.9% stabilized yield on cost

10

Strategy Execution

EIVF III Case Study: 4800 Highlands Parkway

Location: Atlanta, GA

Acquired: October 2015

Size: 129,878 SF

Strategy: Lease Up

Opportunity:

“Last mile” Smyrna submarket

Uniquely cross docked + trailer storage; Expandable by 60,000 SF

Sourced through relationships with local leasing broker and corporate seller

Value Add Strategy: Lease up 100% vacancy; Renovate & modernize

Execution:

Immediately signed 7-year lease with major e-commerce retailer for 100% of building

Stabilized yield on cost of 8.6 %

11

Why Industrial Real Estate?

Sustainable Long Term Tenant Demand

1. U.S. population expected to add 25 million people in 10

years1, expanding baseline demand for goods

2. Trade, which drives growth in warehousing demand

across national logistics hubs, has been outpacing overall

economic growth on historic and projected basis2

3. Obsolescence due to logistics innovations decreases

supply and drives migration to “Big and New” product

Distribution of U.S. Population1 dot = 1,000 people

Exeter regional offices

Sources: (1) and map: U.S. Census Bureau; (2) historic data by U.S. Bureau of Economic Analysis; forecasts

by U.S. Bureau of Labor Statistics; (3) CBRE 1Q 2016

2.45%2.16%

5.09%

4.14%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

1994-2014 Forecast 2015-2024

U.S. GDP vs. Trade in GoodsCompounded Annual Growth Rate

GDP Trade

Modern2000-2016

18%

Modern1990-1999

14%

Vintage1980-1989

18%

ObsoletePre-1979

50%

AGE OF U.S. INDUSTRIAL STOCK3

(13 BILLION SQUARE FEET)

12

Demand

200 M SF annual absorption, strong across all

markets

Occupancy 93+% after 26 quarters of

demand outpacing supply

Supply

Growing, after extreme drought

Approaching prior peaks, but increased

permitting barriers

Obsolescence deducts supply

Rising rental rates

Drives growth in income and capital values

Why Industrial Now:

Real Estate Fundamentals Drive NOI Growth

2.8

4.93.3

0.3

-10.2

-6.7

-0.6

1.0

3.64.8 5.3 5.6

4.63.3

2.41.5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

U.S. Industrial Rental Rates (% growth) Source: CBRE Econometrics, Forecast as of 4Q 2015

Source: CoStar Market Analytics, 3Q2016

78.5%

80.0%

81.5%

83.0%

84.5%

86.0%

87.5%

89.0%

90.5%

92.0%

93.5%

95.0%

-60

-40

-20

0

20

40

60

80

Occ

upan

cy

Net

Abs

orpt

ion

(Mil

SF)

U.S. Industrial Absorption and Occupancy

13

Why Industrial Now:

Core Capital Flows Drive Exit Opportunities

New capital entrants pursuing large scale,

diverse, income-oriented industrial portfolios

Greater institutional acceptance

More liquidity and lower average cap rates

Portfolio premium over single-asset sales

has grown to 15%

Low (and negative!) interest rates

Drives additional investors to core U.S.

real estate in search of yield

Fund benefits from historically high net

cash flow

Source: JLL Industrial Investment Outlook, United States 4Q2015

Continued strong outlook for attractive risk-adjusted returns over next 5 years

GOOD ENTRY PRICING

keenly selected,

one-off deals

INCOME GROWTH

strong fundamentals

ROBUST EXITS

new capital inflows

SUPERIOR

INVESTMENT

PERFORMANCE

14

Why Exeter

Strong sponsorship through cohesive management team comprised of

professionals who have successfully navigated many market cycles

Proven operational skills and value-add expertise that are critical to success in

current investment landscape

Experienced and transparent institutional fiduciaries

Close manager alignment through direct investment, single promote structure, lack

of legacy issues, and clean, fee simple or whole loan ownership

Track record of strong performance investing in big box warehouse, multi-tenant

logistics, and related industrial/business park real estate across the United States,

utilizing decentralized, regional operating platform

IN CLOSING…

Thank you for considering Exeter

Questions?

