TENTH ANNIVERSARY CHALLENGE NOVEMBER 9-10, 2011

LEAD SPONSORS:

CASE SPONSOR: J.P. MORGAN FIRST PRIZE SPONSOR: THE LIONSTONE GROUP IN-KIND SPONSOR: REAL ESTATE FINANCIAL MODELING LEAD SPONSOR: ROTHSCHILD REALTY MANAGERS

The 2010

2011 NATIONAL REAL ESTATE CHALLENGE Wednesday-Thursday, November 9-10, 2011 Coordinating Host: The UT Real Estate Finance and Investment Center

Challenge Overview: Teams of graduate students from leading business/real estate schools around the nation compete in a real estate investment case competition by providing a brief presentation to a judging panel of real estate professionals from prominent companies.

Lead Sponsors: Case Sponsor: J.P. Morgan First Prize Sponsor: The Lionstone Group In-Kind Sponsor: Real Estate Financial Modeling Lead Sponsor: Rothschild Realty Managers

Supporting Sponsors: Clarion Partners L& B Realty Advisors Parmenter Realty Partners Stockbridge Capital Group Stream Realty Partners Trail Creek Capital

Participating Schools: Berkeley: University of California at Berkeley, Haas School of Business Chicago: University of Chicago, Booth School of Business Columbia: Columbia University, Columbia Business School Cornell: Cornell University, Program in Real Estate Duke: Duke University, Fuqua School of Business Michigan: University of Michigan, Ross School of Business Northwestern: Northwestern University, Kellogg School of Management NYU: New York University, Stern School of Business Pennsylvania: University of Pennsylvania, Wharton School of Business Texas: University of Texas at Austin, McCombs School of Business UCLA: University of California at Los Angeles, Anderson School of Management UNC: University of North Carolina, Kenan-Flagler Business School USC: University of Southern California, Marshall School of Business Vanderbilt: Vanderbilt University, Owen Graduate School of Management Virginia: University of Virginia, Darden Graduate School of Business Yale: Yale University, School of Management John B. Bartling, Jr. Global Head of Real Estate Ares Management LLC

Mr. Bartling is Global Head of Real Estate for Ares Management LLC. Ares Management is a global alternative asset manager and SEC registered investment adviser with approximately $41 billion of committed capital under management and approximately 450 employees. The firm is headquartered in Los Angeles with offices across the United States and Europe.

Formerly Managing Partner of AllBridge Investments and Chief Investment Officer of the firm. AllBridge was a portfolio company of Ares Capital Corporation (NYSE: ARCC), for which he was Senior Advisor to Ares Capital Markets Group. AllBridge sponsored 4 real estate investment funds, 3 of which have been round tripped, and one corporate investment, Helix Financial, which AllBridge sold to BlackRock Solutions in 2010. Previous to AllBridge, Mr. Bartling founded WMC Management Company (“WMC”), a privately held real estate operating company with over 3,000 employees and clients including Olympus Real Estate Partners, Arnold Palmer Golf Management (“APGM”), Walden Residential, and Hyphen Solutions. Most notably, took Walden Residential (NYSE: WDN) private as CEO in 2000. Walden owned and managed 142 properties with 39,640 apartment units and fee managed another 15 properties with 4,245 apartment units at the time of acquisition. Walden was headquartered in Dallas, with regional offices in Atlanta, Austin, Dallas/Fort Worth, Houston, Phoenix, and San Antonio. Walden was sold in March 2006 to a subsidiary of Dubai Investment Group. WMC Management Company, the operator of APGM and third party accounting services sold later that year to Walton Street Capital, LLC.

Prior to WMC, Mr. Bartling served as the CEO and President for Lexford Residential Trust, Inc. (NYSE: LFT), a publicly held multi-family REIT. Lexford Residential Trust (fka Cardinal Realty: CRSI) was a fully integrated REIT, which owned and managed 402 apartment communities throughout the Midwest and southeast United States. The 402 apartment communities composed 36,609 residential units serving the value-conscious segment of the multifamily residential real estate industry. Located in Columbus, Ohio, the company was merged with Equity Residential Trust (NYSE: EQR) in 1999.

Before LFT, Mr. Bartling served as Director of the Real Estate Products Group of Credit Suisse First Boston. Prior to CSFB, Mr. Bartling served as an Executive Vice President of NHP Incorporated. Mr. Bartling’s previous professional experience also includes Trammell Crow Residential, as a Development Principal, and Mellon Bank, NA as a Vice President of the Commercial Mortgage Banking Group.

Groups and Associations Mr. Bartling has served on the Board of Directors of APGM, RockResorts, the Children’s Hospital Research for Ohio State University, the Harvard Joint Center for Housing Studies: Leadership Forum on Pension Fund and Endowment Investments in Domestic Emerging Markets, Big Brothers and Big Sisters Association of Columbus, Ohio, NMHC Board of Directors, Real Estate Round Table and Hyphen Solutions Board of Directors. Mr. Bartling has served on the Executive Council and as Chairman of the Finance Committee for the National Multi Housing Council (“NMHC”), as well as on the Board of the Multi-family Committee of the National Association of Home Builders.

Honors Mr. Bartling won the BBB Business Integrity Award for Lexford, Inc in 1996 and was a judge for Ernst & Young Entrepreneur of the Year. He was the co-founder of Caring Partners for Kids, awarded the 2004 Community Service Award by Multifamily Executive, and served on the Strategic Planning Committee of Saint Michael and All Angels Episcopal Church in Dallas. Mr. Bartling received a B.S. in Marketing from Robert Morris College in Pittsburgh, Pennsylvania.

Steve Bronner Managing Principal & Southwest Regional Director Parmenter Realty Partners

Since joining Parmenter in 2002 Mr Bronner has been involved in the strategic Since joining Parmenter in 2002, Mr. Bronner has been involved in the strategic planning of the company as well as being presently responsible for investment acquisitions, asset management, and investment sales in the Southwest region. He has over 30 years of real estate experience including involvement in development, acquisitions and asset management. Mr. Bronner and Mr. Parmenter first worked together in 1985 at Lincoln Property Company.

Mr. Bronner has structured acquisitions and/or financed transactions totaling in excess of $1.7 billion, representing separate account clients such as Stanford University, New York State Teachers Retirement Fund, The Alaska Permanent Fund, and California Public Employee Retirement System. Prior to joining Parmenter Realty Partners, he served as a senior acquisitions officer at Sarofim Realty Advisors and Kennedy Associates Realsenior acquisitions officer at Sarofim Realty Advisors and Kennedy Associates Real Estate Counsel, Inc. His previous experience also includes directing the real estate acquisition strategies at IBEX Institutional Advisors. Prior to IBEX, he held positions with The Worthing Companies, Salomon Brothers, and Lincoln Property Company.

Mr. Bronner is a graduate of Concordia University and received his CCIM designation inMr. Bronner is a graduate of Concordia University and received his CCIM designation in 1980. He is a member of the National Association of Office and Industrial Properties (NAIOP). He serves on the board of directors for the North Texas Chapter of NAIOP and was President of the chapter in 2005. Mr. Bronner has been elected to the National Board of Directors for NAIOP and serves on its executive committee.

John Buza Head of Asset Management – Americas Morgan Stanley Real Estate Investing

John Buza is a Managing Director and Head of Asset Management in the Americas for Morgan Stanley Real Estate Investing Business which aggregates approximately $22 billion of Assets Under Management. He has 29 years of experience in all aspects of business where he is involved in the acquisition, asset management and disposition life cycles of Morgan Stanley Real Estate Funds and Prime Property Fund investments and oversees real estate in the Office, Retail, Multifamily, Hotel, Industrial and Land sectors. John sits on the Board of a number of private investments owned by the various Morgan Stanley Real Estate Funds.

Prior to joining Morgan Stanley, John spent 14 months as Senior Vice President of Asset Management of MeriStar Hospitality Corporation, a hotel real estate investment trust where he was responsible for asset management and dispositions. Prior to joining MeriStar, John spent 12 years at Salomon Brothers Inc., where he served as Director and Head of Firm Investments with full responsibility for strategic asset management, disposition and financial reporting for all of Salomon’s non-security investments. Prior to Salomon Brothers Inc., John spent four years at Touché Ross & Co. as a Senior Accountant. John is an active member of the Urban Land Institute and International Council of Shopping Centers and is a licensed broker in the State of New York. He received a BA in Accounting/Business Administration from Muhlenberg College and is a Certified Public Accountant.

Christopher T. Chee Managing Director The Blackstone Group

Christopher T. Chee is a Managing Director in the Real Estate group and is based in Los Angeles. Since joining Blackstone in 2002, Mr. Chee has been involved in sourcing and executing transactions, including the Larkspur Hospitality Loan, Royal City Center in British Columbia, the Downing Street Portfolio in Toronto, the BCorp portfolio in Calgary, and most recently, played a key role in the acquisition of Trizec, CarrAmerica Realty Corp and Equity Office. Prior to joining Blackstone, Mr. Chee was a Vice President and one of the original employees at Fortress Investment Group LLC, an Associate in the Global Principal Finance Group of UBS Securities LLC, and an Associate at BlackRock Financial Management L. P. Mr. Chee received a BA in History from the University of Pennsylvania. He currently serves on the boards of Junior Achievement of Southern California, the Lusk Center for Real Estate at the University of Southern California and the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley. Mark Cover Executive Vice President CEO Hines

Executive Vice President responsible for Hines Southwest Region, Mark Cover joined the firm in 1983. In his career with Hines he has contributed to the development, acquisition and/or management of more than 28 million square feet of commercial real estate totaling $2 billion of value in Texas, Colorado, New Mexico, Arizona, Utah and Mexico. Mr. Cover is currently responsible for key investment partner relationships and related property in the Southwest United States and general asset management of 16 million square feet. He received his Bachelor of Science in Accounting from Bob Jones University in 1982 and became a Certified Public Accountant in 1987 (retired).

Donald A. Dibble Senior Vice President The Lincoln National Life Insurance Company

Donald A. Dibble is Senior Vice President of The Lincoln National Life Insurance Company. Don is responsible for managing $7.3 billion of commercial real estate assets comprised of a commercial mortgage loan portfolio totaling $6.8 billion; real estate limited partnerships totaling $237.0 million, and; real estate equities totaling $290.0 million. Additional responsibilities include daily operations of the Mortgage and Real Estate Department, which includes loan origination, closing, servicing, risk management, portfolio management, and developing mortgage strategies and investment programs. Don has been in the commercial real estate industry for thirty years, representing savings institutions, commercial banks, and life insurance companies. His areas of expertise include portfolio management, loan origination, permanent and construction lending, commercial mortgage-backed securities (CMBS), appraisal, loan workouts, real estate equities, asset management, joint ventures, and mortgage banking.

Don graduated from Ferris State University with an A.A.S. Degree in Building Construction and a B.S. Degree in Business Administration. Currently, Don serves as Board Member of the Life Mortgage & Real Estate Officers Council (Dutch Treat); Board Member for the Martha and Spencer Love School of Business at Elon University; Vice Chairman of the Mortgage Bankers Association, Investor Council; Committee Member of the American Council of Life Insurers MEAF Subcommittee and Workgroup. He is also a Member of the Mortgage Bankers Association of America, Urban Land Institute, and holds a State of Michigan broker license.

Paul J. Doocy Partner / Executive Vice President Real Estate Capital Partners

Mr. Doocy is the head of the Investment/Acquisitions Team and applies his extensive finance background to the equity financing of commercial and multifamily developments for the firm. He oversees the firm’s overall due diligence and investment/disposition approval process.

Prior to joining Real Estate Capital Partners, Mr. Doocy was a partner in a Dallas based real estate investment banking firm. The focus of his investment activity was large structured finance transactions involving pension fund clients. He also has experience in securitization vehicles such as REMICs, REITs and low-income housing tax credits. Mr. Doocy began his career with a Dallas based real estate and oil and gas syndication firm.

Mr. Doocy is an active member of the Multifamily Leadership Board for the National Association of Home Builders (NAHB), and he is a member of the National Multifamily Housing Council and the Urban Land Institute. He received an MBA from Southern Methodist University and is a graduate of Amherst College (BA, Political Science).

Christopher Duey Managing Director, High Yield Private Debt Principal Real Estate Investors

Christopher Duey - Managing Director, High Yield Private Debt at Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He is also 1responsible for New Business Development activities involving high yield debt and various private debt programs. Prior to assuming his current role, Chris was responsible for the lending efforts covering the Western region of the United States. Chris joined the firm in 1992 and has held various roles within Principal Real Estate Investors, moving into his current position in 2008. Chris received an MBA from Drake University and a BBA in Finance and Marketing from the University of Iowa. He is a member of the International Council of Shopping Centers and the Urban Land Institute.

Clayton Elliott President Palladian Capital Advisors

Clayton Elliott is President of Palladian Capital Advisors; www.palladianca.com, an investment banking firm with an emphasis on commercial real estate. Palladian assists developers, owners, operators, managers, investors and borrowers in procuring investment capital and providing advisory services for the same clients. Palladian is currently sourcing over $1B of equity capital for our clients.

Prior to joining Palladian, Mr. Elliott was a senior partner with Hines Interests for 28 years. During his tenure he was responsible for the development, acquisition, and management of more than 18.5 million square feet of commercial real estate representing over $4 billion in value. He holds a BSBA in accounting from the University of Florida and a MBA from Harvard Business School; and is a non-practicing CPA.

Collette English Dixon Vice President, Transactions Prudential Real Estate Investors

Collete English Dixon is Vice President, Transactions, for Prudential Real Estate Investors (PREI), a business unit of Prudential Financial. As of January 2008, she became co-leader of PREI’s national investment dispositions program, which is responsible for managing the sale of PREI’s investment properties on behalf of its clients. For 2010, the PREI dispositions team completed the sale of more than $3B in portfolio assets.

Prior to January 2008, she was responsible for sourcing real estate investments in multiple Midwest Region markets, covering all property types, including office, multi-family, hotel, industrial and retail properties. Through December 2007, Ms. English Dixon had received authorization for more than $2.7 billion of new investments for PREI’s clients.

From 1989 through early 1996, Ms. English Dixon was responsible for PREI and Prudential General Account property dispositions and exit strategy for investment properties located throughout the eastern United States. During this period, she was involved with more than $380 million of real property sales. From 1986 to 1989, Ms. English Dixon was part of Prudential’s Southern Region transactions unit.

Prior to 1986, Ms. English Dixon was with Prudential's property development group, overseeing all facets of the real property development process for wholly-owned and joint venture projects throughout the Southeastern U.S. Her activities included concept development and feasibility analysis, site acquisition, construction administration, asset management and project disposition.

Ms. English Dixon began her career with Prudential as an asset management analyst in 1979.

Ms. English Dixon received her BBA from the University of Notre Dame. She earned her Masters of Business Administration from Mercer University.

Ms. English Dixon is the 2011 President of CREW Network, a Past President of CREW Chicago and a Past Chair of CREW Foundation. Ms English Dixon also serves asVice -Chair/Membership of the Purple Flight of the Urban Development-Mixed Use Council of ULI. Ms. English Dixon received the 2008 Conscientious Professional Award given by the Global Diversity Summit. She is on the Advisory Council for the Roosevelt University Marshall Bennett School of Real Estate and on the Advisory Board for the Goldie Wolfe Miller Scholarship Fund. Additionally, Ms. English Dixon is a member of the Board of Directors for the Oak Park River Forest Food Pantry. She has also been active in Jack and Jill of America, Inc, as a board member of Hephzibah Children’s Association and in the alumni association for her alma mater, the University of Notre Dame.

Thomas O. Fish Executive Managing Director/Co-Head Jones Lang LaSalle Americas, Inc.

Prior to recently joining Jones Lang LaSalle as an Executive Managing Director, Tom was Vice Chairman with CBRE / Melody, 1996 to March 2010. He was one of the company’s top originators, and has completed debt and equity transactions in excess of $4 billion. In addition, Tom managed the debt and equity finance team for the company’s Southwest Region.

Tom has been in the real estate finance industry since 1987 and was co-owner of Post Oak Partners, a Houston-based real estate finance firm.

Tom’s specialties include mortgage loans, structuring & arranging equity joint ventures, participating debt and other structured finance transactions. He has been involved in financing multi-family, office, industrial, retail, hotel, golf course & land development transactions, to-be- built developments as well as dispositions of institutional quality real estate.

Tom is a member of several national associations including, The Urban Land Institute, The Mortgage Bankers Association of America, the National Association of Industrial and Office Properties and the International Council of Shopping Centers.

Tom graduated with a B.B.A in Finance and Marketing from the University of Texas in 1985. He resides in Houston with his wife Shari and their three children, Stephanie, Bryan (Bubba) Stacy.

William H. Flaherty President Rosewood Property Company

Bill Flaherty is President of Rosewood Property Company with responsibility for managing a diverse portfolio of real estate investments and for sourcing new investment and development opportunities. Previously, he served as Senior Vice President, Marketing & Leasing for Irvine Company with primary responsibilities for creating and implementing customer strategies, as well as introducing an innovative and modern marketing platform for the Office Properties portfolio which is comprised of over 475 buildings totaling approximately 39 million square feet, primarily in coastal California locations.

Mr. Flaherty joined Irvine Company in 2008 after a successful career leasing, marketing and developing some of the premier real estate assets in North Texas and Southern California. At Maguire Properties, an LA based public REIT (NYSE listed MPG); his responsibilities included all major lease transactions, public market interaction with analysts and shareholders and direct responsibility for the $1.2 billion joint venture with Macquarie Office Trust. In addition, he managed all marketing, customer and branding matters for the 21 million sf office portfolio and 15 million sf entitled development pipeline. Previously, he served as SVP of Hillwood, a Dallas, Texas based private real estate firm owned by Ross Perot, Jr. where he directed the highly successful marketing, sponsorship, and premium sales effort for the $420 million American Airlines Center and the introduction and early development of the Victory Park project in Uptown Dallas. From 1984-1990 Mr. Flaherty served in various marketing and leasing capacities at Rosewood, including on the original development, leasing and marketing team for The Crescent.

Industry activities include ULI, NAIOP, where he is the 2011 President of NAIOP SoCal, and The Real Estate Council. He is also a member of the Salesmanship Club of Dallas.

Mr. Flaherty earned his MBA from the University of Portland and received a BA from St. Ambrose University.

Paul M. Fox Managing Director Cerberus Capital Management

Paul M. Fox joined Cerberus Capital Management in November 1997 and is currently a Managing Director responsible for identifying and negotiating new investments. Additionally, Mr. Fox is the liaison between Cerberus private equity, Ableco finance and Cerberus real estate.

Cerberus Capital Management a global private investment firm with over $20 billion of discretionary capital under management. Cerberus Real Estate Capital Management invests directly and indirectly in real estate equity, debt and operating businesses, and has consummated over three hundred distinct investments since inception in 1994 in the United States and abroad. Cerberus Real Estate Capital Management, LLC is an industry leader in delivering innovative, customized solutions for the capital needs of real estate professionals and owners of complex real estate and real estate-related assets.

From 1987 to 1997, Mr. Fox held various positions at Jones Lang Wootton culminating in the overall responsibility for the Corporate and Advisory Services division for North and South America. Jones Lang Wootton’s Corporate and Advisory Services advised and implemented strategic elements of the real estate holdings of global corporate and institutional clients worldwide.

Prior to Jones Lang Wootton, Mr. Fox served in the United States Air Force. Mr. Fox graduated from the University of Texas summa cum laude with degrees in real estate and finance.

Timothy Gallagher Managing Director Morgan Stanley

Timothy Gallagher is a Managing Director for Morgan Stanley based in New York. Mr. Gallagher is part of the Securitized Products Group where he is responsible for all real estate loan principal positions and CRE loan/CMBS distribution. Previous to his current position, Timothy was a Managing Director at Goldman Sachs & Co in their commercial real estate and CMBS business.

Mr. Gallagher is a member of the Executive Committee of the Board of Governors for the Commercial Real Estate Finance Council, a member of the Advisory Board of the Center for Real Estate at the Fisher College of Business at The Ohio State University and a member of the Dean's Advisory Council at the Fisher College of Business. Timothy earned a BSBA from The Ohio State University.

Steven Ganeless Senior Vice President Brookfield Real Estate Opportunity Group

Mr. Ganeless is a Senior Vice President and a principal in Brookfield’s Real Estate Opportunity Group, where he has overseen the investment and subsequent management of over $2 billion worth commercial and multifamily properties. Steven has over 20 years of experience in real estate transactions, and prior to joining Brookfield in 2005 he held the positions of Principal at Olmstead Properties and Senior Vice President at Vornado Realty Trust. At Vornado, Mr. Ganeless was responsible for the acquisitions of its Office Division, among other roles. In addition, he held acquisition positions with Town and Country Trust and LaSalle Partners. He has been responsible for all aspects of real estate ownership, including acquisition, financing, disposition, development, leasing and management for a broad range of property types. Steven received a Bachelor of Arts, with distinction, from the University of Pennsylvania and an MBA from Penn’s Wharton School.

Mark D. Gibson Executive Managing Director, Executive Committee Member, Vice Chairman of the Board of Directors HFF, Inc.

Career Summary Mr. Gibson is an Executive Managing Director for the firm and one of its founding partners, located in the Dallas office of HFF (Holliday Fenoglio Fowler, L.P.). As part of the four-person HFF Executive Committee, Mr. Gibson is responsible for the overall direction of the firm’s 19 offices throughout the nation. Mr. Gibson joined HFF in 1984 and has been involved in real estate financing and asset sales for major corporate, institutional and entrepreneurial owners, both nationally and internationally.

Professional Affiliations . AFIRE – Director of Programs on the Executive Committee of the Board of Directors (2012) . AFIRE – Board of Directors of the Associate Members of the Association (2012-2013) . Urban Land Institute (ULI)–Past Chairman/Council Member of IOPC Gold . WPO - Member and Former Board Member . The Real Estate Council of Dallas–Chairman . McCombs School of Business Advisory Council at UT Austin . Baylor Health Care System Foundation Advisory -Board Member . Visitors at UT Southwestern University Hospitals & Clinics- Advisory Board Member . University of Texas Real Estate Finance & Investment Center (UT REFIC)–Chairman . International Council of Shopping Centers (ICSC)–Member . Mortgage Bankers Association (MBA)–Member

Professional Designations Licensed Real Estate Broker – State of Texas

Education BBA, University of Texas at Austin

Patricia Gibson President Hunt Realty Investments, Inc.

As president of Hunt Realty Investments, Inc., Patricia Gibson is responsible for the overall operations and strategic direction of the company, as well as its interaction and investment relationships with other Hunt entities. Patricia joined Hunt Realty Investments, Inc. in April 1997 as Senior Vice President with responsibility for the firm’s acquisition, investment management and capital markets activities.

Through direct ownership and operating partnerships, Hunt Realty Investments owns a diverse portfolio of commercial land, full service hotels, suburban office buildings, luxury apartments, industrial buildings and master planned residential communities. Hunt Realty Investments’ acquisition focus is on the expansion of its real estate investments through partnerships with experienced development and management teams along with an increased focus on structured investments. Prior to joining Hunt Realty Investments, Pat served for three years as Senior Vice President and Director of Structured Finance at Archon Group, a subsidiary of Goldman, Sachs and Company. At Archon, she oversaw the institutional and capital market efforts for over $1 billion in commercial mortgage backed securitizations and portfolio financings.

Before joining Archon, Pat spent nine years at The Travelers Realty Investment Company where her responsibilities included loan origination, new business development, and the management and restructuring of debt and equity portfolios in excess of $500 million.

Education: MBA from The University of Connecticut BS in Finance, Fairfield University Chartered Financial Analyst (CFA)

Memberships: Association for Investment Management & Research The Real Estate Council (TREC) Zell/Lurie Real Estate Center at Wharton Urban Land Institute (ULI) Pension Real Estate Association (PREA) National Association of Real Estate Investment Managers (NAREIM)--Board Member

David Gilbert Managing Director Clarion Partners

David Gilbert has served as Managing Director, Chief Investment Officer, and Head of Acquisitions for Clarion Partners since October 2010. In this role, he is responsible for developing new investment strategies at the firm and the execution of all new investments. David started his real estate career 25 years ago and has worked in real estate investment banking at Solomon Brothers, CSFB and JP Morgan. He also worked in investment management at Prudential Real Estate Investors for four years prior in acquisitions and portfolio management. He joined CalPERS in 1996 to head the real estate investment group and completed a broad restructuring in the following three years. He joined Chase Capital Partners in 1998, where he served as Group Head responsible for all real estate private equity investing. After Chase merged with JP Morgan in 2000, Mr. Gilbert served as Co-Chairman of the Peabody Global Fund, a $1.1 billion global real estate private equity fund, until 2005. From 2005 to July 2007, he was a Managing Director at the JP Morgan Investment Management Group where he was responsible for managing a $700 million value-add real estate fund. Mr. Gilbert joined Clarion Partners in July 2007 and served as Managing Director and Portfolio Manager for global opportunistic investing until October 2010. He has also served as a member of the Clarion Partners Investment Committee and Executive Board since October 2010. Mr. Gilbert is a member of PREA and the Urban Land Institute. He was a Certified Public Accountant from 1981 to 1983, and holds a Bachelor of Arts from the University of Massachusetts in Amherst and a Masters of Business Administration from The Wharton School at the University of Pennsylvania.

Gary Greenberg Senior Vice President of Capital Markets Weingarten Realty Investors

Gary Greenberg is the Senior Vice President of Capital Markets, a position he assumed in April 2007. He has been with Weingarten Realty Investors since 1997.

Gary is a graduate of The University of Texas Business Honors program with a B.B.A. in Accounting. Following his graduation in 1985, he joined Kenneth Leventhal & Company's Houston office where he was an associate consultant working on market analysis, property valuations and troubled debt restructurings. He became a Certified Public Accountant while at KL & Co.

In 1990, he obtained an MBA from The Wharton School at The University of Pennsylvania. After graduation, he joined Citicorp Real Estate's Shopping Centers Group in New York where his work included lending to some of the nation's largest shopping center owners. Other positions at Citicorp included restructuring of loans, REO sales and as a Vice President in Citicorp Securities, he handled securitization of seasoned and newly originated real estate loans.

Since joining Weingarten in 1997, Gary's responsibilities have included sourcing and negotiating acquisition joint ventures, secured loans, hedging transactions, banking relationships, debt and equity offerings, structuring DownREIT transactions and originating acquisitions in certain markets. His transaction experience includes over $2.5 billion of Joint Ventures at WRI and over $2.5 billion of other transactions. He is an active member of ICSC, ULI's Commercial and Retail Development Council, AFIRE (Association of Foreign Investors in Real Estate) and is Weingarten’s PREA (Pension Real Estate Association) representative. Gary serves as the President of The Shlenker School Board of Trustees and as a Trustee of Seven Acres Jewish Senior Care Services.

Bradley J. Gries Director – Acquisitions RREEF

Mr. Gries is RREEF’s investment officer for the Midwest, Texas, Florida and Toronto markets. In this role, he oversees all acquisition activities, including sourcing and underwriting potential transactions, contract negotiations, due diligence and closing. His role includes sourcing investments of various risk profiles and structures, including core, value-add, development and joint ventures. In addition, Mr. Gries provides RREEF’s Investment Committee with market perspective and analyses to support all major investment decisions, including financings, dispositions, major leases and/or capital outlays. Mr. Gries has directed over $1 billion in acquisitions of office, industrial, retail and multi-family investments and has been involved in multi-market or national portfolio investments totaling over $4 billion, including the privatization of a prominent public industrial REIT. Mr. Gries has been in the real estate business since 1997. Prior to joining RREEF, Mr. Gries was with Trizec Properties, where he led a team of financial analysts that provided cash flow forecasts and valuations for a 50 million square foot portfolio of office properties. Before Trizec, Mr. Gries was a Senior Analyst at MB Real Estate in Chicago, providing analytical support for development projects, acquisitions and asset management. Mr. Gries began his real estate career at Arthur Andersen, LLP in the Real Estate Valuation Group. He holds a B.A. in Economics from University of Illinois in Champaign-Urbana and is a member of the Chicago Chapter of National Association of Industrial and Office Properties and the Urban Land Institute.

Mark Hanrahan, CFA Managing Director Principal Real Estate Investors

Mark is managing director at Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors. He is responsible for overseeing acquisitions and dispositions for the western half of the United States. At Principal, Mr. Hanrahan has been involved in equity and joint venture transactions of approximately $10 billion dollars. Mr. Hanrahan is also a voting member of the Investment Committee for Principal Real Estate Investors. Mark joined the firm in 1991. He received an MBA in finance from Drake University and a bachelor's degree in accounting from the University of Northern Iowa. Mark holds the Chartered Financial Analyst designation and is a Certified Public Accountant. He is a member of the National Association of Real Estate Investment Managers (NAREIM), the CFA Institute and the International Council of Shopping Centers (ICSC).

Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management. Its client base covers both domestic and international clients with approximately $40 billion in real estate assets under management.

David L. Henderson Senior Managing Director – Commercial Mortgage Lending PPM Finance, Inc.

PPM Finance acts as the dedicated asset advisor and manager for North America for an affiliated company, Jackson National Life Insurance Company, and Jackson’s parent company, which is based in London. Mr. Henderson joined PPM when the real estate group was formed in 1995. The PPM Real Estate Group currently manages $13 Billion of assets, including commercial mortgage loans, CMBS, REIT Debt, real estate funds and co-investment equity transactions.

Dave Henderson is responsible for the commercial real estate lending group of PPM, including origination of new loans and equity investments, portfolio management of loans and equity investments, capital markets activities, loan closing, loan servicing, insurance and strategic planning and direction. PPM has originated over $15 Billion of private real estate debt transactions since 1996. Typical annual new loan originations are $1.2-1.5 Billion. PPM’s current real estate mortgage debt portfolio is $6 billion. PPM is known for its broad menu of products and its flexibility and ability to customize loan transactions. PPM and its real estate lending group are headquartered in downtown Chicago.

Mr. Henderson has 34 years of commercial real estate lending and investing experience with four different institutions. Prior to joining PPM, Dave Henderson held commercial real estate positions with ITT Real Estate Services, MGIC and Central Life (now AVIVA).

Dave has an undergrad finance degree from Iowa State University and an MBA from Drake University. He is currently is the Chairperson of the Life Mortgage and Real Estate Officer’s Council (Life Insurance Company RE Executives) and is a member of the Life Office Management Association (“LOMA”). Mr. Henderson also is a member of the National Multi- Housing Council and is active in MBA activities. He currently serves on COMBOG, the governing body of the Mortgage Bankers Association.

W. Todd Henderson Chief Investment Officer – Americas RREEF

Mr. Henderson holds the title of Managing Director, and Chief Investment Officer of RREEF’s Americas real estate business. As CIO, he serves as Chairman of RREEF Americas Investment Committee and serves on the America's Leadership Committee. Prior to assuming this position, Mr. Henderson had been responsible for RREEF’s Value-Added and Development team since June 2007. Mr. Henderson joined RREEF in July 2003 as a Managing Director on RREEF's Acquisition's team and is based in RREEF’s New York office. Before joining RREEF, Mr. Henderson was a Director of Acquisitions for The J.E. Robert Company in Washington, D.C., where he was involved in the sourcing, executing and financing of over $6 billion of real estate transactions. This included $5 billion as part of a 13 person team dedicated to the Goldman Sachs' Whitehall funds and $1 billion for JE Robert Company's first two private equity real estate opportunity funds. He holds a B.A. from the University of North Texas and an MBA from The Wharton School, University of Pennsylvania.

David B. Henry President, Vice-Chairman & Chief Executive Officer Kimco Realty Corporation

David B. Henry is President, Vice Chairman & Chief Executive Officer of Kimco Realty Corporation, a NYSE REIT which is the nation’s largest owner of neighborhood and community shopping centers. As of June 30, 2011, the company owned interests in 946 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America.

Before joining Kimco Realty, Mr. Henry was Senior Vice President & Chief Investment Officer at GE Capital Real Estate. Mr. Henry spent 23 years with the company and was responsible for pension advisory activities and investment policies and strategies in the U. S. and international markets. Mr. Henry was also chairman of the Investment Committee and a member of the Credit Committee.

Prior to joining GE Capital, Mr. Henry was Vice President for six years with Republic Mortgage Investors, a REIT based in Coral Gables, Florida.

Mr. Henry graduated from Bucknell University in 1971 with a B.S. in Business Administration, and received an M.B.A. in 1973 from the University of Miami. He currently serves on the boards of HCP (NYSE), Fairfield County Bank, and TRI, Inc. Mr. Henry was recently elected to serve as the 2011-2012 Chairman of ICSC (International Council of Shopping Centers) and is a member of the Board of Governors of NAREIT (National Association of Real Estate Investment Trusts).

Matthew W. Kaplan Managing Partner Rothschild Realty Managers

Matthew W. Kaplan, Managing Partner of Rothschild Realty Managers (“RRM”). Mr. Kaplan joined RRM in 1992 and is responsible for overseeing the investment activities as the Portfolio Manager of the Five Arrows Realty Securities Partnerships. From 1990 to 1992, he served in the Corporate Finance Department of Rothschild Inc. Mr. Kaplan is a director of Hallmark Holdings, National RV Communities, T. Wall Holdings and RXR Realty. Mr. Kaplan has been a director of Ambassador Apartments Inc., CNL Financial Services, CNL Hospitality Properties, Encore Hospitality, Parkway Properties Inc. and WNY Group. Mr. Kaplan has been a member of the Urban Land Institute and of the Institutional Investor Council to the NAREIT Board of Governors. From 1988 to 1990, he was a management consultant at Touche Ross & Co. Mr. Kaplan graduated cum laude from Washington University in 1984 and received an M.B.A. from The Wharton School in 1988.

Shobi Khan Chief Operating Officer General Growth Properties

Shobi Khan is chief operating officer of General Growth Properties, the country’s second largest shopping mall owner/developer and real estate investment trust (REIT).

Prior to GGP, Mr. Khan served as U.S. chief investment officer at Bentall Kennedy, one of North America’s largest real estate investment advisors, where he also served on the company’s management group and investment committees. Before Bentall Kennedy, Mr. Khan was senior vice president of investments at Equity Office Properties Trust. While at EOP, he led the underwriting of $16 billion in office REIT mergers, and was involved with EOP’s $39 billion sale to Blackstone in 2007. Mr. Khan also completed more than $4 billion of single/portfolio acquisitions, developments and dispositions. Mr. Khan received an MBA from the University of Southern California and a bachelor’s degree from the University of California at Berkeley. He is an active member of the Urban Land Institute and the National Association of Real Estate Investment Managers.

Glenn Lowenstein Chief Investment Officer The Lionstone Group

Glenn Lowenstein is a founding partner of The Lionstone Group, a real estate investment firm. He serves as Chief Investment Officer for the firm as well as the principal responsible for capital markets strategy.

Prior to forming Lionstone, Glenn was a senior officer at Hines, ultimately serving as the firm’s Chief Investment Officer. He currently serves on the boards of PREA, the Houston Zoo, and the Shlenker School.

Mr. Lowenstein graduated from Georgetown University in 1981 with a BA in American Studies and from New York University in 1985 with an MBA in Finance. Hugh Macdonnell Managing Director, Global Head - Client Capital Management Clarion Partners

Hugh Macdonnell, Managing Director, is the Global Head - Client Capital Management for Clarion Partners. He is a member of the firm's Investment Committee and Operating Committee. He is responsible for the firm’s client relationships and capital raising, both domestic and international. Hugh joined Clarion Partners in 2011 and began working in the industry in 1991.

Education The Wharton School, University of Pennsylvania, MBA – Finance (1998) Queen’s University, Bachelor of Laws (1991) McGill University, Bachelor of Commerce (1990)

Don McNamara Chairman Hampstead Holdings

Don is the Chairman of Hampstead Holdings, a real estate investment company he founded in 1988. Over the last 20 years, Hampstead, in partnerships with a small group of individual and institutional investors, has invested over $1billion of equity in real estate. The vast majority of these transactions were in the hospitality and senior housing sectors and included a variety of structures from simple, single asset acquisitions to complex public company transactions. He has over 30 years of successful investment experience including Bass Brothers Enterprises, Marriott Corporation and JMB Realty. Don currently serves as a Director of Franklin Covey, Kimpton Hotels and Restaurants, and Crow Holdings. He has served as the Chairman of the Board of Bristol Hotels and Felcor Lodging Trust and has served as a Director of Americana Hotels and Realty Trust, LaQuinta, Forum Retirement Partners L.P., Catellus, and Omega Healthcare Investors. He is a former trustee of St. Marks School of Texas and the Virginia Tech Foundation. Don is a native of Richmond, Virginia, and he and his wife, Joanie (1980 UT grad) make their home in Dallas. They are the parents of 4 children, the oldest a sophomore Business major at UT. Don earned his undergraduate degree in Architecture from Virginia Tech and his MBA from Harvard University.

