Valuation & Advisory Global Capabilities Presentation

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About Cushman & Wakefield

WHAT’S NEXT

Fueled by ideas, expertise, and dedication across borders and beyond service lines, we create real estate solutions to prepare our clients for what’s next.

BY THE NUMBERS

400 OFFICES (approx.)

70 COUNTRIES (approx.)

$8.2B * 2018 REVENUE * USD

51,000 EMPLOYEES (approx.)

3.6B SF MANAGED

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Our Purpose and What We Believe

Putting our clients and our people at the center of what’s next.

WHAT WE BELIEVE

• We believe deep local and global insight creates significant value for our clients.

• We believe diversity in our organization, supported by an inclusive culture , inspires

our people to innovate and deliver better results for our clients.

• We believe that every touch point is an opportunity to deliver an exceptional experience

for our clients.

• We believe in setting the highest standards for ethical conduct , mutual respect,

and sustainability.

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What Clients Can Expect A Compelling Commitment

The BEST INSIGHT , which comes from an understanding of changing markets and opportunities

An AGILE APPROACH to every opportunity that guarantees adaptable, client-centric solutions

An unwavering dedication to EXCEEDING THE EXPECTATIONS of our clients

A COLLABORATIVE CULTURE that empowers our people and creates new solutions others cannot see

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Cushman & Wakefield Core Services & Sectors Targeted expertise through specialty practices

CORE SERVICES

INDUSTRIES & SPECIALTIES Airports Automotive Banking/Financial

Build-to-Suit Data Centers eCommerce Education

Energy (oil & gas) Food & Beverage Global Supply Chain Government

Healthcare Hospitality Industrial Land Legal/Professional Life Sciences/Pharma Multifamily Net Lease Investment Not-for-Profit Ports & Intermodal Rail Retail Technology Third-Party Logistics (3PL)

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VALUATION & ADVISORY

Through the resources and expertise of one of the largest real estate valuation practices in the industry,

we offer access to real-time market data and the insights of our leasing, research, and capital markets experts. This unique model combines the best of research analytics and real estate consulting expertise. • Consistent delivery across multi- market client portfolios • Timely delivery of value conclusions • Compliance with financial regulatory requirements

Valuations based on access to constantly updated market data

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Dominant industry recognition valuing:

Why Cushman & Wakefield?

• Trophy and complex assets • Major property portfolios • Specialized asset classes

Globally integrated management team

State of the art technology platforms

Stringent quality standards that must be met by our professionals

One of the most tenured professional staffs in the industry

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17 core services and

practice groups

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Our technology solutions ensure clients receive the best: • Job tracking and reporting • Property and comparable transaction management system • Desk-level report production tools • Collaboration portal

Implementation Tools

Global Template Tools (GTT)

JobCenter

• Standardized templates • Data integration and automation Knowledge Vault • Global property and transaction database • Customized reporting and operational efficiencies Sharepoint Online • Document storage for individual assets and portfolios • For team collaboration both internally and externally

• Full life-cycle assignment and project management tracking Skype for Business • Communication and collaboration platform for internal and external clients using Instant Message, Voice, and Video

Future Offerings

Data Analytics

• New insights into market & trends • One view of business performance • Real-time interactive dashboard

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Cushman & Wakefield has earned a global reputation for the quality and originality of our research and the value of our insights.

Proprietary Data Site Solutions, our powerful web-based system, tracks more than 10 billion square feet of office and industrial real estate. Arming our brokerage professionals with current, comprehensive data on public and private opportunities, Site Solutions provides our clients with critical, real-time market information. Detailed Market Analysis Our award-winning publication series, MarketBeat, profiles real estate conditions in 85 major business markets throughout the world. Customized studies are also prepared to meet the specific information needs of owners, occupiers, and developers. Forecasting We make use of the most advanced forecasting models available, along with the proven expertise of our professionals, to ensure our clients are armed with all the knowledge they need to develop sound real estate strategies that fully support their business objectives. Intelligence Reports Our research teams around the world also play a key role in producing a range of intelligence reports. These include Business Briefings which address the trends, sectors, and economic conditions that shape business strategies and real estate solutions.

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Our Global Accounts Program allows our clients to work directly within each country or have us designate a single

Single Point of Contact

• Specific requirements coordinated and communicated to valuation team by Global Account Manager • Client needs represented on every assignment • Proactive communication with entire team • Internal discussions to ensure quality and accountability

point of contact to meet their valuation-related needs on a global basis.

