Windsor Development — Unity Village Opportunity Overview (Spring 2026)

Gramercy Funds Management LLC. All rights reserved.13 May 2026This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, in any form or byany means. © Gramercy Funds Management LLC. All rights reserved.This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, in any form or byany means. © Windsor LLC. All rights reserved.This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, in any form or byany means. ©
WINDSOR DEVELOPMENT
Unity Village | Opportunity Overview
Spring 2026

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Windsor Development
Project Overview
2
THE OPPORTUNITY: Unity Village is a 135-unit multifamily
development adjacent to Antioch College in Yellow Springs,
Ohio, combining the adaptive reuse of the Kettering Building
(39 units) with new construction at the Student Union site (96
units). The unit mix is concentrated in 1- and 2-bedroom
configurations to align with the deepest segments of local
demand.
MARKET DYNAMICS: Yellow Springs has not seen a major new
housing development in over 40 years, producing a structural
supply-demand imbalance. The existing stock is aged, lacks
modern amenities, and underserves a diversified renter base
spanning students, young professionals, families, and seniors.
Constrained supply has driven rents upward and created a clear
absorption case for new, quality rental product delivered at
scale.
INVESTMENT THESIS: Demand to live in Yellow Springs
materially outstrips available supply, evidenced by the
persistent waitlists maintained by Home, Inc., the village’s
sustainable housing collective. That demand is reinforced by the
broader Dayton MSA, one of the fastest-growing second-tier
cities in the country, anchored by a diverse and expanding
employment base spanning aerospace, defense, advanced
manufacturing, healthcare, and higher education. The project
also carries exceptional municipal support: Yellow Springs has
authorized its first-ever CRA property tax abatement for Unity
Village, materially enhancing project economics and signaling
alignment between the village and the development. Together,
these factors underwrite a durable absorption case and a
defensible long-term rent trajectory.
Student Union Site (New Construction, 96 Units)
Kettering Building (Adaptive Reuse, 39 Units)

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Windsor Development
Executive Summary
3
Project Name Unity Village
City Yellow Springs, Ohio
County/MSA Greene County/Dayton
Sponsor/Developer Windsor Development
Project Type 135-Unit Multifamily Rental
Total Project Cost $25,228,205
Equity Requirement $7,568,462
Debt Financing $17,659,744
Project Levered IRR 19.6%
MOIC (Leveraged) 2.1x

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Development Timeline
4
18 Months 12 Months ~24 Months18 Months
Windsor value-engineered the
design to maximize density and
reduce construction costs while
still staying within the confines
of the original zoning approval.
Financing is expected to
close in mid-2026 and
construction of the property
will begin soon thereafter.
Pre-leasing of the
residential units will begin
two months prior to the
expected placed-in-service
(PIS) date.
We expect stabilizing
the multifamily property
within 12 months from
the PIS date.
Our valuation for the
property at the sale
is estimated at $32.5
million based on an
exit cap rate of
5.75%.
Property
Acquisition
SEP
2024
Begin
Construction
Sep
2026
Placed-In-
Service (PIS)
SEP
2027
Stabilization/
Refinance
SEP
2028 Sale
Late-’29
/ early
‘30

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Windsor Development
Market Opportunity
5

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Market Opportunity – Why Ohio
6
Source: Bank of America Institute , Vogt Strategic Insights (Analysis of Housing Need for the Columbus Region), Mid-Ohio Regional Planning Commission (2024-2050 Population Growth Forecasts, U.S. Bureau of Labor
Statistics
(1) Reflects multifamily deliveries in nine fastest growing counties in Columbus MSA as of June 2025. Per CoStar Analytics.
(2) JobsOhio. May 22, 2025 Board of Directors Meeting.
(3) JobsOhio & Bricker Graydon LLP. “A Megaproject is defined as a project with at least $1 billion in capital investment or $75 million per year in new payroll.”
Existing & Acute Housing
Shortage
Significant Corporate Investment
& Population Growth Need For Rental Housing
• BIA / Vogt Strategic Insights – 14,000-
20,000+ Housing Units Needed p.a. Over
10 Years in central Ohio
• OH Dept. of Economic Development –
200,00 Housing Units Needed in Next
Decade in central Ohio
• Central Ohio has benefited from
sustained and significant corporate
investment totaling tens of billions of
dollars
• BofA Institute (2024) – Columbus
Named Fastest Growing City in the
Country
2024 Multifamily Deliveries:
8,040(1)
2025 Projected Multifamily Deliveries:
6,301(1)
By the Numbers
Current deliveries fall significantly short
of need
Over
2,800
Economic
Development
Projects
Over
145k
New Jobs
Created
$8.3
Billion+
in New
Payroll
$95
Billion+
in Capital
Expenditure
Engine for Economic Growth(2)
2024 Rankings (vs all other US states) …
In Megaprojects(3)
Completed (For
3rd Year Running)
#2
In Completed
Deals (~600 in
2024)
#3
In CapEx
Investment
($20bn in new
fixed investment)
#3
In New Jobs
(adding more in
’24 than 45
states)
#5