Mike McVean Co-Founder and Co-Managing Partner Stream Realty Partners

Mike McVean is Co-Founder and Co-Managing Partner of Stream Realty Partners, L.P. Together with Lee Belland, he oversees the company’s business units and is active in supporting Stream’s service and principal activities.

McVean is a member of the Texas Tech Foundation and the Rawls College of Business Administration Advisory Council at Texas Tech University and Young Presidents Organization. McVean and Belland were recently honored as finalists for the Ernst & Young Entrepreneur of the Year award.

Prior to founding Stream Realty, McVean was a partner with Trammell Crow Company. McVean has two sons. He is an FAA-licensed Commercial Pilot, a U.S. Coast Guard licensed Captain, and an avid outdoorsman.

Education and Designations

BBA – Texas Tech University MBA – Pennsylvania State University

Kenneth S. Moczulski Founder and Chief Executive Officer M-M Properties

Kenneth S. Moczulski is the Founder and Chief Executive Officer of M-M Properties. Mr. Moczulski has been involved in real estate development and investment since 1978 and during that time has developed, acquired and sold property with an aggregate value in excess of $6.2 billion.

From 2000 to 2007 Mr. Moczulski was a senior executive with Crescent Real Estate Equities, a multi-billion dollar diversified public REIT, where he served as President, Investments and Chief Investment Officer. During his tenure at Crescent, Mr. Moczulski10 was responsible for all of Crescent's acquisition, disposition, joint venture structuring, development activities, and the overall management of its hospitality portfolio. At Crescent, Mr. Moczulski was responsible for over $1.0 billion in acquisitions, development projects in excess of $500 million, mezzanine investments in excess of $300 million, joint ventures in excess of $900 million, and $1.1 billion of dispositions. In addition, Mr. Moczulski oversaw land development during his tenure at Crescent. From 1992 to 2000, Mr. Moczulski headed Transworld Properties, which he established as the real estate investment subsidiary on behalf of the ownership of privately held Transworld Oil. Transworld Properties was established to invest in real estate through joint-venture development of office, industrial, and multi-family projects, in addition to direct acquisitions and developments on a select basis. At Transworld, Mr. Moczulski was responsible for the formation and implementation of real estate investment strategy, as well as the management of on-going real estate development, asset management and dispositions. He directed the investment of over $225 million of the firm’s equity, representing a portfolio with a capitalized value of $1 billion. Prior to joining Transworld, Mr. Moczulski served as Vice President of Jaymont Properties in New York City from 1987 to 1991, where he was responsible for all acquisition and disposition activities on a national basis.

Prior to joining Jaymont, Mr. Moczulski was with Gerald D. Hines Interests for eight years, where he served as development manager for a number of commercial developments including Seafirst Financial Center, Dallas Galleria, and the 500 Boylston/222 Berkeley Street buildings in Boston. Mr. Moczulski earned an MBA from Harvard and a BS from the University of Cincinnati.

Chaz Mueller Chief Operating Officer Archstone

Mr. Mueller is the Chief Operating Officer of Archstone and is responsible for the company’s property operations, investment management business, acquisitions, dispositions, structured investments, and finance. Under his leadership, the company has been No. 1 in same-store NOI performance compared with public company peers since he became COO at the end of 2007.

Mr. Mueller is also Archstone’s Chief Financial Officer, a position he has held since 1998, with responsibility for the planning and execution of the company’s financial strategy, balance sheet management and corporate functions, as well as for oversight of the company’s accounting and financial reporting, corporate finance, investor relations, tax, due diligence, risk management, human resources, and ancillary services. Mr. Mueller has negotiated and closed many significant transactions, including public offerings, unsecured and mortgage debt financings, mergers and acquisitions, corporate dispositions, revolving credit facilities, and other financings. Mr. Mueller has been with the company since 1994.

Archstone is one of the largest apartment companies in the country. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. As of June 30, 2011, Archstone owned or had an ownership position in 434 communities located in the United States and Europe, representing 77,084 units, including units under construction.

Mr. Mueller is a member of the Executive Committee of the Board of Directors of the National Multi-Housing Council, as well as a member of the Executive Committee of the Board of Directors and a member of the Development Board of Colorado UpLIFT. He is also a member of the Valor Christian Schools Board of Trustees and a Director of Urban Youth Ministries.

Mr. Mueller received a B.B.A. in Real Estate and Finance from the University of Texas at Austin and his M.B.A. from Southern Methodist University.

Barry Olson Managing Director and COO Archon Capital

Barry is the Managing Director and Chief Operating Officer of Archon Capital, the high yield commercial real estate finance unit for Goldman, Sachs & Co. Archon Capital invests on behalf of Goldman Sachs Real Estate Mezzanine Partners fund, a $2.6 billion fund investing in a range of senior and subordinate debt, preferred equity and other high-yield investments in the real estate industry in connection with acquisitions, refinancings or recapitalizations of individual properties, portfolios, or real estate operating companies. Prior to joining Archon, he worked in the Commercial Real Estate lending departments of Bank of America (FKA InterFirst Bank), and JP Morgan Chase (FKA Chase Bank-Texas). At JP Morgan Chase, Barry ran the Commercial Real Estate Mezzanine and Syndications Group. He received a BBA from the University of Wisconsin in 1983 (with Distinction) and an MBA from Southern Methodist University in 1991.

Barry is a member of the Urban Land Institute, the Dallas Real Estate Council, and the Business Associates Program at Southern Methodist University.

Maurice C. Perkins Strategic Relationship Manager MKP Capital

Mr. Perkins, a Founding Member of MKP Capital, serves as Strategic Relationship Manager for the firm. In this role, Mr. Perkins is responsible for establishing, developing and expanding senior client relationships worldwide and developing new partnerships for the firm. Prior to this role, he led the firm’s client business. Prior to founding the Investment Manager, Mr. Perkins worked at Salomon Brothers Inc. (1983 to 1996), concluding his tenure there as a Managing Director (1993 to 1996). Preceding that, Mr. Perkins worked as a National Account Sales Manager at MCI (1980 to 1983). Mr. Perkins received a B.A. degree in Economics from Denison University (1980) and completed an internship at the London School of Economics.

Michael S. Robb Executive Vice President - Real Estate Division Pacific Life Insurance Company

Michael Robb joined Pacific Life in 1976 spending his first five years with the company working in field offices. He joined the Home Office in 1982 and has been the head of the Real Estate Division since 1985. His is currently Executive Vice President and sits on Pacific Life’s Management Investment Committee and Corporate Management Committee.

Prior to joining Pacific Life, Robb worked for a real estate subsidiary of Lincoln National Life Insurance responsible for real estate acquisitions, joint ventures, and mortgage loan originations on all types of commercial real estate properties nationwide. Mr. Robb has over thirty years experience in the real estate industry and received his BS in Business Administration from Ohio State University. After OSU graduation, Mr. Robb spent two years in the U.S. Army, including one year in Vietnam as a 1st Lieutenant, where he was an infantry platoon leader and was awarded a Bronze Star with V for Valor.

Mr. Robb holds the professional designations of Certified Real Estate Financier (CRF) and Certified Review Appraiser (CRA). Michael Robb is a Director on the Life Mortgage & Real Estate Officers Council, a Senior Member of the National Association of Review Appraisers & Mortgage Underwriters, and a long-time member of the Mortgage Bankers Association, International Council of Shopping Centers, Commercial Mortgage Securities Association, and the Urban Land Institute.

He is also a member of the Policy Advisory Board for the University of California, Berkeley, Fisher Center for Real Estate and Urban Economics, the Policy Advisory Board Executive Committee at the Burnham-Moores Center for Real Estate at the University of San Diego and a board member at the James Graaskamp Center for Real Estate at the University of Wisconsin. Michael Robb actively participates as a guest speaker and/or panelist in many industry seminars. He has also published an article in the nationally known “Pensions and Investment Age.”

Mr. Robb is a founding member of the CMSA (Commercial Mortgage Securities Association) and the CRI (Charter Realty Investor Society) and is the 1999 recipient of the prestigious CMSA’s Founders Award.

About the Firm: Pacific Life's Real Estate Division invests in all aspects of real estate, including commercial mortgage loans, CMBS and unsecured REIT debt, direct real estate investments, joint ventures, real estate funds, as well as loan and asset management servicing for outside clients. Their Real Estate Division's Asset Management Group is responsible for special servicing activities on behalf of Pacific Life, as well as third party investors, including property acquisitions and sales, project development, property asset management and problem loan management. Pacific Life currently has a portfolio in excess of $20 billion.

Preston R. Sargent Founder Trail Creek Capital

Preston has been in the institutional real estate investment management and pension advisory business for over 28 years. Previously he was with Seattle- based Kennedy Associates which became Bentall Kennedy in early December, 2010. Upon his departure from Bentall Kennedy on December 31, 2010, he was a firm Principal, an Executive Vice President, and a member of the firm's Executive and Investment Committees. He started at Kennedy Associates in October, 2000 as Director of Asset Management. At that time Kennedy had approximately $3.5 BN in Assets Under Management (AUM). By 2007 Kennedy's AUM had reached $10 BN. The significant part of Kennedy's AUM growth during that period occurred in the large open-end commingled core real estate fund co-founded in 1982 by Kennedy called the Multi-Employer Property Trust (MEPT).

In early 2007 Preston transitioned to a new role as Portfolio Manager for MEPT. He retained oversight of the MEPT Asset Management team while shifting his focus toward Fund strategy formulation and implementation, greater interaction with the investment consultant community and Fund clients, and more direct involvement in Fund communications and marketing. In mid- November, 2010 Sargent decided to leave Kennedy and in early December, 2010, he began the important process of transitioning MEPT Portfolio Management duties to his successor. Immediately before joining Kennedy, Preston was a Vice President at GE Asset Management (GEAM) in Stamford, Connecticut. For nearly 10 years at GEAM Preston was responsible for all real estate investment activity (equity acquisitions and joint ventures) as well as portfolio and asset management of GEAM's $1.5 BN property portfolio in the central third of the United States. Prior to GEAM, Sargent held positions in acquisitions, debt-workout, and asset management at Aetna Realty in Hartford, Connecticut and William Blair Realty in Chicago, Illinois. He began his career in 1983 as an Associate in the Strategic Group at LaSalle Partners in Chicago.

Preston is active in the Urban Land Institute (ULI), the National Association of Real Estate Investment Managers (NAREIM), and the Property Working Group of the United Nations Environment Programme - Finance Initiative (UNEP-FI). He has been a frequent speaker, moderator, and panelist at industry conferences and the graduate programs of University of Washington and Columbia University. He has a JD Degree from Case Western Reserve University in Cleveland, Ohio and a BA Degree in Political Science/Economics from Colorado College in Colorado Springs, Colorado. Outside of work Sargent is in his ninth year as a member of the Board of Trustees of the Bush School in Seattle, Washington. Bush is a highly regarded co-educational K - 12 independent school founded in 1924. Additionally, he serves on the west coast Board of buildOn, a nationally recognized non-profit organization that empowers urban U.S. high school students through intensive after school programs, and also by building schools in developing countries in Africa, Asia, and Latin America.

Joe H. Schmidt Managing Director Bank of America Merrill Lynch - Central Region Executive

Mr. Schmidt is a Managing Director with Bank of America Merrill Lynch’s Real Estate Structured Finance group and located in Dallas, Texas. Mr. Schmidt has over 24 years experience in commercial real estate debt and structured finance, leasing/management and portfolio management. Mr. Schmidt is currently responsible for managing the Central Region and originates commercial and multifamily loans which are pooled and securitized in the secondary market. During his career, Mr. Schmidt has executed real estate transactions in excess of $8 billion.

Mr. Schmidt joined Bank of America in 1998 and has held several senior real estate positions with other firms, including AIG and a MetLife wholly owned subsidiary, Metmor Financial. Mr. Schmidt has also held positions with a Michigan real estate developer and was a Leasing Representative with Price-Edwards & Company in Oklahoma City. Mr. Schmidt is a licensed Real Estate Salesman in the State of Texas.

Mr. Schmidt is a member of the International Council of Shopping Centers, Mortgage Bankers Association, The Real Estate Council of Dallas. He holds a Bachelor of Business Administration degree in Finance from the University of Oklahoma. Mr. Schmidt is a licensed Real Estate Salesman in the State of Texas.

Philip H. Sheumaker Managing Director Hawkeye Partners

Philip H. Sheumaker is a Managing Director with Hawkeye Partners. He also serves as a voting member of the firm’s Management Committee. He has primary responsibility for overseeing the Portfolio Management Group, for underwriting the Fund’s investments in New Manager Programs and for overseeing the investments made by New Managers. Mr. Sheumaker has 19 years of industry experience. His areas of expertise include commercial real estate underwriting and investing across a broad spectrum of property types and the use of macro- and micro- market research.

Prior to joining Hawkeye in early 2007, Mr. Sheumaker was with GE Commercial Finance Real Estate where he served in a variety of senior capacities including senior deal leader with its global valuation team. During Mr. Sheumaker’s tenure, he underwrote, or led teams that underwrote, in excess of $21 billion in real estate and more than 2,100 assets, including equity, commercial real estate debt positions (mortgage, mezzanine, partnerships, stock pledges), CMBS B-piece acquisitions, and performing and non-performing loan pool acquisitions. He was also primarily responsible for developing and documenting underwriting standards and best practices and ultimately wrote GE Commercial Real Estate’s underwriting manual utilized by over 200 underwriting and risk professionals around the globe.

Prior to joining GE, Mr. Sheumaker served in a variety of asset management and financial analyst roles with Crown NorthCorp. He managed pools of non-performing real estate loans on behalf of CS First Boston and Lehman Brothers and performed underwriting analysis on multifamily, retail and office properties throughout the United States. Mr. Sheumaker received a Master of Business Administration in Corporate Finance from the University of Dallas Graduate School of Management and a Bachelor of Arts in History from the University of Dallas Constantin College.

Roland Siegl Vice President & Managing Director GE Asset Management

Roland Siegl is a Vice President and Managing Director of GE Asset Management, responsible for acquisitions, asset management, and dispositions in the southwestern U.S. He also directs GEAM’s healthcare and India initiatives. During his tenure at GEAM, he has acquired more than $3 billion of real estate and has developed GEAM’s energy and technology initiatives. Roland joined GE in 1989 with GE’s Commercial Real Estate organization, moving to GEAM in 1993. Roland has a Bachelor of Science in Business Administration from the University of California and an MBA from Wake Forest University. Roland sits on various investment and industry advisory boards and is also a member of the ULI.

G. Andrews Smith Chairman and Chief Executive Officer L&B Realty Advisors, LLP

Andy Smith is Chairman and Chief Executive Officer. He is the senior executive responsible for strategic management and is one of the firm’s two principals. Mr. Smith joined the Dallas law firm of Winstead, McGuire, Sechrest and Minick in 1978 as a real estate tax attorney, where he worked until he joined L&B in 1981. Mr. Smith currently serves as a Trustee for Loyola University-Chicago and is a member of the Audit Committee and the Facilities and Capital Assets Committee. Mr. Smith has served as a board member of the Pension Real Estate Association, the United States Chamber of Commerce Economic Policy Committee, Institutional Real Estate Clearinghouse, and the National Conference On Public Employee Retirement Systems.

Other professional activities include: sole trustee to State Treasurer of Michigan, member of a three person task force selected to deliver comments to SEC on proposed amendments to Investment Advisors Act of 1940, and University of Texas-Task Force member (alternatives related to endowment lands). Mr. Smith is currently a member of the Texas State Bar, Dallas Bar Association, and the Bar of the District of Columbia Court of Appeals. From 2002-2008 Mr. Smith was elected to the Town of Highland Park’s City Council and served on the Public Works and Safety Committees. In May 2004, Mr. Smith was appointed Mayor Pro Tempore. Prior to his service as a councilman, Mr. Smith was appointed by the Mayor of the Town to sit on the Board of Adjustment.

Mr. Smith earned a BBA degree in 1975 and a JD degree in 1978 both from Southern Methodist University.

Justin Smith Director Long Wharf Real Estate Partners

Justin is a Director at Long Wharf Real Estate Partners. In this role, he is responsible for sourcing, underwriting and closing value-added real estate investments and is a member of the Investment Committee. Prior to Long Wharf, Justin was a Director at the Fidelity Real Estate Group where he was involved in over 25 value-added investments with a gross real estate value of more than $1.5 billion. Since joining Fidelity in 1999, Justin has worked on investments in all primary U.S. markets in a broad array of sectors – including student housing, multifamily, retail, office, land and for-sale housing – and deal structures such as joint venture equity, preferred equity, and participating and traditional mezzanine debt. Prior to Fidelity, he was a Financial Associate at Boston Partners Asset Management and an Analyst for State Street.

Justin earned his B.S. in Finance from Boston College and is a CFA charter holder.

Dary Stone President and CEO R.D. Stone Interests

Dary Stone is President and CEO of R.D. Stone Interests. Mr. Stone is an active investor in real estate, banking, wealth management and private equity ventures with an emphasis in the assets and transactions of Thomas O. Hicks and Hicks Holdings LLC. Mr. Stone is a partner and director of Tolleson Wealth Management and Tolleson Bank; Chairman of the Board of Perry Homes in Houston; Director of Cousins Properties Inc. (NYSE: CUZ) of Atlanta and a Regent and immediate past chair of the Board of Regents of Baylor University.

Bill Vanderstraaten Founder Chief Partners, LP

Bill Vanderstraaten founded Chief Partners, LP in the summer of 2007 in partnership with Trevor Rees-Jones. Chief Partners is a commercial real estate investment company that searches for “best of class” operating partners, and teams with their partners to invest in value-add or development opportunities in retail, industrial, multi-family, medical office and office investments. Chief’s target equity investment size is 2-8 million on a per deal basis. Chief Partners expects to invest over 150 million of equity over the next three years, and has placed over 130 million to date with an enterprise value of over 750 million.

Prior founding Chief, Bill was one of the original fund partners of Thackeray Partners, a real estate private equity firm founded in 2005. Thackeray has placed over 230 million of equity in Fund I and is currently investing Fund II, which will total over 290 million of equity. Thackeray is a fully discretionary fund, and invests both directly and through operator relationships.

Previous to Thackeray, Bill opened the Dallas Market office for CarrAmerica in 1997. CarrAmerica was a 2 billion dollar national office REIT which was subsequently purchased in 2005 by Blackstone. Carr completed over 12 build to suit development projects totaling over 2 million feet for clients which include Nokia, Capital One, Network Associates, Cendant and Washington Mutual. In addition, Carr completed over 300 million in office building acquisitions in the Dallas area. Bill graduated in 1982 with a BBA from Southern Methodist University. He is involved with the Dallas Chapter of NAIOP (previous Dallas Chapter President) and is a board member of The Real Estate Council. Bill is active in the Salesmanship Club of Dallas, is President of the SMU Alumni Association, a member of the SMU Board of Trustees, and a Board Member of the Elizabeth Toon Foundation.

Bruce C. Ward President Alliance Residential Company

Mr. Ward is the managing partner of Alliance Residential Company, overseeing the acquisition, development/rehabilitation and property management efforts. Mr. Ward and the key executive group have acquired and developed over 81,000 apartment homes.

Mr. Ward is the former Group Managing Partner of Trammell Crow Residential -West, responsible for all operating businesses in the western U.S. While at Trammell Crow Residential he served on the management board which is responsible for strategic planning and guidance of the firm. Mr. Ward led the merger of Trammell Crow Residential - West with BRE Properties, a San Francisco based REIT in 1997. Post merger, Mr. Ward served as Executive Vice President for BRE Properties and President of BRE Builders, and was responsible for all development and acquisition activities of the firm.

Mr. Ward graduated from the University of Texas, Austin. He is a member of the Young President’s Organization, Urban Land Institute Multi-Family Council serving as Vice- Chairman, Homeward Bound Board of Trustees and former Chair, Board of Directors National Multi-Housing Council, and Board of Directors of notMYkid Foundation.

Daniel S. Weaver Managing Director – Acquisitions and Capital Market Stockbridge Capital Group

Mr. Weaver has 25 years of experience in commercial real estate investments and capital markets transactions. Prior to joining Stockbridge in 2007, he was a Partner and Managing Director with RREEF, where he led retail property acquisitions, and served on the firm’s North America Investment Committee and the Strategic Investment Committee for the firm’s real estate securities business. Mr. Weaver joined RREEF in 1996 to start its Capital Markets group, and was responsible for the firm’s financing activities. In 1999, he transitioned to Rodamco North America, N.V, after Rodamco’s purchase of RREEF, and was named Chief Financial Officer. He rejoined the firm after the sale of Rodamco in 2002. Mr. Weaver has previous experience as a Vice President of Capital Markets with Homart Development Co. He is a member of the International Council of Shopping Centers (ICSC) and is the membership chair for CRC Gold for Urban Land Institute (ULI). Mr. Weaver graduated from Miami University with a B.E.D. in architecture and an M.B.A. in Finance.

J.R. Wetzel Managing Director, Western Region Industrial Income Trust

J. R. Wetzel serves as the Managing Director of Industrial Income Trust in the Western Region. Mr. Wetzel has more than 25 years of real estate investment and development experience in the major markets throughout the western United States. Prior to joining Income Industrial Trust, Mr. Wetzel served as Managing Partner of PGP Partners, Inc. from November 2000 until February 2011. Mr. Wetzel owned 50% of PGP Partners, which focused on industrial and office real estate acquisitions and development as well as property management and asset management of up to 13.5 million square feet of industrial properties. During his tenure at PGP Partners, he was responsible for the acquisition and development of over $250 million of projects in California and Las Vegas.

Prior to forming PGP Partners, Mr. Wetzel served as the Chief Operating Officer from 1997 through 2000 for Pacific Gulf Properties, a publicly traded REIT (NYSE: PAG) with annual revenues in excess of $120 million. His responsibilities included managing the acquisitions, operations and developments of Pacific Gulf Properties. In 2000, he was instrumental in directing the sale of Pacific Gulf’s industrial portfolio, totaling 13.5 million square feet, to RREEF, one of the world’s largest pension fund managers, for $925 million. Target markets that Mr. Wetzel focused on at Pacific Gulf Properties were Seattle, Portland, Northern California, Inland Empire, Los Angeles, Orange County, San Diego, Phoenix and Las Vegas.

Prior to joining Pacific Gulf Properties in 1997 he served as the Vice President of Acquisitions and Development for Industrial Developments International (IDI). His responsibilities were to acquire sites for development, assist in product design and leasing of more than four million square feet of state-of-the-art large distribution buildings throughout the western United States. He was instrumental in completing more than one million square feet of build-to-suits for nationally and internationally recognized tenants during his tenure at IDI. Prior to that, he spent 11 years at Insignia/O’Donnell and was responsible for a portfolio of approximately 19 million square feet of industrial and office product throughout the western United States. He started working with O’Donnell in 1985 as an analyst and was promoted to president in 1992 after holding various positions at the firm.

Mr. Wetzel received his B.A. in Economics from Claremont Men’s College and an M.B.A. in Real Estate Finance from the University of Southern California.

2011 UT National Real Estate Challenge Berkeley – Haas

Charlie Christian Derek McEachron Eder Simmons

Nick Josh Tyler Romero Mogabgab Kepler CHRISTIAN EDER 1200 Taylor Street #32 San Francisco, CA 94108 (310) 622-5596 [email protected]

EDUCATION University of California at Berkeley Walter A. Haas School of Business Master of Business Administration, May 2012 • Awarded the Haas Investment Banking Fellowship • Elected VP External Relations, Finance Club • Participated in Training the Street Workshops and Wall Street Trek • Haas Investment Banking Career Coach

University of Southern California Marshall School of Business Bachelors of Science in Business Administration, May 2006 • Graduated magna cum laude • Dean’s Honors Thesis Award for outstanding undergraduate thesis

EXPERIENCE

Summer 2011 Jefferies & Company Silicon Valley Office, Foster City, USA Investment Banking Summer Associate, Technology Investment Banking • Worked on a variety of investment banking products with direct deal experience on sell-side M&A and initial public offerings (IPOs) in the software, internet, and semiconductor sectors • Performed industry research and created materials incorporating both financial modeling and valuation analysis for pitch books used in executive presentations

2006-2010 KPMG LLP Los Angeles, USA and London, UK Advisory Services - Financial Risk Management Senior Associate (2008-2010), Executive (2007-2008), Associate (2006-2007) • Developed valuation models for Collateralized Loan Obligations (CLO), Collateralized Debt Obligations (CDO), and Commercial Mortgage Backed Securities (CMBS) leading a team of junior associates • Performed valuation analysis on trust preferred securities, auction rate securities, mortgage backed securities, municipal bonds, corporate bonds, whole loan portfolios, and warrants using Intex, Bloomberg, and MS Excel with FinCad • Developed a valuation model to value Multifamily Housing Revenue Bonds worth 220 million dollars by projecting property cash flows and modeling bond structures. Project led to revenues of over 200 thousand dollars • Consulted European audit clients on structured finance products and created reports and presentations on the US subprime market and bond structures of RMBS and CDO securities • Worked directly with issuers and underwriters in securitization transactions ranging from 500 million to 2 billion dollars in value performing collateral analysis on assets including auto loans, credit card receivables, mortgages, and home equity loans

ADDITIONAL • Publications: Dushyanth Krishnamurthy, Christian Eder, and Anthony Sepci. “Modeling and Valuation Techniques for Collateralized Loan Obligations,” Risk Professional, October 2009. • Trained with Austria’s Davis Cup captain and advanced to be the number one youth tennis player in Vienna • Enjoy tennis, golf, and traveling • Fluent in German, conversational in Polish TYLER KEPLER 2647 Cedar St. | Berkeley, CA 94708 | 253.381.9749 [email protected]

EDUCATION HAAS SCHOOL OF BUSINESS, UC BERKELEY Master of Business Administration, Expected May 2012 • NAIOP Golden Shovel Challenge Team Member, Spring 2011 (winning team) • UT Austin Real Estate Challenge Case Competition Team Member, Fall 2011 • Berkeley Real Estate Club: VP Education, Real Estate Career Coach , Private Equity Club • Haas Achievement Award Scholarship recipient (1/2 tuition)

MIDDLEBURY COLLEGE B.A., May 2005 • Major: Economics; Minor: American History • Co-Head of Middlebury Student Investment Club, Community Friends Volunteer

STANFORD GRADUATE SCHOOL OF BUSINESS / UNIVERSITY OF NOTTINGHAM Summer Institute Participant: Summer 2004 / Exchange program: Fall 2004

EXPERIENCE Summer 2011 JMA VENTURES, LLC San Francisco, CA Real estate investment and development firm, with $500 million in active projects spanning hospitality, leisure, residential, retail, office Summer Associate • Performed financial and market analyses on and built models for investment opportunities and development projects in the leisure, retail and hospitality spaces • Conducted due diligence on a potential $70mm acquisition of a leisure property/business • Composed investment memoranda for potential capital partners

2006-2010 BNY ALCENTRA MEZZANINE PARTNERS New York, NY $335 million AUM Private Equity and Junior Capital Fund Associate • Performed comprehensive analyses on transactions including leveraged buyouts, recapitalizations, acquisitions and growth financings in order to invest and maintain a third-party private equity and junior capital fund • Conducted extensive transaction and financial modeling including operational, capital structure and IRR sensitivities • Engaged in financial, operational and legal due diligence • Assisted in the execution of new transactions, tuck-in acquisitions and restructurings • Monitored performance of portfolio and executed quarterly valuation analyses • Composed investment memoranda on potential opportunities for investment committee • Created marketing materials and private placement memorandum in support of Fund III • Served as Observer on the Board of Directors of several portfolio companies

2005-2006 MERRILL LYNCH New York, NY/Palo Alto, CA Investment Banking Analyst – Retail Industry Group • Created financial models and pitchbooks for transactions including LBOs, acquisitions and offerings of equity and debt securities • Conducted extensive industry research and participated in financial and operational due diligence • Led retail industry-specific training program for new analysts and summer interns ADDITIONAL • Board fellow for Family Emergency Shelters Coalition, a not-for-profit organization dedicated to helping homeless families move toward self-sufficiency • Columnist/Staff Writer for HaasWeek, Haas’ monthly satirical newspaper • Member of the Young Leadership Committee of the Juvenile Diabetes Research Foundation of New York City, which planned “Spring for a Cure” Gala, raising more than $500,000 annually • Interests: architecture, skiing, snowboarding, skateboarding, cooking, restaurants CHARLIE MCEACHRON 205 Hoffman Ave. | San Francisco, CA 94114 | 415.786.6872 | [email protected]

EDUCATION HAAS SCHOOL OF BUSINESS, UC BERKELEY Master of Business Administration, Expected May 2012 • Member of the champion NAIOP Golden Shovel Challenge Team, Spring 2011 • Selected by faculty to represent Haas in the Fall 2011 UT Austin Real Estate Challenge

BOSTON COLLEGE Bachelor of Science, May 1997 • Graduated with Magna Cum Laude honors. Major: Finance • Competed on the varsity ice hockey team (NCAA division one)

EXPERIENCE DRAWBRIDGE PARTNERS San Francisco, CA Vice President (Dec 2008-Present) 2006-2011 • Directed a company recapitalization comprised of $125 million in new equity capital and $200 million in contributed assets. Structured and executed partnership terms with a national private equity investor. • Sourced, analyzed, negotiated, and closed new acquisition investments for the firm. Performed financial analysis, market research, and due diligence to assess investment feasibility. • Provided direction to development and project management initiatives. Forecasted personnel requirements and supervise staff and partners throughout the project life cycle. Manager (Mar 2006-Dec 2008) • Directed the design and entitlements of an $80M, 180,000 square foot office/R&D project located in Salt Lake City. Recruited and managed a development team based entirely in Utah. • Spearheaded the repositioning of three separate properties from an office to a life sciences use. Negotiated lease agreements upon asset repositioning, generating superior returns. • Contributed to the asset management of a one million square foot real estate portfolio, which encompassed lease negotiation, project capitalization, budgeting, and staff supervision.

GRECO REAL ESTATE DEVELOPMENT Minneapolis, MN Development Manager 2002-2006 • Maintained full responsibility for all aspects of the development of a $15 million mixed-use project, including design, underwriting, financing, entitlements, construction, and marketing. • Pioneered the launch of a marketing/sales business for the firm. Hired and managed a staff of six employees. Directed the creation of all project marketing collateral and market research initiatives. • Navigated the $10 million conversion of 40 rental apartments into for-sale condominiums. Hired and supervised the entire development team that consisted of seven professionals. • Sourced and closed an $80 million redevelopment opportunity for the firm. Developed financial projections and performed due diligence to analyze environmental, regulatory, and market factors.

BROADBAND OFFICE San Mateo, CA Business Development Manager 2000-2001 • Initiated, structured, and executed revenue-generating joint sales and marketing partnerships. • Devised and executed the business plan for two business application products. Interviewed REIT strategic partners to segment customers by industry, size, and location.

DELOITTE CONSULTING Minneapolis, MN Associate Consultant – Strategy Group (1999-2000) 1997-2000 • Created a business plan to analyze a new market opportunity for a telecom equipment manufacturer. Quantified the market opportunity and evaluated the competitive landscape and entry barriers. • Conducted a market assessment that prevented a transportation manufacturer from expanding into an unviable Asian market. Analyzed customer preferences, transportation trends, and product penetration. • Nominated by partners as the Minneapolis Office Representative for national analyst affairs. Business Analyst –Strategy Group (1997-1999) • Designed a business case to assess a new venture for a leading wireless carrier. Built driver-based models to project revenues, costs, and capital investment requirements. • Assisted a national HMO in defining the optimal product portfolio and pricing strategy. Evaluated pricing, products, and customer adoption to quantify price elasticity relative to market share gains.

INTERESTS Founded the Deloitte-MSP Community Service Group. Enjoy ice hockey, surfing, skiing, and travel. JOSHUA EDWARD MOGABGAB 301 Main Street, #21E San Francisco, CA 94105 (714) 697-1677 [email protected]

EDUCATION University of California at Berkeley Haas School of Business Master of Business Administration, May 2012 . Candidate for the Certificate in Real Estate Program . Vice President of Student Outreach for the Berkeley Real Estate Club

University of California at Berkeley B.A. in Urban Studies, May 2005 . Summa Cum Laude; GPA: 3.89 . Delta Kappa Epsilon Fraternity, Executive Committee . Studied abroad at University College Utrecht, The Netherlands, Fall 2003 . Interned with the Department of Transportation in Washington, DC, Summer 2003

EXPERIENCE Strada Investment Group San Francisco, CA Summer 2011 Investment Associate . Proposed competitive deal structures for joint venture development transactions . Modeled project cash flows and prepared offering materials for potential equity partners

2007-2010 CIM Group, LP Oakland, CA Private equity fund with $5 billion in capital focused on urban real estate investing Senior Analyst (2009 – 2010), Analyst (2007 – 2009) . Prepared and presented deal snapshots and investment committee memorandums by evaluating opportunities and risks, deal economics, and market research . Analyzed and underwrote real estate, infrastructure, and corporate investment opportunities using ARGUS and Excel . Conducted due diligence prior to deal closing and managed acquired assets by directing property management and leasing . Represented and marketed potential co-investment opportunities to interested parties . Mentored and trained incoming analysts on deal process and investment criteria . Representative deal experience includes: . $412.5 million acquisition of a 1.7 million square foot Class A office portfolio in Oakland, CA . $75 million acquisition and redevelopment of a 646-room/2-hotel portfolio in Oakland, CA . $113 million acquisition of a 375,000 square foot Class A office property in San Francisco, CA . $97 million acquisition of a 450,000 square foot Class A office property and garage in Sacramento, CA . $433 million underwriting for a senior loan to recapitalize and complete construction of a 2.2 million square foot retail complex in the New York Metro market

2005-2007 CBRE Consulting/Sedway Group San Francisco, CA Senior Consultant (2007), Consultant, (2006), Analyst (2005 – 2006) . Conducted research and analyses on properties and markets using financial models and real estate databases . Authored extensive reports detailing market analysis and financial feasibility . Representative projects include: . Performed an economic impact and tenant analysis for the proposed addition of 1.1 million square feet of power center retail to the Bakersfield market . Evaluated the market feasibility for office, industrial, retail and hotel uses on a high-profile 150-acre site in the western U.S. with aviation-related constraints . Built an economic impact model to measure and analyze the effects of the UC Riverside’s $380 million in annual spending on the local, regional, and state economies . Assessed the feasibility of all major land use types at the 5,000-acre former Concord Naval Weapons Station

INTERESTS International travel, aviation, swimming, maps, architecture, and sailing NICK ROMERO 2641 Franklin Street, Apt. 2 San Francisco, California 94123 [email protected] | (805) 746-5528

EDUCATION University of California, Berkeley Haas School of Business, Focus on Finance Master of Business Administration, Candidate May 2012 • International Business Development: Andean Health & Development - Ecuador

University of California, Santa Barbara B.A. Business Economics, emphasis in Accounting, June 2004 • Study Abroad: Gonzaga University - Florence, Italy EXPERIENCE Summer 2011 Morgan Stanley New York, NY Associate Intern, Institutional Equity Sales & Trading • Participated in a rotational program with an emphasis on the Core Sales, Cash Sales/Trading, and Derivative Sales/Trading desks • Generated and presented investment ideas for hedge fund clients, participated in sales force management teach-ins, modeled derivative structures, and reported to firm leadership

Spring 2011 ISI Group, Inc. San Francisco, CA Associate Intern, Institutional Equity Sales & Trading • Provided extensive analysis and equity strategies for institutional investors located in the San Francisco Bay Area

2008 – 2010 America’s Growth Capital Menlo Park, CA Associate, Investment Banking: Technology Mergers & Acquisitions • Managed M&A deal execution, specialized in complex term sheet negotiations, drafted detailed offering memorandum and fostered relationships with strategic partners and private equity investors • Led new business generation effort with the venture capital community through the delivery of value-added industry intelligence and extensive capital markets analyses • Select Transaction Experience: Sale of reCAPTCHA to Google, sale Green Patch to Playdom and the sale Mazu Networks to Riverbed Technology

2006 – 2008 CIBC World Markets Menlo Park, CA Analyst, Investment Banking: Technology & Telecommunications Coverage • Completed CIBC Analyst Training Program; ranked in top 5% of 2006 IBD Analyst class • Conducted complex financial modeling and analytical due diligence for 22 equity offerings and mergers and acquisitions advisory assignments within the semiconductor, optical communications, networking and clean technology sectors • Select Transaction Experience: Cree’s $325M acquisition of COTCO Luminant Devices, Constant Contact $124M IPO Lead Manager, JA Solar $258M IPO Joint Bookrunner

2004 - 2005 PricewaterhouseCoopers New York, NY Senior Associate, Assurance and Business Advisory Services • Provided assurance and oversight management to financial statements for global financial services companies including AXA Re, Arch Financial and A.I.G.

