REDWOOD UTILITY BILLING A UTILITY MANAGEMENT & CONSERVATION COMPANY

1. REDWOOD UTILITY BILLING A UTILITY MANAGEMENT & CONSERVATION COMPANY

2. Redwood Utility Billing • Redwood is an independent multi-family utility billing solutions specialist. Redwood offers a range of utility management and utility conservation solutions for property managers and owners. Applying this multi-family owner/operator experience to the utility billing business has been the distinguishing factor in setting Redwood apart. • The principals of Redwood collectively have over 20 years experience as owner/operators of institutional and private capital multi-family properties throughout the United States. • Redwood is focused on serving middle market owners and operators who demand a high level of service and quantifiable results.

3. Opportunity

4. Adding Value -This should be 90% - • On average, apartment communities recover only 50% - 75% of utility expenses • Redwood Achieves This By: • Accurate and timely billing of all possible utility bills. • Integrating with existing property management software through an electronic data exchange program – bills are collected by on-site staff to maximize recovery. • Performing an independent analysis and legal review to determine maximum achievable recoveries in each jurisdiction • Encouraging conservation by not subsidizing resident consumption.

5. Case Study – City Park Apartments (103 Units) Redwood performed a full review of past recovery practices and analysis of potential recovery opportunities. Changes included: Billing Results: 151% Increase in Recoveries • Value Impact = $47,500 increase in property NOI resulting in$950,000 increased property value when applying a 5 cap rate

6. Vendor Comparison

7. Participation Fee Summary Redwood offers owners/operators an unique revenue share partnership • Owner/Operator Fee Includes: • $1.00 per RUBS bill per monthly • $5.00 per move-in (assumes 60% of units per year) • $20.00 per VCR (assumes 5% of units per year)

8. Redwood Utility Billing Tyler Rodrigue, President, Redwood Utility Billing Tyler serves as President for RUB responsible for all operational matters related to the company. He has 10 years experience in the operations, asset, and construction management of income producing real estate. Prior to founding RUB, Tyler held asset management positions at Carmel Partners and the Matteson Companies both multifamily investment and asset management companies. While at Matteson, Tyler established and operated Pacific Coast Utility Bill, Matteson’s private label utility billing company billing 5,000 units. He has a BS in Business Administration from UC Davis and a MBA from the University of San Francisco. He holds a Real Estate Sales License and a General Contractors License.

9. Redwood Utility Billing Graham Chernoff EVP, Business Development, Redwood Utility Billing Graham is responsible for business development and strategic planning for RUB. He has 17 years experience in the ownership, operations and financing of multifamily communities. His past experience includes serving as a fiduciary for several institutional and private capital investors. Graham’s expertise is in executing value add strategies for multifamily investments. Graham currently is a partner in Cumberland Holdings, a private capital multifamily investment company.