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Windsor Development
Sources: Mansfield Housing Needs Assessment, DT Mansfield Market Analysis Final Report
Market Opportunity – Greene County & Yellow Springs
7
POPULATION GROWTH RATE BY COUNTY (2020-2023)
• Job Growth and Population Increase: Yellow Springs continues
to attract professionals, students, retirees, and families seeking
access to a walkable village environment, nearby educational
institutions, and the broader employment base of Greene County
and the Dayton region.
– Yellow Springs has experienced demand from professionals
and students, while limited housing options have made it
difficult for new residents to enter the market.
• Diverse Economy: Yellow Springs benefits from a unique
economic base supported by Antioch College, local businesses,
tourism, arts and culture, healthcare, education, and regional
employment centers throughout Greene County and the greater
Dayton area.
– The village’s strong identity, local business community, and
institutional anchors support consistent demand for
flexible, high-quality housing.
• Limited Supply: Yellow Springs faces a significant housing
shortage, with no major new housing development in more than 40
years. Existing housing stock is aging, and many homes lack modern
amenities, accessibility features, and energy-efficient systems.
• Strategic Location: The project is located adjacent to Antioch
College in Yellow Springs, offering residents access to the village
core, campus amenities, walking and cycling trails, and nearby
natural assets such as Glen Helen Nature Preserve.
Greene County
Given sustained housing demand, limited new supply, and Yellow Springs’ unique position as a highly desirable village adjacent to Antioch College
and Glen Helen Nature Preserve, Greene County represents a compelling opportunity for thoughtfully designed multifamily housing. Yellow
Springs has not seen significant new housing development in over four decades, creating a constrained market where modern, high-quality rental
options are limited.

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Windsor Development
Market Opportunity – Richland County & Mansfield
8
Note: Logos represent selected employers in the Yellow Springs and Greene county area.
Due to its strong regional employment base and continued housing undersupply, Greene County was identified by Windsor
as a core target sub-market. Yellow Springs benefits from proximity to Dayton, Wright-Patterson Air Force Base, Fairborn,
Beavercreek, and several major public and private sector employers.
• Greene County and the greater Dayton area are anchored by a
diverse base of large employers across defense, healthcare,
education, insurance, technology, retail, and business services.
• Wright-Patterson Air Force Base is the region’s dominant
employment driver, supporting approximately 38,000 employees
and creating consistent demand from military, civilian, contractor,
and support-service workers.
• This employment base supports sustained renter demand from
professionals seeking access to Dayton-area jobs while living in
smaller, high-quality communities such as Yellow Springs and the
surrounding Greene County market.
• The combination of institutional employment, healthcare systems,
education, and large regional corporations provides Greene County
with a more resilient demand profile than markets dependent on a
single industry.
~38,000 ~14,000 ~13,000 ~1,930
~4,000 ~1,500 ~4,100

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Windsor Development
Program Overview
10
Kettering Building
Adaptive-Reuse
Student Union
New Construction
Project Scope
3 Buildings | 2 Project Sites
• 135 New Rental Apartments
• Ample Green Space & Common
Areas for Community-Oriented
Project
✔ 1-Bedroom Units: 107
✔ 2-Bedroom Units: 24

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Site Plan Overview
11
• Prominent corner location along E. South College
Street and Livermore Street, providing strong visibility
and direct access into the surrounding Yellow Springs
village fabric.
• Large existing elevator, wide hallways and 1-bedroom
layouts lend themselves to the areas vibrant
community of seniors – many of whom have expressed
the desire to “age in place” in quality rental housing
• Larger redevelopment parcel bounded by E. Whiteman
Street, Livermore Street, President Street, and E.
North College Street, with significant ease of access to
Yellow Springs’ highly desirable downtown.
• Windsor was able to secure significant density of 96
units on the approximately 2-acre parcel which will be
comprised of 1-bedroom and 2-bedroom units
Kettering Building
Adaptive-Reuse
Student Union
New Construction