ADDITIONAL • Volunteering: Raised $112k as the Chairman of American Cancer Society’s “Relay for Life” • Certifications: Series 7, 79 • Interests: Golf, world travel, investing, snowboarding, soccer, and surfing Derek S. Simmons 786 Red Oak Ave Albany, CA 94706 (760) 560-6345 | [email protected]

EDUCATION University of California at Berkeley Walter A. Haas School of Business Master of Business Administration, May 2012  President/Founder, Berkeley Private Equity Club, VP Berkeley Real Estate Club Brigham Young University B.S. Business Management, Finance Services Emphasis BYU GPA: 3.7  Academic Scholarship 1998-1999, 2nd Place real estate case competition  Finance Society, The Real Estate Club, and entrepreneurship business plan competition

EXPERIENCE Summer 2011 MORGAN STANLEY New York, NY Private Equity Real Estate Fund Summer Associate  Conducted extensive analysis on potential debt and equity investment opportunities in hotel, office, retail and multifamily assets in various stages of completion/stabilization across 3 continents.

2005 – 2010 KIMCO REALTY CORPORATION (NYSE: KIM) Acquisitions Associate (2008 - 2010) Vista, CA  Directed $470M in retail real estate acquisition/disposition activity including investment committee presentations to C-Suite executives, contract negotiations, due diligence, and transaction management.  Led team of 10 managers to devise and implement plans to strengthen underperforming assets. Salvaged $50M of value as an asset manager of a distressed portfolio of real estate during the 2007- 2010 downturn.  Created and executed the ultimate disposition strategy for $325M portfolio of retail real estate.  Developed pitch books and presented to executives at institutional investors such as Prudential, UBS, and Northwoods Private Equity during fund raising by KIM’s Portfolio Management Group.  Established joint venture pitch books to recapitalize existing Kimco assets in Mexico  Performed site visit/market analysis on possible $10M acquisitions in Costa Rica. Acquisitions Analyst (2006 - 2008) Walnut Creek, CA  Underwrote $4.1B merger of Pan Pacific Retail Properties (former NYSE: PNP) and KIM. Led team of 6 analysts in the underwriting of 138 shopping centers totaling 20M SF during merger negotiations. Integrated properties with Kimco’s operating team post merger.  Closed over $1.1B in acquisition and disposition activity; managed due diligence, legal interaction and financial return on investment analysis.  Developed strategic growth plans for 4.2M SF of commercial retail space working with leasing and property management (Increased revenues 24% and 13.2% above underwritten revenue).  Performed extensive market analysis on REITs in the Retail Sector including demographics and tenant sales to be used in presentations by KIM’s Investor Relations group to Wall Street analysts. Financial Analyst (2005 -2006) Irvine, CA  Created annual budgets, quarterly reforecast and internal valuations of the Western Region comprised of 97 properties, 14.9M SF, with a market value of over $2.6B.  Developed standardized budget forecasting process in response to 400% growth in the region.

OTHER ACTIVITIES CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS Santo Domingo, Dominican Republic Volunteer Representative 2000 – 2002  Led team of 200 representatives – supervising, teaching skills, motivating, and coordinating activities.  Performed community service including English classes, disaster relief, and hospital volunteer.  Planned and presented monthly conferences on techniques for effective teaching to other volunteer reps.

Additional Proficient in DYNA & ARGUS software. Earned the Eagle Scout Award. Fluent in conversational Spanish. Enjoy surfing, golf, triathlons, and snowboarding. The University of Chicago Booth School of Business

Maryum Ashraf Afua Osei

Mark Frankel Scott Tolbert

Carolyn Inoa MARYUM NAZ ASHRAF 600 N. McClurg Court #3404 | Chicago, IL 60611 (706) 421-8065 | [email protected]

EDUCATION

THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL Master of Business Administration September 2011 – June 2013 • Intended concentrations in Finance and Entrepreneurship • Member of Real Estate Group, Private Equity Group, and Dean’s Student Admissions Committee

THE UNIVERSITY OF GEORGIA Athens, GA Bachelor of Business Administration in Finance August 2002 – May 2006 • GPA: 3.73/4.00 (Magna Cum Laude) • Honors Program Participant, Hope Scholarship Recipient, and International Student Group’s Outstanding Leadership Award Recipient

EXPERIENCE

WELLS FARGO BANK Bethesda, MD Commercial Mortgage Underwriter II November 2009 – July 2011 • Starrett City $531.4-million Refinance • Selected as the junior underwriter on a 3-member team to refinance Starrett City, the nation’s largest federally-assisted development to date • Preserved subsidized rents for 12 thousand low-income Brooklyn residents in a 5,881-unit mixed-use development by applying knowledge of affordable housing • Led underwriting team on affordable housing transactions totaling $86.0 million in value • Managed due diligence process for bank’s “high-touch” relationships • Trained new analysts in real estate finance fundamentals and deal management • Recommended financing structure by performing market, credit, and valuation analysis on multi-family properties originating mortgages of $2.4 billion in value • Reviewed third party reports and due diligence material, including mitigating any risks and exposures • Performed on-site due diligence to meet Freddie Mac and Fannie Mae guidelines

WACHOVIA SECURITIES, CORPORATE & INVESTMENT BANKING Charlotte, NC Real Estate Capital Markets Analyst (Rotation Program) June 2006 – November 2009 • Acquired knowledge of the commercial real estate business through rotations in Agency Lending Underwriting, CMBS Origination, Deal Management, & Tax Credit Asset Management • Managed due diligence process as primary contact on conduit loans totaling $2.5 billion in value • Originated and modeled structured debt products for the bank’s relationships in Washington, D.C. • Served as Asset Manager and lead analyst on a 170-property syndicated portfolio • Modeled residual value for equity exit analysis on tax credit and historic rehabilitation properties • Reviewed and approved management agreements and property marketing strategies

ADDITIONAL______

• Obtained several Mortgage Bankers Association Certifications in commercial real estate • Worked as a Leasing Consultant at a 243-unit multifamily property to subsidize undergraduate school expense • Women’s Leadership & Mentoring Alliance Member • Conversational in Hindi/Urdu and currently learning Arabic • Interests include world travel (lived in Middle East in high school), Ultimate Frisbee, and choreography MARK J FRANKEL 30 E. Huron, #2703 Chicago, IL 60611 248.227.8100 [email protected]

EDUCATION

THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, Illinois Master of Business Administration June 2013 • Concentrations: Finance, Accounting, Analytic Finance • Memberships: Real Estate, Banking

THE UNIVERSITY OF MICHIGAN STEPHEN M ROSS SCHOOL OF BUSINESS Ann Arbor, MI Bachelor of Business Administration with High Distinction April 2003 • GPA: 3.74/4.0 • Concentration: Finance

EXPERIENCE

J.P. MORGAN CHASE BANK Chicago Vice President, Commercial Real Estate Banker 2003-Present • Manage a $400 million commercial real estate loan portfolio consisting of 20 public and private institutional clients. • Underwrite and structure new transactions including construction, acquisition, and value-add opportunities for various projects (i.e. office, retail, industrial, multi-family, and student housing). • Evaluate credit quality and identify risks through analysis of financial economics, legal strategies, construction management, market trends, and sponsorship. • Derive risk ratings and appropriate capital reserves, which requires frequent presentations to senior management and government regulators. • Interact with various Bank groups including syndications, derivatives, investment banking, and treasury management, to assess and execute real estate transactions. • Collaborate with appraisers, construction risk, and legal counsel to close transactions, service draws, monitor construction, and maintain compliance with loan documents. • Restructured $200 million in debt in order to minimize Bank’s exposure. • Train and mentor new analysts.

BANK ONE Detroit, MI Middle Market Credit Analyst 2003-2004 • Completed Bank One's intensive credit training program which included seminars in accounting, cash flow, corporate finance, documentation, structuring, risk management, and negotiations. • Analyzed financial statements and researched industry trends for middle market customers.

VALSTONE PARTNERS Birmingham, MI Summer Analyst Summer 2002 • Evaluated portfolios of distressed debt totaling $75 million for private equity investment opportunities. • Utilized complex models to derive discounted cash flows and formulate final bid prices. • Prepared collateral valuations and underwriting summaries to recommend servicing strategies for each asset.

ADDITIONAL • Proficient in Microsoft Word, Excel, and PowerPoint • Interests include tennis, running, triathlons, and piano CAROLYN G. INOA 151 N Michigan Avenue #1702 | Chicago, IL 60601 (703) 899-1510 | [email protected]

EDUCATION

THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL Master of Business Administration: Concentrations in Finance, Accounting and Entrepreneurship September 2011 - June 2013 • Enid Fogel Merit-Based Fellowship Recipient; Robert Toigo Foundation Fellow • Member of the Real Estate Group and Private Equity Group • Participant in the 2011 National Real Estate Challenge at UT-Austin • Completed Training the Street: Corporate Valuation Seminar • Planned completion of Real Estate Investments I & II coursework during 2011-2012 academic year

HARVARD UNIVERSITY Cambridge, MA Bachelor of Arts: Concentration in Psychology with Language Citation in French September 2002 - June 2006 • Blankfein Family Scholarship Recipient; Interned three summers with Goldman Sachs

EXPERIENCE

CHOICE HOTELS INTERNATIONAL Silver Spring, MD Pre-MBA Graduate Intern, Strategy Group May 2011 - August 2011 • Assessed the real estate asset management team’s acquisition plans for expansion of the new Cambria Suites brand • Conducted feasibility studies for the implementation of shared services models across international operations • Presented a proposal to senior leaders recommending a more stream-lined approach for selection of yearly strategic initiatives DEPARTMENT OF VETERANS AFFAIRS Washington, D.C. Contract Project Manager February 2011 - May 2011 • Managed a $5M budget and 15-person cross-functional team to create a secure e-mail exchange platform for health information transfer between public and private providers • Completed successful demonstration of required capabilities for first pilot site within an aggressive timeline Contract Consultant October 2009 - February 2011 • Co-orchestrated the launch of three highly visible projects under the Nationwide Health Information Network Program (NwHIN) requiring the negotiation and documentation of scope, schedule and budget for each project’s first phase • Trained over 30 new team members for the NwHIN Program • Directed cross-agency strategic planning sessions with Department of Defense and Department of Veterans Affairs stakeholders • Authored Program Management Accountability System requirements and authorization documents • Achieved PRINCE2 Project Management Practitioner Certification • Launched The ASI Women’s Networking Circle, an affinity group for women government contractors THE ADVISORY BOARD COMPANY Washington, D.C. Manager, Member Services January 2009 - August 2009 • Maximized hospital executives’ utilization of research content within a 98 hospital territory • Promoted the value proposition for renewal of yearly memberships representing $4.2M in firm revenue

GE HEALTHCARE New York, NY Radiology Account Manager November 2007 - December 2008 • Led diagnostic imaging equipment sales, installations, and training across 65 hospitals and imaging centers • Fostered relationships and negotiated with key C-level stakeholders at all accounts • Closed $8M in new orders and equipment installations for the 2008 fiscal year, successfully achieving sales objective Commercial Leadership Program Graduate August 2006 - November 2007 • Graduated in top quartile of program class having completed extensive training in sales strategy, marketing, and negotiations • Managed a territory of 12 underserved hospital accounts in the Virginia/Maryland region; closed $2.5M in orders (2.5x target) • Led the service escalation of a high-end cardiac CT unit at Potomac Hospital, retaining $1.7M in ‘at-risk’ revenue ADDITIONAL

• Harvard Real Estate Alumni Organization, D.C. Chapter: Event Planning Committee Member, 2010-2011 • Urban Bridge Builders, Community Development Non-Profit: Board Development Chair, 2010-2011 • Management Leadership for Tomorrow (MLT), MBA Preparation Program Alumna, Class of 2011 • Language Skills: Native Spanish Speaker, Fluent in French, Conversational Portuguese • Interests: Avid Salsa Dancer, Tae Kwon Do Black Stripe, Authentic Dominican Cuisine Enthusiast AFUA S. OSEI 680 South Federal Street, #602 | Chicago, IL 60605 202.491.3215 | [email protected]

EDUCATION THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL Master of Business Administration, Concentrations in Finance, Strategic Management, and Marketing June 2013  Peter W. May Scholarship: Recipient of Booth merit based scholarship for academics and community service  Selected for 53rd Street Revitalization Project Management Lab, an urban real estate and marketing consulting project  Elected by peers to serve as Walker Film Co-Chair and represent cohort in alumni judged 2011 Leadership Challenge  Member: Real Estate Group, Net Impact, Chicago Women in Business, African American MBA Association

THE UNIVERSITY OF CHICAGO HARRIS SCHOOL OF PUBLIC POLICY STUDIES Chicago, IL Master of Public Policy, Concentrations in Social and Economic Policy June 2013  Dean’s Scholarship: Recipient of merit based full tuition scholarship  Chicago Policy Review Copy Editor and Women in Public Policy – Professional Development Co-Chair 2011-2012

ALLEGHENY COLLEGE Meadville, PA Bachelor of Arts in Political Science and Black Studies, Cum Laude May 2008  Board of Trustees Scholarship: Recipient of four year merit based tuition scholarship  Senior Faculty Prize for Interdisciplinary Studies for orally defended thesis on criminalization of HIV transmission

EXPERIENCE MAYOR’S OFFICE OF CITISTAT, CITY OF BALTIMORE Baltimore, MD Mayoral Fellow June 2011 – August 2011  Partnered with Finance Department and Housing and Community Development Department to quantify the long term revenue impact of misappropriations of a $120 million housing tax credit program  Presented to Mayor and Senior Cabinet new collaborative processes for city agencies, legal mechanisms for collecting back taxes and an online data portal to encourage constituent reporting

OFFICE OF THE CITY TREASURER, CITY OF CHICAGO Chicago, IL Economic Development Intern February 2011 – May 2011  Evaluated public and private sector asset building best practices and determined their scalability and feasibility for the City of Chicago; Recommendations adopted into Treasurer’s economic development portfolio  Crafted language for Bank On Chicago brochure and website launch; Recommended slogan adopted as official tagline

ANGELA ALSOBROOKS FOR STATE'S ATTORNEY Largo, MD Special Assistant June 2010 – September 2010  Analyzed 10 years of election results and identified strategic opportunities to increase vote share in previously ignored districts; Collaborated with Political Director and Senior Strategist to synthesize results into Election Day strategy

EXECUTIVE OFFICE OF THE PRESIDENT OF THE UNITED STATES Washington, DC White House Internship Program, Office of the First Lady January 2010 – May 2010  Spearheaded creation of email management system for the First Lady: authored official protocols, trained staff and volunteers and in 1 month cleared a backlog of more than 2,000 emails from the beginning of the Administration

J POPE CONSULTING Silver Spring, MD Finance Associate September 2009 – January 2010  Created persuasive language for fundraising emails, letters, and video appeals for political and nonprofit clients including Rep. Donna Edwards, Maryland Black Caucus Foundation, and Montgomery County Chair Valerie Ervin

J. WILLIAM FULBRIGHT SCHOLARSHIP Terengganu, Malaysia U.S. Student Fellow January 2009 – August 2009  Selected for international fellowship program to design cultural and educational activities in a rural village. Managed cross cultural relationships with host teachers and conducted programs for nearly 800 students in six schools

JEHAN GORDON FOR ILLINOIS STATE REPRESENTATIVE Peoria, IL EMILY’s List Campaign Corps Staff August 2008 – November 2008  Developed relationships at political and community events resulting in the recruitment, training and coordination of 60 volunteer leads; Produced a volunteer operations manual for consistent onboarding

ADDITIONAL  Member: Urban Land Institute-Chicago Young Leaders Group and Social Enterprise Alliance-Associates Board  Mentor: Woodlawn Children’s Promise Zone and Chicago Multicultural Connection Program (U of C undergraduates)  Hobbies: Fluent in breakdancing after 14 years of jazz and hip hop; Visiting international wonders, currently at 3 SCOTT PARKER TOLBERT 151 N. Michigan Avenue Ste. #1916│Chicago, IL 60601 504.458.7182│[email protected]

EDUCATION THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL Master of Business Administration, Concentrations in Finance and Strategy Sep 2011 – Jun 2013 • Member of the Private Equity Club, Real Estate Group and Pubic Speaking Group • Participant in the University of Texas National Real Estate Challenge Competition • GMAT 720 (94th percentile)

VANDERBILT UNIVERSITY Nashville, TN Bachelor of Arts, Majors in Economics and French Aug 2002 – May 2006 • GPA: 3.8; Graduated Summa Cum Laude and received Phi Beta Kappa honors • School Newspaper Arts & Entertainment staff writer, Phi Kappa Psi fraternity sports chair

EXPERIENCE NOLA APARTMENTS New Orleans, LA Real estate firm that owns, leases and manages 48 multi-unit residential properties General Manager Jul 2009 – Jul 2011 • Member of senior management team determining strategic direction of family-founded and run company • Developed financial models and gathered market data to gauge the business’s performance, establish rental rates and reduce costs, increasing profitability by 8% over a two year period • Formulated analysis for the restructuring of the company’s debt and acquisition of five properties • Responsible for marketing budget; created company website and purchased advertisements resulting in a 10% increase in occupancy within the Tulane University area; maintained total occupancy rates in excess of 98% • Supervised workforce of 11 and presided over daily meetings to coordinate firm-wide efforts • Made all personnel decisions and contracted specialized work for capital improvement projects

AVONDALE PARTNERS LLC Nashville, TN Full-service investment bank with more than 100 employees in seven offices nationwide Investment Banking Senior Analyst/Analyst Jul 2006 –May 2009 • Significant transaction experience as key member of deal teams: • Recapitalization and sale of the majority interest of Behavioral Centers of America (psychiatric healthcare provider) to private equity sponsor Linden LLC • Sale of PMG Partners (healthcare collections and billing company) to private equity firm Bertram Capital. • Sale of a Gwinnett, GA system hospital to Universal Health Services • Promoted to Senior Analyst in second year; oversaw the work of junior analysts and coordinated efforts of deal teams to ensure timely completion of projects and delivery of work materials • Directly assisted client management teams in live deal execution through on-site administration of data rooms, coordination with financial sponsors and ongoing analysis of strategic financing alternatives • Assembled comprehensive financial models, including LBO, merger & acquisition and equity offering analyses • Produced and edited client presentations, descriptive information memoranda, commitment committee and sales memoranda, management presentations and board presentations • Spearheaded research initiatives leveraging assorted databases and industry reports to generate new business within the healthcare sector and evaluate the viability of underwriting SPAC equity offerings

ADDITIONAL • Studied abroad in southern France; conversant and literate in French • Interests include real estate speculation, basketball, and the New Orleans Saints • Enjoy cooking seafood and preparing meals inspired by the popular television show Top Chef Columbia Business School Team

Jason Chiang Richard Fore Matthew Giammanco

Jeff Organisciak Andrew Stone Anoop Varghese JASON W. CHIANG 121 East 12th Street, Apt 5-I New York, NY 10003 C: (908) 930-5542 [email protected]

EDUCATION 2010-2012 COLUMBIA BUSINESS SCHOOL New York, NY MBA, Real Estate and Finance, May 2012 GMAT: 750 (98th percentile) Case Competitions: 2010 National Real Estate Challenge (UT Austin), 2011 UNC Real Estate Development Challenge – Honorable Mention Leadership Positions: VP, Real Estate Association; VP, Nonprofit Board Leadership Program; VP, Cluster Q; Peer Advisor; Co-President, Tennis Club

2000-2004 HARVARD COLLEGE Cambridge, MA AB, Government, June 2004, graduated cum laude

EXPERIENCE Spring/Summer 2011 MADISON INTERNATIONAL REALTY, INC. New York, NY Summer Associate – Investments  Underwrote, valued and presented to Investment Committee 22 direct property and REIT investments throughout US and Europe for Madison International Realty Fund IV  Built Excel models; created ARGUS files; reviewed leases, loan documents and partnership agreements; managed due diligence processes; and attended asset tours  Wrote the final Investment Committee Memorandum for one transaction Select Transaction Experience  Boston-area lifestyle retail center – $19mm partial acquisition of a fully-leased premier shopping center to facilitate sponsor’s monetization  Paddington (London) office asset – £17mm partial acquisition of the Class A headquarters for a major UK retailer via a distressed, fractionalized ownership structure  State pension office portfolio – $70mm off-market partial acquisition of 4 California and 1 Washington, DC assets to facilitate state pension’s portfolio rebalancing

2008-2010 OCH-ZIFF CAPITAL MANAGEMENT New York, NY Investor Relations – Real Estate & Private Equity  Raised $700 million of investor capital for two real estate funds and a structured credit fund as part of Och-Ziff’s new firm private equity initiative  Negotiated fund limited partnership agreements and side letters in conjunction with legal counsel, anchor investors and investment teams

2006-2008 UBS INVESTMENT BANK New York, NY Associate Director, Real Estate, Lodging & Leisure Group – Private Funds  Raised over $1 billion of investor capital for 11 real estate private equity funds  Performed client due diligence, including reviewing investment committee memos; modeling historical returns; and stress-testing unrealized investments  Wrote private placement memoranda, created investor presentations, compiled due diligence binders/online datarooms and answered investor and consultant questionnaires

2004-2006 WELLS FARGO BANK San Francisco, CA Financial Analyst, Capital Markets Group – Loan Syndications  Priced and structured 7 syndicated bank loans for firms in the traditional and Native American gaming, media, fine dining, real estate and building material industries

ADDITIONAL INFORMATION Skills: Significant cash flow modeling experience with Microsoft Excel and ARGUS Interests: Urban Land Institute (ULI) member; play on a USTA men’s tennis league; board member and member-at-large of The Choral Society at Grace Church RICHARD P. FORE 57 W. 75th Street, Apt. 3F New York, NY 10023 202 812-4422 [email protected] ______

EDUCATION

2010-2012 COLUMBIA BUSINESS SCHOOL New York, NY MBA, May 2012 Membership: Real Estate Association, International Development Club, Social Enterprise Club, Energy Club

2001-2005 EMORY UNIVERSITY Atlanta, GA BBA, Roberto Goizueta Business School, May 2005 Concentrations in Finance, Real Estate, and Consulting & Venture Management Dean’s List 2005, Business Law Teaching Assistant

EXPERIENCE

2011 LINCOLN PROPERTY COMPANY Herndon, VA Summer Associate  Coordinated the sourcing of equity financing for two multifamily development opportunities in the Northeastern United States with a combined 480-units and a total capitalization of $150 million.  Negotiated joint venture term sheets with multiple parties for two multifamily development opportunities.

2009-2010 FORE PROPERTY COMPANY Washington, DC Assistant Vice President  Managed predevelopment and financing activities for a 226-unit, $35 million multi-family rental development project designed to meet USGBC LEED Silver certification standard in Baltimore, MD  Directed national strategy for delivery of social services programs at the property level for 5,000- unit affordable family and senior housing portfolio  Led company-wide property management systems overhaul to streamline operations, improve efficiencies, and reduce costs

2005-2008 LINCOLN PROPERTY COMPANY New York, NY Senior Development Associate (2006-2008)  Prepared all financial analyses and due diligence studies for Lincoln Property Company’s New York City operations  Negotiated purchase and sale agreements and joint venture partnership agreements in assembling a 6-parcel, mid-rise rental development site with projected development costs in excess of $350 million  Managed cross-functional project consultants (architects, contractors, engineers, and lawyers) via weekly meetings during pre-development phases  Produced construction documents for two Manhattan condominiums with estimated total development costs in excess of $250 million  Modeled and maintained financial return projections for two Manhattan condominium projects; provided ongoing sensitivity analyses of market condition and design change impacts on Lincoln Property Company’s profit margin leading to timely portfolio divestitures at the peak of the market  Orchestrated the profitable disposition of a $45 million Manhattan condominium development assemblage; prepared cash flow statements in order to distribute profits amongst partners

Development Associate (2005) Herndon, VA  Underwrote two Mid-Atlantic multi-family projects with estimated development costs of $135 million that broke ground in 2006  Prepared financial analyses for potential multi-family acquisitions on behalf of third party institutional investors; generated third party property management fees

ADDITIONAL INFORMATION  Volunteer Work: International Youth Foundation, Community Collective Society For Integrated Development  Professional Associations: Urban Land Institute, American Council on Renewable Energy, Cleantech Group MATTHEW GIAMMANCO 13136 East Run Drive Lawrence Township, NJ 08648 908-612-1374 [email protected] ______EDUCATION 2011-2013 COLUMBIA BUSINESS SCHOOL New York, NY MBA, Real Estate, May 2013 GMAT: 740 (97th percentile) Scholarships: Klipstein Scholarship (Academic Excellence); Pension Real Estate Association Scholarship (Application-Based Third Party Scholarship) Leadership: Real Estate Association AVP–Careers, Cluster Honor Board Representative Club Memberships: Private Equity / Venture Capital, Sports Business, Hermes Society

2003-2007 PENNSYLVANIA STATE UNIVERSITY University Park, PA BS, Finance, May 2007 Minors in Economics and International Business Graduated with Distinction (3.77 GPA; top 12% of class) Study Abroad – Temple University in Rome (Spring 2006)

EXPERIENCE 2007-2011 ERNST & YOUNG, LLP New York, NY Transaction Advisory Services: Transaction Real Estate Senior Analyst (2009 - 2011) • Participated in the restructuring and orderly wind-down of a Dutch bank’s $2.5 billion North American commercial real estate lending portfolio • Negotiated workouts with borrowers, advised on alternative loan and asset sale transaction structures, and created a financial model to track potential losses and outstanding balances for the entire portfolio based upon various exit scenarios • Lead the advisory work, financial analysis, and strategy development for a $300 million relationship in the client’s portfolio collateralized by diverse asset types across the Washington DC Metro Area • Analyzed, underwrote, and made strategic suggestions to the client on solicited offers for two condominium projects (total loan value of ~$160 million) • Created marketing documents for loan sales of notes collateralized by a collection of 200 residential lots across MD and VA

Staff Analyst (2007 - 2009) • Performed buy-side loan portfolio due diligence for a private equity consortium’s bid on a $1 billion retail bank with a large concentration of real estate loans • Executed leasehold valuation analyses of three national apparel chains for Purchase Price Allocations • Underwrote and modeled cash flows for a $1.7 billion loan portfolio collateralized by senior housing assets • Reviewed appraisals and client models for SAS 73 purposes as part of the yearly audit of a $4 billion real estate private equity fund invested in New York City assets

Campus Recruiting Coordinator: New York Office (2010) • Nominated by the Regional Recruiting Director to coordinate all campus recruiting efforts for the New York Transaction Real Estate Group for the entry-level hiring pool; completed resume reviews and on-campus interviews of prospective entry-level hires

ADDITIONAL INFORMATION

Affiliations: Urban Land Institute, International Council of Shopping Centers Skills: Proficient in Microsoft Office Suite (Excel, Word, PowerPoint), CoStar, Reis Trained in the use of ARGUS Valuation Discounted Cash Flow Software Interests: avid soccer fan, golf, running, Penn State athletics JEFF ORGANISCIAK 250 East Houston Street, Apt. 3G, New York, NY 10002 917 279-8048, [email protected]

EDUCATION 2011-2013 COLUMBIA BUSINESS SCHOOL New York, NY MBA, Real Estate and Finance, May 2013 GMAT: 760 (99th percentile) Alexander Bodini Real Estate Fellow Elected AVP of Alumni Relations, Real Estate Association Volunteer Career Counselor, I-Prep (Interview Practice for Emerging Professionals)

2001-2005 UNIVERSITY OF PENNSYLVANIA Philadelphia, PA BA, Economics and Political Science, May 2005 Minor: Mathematics Member of Men’s Varsity Swimming Team

EXPERIENCE 2007-2011 ING CLARION PARTNERS New York, NY Real Estate Asset Management Officer, Portfolio Management (2010-2011) • Valued the $6 billion direct real estate portfolio of the firm’s largest client; developed assumptions, projected cash flows and performed DCF analyses on a 75-property mixed-asset portfolio • Underwrote redevelopment of a grocery-anchored shopping center in New York area and drafted recommendation memo that led to the approval of a $10 million investment • Negotiated term sheets, evaluated lender bids, and made recommendations regarding the mortgage financing of seven shopping centers, resulting in total loan proceeds of $340 million • Prepared annual business plans and quarterly client reports for a portfolio of 75 properties • Selected to the firm’s Sustainability Committee; achieved LEED and Energy Star ratings on over 50 of the firm’s real estate assets

Senior Analyst, U.S. and Mexico Research & Investment Strategy (2007-2009) • Authored strategy report on Mexico’s residential sector, leading to the formation of a joint venture with a large private Mexican homebuilder; prepared targeted market analysis that secured an $81 million investment in a low income residential development in Monterrey, Mexico • Authored and presented a report outlining strategic investment opportunities in the U.S. industrial real estate market; firm’s industrial platform used this in marketing efforts to successfully raise a $350 million recapitalization • Conducted due diligence of target acquisition/development assets in the U.S; prepared over 100 market/asset specific reports and presented 30 reports to the firm’s Investment Committee for transactions ranging between $3 and $350 million • Promoted from Analyst to Senior Analyst

2005-2007 CADWALADER, WICKERSHAM & TAFT New York, NY Real Estate Finance Legal Analyst • Led the due diligence process and coordinated the closing for the mortgage financing of the $9 billion leveraged buyout of a major office REIT, at the time, the second largest buyout in REIT history; created abstracts of complex financing structures for internal strategy discussions, and drafted and negotiated key loan documents

ADDITIONAL INFORMATION Professional Groups: Penn Club NYC Real Estate Club (Co-Chair: 2008-2010), Urban Land Institute (Young Leaders Group Programming Committee), International Council of Shopping Centers (Mexico Research Council), US Green Building Council Skills: Argus, Excel, Word, Powerpoint Interests: Enjoy running (completed ‘09 and ’10 NYC marathons), surfing, swimming, skiing, golf

ANDREW STONE 306 West 76th Street Apt. 3B New York, NY 10023 (480) 980-5454 [email protected] ______EDUCATION 2011-2013 COLUMBIA BUSINESS SCHOOL New York, NY MBA, Real Estate and Finance, May 2013 GMAT: 750 (98th percentile) Leadership: Elected AVP of Case Competitions, Real Estate Association Member: Hermes Society, Private Equity Club, Texas Club

2004-2008 ARIZONA STATE UNIVERSITY Tempe, AZ BS, cum laude, Economics and Finance, May 2008 Graduate of the Barrett Honors College Awarded Provost Scholarship for academic excellence

EXPERIENCE 2008-2011 ERNST & YOUNG, LLP Phoenix, AZ Transaction Real Estate Senior (2010-2011)  Led team of three staff on a quarterly valuation review of a $2.5B (equity) real estate opportunity fund  Analyzed key valuation assumptions for a $400MM high rise condo project in Las Vegas and recommended adjusting pricing and absorption based on recent market activity  Performed lease and debt due diligence for a $1.6B senior housing company acquisition  Evaluated a REIT’s purchase price allocations in preparation for the first REIT initial public offering in 2011  Active experience in property and portfolio level acquisition due diligence, valuation assignments, market studies, and performing and non-performing loan reviews

Transaction Real Estate Staff (2008-2010)  Re-underwrote and projected a stabilized proforma and value for real estate loan collateral on a team that reviewed over $3.5B in total real estate loan commitments. Presented recommendations to private equity executives  Analyzed and reviewed collateral valuation and methodology for over $380MM in total real estate loan balances for an international bank and approximately $112MM for a regional bank  Conducted research to determine the market interest rate for debt in all levels of the capital stack for many real estate asset types including medical office, senior housing facilities, and net-leased properties  Awarded highest performance ranking among analyst class of 44 in the Transaction Real Estate group nationwide

2007-2008 APOLLO CAPITAL MANAGEMENT Scottsdale, AZ School Year Intern  Performed research and due diligence on equities, fixed income securities, convertibles, options, and bank debt for the Dow Jones Hedge Fund Indexes (DJHFI)  Reconciled daily trading activity of 44 hedge funds with security prices using a Bloomberg terminal

ADDITIONAL INFORMATION Urban Land Institute: ULI New York Young Leaders Group Communication Committee member (current), ULI Arizona Communications Committee member (2010-2011) Appraisal Institute: Real Estate Finance & Statistics, Appraisal Principles & Procedures ARGUS: ARGUS training and extensive experience Community: ASU “Matching Gifts” co-leader at E&Y, United Way Committee at E&Y, Big Brothers Big Sisters of Central AZ mentor Interests: Attending European soccer matches, watching college football Anoop D. Varghese 27 West 72nd Street, Apt. G1, New York, NY 10023 908.591.4468 [email protected]

EDUCATION 2010 - 2012 COLUMBIA BUSINESS SCHOOL New York, NY Masters in Business Administration, Dual concentration in Real Estate and Finance, May 2012 Elected: Real Estate Association - VP of Careers Member: Private Equity & Venture Capital, Hospitality & Travel, Investment Management, and Gourmet clubs Seminars attended: Kahr ARGUS Training

2001 – 2005 BOSTON UNIVERSITY Boston, MA BS in Business Administration, Concentration in Finance, May 2005 Awards: Magna cum laude (top 10% of class), Dean’s Scholar, Beta Alpha Psi Elected: Dean’s Host Coordinator; Career Advisor; India Club: Event Coordinator Study abroad : London, United Kingdom, Spring 2004

EXPERIENCE 2011 FIR TREE PARTNERS L.P. New York, NY ($7B AUM value based investment fund focused on distressed credit, equity, and capital structure arbitrage) Summer Associate – Real Estate Investments • Evaluated prospective public and private real estate transactions as an integral member of a 4 person team opportunistically seeking income producing assets at attractive relative, absolute, and historical basis’ • Built and maintained Excel models followed by drafting and presentation of investment memoranda based on primary and secondary market research and various debt and equity structures

Selected transaction experience • Assessed acquisition and restructuring alternatives for a 1.6M sqft industrial asset in Jacksonville, FL • Underwrote and designed bidding strategy for a distressed condo construction loan in Miami, FL • Identified, interviewed, and initiated diligence on potential operating partners

2007 – 2010 GIC REAL ESTATE, INC. New York, NY Assistant Vice President – Investments • Structured and originated joint ventures, acquired mortgage and mezzanine debt, underwrote direct property investments, and purchased interests in real estate operating companies • Approved for promotion to Assistant Vice President, a post-MBA position, after 12 months

Selected transaction experience • Evaluated mortgage and mezzanine loan restructuring alternatives for a luxury hotel portfolio – Led the financial and legal assessment of a potential foreclosure process – Conceptualized and quantified forbearance structures and return hurdles for transaction constituents • Structured a $400M joint venture with CCP to build Class-A commercial assets in Brazil – Trained and educated senior management on technical and strategic rationale of the structure – Evaluated the economic and strategic viability of all projects to be included in the joint venture • Committed $1.8B to the privatization of Hilton Worldwide through mezzanine debt and equity – Led LBO underwriting to assess debt capacity and business segment returns under various scenarios

2005 – 2007 J.P. MORGAN SECURITIES, INC. New York, NY Financial Analyst - Investment Banking Division: Real Estate & Lodging Group • Provided financial and strategic corporate finance advice to REIT’s, hotel and gaming companies • Earned top tier ranking amongst all analysts and highest analyst rating within real estate coverage group • Elected as Training Captain to lead a training curriculum for incoming analysts and associates

Selected transaction experience • Sell-side advisor for the $7.9B sale of The Mills Corporation – Created a comprehensive offering memorandum that included a summary of operations, property cash flow models, leasing analyses, forecasted capital expense requirements, and market analyses – Assessed various capital restructuring alternatives and substantiated management projections and operating assumptions by constructing LBO, NAV, DCF, IRR, and AVP analyses

ADDITIONAL • Leadership: Share & Care: YPC Board member; SSP: Time sponsor; World Vision: Child sponsor • Professional Affiliations: Urban Land Institute; Young Real Estate Professionals New York; NYPEN • Interests: Studying and working abroad, community development, basketball, food tastings, and gliding • Language: Conversant in Spanish and Malayalam

CORNELL UNIVERSITY PROGRAM IN REAL ESTATE

Dylan F. Fonseca Michael B. Majestic

Benjamin D. Gottlieb Zebulin Porianda

Connor C. MacLennan Randolph Zhao DYLAN F. FONSECA 518 Dryden Road, #A2A, Ithaca, NY 14850 (310) 904-4121 [email protected]

Education CORNELL UNIVERSITY Ithaca, NY • Master of Business Administration, May 2012 • Master of Professional Studies in Real Estate, May 2013 • Roy H. Park Leadership Fellow – Merit-based, full-tuition scholarship, stipend and two-year leadership development program • Cornell Associate Real Estate Council President • Winner of 2011 MIT Real Estate Case Competition • Spirits Club Founder, Sailing Club, Men’s Soccer Club

UNIVERSITY OF SOUTHERN CALIFORNIA Los Angeles, CA • Bachelor of Science in Business Administration, May 2007 • Concentration in Real Estate Finance & Development, Deans List 2007

Experience PACIFIC SHORE REALTY PARTNERS, LLP Los Angeles, CA 2011 Intern • West Coast focused real estate investment and management firm investing in real estate equity, debt and operating company re-capitalizations with over $6B of acquisitions experience. • Worked on underwriting for acquisition of 1.4M sq ft of Howard Hughes Center portion of Crescent Portfolio and 3.6M sq ft of West Coast assets of Charter Hall Portfolio.

