Private Equity Advisory Group_BROCHURE

PRIVATE EQUITY ADVISORY GROUP

REIMAGINING THE WORKPLACE OF THE FUTURE

TOC

PG. 4 / OUR PRE-ACQUISITION DUE DILIGENCE

PG. 6 / OUR POST-ACQUISITION PROCESS

• DEFINE OBJECTIVES

• ANALYZE OPPORTUNITIES

• IMPLEMENTATION

PG. 18 / COVID-19 RESPONSE

PG. 20 / EXPERIENCE

PG. 22 / OUR TEAM

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OUR PRE- ACQUISITION DUE DILIGENCE Cushman & Wakefield’s pre- acquisition process creates a better understanding of the key operational drivers (employee retention, cost savings, strategic initiatives, contract requirements) to avoid landmines and create an actionable game plan on day 1.

STEP 01

INTEGRATION WITH DEAL TEAM Legal Finance / Accounting Third Party Consultants IT Operations

INFORMED Investment Decisions With Underwritable Cost Savings

POTENTIAL Material Negotiation Levers for Business Purchase (i.e. Avoid Landmines)

ENSU Smooth Exit From Paren

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STEP 03

PORTFOLIO ANALYSIS Lease Abstraction (Identify critical dates and options) Market Analysis Occupancy Analysis

SYNERGY, CONSOLIDATION, AND DISPOSITION ANALYSIS

STEP 02

URES t/Transition nt Company

IMPROVED Understanding of Operational Drivers

DAY 1 Game Plan

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OUR POST ACQUISITION PROCESS

Cushman & Wakefield will implement a 3-step real estate process with the private equity firm and portfolio company on defining objectives, analyzing opportunities, and implementing the overall strategy. The primary focus will be to have full alignment with all stakeholders around the business objectives and real estate strategy all while driving down costs and expanding margins .

DEFINE OBJECTIVES

1

DEFINE BASELINE AND IDENTIFY BUSINESS DRIVERS • Analyze and aggregate all portfolio data to compare key occupancy and cost metrics. • Determine portfolio companies objectives and drivers.

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ANALYZE OPPORTUNITIES

IMPLEMENTATION

2

3

OPTIMIZE THE LABOR POSITIONING Do the labor markets where the portfolio company operates align and support its ability to access and retain target talent? ALIGN THE PORTFOLIO OPERATING FOOTPRINT How can the portfolio company most effectively align its footprint to drive efficiency, control costs and support the business? REIMAGINE WORKPLACE How can the portfolio company transform its workplace to provide flexibility, enhance employee experience and better align with business?

IDENTIFY THE OPTIMAL STRATEGY Develop scenarios and business case to support the portfolio company’s internal decision-making DEVELOP CHANGE MANAGEMENT STRATEGY ACTION PLAN Develop implementation and change management plan & toolkit

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PHASE 1 DEFINE OBJECTIVES

PORTFOLIO DIAGNOSTIC

PORTFOLIO OVERVIEW VIA TRIANA

Analyze and summarize portfolio data to compare key metrics including: 9 Occupancy costs 9 Owned vs. Leased 9 Lease expirations 9 Space Utilization and areas of excess capacity

Cushman & Wakefield will utilize our TRIANA dashboard to review the current real estate portfolio and define a baseline for a strategy moving forward. TRIANA is Cushman portal for enhanced business intelligence and critical insight for real estate portfolios. This tool provides all stakeholders a one-stop-shop to review key real estate, financial, and occupancy metrics for their portfolio companies. Wakefield’s proprietary online data visualization

9 High level labor assessment 9 Monetization opportunities

9 Highlight areas which have greatest opportunity to drive near term savings

9 Provide directional estimate for savings

PROACTIVITY SCORE

Measured on lease flexibility, cost and utilization metrics Identifies properties that have opportunities and risks through statistical analysis Compares property data with portfolio metrics and C&W benchmarks

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FORECASTED CASHFLOWS

PRESCRIPTIVE STRATEGIES

SCENARIO PLANNING

Compare contractual rents with current and forecasted market rents

Easy to use matrix provides directional guidance for transaction strategies based on market rate forecasts

Ability to view portfolio and building impact caused by headcount growth, utilization changes and market rents Instant sensitivity analysis to drive portfolio strategy

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PHASE 2 ANALYZE OPPORTUNITIES

LOCATION

Where does the target workforce live and work?

