___________________________________________________________________________________________ INDUSTRIAL\OFFICE & MULTI-FAMILY ACQUISITION & DEVELOPMENT EXECUTIVE, INVESTMENT

SALES\LEASING BROKER and ASSET MANAGER CORE COMPETENCIES:

Problem solving and deal making; Negotiating and closing real estate transactions; Sourcing “off market” core, value add and opportunistic real estate assets; Land use regulation, environmental laws and securing real estate permits, entitlements and other public approvals at the local, state or federal level; Effectively managing in-house and third party acquisition, due diligence, engineering, project planning, design, financing, development, construction, leasing\sales, legal and asset management teams.

REPRESENTATIVE HIGHLIGHTS:

● Award winning industrial, office, multi-family & mixed-use developer, broker and real estate transactional attorney.

Acquired, entitled, financed, developed, leased, managed and\or sold hundreds of millions of dollars of commercial properties in CA, AZ, TX and FL-- including mid to large scale industrial parks, office\business parks, office & industrial buildings, multi-family projects and mixed-use properties. In 2015, negotiated & closed $28 million of RE sales transactions, $46 million of RE purchase transactions and a large number of complex commercial lease transactions on behalf of California clients.

● Concurrently and within 12 months, assembled, master planned, entitled, subdivided, financed and closed on a 50 acre

FL office\industrial park; an 18 acre FL industrial complex; and a 21 acre FL suburban office park which was approved for 240,000 s.f. of Class A office space. Also, permitted, financed and completed two FL business parks and approximately 200,000 s.f. of Class A Florida office\industrial space in approximately 12 months.

● Negotiated the financial participation of a Florida municipality in connection with the construction of infrastructure improvements for a 500 acre, highly visible Interstate 75, industrial\mixed-use project on behalf of a large scale national developer. The municipality’s projected financial contribution was valued at $20+/- million. master planning.

● Secured the exclusive right to redevelop two city blocks in two SoCal CBDs on behalf of a multi-national developer. Co-negotiated a complex development agreement with a CA city which enabled a multi-national developer to proceed with the construction of a 300,000 s.f., Class A, office building which had been delayed by a building moratorium.

● Negotiated & closed millions of dollars of commercial leases for office, industrial and retail properties. Established contacts with prospective industrial & office tenants, fund advisors, investors and institutional property owners in CA and across the U.S. Proficient with DCF analysis, financial spreadsheets & visual presentation software.

● Pioneered new standards in office\industrial building design, engineering & construction in Florida. First completed Florida industrial building won the “Outstanding Industrial Building of the Year Award” (Conferred by the Central

Florida Chapter of NAIOP). Completed buildings are currently owned by Prologis, the Illinois Teachers’ Retirement System and others. Highly construction savvy with years of “hands on” construction management experience (project management, blueprints & on-site testing). Expert in the development, renovation, repositioning and construction of industrial and office parks, mid to large scale industrial distribution & manufacturing facilities and office\flex buildings.

● Skilled in land use & environmental regulation (CERCLA, CEQA, NEPA, CWA, CAA, ESA & CA Green Code),

master planning, local, state & federal entitlement work & approvals (e.g., permitting, zoning, easements, conditional use and variance permits, general plan & subdivision plan approvals, storm water management district & FEMA approvals, DDAs, DRIs and DCA approvals, EIRs & EISs, ACOE, FDOT or FDEP approvals and utility agreements). Planning Commission\City Council meetings & other public hearing experience. Stake holder\community meetings experience. Highly computer and technology savvy.

REPRESENTATIVE REAL ESTATE EXPERIENCE:

ORION INVESTMENT PROPERTIES, INC. Ventura, California\Orlando, Florida.

A full-service commercial brokerage, development, leasing, and management company. Orion’s principal business is the brokerage & development of office\industrial parks and office\industrial distribution centers. President\Owner. Over a 12-year period, grew a small start-up company into one of the 25 largest commercial

brokerage companies in Central Florida. Orion brokered, fee developed or developed for its own account, multiple medium scale projects including: two build-to-suit distribution facilities for Graebel Moving & Storage Co. (one of the nation’s largest moving & storage companies); a 16 acre industrial tract in Orange County, FL; a 9.5 acre neighborhood shopping center in Orange County, FL; a 33 acre master planned, mixed-use, office\retail development in Manatee County, FL; and a 20 acre, mixed-use, 200+ unit multi-family, office & retail project in Altamonte Springs, FL. In 2007, Orion completed an $11 million 163,200 s.f. distribution center located in Orlando, FL. Project was fully leased prior to completion. It involved complex entitlement issues including wetlands destruction & mitigation, rezoning & subdivision, a FEMA flood plain amendment (LOMA), a successful appeal to City Council from an adverse ruling by local zoning authorities, and cost sharing agreements with local utilities for infrastructure improvements. Negotiated an increase in the scale of the project which increased the project’s market value by $900,000.00. Lowered the building’s FF elevation by 1.5 feet which significantly reduced the cost associated with import fill and convinced FEMA to waive an expensive flood plain study.

MICHAEL MALONEY Education\Licenses:

5450 TELEGRAPH ROAD SUITE 100 Stanford University - BA (with Honors) VENTURA, CA 93003 Stanford Law School - JD (Attorney-CA & FL).