ATELIER L.A. DESIGN & DEVELOPMENT, INC. Los Angeles, CA 2003-2010 Director • Secured building entitlements through negotiations with city officials, design review boards, town hall meetings. • Assembled and managed teams of architects, engineers and builders and participated in all aspects of development from pre-design through lease up and sale. • Established satellite offices in Spain and Venezuela and worked on large-scale international projects in the Americas, Europe and Asia. • Key Projects: • Hobart Historic Bungalows, Los Angeles, CA: redeveloped and repositioned a 28 unit underperforming multifamily asset to cut cap rate from 14% to 9% and tripled rents to achieve a $2.6M gain in property value. Phased renovations of $650,000 were completed within 18 months. • Our Lady of the Most Holy Rosary, Lucban, Philippines: designed and managed the construction for a 400 occupancy, 10,000 square foot $1M church. Upon completion the church was inaugurated and blessed by the ambassador to the Vatican. Church featured highest cupola in Quezon Province. • QueensCare Assisted Living & Clinic, Los Angeles, CA: Prepared schematic drawings, financial pro-forma and market study for mixed-use development in the heart of Hollywood featuring 10,000 square foot medical clinic, 156 assisted living full service suites. Forecasted stabilized EBITDA of $8M per annum.

Personal • Fluent in Spanish and proficient in French • Licensed CA Real Estate Agent • Software: AutoCAD 2010, Argus, Adobe InDesign, Advanced Excel BENJAMIN D. GOTTLIEB 100 Fairview Square, Apt. 3k, Ithaca, NY 14850 808-542-3207 [email protected]

Education CORNELL UNIVERSITY, Johnson Graduate School of Management Ithaca, NY Master of Business Administration, May 2012 Elected Captain of Cornell Real Estate Case Team

UNIVERSITY OF MICHIGAN Ann Arbor, MI Bachelor of Arts, December 2006 University Honors 2005 / 2006

Experience DIVCOWEST San Francisco, CA 2011 Summer Associate DivcoWest is a real estate investing firm with $2 billion in private equity under management. Responsibilities and key accomplishments included:  Acquisition – Led underwriting, due diligence and investment committee presentation for a $100 million resort hotel acquisition in Southern California. The off-market transaction closed in an accelerated 7 week time frame  Asset Management – Led business plan / strategic review for a distressed retail property. Worked directly with a local celebrity (MC Hammer) on a brand licensing agreement

MORGAN STANLEY (PANORAMA HOSPITALITY DIVISION) Tokyo, Japan 2007-2009 Senior Analyst Panorama Hospitality, a unit of Morgan Stanley’s merchant banking platform, managed a $5.7 billion portfolio of hospitality investments throughout Asia Pacific and Europe. Responsibilities and key accomplishments included:  Acquisition – Prepared due diligence, financial models and investment committee materials for prospective investments with aggregate value of $3+ billion in Japan, China, Hong Kong, Australia, India and South Korea  Asset Management / Operations - Led hotel operator selection and management agreement negotiation for 8 green field development properties in China, India and South Korea. Evaluated monthly financial statements for portfolio hotels in Japan, China, Australia, India and Mauritius  Disposition - Key member of disposition team for $750 million asset sale in Tokyo  Analytics - Prepared business plans, asset valuations, quarterly investor reports and monthly competitive performance analysis for 28 hotel properties in Japan

MORGAN STANLEY Shanghai, China 2006 Summer Analyst  Prepared due diligence and underwriting materials for the acquisition of a $100 million resort hotel in Sanya, China

THE RESORT GROUP Honolulu, HI 2005 Intern  Prepared strategic plan and cash flow projections for a resort redevelopment in Hawaii

Personal  Lived 13 years in Japan, China, Hong Kong, Singapore, Indonesia and Micronesia  Conversational in Japanese; basic knowledge of spoken Mandarin  Enjoy skiing, running, kayaking, surfing and international travel  Amateur Photographer, selected as one of ten finalists among 1100 entrants in the 2009 Morgan Stanley firm-wide photo competition

CONNOR C. MACLENNAN 603 Winston Court #2 Ithaca, NY 14850 [email protected] 208-908-2479 EDUCATION CORNELL UNIVERSITY Ithaca, NY . Masters of Professional Studies in Real Estate, May 2012 . Cornell Real Estate Advisory Board Scholar . Managing Editor of the Cornell Real Estate Review . Co-Captain of the Cornell University team for the UT-Austin National Real Estate Challenge BRIGHAM YOUNG UNIVERSITY Provo, UT . Bachelors of Science in Business Management, emphasis in Finance and Real Estate, Dec 2007 . Finance Core GPA: 3.85, Cumulative GPA 3.5 . Brigham Young Scholar, September 2004; Rutherford Scholar, January 2004 RELATED EXPERIENCE May 2011- REAL CAPITAL SOLUTIONS Denver, CO August 2011 Summer Associate . Performed financial analysis for the potential acquisition of more than $240M of residential distressed, value-add, and development projects (apartments, condos, land, WIP, single family attached and detached homes) in troubled markets across the country. . Researched potential acquisition markets identifying risks inherent with the amount of inventory, vacancy, distress, and the absorption. Eliminated projects that exceeded company risk tolerance. . Analyzed potential general partners project budgets for land development, vertical construction and indirect costs, ensuring adequate representation of costs. November 2008- COSTA PACIFIC COMMUNITIES Portland, OR July 2010 Financial Analyst . Analyzed the financial performance of the $200M 42 acre Villebois Village Center, zoned and entitled for 650 residential units and 40,000 SF of retail space. . Created and updated project budgets for all project land development, vertical construction and indirect costs with third party construction, land development and sales reports. . Initiated and completed an alteration in the pro forma and asset management processes moving analysis from Argus Developer to an Excel based pro forma that allowed more customization, portfolio reporting capabilities and interaction with the Timberline accounting system. . Provided monthly and quarterly cash flow reports and projections consistent to GAAP accounting standards to ventures publicly traded equity partner. January 2008- DBSI DISCOVERY REAL ESTATE SERVICES Boise, ID September 2008 Due Diligence Analyst . Completed due diligence for $157M of multifamily, office, industrial and retail properties. Approved and closed $17.4M of the properties analyzed. . Audited the properties general ledger, CAM reconciliations, income statements, utility and tax bills to confirm their accuracy and provide an expense projection for the holding period. . Abstracted tenant leases and audited tenants personal and/or company financial statements. Performed tenant interviews, completed physical site inspections and modeled cash flows in Argus and Excel. May 2007- CORE REALTY HOLDINGS Newport Beach, CA August 2007 Acquisitions Summer Analyst . Provided the analysis and prepared offers to buy over $330M of real estate. . Analyzed the potential real estate acquisition of over 50 different properties per week. . Underwrote 5-10 potential acquisitions per week using Argus DCF and Excel modeling. OTHER . Language: Fluent in Spanish; speaking, writing, and reading. . Volunteer: Spanish speaking two year volunteer mission for The Church of Jesus Christ of Latter- Day Saints in Brooklyn and Queens, NY. Directed monthly training sessions of 40-200 missionaries. . Entrepreneurship: Founded and managed party rental company; directed all sales, marketing, hiring, and accounting, resulting in growing revenues from $15K/year to $147K/year from 1997-2007. . Financial Modeling: Advanced knowledge of Argus DCF, Argus Developer, and Excel. . Software: Proficient in Timberline Accounting and Buildtopia Construction software. . Interests: Snowboarding, waterskiing, white water rafting, and travelling Latin America.

MICHAEL B. MAJESTIC 934 Stewart Avenue Apt #32, Ithaca, NY 14850 919-699-1201 | [email protected]

Education CORNELL UNIVERSITY, Johnson Graduate School of Management Ithaca, NY Master of Business Administration; Investment Banking Immersion, Real Estate Minor, May 2012  Teaching Assistant for Managerial Finance Core Course, Fall 2011  Johnson Leadership Fellow – Nominated by Core Faculty and recognized for having strong leadership skills  MIT Real Estate Case Competition Winner, Spring 2011

 Associate Real Estate Council – Elected Vice President of Alumni Affairs  Member of the Old Ezra Finance Club; Admissions Ambassador  Community Consultant – Advisor to the Brooktondale Community Center, a local non-profit

WASHINGTON UNIVERSITY IN SAINT LOUIS St. Louis, MO Bachelor of Fine Arts, Double Major: Sculpture and Psychology, May 2004  Conway Merit Scholar

 Vice President and House Manager, Sigma Alpha Mu Fraternity

HARVARD SCHOOL OF DESIGN Cambridge, MA Career Discover Program, Study of Urban Design; Certificate Degree, Summer 2004

Experience EASTDIL SECURED New York, NY 2011 Summer Associate  Built ground-up valuation models in Excel for a 500,000 SF mixed-use development establishing tenant

assumptions, defining capital structure allocations, and modeling project cash in-flows and out-flows  Contributed to the sales strategy of a pitch book that secured the business of a 100-asset office portfolio  Wrote sections of the Mandarin Oriental, Boston offering memorandum, featured in the estimated $10

billion Anglo Irish Bank portfolio  Participated in the underwriting, due diligence, marketing, and bidding process for the sale of two premiere retail condos in Manhattan valued at approximately $42 million

NEIGHBORHOOD DESIGN CENTER Riverdale Park, MD 2009-2010 Project Coordinator  Created commercial revitalization strategies for local municipalities and community development groups  Revised organizational operations by implementing quality standards and expanding company services  Cultivated relationships with business owners, architects, and city council members to successfully manage over $1M in Housing and Urban Development (HUD) funding

STREETSENSE CONSULTING LLC Bethesda, MD 2005-2009 Planner & Designer  Coordinated client interaction and urban design issues for mixed-use and multi-use private development  Designed phased site plans, architectural elevations, tenant guidelines, and marketing packages  Performed due-diligence, market research, feasibility studies, and competition analysis  Key Projects:

McMillan Reservoir, Washington, DC: Designed planning strategies and facilitated community meetings to secure entitlement for a $330M mixed-use redevelopment DC Retail Action Strategy, Washington, DC: Provided value-add recommendations for current retail inventory throughout 30 Washington, DC neighborhoods

Half Street, Washington, DC: Created marketing materials and retail merchandising strategy for a $270M landmark entertainment district development at the new National’s Stadium Bayberry Town Center, New Castle County, DE: Managed client interface and presented proposal for a 128 acre, $1.4B neighborhood town center development

Skills  Proficient with Argus, Microsoft Excel and PowerPoint, Revit, AutoCAD, the Adobe Suite, and Sketch-Up

Personal  LEED accredited by US Green Building Council, Specialization in New Construction  Interests: Duke basketball, public art installations, community engagement

ZEBULIN PORIANDA 131 E. Green Street #505, Ithaca, NY 14850 315.250.3445 [email protected]

Education CORNELL UNIVERSITY, Johnson Graduate School of Management Ithaca, NY Master of Business Administration, May 2012 • Old Ezra Finance Club; Associate Real Estate Council; Investment Management Club • Awarded Consortium for Graduate Study in Management Fellowship - 100% Tuition • 2011-2012 Financial Modeling Teacher’s Assistant • Member of team selected to compete in the 2011 National Real Estate Challenge • Member of team selected as finalists for the 2010 IPO Challenge (115 teams entered)

UNIVERSITY OF PUGET SOUND Tacoma, WA Bachelor of Arts, June 2002 • Double-major in Economics and Business Administration • Exchange student at the University of Maastricht in Maastricht, Netherlands

Experience TD SECURITIES New York, NY 2011 Summer Associate – Credit Management • Applied fundamental credit analysis and various analytical tools to develop internal risk ratings on trading counter-parties • Communicated ratings analysis and rationale to senior management through written reports and discussions • Conducted interim and annual reviews on existing exposures • Carried out and delivered ad-hoc studies on specific credit risk issues • Sector coverage was Financial Institutions, specifically banks, insurance companies, and hedge funds

MUNICH ERGO ASSET MANAGEMENT / MUNICH RE Munich, Germany 2007-2010 Manager of Structured Real Estate Finance • Assisted Munich Re in underwriting credit default insurance on large single-asset real estate transactions (minimum exposure per transaction was $50mm) • Advised on proposed transaction structures and led negotiations with counter-parties • Involved in the closing of nine cross-border transactions with appraised value of $4bn • Participated in the workouts/restructurings of four distressed transactions, including negotiations with junior and senior lenders and borrowers • Approximate amount of insured exposure was $1bn and transactions consisted of hotel, office, land, and residential loans (both construction and term) • Evaluated potential transactions, including developing valuation and stress testing models and analyzing debt/equity structures, loan agreements, and co-lender agreements • Tracked and reported on existing exposure and developed internal base case/worst case claim payment and claim recovery scenarios

BRISTLECONE ADVISORS, LLC 2002-2006 Analyst Seattle, WA • Consulted to 15 high net worth families with approximately $800 million in assets • Provided clients with on-going manager research, due diligence, and portfolio analysis • Helped develop, maintain, and document a buy-list of managers for all asset classes by conducting quantitative and qualitative investment fund manager research

Personal • Level II CFA Candidate • Moderate proficiency in speaking/reading/writing German

RANDOLPH ZHAO

111 S. Quarry Street, Apt. B9 Ithaca, NY 14850 +1 (949) 878-2788 [email protected]

EDUCATION CORNELL UNIVERSITY Ithaca, New York Master of Professional Studies in Real Estate, May 2012 Dual Concentrations: Real Estate Finance and Investments Cornell Real Estate Advisory Board Scholarship Recipient MIT Real Estate Competition 2011 – 1st Place

UNIVERSITY OF MINNESOTA Minneapolis, Minnesota Curtis L. Carlson School of Management, December 2006 Bachelor of Science in Business, Major: Finance

PEKING UNIVERSITY Beijing, China Exchange program sponsored by the University of Minnesota’s China Center September 2004 – June 2005

EXPERIENCE PRAMERICA REAL ESTATE INVESTORS (ASIA) Beijing, China Summer Intern –Transactions (Greater China) June 2011 – August 2011  Spearheaded the acquisition of an 130,000 sqm. under-construction retail project in Dalian, PRC  Carried the Dalian acquisition from underwriting to EOI negotiations to Investment Committee approval  Underwrote an 82,000 sqm. Guangzhou, PRC mall for Investment Committee re-approval post due diligence  Analyzed an 115,000 sqm. under-construction retail project in Chengdu, PRC on behalf of a separate account  Formulated an early equity buy-out strategy of a Nanjing, PRC residential project proposed to the JV-partner  Financial modeling in ARGUS of a Class A office tower in Macao, SAR for initial acquisition analysis  Responsible for the underwriting of all Greater China transactions – running 3 deals concurrently  Coordinated with counter-party and outside consultants for acquisition due diligence and WFOE setup

CB RICHARD ELLIS Greater Los Angeles Region, California Associate - Valuation & Advisory Services June 2007 – July 2010  Completed over 800 valuation and consulting assignments of retail, office, industrial, multi-family, land, residential subdivisions, and mixed-use projects for financial institutions, developers, and REITs with an aggregate asset value in excess of USD $10 billion  Financial modeling in ARGUS of 100+ office properties for Grubb & Ellis Realty Investors REIT’s portfolio  Developed multiple valuation approaches for the SunCal Beaumont project - 4,000+ acre proposed master planned community consisting of over 6,700 single family lots, numerous retail centers, and an office park  Underwrote a portfolio of 19 ProLogis industrial distribution centers throughout Southern California  Performed feasibility and highest & best use studies for redevelopment, reposition, and proposed projects  Consulted on the highest & best use of five luxury high-rise mixed-use projects under financial distress, with analysis of for-sale and for-rent scenarios  Acted as project lead on numerous engagements and as the most senior Associate, personally trained and mentored two other analysts on a five person production team

LANGUAGES, SKILLS & OTHER ADDITIONAL INFORMATION  Proficient with financial modeling in ARGUS, Excel, and Monte Carlo simulations with @Risk  Fluent in Mandarin Chinese (reading, writing, and speaking)  Commercial Real Estate Appraisal License No.: AG 044078 (required 300 educational hours through the Appraisal Institute and numerous licensing examinations, all completed within 3 years)  Traveled extensively throughout Asia, the Middle East, and Africa including over 20 cities in Greater China The Fuqua School of Business

Laura Amy Shawn Anderson Braunz Batterton

Pat Paul Mikiko Heffernan Khazansky Kitamura

LAURA C. ANDERSON 4320B American Drive • Durham, NC 27705 (310) 975-4295 • [email protected]

EDUCATION DUKE UNIVERSITY, The Fuqua School of Business, Durham, NC Master of Business Administration, May 2013. Keller Scholar. Club Memberships: Real Estate Club (VP of Corporate Relations), Running & Triathlon Club, Wine Club.

THE COLLEGE OF WILLIAM & MARY, The Mason School of Business , Williamsburg, VA B.B.A., Finance with Marketing Concentration / B.A., Psychology, May 2007, Summa Cum Laude: GPA: 3.9/4.0 Study Abroad, National University of Singapore, Spring 2006.

EXPERIENCE 2010-2011 EDUCATIONAL SERVICES INTERNATIONAL , Kralupy nad Vltavou, Czech Republic Non-Profit Organization: English Teacher • Improved English speaking skills of over 250 students—including business professionals, high school students, and middle school students—through the implementation of self-developed curriculums, weekly lessons, and regular assessments. • Prepared 40 high school seniors to pass the English section of the nationally standardized Czech graduation exam (100% passing rate). • Initiated a weekly lesson to provide English speaking assistance to four other English teachers who were not native English speakers and wanted to become more advanced with the language. • Certification : TEFL (Teaching English as a Foreign Language).

2008-2010 J.P. MORGAN , Los Angeles, CA Global Real Estate Investment Management: Financial Analyst • Added value to investors through the completion of periodic asset valuations (using Argus and DCF models) and reporting requirements related to $1.2 billion gross asset value of office and multi-family real estate assets located throughout the Western U.S. (23 properties) for various J.P. Morgan and third party funds. • Independently completed quarterly valuations for $200 million of mezzanine loans collateralized by office and multi-family West Coast properties: monitored loans for compliance with loan covenants; performed market research and completed DCF models; presented valuation recommendations to internal asset review committee. • Managed a team of five analysts located in the Mumbai, India office: initiated a process of improved communication and workflow coordination by setting up weekly calls, interacting with the team on a daily basis, and training the team to better complete valuation and reporting tasks. • Fostered relationships with pension fund clients: participated in annual asset strategy review and business plan presentations; provided investment information for ad hoc requests; led property tours during client visits.

2007-2008 J.P. MORGAN , Washington, DC Wealth Management: Financial Analyst • Developed asset allocation proposals to maximize returns for high net worth individual portfolios ($25mm+) across equities, fixed income, hedge funds, private equity, and real estate through analysis of historical portfolio performance, investment opportunities, and current market conditions. • Created portfolio performance review books for clients; participated in meetings to discuss results. • Assisted in bringing in two new clients for the bank: initiated research of prospective clients in the Washington, DC region; worked to establish introductory meetings; developed pitchbooks and Requests for Proposal; participated in initial and follow-up meetings. • Certifications : Series 7 and Series 63.

ADDITIONAL INFORMATION • Completed marathons on four continents: Richmond Marathon (North America, 11/2005); Kuala Lumpur Marathon (Asia, 03/2006); Mt. Olympus Marathon (Europe, 06/2007); Marrakech International Marathon (Africa, 01/2011). • Junior League of Los Angeles Member (2009-2010): participated in various community service projects. • Operation Hope Volunteer (2008-2009): taught financial literacy to middle school students. • Big Brothers Big Sisters Volunteer (2004-2007): was a “Big Sister” to “Little Sister”, Ali (averaged 10 hrs/wk together).

SHAWN BATTERTON 5530 Sunlight Drive Apt. 203 • Durham, NC 27707 571-393-7087 • [email protected]

PROFILE Experienced project manager, diligent researcher and problem solver with a passion for successfully helping clients achieve their goals.

EDUCATION DUKE UNIVERSITY, The Fuqua School of Business , Durham, NC Masters of Business Administration , May 2013 . GPA 4.0/4.0, Concentration in Strategy and Finance. Member of Consulting Club and Finance Club, member of the Real Estate Club Cabinet. Global Consulting Practicum, Spring 2012. VIRGINIA TECH, Blacksburg, VA Masters of Science in Civil Engineering , December 2006 . Hydrosytems concentration. Master’s thesis focused on computational fluid dynamic experiments on small scale water distribution systems. Developed curriculum and taught five sections of the freshman introduction to engineering course. Led the water resources engineer and fluid mechanic laboratory courses. VIRGINIA TECH, Blacksburg, VA Bachelors of Science in Civil Engineering , May 2004 . Vice president of Chi Epsilon, the civil engineering honor fraternity, student government representative, Gilbert Seay scholar, dean’s list, member of the Engineers Without Borders organization.

EXPERIENCE 2006-2011 URBAN LTD , Annandale, VA Urban Ltd is a multidisciplinary design firm that provides engineering, surveying, landscape architecture, planning, and sustainable design consulting services to the land development industry. Project Manager , 2009-2011 • Supervised a team of four engineers to successfully design a 100 million dollar mixed used development under an extremely tight time frame imposed by local politics and forthcoming metro rail improvements. • Communicated with cross functional teams, regulators, and stakeholders to obtain project goals, objectives, and constraints and synthesized vast quantities of data into actionable tasks to distribute to design team members. • Designed a road network that maximized the utility of site and minimized construction costs and eminent domain issues. • Cultivated strong and successful relationships with my team’s largest and most demanding client. • Mentored and trained new engineering staff and developed star performers who have achieved superior senior management reviews.

Project Engineer , 2006-2009 • Took over management of a troubled complex 100 million dollar mixed used development project and led a team that performed a comprehensive site redesign and obtained project entitlement in a multijurisdictional regulatory environment under intense time pressure. • Reestablished a strong trusted advisor relationship between Urban Ltd and a multimillion dollar client. • Created an innovative site notice distribution process, wrote a process primer and trained company staff which resulted in a savings of approximately 320 hours of staff labor a year.

ADDITIONAL INFORMATION

• Profesional Engineer licensed in the state of Virginia. • Leadership in Energy and Environmental Design Accredited Professional (LEED AP) • Engineers Without Borders – State Representative for the District of Columbia; Designed and coordinated the implementation of rural water systems in El Salvador and in Honduras. • Architecture for Humanity –Provided engineering and planning services to develop a vocational school for women in Rwanda. • Urban Land Institute – Young Leaders Group. • Project Northstar – Provided weekly tutoring and mentoring services for a child in the Washington D.C. homeless shelter system.

Amy L. Braunz 1500 Duke University Road, APT G3B • Durham, NC 27701 (661) 645-2255 • [email protected]

PROFILE Analytical problem solver and MEM/MBA candidate with demonstrated achievements in leading cross-functional teams, managing multi-million dollar construction projects, and evaluating and recommending sustainable brands management strategies and initiatives.

EDUCATION DUKE UNIVERSITY, The Fuqua School of Business., Durham, NC. Masters of Business Administration, May 2013 . Selected as Social and Community Outreach Chair for MEM/MBA Club. Selected as VP of Finance for the Real Estate Club. Selected as a Reynold’s Trust Investment Energy & Utilities Analyst for the Asset Management Club. Candidate for mentored study with local Real Estate firm. Selected to compete in the Johnson School Women in Investing stock pitch competition in November 2011. DUKE UNIVERSITY, Nicholas School of the Environment., Durham, NC. Masters of Environmental Management, May 2013 . Restructured operations and product choices at campus eateries for the Duke University Greening Initiative. Conducted research on the effect of the carbonization index and energy intensity on the formation of United States carbon dioxide emissions. CORNELL UNIVERSITY, School of Civil and Environmental Engineering., Ithaca, NY. B.S. Civil Engineering, Minor in Engineering Management, May 2008 . Selected to design 3D virtual playgrounds for the Cornell Theory Center. Examined curing and evaporation of concrete under hot weather conditions. High-level coursework including computer science (C, C++, Java, MatLab, and CAD)

EXPERIENCE 2011 KRAFT FOODS , Northfield, IL Sustainability Marketing Intern • Performed competitive analysis using IRI data, qualitative research, and website trends to recommend a long- term strategy to senior management for best leveraging sustainability for growth of their existing brands. • Conducted research using market databases, website trafficking, and consumer sentiment to evaluate consumer response to sustainable product initiatives that allowed Kraft to strategize social media marketing efforts.

2009-2010 LEWIS, RICE, & FINGERSH , Jefferson City, MO Lobbyist • Represented special interests at the Missouri State Capitol by attending hearings, tracking bills, and influencing legislation resulting in strategic recommendations to clients.

2007-2009 ENCLOS CORPORATION, Los Angeles, CA; Las Vegas, NV Quality Assurance/ Quality Control Manager , 2008-2009 • Exclusively oversaw QA/QC subcontract on LA Live Ritz-Carlton Hotel & Residences and LA Live Conference Center worth $250 million to complete project ahead of schedule and under budget, saving the company $500K in labor and resulting in a multi-million dollar company bonus. • Renegotiated contract to transfer liability for damage of completed work to General Contractor resulting in $500K savings in damage repairs. • Revamped QA/QC manual for company-wide operations by conducting interviews regarding best practices resulting in stream-lined specifications and guidelines.

Project Engineer , 2007 • Assisted with quality control for subcontract worth $1 billion at MGM City Center by ensuring performance against specifications, codes, and drawings resulting in largest project profit the company ever earned • Preformed optimization analysis to redesigned installation schedule resulting in 50% increase in project pace which allowed project to be completed on time.

ADDITIONAL INFORMATION Received LEED for New Construction Accreditation in May 2009. Chaired Executive Board of Cole County Circles Initiative. Avid Chicago Cubs fan, often attending spring training and yearly convention. Exploring Durham real-estate for investment opportunities. Other interests include hiking, designing houses, tracking environmental issues, and reading about social entrepreneurs.

PATRICK F. HEFFERNAN 2211 Hillsborough Road, Apt 3023 • Durham, NC 27705 +1.646.467.4332 • [email protected]

EDUCATION DUKE UNIVERSITY, The Fuqua School of Business, Durham, NC Master of Business Administration, May 2013 . Concentration in Finance. Appointed cabinet member of the Private Equity Club and MBA Games. BOSTON COLLEGE, The Carroll School of Business, Chestnut Hill, MA Bachelor of Science, Finance, May 2003 . Alumni Scholarship Recipient. Dean’s List First Honors. Four-year manager for the men’s basketball team. Morgan Stanley intern (senior academic year).

EXPERIENCE 2009 – 2011 MPC PROPERTIES, Belgrade, Serbia JV between Bank of America/ML’s real estate private equity group and local enterprise investing across ex-Yugoslavia Senior Associate • Led €137.5 million debt restructuring of flagship property (c. 500,000 sq. ft. shopping center). Modeled various scenarios, negotiated terms with syndicate of four Greek banks, and drafted documentation. Achieved more favorable deal terms (3.0% margin vs. 3.5%) without sacrificing investor interests. • Created and monitored annual business plans for €300 million portfolio. Provided weekly update reports to principals/lenders. One of the only JV companies to consistently deliver accurate reports on time to BoA/ML. • Directed five-person team responsible for analyzing acquisition/disposal opportunities, asset repositioning, and evaluating all corporate strategic decisions. Convinced CEO to walk away from deals due to unfavorable terms. • Optimized risk limitations to reduce various exposures (FX, interest rate, etc.). Strategy implemented by CFO.

2009 – 2011 CONFLUENCE PROPERTY MANAGEMENT, Belgrade, Serbia Full service property management company providing real estate solutions for investors across the Balkans Managing Partner and Chairman of the Board of Directors • Spearheaded creation and grew firm to 40+ employees and annual revenues to c. €2 million by end of second year. • Selected by Managing Partners to chair discussions with international private equity fund for redevelopment and property management services on a €350 million office/retail portfolio across the Balkans. Awarded mandate. • Executed transition from previous property managers to new entity responsible for daily management of MPC owned assets two months ahead of schedule. Implemented standardized policies/procedures and reporting channels. • Crafted offensive strategy to combat financial crisis effect on revenues. Outperformed business plan by 25%. • Chaired committee responsible for identifying, evaluating and pitching new business opportunities including construction/redevelopment management, leasing advisory, and property/asset management functions.

2007 – 2009 BEAR, STEARNS INTERNATIONAL LIMITED, London, United Kingdom Investment Banking Associate, European Real Estate Finance Group • Selected by senior management as only promoted analyst (of 12) to help expand Bear’s presence in European commercial mortgage lending and investment banking. • Facilitated client cross-pitching between real estate mortgage and IBG. Generated four mandates within six months. • Analyzed financial feasibility of leveraged buyouts, recapitalizations and capital offerings though detailed financial modelling, discounted cash flow and comparable company analysis. Won mandate on £1 billion leveraged buy-out with a public real estate company.

2004 – 2007 BEAR, STEARNS & CO. INC., New York, NY Investment Banking Analyst, Strategic Finance Group • Promoted to Associate at conclusion of third year, joined MBA graduates. Ranked in top tier of peers each year. • Identified unique capital structuring alternative for a client which led to joint books mandate on a $200 million deal. • Concentration in real estate sector on team that originated over $23 billion. Gained significant additional exposure to other industrial companies including consumer/retail, natural resources, restaurants and transportation/logistics. • Executed all aspects of the public offering process including conducting due diligence, modeling cash flows and credit metrics, valuation, underwriting, internal committee memoranda, and registration documentation drafting.

ADDITIONAL INFORMATION • Enjoy international travel. Have visited over 50 countries across 5 continents. • Regis High School Alumni Association: Class Fund Chairman (1999 – Present). • Boston College Alumni Association: Director of Alumni Events, United Kingdom Chapter (2007 – 2009).

PAUL KHAZANSKY 2211 Hillsborough Rd. • Apt. 4091 Durham, NC 27705 917.686.1915 • [email protected]

EDUCATION DUKE UNIVERSITY, The Fuqua School of Business, Durham, NC Master of Business Administration, May 2012. Concentration: Real Estate. GPA 3.83, Dean’s List Cabinet member of Entrepreneurship and Real Estate clubs, member of General Management and Private Equity clubs. Teacher’s Assistant for Managerial Accounting, Management Communication, and Strategy courses.

LOYOLA COLLEGE IN MARYLAND, Baltimore, MD Bachelor of Business Administration, Finance, May 2001. Major GPA 3.60

EXPERIENCE Summer 2011 MCKINSEY & COMPANY , Moscow, Russia Summer Intern • Achieved annual savings of EUR500k for a Ukranian bank by creating headcount optimization strategy that improved processes, eliminated slack and utilized outsourcing and automation. • Produced a real estate strategy for the Ukranian bank’s headquarters utilizing market analysis, relative value comparison, infrastructure needs, and projected headcount dynamic resulting in annual savings of EUR1 mil. • Helped develop a methodology for a large projects investment process at a major Russian oil production firm.

2007 –2010 FP CONSULTING, Moscow, Russia Vice President: Treasury and Corporate Finance Operations • Co-led the sale of a 25% stake in Transmashholding to Alstom Transport (2009 - 2010). • Secured the financing of 3 loans aggregating $270 million for coal exporter Krutrade AG, port servicer Vostochny Port, and second largest coal producer in Russia CC Kuzbassrazrezugol. • Negotiated modification of covenant and repayment terms, waivers and consents on 4 loans, which enabled the financing to stay in place during the 2008-2009 ruble devaluation.

2006 –2007 MARATHON ASSET MANAGEMENT, New York, NY Vice President: Collateralized Loans Obligations Group • Expanded the loans portfolio by identifying over $50 million of loan investments in the primary and secondary issuance markets through fundamental credit analysis and relative value comparisons. • Drafted over 20 investment recommendations for companies in diverse industries which translated into 8 investment actions. • Analyzed over 100 credit agreements, intercreditor agreements, amendments, term sheets, and other legal documents for structural soundness. • Advised portfolio manager on the trading opportunities across the capital structure through yield analysis and industry outlook-driven investment themes. • Oversaw $180 million loans portfolio of 32 companies on daily basis (1 st Liens, 2 nd Liens, and Mezzanine debt) which contributed to in excess of 15% return in 2006 and 2007.

2001 – 2005 MOODY’S CORPORATION , New York, NY Senior Associate: Consumer Products and Retail Team - High Yield Portfolio • Presented over 12 verbal rating recommendations on existing debt-issuers to a rating committee which translated into 10 rating actions. • Drafted over 20 rating recommendation memos for debt-financed transactions of new as well as existing debt-issuers. • Constructed income statement, cash flow, and balance sheet models to evaluate issuer’s current and projected financial profile. • Built liquidity models to forecast debt-issuing company’s liquidity needs to advise 5 senior credit officers. • Supported several senior credit officers on assigning new ratings and monitoring a portfolio of 35 credits. • Wrote multiple global credit reports on retail and consumer products industries and contributed to numerous annual and quarterly publications that investors relied on in their decision making.

ADDITIONAL INFORMATION • Recipient of Moody’s Credit Training Program Certification • Fluent in English and Russian, with a basic knowledge of Spanish; proficient in ARGUS

MIKIKO KITAMURA 700 Alexan Drive #307 • Durham, NC 27707 (310) 988-5842 • [email protected]

EDUCATION DUKE UNIVERSITY, Fuqua School of Business, Durham, NC Master in Business Administration, May 2013 . Concentrations in Finance and Entrepreneurship and Innovation. VP of Career Assistance of Real Estate Club, Active member of Duke MBA General Management Club, Entrepreneurship and Venture Capital Club. CORNELL UNIVERSITY, School of Hotel Administration, Ithaca, NY Bachelor of Science, Hospitality Administration, May 2003 . Student supervisor at Statler Hotel, Cornell University’s on-campus hotel; Violist in Cornell Symphony. IES Study Abroad in Paris, France in Spring of 2002.

