As managing director and president, Dirk Hallemeier sources and negotiates prospective investments, oversees the construction and development process of properties built directly by the firm, and builds and maintains strategic relationships with the firm’s joint venture partners. Career Overview A licensed professional engineer in California, Dirk has 20 years of real estate, construction and civil engineering experience, during which he has been involved in the development, redevelopment and management of urban properties from the perspective of an investor, developer, general contractor and engineer. While with MacFarlane Partners, Dirk has negotiated and closed investments in more than $1.2 billion in development projects, and then played a key role in the development of each of those projects, either working directly as the development manager or overseeing the process managed by the firm’s development partners. Among the properties he has helped develop are Bay Street Emeryville, a mixed-use urban village built on a former brownfield near the eastern end of the San Francisco-Oakland Bay Bridge; the office component of @ First, a mixed-use business park in San Jose; and multiple phases of The Crossing|San Bruno, a master-planned community built on former U.S. Navy property near San Francisco International Airport. Past Experience Prior to joining MacFarlane Partners, Dirk served as a structural engineer for Degenkolb Engineers, a structural design and engineering firm, where he focused on seismic retrofits for clients such as the State of California, Kaiser Permanente and the University of California, Berkeley. He also worked as a project manager for Ernst & Young, managing construction projects for third-party clients. Dirk began his career as a project engineer for Perini Building Company, a Boston-based contractor. Major projects with which he was involved included a research center for the Dana-Farber Cancer Institute and a physics research facility for the Massachusetts Institute of Technology. Professional Affiliations Licensed Professional Engineer, State of California Urban Land Institute Education Bachelor of Science, Civil Engineering, Cornell University Master of Engineering, Civil Engineering, Cornell University

Victor MacFarlane is chairman and chief executive officer of MacFarlane Partners, which he founded in 1987 to provide real estate investment management services to institutional investors. He has primary responsibility for the firm’s investment management activities, chairs its investment committee and serves on its senior management committee. Career Overview Victor has more than 30 years of real estate experience, during which he has worked extensively in property development, acquisitions, asset management and portfolio management on behalf of some of the world’s largest pension plans and institutions. Under his leadership, MacFarlane Partners pioneered the urban investment concept among institutional real estate managers in the mid-1990s and today has become one of the leading real estate investment management firms in the United States. Past Experience Victor began his real estate career in 1979 with Aetna Life & Casualty Company, where he helped acquire and manage more than $1 billion in real estate assets. He later developed and managed, for his own account, an award-winning apartment community in Denver. In 1996, he sold the core separate-account investment management business of MacFarlane Partners to GE Capital and then served for three years as chief executive officer of GE Capital Investment Advisors. During that period, he also spearheaded several global initiatives for GE Capital Real Estate, an affiliate with $20 billion in real estate assets worldwide, overseeing or participating in its expansion plans in Asia, Mexico and Eastern Europe. At the end of his contractual commitment in April 1999, he resigned from GE Capital and began rebuilding MacFarlane Partners as an entrepreneurial firm that focused on urban properties and other high-yielding real estate investments. Honors National Inner City Leadership Award, Initiative for a Competitive Inner City, 2006 Trailblazer Achievement Award, Global Diversity Summit, 2006 Professional Affiliations Board of Directors, DDR Corp. Board of Directors, Initiative for a Competitive Inner City Board of Directors, Real Estate Executive Council Board of Directors, The Toigo Foundation Board of Advisors, UCLA School of Law Board Facilities Committee, Stanford Hospital & Clinics International Council of Shopping Centers Pension Real Estate Association Urban Land Institute World Presidents Organization Education Bachelor of University Studies, University of New Mexico Juris Doctor, University of California, Los Angeles, School of Law Master of Business Administration, University of Pittsburgh Doctor of Laws (honorary), University of the District of Columbia

As chief financial officer, Sue Kreusch is responsible for MacFarlane Partners’ corporate and investment-portfolio financial matters, including capital markets/finance, accounting, cash management and the implementation of all financial strategies. A member of both the investment and senior management committees, she also oversees the corporate financial planning function and all financial reporting to institutional capital partners. Career Overview A CFA charterholder and a certified public accountant (in Virginia), Sue has 28 years of finance and accounting experience, 16 of which have been spent as a corporate executive of — or as a consultant to — real estate investment companies. Past Experience Prior to joining MacFarlane Partners, Sue was president and chief financial officer for Education Finance Partners, serving as second-in-command of a finance company that provided private education loans to students pursuing college or professional degrees. She played a critical role in the successful launch and build of the San Francisco-based firm into the nation’s fourth-largest provider of private education loans, with a $1.2 billion portfolio and annual originations in excess of $700 million. Earlier, Sue was executive vice president and chief financial officer of Access Group, an education-finance company based in Wilmington, Del., that marketed, originated and held education loans made to graduate students. She was integral to the management of the firm, which had annual origination volume in excess of $2 billion and assets of $5 billion during her tenure. Sue also has held vice president and managerial positions with First Union Corporation and Prudential Home Mortgage Corporation. She began her career with KPMG Peat Marwick in Washington, D.C., where she ultimately served as a manager with broad responsibility for the D.C. office’s largest client, a major secondary mortgage market institution. Honors Honoree, Most Influential Women in Bay Area Business, San Francisco Business Times, 2012 and 2013 Professional Affiliations Chartered Financial Analyst (CFA) Institute CFA Society of San Francisco American Institute of Certified Public Accountants Education Bachelor of Science in Business Administration, Georgetown University Master of Business Administration, The Wharton School of the University of Pennsylvania

Sylvia Melikian oversees the real estate portfolios that MacFarlane Partners manages on behalf of its capital partners. She acts as the firm’s primary client contact and is involved in all portfolio-related matters, including developing and implementing investment strategies, and monitoring investment performance relative to portfolio objectives. A member of the investment and senior management committees, she also has led the firm's marketing efforts, having raised approximately $1.5 billion in institutional capital. Career Overview Sylvia has more than 30 years of real estate experience, during which she has acquired, developed or managed more than $10 billion in commercial and residential real estate assets on behalf of pension funds and other institutions. Past Experience Sylvia’s career includes tenures as a portfolio manager and acquisitions director with MacFarlane Partners when the firm focused on core real estate investments in the early and mid-1990s. She began her real estate career with Aetna Life Insurance Company and later oversaw acquisitions activity on the West Coast for Aetna Realty Investors, an investment management subsidiary. She also was a partner in Lincoln Property Company’s industrial division, where she managed a staff of 10 professionals, oversaw the development and renovation of more than two million square feet of retail and industrial space, and served as property manager for another four million square feet of industrial space. Later, as senior vice president with AMB Property Corporation, she led a staff of seven professionals in providing portfolio management services to private equity investors. She also was a senior executive with UBS Realty Investors, directing the firm’s asset management activities for $1.6 billion in real estate assets on the West Coast, serving as portfolio manager for several pension-fund clients, and assisting with business development efforts for separate-account services and commingled funds. Honors Honoree, Most Influential Women in Bay Area Business, San Francisco Business Times, 2008 Professional Affiliations Pension Real Estate Association Phi Beta Kappa Society President, Board of Trustees, Bay Area Friends of Armenia Education Bachelor of Arts, Political Science (magna cum laude), University of California, Los Angeles Master of Business Administration, Cornell University