Strategic Relationship Management

• Consistent, seamless delivery of services in a timely manner • Quality control program to ensure report accuracy • Ongoing investments in our technology platform, process improvement, best practices initiatives, and professional development programs

Technology Solutions

• Web-based platform with comprehensive client profiles allowing for efficiency in managing reporting requirements and monitoring performance • Customized services such as electronic report delivery or data transfers for underwriting/information management purposes • Integration of client reporting requirements

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Representative V&A Global Client List

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6 core services

Appraisal Management

Diligence Advisory

Dispute Analysis & Litigation Support

Financial Reporting

Property Tax Services

Valuation/Portfolio Valuation

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Appraisal Management

Clarke Lewis, MAI Senior Managing Director Valuation & Advisory +1 631 234 5140 clarke.lewis@cushwake.com

• Expertise in all facets of appraisal management and administration

− Third-party appraiser selection

− Bidding

− Risk analysis

− Engaging and reviewing appraisal reports

− Property inspections

− Compliance

• Services range from single property appraisal reviews to major portfolio consulting engagements

• Broad-based appraisal experience with banking expertise, including in-depth regulatory knowledge • Appraisal process is performed in accordance with appraisal industry and regulatory standards, including the requirements for appraiser independence and unbiased analysis

Our Services

• Complete proprietary appraisal management tracking system and customized reporting • Market rent studies • Provide independence between client and third-party appraisal firm • Quarterly valuations • Review of cash flow models

• Scheduling of current appraisal assignments and future rotations • Standardized executive summaries • Standardized information flow between client, Cushman & Wakefield and vendor • Third-party appraisal reviews (Standard 3 and Compliance) in a standard USPAP compliant format

Property Types

• Apartment buildings • Condominium projects • Hotels and motels • Industrial buildings

• Medical office buildings • Mixed-use projects • Office buildings • Residential development

• Retail properties • Senior housing

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Diligence Advisory • Specializes in acquisition due diligence, underwriting for debt and equity investments, internal credit/risk management analysis, strategic bank advisory, and an array of services specifically designed to meet the investment strategies of our clients • Comprehensive expertise, including all major and esoteric CRE asset classes; in addition, our work product can be standardized or rapidly customized, as desired • Compiles data from market experts who have boots-on-the-ground knowledge, thanks to our access to real time market data and global insights from our leasing, research, valuation, and capital markets experts

Terri Magnani Senior Managing Director Valuation & Advisory +1 212 713 6772 terri.magnani@cushwake.com

• Identifies emerging trends and surface potential risks

Our Services and Capabilities

• Acquisition/disposition diligence • Asset surveillance • B-Piece diligence • Bank stress testing advisory • Bank target advisory and due diligence for M&A transactions • Collateral evaluations • Credit risk management analysis • Data benchmarking • Desktop “second opinion”

• Feasibility/market studies • Financial/Argus modeling • Lease abstraction • Loan file data aggregation – CCAR Schedules M & Q • Market reconnaissance • Regulatory and other compliance projects for the OCC and CFPB

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Dispute Analysis & Litigation Support • Provide expert services to the legal, real estate, and corporate communities in real estate- related, complex commercial litigation • Qualified in federal, state, and local courts throughout the United States and before the International Centre for the Settlement of Investment Disputes as experts in valuation, economics, damages, and finance

Richard Marchitelli, MAI, CRE, FRICS Executive Managing Director Valuation & Advisory +1 704 916 4447 richard.marchitelli@cushwake.com

• Serve in arbitration roles as sole arbitrators or as members of arbitration panels

• Provide testimony in a wide variety of situations involving the value of real property and business interests and damage calculations

Our Capabilities

• Bankruptcy and restructuring • Best practices opinions • Breach of contract or lease • Business valuation • Charitable donations • Complex business and partnership disputes • Construction defects and delays • Damages theory and damage calculations • Eminent domain and property tax appeal matters • Environmental impairment, toxic tort, and detrimental conditions

• Event studies/time series analyses • Expert witness testimony • Feasibility and marketability studies • Fraud and forensic investigations • Lease negotiations and rental resets • Lender liability • Life estate administration • Partial and fractional interest valuations, including debt and equity, remainderman, and other property interests • Post-acquisition disputes • Safe Harbor opinions • Transportation and utility corridor issues

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Financial Reporting

Marius Andreasen, CFA, ASA, MAI Senior Managing Director Valuation & Advisory +1 312 470 1881 marius.andreasen@cushwake.com

• Credentialed professionals with the industry knowledge to address financial reporting and related issues, nationally and internationally • Adhere to applicable standards including U.S. GAAP and IFRS, as well as country-specific compliance • Provide robust advice, C-level interaction and consulting, peer-to-peer review, and specialty practice resources

• One of the most tenured professional staffs in the industry

• Experience in working within, forming, and managing multi-disciplinary teams from engagement inception through audit review

• Diversified case experience covering many issues, legal jurisdictions, and property types