EXPERIENCE 2008 – 2011 CHARTRES LODGING GROUP JAPAN, GK , Tokyo, Japan Hotel investment and asset management group Senior Analyst • Created financial statements to communicate to investors the state of a seven-hotel portfolio in Japan, worth over JPY 60 billion; reports used as basis for hold-sell decisions and capital investment strategies • Developed Japan hotel investment model to analyze competitive market performance, future projections, capital investments, and financing structures; used model to evaluate current portfolio and over 20 acquisition opportunities • Led implementation of labor cost standards to maximize profitability at three hotels within portfolio; introduced standards to hotels’ management and reduced labor expense by 13 percent • Presented recommendation to a portfolio management team to keep existing brand on hotel after soliciting and analyzing bids from external hotel operators; management team accepted recommendation, thereby maximizing hotel profitability

2006 – 2008 COLLIERS PKF CONSULTING USA , Los Angeles, CA Hospitality consulting firm specializing in hotel valuations and hotel development feasibility studies Associate • Researched and analyzed historical data to address concerns of the California Coastal Commission regarding displacement of affordable lodging in Oceanside, California; report resulted in approval for development of an upscale hotel for client • Interviewed sales team and analyzed historical performance data to complete a sales and marketing audit of Newport Beach Convention and Visitor’s Bureau; success of project led to sales and marketing audits becoming an additional service offered by PKF • Coordinated with architects, hotel management, and lawyers to complete the repositioning and renovation plan of a luxury hotel for new ownership; recommendations yielded potential project internal rate of return of five percent above market average

2003 – 2006 FOUR SEASONS HOTEL LOS ANGELES AT BEVERLY HILLS , Los Angeles, CA International luxury hotel operator Assistant Manager in Food & Beverage • Completed non-hotel guest capture analysis by meal period for hotel’s restaurant to determine how to allocate marketing expenses; increased number of outside patrons by seven percent • Worked with vendors and food and beverage staff to customize new point of sales system for all food and beverage outlets; managed the seamless transition on schedule

ADDITIONAL INFORMATION • Languages: Fluent in English and Japanese; proficient in French • Interests: Scuba diving, skiing, running, fine dining, golf, tennis, and traveling abroad • Ikebana flower arrangement, level two certification

University of Michigan Ross School of Business

Leonardo Bispo Brian Brodsky Robert Henning

Adam Jacob Alex Pereira Pat Rippe LEONARDO LUIZ BISPO 1945 Woodbury Dr. #122 • Ann Arbor, MI 48104 [email protected] • 734.546.2833 EDUCATION UNIVERSITY OF MICHIGAN Ann Arbor, MI Steven M. Ross School of Business Master of Business Administration, April 2012 • Candidate: Real Estate Certificate • Member: Real Estate Club, Entrepreneur and Venture Club and Photography Club FUNDACAO INSTITUTO DE ADMINISTRACAO Sao Paulo, Brazil Specialization, Retail Business Administration, December 2006 UNIVERSIDADE DE BRASILIA Brasilia, Brazil Intitute of International Relations Bachelor of International Relations, July 2001 EXPERIENCE CITIBANK US RETAIL BANK New York, NY 2011 Summer Associate • Developed a financial model to evaluate the profit potential of a new business segment, resulting in changes on the planned implementation model M.A.P. 2011 CRYSTAL MOUNTAIN RESORT & SPA Thompsonville, MI Consultant • Designed a 10‑year strategic plan to address demographic changes in real estate market, resulting in overwhelming approval from the board of directors 2010 ITAU‑UNIBANCO SA ITAUCARD Sao Paulo, Brazil Customer Relationship Manager • Led cross‑functional group of 15 people to align competing customer comunication strategies, increasing partnerships and availability of promotions by 100% • Implemented national marketing campaign to improve customerʹs database, growing contact list by 100,000 names and generating cost savings of 20% 2002‑2010 UNIBANCO ‑ UNIAO DE BANCOS BRASILEIROS Sao Paulo, Brazil Sales Planning Manager, 2009‑2010 • Executed restructuring strategy affecting 126 sites and 700 people to reduce branch losses, saving company $50M per year with minimal employee resistance • Developed new compensation program to better align rewards with product profitability, increasing salespeople productivity by 50% • Managed nine‑people team to redefine sales target model by changing product offerings from transactional to relational, increasing companyʹs NPV by 30% Profitability and Planning Manager, 2007‑2009 • Negotiated major supplier contracts to capture economies of escale among products, resulting in a $26M increase in revenue • Modeled revenue data and implemented changes in contract renewal process to boost customer retention, increasing revenues by 10% • Designated Product Department representative in a multidiciplinary team loking for cost savings, identifying $59M per year in opportunities, 20% more than expected Product Manager, 2006‑2007 • Improved insurance sales model to diversify revenue sources by focusing on telemarketing operation, resulting in a 200% revenue increase in nine months Product Analyst, 2002‑2006 • Tailored a sales training program to improve sales of financial products with a key customer, resulting in a 700% sales increase in two months ADDITIONAL • Volunteer at Junior Achievement Program, teaching basic business to 20 low‑income high schoolers in Sao Paulo • Avid reader of biology evolution and behavioral science in order to better understand human behavior and interactions September 2011 BRIAN BRODSKY, CPA 227 Mulberry Street, Apt. 4G • New York, NY 10012-8800 [email protected] • 248.842.0818

EXPERIENCE

PricewaterhouseCoopers – New York, NewYork Audit Associate (10/2008-present)  Lead auditing engagements of investment banks, private hedge funds and registered investment companies, supervising team of new associates.  Managed a security count audit of over 150 mutual funds, supervising a team of three new associates, coordinating with 15 international banks to obtain fund holdings, and budgeting all resources.  Performed valuation on $26 billion hedge fund portfolio, with holdings in equities, bonds, swaps, options, private placements and emerging market funds.  Collaborate with clients to obtain holdings reports, conduct due diligence, and resolve all audit queries to bring financial statements into balance. Marsh – New York, New York Risk Analyst (06/2007-08/2007)  Evaluated real estate investment risk profiles and advised clients on insurance portfolio management.  Collaborated with eight-person team of summer associates to create a comprehensive risk analysis and insurance profile of 17 million sq. ft. CityCenter complex in Las Vegas.

General Electric - Sydney, Australia Commercial Finance Intern (02/2006-06/2006)  Analyzed the financial viability of high-risk clients in cyclical industries, including publishing and viticulture, establishing revolving loan facilities to optimize inventory turnover, adhere to debt covenants, and maintain reasonable debt/asset ratios.  Performed on-site inventory audit of one of Australia’s leading publishers to calculate collateral value and determine size of loan revolver offering. HBE – Huntington Woods, Michigan Real Estate Intern (06/2006-08/2006)  Managed accounts for over 20 commercial and industrial multi-tenant properties, maintaining accounts payable and receivable, general ledger and check register. Schostak Brothers & Company – Southfield, Michigan Real Estate Intern (06/2005-08/2005)  Produced detailed analysis of tax schedules, allocating expenditures for retail properties in 19 states.  Developed marketing strategy for tax-incentivized urban renewal project in downtown Detroit, to revitalize the retail facility of a residential high-rise apartment building.

EDUCATION Certified Public Accountant: passed all four parts of CPA examination on first attempt University of Michigan – Ann Arbor, Michigan Bachelor of Business Administration, May 2008 University of Michigan Club Tennis Team, 2003-2004

INTERESTS

Tamarack Camps – Ortonville, Michigan: Led overnight camping trips throughout Michigan and Canada, managing trip logistics and budget, responsible for safety of a dozen campers, emphasizing problem solving and teamwork. Dale Carnegie Training – Troy, Michigan: Communication and consensus building. Awarded speaker of the week. Studied abroad in Sydney, Australia. Maimonides Leadership Fellowship Program. Solved Rubik’s Cube. ROBERT HENNING, CFA 1950 Woodbury Dr. Apt #4922 • Ann Arbor, MI 48104 [email protected] • 608.201.4065 EDUCATION UNIVERSITY OF MICHIGAN Ann Arbor, MI Stephen M. Ross School of Business Master of Business Administration, April 2012 • Emphases in Real Estate and Finance; GMAT: 740 (97th percentile) • Elected: VP of Education and Career Development for Michigan Real Estate Club • Selected: Chair of Real Estate Club Chicago Forum and 2010 UT‑Austin National Real Estate Challenge case competition team (Honorable Mention awarded) UNIVERSITY OF WISCONSIN Madison, WI Bachelor of Business Administration, December 2004 • Double Major in Real Estate and Finance; Graduation with Distinction; GPA: 3.6/4.0 EXPERIENCE HEALTH CARE REIT, INC. Toledo, OH Summer 2011 Summer Intern • Created Prospect Summary reports for senior housing development and acquisition opportunities for Underwriting team. Reports were teamʹs initial underwriting tool. • Generated historical senior housing lease‑up analysis to help shape Underwriting teamʹs lease‑up assumptions for potential development and ʺturn‑aroundʺ deals. • Conducted multiple, yield, and return volatility evaluation of various deal investment structures and asset allocation options for Capital Markets team. Portion of analysis was presented during Board Meeting to help develop firmʹs growth strategy. M.A.P. 2011 CATALYST CAPITAL ADVISORS LLC New York, NY Acquisition Consultant • Created deliverables for senior management team to facilitate acquisition of $500M‑$2B investment advisory business. Deliverables included business plan, valuation analysis, pitch book, and database of acquisition targets and potential investors. • Presented pitch book to private equity and venture capital firms in Chicago and Silicon Valley. Efforts led to potential strategic partnership with Geneva Investment Management of Chicago, LLC. 2005‑2010 PRUDENTIAL MORTGAGE CAPITAL COMPANY Atlanta, GA Junior Associate, Portfolio Surveillance Group • Conducted over 500 risk analyses on ʺHigh Riskʺ portion of Prudentialʹs $28 billion portfolio consisting mainly of large unpaid principal balance loans on retail, office, industrial, and multifamily properties located in U.S. and Mexico. Co‑chaired monthly risk review meetings to discuss ʺHigh Riskʺ loans with senior management. • Evaluated risk profile of commercial real estate debt by utilizing financial models to determine loan default rates based on expected loss. Mortgage programs included first position bank loans, third‑party loans, and government backed FNMA loans. • Coordinated ongoing outsourcing process of analyzing lower risk portion of Prudentialʹs $28 billion commercial mortgage portfolio along with PMCCʹs FNMA portfolio ‑ totaling over 1,100 loans completed by India‑based team. • Led PMCC through 15 day successful audit by PriceWaterhouseCoopers; operated as point contact for PWC during audit of PMCCʹs mortgage risk rating process. • Trained new team members to complete risk analyses: underwriting cash flows of mortgage collateral, valuing commercial real estate properties, operating internal loan risk assessment tools, calculating loan risk ratings, and utilizing data reporting modules. Helped increase yearly amount of loans reviewed by 40%, from $18.1B to $25.4B. • Planned and performed property inspections on mortgage collateral with average property value of $15 million for Special Servicing Group. Site visits required frequent inspections to 10 different states. • Analyzed mortgage collateral substitution and release requests, new tenant lease requests, and borrower liability transfer requests for Asset Management team. ADDITIONAL • Baseball fanatic ‑‑ captain of high school baseball team. Devoted fan of the Milwaukee Brewers, attended first ever playoff game at Miller Park in 2008. August 2011 ADAM JACOB 619 East University, Apartment #804 • Ann Arbor, MI 48104 [email protected] • 248.760.8082 EDUCATION UNIVERSITY OF MICHIGAN Ann Arbor, MI Stephen M. Ross School of Business Master of Business Administration, April 2012 • Emphases in Real Estate and Entrepreneurship • Member of the Real Estate Club and Entrepreneur and Venture Capital Club • Selected as Entrepreneurial Consultant for Entrepreneur and Venture Capital Club Stephen M. Ross School of Business Bachelor of Business Administration, May 2008 • Emphases on Finance and Accounting • Member of the Finance Club and the Real Estate Club • Cumulative GPA 3.97/4.0 • Beta Gamma Sigma Business Honor Society; Phi Beta Kappa Honor Society EXPERIENCE RECORE EQUITY, LLC Bloomfield Hills, MI 2011‑Present Co‑Founder • Co‑founded Recore Equity, a real estate investment and management firm specializing in multifamily assets. • Performed market analyses for Michigan, Colorado, Indiana, Iowa, and Ohio including detailed demographic studies and comparables analyses for specific properties. • Created detailed financial models to analyze listed multifamily assets with 200+ units for potential investment. • Developed marketing, employee and operations documents to be used with future acquisitions and for leverage in growing the business. Summer 2011 ATMF REALTY AND EQUITY CORP. Bloomfield Hills, MI Real Estate Finance Intern • Analyzed deal packages for potential acquisitions, reviewed financial data, and performed risk analysis to determine best investment decision. • Partnered with property managers to perform activities to meet short and long run profit goals. • Analyzed income statements and prepared spreadsheets to identify cost reduction opportunities for six apartment complexes and nine shopping center developments. CREDIT SUISSE 2008‑2010 Investment Banking Analyst Chicago, IL • Created pitchbooks, financial models and marketing materials for the Diversified Industrials and Services Group to assist in providing strategic advice for numerous companies across a variety of industries. • Selected to Analyst Committee to provide analysts a voice by suggesting job enhancing actions or changes that will improve the firmʹs operations. • Teamed with management of companies to execute deals which included creating a confidential information memorandum and valuation model for a sale process and creating a roadshow presentation and pricing model for an initial public offering. • Analyzed financial statements and strategies of over one hundred companies in order to build detailed financial models while managing the risk to Credit Suisse through the creation of credit memos for an internal committee to evaluate. Summer 2007 Leveraged Finance Intern New York, NY • Teamed with the Syndicated Loans and High Yield Capital Markets Groups to provide funds to clients seeking financing throughout varying market conditions. • Created a database of the creditworthiness of over fifty companies by analyzing prospectuses, company operations, financial statements, and credit statistics. ADDITIONAL • Fundraising 5K walk for Susan G. Komen Breast Cancer Foundation Race for the Cure • Enjoy golf and was Varsity golf team captain and MVP in High School • Acquired Series 7 license

August 2011

ALEX PEREIRA 40587 Oakbrook Dr. Sterling Heights, MI (248) 910-8826 [email protected]

Career Summary • C-level executive client management experience • Top performing territory manager with expertise in business relationship development • Focus in multi-state territory business development, expansion, client relations and retention • Top tier executive with multiple president club excellence awards • Extensive financial credit analysis and risk assessment experience • Experience in consultative sales and negotiations. • Expertise in new product launch and implementation adhering to corporate directives

Skills • Strong communication and interpersonal skills; strong leadership capabilities and ability to initiate, formulate and maintain cross- team relationships to create effective synergies. • Experience in the development and implementation of complex marketing materials to drive client acquisitions to expand and maintain long term sustainable business growth • Ability to build extensive relationships and rapport to carry forward sales results • Highly charismatic sales approach focused on relationship development with client base to entrench company solutions and develop long term value • Credit and lending experience in commercial and residential real estate portfolios • Thorough understanding of fixed income securities market • Spanish proficient

Education/ Licenses/ Certifications • University Of Michigan, Ann Arbor - Ross School of Business MBA Class of 2013 • New York Institute of Technology - Graduated Cum Laude Bachelors of Science: Political Science • Active Professional Licenses: o Michigan Real Estate Brokers License o FINRA Series 7 & 63 General Securities Representative License • Villanova University Professional Certificates- Six Sigma Master Black Belt

Work Experience • Secure Realty Investments LLC August 2008 thru Present CEO • Multi-Bank Securities Inc. October 2010 thru May 2011 Institutional Fixed Income Securities Broker • Citi Group March 2008 thru April 2009 Financial Mortgage Consultant • Countrywide Financial Corporation June 2007 thru Nov 2007 Area Manager • New Century Financial Corporation April 2004 thru May 2007 Area Sales Manager • Ameriquest May 2003 thru March 2004 Account Executive

PATRICK J. RIPPE 1311 Wisteria Drive • Ann Arbor, MI 48104 [email protected] • 310.347.9517 EDUCATION UNIVERSITY OF MICHIGAN Ann Arbor, MI Stephen M. Ross School of Business Master of Business Administration, April 2012 • Emphases in Real Estate and Strategy • Elected: Co‑President Michigan Real Estate Club • Selected: MBA Admissions Student Ambassador • Selected: 2011 Fulbright‑Ross Program in Eastern Europe UNIVERSITY OF MISSOURI AT COLUMBIA Columbia, MO College of Business Bachelor of Science in Business Administration, May 2003 • Dual emphases in Finance and Real Estate • Graduated Cum Laude EXPERIENCE THE RELATED COMPANIES, L.P. New York, NY 2010 Summer Associate, New York Development • Coordinated completion of construction punchlist on 669 room hotel near Times Square resulting in return of $1.5M in escrow funds • Underwrote development of mixed‑use tower with 233 residential units on the Upper East Side of Manhattan • Performed site and zoning analysis for development of new mixed‑use tower in lower Manhattan 2005‑2010 JONES LANG LASALLE Associate, Development & Asset Strategy, 2007‑2010 Chicago, IL • Led project team in disposition of $12M portfolio of bank‑owned properties in Kansas City market • Coordinated construction completion and sale of partially built residential project in Kansas City; tripled sale price per unit compared to similar unfinished projects • Marketed multiple urban infill redevelopment sites located throughout U.S. for large retail bank resulting in $47M revenue generation • Performed investment analysis for potential debt and equity placement in projects such as Trump Tower Chicago, One River Terrace in New York, and Escala in Seattle Associate, Markets, 2005‑2007 Los Angeles, CA • Managed transaction process for key clients throughout Southern California; successfully negotiated tenant and landlord leases exceeding $15M in total value generating over $700K in revenue • Coordinated client relationships as regional transaction lead for MetLife, Xerox and BP; determined expansion and consolidation plans and negotiated leases exceeding $12M in total value 2004‑2005 GUNDAKER COMMERCIAL GROUP St. Louis, MO Advisor, Office Services • Represented office tenants in property searches and lease negotiations resulting in 55K s.f. leases signed with a gross value of $2M • Marketed and leased 200,000 s.f. Class A office tower resulting in 27K s.f. leased with a gross value of $3M 2003‑2004 DELOITTE & TOUCHE LLP St. Louis, MO Associate, Financial Advisory Services • Built discounted cash flow, market comparison and asset valuation models used in the analysis of closely‑held entities ADDITIONAL • Die‑hard St. Louis Cardinals fan • Avid tennis player, very average golfer • Enjoy reading, travel, working out, playing guitar

September 2011 Kellogg School of Management UT Austin Real Estate Challenge Team

Lee Eisenstein Doug Faron

Mike Fishbein Ricardo Ikeda

Zach Sawtelle Stephanie Wang

New York University

Stern School of Business

Fernando Castro-Caratini Shourya Gosh

Arthur Hong Dale White FERNANDO J CASTRO-CARATINI 25 King Street #1RW New York, NY 10014 Tel: 787-565-9393 E-mail: [email protected]

Education: NEW YORK UNIVERSITY New York, NY Leonard N. Stern School of Business Master of Business Administration, May 2012 Specializations in Finance and Economics  Executive Vice President, Association of Hispanic and Black Business Students  Member UNC Real Estate Development Case Competition honorable mention team  Captain, 2010 Deloitte Case Competition first place team

DARTMOUTH COLLEGE Hanover, NH Tuck School of Business – Business Bridge Program, Summer 2008  Led a team of six students on valuation project for the acquisition of Marriott International

WASHINGTON UNIVERISTY IN SAINT LOUIS Saint Louis, MO Bachelor of Arts, Architecture, May 2006  Magna Cum Laude  Awarded Annika R. Scholarship for academic excellence, leadership and community service  Study abroad, Washington University in Florence, Italy, Summer 2004 and Spring 2005

Experience: EMPRESAS ICA, S.A. DE C.V. Mexico City, Mexico Summer 2011 Associate, Financial Coordinator  Prepared financial models and marketing materials for $420million sale of an operating toll road in Panama City, Panama  Evaluated and prepared information memoranda for $40million working capital fundraising proposal of new home manufacturing division  Developed positioning strategy for mixed use residential, hotel and retail development project in Campeche, Yucatan  Served as primary liaison for various investment banks during the bidding process for multiple infrastructure projects

CAYUGA CAPITAL MANAGEMENT New York, NY 2008-2010 Development Manager  Oversaw development of $35million in new construction, including residential, rental, condominium and commercial projects  Led teams of architects, interior designers, engineers and trade contractors to deliver construction projects on time and within budget  Managed daily property operation of 17 buildings including coordinating apartment renovations, rent collection and leasing  Created real estate marketing campaign for rental and condominium projects including target market analysis, marketing mix strategies and web based initiatives

2007-2008 JOHN DEWEY COLLEGE San Juan, PR Director of Infrastructure  Designed and calculated estimates for 2008-2010 development pipeline including construction of new campuses, building expansion and renovations in underserved regions of Puerto Rico  Implemented comprehensive physical facility plans that reduced maintenance and security expenditures by 15%  Coordinated school-wide renovations across nine campuses to ensure compliance with national accrediting agency’s building standards  Facilitated communication between campuses and increased support staff productivity by establishing chain of command

Additional:  Languages: Spanish (native), Portuguese (basic), Italian (basic)  Teaching Fellow of ‘Teams and Leaders’ class for NYU Stern Executive MBA Program  Interests: Avid photographer (35mm, 120), voracious reader and cook SHOURYA GHOSH 140 East 14th Street, Apartment 1501A New York, NY 10003 Tel: 347-363-8179 E-mail: [email protected]

Education: NEW YORK UNIVERSITY New York, NY Leonard N. Stern School of Business Master of Business Administration, May 2013 Specializations in Finance, Financial Instruments & Markets and Global Business

INDIAN INSTITUTE OF TECHNOLOGY (IIT) Kharagpur, India Bachelor of Technology (Honours), Electronics & Electrical Communication Engineering, September 2007  “Honourable Mention” in Technology  Coordinator of “ROBOTIX”, the largest robotics competition in India  Core Team Member in organizing committee of annual Techno-management fest “KSHITIJ 2005”  Member of inter-hall Dramatics, Hardware Modeling, Soccer, Hockey, Table-Tennis & Athletics teams

Experience: NOMURA Mumbai, India 2008–2011 Associate, Structured Credit Trading  Managed daily margin requirement for collateral calls to counterparties for large structured repo trades of over €4 billion in European government bonds  Priced First-To-Defaults and other bespoke structured credit derivative trades  Ran detailed stress tests for different market scenarios and analyzed risk positions in the trading books for credit trading desks in London and Tokyo  Evaluated the impact of using different credit models to value structured credit derivative trades and determined trades needed to hedge model risk  Calculated and monitored specific risks for the convertible bond repack business in Tokyo not generated by models  Created credit default swap portfolio and index hedges for remapping risk in books  Coordinated with desks across the regions to gauge firm-wide global exposure on risky credits and reported actual jump-to-default numbers at different recovery rates  Attributed daily Profit and Loss to different parameters according to risk positions and market moves

2007–2008 LEHMAN BROTHERS Mumbai, India Analyst, Global Real Estate Group  Ran several loan underwriting models on a regular basis to get updated valuations/cash flows  Prepared investor presentations for syndication of various loans and loan pools of over €3 billion  Analyzed properties and cash flow scenarios in reply to various investor questions  Created market and macroeconomic overview presentations for internal and external use

 Collated all deal documents and prepared rating agency information packs for securitization of balance sheet loans of €5 billion for the ECB liquidity facility  Liaised with borrowers/third party servicers to source various due diligence and collateral documents  Managed information flow at a team level for major projects and trained the distribution team in India

Additional:  CFA (Chartered Financial Analyst) Level III candidate  Certified FRM (Financial Risk Manager)  CAIA (Chartered Alternative Investment Analyst) Designation Holder  Secured an All India Rank of 244 out of nearly 200,000 candidates in IIT JEE 2003  Languages: English, Hindi, Bengali (fluent)  Proficient in C, C++, Visual Basic and MS Excel/PowerPoint  Interests: Soccer, travel and cuisine

ARTHUR HONG 140 East 14th Street, Apartment 1402B New York, NY 10003 Tel: 201-403-4924 E-mail: [email protected]

Education: NEW YORK UNIVERSITY New York, NY Leonard N. Stern School of Business Master of Business Administration, May 2013 Specialization in Finance  Stern Scholarship Recipient

 Activities: Real Estate Club, Graduate Finance Association, Asian Business Society, Net Present Vocals

BOSTON COLLEGE Chestnut Hill, MA Carroll School of Management Bachelor of Science, Finance, May 2007  Magna Cum Laude

HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY Kowloon, Hong Kong School of Business Management Study Abroad Exchange Program, Fall 2005

Experience: EON GROUP Seoul, South Korea 2009–2011 Consultant – Strategy  Formulated an operational structure and strategy for Samsung SDS based on a benchmarking analysis of top global IT services firms conducted through data research and expert interviews, leading to a follow-up project to build out a new task force team and execute the strategy  Developed a sales manual for Kia Motors’ global sales consultant training program and won a follow-up project to further develop the material into an online training program – managed a team of four and outsourced tasks to professional translators, a design firm, and a web development firm  Created an organizational structure for Korea Export-Import Bank’s Economic Development Cooperation

Fund in the government’s initiative to double the size of Korea’s official development assistance program  Designed Clinique’s online shopping mall development plan, tailored to the Korean market, for Estée Lauder Companies Inc. and presented the team’s findings to various marketing executives, the head of market research, and the CEO of Estée Lauder Korea  Prepared pitches for Requests for Proposals (RFPs) and delivered the English presentations to clients

2008–2009 CAPSTONE INVESTMENT ADVISORS New York, NY Trade Clerk – Interest Rate/FX Volatility  Formulated and implemented trade ideas in Korean Won options resulting in approximately 4x average

returns on invested capital – implied/realized volatility, macroeconomic, technical  Structured FX trades on Bloomberg’s Black Scholes model and executed orders through brokers  Executed US Treasury option/future trades remotely in the Chicago Mercantile Exchange through brokers

while providing real-time market color to the desk  Developed a risk reporting platform that stress tests portfolio holdings by price and volatility, and beta adjusts across products to an aggregated risk matrix—creating a simpler and more comprehensive risk management tool that has been adopted by the desk

2007–2008 J.P. MORGAN New York, NY Investment Banking Analyst - Ratings & Capital Structure Advisory  Created financial models with sensitivity analyses around leverage breakpoints in analyzing firm

acquisition/share repurchase/dividend capacity  Provided credit analysis and utilized S&P’s Recovery Methodology/Moody’s Loss-Given Default models

to provide debt notching analysis in structuring debt tranche sizes  Notable Deals: Folgers – Spin-Off from Procter & Gamble, Bristol Myers Squibb – $1.6bn Senior

Unsecured Notes Offering, Dillard’s – Defense Advisory Assignment

Additional:  Languages: English (native) and Korean (fluent)  Interests include: Tennis, Golf, Film, and Travel

Dale E. White Jr. 85 Hanson Place, Apartment 2 Brooklyn, New York 11217 Tel: 347-268-8248 E-mail: [email protected]

Education: NEW YORK UNIVERSITY New York, NY Leonard N. Stern School of Business Master of Business Administration Candidate, May 2012 Specializations: Finance & Entrepreneurship  Fall 2010 Doing Business in Brazil: FGV- EAESP (Escola de Administracao de Empresas de Sao Paulo)  Memberships: Entrepreneurs Exchange, Real Estate Club

NEW YORK UNIVERSITY New York, NY Schack Institute of Real Estate Master of Science in Real Estate, May 2007 Graduate Certificate in Construction Management, May 2008 Concentrations: Development & Construction Management  Dean’s Graduate Fellowship  Memberships: REISA Group, Habitat for Humanity

UNIVERSITY AT BUFFALO, THE STATE UNIVERSITY OF NEW YORK Buffalo, NY School of Architecture and Planning Bachelor of Arts, Environmental Design, May 2005  Awards: Dean’s List, Peer Mentor Award for Leadership & Perseverance (2003 & 2004)

Experience: FULL SPECTRUM OF NY New York, NY 2011-Present Development Associate  Create and maintain complex financial models for LEED sustainable development projects in emerging urban markets with mixed-use principles for all regional offices with a $700 million pipeline  Manage the pre-development process for projects in the Tri-State market including a proposed $78 million mixed-use project in Trenton, NJ  Increase project returns by coordinating the New Markets Tax Credit and Federal Housing Administration 221(d)(4) financing programs for a $100 million mixed-use development project in Jackson, Mississippi  Manage third-party consultants and maintain relationships with outside investors and government agencies  Lead, train and supervise participants of the Junior Analyst Internship Program to improve the efficiency of the project evaluation process

FULL SPECTRUM OF NY New York, NY 2008-2010 Financial Analyst  Received approval for a 800-space net-zero carbon emission automated garage by underwriting the financial structure for the $34 million project  Created and managed financial models, conducted market research and summarized analytical findings to advise and make recommendations to principals and senior management about investment opportunities  Conducted due diligence for investment opportunities for multifamily, mixed-use and hotel properties  Created offering memoranda and investment material to attract potential investors

2007-2008 REAL CAPITAL ANALYTICS New York, NY Associate  Directed and managed the collection of key real estate transactions intended for development projects in the domestic market  Analyzed, enhanced and maintained sales database by streamlining multiple outside statistical data sets  Designed comprehensive, user friendly interface for development site customers and staff  Produced detailed development site statistics for quarterly and Capital Trend Monthly reports

Additional:  Certificate of Entrepreneurship – Buffalo Economic Renaissance Corporation, 2005  Memberships: Urban Land Institute (Young Leaders); United States Green Building Council  Mentoring: NYU Schack Alumni Mentorship Program; Youth at Risk’s Warrior’s Way Program

UNIVERSITY OF PENNSYLVANIA

WHARTON SCHOOL OF BUSINESS TEAM

Patrick McGrath Tammy Tang Jason Gruenbaum

Bailey Jones Anjum Sharma David Cheong

University of Texas at Ausn McCombs School of Business Team

Allen Logue Brian Thomas Jason Mann

Ellio Hendrix JW Fields Jason Levine ELLIOTT G. HENDRIX [email protected] 3001 Medical Arts St., Apt. 220 • Austin, TX 78705 • (512) 934-4479

EDUCATION

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business, Austin, Texas May 2012 Master of Business Administration , Full-Time Program • Concentrations in Investment Management & Energy Finance; GPA 3.76; GMAT 760 • Received the Anderson Endowment, a $20,000 merit-based scholarship • Organizations: Graduate Finance Association, Energy Finance Group, Graduate Real Estate Society • Group Case Competitions: Finance Challenge, Mott’s Marketing Challenge, MIT Real Estate Competition • Teaching Assistant for MBA Financial Management course, after earning the highest grade of the 2012 MBA class

THE UNIVERSITY OF TEXAS AT AUSTIN, Austin, Texas December 2006 Bachelor of Arts in Economics; GPA: 3.60 • 4.0 GPA: Final five semesters; 3.8 GPA: Economics and business coursework

EXPERIENCE

G-51 Capital Management, LLC, Austin, Texas 2011 Venture Capital—specializing in software, internet services, and clean-tech Summer Associate • Evaluated dozens of start-ups, met extensively with entrepreneurs, and recommended promising investments • Performed due diligence on investments’ financials, market opportunities, business models, and term sheets • Managed four undergraduate interns in deal reviews and operational activities for G-51’s portfolio companies

UBS Wealth Management, Weehawken, New Jersey 2007 - 2010 Associate Director (Analyst) • Promoted to Associate Director in under two years • Recognized as a ‘Key Talent’ for ranking among the top 5% of my peers globally • Received the UBS Global CFO Award for collaborative effort on the concept and implementation of over 300 unique, comprehensive reports to track all Wealth Management U.S. branches, including performance information on branch: P&Ls, operations, invested assets, competitor data, staff, and financial advisors • Devised ‘Profit Simulators’ highlighting both the effects of hypothetical market movements on profit and the need for drastic cost-cutting measures; helped prompt management to implement over $30 million of cost-cutting initiatives • Modeled effects to the Wealth Management U.S. P&L based on policy changes and strategic initiatives (e.g., restructuring, branch sell-offs, cost-cutting, and financial advisor recruiting) • Created an activity-based costing model to estimate individual products’ profitability; discovered and recommended high margin products on which management and financial advisors should focus

TENZING INVESTMENTS, LLC, Austin, Texas 2006 Residential real estate purchasing and leasing Analyst Intern • Prepared comparable analysis, capital outlay estimates, and cost summaries for $80k to $200k investments • Built a valuation model and property fact sheets with offering price limits for use at auctions

UNITED STATES MARINE CORPS, Officer Candidate School, Quantico, Virginia 2003 Officer Candidate • Graduated 3rd in platoon • Promoted to Candidate Company Staff

ADDITIONAL

• Passed the CFA Level I Exam • Visual Basic: Created robust, yet flexible code for automated generation of hundreds of Excel reports for UBS • Conservation work with the Texas Hill Country Conservation Society: Spent hundreds of hours clearing land based on native species’ optimal habitat, increasing ground water run-off, and performing prescribed burns • Six years of training and experience in American Sign Language • Travel: Western Europe, Turkey, Japan, Mexico, Hawai‘i • Citizenship: United States JASON H. LEVINE [email protected] 4411 Spicewood Springs Road, Apt. 806  Austin, TX 78759  (917) 509-5124

EDUCATION

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business, Austin, Texas May 2013 Master of Business Administration, Full-Time Program  Concentration in Finance; GMAT: 710  Graduate Finance Association, Graduate Real Estate Society DUKE UNIVERSITY, Durham, North Carolina May 2003 Bachelor of Arts  Double Major: Economics and Public Policy Studies

EXPERIENCE

PEARSON PARTNERS, INC, New York, NY 2003 - 2011 Real estate investment, advisory and consulting firm Senior Associate/Asset Manager (2009-2011)  Advised Silverpeak Real Estate Partners in creating cash flow models and marketing materials for $35M joint-venture equity recapitalization of investment in retail portfolio  Supervised junior staff in organizing and delivering to third-party underwriters required due diligence materials used to complete Starwood Property Trust’s $60M debt refinancing on four-property, retail portfolio  Collaborated with property manager in reviewing historical operations and budget projections to develop $2M renovation plan for 400K sf shopping center; resulted in 36% reduction of property operating expenses  Completed ARGUS-based $2B valuation of Google’s new, 2.5B sf NYC headquarters for CB Richard Ellis Associate (2006-2009)  Developed internal Excel-based cash flow, pricing, IRR and investment evaluation model for closing $73M acquisition – including PNC’s $50M debt-financing – of Class A office building in Pittsburgh  Oversaw document collection and requisition submissions to Capmark Commercial Mortgage and Anglo Irish Bank for funding and disbursement of $19M Tenant Improvement Allowance related to construction of three 45K square foot LA Fitness health clubs in suburban Pittsburgh  Led team of three analysts in building financial models and preparing deliverables for internal partner presentation during underwriting for proposed acquisition of $750M multi-state enclosed mall REIT  Created proprietary asset management rent roll, income & expense, cash flow and lease status templates used in periodic investor evaluation of real estate assets; resulted in 33% reduction in report production time Analyst (2003-2006)  Performed property-level sensitivity analyses and created all accompanying exhibits associated with equity offering memorandum for Morgan Stanley-financed $100M acquisition of suburban-Pittsburgh shopping center portfolio; total value has increased approximately 70% in seven years  Appraised over $5B of commercial real estate assets, including multiple NYC-area “trophy” properties: South Street Seaport, New York Islanders Arena and land development, Time Warner Center/Shops at Columbus Circle, One Times Square, Bear Stearns Headquarters, “Daniel” restaurant, and 55 Water Street  Reviewed seller-provided rent rolls, income & expense statements, capital budgets and ARGUS models during initial property-level due diligence period for $105M acquisition of multi-state enclosed mall portfolio

ADDITIONAL

 New York State Real Estate Appraisers Assistant, License No. 48-46007  Published “Still Ama$$ing Funds?” Duke Journal of Economics, Volume XV  Semester Study Abroad – University College London (England), Fall 2001  Work Eligibility: Eligible to work in the US with no restrictions ALLEN LOGUE [email protected] 1221 South Congress Ave, Apt. 1031 • Austin, TX 78704 • (209) 480-7075

EDUCATION

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business, Austin, TX May 2012 Master of Business Administration, Full-Time Program, Concentration in Real Estate Finance • President: Graduate Real Estate Society / Member: ULI, Entrepreneurship Society • McCombs Admissions Committee; Portfolio Manager of McCombs MBA REIT Fund st • 1 Place: NAIOP Texas Real Estate Shootout Challenge • Teaching Assistant for undergraduate Real Estate and Urban Development course

THE UNIVERSITY OF CALIFORNIA AT BERKELEY, Berkeley, CA December 2005 Bachelor of Arts in Economics; Minor in Business Administration, Haas School of Business

UNIVERSITY OF CALIFORNIA WASHINGTON PROGRAM, Washington, D.C. Spring 2004 • Completed Political Science coursework and interned with the Economic Strategy Institute; researched international trade and competitiveness issues for published book: Three Billion New Capitalists

