Overview SitusAMC provides advisory services, investment research advice, and information management systems to pension funds and investment advisers to pension plans, as further noted below. SitusAMC is a limited liability company under Iowa state law. Situs Group LLC, a Delaware limited liability company, owns 100% of SitusAMC, Situs Group LLC is 100% owned by Situs Group Holdings Corporation, a Delaware corporation. Situs Group Holdings Corporation is wholly owned by SitusAMC Holdings Corporation, a Delaware corporation. SitusAMC Holdings Corporation is wholly owned by SitusAMC Group Holdings, LP, a Delaware limited partnership. SitusAMC Group Holdings GP, LLC, a Delaware limited liability company, is the general partner of SitusAMC Group Holdings, L.P. Port-Aux-Choix Private Investments Inc., a Canadian business corporation owns 33.78% of SitusAMC Group Holdings, L.P. SitusAMC’s primary advisory services consist of valuation, valuation management and appraisal services to financial institutions, fund managers and other companies that are based in part on the Firm’s quarterly investment research and analysis. Although a portion of the valuation and appraisal services that SitusAMC provides involves securities, the majority of the assets on which it advises are commercial real estate. SitusAMC also develops and customizes valuation management systems for their clients to help track, monitor, and report commercial real estate portfolio values and trends. SitusAMC makes routine investment recommendations when they are hired for real estate investment consulting. SitusAMC’s commitment to the commercial real estate industry began approximately 90 years ago. SitusAMC’s real estate services integrate traditional principles such as integrity, work ethic, and experience with commercial real estate investment analysis and technological expertise, SitusAMC offers clients a comprehensive set of value-added real estate services. Fiduciary & Advisory Services SitusAMC’s total commitment to the commercial real estate market makes it unique among providers of fiduciary and advisory services. By applying our expertise, market intelligence, and commercial property investment knowledge to the opportunities and challenges presented by the commercial real estate industry, SitusAMC is able to ensure that the best interests of our clients are being served. Serving as an independent fiduciary, SitusAMC has worked with several major investment management Firms on both a one-off and ongoing basis, all of which have relied upon SitusAMC to provide real estate valuation management and other value-added services for the benefit of their fund participants.

For example, SitusAMC provides independent fiduciary services to a collective fund of ERISA plans, including the review, approval and monitoring of commercial property investment guidelines, valuation procedures, property valuations and account values, and the appointment of independent appraisers. Management Information Services SitusAMC’s state-of-the-art Valuation Management System has been designed to efficiently organize and integrate property valuations, feasibility reports, and other key documentation associated with the commercial real estate portfolios of our major clients. The system provides property and portfolio reporting which is useful to pension plans and investment advisers who advise pension plans. Purchase Price Allocation Services SitusAMC estimates the fair value of identifiable assets and liabilities relating to the commercial real estate properties purchased by its clients. Price allocation engagements are prepared for financial reporting purposes in accordance with SitusAMC’s understanding and interpretation of Accounting Standards Codification (“ASC”) 805, Business Combinations. Appraisal Services SitusAMC, on an assignment basis, evaluates and provides estimates as to the value of a commercial property, loan or other assets. SitusAMC’s appraisal work may be filed with foreign or domestic regulators in connection with a securities offering. Loan Administration Services SitusAMC provides commercial real estate loan administration services, which includes soliciting proposals for master credit facilities from lending institutions, assisting with documentation and administration of the loans, and providing financial reporting on a monthly, quarterly, and annual basis. SitusAMC acts as an independent adviser/administrator to perform loan administration procedures, which includes oversight of borrowings and repayments on the Master Credit Facility, and the preparation of financial statements. Debt Valuation Services SitusAMC acts in a valuation capacity to mark-to-market the indebtedness of real estate investments, as requested by Clients. SitusAMC communicates on all of the information that it needs to properly understand, model and mark-to-market the real estate loans. SitusAMC models each position individually upon receipt of the requested loan documents, taking into consideration the quarterly updated cash flow and value estimates reviewed or prepared by SitusAMC. SitusAMC analyzes within the context of the equity position and concludes to a market equivalent discount yield and utilizes a discounted cash flow methodology in order to mark each real estate loan to market.