Our Services

U.S. GAAP

IFRS

Other services

• ASC 350: Intangibles—Goodwill

• IFRS 3: Business Combinations

• Non-Traded REIT Valuations, FINRA Rule 2310 & NASD Rule 2340 Compliance

• ASC 360: Property, Plant & Equipment

• IFRS 5: Non-current Assets Held for Sale and Discontinued Operations

• ASC 805: Business Combinations

• Agreed Upon Procedures (AUP)

• IFRS 13: Fair Value Measurement

• ASC 820: Fair Value Measurements and Disclosures

• Debt and equity valuation

• IAS 16: Property, Plant & Equipment

• FIRPTA valuations

• ASC 840/842: Leases

• IAS 17 / IFRS 17: Leases

• Net Asset Value (NAV) consulting

• IAS 36: Impairment of Assets

• Partnership & fractional interest valuations

• IAS 38: Intangible Assets

• IAS 40: Investment Property

• Portfolio valuation management

• IAS 41: Agriculture

• Positive Assurance Opinions

• REIT & fund valuations

• Valuation compliance consulting

• Valuations for bankruptcy/fresh start accounting

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Property Tax Services

Edward G. Williams, MAI Executive Managing Director Valuation & Advisory +1 201 508 5216 edward.williams@cushwake.com

• Network of professionals with the jurisdictional and valuation expertise needed to provide exceptional tax savings results • Specialized knowledge of the unique complexities of different property types, as well as local process and jurisdictional procedures

• Our property tax management software can handle every aspect of property tax administration and management

Our Services

Assessment Appeals

Business Personal Property Ta x • Analyze fixed asset listing for tax savings • Determine taxability of assets and appropriate depreciation schedules • Prepare and submit personal property tax returns • Prepare, file, and negotiate appeals Annual Real Property Budget • Project annual assessments to calculate the corresponding tax liability, with payments illustrated on an accrual and cash basis based on jurisdictionally specific payment deadlines Real Property Tax Review • Review real property locations for potential exemptions, credits, and incentives

Litigation Management

• Proactively manage all appeal

• Prepare cost/benefit analysis related to pursuit of litigation • Oversee litigation process, including participation in negotiations • Provide context and understanding to real estate and financial components • Work with client and counsel in the decision-making process Jurisdictional Reporting • Provide strategic advice on disclosure requirements and respond to requests for information from taxing jurisdictions State-of-the-Art Software manage data with customized reports • Project annual assessments and tax liability • Real-time alerts (tax bill payments, appeal deadlines, etc.) • Web-based access to track and

opportunities through annual Review and Recommend Report

• Prepare, file, and negotiate assessment appeals • Provide expert valuation

representation when negotiating with assessing authorities and appearing before tribunals or courts

Due Diligence Tax Estimate

• Forecast change in assessment likely to occur based upon potential acquisition, new construction, or other physical or economic changes • Calculate and project corresponding tax liability as a result of those changes

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Valuation/Portfolio Valuation

George Rago, MAI Executive Managing Director Valuation & Advisory +1 212 841 7851 george.rago@cushwake.com

• Provide appraisal services for corporations, institutional investors, advisors, and lenders on critical equity and debt investment decisions

• Experienced with multi-property portfolios

• Portfolio assignments are coordinated by our Portfolio Valuation team and backed by our web-based appraisal management platform • Ability to share information about each assignment, including a summary of our values, assumptions and conclusions, and electronic copies of each appraisal report between Client and the Cushman & Wakefield team

Doug Heinrich, MAI Executive Director Valuation & Advisory +1 913 440 0422 doug.heinrich@cushwake.com

Our Services • Compliance with Uniform Standards of Professional Appraisal Practice (USPAP) and International Valuation Standards (IVS), or any other applicable professional standards • Consideration of the market value of the Fee Simple, Leasehold, or Leased fee interests, as appropriate for each property

• Research any and all aspects of a property’s value • Help determine the value of a property or portfolio for sellers who are entering a transaction and need to protect their investments • A wide variety of specialized valuation experts in different industry asset classes

Judson H. Cline, MAI, MRICS Senior Director Valuation & Advisory +1 916 473 7396 judson.cline@cushwake.com

Cushman & Wakefield Advantage

• Centralized process • Client specific report formats • Comprehensive global coverage • Custom data tape • Dedicated portfolio team • Objective and unbiased comprehensive reports

• Phased delivery • Proven track record • Quality control program • Secure transmission of data and reports