EXPERIENCE

TA ASSOCIATES REALTY, Newport Beach, CA Summer 2010 Boston-based real estate private equity advisor with $12B in assets Summer Associate, Acquisitions • Underwrote $1B in investments (33 deals) for office, industrial and apartment assets utilizing ARGUS and Excel • Prepared detailed investment memoranda for 5 deals totaling $200M including a 5-asset San Diego office portfolio • Conducted due diligence including financial, third party reports, physical, operations, environmental, lease and market review on the acquisition of a $15M San Francisco office property • Traveled to Southern California markets to evaluate acquisition opportunities and analyze capital projects and leasing strategies

PRUDENTIAL MORTGAGE CAPITAL COMPANY, San Francisco, CA 2006 - 2010 National full-service, commercial and multi-family mortgage finance firm Junior Associate (2008 – 2010), National Accounts • Closed $400M in financings for hotel, industrial, multi-family, office, and retail assets in US and Mexico and built financial models to analyze $3B of financing opportunities (50 deals) for REITS and private real estate companies • Analyzed performance of a $1B loan portfolio by evaluating operating statements and legal documents to assess loan default risk; discovered a distressed $150M portfolio loan that resulted in a partial pay down and restructure • Led due diligence and managed closing process with attorneys, client and consultants on a $138M 21-property industrial portfolio; reduced processing time by 50% • Assessed REITs and private real estate companies’ ability to meet future maturing debt obligations and bank lines of credit by creating cash sources and uses projections and performing financial statement analysis Senior Analyst (2007 - 2008), Portfolio Management and National Accounts Analyst (2006 – 2007), Secondary Markets • Restructured $140M loan on an underperforming Hawaiian hotel property; reduced loan default risk by 100% • Assisted Regional Portfolio Manager to underwrite, structure, and price $500M+ in commercial real estate loans across hotel, office, retail, and multi-family property types throughout the US and Mexico • Communicated with debt-trading desks, modeled bond cash flows, and conducted sensitivity analysis using Trepp and Bloomberg; generated investment memorandums for acquisitions of debt securities totaling $150M

ADDITIONAL

• President, Big Brothers Big Sisters (BBBS) Junior board: Oversaw development and execution of fundraisers which generated $58K in revenue (2008-2009), a 30% increase over previous year • BBBS Big Brother (2008 – 2010); Mentored a 12-year old in academic, athletic, and social skills development • Enjoy international travel (visited 27 countries including Turkey, Guatemala and India), swimming and playing basketball • Work Eligibility: Eligible to work in the US with no restrictions JASON A. MANN [email protected] 3814 Avenue H • Austin, TX 78751 • (512) 657-3772 EDUCATION

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business, Austin, Texas May 2012 Master of Business Administration, Full-Time Program • Concentration in Real Estate Finance • Vice President-Internal Relations, Graduate Real Estate Society • Portfolio Manager of McCombs MBA REIT fund • Winner of the NAIOP Texas Shootout and the Deloitte Consulting Challenge

THE UNIVERSITY OF GEORGIA, Terry College of Business, Athens, Georgia May 2001 • Bachelor of Business Administration, Graduated cum laude from the Honors Program • Major in International Business with a concentration in Real Estate; Minor in Spanish

EXPERIENCE

PIMCO, Newport Beach, CA Summer 2011 Summer Associate - Portfolio Management • Conducted loan-level due diligence and provided investment recommendations on a variety of capital structures including investment grade and subordinated CMBS, CDO structures, and whole loan acquisitions on deals up to $10 B • Performed reviews of real estate based equity transactions and was responsible for the financial modeling of Pimco’s first mortgage REIT

LNR PARTNERS EUROPE, London, United Kingdom Director - Investment Management 2009 - 2010 • Managed a $780 MM fund collateralized by subordinated real estate debt products in the United Kingdom, Germany, Switzerland, the Netherlands, and France with sole responsibility for all credit and real estate decisions • Supervised a 7-member fund management group responsible for the underwriting, on-going surveillance, active asset management, and reporting of the investments acquired by the fund • Authorized quarterly sign-off on all cash flow, valuation models, and asset management summaries for a portfolio consisting of over 40 deals, 60 loan positions, and 1,100 assets with a total debt size of approximately $13 B • Coordinated and communicated responses to any investor query as the main point of contact to the fund’s investors • Identified, implemented, and reviewed proposed pre-default and post-default workout strategies for troubled assets within the portfolio and recommended strategies for approval • Facilitated borrower consents and additional actions that required the fund members’ approval with a primary focus of determining the value impact of each consent Associate Director - Acquisitions 2003 - 2009 • Supervised all facets of the deal underwriting program from inception to closure during the acquisition phase of a fund that invested in below investment grade CMBS bonds, subordinated loans (B-notes), and mezzanine loans • Participated in asset underwriting projects with values in excess of $40 B located across 10 European jurisdictions • Conducted underwriting assignments of real estate equity, whole business acquisitions, senior loan syndications, and non-performing loan pools • Provided direct recommendation to the European Credit Committee on a deal’s viability while being responsible for the creation of all underwriting investment packages submitted to European and corporate senior management, as well as the Chairman of the Board for approval

TRIMONT REAL ESTATE ADVISORS, Atlanta, GA 2001 - 2003 Real Estate Financial Analyst - Special Servicing • Managed non-performing loans and implemented workout strategies to optimize the client’s investment position • Conducted financial analysis of commercial real estate portfolios consisting of over 20 properties with a total value in excess of $2 B with a concentration in valuation modeling • Performed detailed analysis of annual budgets and created financial models for the valuation of portfolios of office, multi-family, retail, golf course, telecom hotel, condominium, assisted living, and large-scale mixed use projects • Analyzed varied loan documentation, compliance requirements, and complex financial structuring for loan portfolios

ADDITIONAL

• Study abroad program at the University of Salamanca in Salamanca, Spain • Citizenship: United States BRIAN A. THOMAS [email protected] th 800 W. 38 Street, Apt. 9205 • Austin, TX 78705 • (832) 767-9082

EDUCATION

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business, Austin, TX May 2012 Master of Business Administration (Full-time Program) • Concentrations in Real Estate Finance, Private Equity, and Accounting; VP of MBA Real Estate Society • 2011 North Texas NAIOP Real Estate Challenge (1st place); Executive Challenge (1st place); ULI/Gerald D. Hines Urban Design Competition (voted best financial pro forma); ; National Real Estate Challenge (1 of 6 selected); National Real Estate Development Challenge (1 of 4 selected); MIT National Real Estate Challenge (1 of 4 selected) ULI Urban Development and Mixed Use (Student Fellow)

GEORGIA INSTITUTE OF TECHNOLOGY, School of Psychology, Atlanta, Georgia May 2003 Master of Science in Psychology; Minor in Statistics; GPA 3.7/4.0; Research Article Award for high-prestige publication

TEXAS A&M UNIVERSITY, School of Psychology, College Station, Texas May 2001 Bachelor of Science in Psychology, Summa cum Laude; GPA 3.9/4.0

EXPERIENCE

Invesco Real Estate Practicum Fall 2011 McCombs MBA Team Member, Dallas, TX • Lead multiple work-streams for three-member MBA team exploring expansion of investment model to seniors housing, student housing, and medical office facilities; identify target markets and make strategy/execution recommendations

Camden Property Trust (Real Estate Investment Trust), Houston, TX Summer 2011 Real Estate Investments Summer Intern • Fund and asset management: Developed analytics including valuation and cash flow analysis to model property and fund-level waterfall distribution returns for two real-estate funds with $769M in assets representing 8 metro areas, 22 properties, and 6,943 units; developed models and reporting templates for 10x growth in funds ($700M, 20 properties, and 6,600+ units added); communicated recommendations to executives and co-investors; wrote asset summaries for quarterly reports and white paper on public REITs as managers of institutional discretionary investment funds • Acquisitions and development: Performed underwriting for acquisition/development of 7 properties representing $313M, 5 metros, and 2,156 units; presented analyses to executives; developed assumptions-tracking template

McCOMBS MBA PLUS PROJECT (with Boston Consulting Group, Inc.), Dallas, TX 2010 – 2011 Team Lead • Selected from 80+ applicants; chosen as Team Lead by 6-person MBA team; worked with BCG Dallas on recommendations for the Dallas Regional Chamber’s (DRC) efforts to attract Fortune 1000 growth firms in real estate, finance, energy, and others; presented results to senior BCG partners and DRC President and VP

MEDAL CREST HOMES, LLC, San Antonio, TX 2005 – 2011 Founder and Managing Director • Established and led business planning, operations, marketing, accounting, and financing initiatives for residential and commercial construction company; drove revenues from $1.0M to $5.2M in less than 36 months and improved gross profit margin over 60% while leading a loosely coordinated team of 50+ supervisors, architects, and vendors • Conducted competitive analysis and market research to position brand to luxury market; developed 6000+ leads • Oversaw all financial planning and accounting for the business; used advanced statistical methods including multiple regression and financial modeling (e.g., DCF, NPV, sensitivity analysis) to assess real estate supply and demand factors, forecast revenues, and set annual pricing/profitability targets • Used productivity tools to coordinate 45 clients, 4 supervisors, and 500 vendors, driving 37% delivery-time improvement

UNITED PARCEL SERVICES (UPS), Atlanta, GA 2003 - 2005 Organizational Development Analyst • Enhanced efficiency across 20+ departments by using benchmarking and job analysis; earned 2 major UPS awards

ADDITIONAL • Training: ARGUS Valuation; Bloomberg; Crystal Ball; Excel; Investment Banking; Precision Tree; Training the Street • Community Service: Established Medal Crest Mentoring for underprivileged youth; Upward Bound mentor/panelist • Fitness: Completed multiple 100+ mile bike trips, 2+ mile swims, and 20+ mile runs; train regularly for Ironman triathlon JOHN WILLIAM FIELDS [email protected] 3007 French Place • Austin, TX 78722 • (512) 784-9770

EDUCATION

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business - Austin, TX May 2013 Master of Business Administration, Full-Time Program  Dual Concentration in Real Estate and Private Equity Finance: GMAT 710  Membership: Graduate Real Estate Society

THE UNIVERSITY OF TEXAS AT AUSTIN, McCombs School of Business - Austin, TX May 2006 Bachelor of Business Administration  Concentration in Finance – Specialization in Corporate Finance

EXPERIENCE

JPMORGAN CHASE & CO. – Houston, TX Underwriter/Senior Underwriter, Real Estate Banking 2008 - 2011  Served as the lead underwriter on a $700M portfolio comprised of performing and distressed commercial real estate loans; reviewed $3B in new construction, term, revolving, and subscription financing opportunities  Performed cash flow modeling, market analysis, and collateral evaluation on a $200M acquisition/construction loan for a mixed-use town center in Sunnyvale, CA that was purchased out of bankruptcy  Pitched and underwrote JPMorgan’s commitment in a $500M unsecured revolving line of credit for a national shopping center REIT; acted as a liaison to 11 participant banks  Elevated lagging property performance to credit executives’ attention to establish proper risk ratings and reserves for problem loans; discovered a co-tenancy default on $13M term loan, which resulted in an immediate pay down and modification  Engaged in all facets of loan workouts including negotiations with borrowers and attorneys; aided in the restructure of a $30M multifamily construction loan that failed to meet initial performance projections

WASHINGTON MUTUAL, INC. – Houston, TX Credit Analyst, Commercial Real Estate Lending 2007 - 2008  Conducted extensive market analysis utilizing CoStar, Reis, PPR, and other sources to determine market fundamentals in Palm Beach, FL for the construction of a 145K square foot Publix-anchored shopping center  Arranged multiple pro forma cash flow scenarios for one of the largest Class A office developments in Houston, TX; led to the approval of a $55M hold position  Drafted quarterly construction loan reports to compare actual property performance to pro forma lease-up assumptions; discovered low lease rates at an apartment complex in San Antonio, TX that yielded a facility downgrade  Tracked construction draws versus projected costs to assure project capital was properly allocated and undisbursed funds were sufficient for project completion  Analyzed Guarantor financial condition by performing financial statement analysis to ascertain liquidity, recurring cash flow, and contingent liabilities

Production Analyst, Commercial Real Estate Lending 2006 - 2007  Assisted two top producing relationship managers in drafting preliminary transaction summaries to submit to credit officers for determination of loan feasibility  Participated in marketing efforts to attract new customers and to assess future needs of current borrowers; resulted in record loan production for 2007  Conducted necessary due diligence of borrowers to proceed with credit approval process

ADDITIONAL

 Successfully completed month-long commercial bank credit training at JPMorgan Chase  Congress for the New Urbanism (CNU) – Member and attendee of CNU XVI in Austin, TX  Young Life: Lamar High School – Served as a volunteer for activities two nights per week  MBA Golf Association; Graduate Wine Club  Work Eligibility: Eligible to work in the US with no restrictions

Christopher J. Brandt 930 5th Street, #206 • Santa Monica, CA 90403 (714) 501-4612 • [email protected]

EDUCATION

UCLA ANDERSON SCHOOL OF MANAGEMENT Los Angeles, CA M.B.A., Finance with Real Estate Certificate June 2013  Membership: Anderson Real Estate Association, Investment Finance Association

UNIVERSITY OF SOUTHERN CALIFORNIA, MARSHALL SCHOOL OF BUSINESS Los Angeles, CA B.S. Business Administration, Real Estate Finance Emphasis; Philosophy Minor May 2007  Honors: 2005 Conference Champions, USC Rugby Team  Leadership: Vice President, Sigma Alpha Epsilon Fraternity

EXPERIENCE

JONES LANG LASALLE Los Angeles, CA Associate, Logistics and Industrial Brokerage 2006 - 2011

Analyzed, consulted and negotiated on behalf of global investors and Fortune 500 occupiers of commercial real estate, including acquisition/ disposition strategies, investment analysis and cost saving initiatives. Promoted twice.  Executed over $260MM worth of sale and lease transactions consisting of more than 5.1MM SF.  Conducted pro-forma and discounted cash flow analysis using Excel, ARGUS, and ProCalc in support of client decisions.  Analyzed market data to identify trends in order to create client BOVs, quarterly market reports, and Offering Memoranda.  Sourced revenue by creating an extensive network of brokers, clients, and vendors throughout Southern California resulting in 2nd highest revenue production of all Associates in Los Angeles Region for 2011.  Selected to represent all other Associates among Managing Directors in our 2011 Strategic Initiatives Planning Session resulting in a 22% annual increase in top line revenue.  Granted membership into JLL’s Supply Chain & Logistics Solutions Group as its youngest member and leveraged this group to secure agency listing business through Reverse Location Analysis.  Executed two transactions successfully as a 1st year Financial Analyst.  Quoted in various publications including GlobeSt.com, Los Angeles Business Journal & California Real Estate Journal regarding the industrial real estate market.

INTERNATIONAL PACIFIC SEAFOODS, INC City of Industry, CA Sales Associate 2003- 2006

Marketed seafood products to food distributors and restaurants throughout Southern California in a growing, highly entrepreneurial office environment. Promoted from Intern to Sales Associate in midst of working 25 hours per week during school and full-time during summers/winters.  Managed and trained two direct reports: Summer Intern and fellow Sales Associate.  Optimized inventory levels at six cold-storage warehouses throughout Southern California.  Graduated as the youngest participant ever (by 5 years) from a sales training program reserved for a supplier’s top salespeople.

ADDITIONAL

 Computer: Advanced ARGUS Training, Excel, ProCalc, PowerPoint, Word, Co-Star, CDX, & E-Multiple  Real Estate Licenses and Affiliations: LEED-AP, Licensed CA Real Estate Broker, ULI, NAIOP  Volunteer Work: Catholic Big Brothers Big Sisters- Founding Member of Junior Board and Active Mentor  Hobbies: Travel, BBQ, Santa Monica Men’s Softball League

BETH BRODY 11771 Montana Ave, # 401 Los Angeles, CA 90049 (818) 231-2384, [email protected]

EDUCATION: Anderson School of Management, FEMBA, University of California, Los Angeles (UCLA) Expected Graduation 2014 University of California, Los Angeles (UCLA) June 2008 Major: Political Science: International Relations, Minor: Public Policy Lorenzo De Medici School: Florence, Italy Study Abroad (Extensive European travel) Fall 2006-Winter 2007 UCLA Center for American Politics and Public Policy Program (CAPPP), Senior Research, Washington D.C. Winter 2008

RELEVANT EXPERIENCE:

Associate Partner, BW Brody Affiliated Companies 4/09 - Present  Management responsibility for 12 buildings at real estate development firm in the Los Angeles Area  Responsibility for all web and print advertising for both existing buildings and new development projects.  Training of Leasing and On-site Property Management Staff  Responsible for advertising, leasing, model apartments, tenant relations, and final quality control for the opening of a new 62 unit apartment development completed in June 2010.  Responsible for specific assignments in procuring entitlements for a new mixed use project of 113 units and 17,000 square feet of retail and restaurants. Assignments include working with Los Angeles City Planning and Department of Transportation for permit compliance and submittals, Stormwater Certification (SWPPP) to prepare documents and inspect construction site for compliance with State Water Resources Control Board requirements.

Publicity Assistant and Editorial Intern, Skyhorse Publishing, New York, NY 1/09-4/09  Proofreading, editing, and pitching content for major book publisher; simultaneously responsible for multiple projects  Media liaison: secured editorial publicity coverage for books; successful marketing pitches led to mass book sales  Efficient contribution to multiple departments including: publicity, editorial, marketing, and research in publishing field

Owner/ Freelance Writer, Researcher, and Editorial Entrepreneur; online - www.Bethbrody.com 6/07 – 6/10  Launched a freelance company to cater to editorial needs while showcasing my writing skills  Offered a broad range of services including freelance writing, editing, research, and content consultation; worked on diverse projects including case briefs, microfilm research, corporate letter editing and drafting.

Intern, CBS News Political Unit, Washington, D.C. 1/08 – 3/08  Work exclusively with CBS Political Unit producers covering the 2008 campaign. Responsibilities included interview assistance for evening news. Learned to work fast and efficiently, interacted with prestigious contacts  Strong team work ability; found innovative ways to effectively keep track of video content - coverage ran more smoothly  Tasks included news feed to other bureaus, content management, and assistance during major primary elections

OTHER EXPERIENCE

Research Team Coordinator, LCO Communications Office of Michael Levine 7/07 – 12/07  Promoted to manage and assist team of 3 interns, compile information and research for major public relations firm  Present department findings to CEO on weekly basis, assist CEO at major PR Events

Editorial Intern, Cool Hunt Press Agency, Los Angeles, CA 3/07 – 7/07  Researched and wrote numerous editorial reviews and articles for international high fashion magazines  Published in magazines such as In Wedding, May 2007 and Vogue Taiwan

HONORS/ACTIVITIES  Published collection of poetry: From Rain Drops to Waterfalls, June 2009  Bruin Leaders Project Student Facilitation Team, 2007-2008; earned certificate of leadership June 2007  Member, Order of Omega, Greek Honors Society  Member, Pi Beta Phi Sorority, former Historian position  Editor’s Choice Award in nation-wide poetry competition

Zachary W. Friedland 10600 Wilshire Blvd., Apt. 221 ∙ Los Angeles, CA 90024 ∙ (646) 339-3165 ∙ [email protected] EDUCATION UCLA ANDERSON SCHOOL OF MANAGEMENT Los Angeles, CA Master of Business Administration, Management Summer 2012  Fellowships: Charles E. Davidson Institute Fellowship; and Anderson Fellowship  Honors: Southern California Association for Corporate Growth Cup (Captain – First Place Team); California Language Roadmap Foundation Marketing Case Competition (First Place Team); Student Investment Fund Fellow (one of 11 students selected to manage $2 million of UCLA endowment); and Knapp Venture Competition (Judge)  Leadership and Membership: Entrepreneur Association; Black & Scholes Surf Club; Wine Club; and Riordan Fellow Mentor NEW YORK UNIVERSITY New York, NY Bachelor of Arts, Economics – College of Arts and Science Spring 2006  Leadership: Men’s Water Polo (Captain) EXPERIENCE MORGAN STANLEY Los Angeles, CA Mergers and Acquisitions & Corporate Finance – Summer Associate Summer 2011  Advised the firm’s West Coast corporate and financial sponsor clients on mergers and acquisitions and financing transactions INVESTCORP INTERNATIONAL, INC. New York, NY North America Private Equity – Associate Summer 2008 – Summer 2010  Sourced and evaluated investment opportunities, developed comprehensive industry and company overviews, analyzed cash flow profiles and returns on investment, and presented recommendations to the firm’s partners  Managed operational and strategic initiatives at portfolio companies, including management team composition, business development, and human resource projects  Liaised with management teams, consultants, investment bankers, and internal teams to execute strategic initiatives and corporate finance transactions at Associated Materials, a manufacturer and distributor of building products, and FleetPride, an independent distributor of heavy-duty aftermarket truck parts Select Transactions / Projects: o Performed valuation analyses and market, financial and business diligence for potential acquisition of a power sports vehicle services company. Prepared investment committee memorandum detailing due diligence findings, deal rationale, and economics of the transaction o Executed three successful debt refinancing/restructuring transactions within a 12-month period for Associated Materials that stabilized the capital structure and positioned the Company to recover significant equity value o Led sale process for Associated Materials resulting in an ~2.0x MOIC to Investcorp o Secured $20 million of additional equity capital from Investcorp for FleetPride to fund accretive acquisitions. The Company closed 15+ acquisitions representing significant revenue and EBITDA contribution

MERRILL LYNCH & CO. New York, NY Financial Sponsors Group – Analyst Summer 2006 – Summer 2008  Closed eight deals, including M&A, leveraged buyouts, and debt and equity financings for the firm’s private equity and hedge fund clients and portfolio companies  Triarc Cos., Inc. (Arby’s): $2.3 billion acquisition of Wendy’s International Inc. Managed due diligence process and presented diligence findings to Triarc team. Built detailed merger model and analyzed capital and deal structure alternatives with Merrill Lynch senior management and Triarc investment team  Bain Capital, Carlyle Group and Clayton Dubilier & Rice: $8.5 billion acquisition of HD Supply. Sole analyst on lead-left financing and M&A advisory assignment. Led initiative to rebuild detailed operating and financing model. Developed materials for the CEO of Merrill Lynch that were used to successfully renegotiate deal terms  Earned top-tier analyst ranking in formal review process for both years of analyst program ADDITIONAL  Graduate of National Outdoor Leadership School (NOLS) and Outward Bound  Avid Surfer, Extensive travel to surf remote locations (North & Central America, Australia, Europe, Asia)  Surfrider Foundation – NYC Chapter, Former Treasurer and Executive Committee Member  Vox Sportswear, Investor and Strategic Advisor (2.5x MOIC achieved)  Interests: Snowboarding / snowboard-related technology; speech writing; Twitter; and modern art

Sean McCloskey 11957 Darlington Avenue, Apt. 203  Los Angeles, CA 90049 [email protected]  504-400-9996

EDUCATION _ UCLA Anderson School of Management Los Angeles, CA M.B.A., Real Estate (GMAT 750) June 2012  Leadership: President of Public Speaking Club, Orientation Section Leader, Student Admissions Representative, Program Manager of EA Conference, Riordan Scholars Mentor, A-Days Committee  Membership: Real Estate Association, Entrepreneur Association, Management Consulting Association

Tulane University New Orleans, LA B.A., Communication, Minor Mathematics May 2005  Awards: The Glendy Burke Medal for Oratory (oldest award given by Tulane College); Awarded best overall communication skills at Tulane College  Honors: Cum Laude, Founders Scholarship, One-in-a-thousand IQ Society

EXPERIENCE _ Ferrazzi Greenlight Consulting Los Angeles, CA Summer Associate June 2011 – Aug 2011 Management consulting firm specializing in changing the behavior of strategic account sales teams  Interviewed and surveyed Heads of Sales at Global 500 companies and formed conclusions from findings  Created model from these findings that values the company’s intangible asset by calculating a client’s expected NPV and ROI from proprietary Ferrazzi Greenlight intellectual property  Presented model in sales pitch to Global 500 executives which was the basis for continuing conversations about obtaining their business, and model is now used in every business development pitch

TrueCar.com, Inc. Santa Monica, CA Sr. Pricing Analyst, Aug 2009 – July 2010 Aug 2007 – July 2010 Pricing Analyst, Aug 2007 – Aug 2009 Automotive solutions provider that leverages group buying power to guarantee a low, upfront, no-haggle price  Analyzed market trends to provide expert recommendations on vehicle pricing, saving our members a combined $485 million on car purchases  Implemented pricing data into business intelligence programs to create automated pricing and operations analyses, eliminating 20 analysis hours/week and reducing costs by $1,000/week  Collaborated cross-functionally with business development team on targeted pricing incentives strategies with automotive manufacturers such as Mercedes-Benz, increasing Mercedes-Benz’s TrueCar sales by 400%  Managed pricing system of over 2,500 dealerships and 250,000 unique price fields, in addition to managing every facet of automotive pricing, reducing customer pricing complaints by 67%  Orchestrated dealer acquisition plan to optimize TrueCar coverage in areas of highest consumer demand, resulting in 50% increase of dealer network that generated 50% of TrueCar’s sales within a year  Organized and ran weekly pricing committee meeting with CEO, COO, CTO, and EVP, as well as weekly development meeting with sales team of 20+ account managers

Thomas University Thomasville, GA Director of Communications and Publications Aug 2005 – Sept 2006  Led teams in creating comprehensive internal and external communications programs, including the marketing plan, communications plan, annual report, and newsletter  Responded to declining enrollment with an admissions focused marketing campaign that resulted in consecutive record breaking incoming class enrollees  Developed relationships with media to promote the University, expanding footprint by 50%  Identified, wrote, and issued feature stories for news release, increasing brand awareness by 33%

ADDITIONAL _  Interests: Passionate about travel, athletics, rebuilding New Orleans, and social dynamics

Nathan H. Moyer 1241 S Westgate Ave #PH3 - Los Angeles, CA 90025 213-361-7693 - [email protected]

EDUCATION

UCLA Anderson School of Management Los Angeles, CA M.B.A., Finance/Strategy June 2012  Leadership: Challenge For Charity – Auction Night Co-Chair, Entrepreneurship Association – Finance Co-Chair  Membership: Investment Finance Association, Net Impact, Soccer Club, Entrepreneurship Association

Arizona State University, WP Carey Business School Tempe, AZ B.S. Accountancy, GPA 3.63 May 2004  Honors: Summa Cum Laude  Membership: Barrett Honors College, ASU Racquetball Team, ASU Accounting Society, 7 month Intel thesis project member

EXPERIENCE

FTI Consulting (NYSE traded, worldwide litigation and restructuring consulting firm, 1.4 B revenue) Los Angeles, CA Director Jan 2010 - July 2010  Synergized disparate production teams to acquire necessary financial data to build valuation model for large food processing company to assist investment bank in valuation analysis which extended project scope by 500%.  Managed 5-week cash flow and cash flow projection model for weekly report to debtor bank which allowed client to forecast cash disbursements in attempt to remain in business.  Collaborated simultaneously with client and legal counsel to provide a detailed key volume/weight metrics analysis of over 10 million data records on behalf of a major shipping company, avoiding potential class action litigation for the client.

Senior Consultant Jan 2007 - Dec 2009  Analyzed industry trends and long term production capabilities of manufacturing home builder to assist in expert report for analysis of potential intellectual property damages.  Managed up to 10 consultants to recreate a subset of financial accounts in a $58 billion dollar class action settlement with hundreds of millions of transactions resulting in millions of dollars in reduced plaintiff claims.  Collaborated cross-functionally, multi-nationally and vertically throughout the organization to create a consolidated repository and dynamic reporting tool which reduced response time in upwards of 500% for financial and nonfinancial analysis requests.  Interviewed key personnel and identified key financial metrics to present a financial reporting optimization work plan which allowed client’s new financial reporting team to operate with reduced learning curve.

Consultant Aug 2004 - Dec 2006  Performed simultaneous cost audits of multiple construction claims under strict court mandated deadlines in healthcare and governmental facilities. Forensic reports saved clients about 3-5% of total construction costs.

PocketPhilanthropist, Inc. Los Angeles, CA Co-Founder/Strategy Director Jan 2009 – Sept 2010  Created first of its kind global smart phone donation platform to capture targeted market share of $307.7 Billion per year in philanthropic giving, strategically targeted to fastest growing and ideal demographic mobile market.  Provided strategic consulting services to nonprofits to maximize donations via social media.

ADDITIONAL

 Professional designations of CPA, CFF and CITP.  Public speaker for high school students on self-written 45 minute speech on goal setting. rd th  3 and 4 place Collegiate National Racquetball finals in 2003 and 2004, respectively.  San Diego marathon finisher, avid skier, trail runner and soccer player.

PATRICK D. ROONEY 1626 N. Fuller Ave #301, Los Angeles, CA 90046

615-337-6011 | [email protected]

EDUCATION

UCLA ANDERSON SCHOOL OF MANAGEMENT Los Angeles, CA M.B.A., Real Estate and Entrepreneurship Emphasis June 2013 • Anderson Real Estate Association, Entrepreneur Association.

VANDERBILT UNIVERSITY Nashville, TN Bachelor of Arts, Economics & History/Finance May 2006 • GPA – 3.59/3.60/3.44 (Major/Minor/Cumulative). • Vanderbilt Honor Council, 2004-2006; Deans List, 2004-2006.

EXPERIENCE

E2M PARTNERS Dallas, TX Associate June 2008-August 2011 Acquisitions • Village Green: Underwrote and led due diligence team during acquisition of 40,000 unit apartment manager/developer. • Soo Line City Apartments: Managed acquisition and negotiated partnership structure of historical/tax credit renovation. • MDA City Apartments: Analyzed and executed recapitalization of 190 unit historical downtown Chicago project. • Sedona Lakes: Underwrote and managed follow-on land acquisition of 500+ acre master-planned residential community. Asset Management • Z Islander Student Housing: Restructured 1 st lien financing and partnership agreement, removed GP and GP-affiliated manager. Lived onsite for six weeks to select, coordinate, and manage transition to replacement manager, resulting in gross and economic occupancy gains of 16% & 22% respectively for the ‘11/‘12 school year. Distressed Investments • Extended Stay Hotels: Engaged in lawsuit where E2M was granted temporary restraining order to prevent borrower and lenders from consummating deed in lieu transaction, which would have wiped out $4 billion of mezzanine debt. • Malaga Condominiums: Filed for non-judicial foreclosure on bank-owned units at my personal condominium complex after lender foreclosed and ceased paying homeowners dues. Recouped 150% of expected losses. Origination • Marriott Courtyard: Sourced and originated investment opportunity in early 2011, progressing towards November closing.

FASTFLIX Dallas, TX Founder and CEO November 2009-January 2011 • Founded apartment-based DVD rental kiosk business. Developed business plan, marketing platform, and execution strategy focused on maintaining real-time DVD inventory and 24/7 system functionality.

SUNTRUST ROBINSON HUMPHREY Atlanta, GA Associate/Analyst June 2006-April 2008 • Analyzed, structured, and closed principal sale/leaseback transactions for financial institutions with $1-$100 billion in assets. • Ranked first in 20+ person investment banking analyst training program in 2007, promoted to associate in January 2008. • Managed three person team supporting SunTrust’s top grossing revenue originator. Relevant transaction experience: Old National Bank (69 properties, $252 million), Colonial Bank (24 properties, $76 million), SunTrust Bank (434 properties).

ADDITIONAL

• Big Brothers Big Sisters, 2008-2011; Malaga HOA President, 2010-Present; Journeymen Bible Study, 2008-2011. • Enjoy camping, skiing, fly fishing, and sailing. University of North Carolina

Kenan-Flagler Business School

Churchill Bunn Tom Burkert Rory Byrnes

Spencer Merritt Laura Oslick Lewis Stoneburner PRESTON CHURCHILL BUNN 503 Pritchard Avenue  Chapel Hill, NC 27516 (919) 815-0517  [email protected]

EDUCATION THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC 2010-Present KENAN-FLAGLER BUSINESS SCHOOL Master of Business Administration – Expected May 2012 Concentrations: Real Estate Finance & Real Estate Development Summer 2011 Head Manager, KFBS Real Estate Investment Fund Active Member, Real Estate Club & Alumni Affairs Advisory Board 2011 Argus Software Real Estate Case Competition – 3rd Place nationally 2010 UNC Kenan-Flagler 1st Year Real Estate Case Competition – 1st Place

2002-2006 THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC Bachelor of Arts in Political Science – May 2006 Phi Gamma Delta Fraternity – President, Recruitment Chair  Managed house operations including annual budget of $150,000  Implemented highly successful GPA improvement initiative Volunteered at UNC Burn Center and Habitat for Humanity

EXPERIENCE MORISEY COMMERCIAL LLC Raleigh, NC 2011-Present Intern. Investment Analysis  Execute investment underwriting for a diverse set of commercial real estate acquisition opportunities with a focus on multifamily & retail

2007-2010 GRUBB & ELLIS | THOMAS LINDERMAN GRAHAM Raleigh, NC Real Estate Advisor. Office/Industrial Tenant Representation  Advised clients in the search and procurement of commercial space, including locating, analyzing, negotiating and executing lease and purchase transactions  Transacted over 130,000 square feet and $10.5MM in gross volume from August 2009 to July 2010  Sourced $17MM investment offering representing $750,000 in potential fees  Secured listing relationship with national retail developer CBL & Associates Properties, resulting in leasing assignments of over 6 million square feet  Represented regional and national clients, including Trane/Ingersoll Rand, Mylan Pharmaceuticals, Elite Flooring & Design, Youth Villages and Insomniac Games

PENINSULA COMMERCIAL PROPERTIES Charleston, SC 2006-2007 Associate Broker. Retail/Investment Properties  Provided sales, marketing and brokerage support to firm’s senior principal  Modeled lease and investment sale pro forma for numerous project assignments  Represented local Quizno's franchisee in securing three prominent locations in Charleston area with total transaction volume over $1MM

THE SEAGO FAMILY LP Charleston, SC 2006 Project Manager. Residential/Multifamily  Managed residential capital and rehabilitation projects exceeding $1.2MM

PERSONAL Development Intern with FMB of Atlantic Beach Inc. in 2000 Argus Software Certified / Proficient in ProCalc Active Member, Urban Land Institute Founding Member, Durham Young Professionals Avid tennis player and snow skier; Enjoy tarpon fishing and traveling THOMAS CRAIG BURKERT 235 McCauley St. Apt. C6 Chapel Hill, NC 27516 (434) 825-9216♦[email protected]

EDUCATION THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC KENAN-FLAGLER BUSINESS SCHOOL Master of Business Administration, Candidate May 2012 Carolina Venture Fellow, Real Estate Club, Entrepreneurship & Venture Capital Club, Private Equity Club, Legacy Cup Captain

UNIVERSITY OF VIRGINIA Charlottesville, VA Bachelor of Arts in Economics, 2005

EXPERIENCE CARRBORO CAPITAL Chapel Hill, NC Jan 2011 - present Carolina Venture Fellow –Associate Intern • Sourced deals, led underwriting and performed due diligence process completing three investments in middle and small-market private companies located in the Southeast United States • Raised a $6 millionfund through investor network to invest in three selected companies across insurance, retail, and manufacturing industries • Worked directly with portfolio companies after the investment period to ensure that financial underwriting metrics were reached

THE JBG COMPANIES Washington, DC 2007-2010 Senior Development Analyst • Managed mixed-use real estate development projects in a vertically integrated and entrepreneurial environment • Prominent member of project team responsible for $715 million of development including four hotel projects, two multi-family projects and one office building • Directed day-to-day activities of project teams comprised of architects, designers, engineers, general contractors and lenders through due diligence, entitlement, development and disposition stages • Negotiated and organized loan agreements with lending banks; obtained $225 million in construction financing for three development projects • Created comprehensive multi-family best practices manual including a “design best practices”handbook, key submarket demographics, product pipeline, lessons learned, and construction cost database;manual used company-wide fornew opportunity valuation

2005-2007 Development Analyst • Led $45 million rehabilitation of two extended stay hotels into residential apartments and condominiums through both permitting and construction phases • Managed$10 million renovation of hotel public spacerequiring collaboration between architects, general contractors and hotel staff • Pioneeredproject tool to track project budgets to allow internalcoordination amongaccounting, development, and acquisitions teams; new initiative on a company-wide level

2002/2003 Financial & Residential Real Estate Intern • Analyzed future cash flow data to determine selling price of two apartment complexes that sold for $73 million • Assisted project team with $20 million refinancing of a multi-family apartment • Calculated tax implications of amenity upgrades and improvements on residential multi-family properties

ADDITIONAL Leadership in Energy and Environmental Design (LEED) Accredited Professional DATA United States Green Building Council (USGBC) member Interests: White water rafting, biking, soccer, baseball RORY BYRNES 308 W. Rosemary Street, Apt. 402 Chapel Hill, NC 27516 (703) 728-8326 ♦ [email protected]

EDUCATION THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC KENAN-FLAGLER BUSINESS SCHOOL Master of Business Administration, expected May 2012 Concentrations in Real Estate and Entrepreneurship Real Estate Club, MBA Ambassador, Legacy Cup Captain, Community Service Club Coordinator

UNIVERSITY OF PENNSYLVANIA Philadelphia, PA Bachelor of Arts in History, May 2005 Varsity Football Team 2000-2004; Delta Kappa Epsilon Fraternity

EXPERIENCE ELM STREET DEVELOPMENT Ellicott City, MD Summer 2011 Intern • Managed the installation of pavilion and landscape for a 59 acre, 133 lot land development in Aberdeen, Maryland. • Researched land acquisition opportunities in Carroll County, Maryland and provided supplemental research in the acquisition of a 90 acre, 37 lot property. • Evaluated services of Elm Street’s existing market research provider and sought out alternative resources prompting its replacement by a more efficient provider.