Team Biographies

16

Management Team

Edward (Ward) Fitzgerald, Managing Principal, Chief Executive Officer. Mr. Fitzgerald has over 25 years of commercial real estate experience.

At Exeter, Mr. Fitzgerald is responsible for providing strategic direction, evaluating investment decisions and utilizing relationships to source

transactions. He has been instrumental in raising seven investment funds in the U.S. and Europe and their related co-invest/joint venture

programs, which total $3.4 billion and serve some of the most prominent institutional investors across North America, Asia, the Middle East

and Europe. He was also instrumental in procuring the buyers of Exeter’s $3.15 billion property sale in 2015. Since co-founding Exeter, he

has overseen the acquisition and management of nearly 300 transactions totaling $7.1 billion in gross real estate. Prior to Exeter, Mr.

Fitzgerald worked for Malvern, Pennsylvania-based Liberty Property Trust for 14 years from 1993 to mid-2006. As Northeast Regional

Director, he oversaw all aspects of acquisitions, asset management, development, leasing and property management of Liberty’s largest

region which included 180 industrial and office properties comprising approximately 15 million square feet valued at an estimated $2.5

billion. In addition, Mr. Fitzgerald was part of the senior management team that restructured Liberty’s finances and took the predecessor

company public in 1994. Prior to Liberty, Mr. Fitzgerald worked in the Real Estate Consultancy group at Coopers & Lybrand from 1989 to

1992 with a focus on Resolution Trust Corporation (RTC) workouts and bankruptcy and creditor committee representation. Mr. Fitzgerald

graduated from the University of Notre Dame with a BA degree in Business Administration and earned an MBA from Harvard Business

School.

Timothy Weber, Managing Principal, Chief Financial Officer. Mr. Weber has over 30 years of real estate experience. At Exeter, Mr. Weber is

responsible for managing accounting, tax, financial reporting, budgeting, legal, operations and asset financings. Since co-founding Exeter he

has been instrumental in the negotiation, structuring, and tax planning for nearly 300 real estate investments, 70 investor capital

commitments and approximately $4 billion in financings through CMBS, commercial banks and life insurance companies. He was also

instrumental in negotiating and closing Exeter’s $3.15 billion property sale in 2015. Prior to Exeter, Mr. Weber worked for Malvern,

Pennsylvania-based Terramics Property Company, where as Partner and Chief Operating Officer he oversaw all leasing, property

management and certain accounting, real estate budgeting, tax preparation and asset financings. He joined Terramics in 1984 and during his

tenure helped orchestrate nearly $300 million of office and flex investments with Ohio State Teachers’ Retirement System (STRS Ohio). In

1997, Prentiss Properties (NYSE: PP) purchased Terramics, and Mr. Weber became Vice President of Operations of the Northeast Region,

responsible for overseeing asset management. This role included all of the corporate financial reporting, asset budgeting of the Northeast

portfolio, and financial analysis on new investments for the region. In 2001, the Northeast Region of Prentiss was purchased by Brandywine

Realty Trust (NYSE: BDN), and Mr. Weber and his partners re-formed Terramics Property Company, where he remained until co-founding

Exeter. Mr. Weber started his career with Price Waterhouse, where he earned his CPA. He graduated with a BA degree in Economics from

Muhlenberg College.

17

Management Team

Robert Jones, Senior Principal, Head of National Leasing and Asset Management. Mr. Jones has over 30 years of commercial real estate

experience. He is responsible for managing Exeter’s leasing and asset management activities and for sourcing lease transactions nationally. His

responsibilities include managing the 1,000 tenant relationships and corporate accounts across 100 million square feet of commercial property

that Exeter manages in the US. Prior to joining Exeter, Mr. Jones worked at Liberty Property Trust for 7 years, where as Vice President of the

New Jersey regional office he was responsible for acquisitions, dispositions, development, and property management for a portfolio consisting of

over 5 million square feet of industrial space and 1 million square feet of office space. Mr. Jones managed the ongoing joint venture relationship

between Liberty and Colorado Public Employees’ Retirement Association (COPERA) focusing on New Jersey industrial properties. Prior to

Liberty, he directed leasing, marketing and tenant relation activities for office and industrial portfolios at Prentiss Properties, the Radnor

Corporation, and the Terracon Corporation. Mr. Jones earned a BA in Economics from Ursinus College, an MBA from Drexel University, and

a JD from Temple University School of Law.