• Single point of contact • Web-based accessibility

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17 practice groups

Agribusiness, Natural Resources & Energy

Multifamily

Automobile Dealership

Office

Residential Development

Data Center

Gas Station & Convenience Store

Restaurant

Golf

Retail

Government

Self Storage

Hospitality & Gaming

Senior Housing/ Healthcare

Sports & Entertainment

Industrial

Machinery & Equipment

Overview of Practice Groups

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V&A’s 17 asset class specialty teams deliver real estate strategies and solutions to clients within these industries and sectors that have unique operational, technical, and business requirements. Our asset-focused teams provide strategic insights into current and emerging trends for local and national markets. We collaborate with other Cushman & Wakefield core businesses, including Capital Markets, Global Occupier Services, Tenant Representation, Project & Development Services, Agency Leasing, and Asset Services, and incorporate our proprietary research services to provide clients with the best market data available. Each practice group:

Overview of Practice Groups

Provides local market experience with global resources

Operates a national network of strategically located professionals

Delivers responsive service

Conforms to all appraisal industry reporting standards

Offers timely and cost effective appraisal options

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Agribusiness, Natural Resources & Energy • Focus on complex land valuation, including infrastructure, mineral and water rights, and energy components (wind/solar/hydro and power plants) • The valuation of wilderness and conservation lands/easements and mitigation credits are also emphasized, due to the close relationship between rural lands and agriculture • Extensive experience with renewable resources including wind, solar, geothermal, and water, and the infrastructure that supports storage, distribution, and transmission of these resources

Our Services

• Acquisition and disposition • Appraisal and advisory • Financial reporting

• Litigation support/damage and detrimental conditions • Property tax consulting

Property Types

• Cattle operations and ranches • Dairies, pasture, ranch lands, livestock, and equestrian facilities • Farming and row crop operations • Grain and feed mills • Minerals, mining, and landfills • Nursery, greenhouse, and hydroponic facilities • Permanent plantings, including nut crops, citrus, avocados, and stone fruit

• Power plants • Rural, conservation, and mitigation land • Timber • Vineyards and wineries • Water rights and water infrastructure • Wind, solar, geothermal, and alternative energy properties

Curtis Buono, ARA, MAI, AI-GRS Senior Director Valuation & Advisory +1 858 558 5629 curtis.buno@cushwake.com

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Automobile Dealership

Our Services

• Financial reporting • Highest and best use analysis • Litigation support

• Portfolio valuation • Property tax consulting • Real property appraisal

Our Benefits • A uniform format on a nationwide basis • A dealership valuation staff large enough for efficient geographic coverage, but lean enough that each professional has extensive automobile dealership experience • An industry-leading database of automobile dealerships sales, including those sold for both continued use and alternative uses

• Access to automobile sales tracking publications and services to identify major trends impacting the automobile dealership market • Superior market knowledge developed through transaction tracking software and periodic surveys of industry leaders

Stephen Kay, MAI Managing Director Valuation & Advisory +1 312 470 3813 stephen.kay@cushwake.com

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Data Center

• Industry experts and trusted advisors to corporations, institutional investors, and lenders as they make critical debt and equity investment decisions regarding their mission critical assets and properties • Our professionals understand the operational, mechanical, financial, and regulatory considerations that impact these assets and the nuanced interplay of variables required for an effective comparison of space

Our Services

Property Types • Carrier-neutral hotels • Colocation facilities • Control centers • Data centers • Network operations centers • Expert testimony • Expense analysis • Fair value measurements • Appraisal • Appraisal management • Asset impairment analysis • Bankruptcy support • Corporate planning • Cost benefit analysis • Debt valuation • Development advisory • Due diligence

• Highest and best use analysis • Impact studies • Litigation support • Market studies • Mergers and acquisitions support

• Operation reviews • Portfolio valuation

• Property tax consulting • Purchase price allocation • Rent studies • Proforma reviews • Valuation for financial reporting

Gene Williams, MAI, CCIM, MRICS Senior Director Valuation & Advisory +1 408 436 3681 gene.williams@cushwake.com

• Powered shell data centers • Powered shells • Telecommunications facilities • Trading floors • Wholesale data centers (fully conditioned)

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Gas Station & Convenience Store

• A strong emphasis in going-concern valuation

• Appraisals address the allocations of the major component parts of a property, such as land, building, site improvements, fuel equipment, store equipment, and business enterprise

• Deep industry experience in performing large portfolio assignments over a large geographic area

Our Services

• Consultation and advisory assignments • Feasibility analyses • Forecast analyses

• Market analyses • Property tax consulting • Proprietary research reports

Property Types

• Convenience stores • Gas stations • Hypermarkets

• Multi-branded fuel, retail, and restaurant locations

• Restaurants • Truck stops

David McArdle, MAI Senior Managing Director Valuation & Advisory +1 212 841 7789 david.mcardle@cushwake.com

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Golf

• Performed numerous assignments on individual golf properties and leading golf portfolios