CASSIDY TURLEY (f.k.a. CASSIDY & PINKARD COLLIERS) McLean, VA 2009-2010 Assistant Property Manager • Managed four Beacon Capital Partners properties in Tysons Corner, Virginia totaling over 730,000 square feet, leased primarily by government contractor Booz Allen Hamilton. • Managed tenant relations, contracts, accounts receivable, and billing. • Facilitated ownership decision analysis by creating annual budgets, compiling both financial and physical building reports, and following up with monthly budget reforecasts related to property income and expenses. 2007-2009 Financial Analyst • Conducted due diligence and financial analysis of sales and loan transactions by screening financial and operations statements to support associates, originators, and brokers in evaluating deal feasibility, market strength and pricing/valuation structures. • Valued over 40 projects in the DC metropolitan region, in addition to properties in North Carolina, Minnesota, and Ohio resulting in over $400 million in office sales. • Presented analysis for Broker presentations for building valuations before and after credit crisis, resulting in a team assignment worth $55 million.

2006-2007 LINCOLN PROPERTY COMPANY Washington, DC Associate • Marketed and leased over 750,000 square feet of office, retail, and industrial space owned by Guardian Realty, Capitol Companies, and RREEF, in addition to tenant representation. 2005-2006 Market Research Analyst • Researched and marketed buildings in Northern Virginia, produced quarterly reports, and designed marketing materials for leasing and management pitches.

ADDITIONAL Licensed Real Estate Salesperson in Virginia. ARGUS certified. DATA Urban Land Institute Member. J. SPENCER MERRITT 2 Audley Lane ♦ Chapel Hill, NC 27517 202-420-1330 ♦ [email protected]

EDUCATION THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC KENAN-FLAGLER BUSINESS SCHOOL Master of Business Administration, expected May 2012 Kenan Institute Economic Development Analyst

THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC Bachelor of Arts, Economics and Political Science, May 2006 UNC Summer Study Abroad - London INTERNSHIPS Summer 2011 DAVIS MOORE CAPITAL – Real Estate Investment Firm Charlotte, NC • Conducted investment analysis and market research for real estate acquisitions • Organized recapitilizations of properties through discounted debt pay off

Summer 2011 MEDALIST CAPITAL – Commercial Mortgage Brokerage Raleigh , NC • Performed financial underwriting of subject properties for client borrowers • Conducted asset analysis for lenders in order to secure borrower financing

Summer 2011 THE SITUS COMPANIES – Third Party Mortgage Analysis Chapel Hill, NC • Analyzed debt notes and loan documentation on distressed properties • Prepared market analysis and asset strike price for client lenders

2010-2011 BROOKWOOD CAPITAL PARTNERS – Real Estate Development Raleigh, NC • Performed due diligence and market research for 16-acre new development

EXPERIENCE HITT CONTRACTING, INC. 2008-2010 Assistant Design-Build Estimator Falls Church, VA • Performed preconstruction and value engineering for competitive and negotiated bids, conceptual budgets, and design-build proposals up to $200MM • Coordinated pricing, design team, and technical approach coordination for two successful $100MM LEED design-build proposals to government clients

2007-2008 Assistant Project Manager Gambrills, MD • Managed $1.5MM 4,700sf Bank of America retail banking center integrating sustainable design elements • Controlled all submittals and requests for information between architect, subcontractors, and client

2006-2007 Project Engineer Reston, VA • Managed site logistics and daily operations of $35MM new construction project consisting of 196,000sf class A office building, 200,000sf 870-space parking garage, 296,000sf demolition, and $2.5MM in site improvements • Led coordination of utility relocation and major road work off of Reston Parkway between design team, subcontractors, utility, Fairfax County and Virginia DOT

ADDITIONAL LEED AP; Design Build Institute of America Associate Certification; DATA Presidential Volunteer Service Award Recipient; USGBC Awards Committee Chair; National Building Museum Docent; Greater DC Cares Leadership Council Software: ARGUS, Excel, SharePoint, FTP, JD Edwards, On-Screen Takeoff LAURA OSLICK, CPA 9306 Spring Meadow Drive Chapel Hill, NC 27517 (214) 356-7657  [email protected]

EDUCATION THE UNIVERSITY OF NORTH CAROLINA Chapel Hill, NC KENAN-FLAGLER BUSINESS SCHOOL Master of Business Administration, expected May 2012. GMAT 700 Dean’s Fellow, a selective honor reserved for 10% of the 2012 MBA class Forté Foundation Fellow ($15K) and Trammell Crow Residential / Leonard Wood Fellow ($10K) Real Estate Club Vice President. Wells Fargo Investment Banking Competition – Third Place

TEXAS A&M UNIVERSITY College Station, TX Master of Science and Bachelor of Business Administration, Accounting, 2005 Mays Business Fellows, Honors Program, and Professional Program in Accounting

EXPERIENCE ANKA FUND MANAGEMENT, LLC 2011- Present Associate. Residential Real Estate Fund Raleigh, NC  Assisted in the management of a $25M distressed multifamily private equity fund  Modeled asset-level cash flow projections and structured offers on 15 properties for $687K  Coordinated with brokers and property managers to identify, close, and lease properties

JEFFERIES & COMPANY, INC 2011 Summer Associate. Real Estate Investment Banking Charlotte, NC  Advised on a buy-side senior housing acquisition and a $86.3M retail REIT IPO  Performed detailed Net Asset Value analysis to recommend strategies for increasing stock price  Projected cash flows for retail, multifamily, office and industrial REITs to identify funding needs and the potential capital structure impact of various sources and uses

KPMG, LLP 2007-2010 Manager. Transaction Services, Financial Due Diligence, Advisory Dallas, TX  Performed post-close purchase price analysis for a luxury resort in Mexico  Integrated financial reporting and operations of two public companies after a $4.5B acquisition  Led buy-side merger and acquisition advisory engagements for private equity firms and corporate buyers investing in local and international companies  Performed financial due diligence on over 27 transactions from $3–800M in value for real estate, software, healthcare, and manufacturing companies for total deal value of greater than $1B  Presented findings to clients on key deal issues including quality of earnings, working capital, net debt, structure of contracts, and capital expenditure needs  Interviewed owners and C-level management to identify potential transaction considerations  Received “Encore” award for performance on a $800M complex software company acquisition

PRICEWATERHOUSECOOPERS, LLP 2006-2007 Senior Associate. Washington Federal Practice, Advisory McLean, VA  Assessed current business practices to prepare client for its first financial audit  Recommended streamlined processes to enhance the state of operational efficiency  Drafted presentation material; presented findings and recommendations to client management; and began implementation of proposed changes

2005-2006 Associate. Financial Services, Assurance Dallas, TX  Audited public and private real estate companies in the multi-family and office sectors, insurance, and investment management companies  Received “We Reward Great Performance” award from partners

ADDITIONAL ARGUS Certified. Member of the Urban Land Institute, NAREIT and Junior League DATA Completed one marathon, three half marathons, and two triathlons LEWIS T. STONEBURNER, JR., CCIM 1705 Village Crossing Drive  Chapel Hill, NC 27517 (804) 314-3447  [email protected]

EDUCATION THE UNIVERSITY OF NORTH CAROLINA, Chapel Hill, NC KENAN-FLAGLER BUSINESS SCHOOL Master of Business Administration, expected May 2012 Real Estate and Corporate Finance Concentrations, Member of Real Estate and Finance Clubs  Lead Student Fund Manager—KFBS Real Estate Investment Funds I and II, two student managed real estate private equity funds; activities include investment underwriting, deal sourcing, fundraising, fund level management, accounting, and asset management  Earned “High Pass” grades (the highest possible grade) in 16 out of 17 possible classes  3rd, ARGUS National Case Competition; 2nd, KFBS 1st Year Real Estate Case Competition

THE UNIVERSITY OF VIRGINIA Charlottesville, VA Bachelor of Arts, History, 2006 Awarded Dean’s List last three semesters; McIntire Business Institute, Summer 2006

EXPERIENCE TRAMMELL CROW COMPANY Washington, D.C. Summer 2011 Summer Associate, Mid-Atlantic Development and Investment (D&I) Group- Provided financial analysis, underwriting, due diligence, development management, and market research  Executed comprehensive search for new office development opportunities in Northern Virginia, resulting in two presentations to the D&I team and a 120-page report  Performed due diligence, market research and financial analysis to help create investment packages for a 270 unit, $89M high rise apartment development; a 362,000 sf, $140M office development in D.C.; and a 278,000 sf, $103 M office development in D.C.  Provided underwriting for a long term redevelopment opportunity in Rosslyn, VA which could accommodate a 335,000 sf office building  Supported analysis for a 1.25 million square foot medical office development in D.C.  Select additional assignments: analysis of three value add office investment opportunities (385,000 sf, Richmond, VA; 100,000 sf, Baltimore, MD; 88,000 sf, Greenbelt, MD); two apartment developments (Raleigh, NC; Quantico,VA); two office sites in Northern VA

2009-2011 CB RICHARD ELLIS OF VIRGINIA, INC. Richmond, VA Senior Associate, Office and Medical Office Broker- Worked individually and in teams to serve clients and to produce revenue by identifying, winning, and executing on profitable opportunities  Negotiated and closed 61 office lease and sale transactions, with an aggregate value of $35.2M and 297,000 sf of office space (during entire CBRE employment)  Directed leasing for a 90,000 sf medical office building, increasing occupancy from 40 to 96% (client was Trammell Crow Company)  Earned 2009 Top 10 Producer Award (6th) based on gross revenue out of 32+ CBRE brokers  Select additional deals: RBC Capital Markets, 17,400 sf; Hospital Corporation of America, 12,000 sf; Berkley Mid-Atlantic Group, 9,500 sf; Law Firm, 7,300 sf

2006-2009 Associate, Office and Medical Office Broker  Secured critical 17,500 sf tenant for landlord client, resulting in 121 month lease valued at approximately $4.9M and Deal of the Quarter Award, 1st Q 2009  Represented developer for 40,000 sf, three building medical office park  Select additional deals: CIGNA Healthcare, 16,100 sf; Dynex Capital, 7,100 sf; 211 W. Franklin, $1.1M; 5905 W. Broad, 11,900 sf

Summer 2005 GVA ADVANTIS, Commercial Real Estate Intern Richmond, VA

ADDITIONAL DATA Earned Certified Commercial Investment Member (CCIM) Designation, 2010 CBRE Top 10 Producer, 2009; Deal of the Quarter, 1st Q 2009; Rookie Broker of the Year, 2007 ARGUS Software Certification-DCF Valuation—two Argus training programs (2006 and 2011) Licensed Real Estate Salesperson in Virginia; Member Urban Land Institute (2010) Interests include: saltwater fishing, Chesapeake Bay, boating, running, and playing sports UNIVERSITY OF SOUTHERN CALIFORNIA

Alex Abraham Jared Christensen Connor Humphreys

Michael Marrone Evan Pearlman Hilary Thornton Alex O. Abraham 1633 Manhattan Ave., Hermosa Beach, CA 90254 • (215) 519-5699 • [email protected]

EDUCATION

University of Southern California, Marshall School of Business Los Angeles, CA Master of Business Administration May 2012  Dean’s List Scholar, GPA: 3.80 / 4.00  GMAT: 710 (Verbal: 41, Quantitative: 46, AWA: 5.5)  3rd Place: UNC Real Estate Challenge – National Case Competition  Member: Challenge 4 Charity (Co-Chairman), Graduate Real Estate Association (Vice President - Finance), Graduate and Professional Student Senate, American Finance Association, Entrepreneurial Venture Management Association

University of Pennsylvania, The Wharton School Philadelphia, PA Bachelor of Science in Economics, Concentrations in Finance and Real Estate May 2006 Minor in World History

EXPERIENCE

Mesa West Capital Los Angeles, CA Summer Associate Summer 2011 Performed due diligence for Originations and Work-Out groups of a $2BN commercial real estate debt fund  Evaluated underwriting and performed due diligence on a 6 asset portfolio seeking $90MM in senior financing  Made market calls and performed underwriting to offer a soft quote of $37MM on a 280,000 sf retail center  Presented to and got approval from Investment Committee for restructuring term and recourse on a $11MM loan

The JBG Companies Washington, DC Senior Analyst 2008 – 2010 Coordinated fund level financial information and actual distributions given to investors for a real estate investment firm with close to $10BN in assets  Organized business plan review meetings between analysts, asset managers and partners for over 150 projects on a semi-annual basis in order to make fund management decisions and provide information for fund reporting  Supervised and verified the work by 8 Financial Analysts in updating financial models  Valued minority positions in joint venture deals for entity level buy outs

Financial Analyst 2006 – 2008 Analyzed actuals and projections for 7 investment funds totaling $4BN in equity spread out over 150 real estate projects  Created new financial models for 3 funds to track 100+ investments and updated pro forma projections for 4 funds  Calculated preferred return and capital return proceeds in excess of $1BN due to around 500 investors based on ownership structures and distribution provisions of each project and fund

Northstar Property Group Philadelphia, PA Real Estate Development Intern Summer 2005 Researched the Philadelphia condo market and provided support for two real estate development projects  Built a database that tracked the progress of competing condo developments in Philadelphia  Coordinated the build out of the condominium sales office with General Contractor and sub-contractors

Student Federal Credit Union at the University of Pennsylvania Philadelphia, PA General Manager 2004 – 2006 Led a group comprised of over 100 Tellers and 15 Managers in the day to day operations of a bank with ~$4MM in assets

ADDITIONAL INFORMATION

 Professional Education: Training the Street – Corporate Valuation & Financial Modeling, RE Financial Modeling  Languages: Fluent in Malayalam; studied Spanish for four years  Interests: Traveling, Social Entrepreneurship (Kumba start-up in Africa), and Urban Planning (Member of Urban Land Institute) Jared Christensen 49 Meadowbrook, Aliso Viejo, CA 92656 • (949)701-1531 • [email protected]

EDUCATION

University of Southern California, Marshall School of Business Los Angeles, CA Master of Business Administration, Finance/Real Estate Finance May 2013 • Member: Graduate Real Estate Association, American Finance Association

Brigham Young University, Marriott School of Management Provo, UT Bachelor of Science, Management Information Systems December 2002

Brigham Young University Idaho Rexburg, ID Associate of Science, Computer Information Systems April 2000 • Member: Phi Theta Kappa Honor Society

EXPERIENCE

CORE Realty Holdings, LLC Newport Beach, CA Asset Manager 2009-Present Manage a portfolio of 4.6M square feet (office/industrial/retail) • Negotiated 2 workouts (total debt of $54.67M) reducing debt service payments and replenishing reserve accounts • Coordinated 3 capital calls ($1.7M) to ensure sufficient reserves were available for leasing and capital expenditures • Manage a team of 11 property managers located nationwide • Create and monitor annual budgets and Asset Business Plans for each real estate portfolio • Participate in quarterly investor calls to report portfolio performance • Direct financial modeling, forecasting, and buy/sell/hold analysis

Vice President/Sales Desk Manager 2007-2009 Hired, trained, managed and coached a team of 6 internal wholesalers • Led the capital raising effort and equity placement of over $315M in real estate investment securities • Created a marketing presentation that qualified for CPE credits and structured a marketing campaign targeting CPAs

Internal Wholesaler 2006-2007 Worked with external wholesaler in the western states territory to raise capital through the independent broker dealer channel • Raised over $150M in real estate investment securities

Mammoth Equities, LLC Mission Viejo, CA Associate Vice President 2004-2006 Built selling syndicate and raised over $100M in real estate investment securities • Implemented sales and marketing systems and programs that resulted in $2M of revenue

OMNI Brokerage, Inc. Salt Lake City, UT Due Diligence Analyst 2002-2004 Performed due diligence on real estate sponsors and securities offerings for 50 registered representatives licensed with OMNI • Underwrote over 20 real estate sponsors representing over 100 real estate investment security offerings

ADDITIONAL INFORMATION

• CA Real Estate license • FINRA Series 7, 22, 24, 63 licensed • Speak fluent Spanish • President of the Board for the Cantora Homeowners Association in Aliso Viejo, CA (2007 to Present)—reduced monthly operating expenses 34% from $38K/mo to $29K/mo by re-negotiating contract services • Missionary in San Salvador, El Salvador Mission (1997-1999)— led a culturally diverse team of 20 missionaries • Eagle Scout

Connor R. Humphreys 424 S. Holt Ave., PH6 • Los Angeles, CA 90048 • (402) 650-9387 • [email protected]

EDUCATION

University of Southern California, Marshall School of Business Los Angeles, CA Master of Business Administration May 2013 • Graduate Real Estate Association

Emory University Atlanta, GA Bachelor of Arts, Sociology December 2006 • Robert W. Woodruff Scholar

EXPERIENCE

Budget Finance Company Los Angeles, CA Director of Portfolio Acquisitions/Senior Loan Officer 2009 – Present • Underwrote and originated over $5 Million in new private-money loans during 2011 • Supported senior management in development, marketing, deal sourcing, and formation of strategic plan for newly formed private mortgage origination and servicing company (Budget Mortgage Corp.) • Managed relationship with senior institutional lender on legacy portfolio (Wells Fargo Capital Finance), including monthly reporting, negotiating new forbearance agreements, projection modeling, and disposition of real estate assets • Created presentations used in annual investor meetings and monthly conference calls

Park Lane Capital, LLC Park City, UT Assistant Trader/Analyst 2009 • Collaborated with a high net worth individual on acquisition and management of a $200MM par value portfolio of residential and commercial mortgage-backed securities • Delivered daily valuation and pricing analyses for prospective securities trades

WMD Capital Markets, LLC Santa Barbara, CA Assistant Vice President 2007 – 2009 • Conducted research, valuation, and pricing analyses for purchases of residential mortgage-backed securities and residential whole loan portfolios • Managed due diligence process for purchases of residential loan portfolios • Developed analytical models for use in pricing of residential loan portfolios • Managed settlement process for purchases of residential mortgage-backed securities

ADDITIONAL INFORMATION

• Licenses o California Mortgage Loan Originator (CA-DOC 329493); NMLS ID: 329493; California Real Estate Salesperson (CA-DRE 01853885) • Computer Skills o Highly proficient in Microsoft Excel, Access, Word, and Powerpoint o Proficient using Bloomberg Terminal – Specifically Asset Backed Securities Functionality o Proficient in ARGUS for Real Estate Analysis • Professional Affiliations o Urban Land Institute (ULI) Los Angeles, Young Leader Member; member of winning development team behind supportive housing proposal for homeless citizens in ULI’s 2010 “1000 Homes Development Competition” Michael R. Marrone 460 S. Spring Street, #1003, Los Angeles, CA 90013 • (702) 468-4290 • [email protected] EDUCATION

University of Southern California, Marshall School of Business Los Angeles, CA Master of Business Administration May 2012  GPA: 3.61  3rd Place Overall – UNC Kenan-Flagler Real Estate Case Competition 2011

University of San Diego San Diego, CA Bachelor of Business Administration December 2003  Magna Cum Laude  Foreign Study: Madrid, Spain

EXPERIENCE

Hudson Realty Capital New York, NY Summer Associate 2010 - 2011 Underwrote national portfolio real estate debt purchases and origination; modeled portfolio resolution and roll up models for bid pricing.  Developed cash flow, pricing model and equity structure for institutional loan sales ($1.4B UPB) including multiple tiers in distribution waterfall and promote structure.  Closed $139MM UPB FDIC structured loan sale and prepared memo for investment committee.  Worked directly with syndication partners on portfolio pricing and distribution/promote structure.  Developed Fund V ($250MM debt fund) proforma and stress tested fund return with market risks.

Fortis Commercial Advisors Las Vegas, NV Senior Investment Advisor 2009 - Current Valuation and sales advisory for national real estate asset and loan portfolio acquisitions; assist institutional real estate funds with acquisition due diligence, disposition strategy, and underwriting.  Underwrote distressed $106MM (33 assets) national retail portfolio and assisted writing white paper for Clairvue Capital Partners completed $30MM recapitalization of Phillips Edison Fund III.  Determined borrower & asset resolution strategy by extensively working through bank files: appraisals, leases, syndication agreements, pay history, financial statements, etc.  Consulted financial institutions in disposition of real estate. (Nevada Commerce Bank, Green Lake Investment Fund, Seattle Funding Group, Bank of Nevada)

Joel Laub & Associates Las Vegas, NV Associate/Analyst 2005 - 2009 Underwrote, negotiated and closed 109 ($123MM) commercial real estate sales and lease transactions and assisted in managing $250MM real estate portfolio.  Modeled capital structure for 43 investment syndications (all commercial real estate product types)  Developed and implemented leasing strategy for 1.8 million square feet of industrial, retail and office product.  Extensive experience in contract negotiation and working with legal counsel.  Developed construction financing draw schedules, proformas, budgets, and modeled reserves.

MGM Resorts Inc. Las Vegas, NV Slot Analyst 2004 – 2005  Graduate: MGM Mirage Management Associate Program

ADDITIONAL INFORMATION

 Member: Comprehensive Planning Advisory Group (Clark County, NV)  Governing Board Member: BoysTown of Nevada (national charity)  Interests: Piano, Skiing, National Parks Evan S. Pearlman 2717 Grant Avenue #1, Redondo Beach, CA 90278 (310) 864-1315 [email protected]

EDUCATION

University of Southern California, Marshall School of Business Los Angeles, CA Master of Business Administration May 2012 • Stan Ross Seminar Series: Selected participant, discussing current topics in real estate and capital markets with the Chairman of the Board, USC Lusk Center for Real Estate • Graduate Real Estate Association, VP of Business Development • American Finance Association, Member • Jewish Association of Marshall Students, Chief Financial Officer

University of California, San Diego La Jolla, CA Bachelor of Science, Economics: Management Science June 2004 • Provost Honors • University of California Alumni Advocacy Program

EXPERIENCE

DiNapoli Capital Partners San Jose, CA Acquisitions Intern 2011 – Present Underwrote hospitality and commercial properties in markets around the country including financial modeling, writing investment memos and assisting with LOIs. • Underwrote hotel, resort, and mixed-use properties with unique revenue streams valuing more than $300 million.

Equator, LLC Los Angeles, CA Summer Intern Summer 2011 Collaborated within the upper-management team on strategic positioning as the real estate market realigns. Prepared a business plan including detailed market analysis and financial model projections.

The Endeavor Network Santa Monica, CA Board Member 2010 – 2011 Identified lead generation verticals using real-time search engine analytics in order to build proprietary affiliate advertising campaigns for trending products and services for this unique pay-for-performance advertising network—one of the first to focus exclusively on cost-per-action campaigns for branded, traditional and high quality online direct response marketers. • Established exclusive relationships with several Fortune 500 financial institutions for real-time loan refinance and debt consolidation lead generation along with managing campaigns for leading brands in multiple industries.

Legare’ Homes Manhattan Beach, CA Senior Associate 2004 – 2010 Coordinated directly with President and development team to analyze residential real estate development opportunities. Led capital raising efforts for viable opportunities and managed cash flow operations. Modified the business development strategy to expand investor network through debt, equity and mezzanine financing. • Reworked development strategy in the face of 2008 recession to target bank REOs and construction notes from raw- land development. Successfully led purchase of construction notes valuing $25,000,000 on an 18-unit condo project and a 25-unit condo project, both in West Los Angeles. • Individually raised capital to fund twelve development deals creating over $40,000,000 in additional revenue. • Conducted and compared pro forma analysis to profit/loss analysis on more than 200 development projects. • Secured loan funding through foreign entities in Japan and Switzerland for competitive pricing on income producing properties. Saved 200-400bps on each of these loans, exceeding $18,000,000 in loans. • Increased active investor profile from 15 to 120+ in 18 months; new investor retention rate of 75%.

ADDITIONAL INFORMATION

• Proficient in all Microsoft Office applications, JMP, ARGUS Hilary E. Thornton th 1535 6 Street #504 Santa Monica CA 90401 ∙ 415.686.5282 ∙ [email protected] EDUCATION

University of Southern California, Marshall School of Business Los Angeles, CA Master of Business Administration May 2012 • Honor Committee Co-Chair: Liaison for students and administration regarding integrity and ethics. • Graduate Real Estate Association: Vice President of Communications • Leadership and Organization Club: Vice President of Finance • University of North Carolina Real Estate Development Case Competition 2011: 3rd Place Team

University of California, Berkeley Berkeley, CA Bachelor of Arts: Political Economy of Industrial Societies Minor: City and Regional Planning May 2007 • Women’s Rowing: 2004 PAC 10 Championship Team • Academic Programs International: Cadiz, Spain • Alpha Phi Fraternity: Vice President of Chapter Operations

EXPERIENCE

Karlin Asset Management Los Angeles, CA Acquisitions Intern 2011 • Conducted analysis on nationwide acquisitions of commercial real estate and secured whole loans assets. • Underwrote sub and non-performing loans and fee simple investment opportunities across office, retail, residential and hospitality product types using Argus and Excel pro-forma models. • Provided analytical and quantitative support for the acquisitions team by preparing valuation models, market analysis, operating expense analysis and revenue projections. • Authored investment memorandums used internally for investment committee meetings and externally for marketing.

Archstone San Francisco, CA Assistant Community Manager 2009 – 2010 • Managed team of four leasing associates at mixed use property with 410 residential units. • Oversaw approx. $900,000 in monthly receivables and controlled and reconciled expenses against monthly budget. • Increased occupancy from 92.5% to 95.8%, resulting in year over year rent growth during recession. • Created and implemented bad debt collection practices; new collection practices increased revenue and brought aged delinquencies down from 4% to 1% resulting in reduced legal fees.

Development Analyst 2008 • Underwrote and evaluated multifamily and mixed-use development opportunities in California and Washington. • Drew conclusions from economic factors, market rents, construction and operating costs, entitlement and permit fees and government programs. • Created and updated detailed pro-forma models through due diligence, entitlement and land purchase. • Restructured dozens of potential land acquisition models during company transition from a publicly to a privately held company. Changes focused on decreasing time of equity investment to increase IRR. • Initiated new standards to organize market research, including demographic, rental rate and cap rate information. Detailed standardization increased accuracy and efficiency of future underwriting. • Analyzed monthly review of project costs and presented them to senior management.

Mihalovich Partners San Francisco, CA Client Services Associate 2006 – 2008 • Researched and prepared office market analysis for internal use, client use and website publication. • Built relocation scenario models that enabled company to negotiate optimal pricing with landlords. • Executed client transactions by obtaining asking terms and arranging tours with building representatives. • Supervised two interns and intern projects, including direct marketing campaigns and marketing calls.

ADDITIONAL INFORMATION • Involvements: American Finance Association – Training the Street, Urban Land Institute, American Lung Association • Certifications: Brokerage License: California Department of Real Estate • Computer Skills: Microsoft Office Suite, Argus Valuations Software • Interests: Yoga, scuba, wine tasting, skiing, international travel

Ashleigh Dane Evan Malone

Doug Midkiff Caitlin Mullaney Ashleigh Dane 5804 Vine Ridge Drive • Nashville TN, 37205 • 910-200-6505 • [email protected]

EDUCATION VANDERBILT, UNIVERSITY - OWEN GRADUATE SCHOOL OF MANAGEMENT Nashville, TN Master of Business Administration, May 2013 Concentration: Finance; Emphasis: Real Estate and Entrepreneurship  Officer, Real Estate Club

VANDERBILT UNIVERSITY Nashville, TN Bachelor of Science, December 2006 Major: Molecular Biology & Economics  Magna Cum Laude ; Phi Beta Kappa

EXPERIENCE STONETEMPLE CONSULTING Charleston, SC 2010- Current Manager, SEO (Search Engine Optimization) Publishing and Marketing  Launched SEO publishing program to increase client rankings on Google.com and other search engines by acquiring hyperlinks on authoritative websites via strategically placed articles  Grew client base from 3 to over 13, by consistently publishing compelling content on sought after websites  Analyzed individual client businesses and designed customized campaigns to elicit hyperlinks from top industry websites  Expanded capacity by recruiting, training and managing team of 3 outreach coordinators who learned to manage all tasks following the design of the initial campaign strategy  Developed spreadsheets and reporting systems to manage client data and to track performance metrics

2009 - 2010 DAWGBILT Charleston, SC Development Manager  Acted as manager of all third party contractors for owner seeking 221 D 4 Financing Commitment for $35 M Multifamily Investment in NC (280 units, Class A)  Developed customized financial model for owner to evaluate project feasibility for the HUD market rate non- recourse multifamily financing which entailed having all bids and approvals in place  Established hard and soft costs budgets as well as operational budget to analyze overall project yields  Assessed architectural design in regards to functionality, budget, feasibility, permitting and HUD requirements resulting in working plans for financing approval  Established construction budget & coordinated bid process with general contractor  Obtained zoning, water, sewer, storm water, erosion control, & vertical construction approvals necessary for project approval through both HUD and municipality  Worked with housing authority on city PUD zoning restrictions necessary for zoning approval  Coordinated final loan package submittal to HUD approved lender

2008 - 2010 IMMUNOMOD INC. Charleston, SC Business Manager  Developed strategic business plan for a Type I Juvenile Diabetes boutique biopharmaceutical company which provided management with information to assess options for commercialization and growth  Leveraged resources to obtain FDA approval for proof of concept study to provide data for commercialization of drug to prevent the onset of Type 1 diabetes  Coordinated Trial development, including budgeting, protocol development, recruiting Principal Investigator, and Investigational New Drug (IND) approval process through FDA

GREYSTAR Charleston, SC 2007- 2008 Analyst, Asset Management  Managed performance reports for national multifamily fund capitalized at 1.4 billion operating in 15 markets  Created regular financial reports for equity partners and management to assess fund drivers including NOI, equity returns, and expense ratios as well as operational metrics such as occupancy and effective psf rates  Wrote automation instructions for summary of key fund drivers in order to transition to automated reporting  Assisted in pro-forma re-forecasting of assets to analyze initial projections and whether updates were necessary

ADDITIONAL  Skills: Financial Modeling in Excel, (Completed ULI Advanced Proforma Modeling in Excel), Yardi  Licensing: Licensed NC Real Estate Broker (2005) (currently inactive)  Service Project: Due diligence and networking for proposed micro-finance project in Masindi, Uganda  Interests: Horseback riding (Hunter/Jumper and Polo), Tennis, Sailing EVAN G. MALONE 655 Oakley Drive Nashville, TN 37220 205-540-8004 [email protected]

EDUCATION VANDERBILT UNIVERSITY Nashville, TN OWEN GRADUATE SCHOOL OF MANAGEMENT Master of Business Administration, May 2013 Concentration: Finance; Emphasis: Real Estate  Clubs: Real Estate Club

AUBURN UNIVERSITY Auburn, AL Bachelor of Education, March 2000 Major: Elementary Education

EXPERIENCE MAGNOLIA HOUSING FUND, LLC Birmingham, AL 2011 - present Managing Partner  Formed business plan and raised $100,000 in capital for a real estate investment fund focused on residential properties.  Managed the acquisition, renovating and negotiating of properties. Analyze sub-markets to determine the investments most susceptible to appreciate and/or depreciate. Provide detailed analysis of the income producing potential, possible renovations and future value of the investments.  Fund invested $115,000 in real property, currently valued at $240,000.

EVAN’S SPICES Birmingham, AL 2007 – present Owner and Creator  Invented a gourmet grilling spice sold through local retail stores and online retailer, www.evanspices.com.  Created logo, marketing and packaging for spice line; marketed line primarily to companies who utilized customize labeling for use as client gifts.

MACO APPRAISALS, LLC Birmingham, AL 2005 - 2011 Owner/Founder  Managed a residential and light commercial appraisal firm. Properties ranged in value from $5,000 to $2,500,000. Over 7,500 appraisals were performed over six years, influencing an estimated $1.1 billion dollars in lending decisions.  Obtained and worked with over 40 clients, ranging from credit unions and local mortgage retail offices to Fortune 500 banks like Wells Fargo.  Appraised various types of properties such as: potential development tracts up to 350 acres, antebellum homes, geodesic domes, foreclosed and distressed properties $2.5 million dollar homes and farms.  Grew business from a startup, with one employee to $350,000 gross revenue by 2008 and managed 8 employees.  Mentored 3 trainee appraisers through the rigorous process of obtaining a certified residential certification.  Directed the finance and accounting operations of the firm; generated 95% of all sales using a combination of cold calling and networking.  Oversaw the yearly marketing campaigns, which centered around awareness and visibility of the company.  Valued commercial a 100,000 square foot warehouse, 7,000 square foot office building, and 30 + unit apartment building; performed the discounted cash flow, income, and direct capitalization approaches to value properties.

EMPAC, LLC Birmingham, AL 2002 - 2011 President and Founder  Founded and operated a firm that located, developed, renovated, rented and sold light commercial and residential real estate; analyzed cost to cure, present value, future value, potential rental income, and 30 day liquidity value of all properties.  Directed 20 property transfers totaling $3.1 million dollars in total sales and managed over $750,000 of construction projects.

ADDITIONAL  Adventure racing, 24+ hour, multi discipline endurance racing, team captain.  Visited 23 countries on 5 continents; hiked in Patagonia mountains. DOUG P. MIDKIFF 3300 West End Ave #511 Nashville, TN 37203 (972) 989-2823 | [email protected]

EDUCATION VANDERBILT UNIVERSITY Nashville, TN OWEN GRADUATE SCHOOL OF MANAGEMENT Master of Business Administration, May 2012 Concentration: Finance Emphasis: Real Estate  Real Estate Club, Christian Business Association, Net Impact, OwenBloggers, Honor Council  UT National Real Estate Challenge Case Competition 2010: 3rd Place

THE UNIVERSITY OF TEXAS AT AUSTIN Austin, TX MCCOMBS SCHOOL OF BUSINESS Bachelor of Business Administration, May 2006 Major: Finance; Minor: Accounting  Alpha Kappa Psi – Business Fraternity: President, Vice President, Director of General Administration

EXPERIENCE PROVENTURE Nashville, TN Fall 2011 Fall MBA Intern  Wrote over 20 lease abstracts for a major client with locations in several different markets nation-wide  Assisted in investment decisions concerning office and industrial properties via analysis in Argus and CoStar

Summer 2011 CORNERSTONE COMMERCIAL REAL ESTATE | CUSHMAN WAKEFIELD Nashville, TN Capital Markets Summer Associate  Underwrote several office, mixed-use, and multi-family properties using Argus software  Created marketing materials, participated in property tours, and communicated with potential investors regarding the sale of the McEwen building, a class AA mixed-use property, which will likely trade at a record level for the Nashville market.  Developed an office and industrial property database for the Knoxville market using Zoho Creator, an online database tool, allowing Cornerstone to capture market information in real time providing a competitive advantage in the market.  Made from scratch a multi-family pro-forma template in Excel to provide Cornerstone the ability to quickly and easily underwrite such properties.

2008 – 2010 ROBERT HALF & ACCOUNTEMPS Dallas, TX Finance/Accounting Specialist  Coordinated closely with Controller and senior finance staff of Pacer Transport to reconcile over 40 different accounts in preparation for both internal and external audits; deadline was met and audits passed.  Evaluated billing data for MetroPCS during billing system changeover process, and consulted on new processes to verify data going forward.  Designed and implemented a gas delivery database with input GUI and several custom VBA features for Matheson Tri-Gas; the database saved both time and money through less data entry errors, easier access to delivery information, and decreased need for sever space.