LABOR STRATEGY

Cushman & Wakefield will assess if the labor markets where the portfolio company currently operates support its ability to access and retain the appropriate talent at reasonable costs . We will provide the portfolio company with detailed and actionable insights in the local labor markets. Finally, we will use our labor analytics capabilities to ensure real estate decisions are aligned with long term talent objectives.

COMPETITION

Who is competing for the targeted skillsets?

WAGE LEVELS

How are wages trending and does the portfolio company’s pay structure affect its ability to recruit and capture the right talent?

COST SAVINGS

SAVIN BENCH

Operations

5-20%

Labor

20-30%

SAMPLE LABOR MARKET ANALYSIS

90.00%

Up and Coming

Active

80.00%

San Francisco

70.00%

Austin

60.00%

Denver

TARGET ZONE

Seattle

50.00%

Salt Lake City

Nashville

40.00%

Atlanta

Historical Job Skills Growth

U.S. = 31%

30.00%

Boston

Miami

Chicago

20.00%

Los Angeles

New York

Mature

Off Radar

10.00%

0.5

1.5

2.5

Employment Concentration

NGS

SAMPLE OPPORTUNITIES

SAMPLE RISKS

HMARK

Ability to renegotiate contracts and maximize purchasing power

Limited

Relocation to low cost labor market with favorable conditions

%

Potential loss of institutional knowledge

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PHASE 2 ANALYZE OPPORTUNITIES

CLIENT LOCATIONS

REAL ESTATE PORTFOLIO STRATEGY

Cushman & Wakefield will evaluate the portfolio companies real estate footprint to identify opportunities to improve efficiency, reduce costs and better support the business . This will provide location-level recommendation for Maintain, Downsize, Consolidate/Exit, or Re-Evaluate.

SAMPLE PORTFOLIO RECOMMENDATIO

MAINTAIN

Denver

Fort Worth

Las Vegas Memphis Baltimore

Boul

Los Angeles

Columbus

Bost

Chicago Houston

Charlotte

Nashv Portla

San Fran

Tucson Atlanta

Philadelphia San Antonio

Seattle

Oma Rale

Denver 2

Kansas City

COST SAVINGS

SAVIN BENCH

Surplus Property Dispositioning

5-18%

Markets Renegotiations

10-20%

Financial Restructuring

Cash G

Occupancy Planning

20-30%

Capital Budgeting

$100 M

Logistics

5-15%

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PORTFOLIO RECOMMENDATIONS

ONS

CONSOLIDATE AND/OR EXIT

DOWNSIZE

RE-EVALUATE

lder

Miami

Saint Paul Pittsburgh Plano Orlando

Durham

Irving

ton

Tulsa

Madison

Boise

ville

Tampa

Reno

Modesto

LEGEND (BY OFFICE CLASSIFICATION)

and

New Orleans

Buffalo

Salt Lake City

Type 1 Type 2 Type 3 Type 4

Cleveland

Fremont

Little Rock

aha eigh

Aurora

Tempe

NGS

SAMPLE OPPORTUNITIES

SAMPLE RISKS

HMARK

Opportunity to dispose of excess land and building assets 20K SF office lease below market, blend and extend

Market timing/capital gains

20-year leases in France give limited flexibility Potential long-term strategic considerations Need to understand business drivers for each location

%

Generation

Sale-leaseback of several owned sites

%

Consolidation of facilities in Chicago metro

Identified funds for projects which can be eliminated

Aging assets and require capital investment

MM+

Inbound freight rates currently above market

Limited

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PHASE 2 ANALYZE OPPORTUNITIES

SAMPLE WORKPLACE STRATEGY ANALY

2,415 HEADCOUNT

WORKPLACE STRATEGY

WORKING FROM WORKING FROM WORKING FROM

Cushman & Wakefield will conduct series of workplace diagnostics to assist the portfolio company in understanding the type of space, amount of space, and the workplace technologies needed to create its workplace of the future .