• Our team of senior-level professionals has extensive expertise in all forms of golf course and club operations

Our Services • Feasibility studies • Financial reporting • Highest and best use analysis • Litigation support

• Portfolio valuation • Property tax consulting • Real property appraisal • Renovation and expansion analysis

Property Types

• Daily fee and municipal golf courses • Driving ranges • Practice facilities

• Private equity and non-equity golf courses and country clubs • Resort golf courses

Rick Zbranek, MAI Senior Managing Director Valuation & Advisory +1 713 963 2863 rick.zbranek@cushwake.com

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Government

• Valuation and consultation services relating to federal, state, local, and tribal government entities

• Right of way assignments include total acquisitions as well as partial acquisitions

• Studies and valuations are performed for acquisitions, pre-disposal redevelopment planning/positioning, disposal of assets, land exchanges, and asset monitoring • Experienced in preparing valuation assignments in compliance with the Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book Standards) and agency specific guidelines, in addition to the Uniform Standards of Professional Appraisal Practice (USPAP)

Our Services

• Fair market rent analysis • Highest and best use studies • Litigation support

• Marketing and feasibility studies • Portfolio valuation • Real estate appraisals

Property Types

• Agricultural • Airports • Conservation land and easements

• National laboratories • Ports

• Recreational lands • Timber and minerals • Vacant land tracts • Veterans Administration campuses • Wetlands

• Education and civic • Federal courthouses • Government office and industrial buildings • Military bases

Sid Womack, MAI, AI-GRS, FRICS Senior Managing Director Valuation & Advisory +1 913 440 0421 sid.womack@cushwake.com

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Hospitality & Gaming

• A global network with in-depth understanding of hotel, leisure, gaming, and tourism property dynamics

• Detailed knowledge of the market environment, including demand generators, market segments, and anticipated future growth trends • Diverse team with broad industry experience, including operations, brokerage, and management; well-versed in mixed-use assignments with a deep understanding of the broader commercial real estate markets

Property Types • Condominium hotels • Conference centers Our Services • Expense analysis • Feasibility studies • Financial reporting • Impact studies • Litigation support

• Market studies • Portfolio valuation

• Property tax consulting • Real property appraisal

Leah Dauer Murphy, MAI Executive Director U.S. Practice Lead Valuation & Advisory +1 414 203 3043 leah.murphy@cushwake.com Mark Capasso Executive Director Americas Practice Lead Valuation & Advisory +1 213 955 6442 mark.capasso@cushwake.com

• Limited and select service hotels • Lodging related mixed use projects • Middle market and economy facilities • Native American casinos • Resorts • Timeshare properties • Traditional land based casinos

• Dockside and riverboat casinos • Existing or proposed properties

• Extended stay hotels • Fractional properties • Full service hotels • Horse and dog tracks

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Industrial

• Our Industrial Specialty Practice professionals have extensive industrial property experience and are strategically located in all of the U.S. major markets • Our professionals can offer more services to clients because of the ability to draw upon the diverse disciplines available from other Cushman & Wakefield core businesses

Our Services • Expense analysis • Feasibility studies • Financial reporting • Litigation support • Market studies

• Portfolio valuation • Property tax consulting • Real property appraisal • Rent studies

Property Types

• Air cargo • Business park • Cold storage/warehouse • Flex space • Heavy manufacturing

• Office/showroom • Office/warehouse • Processing • Refinery

• Refrigerated/cold storage • Research & development • Truck terminals • Warehouse/distribution

Michael Schaeffer, MAI, FRICS Executive Managing Director Valuation & Advisory +1 312 470 1870 mike.schaeffer@cushwake.com

• High tech • Intermodal • Light manufacturing

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Machinery & Equipment

• Our Machinery & Equipment practice provides a unique combination of experience, industry-specific knowledge, and global scalability to provide our clients timely and accurate appraisal and consulting services. • Our diversified case experience has covered many issues, industries, and property types, including a 310-bed hospital in the South, a $65 million Midwest liquid natural gas storage facility, a $250 million rice mill portfolio, a $240 million Tier 1 auto parts manufacturer, a Northeastern biomass energy plant, a Midwestern dairy portfolio, a multinational tubing manufacturer, and one of the largest beef processing operations in the United States.