2006 – 2008 SABRE HOLDINGS Southlake, TX Senior Financial/Budget Analyst  Built two annual budgets for Travel Network expenses totaling $1.3 billion; presented and defended budget numbers to Controller and CFO.  Communicated with regional offices in Europe, Australia, and South America to forecast revenue and expenses monthly via advanced financial modeling techniques.  Tracked and reconciled headcount to support global sourcing and cost reduction efforts; the entire initiative saved over $25 million annually.  Selected by management to lead the Finance Impact team made up of members from across the entire finance group; coordinated events such as lunch seminars, a mentoring program, and the end of year party.

ADDITIONAL  Inaugural London Starting Bloc – Institute for Social Innovation where students and young professionals met for a week to learn and discuss corporate social responsibility, sustainability, and non-profit ideas and trends  Member, Urban Land Institute and NAIOP  Interests: Urbanism, Sustainability, Running (finished three half-marathons and 180 mile 12 person relay)  Author of a weekly Excel blog with tips and tricks for all skill levels CAITLIN R. MULLANEY 2310 Elliott Avenue, Unit 509, Nashville, Tennessee 37204 240-731-9042 • [email protected]

EDUCATION VANDERBILT UNIVERSITY Nashville, TN OWEN GRADUATE SCHOOL OF MANAGEMENT Master of Business Administration, May 2013 Concentrations: Human Organizational Performance and Strategy  Owen Student Government Association – Elected Senator  100% Owen Board Member – Community Service Outreach  Recruiter Hostess for Career Management Center (CMC)  Member of Owen Consulting Club, Real Estate Club & Net Impact

VILLANOVA UNIVERSITY Villanova, PA Bachelor of Science in Accountancy, May 2003 Major: Accounting; Minor: Political Science  Omicron Delta Kappa National Leadership Honor Society  Commerce & Finance Senator, voting member of University Senate

EXPERIENCE EYA, LLC (Developer/Builder of mixed-income residential communities) Bethesda, MD 2009 - 2011 Controller  Managed all financial aspects of general contracting division, including set-up, monthly accounting, cash flow, billings to contract owners, and financial reporting and consolidation of 14 projects/contracts.  Communicated company performance and future investment needs to management and investment partners through monthly financial highlights booklet.  Collaborated with CFO to prepare loan proposals and negotiation of project financing terms.  Compiled comprehensive budget models of new communities for management and investment partners.  Supervised daily activities of accounting staff of eight professionals. Hired and trained three project accountants, two staff accountants and an accounts payable clerk.

2008 - 2009 Assistant Controller  Wrote manual and led four training sessions to educate subcontractors and personnel on newly improved online work order approval and paperless payment system.  Developed and delivered training for compliance requirements including Certified Payroll, First Source and Section 3 as required by federal standards of general contractor work.  Oversaw construction management/accounting system software updates, troubleshooting efforts and implementation of customized improvements.

2006 - 2007 Senior Project Accountant  Administered cost tracking and analysis of construction recovery efforts to successfully recoup $1.8M through legal mediation against at-fault subcontractor.  Managed use and payoff of $75M in construction bank loans and ensured covenant compliance.  Coordinated accounting relationships with over fifty subcontractor companies.

ERNST & YOUNG, LLP McLean, VA 2003 - 2006 Senior Associate, Assurance & Advisory Business Services  Managed and coordinated complex audit and advisory engagements for America Online, Duratek, Inc., Human Genome Sciences, The John F. Kennedy Center for the Performing Arts, and Kastle Systems, Inc.  Developed a thorough understanding of U.S. GAAP, GAAS, Sarbanes Oxley, PCAOB requirements and SEC rules and regulations.  Collaborated with key client personnel to assess and resolve audit matters  Mentored new hires and summer interns to help orient them to E&Y.

ADDITIONAL  Athlete, advocate, and fundraiser for Team Red, White & Blue (Team RWB), supporting the reintegration of wounded veterans once they leave active duty military.

The University of Virginia Darden Graduate School of Business Administration 2011 Team

Clarke Crenshaw Tom Decarlo

Alison Mosle Santiago Ortiz-Monasterio

Chris Rodriguez Alex Westra CLARKE HUTCHINS CRENSHAW 18 East Range  Charlottesville, VA 22903  540-247-8276  [email protected]

EDUCATION Darden Graduate School of Business Administration Charlottesville, VA University of Virginia Candidate for Master of Business Administration, May 2012  Elected by peers to the Range Committee, UVA's graduate housing in the "Academical Village"  Elected Vice President of Technology for the Real Estate Club  Competed in the 2011 ULI Hines Case Competition  GMAT: 730, GPA: 3.3

University of Virginia Charlottesville, VA Bachelor of Arts in Economics, May 2006  GPA: 3.48  Phi Eta Sigma National Freshman Honor Society

EXPERIENCE Summer 2011 Walker & Dunlop, Inc. Bethesda, MD Summer Intern, Principal Investments Group

 Assisted with the court mandated transition of an $80 million equity fund from a previous investment advisory firm to the Principal Investments Group  Developed a model primarily to analyze the financial returns (to the investor, advisor, and other co- investment partners) of the newly acquired equity fund but also offered the flexibility to model subsequent debt, equity and mezzanine funds.  Analyzed and recommended potential exit strategies for office and residential assets in an aging debt and equity fund.

2006-2010 Frye Properties, Inc. Norfolk, VA Real estate development and property management firm operating in the Southeast and Mid-Atlantic Associate

Analytical Skills  Initiated the acquisition of a 148-unit apartment complex in Fayetteville, TN, which required a debt write-down and subsequent construction loan to finance the planned renovation  Analyzed financial statements and market studies for prospective development acquisitions opportunities and recommended potential acquisitions to the CEO  Researched, assembled and wrote three cases for a joint Darden School and UVA Law School real estate class, cases included accompanying financial statements, proformas and budgets  Researched homebuyer grants and financing options and closed on $2.25 million in low-interest rate financing for first-time homebuyers at either development from the state housing authority

Project Management  Managed the construction of a 240-unit, $32 million condominium conversion in Charlottesville, VA, and a 159-unit, $12 million condominium conversion in Richmond, VA  Co-managed the Homeowner's Associations at both developments, which included negotiating subcontracts, establishing the annual budgets, adjusting the annual fee structure, and handling all resident communication

Sales and Marketing  Led and directed a team of three realtors at both condominium projects and produced over 250% more sales than any given local competitor  Developed and implemented comprehensive marketing plans for the developments, which included print ads, onsite events, and website redesign

PERSONAL  Professional Skills: Proficient in Microsoft Office and trained in Argus  Interest include: Sporting clays, NASCAR, golf, and traveling THOMAS E. DECARLO 148 Harvest Drive  Charlottesville, VA 22903  914-522-7514  [email protected]

EDUCATION Darden Graduate School of Business Administration Charlottesville, VA University of Virginia Candidate for Master of Business Administration, May 2012  Vice President Real Estate Club and Member Private Equity Club  Selected to represent Darden at the 2010 and 2011 Univ. of Texas National Real Estate Challenge

University of Virginia Charlottesville, VA Bachelor of Arts in History and Foreign Affairs, May 2006

EXPERIENCE 2011 Rockefeller Group Investment Management New York, NY Private Equity Real Estate Investor and Institutional Investment Manager Summer Associate  Underwrote and co-led investment proposal for an 18 property, nationwide industrial warehouse portfolio as part of a potential recapitalization and joint venture.  Created detailed cash-flow projections on an asset by asset basis through ARGUS and Excel which ultimately led to a portfolio-level valuation and capitalization strategy.  Structured venture-level strategic objectives and parameters, created governance and exclusivity provisions, and crafted future market-specific asset management and acquisition strategies.  Assisted in negotiations with potential institutional investors in RGIM’s premier core office fund around limited partnership agreements and fund structuring.  Performed underwriting of potential office acquisitions in major markets nationwide for inclusion in premier office fund.

2009 - 2010 Delta Associates Alexandria, VA Commercial Real Estate Consulting, Advisory and Valuation Services Associate  Led research and production of quarterly comprehensive reports that were distributed to over 100 firms detailing office and industrial market conditions in Washington, DC, Dallas, and Chicago.  Performed asset valuation and market research for a national REIT on a $50M prospective office acquisition and on the disposition of a 175-unit multifamily asset, both in the Washington, DC area.  Produced a backward- looking analysis that detailed historical underwriting criteria and past market conditions, resulting in a $37M settlement on behalf of a local developer involved in litigation on a failed 1 million SF mixed-use development in Bethesda, MD.

2008 The JBG Companies Chevy Chase, MD Private Equity Real Estate Investor and Developer Development Analyst  Led day-to-day efforts to entitle, design and underwrite two 400,000 SF +, mixed-use projects with trophy-class architecture.  Created $100M+ detailed development budgets by collaborating with the design, finance, construction and marketing teams, and managed project level pro-forma excel models.

2006 - 2007 Sullivan & Cromwell LLP New York, NY Corporate Law Firm Legal Assistant - Corporate Finance  Created offering memorandums, analyzed corporate documents, and coordinated documentation on behalf of Goldman, Sachs & Co. on a recurring structured credit derivative trade and Cemex S.A.V. de C.V. on private placements of debt.

PERSONAL  Urban Land Institute – Member, Young Leaders Program; Real Estate Finance training.  Conversational in Spanish.  Interests: Travel (U.S., Europe, South America, Asia), golf, football, reading.  Founding board member of Concord 51; a federally registered Political Action Committee. ALISON S. MOSLE 928 Huntwood Lane, Charlottesville, VA 22901 • 301.758.6115 • [email protected] EDUCATION Darden Graduate School of Business Administration Charlottesville, VA University of Virginia Candidate for Master of Business Administration, May 2013 • Elected Social Chair of Section C • Member: Real Estate Club, Net Impact, National Association of Women MBAs

American University, Kogod School of Business Washington, DC Bachelor of Science in Business Administration, Concentration in Finance and Real Estate, May 2006 • Minor in Psychology • Dean’s Scholarship Recipient and Participant in Honors Program • Elected Philanthropy Chair for Phi Sigma Sigma Sorority • Euro-American Institute of Technology, Sophia-Antipolis, France, Spring 2005

EXPERIENCE 2008-2011 Federal Realty Investment Trust Rockville, MD and Boston, MA Financial Analyst • Worked directly for the CIO as member of seven person investments team; analyzed financial feasibility of potential acquisition and development of high quality retail and mixed-use properties. • Created models and managed forecasting and financial analysis for two three-million square feet mixed-use development projects with budgets over $1B; coordinated meetings to create budgets, report variances, establish lease-up and sales goals, and ensure project timelines were met. • Involved in full range of acquisition process including financial underwriting, preparing investment recommendations and memorandums, handling seller negotiations and managing due diligence process. • Developed a corporate forecasting tool for all capital budget projects used quarterly by executive and corporate finance teams; process time decreased by over 50%. • Generated targeted social media campaign to garner support for county endorsement of a new Sector Plan; plan was adopted in 2010.

Notable transactional experience includes: • Over $100M of acquisitions in retail, urban mixed-use and industrial properties, including joint venture projects. • Over $150M of secured financing for retail and residential properties totaling over one-million square feet.

2006-2008 BearingPoint, Inc. McLean, VA Consultant • Promoted from Analyst to Sr. Business Analyst within six months; to Consultant within one year. • Evaluated return on investment of new consulting opportunities to determine potential profit and risk. • Managed client relations, business development and deliverables for a number of government clients within Department of the Interior.

Directed and executed projects, including: • Creation of management analysis tool strategically designed to measure goal driven performance indicators. • Implementation of activity based cost management system. Analyzed client financial data to develop allocation of overhead cost and to determine a more accurate cost of service. • Designed revenue and cost alignment strategy. This involved thorough research of all costs of services provided, historic internal revenue generated from services provided, and analysis and recommendation for an improved pricing strategy. • Formed strategy to identify and respond to new business opportunities, including hiring recommendations.

PERSONAL • Professional Certification in ARGUS and SAS • Internships at StreetSense, Inc. and The Urban Land Institute • The Urban Land Institute: Member of Young Leader Group’s Community Service Committee, coach for high school educational program Urban Plan, and Coordinator for Mentor Program • Juvenile Diabetes Research Foundation: Political advocate and planner for local fundraising activities • Enjoy sailing in Buzzards Bay, singing in an 80’s a cappella group, and running with my vizsla Loki

CHRISTOPHER HAROLD RODRIGUEZ 128 Ivy Drive, Apartment 6  Charlottesville, VA 22903  (203) 767-9058  [email protected]

EDUCATION Darden Graduate School of Business Administration Charlottesville, VA University of Virginia Candidate for Master of Business Administration,  Member of Finance Club, Real Estate Club, and Private Equity Club  Selected as Honor Advisor to the University of Virginia’s Honor Committee

New York University New York, NY Master of Science, Real Estate Finance and Investment, 2010-2011  REISA Student Member

University of Virginia Charlottesville, VA Bachelor of Arts, Economics May 2007  Madison House youth volunteer tutor and soccer coach, Club Golf Team  Honor Roll 2004, 2005  McIntire Business Institute (May 2007)

EXPERIENCE 2011 Ackman Ziff Real Estate Group New York, NY A boutique real estate capital advisory firm specializing in debt and mezzanine financing Analyst  Analyzed property financials, market data, and leases to create pro forma cash flow models of income producing real estate properties and loan memorandums for perspective lenders of properties  Built a pro forma model for $800MM portfolio of apartment properties modeling cash flow and financial metrics of performance including IRR, NPV, DSCR, Equity multiple, ect.  Performed initial underwriting on two $100MM+ retail mall centers to analyze their income potential and future cash flows to service additional debt

2007-2010 CapitalSource Inc., Real Estate Structured Finance Group Chevy Chase, MD Public commercial finance company specializing in structured loans to middle market companies Account Executive (2009-2010)  First of 10 Analysts from 2007 class to be promoted to Account Executive position  Restructured $150MM in revolving credit facilities to Real Estate finance companies into liquidating loan structures; Modified the loan structures to include amortization hurdles, additional personal guarantees to the borrowers, and modified loan covenants with the current operating structure  Modeled and evaluated different credit scenarios for loan portfolios and real estate properties using DCF and excel models with sensitivity analysis  Analyzed and prepared credit memorandums for management detailing strategies to liquidate REO assets or non-performing loans and executed the sale transactions for assets designated for sale  Prepared quarterly reports for management on real estate loans detailing impairment analysis, capital position, exit strategy, and recommendations  Collaborated with special servicing team on the execution and analysis to liquidate $100-200MM of real estate assets to third party buyers

Financial Analyst (2007-2009)  Credit analyst on real estate loan portfolio consisting of residential, commercial, and land collateral; performed borrowing base calculations and released funds to borrowers  Performed legal due diligence to ensure we had a secured lien on the mortgaged properties  Conducted detailed analysis on the financial performance of real estate loans and collateral

P ERSONAL AND ADDITIONAL QUALIFICATIONS  America's First Tee volunteer to promote golf to intercity children  Trustee with University of Virginia’s Jefferson Trust Foundation  Urban Land Institute Young Leader Member  Enjoy golf, squash, and following the New York Giants  ARGUS trained August 2010 ALEXANDER ROBERT WESTRA 1600 Grady Avenue #103  Charlottesville, VA 22903  (617) 694-0924  [email protected]

EDUCATION Darden School of Business, University of Virginia Charlottesville, VA Candidate for Master of Business Administration, 2012  GMAT: 730; Frank E. Genovese Scholarship nominee (G.P.A. in top 1/3 of class)  Vice President Real Estate Club, Hospitality Advisory Committee, Private Equity Club  Team Leader 2011 Gerald D. Hines Urban Design Case Competition  Second Year Coach for Real Estate

New York University New York, NY Certificate, Real Estate Finance and Investment, 2010

Middlebury College Middlebury, VT International Politics & Economics, Spanish, 2004  B.A, 3.72, magna cum laude  Fulbright Finalist for Developmental Economics, Spain, 2004

EXPERIENCE Summer 2011 Edens & Avant Washington, D.C. Development Intern  Conducted lease and co-tenancy analysis, attended weekly construction meetings and Board of Supervisors meeting for 2mm SF $120mm Mosaic mixed use development in Merrifield, VA  Underwriting analysis for 368k SF $12mm Newmarket Center, Newport News, VA acquisition  Land comp analysis related to development of Capital City Market in NE, Washington, D.C.

2008-Present Collingham Partners Boston, MA Managing Partner  Co-manage real estate investment fund focused on development of multifamily rental properties in East Boston in partnership with local developer and property manager; $500,000 in equity commitments to date; $140,000 invested to date

2008-2010 Department of Parks & Recreation New York, NY Senior Project Manager for Capital Programs  Appointed to lead day-to-day management for $1bn capital program; developed and implemented protocols and ran monthly meetings for a staff of 373 people which resulted in improved on-time percentage, from 62% to 72%, and improved on-budget percentage, from 84% to 90%  Initiated and presented proposal to city hall which resulted in an additional $10mm to fund new parks  Promoted twice in four months, received best capital team award

2004-2007 Morgan Stanley London, England Analyst Investment Banking Division, Mergers & Acquisitions  Valuation analysis and transaction support to industry groups; Dolphin Capital $615mm offering, Advisory of Diamond Aircraft sale, Mid Europa acquisition of Bulgarian Telecom Investment Banking Division, Russian Equity Capital Markets  Marketing and distribution of Russian and other emerging market equity offerings; Rosneft $10.4bn IPO - largest ever completed, to that date, by Morgan Stanley, Pyaterochka $639mm IPO, Trader Media East $468mm IPO, Frutarom $101mm IPO, led business development efforts for selected clients  Worked directly with global head of investment banking and high profile clients including Rosneft CEO, Sergey Bogdanchikov

1999-2000 Summit Partners Boston, MA Intern  Cold called entrepreneurs, arranged meetings, maintained direct and regular contact with clients, represented the firm at trade shows, completed valuation analysis; received full-time offer

OTHER  Languages: Spanish (fluency), Italian (basic comprehension); International Work Experience: England 39 months, Spain 5 months, Russia 2 months; Foreign Travel: 40+ countries  Affiliations: Urban Land Inst., The NY Athletic Club, The University Club of Washington, D.C.  Sports: Varsity track, rugby, polo  Photography: Editor Middlebury Campus newspaper, Middlebury Winter Term Instructor Ben Jones Mason Miller Brenton Ferrara

Seth Taft Matthew Goldstein Justin Hu BRENTON FERRARA 360 State St., Apt. #1014  New Haven, Connecticut 06510 (908) 246-2341  [email protected]

EDUCATION YALE SCHOOL OF MANAGEMENT New Haven, CT Candidate for Master of Business Administration (MBA) 2012  Co-President of Sales and Trading Club, Director of Finance Club  Member of Food and Wine Club and Skiing and Snowboard Club

TULANE UNIVERSITY, TULANE COLLEGE New Orleans, LA Bachelor of Arts (BA), Psychology with General Business and Art History, cum laude 2007  National Society of Collegiate Scholars and Phi Eta Sigma Honors Society Member  Member and Alumni Relations Officer, Phi Kappa Sigma Fraternity  Active in Hurricane Katrina rebuilding effort, gutting and reconstructing two homes in the Ninth Ward area

PROFESSIONAL EXPERIENCE THE BANK OF NEW YORK MELLON CORPORATION New York, NY Global Markets, Foreign Exchange Trading Summer Associate Intern 2011  Developed algorithmic trading models for developed-market currencies using MetaStock®  Presented models to senior management with recommendations for future implementation

GOLDMAN SACHS & CO., THE AYCO COMPANY, LP Latham, NY Private Wealth Management Financial Planner 2008-2010 Financial Analyst 2007-2008  Provided book of roughly 75 ultra high net worth clients with comprehensive private wealth management services, including portfolio management and allocation; employee benefit and tax planning; and insurance, wealth transfer, and estate counseling  Coordinated the management of over $250 million in client assets  Promoted within one year at the firm and given greater responsibility for and interaction with high profile clients  Developed longstanding client relationships becoming a central hub of the client’s personal financial life  Provided technical training to newer hires

GOLDMAN SACHS & CO., THE AYCO COMPANY, LP Albany, NY Private Wealth Management Wealth Strategies Group Intern 2006  Administered insurance-leveraged charitable giving and personal wealth transfer plans for high net worth clients  Focused primarily on a specific wealth transfer technique involving the purchase of a single premium insurance policy within an irrevocable insurance trust  Analyzed the performance of variable insurance policies and the extent to which upfront single premiums would be sufficient to sustain the technique as a function of the underlying investment returns within the policy

ADDITIONAL INFORMATION  CFA Level III Candidate  FINRA Series 7 & 66 licensed (inactive as of June 2010)  Interests include photography, skiing, cooking, travel, and golf MATTHEW S. GOLDSTEIN 360 State Street, Apt. 1114  New Haven, CT 06510 Tel. (516) 287-0831  E-mail: [email protected]

EDUCATION YALE SCHOOL OF MANAGEMENT New Haven, CT Candidate for Master of Business Administration (MBA) 2012 • Silver Scholar: selected for a three-year MBA program, including a 12-month internship • Relevant Coursework: Real Estate, Foundations of Competitive Strategy, Transportation and Urban Land Use Policy, Principles of Commercial Real Estate, Leadership and Values, Managing Organizational Politics. YALE SCHOOL OF FORESTRY AND ENVIRONMENTAL STUDIES New Haven, CT Candidate for Master of Environmental Science (MESc) 2012 • Research: Urban planning responses to climate change, with a focus on fiscal management and adaptation strategies. • Relevant Coursework: Urbanization: Problem or Solution, Seminar on Land Use Planning, Landscape Ecology, Modeling Geographic Space, A Clinical View of Land Use Land and Policy, Industrial Ecology. YALE UNIVERSITY New Haven, CT Bachelor of Arts (BA), Political Science with a concentration in Urban Studies 2008 • Graduated with Distinction in the Major (Major GPA: 3.8/4.0)

PROFESSIONAL EXPERIENCE SASAKI ASSOCIATES Watertown, MA Sasaki Strategies – Summer Intern 2010 • Co-created interactive capital budget planning tools for The Ohio State University which will assist administrators’ spending decisions for renewal, maintenance and new construction over the next 60 years. • Created a plan for a park trust and business improvement district in downtown Lawrence, MA. • Conducted a student housing space analysis and demographic study for Bridgewater State University.

YALE WEST CAMPUS ADMINISTRATION New Haven, CT Coordinator, Special Projects 2009 – 2010 • Authored the West Campus Sustainability Plan, later used as the framework for the larger University-wide sustainability plan. • Established and chaired committees for energy efficiency, waste management and ecosystems services.

ALEX GARVIN & ASSOCIATES New York, NY Research Assistant, Planning Intern 2007, 2008 • Researched, verified and edited Public Parks: The Key to Livable Communities by Alex Garvin. • Drafted an op-ed on New York City parking policy for Alex Garvin. • Wrote a report on park financing and revenue opportunities for the London Olympic Legacy Plan.

OTHER PROFESSIONAL EXPERIENCE YALE OFFICE OF SUSTAINABILITY New York, NY Project Manager, Yale Sustainability Microloan Fund 2010 – 2011 YALE CENTER FOR BUSINESS AND THE ENVIRONMENT New York, NY Project Manager, Sabin Environmental Venture Prize Competition 2009 – 2010 NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION New York, NY Marketing, Internal Audit – Summer Intern 2005, 2006

ADDITIONAL INFORMATION • Academic Awards: Berkley Conservation Scholar, Summer, 2011; The Watershed Fund (Regional Water Authority) Scholarship, Spring, 2011; Yale Sustainability Achievement Award (Student), 2010. • Member of third place team at 2008 McCombs National Real Estate Challenge. • Leadership: SOM Real Estate Club (2009-10 Co-Leader-At-Large and Admissions Ambassador); Land Use Coalition at Yale/Students for Urban Design Sustainability (2011-12 President). • Membership: Business and the Environment Club, Urban Working Group, Economic Development Club, Energy Club, Industrial Environmental Management and Energy Student Interest Group. • Accredited US Green Building Council LEED Green Associate. • Proficient in ArcGIS 10, STATA, Argus, Word, Excel, PowerPoint and Illustrator. • Member: American Planning Association, Ecological Society of America, Urban Land Institute, US Green Building Council. • Yale Lightweight Crew (2 years), SOM Rowing.

JUSTIN C. HU 559 Orange Street, Apt. 3B  New Haven, Connecticut 06511 Tel. (646) 727-0885  E-mail: [email protected]

EDUCATION YALE SCHOOL OF MANAGEMENT New Haven, CT Candidate for Master of Business Administration (MBA) 2013  GMAT: 750 (98th Percentile)  Director of Real Estate Club, Member of Finance Club and Greater China Club  Prospective Students Leader, School of Management Admissions Office

CARNEGIE MELLON UNIVERSITY Pittsburgh, PA Bachelor of Science (BS), Computational Finance, additional major in Economics 2006  Graduated with University Honors, GPA: 3.74/4.00  Inducted into The Honor Society of Phi Kappa Phi, Carnegie Mellon Chapter

PROFESSIONAL EXPERIENCE STANDARD & POOR’S New York, NY Rating Specialist, Real Estate Companies Group, Corporate & Government Ratings 2010-2011  Led a team of nine credit analysts in assigning and maintaining credit ratings on a portfolio of six real estate investment trusts (REITs) with assets totaling $16 billion  Developed a model to determine implied corporate credit ratings for REITs based on a set of S&P-calculated key credit ratios; used to affirm existing ratings criteria as implied ratings matched over 90% of actual ratings  Authored company-specific research rationales for distribution to S&P RatingsDirect subscribers, analyzing business and operating trends and financial credit metrics  Organized monthly real estate property tours, featuring office, retail and multifamily assets in the New York City area owned by companies such as SL Green, Forest City, Equity Residential and AvalonBay Rating Analyst 2009-2010  Volunteered for an S&P Structured Finance Ratings project to review 217 commercial mortgage-backed securities (CMBS) transactions totaling over 3,500 ratings, following a substantial revision in ratings criteria o Over a one year period, modeled CMBS transactions according to new criteria and interfaced with banks and loan servicers to receive updated property inspections, rent rolls and operating statements o Completed the review ahead of schedule and gained valuable knowledge on credit ratings of CMBS, while continuing to balance own existing Real Estate Group responsibilities Senior Research Assistant 2008-2009  Analyzed financial statements and operating trends for REITs and homebuilders and co-authored sector-wide commentary pieces subsequent to quarterly credit reviews  Discussed business plans and financial projections with issuer executives at annual management meetings for internal analysis and subsequent inclusion into published research reports Research Assistant 2006-2008  Designed a proxy review to compare and benchmark corporate governance metrics across all rated real estate companies; the first of its kind and now standard template in the Corporate & Government Ratings Division  Compiled financial data for over 80 rated issuers with total outstanding securities of $140 billion from the EDGAR online system on both a quarterly and annual basis into the Real Estate Group's financial statistics database

ADDITIONAL INFORMATION  Mentor, S&P Research Assistant Mentor Program (2010-2011)  Captain, Annual Asian 3-on-3 Basketball Championships (2005-2007); secured Second Place in 2005  Languages: Mandarin Chinese, French (basic), Italian (novice)

BENJAMIN JONES 89 Avon Street  New Haven, Connecticut 06511 Tel. (214) 675-1879  E-mail: [email protected]

EDUCATION YALE SCHOOL OF MANAGEMENT New Haven, CT Candidate for Master of Business Administration (MBA) 2012  President: Real Estate Club; Member: Finance Club, Private Equity Club  Selected as Student Ambassador by Admissions Committee  Yale SOM team captain for the UT-McCombs/Archon Group real estate finance case competition (2010 & 2011)

WASHINGTON AND LEE UNIVERSITY Lexington, VA Bachelor of Science (BS), Business Administration with Special Attainments in Commerce 2003  Calyx Yearbook, Trident Newspaper Op-Ed writer, Phi Gamma Delta  Selected as alumni mentor and alumni admissions interviewer

PROFESSIONAL EXPERIENCE RED RIVER MULTIFAMILY Dallas, TX Founder and Managing Partner Summer 2011  Founded real estate private equity firm focused on the acquisition and repositioning of market rate apartments and student housing in the southwest and west coast regions  Authored Red River Multifamily’s business plan and proprietary equity model  Consulted family office on multiple real estate projects including international student housing developments and domestic conventional and student housing acquisitions, developments, and asset management

DEUTSCHE BANK Dallas, TX Associate – Commercial Real Estate Group 2006-2010  Originated $500 MM in real estate loans as member of production team generating more than $5 MM in fee revenue and $15 MM in servicing revenue  Managed deal teams including debt underwriting, closing, asset management, and distressed portfolio management  Brokered ownership structures including one-off joint ventures with institutional equity partners, private syndications, and private wealth fundraising  Modeled $10 BB in multifamily transactions in the Southwest region with advanced knowledge of markets, operators, 3rd party management capabilities, capital markets sourcing, historical performance, and trends

Analyst/Senior Underwriter – Commercial Real Estate Group 2003, 2004-2006  Ranked top analyst for productivity and quality of work product in pool of 15 analysts  Led financial modeling, underwriting due diligence, and site visits for more than 50 transactions nationwide  Acted as transaction manager on $150 MM credit facility advising client on structuring and tax implications, performing quarterly valuations and rebalancing of the portfolio, analyzing asset substitutions, and approving draws

NOMURA CREDIT & CAPITAL New York, NY Analyst – Fixed Income CMBS 2004  Underwrote, closed, and securitized $250 MM in CMBS loans as part of a four person origination team  Performed financial modeling and issued term sheets for more than 200 transactions including multifamily, office, industrial, and retail real estate totaling more than $2.5 BB in debt issuance

ADDITIONAL INFORMATION  Recent travel to Brazil, England, Mexico, Colombia, Ghana, Canada, and Morocco  Volunteer mentor at O.M. Roberts Elementary School, Dallas Independent School District (2008-2010)  Yale Graduate Student Rugby Club MASON MILLER 135 Prospect Street, P.O. Box 208200  New Haven, Connecticut 06520 (512) 970-3417  [email protected]

EDUCATION YALE SCHOOL OF MANAGEMENT New Haven, CT Candidate for Master of Business Administration (MBA) 2012 • Member of Yale School of Management Soccer and Hockey teams THE UNIVERSITY OF TEXAS AT AUSTIN Austin, TX Bachelor of Architecture (BArch); Bachelor of Arts (BA) , History 2006 • President of the Architecture & Planning Student Council, UT School of Architecture • Vice President, Philanthropy Chair, and Rush Chair, Sigma Pi Fraternity • Resident Assistant, 2001 – 2002: Responsible for well-being of 36 students • Silver Spurs (Keepers of Bevo, the official mascot of The University of Texas)

PROFESSIONAL EXPERIENCE IBM Corporation Austin, TX Business Intern, Extreme Blue program Summer 2011 • Led a three member developer team in the creation of a software prototype for data visualization • Analyzed market opportunities surrounding the data analytics landscape for product positioning • Presented recommendations and the prototype to the Vice President of Emerging Technologies , IBM • One of four teams nationwide selected to present to Sam Palmisano, CEO of IBM • Initiated a cross lab communication schedule among all North American Extreme Blue locations, resulting in collaboration and sharing of best practices among all intern teams

PELLI CLARKE PELLI ARCHITECTS New Haven, CT Architect 2006-2010 • Created a master plan for a $1 billion, 5 million square foot development in Mexico City – Developed use mix, building massing, and phasing of above ground structures – Organized traffic flow and space layout for a two thousand car subterranean parking garage • Prepared a $1 billion, 1.3 million square foot master plan for Duke University’s new central campus – Traveled to Duke and supported principals for the final presentation to the President and Board of Duke University • Designed a $1.5 billion, 60 thousand seat soccer stadium complex in the Middle East – Responsible for delivering competition proposal including models, drawings, boards, and contracts to client in London • Led preparation of project drawings, models, and design documents for a $300 million, 1 million square foot, 45 story office tower in Singapore – Created an elevator bank model to solve for maximum efficiency in tower population distribution – Framed tower to fit within minimum tolerance of eight inches from property lines – Maximized rentable square footage by deriving the optimal tower floor plate shape, given site constraints • Represented the firm regularly at client and team coordination meetings in Singapore, London, and Mexico City • Advised students as a representative to the ACE (Architecture, Construction, Engineering) mentorship program Intern Architect 2005 • Created residential and retail plan layouts of a $250 million, mixed use 40 story tower in Kuala Lumpur, Malaysia

MARRIOTT VACATION CLUB INTERNATIONAL Orlando, FL Project Management intern Summer 2006 • Supervised final quality control of interior construction on a 100 unit condominium in Myrtle Beach, SC • Led a planning feasibility study for potential development sites in Tuscany, Italy

ADDITIONAL INFORMATION • Eagle Scout Award, 1996 • Registered Architect’s License, State of Texas • LEED (Leadership in Energy and Environmental Design) accreditation • Assistant Scuba Instructor and Deep Diver ratings, Professional Association of Diving Instructors (300+ dives)

SETH CHASE TAFT Cell: (267) 987-7384 [email protected] Qualifications: • Demonstrated quantitative and qualitative analysis skills – served as primary support banker on 37 municipal bond issues with an aggregate par amount of $7.4 billion • Hands-on experience as board member for the Visitacion Valley Community Development Corporation Work Experience De La Rosa & Co. Los Angeles and San Francisco, CA 2006 - Present Associate – Public Finance • Provide comprehensive analytical and banking support for California public sector clients of all sizes leading to detailed understanding of city, utility and redevelopment finance • Manage day-to-day requirements of processing senior-managed municipal bond issues for public agency clients, including coordinating financing team and maintaining a predetermined schedule • Responsible for developing pitch books and presenting to clients, running cash flow models, and analyzing the debt capacity of the firm’s city, county, utility and redevelopment agency clients • Lead role in business development through proposals, presentations and memos which has resulted in the firm being hired by several clients in the last year: State of California, California Department of Water Resources, Marin Water District, and the Cities of San Diego, Turlock, Modesto, Stockton, Long Beach, and San Mateo • Identified, developed, and pitched financing ideas to the Cities of Long Beach and San Mateo that resulted in senior-managed assignments for the firm in 2010 Select financing experience as primary support: • $3 billion California Department of Water Resources, Power Revenue Bonds, February 2010 • $1.3 billion State of California, General Obligation Bonds, November 2009 • $455 million City of Los Angeles, Wastewater Revenue Bonds, March 2009 • $449 million City of Los Angeles, Lease Revenue Bonds, December 2006 • $190 million California Department of Water Resources, Water Revenue Bonds, October 2010 • $172 million Los Angeles Department of Water and Power, Power Revenue Bonds, June 2009 New York City Department of Small Business Services New York, NY Summer 2005 Intern – Workforce Development • Coordinated Innovators Network Meeting, a three-day conference for leaders of workforce development nationally studying best practices in New York City • Worked to standardize orientation process for unemployed jobseekers to be used at all of the Workforce Career Centers in the five boroughs Summer 2004 Intern – Neighborhood Development • Prepared and processed payments of government funding for community-based organizations participating in the Commercial Revitalization Program • Developed summary report utilized by panel of judges to select winners of the Neighborhood Development Awards, an event that recognizes the accomplishments of neighborhood organizations throughout the city Education

Vassar College Poughkeepsie, NY May 2005 Bachelor of Arts, Concentration in Political Science with a Minor in Public Policy Economics • Related Coursework: Politics of the City, Suburb, and Neighborhood; Urban Economics; Financial Markets • Vassar College Varsity Men’s Basketball Captain Junior and Senior years; voted rookie of the year • Student Athlete Advisory Committee (SAAC) 2004-2005. Elected position that represents student-athletes and acts as a liaison with the Athletic Department • Student Athlete Mentor (SAM) 2003-2005. Chosen by the organization to be trained in team-building and support skills to aid basketball teammates with personal issues related to life at college • 2005 SAAC award for embodying the qualities of dedication, enthusiasm, selflessness and competitiveness • Vassar College Varsity Men’s Soccer – Junior and Senior years Additional Information • Board Member – Visitacion Valley Community Development Corporation – May 2008 to Present • Avid interest in the history and evolution of American cities • Member of the San Francisco Planning and Urban Research Association and the Urban Land Institute • Enjoy running, playing basketball and soccer