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Windsor Development
Yellow Springs, OH | Comp Set Overview
18
Source: CoStar Analytics. May 2026
Multifamily Comps | 7 Properties / 1,690 Units

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Windsor Development
Yellow Springs, OH | Comp Set Overview
19
Source: CoStar Analytics. May 2026
Cornerstone Apartments
Address: 4950 Cornerstone North Blvd
Year Built: 2022
Unit Count: 260
Distance: ~30 Min / ~15 Miles
Authentix Huber Heights
Address: 6255 Aviator Ave
Year Built: 2025
Unit Count: 288
Distance: ~25 Min / ~12 Miles
Parkview Apartments
Address: 2200 Cooley Ln
Year Built: 2020
Unit Count: 308
Distance: ~25 Min / ~12 Miles
Reverb
Address: 6701 Executive Blvd
Year Built: 2026
Unit Count: 312
Distance: ~25 Min / 12 Miles
Hayden Park
Address: 7672 Old Troy Pike
Year Built: 2023
Unit Count: 192
Distance: ~25 Min / 13 Miles
Xenia Trails
Address: 1805 Deer Creek Dr
Year Built: 2005
Unit Count: 312
Distance: ~13 Min / ~7 Miles
The Mason
Address: 731 E High St
Renovated
Built:
2022
Unit Count: 18
Distance: ~15 Min / 9 Miles

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Windsor Development
Financial Overview
21
Current Underwriting – Subject to Change
19.6%
G R O S S I R R
2.1x
G R O S S M U L T I P L E
16.8% 2.0x
D E A L E C O N O M I C S
Total Project Cost $25.2M ($186K/unit)
Total Equity Raise $7.6M
Common Equity (90% LP / 10% GP) $6.8M
Construction Debt $17.6M (75% LTC)
S T A B I L I Z E D O P E R A T I N G P E R F O R M A N C E ( 2 0 3 0 )
Stabilized NOI $1.9M
Yield on Cost 7.5%
Development Spread (YoC vs Cap) ~175 bps
Stabilized LP Cash-on-Cash ~12%
D I S T R I B U T I O N W A T E R F A L L
1 8% Preferred Return
Pari Passu
2 Return of Capital
100% to LPs
3 To 15% IRR
80% LP / 20% GP
4 Thereafter
70% LP / 30% GP
Forward-looking estimates. Not guaranteed. Source: Antioch Financial Model 5.21.26. Returns net of fees and promote. Full waterfall and risk factors in PPM.
N E T C O M M O N L P I R R N E T C O M M O N L P M U L T I P L E

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Windsor Development
Financial Overview – Sources & Uses and Returns
22
Current Underwriting – Subject to Change
Key Financing Assumptions:
• Equity: ~$7.6 million (30.0%)
• Construction Loan: Assumes debt financing at 70% LTC at 6.25% interest rate based
on latest available market guidance.
• Construction Budget: Windsor Construction Services (Windsor’s GC affiliate) has
extensive experience in both ground-up development and the adaptive reuse of
historic buildings. This experience was leveraged in building a comprehensive
construction budget with significant value engineering efforts leveraged to the
benefit of project returns.
Returns Summary:
• Windsor’s base case assumptions include a 5-year hold and
exit at a market-supported 5.75% cap rate.
• Underwriting also includes a cash-out refinancing in year
three of ownership (upon stabilization) driving meaningful
cash-out proceeds to equity partners.
• Project cash flow benefits from significant property tax
savings via the CRA tax abatement and a high degree of
cost control vis-à-vis Windsor’s peers given its vertically
integrated model.
Unity Vilage Unit Mix Detail
Kettering Number of Units Avg. SF Gross Rent Rent / SF
1 Bedroom 39 582 $1,500 $2.58
Student Union Site Number of Units Avg. SF Gross Rent % of Total
1 Bedroom 64 588 $1,500 $2.55
2 Bedrom 32 1,093 2,046 $1.87
Total / Weighted Avg. 135 95,265 $1,629 $2.31
Unit Mix Detail:
• The unit mix for the Unity Village project was carefully evaluated and selected to
meet the current and future need of the area
• The mix favors 1-bedroom units (~75% of the unit mix) versus 2-bedroom units (~25%
of the unit mix) given feedback has been particularly strong among young
professionals and seniors who have few if any options
• The Kettering building is particularly suited to the senior population of Yellow Springs
looking for options to “age in place”
Sources & Uses
Sources: Amount Per Unit % of Total
Construction Debt $17,659,744 $130,813 70.0%
Equity 7,568,462 56,063 30.0%
Total $25,228,205 $186,876 100.0%
Uses: Amount % of Total
Land Purchase Price $950,000 $7,037 3.8%
Hard Costs 19,060,657 141,190 75.6%
Soft Costs 4,166,915 30,866 16.5%
Interest Reserve 962,334 7,128 3.8%
Placement Fees 88,299 654 0.4%
Total $25,228,205 $186,876 100.0%
Sensitivities – Levered IRR / Levered Multiple
Exit Cap Rate
19.6% / 2.1x 6.25% 6.00% 5.75% 5.50% 5.25%
Month 48 15.4% / 1.7x 17.9% / 1.8x 20.4% / 1.9x 23.0% / 2.1x 25.7% / 2.3x
Month 54 15.6% / 1.8x 17.8% / 1.9x 20.0% / 2.0x 22.2% / 2.2x 24.5% / 2.4x
Exit Month Month 60 15.8% / 1.9x 17.7% / 2.0x 19.6% / 2.1x 21.5% / 2.3x 23.5% / 2.5x
Month 66 15.9% / 2.0x 17.6% / 2.1x 19.2% / 2.3x 20.9% / 2.4x 22.7% / 2.6x
Month 72 16.0% / 2.1x 17.5% / 2.2x 18.9% / 2.4x 20.4% / 2.5x 22.0% / 2.7x

