SOQ

AEI IN EUROPESTATEMENT OF QUALIFICATIONS

Due Diligence Services

• Environmental Site Assessment

• Property Condition Assessment

• Seismic Services

AEI IN EUROPE

AEI CONSULTANTS EUROPEAN OFFICE

AEI Consultants has expanded its client services into the European market, by establishing a subsidiary - AEI Europe B.V., in the Netherlands. David Hodge has been appointed as director of European operations.

The establishment of the European team and network positions AEI to provide environmental consulting, assessment and risk-management services throughout Europe. This base in Europe builds on the firm’s existing operations in Mexico, Puerto Rico and Latin America, and provides AEI’s North American clients with service continuity across a several continents.

As the commercial real estate industry experiences buoyant demand globally, we are seeing increasing requests from our domestic clients to manage their projects abroad so they can minimize risk and maximize contract value,” said Holly Neber, president of AEI Consultants. “We’re delighted to welcome David to the team - he brings a wealth of experience in this sector along with an impressive network of connections in related fields.”

The employee-owned firm, which now has more than 20 offices nationwide, has experienced exceptional demand for its services in the United States, and has added 54 new hires this year, bringing total headcount to 270. In addition to strong growth in the United States, AEI is increasingly engaged by its U.S. clients to provide expert consulting services internationally.

AEI is currently assisting clients in Turkey, Romania and the United Kingdom with seismic studies.

DAVID HODGE

Mr. Hodge is AEI’s European Operations Director and is a technical director, real estate transaction and due diligence specialist with financial expertise and over 20 years of international experience.

He has held global, regional and national environmental and technical management roles, and has an exemplary track record in the delivery of high-value, complex environmental projects in highly demanding, business environments under tight delivery timeframes.

COUNTRY BY COUNTRY COVERAGE

AEI Coverage

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DAVID HODGE

Director of

European Operations

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HEADERDUE DILIGENCE SERVICES

PROPERTY CONDITION ASSESSMENTThe purpose of a Property Condition Assessment (PCA) is to observe and report on the physical condition of the subject property and to provide professional recommendations regarding future issues including financial risk or liability to the client.

Major structural, electrical, plumbing and HVAC components of each structure, as well as site improvements, are carefully examined for condition, status of completion, general code conformance, life cycle costs, sufficiency for their intended use, and extent of defects and depreciation in a Property Condition Assessment report. AEI’s Building Sciences team interviews site personnel, performs document reviews and conducts walk-through surveys noting the physical condition of the building systems and components of a Property Condition Assessment report.

• Systems surveyed will in a Property Condition Assessment include the following:

• Site and Grounds - pavement, curbs, loading docks, walks, landscaping, irrigation, site drainage, exterior lighting, walls, fencing/railings, signage and exterior amenities.

• Structural Systems - Foundations and structural framing of walls, columns, intermediate floors and roofs.

• Building Envelope - Roofing systems, exterior finishes, stairs and steps, exterior doors and windows.

• Interior Building Components - Interior finishes of common areas and tenant areas. Condition of soft goods will not be assessed.

• Mechanical Systems - Property-owned electrical, heating ventilation/ air conditioning, plumbing and conveyance systems.

Upon completion of the physical property condition assessment, AEI Consultants will provide a Property Condition Report (PCR) outlining the systems and components along with any deferred maintenance or deficiencies observed. Based on industry standard, AEI then formulates a list of immediate repairs and costs that will be incurred during the life of a loan. Immediate repairs can be defined as significant building code violations, fire code violations, safety concerns and deterioration to the building caused by deferred maintenance. In addition to the assessment, AEI develops a Modified Capital Reserves Schedule that approximates repairs and replacement costs most likely to occur over the evaluation period. This schedule allows the client to plan for large expenditures in advance of their replacement.

AEI’s PCA reports comply with client requirements and industry standards. Customized scopes are also available.

PHASE I ENVIRONMENTAL SITE ASSESSMENTS (ESA)

Phase I ESAs are an integral part of the due diligence and decision-making process for lending and property purchase decisions. A Phase I ESA includes a site visit and a historical and regulatory review that is designed to identify environmental issues such as current and historic environmental conditions that may affect property values, pose a financial liability to the purchaser or lender, or affect the ability of a borrower to repay a loan obligation. Clients may also obtain a Phase I ESA in order to satisfy requirements of the “innocent landowner defense” or other available defenses to environmental liability under CERCLA.

AEI’s Phase I Environmental Site Assessment (ESA) meets the most current ASTM Standard for Phase I ESAs,and involves the following activities:

• Site inspection

• Adjacent/surrounding property reconnaissance

• A review of historical documentation

• A review of hazardous material and petroleum

• Local and regional file review

• Interviews with the property owner, tenants and

property managers

• Preparation of a report documenting the findings,

conclusions and recommendations

AEI’s reports are designed to be clear and concise. Our Phase I Environmental Site Assessment (ESA) reports are an essential part to many commercial and industrial real estate transactions and are conducted in accordance with the most current GE ASTM 1527-13 equivalent ESA level, and ASTM vetted PCA technical diligence resources..

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AEI can also provide the Scenario Upper Loss (SUL), which represents the scenario loss that has a 10% probability of exceedance due to the specified ground motion of the scenario considered. Both methods take into account various factors including construction type, site condition, soil type and location of the building to known faults.

The specific methodologies are governed by the lender, but all include the following:

• Cursory review of available geologic and soils reports and drawings.

• Site visit and general assessment of the property, building(s), related facilities and general site characteristics.

• Preliminary assessment of earthquake ground shaking, liquefaction and fault surface rupture potential based on historical regional hazard data.

• Preparation of a report including a list of general seismic deficiencies and preliminary estimate of facility earthquake damage loss based on empirical loss estimation methodologies.