604 25% of workforce 1,208 50% of workforce 1,811 75% of workforce

604 25% of workforce 362 15% of workforce 242 10% of workforce

1,208 50% of workforce 845 35% of workforce 362 15% of workforce

Percentage of Workforce Working Remotely

COST SAVINGS

SAVIN BENCH

Lease Audits

2-5% O

Real Estate Tax Assessments

2-12%

Underutilized Space Strategies

10-20%

Workplace Strategy

10-50%

Project Management

8-12%

Quality

N/A

LYSIS

SCENARIO 1 180 SF PER EMPLOYEE

SCENARIO 2 180 SF PER EMPLOYEE

4 3

3 2

Office Seats (Drop-in)

Office Seats (Shared)

Total Seats Required

Space Required

Office Seats (Shared)

Total Seats Required

Space Required

60

906

1,570

282,555 SF

805

1,469

264,443 SF

36

634

1,878

337,979 SF

564

1,807

325,301 SF

24

272

2,198

395,577 SF

242

2,077

373,842 SF

People to Desk Ratios for Remote Workers Sharing Desks

NGS

SAMPLE OPPORTUNITIES

SAMPLE RISKS

HMARK

Inappropriate charges from landlord, expense cap and prorate calculation errors

OPEX Spend

Landlord relations if done poorly

Real estate taxes based on inflated value

Limited

%

Closure of underutilized office, consolidate

Attrition: employee commute disruptions

%

Ability to densify and reduce space

Cultural implications from densification

Services and construction

Cost and schedule

Underutilized facilities are Class A, high sublease potential

Space is in poor condition, requires investment

15

Americas iDesk

PHASE 3 IMPLEMENTATION

Cushman & Wakefield will work with all stakeholders to identify the optimal strategy through portfolio and workplace scenario planning and measuring financial and non-economic impacts. C&W’s Tenant Advisory Group (TAG) will plan, implement , and execute the transactions and other activities to align real estate to support business.

Offices in 60 Countries 400 Offices in 70 Countries

Cushman & Wakefield’s International Desk (iDesk) centralizes and streamlines our ability to quickly identify the appropriate resources to delivery our clients consistent services across all geographies. iDesk

Cushman & Wakefield Offices

AMERICAS UNITED STATES ALABAMA Birmingham Fairhope ARIZONA Phoenix Southern Arizona Tempe ARKANSAS Little Rock Northwest Arkansas CALIFORNIA Bakersfield Burlingame Carlsbad Diamond Bar El Segundo Fresno Irvine Larkspur Long Beach Los Angeles Monterey Oakland Orange County Ontario Otay Mesa Palo Alto Pleasanton Roseville Sacramento Salinas San Diego San Francisco San Jose Stockton Thousand Oaks Walnut Creek COLORADO Colorado Springs Denver

MASSACHUSETTS Boston

NORTH CAROLINA Charlotte Raleigh-Durham OHIO Cincinnati Cleveland Columbus OKLAHOMA Oklahoma City Tulsa OREGON Portland PENNSYLVANIA

Hartford Stamford DISTRICT OF COLUMBIA Washington DELAWARE Wilmington FLORIDA Boca Raton Fort Lauderdale Fort Myers Jacksonville Miami Naples Orlando Stuart Tampa West Palm Beach GEORGIA Atlanta Savannah HAWAII Honolulu Kauai

Alexandria Arlington

Chelsea Newton MICHIGAN East Lansing Southfield MINNESOTA Minneapolis MISSISSIPPI Jackson MISSOURI Clayton Kansas City St. Louis NEBRASKA Omaha NEVADA Las Vegas

Charlottesville Fredericksburg Lynchburg Mclean Newport News Richmond Roanoke Tysons Corner Virginia Beach WASHINGTON Bellevue Seattle WISCONSIN Milwaukee CANADA ALBERTA Calgary Edmonton BRITISH COLUMBIA Burnaby Vancouver Victoria MANITOBA Winnipeg NEW BRUNSWICK Fredericton Moncton Saint John NEWFOUNDLAND St. John’s NOVA SCOTIA Halifax ONTARIO

TAG

Cushman & Wakefield’s Tenant Advisory Group (TAG) consists of the 200 leading brokers from each market that focus exclusively on representing occupiers across all types of real estate. The primary mission of TAG is to strengthen C&W’s ability to provide clients with the highest level of expertise, service, collaboration, and best practices. Allentown Bensalem Conshohocken Harrisburg Philadelphia Pittsburgh Scranton RHODE ISLAND Providence SOUTH CAROLINA Charleston Columbia Greenville TENNESSEE Brentwood

Reno NEW

HAMPSHIRE Manchester NEW JERSEY Bloomfield Cherry Hill East Rutherford Iselin Morristown Mount Laurel NEW YORK Albany Binghamton Brooklyn Buffalo Corning Forest Hills Islandia Ithaca