Our Services

U.S. GAAP Related Services • ASC 360: Property, Plant & Equipment • ASC 805: Business Combinations • ASC 820: Fair Value Measurements and Disclosures IFRS Related Services • IFRS 3: Business Combinations • IFRS 5: Non-current Assets Held for Sale and Discontinued Operations • IFRS 13: Fair Value Measurement • IAS 16: Property, Plant & Equipment • IAS 36: Impairment of Assets

Other Services • Collateral lending valuation • Equipment lease analysis • Insurance appraisal reporting • Litigation support • Property tax consulting • Transactional consideration valuation • Valuation compliance consulting • Valuations for bankruptcy/fresh start accounting

David Koller, ASA, MRICS Managing Director Valuation & Advisory +1 312 470 3853 david.koller@cushwake.com

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Multifamily

• Experts in all forms of multifamily assets ranging from garden-style to urban high-rise

• Specialized expertise in affordable housing, age-restricted housing, and student housing

• Multi-discipline team unmatched in seamless execution of large, mixed-use assignments

• National coverage with over 90 multifamily specialists

Our Services

• Market value opinions • Fannie Mae/Freddie Mac/HUD compliant reports • Development modeling

• Feasibility analyses • Highest and best use studies • Market studies • Property tax consulting

Property Types

• Affordable housing (LIHTC) • Age-restricted • Fractured condominiums • Furnished units • Micro units

• Garden-style apartment complexes • High-rise buildings • Mixed-use development • Student and faculty housing • Portfolios

Meghan Czechowski, MAI Senior Director Valuation & Advisory +1 312 470 2356 meghan.czechowski@cushwake.com

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Office

• Our Office Practice Group is the first and the largest group of valuation and consulting specialists dedicated to the study of office buildings • Proprietary in-house resources including a comprehensive database, dedicated research team, and access to the top office leasing and investment sale brokers in the world

Our Services

• Appraisal • Consultation and advisory assignments • Fair market rent and value arbitrations • Feasibility and highest and best use analyses

• Litigation support • Market analyses • Property tax consulting

Property Types

• Business parks • Corporate headquarters buildings • Downtown CBD towers • Government office buildings • Office condominiums

• Office/creative office buildings • Office/R&D buildings • Office/showroom buildings • Office/warehouse buildings • Suburban office buildings

Chris Cauthen, MAI, LEED AP Executive Director Valuation & Advisory +1 972 663 9686 chris.cauthen@cushwake.com

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Residential Development

• Current on residential development transactions and supply and demand factors at the national and submarket level

• Analysis of pertinent transaction activity and sophisticated builder and developer down residual cash flow modeling

Our Services

• Acquisition and disposition • Development advisory

• Market studies • Portfolio valuation and counseling • Property tax consulting • Rate analyses • Sensitivity analyses • Valuation

• Feasibility studies • Financial reporting • Highest and best use • Investment strategy • Litigation support

Property Types • Attached for-sale housing • Condominium conversions • Detached residential • Finished lots • High-rise • Low-rise • Master-planned communities

• Mid-rise • Mixed-use projects • Raw land • Row product • Subdivisions • Transitional lands • Urban redevelopment

Scott Schafer, MAI, MRICS Senior Managing Director Valuation & Advisory +1 716 200 0171 scott.schafer@cushwake.com

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Restaurant

• Appraisal services address the allocations of the major component parts of a property such as; land, building, site improvements, restaurant equipment, and business enterprise • Well-equipped to perform portfolio assignments, with industry experience performing appraisal assignments for significant portfolios across large geographic areas

• Extensive experience in triple-net sale/leaseback restaurant transactions of all sizes

Our Services

• Consultation and advisory assignments • Feasibility analyses • Financial reporting • Highest and best use studies

• Market analyses • Portfolio valuation and advisory • Property tax consulting

Property Types

• Casual dining • Chain restaurant portfolios • Family

• Full service • Quick serve

David McArdle, MAI Senior Managing Director Valuation & Advisory +1 212 841 7789 david.mcardle@cushwake.com

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Retail

• In 2018, our Retail practice valued the top 3 and 56 of the top 100 most valuable single retail assets in the United States as ranked by Real Capital Analytics (RCA). • This is the seventh year in a row the V&A Retail team has appraised the most valuable single-asset retail sale or financing.

Our Services

• Financial reporting • Highest and best use studies • Litigation support • Market and feasibility studies • Market rent analysis

• Occupancy cost analysis • Portfolio valuation • Property tax consulting • Real property appraisal

Property Types

• Free-standing and net lease • Land/new development • Lifestyle, power, and outlet centers • Main street and CBD • Mixed-use • Neighborhood and community centers

• Hybrid developments • Regional and super regional malls • Restaurants and convenience stores • Superstores and sports-oriented retail • Theaters and entertainment

Richard Latella, MAI, FRICS Executive Managing Director Valuation & Advisory +1 212 841 7675 richard.latella@cushwake.com

* according to Real Capital Analytics ** according to Real Estate Alert

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Self Storage

• Experience working with a wide range of domestic and international clients

• Significant experience appraising self storage assets in all phases of development – new construction, redevelopment, expansion, and existing facilities • Our team utilizes the latest industry data from Self Storage Data Services (SSDS), the largest and oldest self storage database in the United States. Exclusive to Cushman & Wakefield, it features over 45,000 facilities, of which over 15,000 are updated on a quarterly basis with property-specific information, such as rental rates and occupancy rates.