Matthew Brodnik, Principal, Head of Acquisitions Mr. Brodnik is responsible for sourcing and overseeing acquisition

opportunities throughout the United States for Exeter’s value add real estate funds. In concert with Exeter’s regional investment officers, Mr.

Brodnik has transacted on over $4.5 billion in nearly 200 acquisitions encompassing over 90 million square feet of industrial properties. He has

13 years of real estate experience. Prior to joining Exeter in 2008, he served as Director of Acquisitions and Finance at Preferred Real Estate

Investments, where he consummated transactions totaling over $1 billion of industrial, office and land investments during a four-year period. He

also oversaw all acquisition, lease and disposition underwriting as well as debt and equity placement on such transactions. Mr. Brodnik began

his career at Milwaukee, WI based consultancy, Hammes Company. He earned a BA in Political Science, with a minor in Philosophy, from

Villanova University and an MBA from the Kellogg School of Management at Northwestern University with a concentration in Finance.

Henry Steinberg, Investment Officer/Asset Manager, Northeast Region. Mr. Steinberg has 14 years of commercial real estate experience.

At Exeter, he is responsible for sourcing acquisitions, asset management and leasing in the Northeast region, with a specific focus on the Metro

NYC/Philadelphia area and the “Inland Empire East.” Prior to joining Exeter, he worked for Liberty Property Trust from 2003 to 2008, where

as a Director of Leasing & Development he was responsible for a 5.5 million square foot warehouse, flex and office portfolio located in the

Northeast region. These activities included serving as the Relationship Manager for the industrial portfolio joint venture with COPERA, as well

as marketing and leasing Comcast Center, a $475 million mixed-use skyscraper in downtown Philadelphia. He also assisted in integrating the

Washington, DC property portfolio of the acquired Republic Property Trust into Liberty Property Trust. Previously, Mr. Steinberg worked at

Arthur Andersen as a Senior Consultant in their Strategy, Finance and Economics Practice. Mr. Steinberg earned a BA in Economics from the

University of Pennsylvania and an MBA with a concentration in Finance from the Stern School of Business of New York University.

18

Management Team

Todd Carter, Investment Officer/Asset Manager, Southeast Region. Mr. Carter has 21 years of real estate experience and is responsible

for sourcing acquisition opportunities and for asset management in the Southeast region, with a specific focus on Atlanta. Before joining

Exeter, Carter was a Regional Vice President with DCT Industrial Trust from 2008 to 2014, where he was responsible for acquisitions and

development and also completed over 7.2 million SF of lease transactions across the Southeast and Mid-Atlantic States, with an emphasis on

the 11.2 million square foot industrial portfolio in Atlanta and Nashville. Prior to DCT, Mr. Carter was a Vice President/Partner with Majestic

Realty Company, where for eight years he oversaw the marketing and leasing of the firm’s 9.8 million SF of Atlanta industrial real estate and

participated in the development of over 6 million SF of properties. Mr. Carter started his career at Prologis Trust, where his duties included

acquisition due diligence, corporate finance, capital markets and leasing. He received his BA in Finance from the University of Central Florida.