SEISMIC SERVICES

AEI provides a seismic risk analysis in a Seismic Loss (SL) report in accordance with GE ASTM 1527-13 equivalent ESAlevel, and ASTM vetted PCA technical diligence resources. The SL report summarizes the risk of structural failure due to the vibratory motion from the maximum probable earthquake event that has a 10-percent chance of exceedance in a 50-year exposure period, or a 475-year return period.

AEI utilizes the Scenario Expected Loss Design Basis Earthquake (SELDBE) as the seismic loss damage ratio (commonly referred to as Probable Maximum Loss - PML). (SELDBE) is defined by ASTM E 2026-07 as the expected (mean) earthquake loss to a building resulting from a specified seismic induced ground motion (peak ground acceleration). The specified peak ground acceleration is based on the probabilistic seismic hazard analyses program FRISKSP-3.01b and the USGS database.The ASTM recently released guidance, ASTM 2557-07, indicating the use of the (SELDBE) estimate for CMBS transactions.

SEISMIC SERVICES

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HEADERRESUMES

DAVID HODGE, B.Sc. Director, European Operations

• Bachelor of Science, Organic Chemistry, University of Queensland, 1987;• Chartered Member, Royal Australian Chemical Institute

1986-1994;• Member, International Association of Water Pollution Research and Control• Panel member of the National Waste Management Competency Standards Committee (Brisbane), 1997 – policy development;• Approved Contaminated Site Assessment and Remediation Consultant, Qld Environment Protection Agency, 1998;• Appointed by the Queensland Environmental Protection Agency to the Sustainable Industries Task force, 1999. Mr. Hodge is AEI’s European Operations Director, and is a technical director / transaction and due diligence specialist with financial expertise and over 20 years international experience. Mr. Hodge has conducted:

• Real estate transaction risk and liability assessment, asset management and risk and cost modeling. €22 BN in assets to date.• Logistics, planning, resourcing, management, execution, QA/QC and delivery of Underwriting Grade complex large-scale (> 5000

assets), Pan European / multi country, high-speed environmental and structural due diligence, liability assessment and costing projects.

• Management, execution and client media representation for high media visibility and contentious developments/projects, including public consultation and expert witness testimony.

• Mr. Hodge has over 15 Years business process, production process and sustainability auditing/evaluation, process re-design, management, execution and delivery in: real estate, manufacturing, consulting, chemical, food and beverage, water and waste water, heavy engineering, oil and gas, mining, leisure and waste management sectors.

Project experience for Mr. Hodge includes:

• Felix Portfolio – 78,400 apartments / 10700 properties, 9 weeks – Purchase of commercial property assets of GAGFAH in Germany. Advisor to a Fortune 50 and consortium investment fund. Deal value €8.7 billion. European project director, principal reviewer and author. European deal team liaison, Management Co-Ordination and logistics for the delivery of Phase I pre purchase EDD/liability economics for transaction process. Provision of screening portfolio review and economics for deal team and client risk management review team.

• Etoile Portfolio – 70 properties, 4 months – Purchase of commercial property assets of Autodistribution in France. Advisor to a Real Estate Opportunities Group. Deal value €2.5 billion. European project director, principal reviewer and author. European deal team liaison, management co-ordination and logistics for the delivery of Phase I and Phase 2 pre purchase EDD/liability economics for transaction process. Provision of screening portfolio review for deal team.

• Ramazotti Portfolio – 92 properties, 3 weeks – Purchase of assets and network of Telecom Italia in Italy. Advisor to acquisition underwriting team. Deal value €1.0 billion. Project manager, principal reviewer. Management co-ordination and delivery of Phase I pre purchase EDD/liability economics for auction process. European deal team liaison, USA - Dallas Senior Review Team liaison. Provision of Phase II costs and remediation costs approved by AG. Implementation, budgeting and logistics for international EDD team for Phase II.

• Bears Portfolio – 3816 apartments 627 buildings, 9 days – Purchase of commercial/residential property assets of HPE in Germany. Advisor to a Fortune 50 real estate investment fund. Deal value €189.5 million. European project director, principal reviewer and principal author. European deal team liaison, management co-ordination and delivery of Phase 1 and Phase 2 pre purchase EDD/liability economics. Liability economics and approach approved by underwriting team.

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HEADERRESUMES

• Arcelor Portfolio – 870 properties in 70 cities, 2 months - Purchase of commercial property assets of Arcelor. Advisor to a Real Estate Opportunities Group. Deal value €55 million. Project director, principal reviewer and author. Deal team liaison, management co-ordination and logistics for the delivery of Phase I EDD/liability economics and Phase 2 subsidence risk study for transaction process. Provision of screening portfolio/liability economics review for deal team.

• Galleria Portfolio – 373 properties, 5 weeks – Purchase of commercial property assets of AIB AG in Germany, Turkey, Greece, Hungary, France, Luxembourg. Advisor to a Fortune 50 investment fund. Deal value €2.7 billion. European project director, principal reviewer and co- author. European deal team liaison, Stanford (Senior Review Team) liaison. Management Co-Ordination and delivery of Phase I pre purchase EDD /liability economics for auction process. Provision of Phase II costing and remediation costs approved by underwriting team.

Mr. Hodge has worked for and with Fortune 50 clients and the top Environmental and Engineering consultants in Europe and globally.

As a key client manager for Fortune 50 clients, Mr. Hodge has high level interpersonal and written communication skills and has drafted and negotiated Master Services Agreements, performed as an expert witness in transaction disputes, acted as an environmental expert in transaction teams and represented clients in tribunals and with regulatory bodies for development applications.

Mr. Hodge has deep industry knowledge and a current focus on market meeting business / services development for the real estate investment community.

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DAVID HODGE, B.Sc. Director, European Operations