Our Services

• Valuation for potential financing • Brokerage • Due diligence for acquisition • Litigation support • Market & feasibility studies

• Portfolio valuation • Property tax consulting • Self Storage Data Services (SSDS) • Valuation for financial reporting

Client Types

• Individual owners • Major lending institutions • Developers

• Pension funds and advisors • Owner/Operators

Kate Spencer, MAI Managing Director Valuation & Advisory +1 214 558 9953 kate.spencer@cushwake.com

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Senior Housing/Healthcare

• Extensive senior housing and healthcare experience and strategically located in the major marketplaces

• Combined, the team has completed in excess of 4,500 healthcare related valuation assignments over the past three years

Our Services

Property Types • Adult day care • Age-restricted • Alzheimer’s/Memory care • Assisted and independent living • Behavioral care • Financial reporting • Highest and best use studies • Litigation support • Market and feasibility studies • Operation reviews

• Portfolio consulting and advisory • Portfolio valuation

• Property tax consulting • Real property valuation

• Continued care retirement communities • Hospitals • Medical office and surgery centers • Skilled nursing

Gerald Rasmussen, MAI, FRICS Executive Managing Director Valuation & Advisory +1 203 326 5884 gerald.rasmussen@cushwake.com

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Sports & Entertainment

• Industry expertise is combined with Cushman & Wakefield’s global resources to offer clients solutions to all their real estate needs • Our professionals have experience working with investors, property owners, financial institutions, developers, and public entities

Our Services

• Acquisition and disposition due diligence • Cost segregation • Financial reporting

• Green advisory • Property tax consulting • Portfolio benchmarking

Property Types

• Amphitheaters • Amusement parks • Aquariums • Arenas • Bowling alleys • Conference, expo, and convention centers • Equestrian centers • Fairgrounds • Flexible event complexes • Gaming facilities • Golf courses • Health and fitness centers

• Hunt clubs • Mega sportsplexes • Motorsport tracks and facilities • Movie, concert, and live performance theaters • OTB facilities • Performing arts centers • Professional sporting stadiums • Skating rinks • Ski resorts • University sport facilities • Waterpark resorts

James O’Neil, MAI Director Valuation & Advisory +1 404 460 8666 james.oneil@cushwake.com

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Global Map

Addenda

Americas Map

EMEA Map

APAC Map

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150±

1,970+ professionals

30 offices in countries

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640+

70± offices in the Americas

professionals

Core Market Segments

• Agribusiness, Natural Resources & Energy • Automobile Dealership • Gas Station & Convenience Store • Golf • Government • Hospitality & Gaming • Industrial

• Machinery & Equipment • Mission Critical Facilities • Multifamily • Office • Residential Development • Restaurant • Retail • Self Storage • Senior Housing/Healthcare • Sports & Entertainment

56,660 $832 billion properties valued at USD in 2018

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625+

17 offices in

professionals

countries

Core Market Segments

• Automobile Dealerships • Advisory • Data Centers • Healthcare • Hospitality/Leisure • Industrial • Offices • Outlet Malls

• Residential/Residential Development • Retail (including shopping centers and high street) • Self Storage • Strategic Land

80,514 $1.53 trillion properties valued at USD in 2018

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700+

7 offices in

professionals

countries

Core Market Segments

• Advisory • Business Valuation • Car Parks • Data Centers • Development Sites • Hospitality/Leisure • Industrial • Mixed-Use • Offices

• Residential/Residential Development • Retail (including shopping centers and high street) • Self Storage

115,720 $743 billion properties valued at USD in 2018

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Global Leadership

Contact Lists

United States

Canada

Mexico/Central America

South America

EMEA

APAC

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Global Leadership

Americas

APAC CHIU Kam-Kuen | 趙錦權 International Director Vice President, Greater China o: +852 2507 0602 m: +852 9162 8998 kk.chiu@cushwake.com

Eric B. Lewis, MAI, FRICS President, Valuation & Advisory Americas o: +1 212 841 5964 m: +1 201 723 8152 eric.lewis@cushwake.com

Canada Brian Kriter Executive Managing Director

EMEA Rupert Dodson, FRICS Partner Co-Chair EMEA o: +44 (0) 20 7152 5042 m: +44 (0) 7764 398 042 rupert.dodson@cushwake.com Bryn Williams, MRICS International Director Co-Chair EMEA o: +44 (0) 30 7152 5042 m: +44 (0) 7774 449 265 bryn.williams@cushwake.com

