1. 1 P3 CONNECT July 20, 2015 Jim Tucker Senior Vice President

2. SECTION TITLE | 2 2 WHY P3s? – FREEING CAPITAL FOR INVESTMENTS IN CORE ACADEMIC/RESEARCH MISSION Focus University investments on modernization of academic and research facilities Generate annual ground rents and unlocking the value of the land Add dynamic new street-level retail along major corridors Provide homeownership opportunities and neighborhood amenities such as childcare facility Papadakis Integrated Sciences Building, 2011 133,800 SF, $69M URBN Center, 2012 175,569 SF, $47M Gerri C. LeBow Hall, 2013 177,500 SF, $92M

3. SECTION TITLE | 2 3 CHESTNUT SQUARE – AMERICAN CAMPUS COMMUNITIES Winner, 2015 Philadelphia Urban Land Institute Willard G. “Bill” Rouse III Award for Excellence Opened Fall 2013 361,000 square feet, 861 beds $100 million 25,000 square feet of retail Yogorino, Shake Shack, Joe Coffee, Zavino, coZara, Plaza Artist Materials & Picture Framing, Franklin Mint Federal Credit Union

4. SECTION TITLE | 2 4 UNIVERSITY CROSSINGS – AMERICAN CAMPUS COMMUNITIES Winner INNOVATOR Award for “Most Creative Public/Private Partnership” by Student Housing Business magazine Land, sub-surface and air rights conveyed to Drexel in August 2013 Option to transfer building to Drexel at any time of DU’s choosing ACC investing $30M in renovations Total value: $68.5 million 1,016 beds 60-foot back-lit signage

5. SECTION TITLE | 2 5 THE SUMMIT – AMERICAN CAMPUS COMMUNITIES Winner, Philadelphia Business Journal’s Heavy Hitters of Real Estate “Top Deals” Award 2015 Opening September 2015 580,000 square feet, 1,316 beds $170 million 18,000 square feet retail 21,000 square foot student dining center

6. SECTION TITLE | 2 6 THE SUMMIT – URBAN EATERY $9.3M Capital Investment from Sodexo

7. SECTION TITLE | 2 7 THE STUDY AT UNIVERSITY CITY – HOSPITALITY 3 Opening Fall 2016 145,000 square feet 212 rooms Restaurant, Conference Center, Fitness Center Extended-stay rooms on top floor Operated by Study Hotels

8. SECTION TITLE | 2 8 UNIVERSITY CITY HIGH SCHOOL SITE – JOINT VENTURE 14-acre site adjacent to west end of Drexel’s campus Acquired June 2014 by Drexel University-Wexford Science & Technology joint venture Demolition of final building expected in fall 2015 2.7 million gross square feet of potential development $1 billion development value Wexford development plans include: residential, research, office, retail Winner, Philadelphia Business Journal’s Heavy Hitters of Real Estate “Top Deals” Award, 2015

9. SECTION TITLE | 2 9 MIXED-USE/CHILDCARE DEVELOPMENT – 3201 RACE 164 market-rate apartments 12 owner-occupied two-bedroom townhomes 175-capacity childcare facility run by third-party operator Currently in ground lease negotiations with Radnor Property Group

10. SECTION TITLE | 2 10 ADDITIONAL FUNDING STRATEGIES FOR CAPITAL PROJECTS RACP – State Grant Program: Used to help fund Papadakis ISB and LeBow Hall construction Tax Credits: Dornsife Center for Neighborhood Partnerships – New Market and Historic Tax Credits Sheller 11 th Street Family Health Services Center – New Market Tax Credits Kline Institute for Trial Advocacy – Pursuing Historic Tax Credits

11. SECTION TITLE | 2 11 Key Ground Lease Terms Key University Ground Lease Terms for P3 DEVELOPMENTS Ground Rent Fee Not Subordinated Completion Guarantee Restrictive Covenant Against the Land (Deed) Loan to Value Ratio Limits during construction and for permanent financing to keep Lessee's equity in the project Purchase Option Reserve Fund for Replacements

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