Scott Dougherty, Investment Officer/Asset Manager, Mid-Atlantic Region. Mr. Dougherty has 30 years of real estate experience. At

Exeter, Mr. Dougherty is responsible for sourcing acquisition opportunities and for asset management in the Mid-Atlantic region with primary

focus on the Washington, DC/Baltimore, MD submarkets. Prior to joining Exeter, Mr. Dougherty worked at Liberty Property Trust as Senior

Leasing Representative responsible for leasing and construction management of its 2.1 million square foot office, flex and industrial portfolio in

Maryland. Prior to Liberty, he managed an institutional property portfolio while at CB Commercial Real Estate Group. From 1991 to 1993,

Mr. Dougherty worked for South Charles Realty Corp. where he asset-managed a $40 million office/retail portfolio with the objective of RTC-

related asset disposition for the parent company, Maryland National Bank. Earlier in his career he held commercial leasing positions at

Trammell Crow Company and Rouse & Associates (Liberty’s predecessor firm). Mr. Dougherty earned a BA degree in Political Science and an

MBA, both from Emory University.

Ralph Kittrell, Investment Officer/Asset Manager, Southeast Region. Mr. Kittrell is responsible for sourcing acquisition opportunities

and for asset management in the Southeast region, with a specific focus on Southern and Central Florida. Prior to joining Exeter in 2006, Mr.

Kittrell served as a Vice President in the Southeast region of Liberty Property Trust, where he led a team of 15 employees and oversaw leasing,

acquisitions, development and asset management of a Florida office, flex, and industrial portfolio valued at over $500 million. From 1994 until

2001, he served as Vice President of Marketing for the Southern New Jersey office of Liberty, where he was responsible for leasing, acquisition

and build-to-suit activity for the industrial portfolio, which during his tenure grew from 800,000 square feet to over 5 million square feet. He

began his career in development and construction for firms including the Whitesell Company, the Linpro Company, the Pickett Companies,

and Ryan Homes. Mr. Kittrell graduated from the University of Arizona with a BS degree in Real Estate.

19

Management Team

Lyall (Barney) Sinclair, Investment Officer/Asset Manager, Southwest Region. Mr. Sinclair has 17 years of commercial real estate

experience. At Exeter, Mr. Sinclair is responsible for sourcing acquisition opportunities and for asset management in the Southwest region, with

specific focus on Dallas and the Texas Triangle. Prior to joining Exeter in 2010, he was a partner at Champion Partners, a developer and

operator of Texas commercial real estate, where for five years he originated and underwrote investments, asset managed a portfolio of industrial

properties, and oversaw speculative and build-to-suit developments. Prior to Champion Partners, Mr. Sinclair provided acquisitions analysis and

project management for Dallas-based Bandera Ventures. He started his real estate career at Trammell Crow Company, with duties in industrial

portfolio asset management in San Francisco and Oklahoma City. He has been responsible for over 3 million square feet of development and 5

million square feet of industrial leasing during his career. Mr. Sinclair earned a BA degree in Business with a major in Finance from the

University of Oklahoma and an MBA from Harvard Business School.

Tom Wang, Investment Officer/Asset Manager, Western Region. Mr. Wang has 21 years of commercial real estate experience. At Exeter,

Mr. Wang is responsible for sourcing acquisition and development opportunities and for asset management in the Western Region, with a

specific focus on San Francisco, Los Angeles, Seattle, and Phoenix. Prior to Exeter, from 2005 to 2012 Mr. Wang served as Director of Leasing

and Development at Liberty Property Trust, where he managed 5.2 million square feet of industrial and office properties and oversaw 1.3 million

square feet in speculative and build-to-suit developments. His responsibilities at Liberty included management of a $1 billion portfolio (in joint

venture with The New York State Common Retirement Fund) acquired from Republic Property Trust. Prior to Liberty, Mr. Wang worked at

Gensler, advising the U.S. General Services Administration and U.S. Department of Defense on the asset management of a 110 million square

foot portfolio (including the 2005 Base Realignment and Closure “BRAC” initiative). Mr. Wang earned a BA degree from Williams College, an

MBA with a concentration in Real Estate from the Wharton School at the University of Pennsylvania, and a Masters of Architecture from the

University of Pennsylvania PennDesign School.