Waikiki IDAHO Boise ILLINOIS Chicago

Rosemont INDIANA Indianapolis IOWA Des Moines KANSAS Overland Park Wichita KENTUCKY Louisville MAINE

Memphis Nashville TEXAS Arlington

Austin Dallas El Paso Houston Irving Pearland San Antonio

Kingston Kitchener London Markham

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New York Newburgh

EMEA iDesk

Japan iDesk

India iDesk

China iDesk

APAC iDesk

LATAM iDesk

14 PROFESSIONALS GLOBALLY PLAY AN IDESK ROLE

DEMOCRATIC REPUBLIC OF CONGO Kinshasa DENMARK Copenhagen FINLAND Helsinki

LESOTHO Maseru LUXEMBOURG Luxembourg MACEDONIA Skopje MONTENEGRO Herceg Novi NAMIBIA Windhoek NETHERLANDS Amsterdam Arnhem 100,275 1 1

RUSSIA Moscow SAUDI ARABIA Riyadh SERBIA Belgrade Novi Sad SLOVAKIA Bratislava SOUTH AFRICA Bloemfontein Cape Town Durban East London Edenvale Empangeni Johannesburg Kimberley Mthatha Nelspruit Pietermaritzburg Polokwane Port Elizabeth Pretoria Randburg LOCATION 2 RELOCATION 100,275 24,075 4 3.6 1 $25,630,414 $2,866,667 $31.43 N/A Richards Bay Shelley Beach St Lucia SPAIN Barcelona Madrid SWAZILAND Mbanana SWEDEN Gothenburg Malmo Norrköping Stockholm SWITZERLAND Basel Geneva

TURKEY Istanbul UKRAINE Kyiv UNITED ARAB EMIRATES Dubai UNITED KINGDOM Belfast Birmingham Bristol Cardiff Edinburgh Glasgow Leeds London Manchester Newcastle Thames Valley ZAMBIA Lusaka ZIMBABWE Harare APAC AUSTRALIA LOCATION 3 RELOCATION 100,275 87,669 21,035 5 4.2 1 $32,000,327 $9,236,580 $51,640,600 $45,454,732 $45.15 N/A N/A $28,301,292 $5,537,545

INDONESIA Jakarta JAPAN Tokyo

Montreal Saint Laurent SASKATCHEWAN Regina Saskatoon LATIN AMERICA BRAZIL Barueri Belo Horizonte Porto Alegre Rio De Janeiro São Paulo Salvador CHILE Santiago COLOMBIA Bogota COSTA RICA San Jose MEXICO Cuidad Juarez Guadalajara Mexico City San Pedro Garza Zapopan PERU Lima PUERTO RICO San Juan EMEA BAHRAIN Manama BELGIUM Brussels Liege BOTSWANA Gaborone BULGARIA ARGENTINA Buenos Aires

SAMPLE OPTIMAL STRATEGY ANALYSIS

REPUBLIC OF KOREA Seoul MALAYSIA Kuala Lumpur NEW ZEALAND Auckland Christchurch Hamilton Wellington PHILIPPINES Manila SINGAPORE Singapore THAILAND Bangkok VIETNAM Ho Chi Minh City GREATER CHINA Beijing 24,000 2 - 4.5 2 $2.1M

LOCATION 1 RELOCATION

BIFURCATION (PRIMARY + LOCATION 1)

REMAIN AT EXISTING LOCATION

REFRESH INTERIOR 166 SF/PERSON

NO RENOVATIONS (66 SF/PERSON

175 SF/PERSON 153 SF/PERSON 175 SF/PERSON 153 SF/PERSON 175 SF/PERSON 153 SF/PERSON 175 SF/PERSON 153 SF/PERSON

FRANCE Bordeaux Dijon Lyon Marseille Montpellier Nice Nimes Paris Reims Rennes Strasbourg Toulouse GEORGIA Tbilisi GERMANY Berlin Düsseldorf Frankfurt Hamburg Munich GHANA Accra GREECE Athens HUNGARY Budapest

OVERVIEW

Rentable SF

95,063 23,766

87,669

87,669

82,245 + 17,850 72,063 + 15,606

Floor Plate Size SF

120,000

# of Floors

4

2 - 5

# of Buildings

1

FINANCIAL IMPACT Net Present Value NPV Delta from Base Case

Den Haag Eindhoven Enschede Groningen Rotterdam Utrecht Zwolle NIGERIA Lagos NORWAY Oslo POLAND Gdansk Katowice Krakow Lodz Lublin