Windsor Development LLC. Windsor Development
Financial Overview – Pro Forma
23
Assumptions Highlights:
• Residential “Other Revenue:”
Includes items such as market
standard administrative fees,
application fees, and fees associated (water, sewer, trash collection,
internet). Bad Debt includes Concessions total revenue)
• Residential Vacancy market 5% vacancy rate.
• Residential OpEx: margin with the benefit 15-year property tax abatement.
Current Underwriting Pro Forma
Phase In Development Year Ending 06/01/25 Cumulative Leased Units – Occupancy – Average Monthly Rent – Revenues
Base Rental Revenue -$ Other Revenue – General Vacancy – Bad Debt & Loss Effective Gross Income -$ Operating Expenses
Repairs & Maintenance -$ Monthly Services – Utilities – Advertising & Promotion – Payroll – Real Estate Taxes – Insurance – General & Administrative – Grounds & Parking Lot – Management Fees – Gramercy Fund Admin Fee – Contingency (Other) – Total Operating Expenses -$ Margin — % – Net Operating Income (NOI) -$ Margin — % – Yield on Cost — % – Replacement Reserves -$ NOI (After Replacement Reserve) -$ All rights reserved.13 May 2026This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, in any form or byany means. ©
late fees, pet fees,
with utilities
& Loss to Lease
(total of 5% of
Rate: Assumes
Stabilizes as ~34%
of a full, 75%.
– Subject to Change
In Development Operating Operating Operating Operating
06/30/26 06/30/27 06/30/28 06/30/29 06/30/30
– 91 135 135 135
– 67.4% 100.0% 100.0% 100.0%
– 1,703.4 1,728.7 1,780.6 1,834.0
-$ 620,042$ 2,707,150$ 2,884,515$ 2,971,051$
– 51,739 229,269 244,290 251,619
– – (117,073) (156,440) (161,133)
to Lease Units – – (3,359) (14,682) (15,644) (16,113)
-$ 668,422$ 2,804,664$ 2,956,721$ 3,045,423$
-$ (64,890)$ (114,577)$ (118,015)$ (121,555)$
– (16,223) (28,644) (29,504) (30,389)
– (64,890) (114,577) (118,015) (121,555)
– (32,445) (57,289) (59,007) (60,777)
– (89,224) (157,544) (162,270) (167,138)
– (65,702) (114,603) (118,041) (121,582)
– (40,556) (71,611) (73,759) (75,972)
– (40,556) (71,611) (73,759) (75,972)
– (24,334) (42,966) (44,255) (45,583)
– (26,737) (112,187) (118,269) (121,817)
– – – – –
– (52,723) (93,094) (95,887) (98,763)
-$ (518,280)$ (978,703)$ (1,010,780)$ (1,041,104)$
– 77.5% 34.9% 34.2% 34.2%
-$ 150,142$ 1,825,962$ 1,945,941$ 2,004,319$
– 22.5% 65.1% 65.8% 65.8%
– 0.6% 7.2% 7.7% 7.9%
-$ (6,249)$ (27,689)$ (29,504)$ (30,389)$
-$ 143,894$ 1,798,272$ 1,916,437$ 1,973,930$