Americas Business Development Lead o: +1 416 359 2434 m: +1 647 282 2434 brian.kriter@cushwake.com

Mexico/Central America Juan Carlos Ulloa, FRICS Executive Managing Director o: +52 55 8525 8023 juancarlos.ulloa@cushwake.com

South America Rogério Cerreti Director o: +55 11 5501 5474 m: +55 11 99977 4270 rogerio.cerreti@cushwake.com

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United States

Orange County Lars Platt, MAI Senior Managing Director +1 949 930 9242 lars.platt@cushwake.com

Stuart Scott Powell

Alabama Birmingham Tim Rau, MAI

Connecticut Hartford Stamford Eric Michel, MAI Senior Managing Director +1 203 326 5819 eric.michel@cushwake.com District of Columbia Washington, D.C. Lynda Gallagher, MAI Senior Managing Director +1 202 772 5785 lynda.gallagher@cushwake.com Florida Ft. Lauderdale Orlando Tampa Steve Saunders, MAI, FRICS Senior Managing Director +1 407 541 4384 steve.saunders@cushwake.com

Managing Director +1 772 678 7760 scott.powell@cushwake.com

Managing Director +1 205 314 5565 tim.rau@cushwake.com

Sacramento San Francisco San Jose Walnut Creek Donna Whitaker, MAI, AI-GRS Managing Director +1 916 403 1808 donna.whitaker@cushwake.com

Georgia Atlanta Clayton Davie, MAI, MRICS Senior Managing Director +1 404 853 5232 clayton.davie@cushwake.com Hawaii Honolulu Michele Kauffman, MAI Executive Managing Director +1 213 955 6495 michele.kauffman@cushwake.com Illinois Chicago Rosemont Michael Schaeffer, MAI, FRICS Executive Managing Director +1 312 470 1870 mike.schaeffer@cushwake.com

Arizona Phoenix

John Kirby, MAI Managing Director +1 602 229 5933 john.kirby@cushwake.com

California El Segundo Inland Empire Los Angeles Eric Garfield, MAI, CCIM, FRICS Managing Director +1 213 955 6477 eric.garfield@cushwake.com

San Diego Melissa Lofing, MAI

Managing Director +1 858 558 5689 melissa.lofing@cushwake.com

Colorado Denver Elizabeth Champagne, MAI, FRICS Executive Managing Director +1 415 852 5168 elizabeth.champagne@cushwake.com

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Stuart

Indiana Indianapolis Michael Schaeffer, MAI, FRICS Executive Managing Director +1 312 470 1870 mike.schaeffer@cushwake.com Kentucky Louisville Bruce Daubner , MAI, AI-GRS, FRICS, ASA Senior Managing Director +1 614 222 0878 bruce.daubner@cushwake.com Maryland Baltimore Lynda Gallagher, MAI Senior Managing Director +1 202 772 5785 lynda.gallagher@cushwake.com

Michigan Detroit Lansing Bruce Daubner , MAI, AI-GRS, FRICS, ASA Senior Managing Director +1 614 222 0878 bruce.daubner@cushwake.com Minnesota Minneapolis Michael Schaeffer, MAI, FRICS Executive Managing Director +1 312 470 1870 mike.schaeffer@cushwake.com

New Jersey East Rutherford

Ohio Columbus Cleveland Bruce Daubner , MAI, AI-GRS, FRICS, ASA Senior Managing Director +1 614 222 0878 bruce.daubner@cushwake.com

Rob Nardella, MAI, MRICS Executive Managing Director +1 212 841 5048 robert.nardella@cushwake.com

New York Buffalo Islandia New York City Syracuse

Oregon Portland Jay Booth, MAI Senior Managing Director +1 503 279 1709 jay.booth@cushwake.com Pennsylvania Philadelphia Pittsburgh Erick Mazzoni, MAI, MRICS Managing Director +1 215 963 4132 erick.mazzoni@cushwake.com

Rob Nardella, MAI, MRICS Executive Managing Director +1 212 841 5048 robert.nardella@cushwake.com

Missouri Kansas City St. Louis Thomas (TJ) Hawks, MAI Managing Director +1 913 440 0421 thomas.hawks@cushwake.com

North Carolina Charlotte Raleigh-Durham Jeff Smith

Managing Director +1 704 916 4441 jeff.smith@cushwake.com

Massachusetts Boston Robert Skinner, MAI, MRICS Executive Director +1 617 204 5912 robert.skinner@cushwake.com

South Carolina Greenville Jeff Smith

Nevada Las Vegas

John Kirby, MAI Managing Director +1 602 229 5933 john.kirby@cushwake.com

Managing Director +1 704 916 4441 jeff.smith@cushwake.com

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