$19,324,273

$22,753,747

$27,859,981 $5,096,234 $44,321,303

$24,681,446

$22,732,168

4.1% - 6.9% less 3.7% - 6.5% less $1.8M - $7.0M ($0.9M) - $3.7M 4.3% - 7.4% less 4.7% - 7.7% less

N/A

N/A

$1,917,699

($31,579)

Total Cost

$33,445,266

$37,607,030

$39,055,575

$39,751,830 $35,060,055

# of Buildings

$34.75

$37.61

$20.32 + Base Rent / SF

Redeployment Costs

N/A

N/A

N/A

N/A

N/A

$2.1M

TALENT STRATEGY Impact to Employee Commutes Distance to Public Transit

Access to Target Demographics (driving) Access to Target Demographics (transit)

Ability to Evolve Workspace Distance to Local Amenities

BUSINESS OPERATIONS Access to Customers Abilities to Accommodate Adjacencies Optionality Level of Disruption

Changsha Chengdu Chongqing Dalian Guangzhou Hangzhou Hong Kong Nanjing Nanning Qingdao Shanghai Shenyang Shenzhen

Adelaide Brisbane Canberra Darwin

INFRASTRUCTURE Floor Plate Size Parking Ratio Branding Opportunities Architectural Landlord Quality

Gold Coast Melbourne Perth Sydney GUAM Tumon INDIA Ahmedabad Bengaluru Chennai Gurugram

Poznań Warsaw Wroclaw PORTUGAL Lisbon QATAR Doha REPUBLIC OF IRELAND Cork

FAVORABILITY

High Middle Low

ISRAEL Tel Aviv ITALY Milan Rome

Tianjin Taiwan Wuhan Xi’an

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COVID-19 RESPONSE

RESPOND

C&W has been the industry leader on our response to Covid-19. We are providing our client with clear action plans during each phase of the pandemic: RESPOND REOPEN, & REIMAGINE.

COVID-19 Lease Abstracts & Review

Rent Relief

Financial Analysis

Virtual Market Site Tours & Leasing

Experience per Sq. Ft. (XSF) at Home

Facility Cost Containment

CLICK BELOW TO LEARN MORE

RECOVERY READINESS GUIDE

XSF@HOME EMPLOYEE SURVEYS THE FUTURE OF WORKPLACE

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REOPEN

REIMAGINE

Facilities Management, Health & Safety in a New Business as Usual Environment

Health Safety Security & Environment (HSSE) Assessments & Best Practices

Space Planning for Social Distancing: 6 Feet Office

Change Management

Workplace Strategy

Project & Program Management to Modify Workspaces

Portfolio & Location Strategy

Enhanced Cleaning Protocols & Procurement of Critical Supplies

Technology Assessment & Enablement

Ongoing Employee Engagement l XSF

SAFE SIX ESSENTIALS

6 FEET OFFICE

THOUGHT LEADERSHIP

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PRO VEN SUC CESS

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PRIVATE EQUITY SPONSORS

PRIVATE EQUITY SPONSORS

NSORS

PRIVATE EQUITY BACKED CLIENTS

REPRESENTATIVE CLIENTS

ONSORS

BACKED CLIENTS LIENTS

PRIVATE EQUITY BACKED CLIENTS

PRIVATE EQUITY SPONSORS

Y BACKED CLIENTS

Cushman & Wakefield | TCV 4

PRIVATE EQUITY BACKED CLIENTS

Cushman & Wakefield | TCV 4

REPRESENTATIVE CLIENTS

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Cushman

OUR TEAM

TRANS MAN ROB

BUSINESS INCENTIVES JANE ORLIN

STRATEGIC CONSULTING MIKE MCDERMOTT

STRATEGIC CONSULTING DIMITRIS VLACHOPOULOS

PORT ADMINIS ANASTAS

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ACCOUNT MANAGER STEVE BILLIGMEIER +1 303 813 6413 steve.billigmeier@cushwake.com

SACTION NAGER B BAIN

TRANSACTION MANAGER SID DIXON

PRIVATE EQUITY CONSULTING DEBRA MORITZ

TFOLIO STRATION SIA FRENCH

INTERNATIONAL DESK SAM KING

PROJECT MANAGEMENT SUSAN LAGANKE

TECHNOLOGY SOLUTIONS MAITY PEET

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1401 Lawrence Street, Suite 1100 / Denver, Colorado 80202 / phone +1 303 292 3700 / cushmanwakefield.com