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Windsor Development
Windsor is a fully vertically integrated real estate investment and development firm focused on investing in markets with
substantial, long-term secular growth to drive outsized returns
Appendix | Sponsor Overview
25
Core Strengths – The “Windsor Way”Windsor at a Glance
• Founded in 1999 as a third-party construction and
development firm
• Began substantial multifamily investment in 2010
leveraging full vertical integration of the platform
• Launched Windsor Development in 2020 focusing the
entire platform exclusively on proprietary real estate
investment on behalf of the principals and investors
• Currently over 1,600 units in various stages of
development, representing over $300 million in total
capitalization
• Headquartered in Powell, OH
Fully vertically integrated platform spanning the entire investment lifecycle – including
origination, development, construction & procurement, asset management and property
management
This level of cost control was created to allow the Firm to execute at a substantial
discount to our peers in both new construction and value add acquisitions
Full Vertical Integration
Via strong relationships with State and Local government as well as growing employers,
Windsor has become a strategic partner in the market – the Firm is often proactively
approached by these parties to solve housing needs
Strategic Network
A dedicated and proactive sourcing team systematically maps each target sub-market
and maintains a proprietary database of leads that are tracked in real time
Dynamic Sourcing
Windsor’s partners make investments or back-end performance incentives in each deal
to ensure complete alignment – Windsor and its partners succeed together
Alignment