Jason Borrelli, Principal, Property Due Diligence and Management. Mr. Borrelli has over 20 years of property due diligence, construction

and property management experience. At Exeter, Mr. Borrelli is responsible for managing acquisition due diligence, property operating and

capital budgets, physical property conditions, and currently oversees 11 property managers located in Exeter's nationwide regional offices. He

has participated in the acquisition of over 250 investments totaling over 135 million square feet. For the two years prior to the formation of

Exeter, Mr. Borrelli served as a partner at National Properties Incorporated (“NPI”) where he oversaw the property management and tenant

improvement division. In addition, he participated in the acquisition and development of five projects valued at over $100 million and the

disposition of NPI’s $315 million multi-family portfolio. Mr. Borrelli served as Property Manager for Liberty Property Trust from 2002-2004

and for NPI from 1995-2002. He began his career as a mechanical engineer at the architecture and engineering firm Einhorn, Yaffe and

Prescott. Mr. Borrelli earned a BS degree in Aerospace Engineering and an MBA, both from the Pennsylvania State University.

20

Management Team

Rayenne Chen, Principal, Investor Relations and Reporting. Ms. Chen has 15 years of commercial real estate experience and is

responsible for capital formation, investor relations and investor reporting. She has been instrumental in garnering and maintaining investor

relationships, as well as providing financial reporting for 70 institutional investors around the world. Prior to the formation of Exeter, Ms.

Chen served as an acquisition associate for Preferred Real Estate Investments, where she participated in the acquisition underwriting and

subsequent disposition of a 5 million square foot office, flex and industrial portfolio. Previously she served as Vice President at PMC Property

Group, where she provided financial analysis, participated in over $300 million in asset financings, and managed several million dollars in tax

credit sales. She also served as an acquisitions analyst at the private equity investment manager Lubert-Adler Real Estate Funds and at Liberty

Property Trust, where she started her real estate career. Ms. Chen graduated with an AB degree in English from Harvard University and an

MBA from the Wharton School of the University of Pennsylvania with a concentration in Real Estate.

Jason Honesty, Principal, Development and Construction. Mr. Honesty is responsible for managing and executing the land acquisition,

master planning, design, approvals, and construction of Exeter's development and redevelopment projects, which during his tenure have

totaled more than $575 million in project cost across 30 investments. These projects have included the successful accreditation of two LEED

Silver Core & Shell buildings and one LEED Gold Commercial Interior. He has 21 years of commercial real estate experience and prior to

Exeter developed and redeveloped 30+ industrial, flex, and office buildings containing over 5 million square feet at an estimated cost of over

$600 million. From 1999 to 2008, Mr. Honesty served at Liberty Property Trust as a Project Manager for Construction and Development,

during which time he sourced land acquisitions, acquired development approvals, and executed construction projects in Pennsylvania and New

Jersey. He began his career in property management, first for McKesson and later for Liberty. He obtained the Institute of Real Estate

Management’s Certified Property Manager designation and his LEED Accreditation from the U.S. Green Building Council. Mr. Honesty

graduated with a BS degree in Criminal Justice from West Chester University and holds a Certificate in Construction Management from Drexel

University.

Vincent (Brad) Reed, Treasurer and Controller. Mr. Reed is responsible for accounting and financial reporting at Exeter. In this role he

also manages Fund treasury functions including capital calls and distributions. Prior to joining Exeter, he was a manager in the Asset

Management Assurance division at PricewaterhouseCoopers LLP where he led the audits of various real estate companies, including several real

estate private equity funds. He earned his CPA in 2007. Mr. Reed graduated with a BS degree in Accounting and Finance from the University

of North Carolina and earned a JD from Rutgers School of Law.

Brian Fogarty, Fund Real Estate Counsel. Mr. Fogarty has 13 years of real estate and transactional legal experience and is responsible for

managing legal matters of the Exeter portfolio including acquisition, leasing and disposition transactions. Prior to joining Exeter, he was an

attorney in the real estate/financial services department at Blank Rome LLP where he maintained a national practice counseling clients in all

facets of real estate acquisition, disposition, leasing, financing and development transactions. Mr. Fogarty earned a BS degree in Biobehavioral

Health from the Pennsylvania State University and a JD from Villanova University School of Law.