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Disclaimer
As of March 2025
THIS PRESENTATION, WHICH IS BEING PROVIDED ON A CONFIDENTIAL BASIS DOES NOT CONSTITUTE AN OFFER TO BUY OR SELL A SECURITY OR ANY INVESTMENT INTEREST IN ANY
FUND OR INVESTMENT VEHICLE AND DOES NOT CONTAIN ALL OF THE INFORMATION THAT WOULD BE MATERIAL TO A PROSPECTIVE INVESTMENT IN A FUND OR INVESTMENT
VEHICLE. IN ADDITION, THE INFORMATION CONTAINED HEREIN IS SUBJECT TO CHANGE AT THE SOLE AND ABSOLUTE DISCRETION OF THE INVESTMENT MANAGER. IF THE
INVESTMENT MANAGER CHOOSES TO MAKE AN OFFER TO SELL YOU AN INVESTMENT INTEREST IN A FUND OR INVESTMENT VEHICLE, THE INVESTMENT MANAGER WILL PROVIDE YOU
WITH A COPY OF THE OFFERING MATERIALS OF SUCH ENTITY PRIOR TO MAKING SUCH OFFER. EACH PROSPECTIVE INVESTOR CONSIDERING AN INVESTMENT IN ANY SUCH ENTITY
SHOULD CAREFULLY REVIEW THE OFFERING MATERIALS PRIOR TO MAKING ANY SUCH INVESTMENT.
THE PARTICIPATION IN INVESTMENTS MANAGED BY THE INVESTMENT MANAGER IS SUITABLE ONLY FOR SOPHISTICATED INVESTORS FOR WHOM SUCH AN INVESTMENT DOES NOT
CONSTITUTE A COMPLETE INVESTMENT PROGRAM AND WHO FULLY UNDERSTAND AND ARE WILLING TO ASSUME THE RISKS INVOLVED WITH SUCH AN INVESTMENT. THE
INVESTMENT PERFORMANCE DISCUSSED IN THIS SUMMARY, IF ANY, SHOULD NOT BE USED TO PREDICT THE FUTURE RETURNS OF ANY INVESTMENT. THE INVESTMENT’S
PERFORMANCE MAY BE VOLATILE AND INVESTORS MAY LOSE ALL OR A SUBSTANTIAL PORTION OF THEIR INVESTMENT.
INVESTORS IN ANY FUND OR INVESTMENT VEHICLE MAY BEAR ASSET-BASED FEES, EXPENSES AND A PERFORMANCE-BASED ALLOCATION AT THE INVESTMENT LEVEL AND MAY BEAR,
INDIRECTLY, FEES, EXPENSES AND IN CERTAIN CASES, PERFORMANCE-BASED COMPENSATION OF THE UNDERLYING INVESTMENTS; PERFORMANCE-BASED FEES MAY CREATE AN
INCENTIVE FOR SPECULATIVE INVESTMENT BY AN INVESTMENT ADVISER.
IF INCLUDED, INDEX INFORMATION IS INTENDED MERELY TO SHOW THE GENERAL TREND IN THE MARKETS FOR THE PERIODS INDICATED AND IS NOT INTENDED TO IMPLY THAT THE
INVESTMENTS ARE SIMILAR TO THE INDICES EITHER IN COMPOSITION OR RISK. REFERENCES TO ANY INDICES ARE FOR INFORMATIONAL AND GENERAL COMPARATIVE PURPOSES
ONLY. THE PERFORMANCE DATA OF VARIOUS INDICES MENTIONED IN THIS UPDATE ARE UPDATED AND RELEASED ON A PERIODIC BASIS BEFORE FINALIZATION. THE PERFORMANCE
DATA OF VARIOUS INDICES PRESENTED HEREIN WAS CURRENT AS OF THE DATE OF THE PRESENTATION. PLEASE REFER TO DATA RETURNS OF THE SEPARATE INDICES IF YOU DESIRE
ADDITIONAL OR UPDATED INFORMATION. INDICES ARE UNMANAGED, AND THEIR PERFORMANCE RESULTS DO NOT REFLECT THE IMPACT OF FEES, EXPENSES, OR TAXES THAT MAY BE
INCURRED THROUGH AN INVESTMENT WITH WINDSOR. RETURNS FOR INDICES ASSUME DIVIDEND REINVESTMENT. AN INVESTMENT CANNOT BE MADE DIRECTLY IN AN INDEX.
ACCORDINGLY, COMPARING RESULTS SHOWN TO THOSE OF SUCH INDICES MAY BE OF LIMITED USE.
NO REPRESENTATION IS MADE HEREBY WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF SUCH DATA. INDICES ARE UNMANAGED, AND THEIR PERFORMANCE RESULTS DO
NOT REFLECT THE IMPACT OF FEES, EXPENSES, OR TAXES THAT MAY BE INCURRED IN THE FUND. RETURNS FOR INDICES ASSUME DIVIDEND REINVESTMENT.
AN INVESTMENT IN THE FUND HAS NOT BEEN RECOMMENDED OR APPROVED BY ANY U.S. FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY OR THOSE OF
THE CAYMAN ISLANDS. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
CERTAIN STATEMENTS MADE DURING THIS PRESENTATION ARE FORWARD-LOOKING AND ARE SUBJECT TO RISKS AND UNCERTAINTIES. THE FORWARD-LOOKING STATEMENTS MADE
ARE BASED ON OUR BELIEFS, ASSUMPTIONS AND EXPECTATIONS OF FUTURE PERFORMANCE, TAKING INTO ACCOUNT INFORMATION CURRENTLY AVAILABLE TO US. ACTUAL RESULTS
COULD DIFFER MATERIALLY FROM THE FORWARD-LOOKING STATEMENTS MADE IN THIS PRESENTATION. WHEN WE USE THE WORDS “BELIEVE,” “EXPECT,” “ANTICIPATE,” “PLAN,”
“WILL,” “INTEND” OR OTHER SIMILAR EXPRESSIONS, WE ARE IDENTIFYING FORWARD-LOOKING STATEMENTS.
THE FORWARD-LOOKING STATEMENTS MADE IN THIS PRESENTATION ARE SUBJECT TO THE SAFE HARBOR OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
WINDSOR HAS BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION SINCE 2000. REGISTRATION AS AN INVESTMENT ADVISER DOES NOT IMPLY ANY LEVEL OF
SKILL OR TRAINING.
OPINIONS, ESTIMATES AND PROJECTIONS IN THIS REPORT CONSTITUTE THE CURRENT JUDGEMENT OF WINDSOR AS OF THE DATE OF THIS REPORT AND ARE SUBJECT TO CHANGE
WITHOUT NOTICE. WINDSOR HAS NO OBLIGATION TO UPDATE, MODIFY OR AMEND THIS REPORT OR OTHERWISE NOTIFY A READER HEREOF IN THE EVENT THAT ANY MATTER
STATED HEREIN, OR ANY OPINION, PROJECTION, FORECAST OR ESTIMATE SET FORTH HEREIN, CHANGES OR SUBSEQUENTLY BECOMES INACCURATE.
THIS PRESENTATION IS NOT INTENDED FOR PUBLIC USE OR DISTRIBUTION. THIS PRESENTATION MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, IN ANY FORM
OR BY ANY MEANS.
26

Windsor Development — Unity Village Opportunity Overview (Spring 2026)

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