EMAIL: REALESTATE@ORION-INVESTMENTS.COM Stanford Business School - MBA (Broker-FL).

TELEPHONE: (805) 904-3157 HTTP://WWW.LINKEDIN.COM/IN/MJMPA/

GRANITE PEAK PARTNERS, INC. Santa Barbara, California.

Granite Peak Partners is a commercial, industrial and residential development, investment and advisory firm which owns and manages investment grade real estate throughout the Western United States. The firm was founded in 2003 by senior level executives with over 100 years of combined experience in commercial and agricultural real estate. Since its inception in 2003, Granite Peak Partners has acquired and\or developed a $200 million plus portfolio of multi-family housing, industrial-flex buildings, warehouse distribution centers, office & business parks, and self- storage facilities located in Seattle, Denver, Southern California and North Dakota. The firm currently manages over $150 million of investment grade real estate and advises clients on a billion dollar plus real estate portfolio.

Vice President Asset Management\Development. Responsible for managing and maximizing the value of GPP’s

Western U.S. real estate and advisory portfolio which was comprised of multi-family housing, industrial-flex buildings, warehouse distribution centers, office & business parks, self- storage facilities and agricultural land valued at more than $1.2 billion. Also managed GPP’s internal asset management & accounting personnel as well as third party PM’s and leasing\sales brokers. Also a member of the company’s acquisition, disposition, development, construction and capital formation team.

WEBB INTERNATIONAL, INC. Orlando, Florida.

A Southeastern U.S. Industrial and Office Real Estate company which owns and manages approximately 6 million s.f. of office\industrial distribution space in Florida; 1500 acres of entitled and strategically located land south of the Ports

of Jacksonville, FL and a 10-acre industrial lot located in AIPO (a 1300-acre industrial park originally developed by Webb which is located adjacent to the Orlando International Airport). The company and its affiliates include a R.E. brokerage & property management company, an architectural design & engineering company and a general construction company. Market Officer. Responsible for the development and master planning of a 1500-acre office\industrial park in

Jacksonville, FL as well as new acquisitions, sales of existing buildings, leasing, financing, construction & asset management for the company’s S.E. United States industrial R.E. portfolio. In the past year, the company sold an 817,000 s.f. distribution center (completed in 2008 for Samsonite); sold a 110,000 s.f. D.C. (built in the 1980’s); leased 50,000 s.f. in its corporate headquarters’ building; leased 100,000 s.f. in a recently completed D.C. in Jacksonville, FL and leased 25,000 s.f. in one of its warehouse facilities located adjacent to the Orlando International Airport. LINCOLN PROPERTY COMPANY Orlando, Florida.

A global real estate development, leasing & asset management company. Lincoln has acquired\developed more than

$35 billion of commercial/residential real estate. Lincoln employs 5,000+ people who work in 100 U.S. markets and nine European countries. In 2008, Lincoln was ranked as the largest developer and 5th largest property management company in the U.S. Senior Vice President. Responsible for Lincoln’s industrial acquisition, sales, leasing, build-to-suit, development,

property management and distressed real estate services business in Florida. Also responsible for acquiring, selling or leasing office & office\flex properties. Represented tenants, landlords and institutional investors throughout the Southeastern U.S. Closed 1st sales transaction 5 months after joining the company (a 90,000 s.f. warehouse facility in Orlando, FL) followed by a 10-acre industrial land sale. Lead development & leasing executive for the industrial division’s sales & leasing team and its portfolio of industrial properties, including responsibility for the continued planning and development of Lincoln International Corporate Park (a 95 acre, 1 million s.f., Class A, office\industrial park owned by Morgan Stanley). Within 18 months, secured more than $30 million in leasing and sales listings for the company.

OXFORD DEVELOPMENT ENTERPRISES, INC. Orlando, Florida.

A national real estate development, construction & property management company (2,000+ employees) which developed over $2 billion of office, industrial, retail & multi-family real estate in approximately 20 states, including 59,000 apartment units, seven shopping centers and 25 office & warehouse buildings. The Florida Regional Office was responsible for the development & leasing of approximately $200 million of industrial, office and multi-family residential real estate per year. Senior Vice President\Operating Partner. Opened, staffed & managed a new S.E. regional commercial\industrial

division which quickly grew to more than 15 development & project managers, senior construction managers, estimators, a mortgage broker, leasing agents, property managers and project accountants. Second highest ranking officer in the region. Responsible for the statewide development, leasing & management of industrial, office & multi-family properties. P & L responsibility for projects with capital budgets exceeding $100 million. Within 24 months of hire--assembled, entitled and closed on a 50+ acre office & industrial park in Orange County, FL; assembled, entitled and closed on an 18-acre industrial tract in Orlando, FL; assembled, entitled and closed on a 21-acre office park in Lake Mary, FL & secured entitlements for 240,000 s.f. of Class A office space. Completed infrastructure improvements on a 50-acre industrial park. Also completed 200,000 s.f. of Class A industrial distribution space. Master planned a 100-acre mixed-use business park and led the way for the development of a Jim Rouse\Church Street Station festive retail center in downtown Orlando, FL. Successfully positioned Oxford as a leader, innovator & significant player in the Orlando MSA market.

CAMPEAU CORPORATION CALIFORNIA. Los Angeles, California.

Campeau was, at the time, one of North America’s largest privately held multi-product real estate development

companies with assets in excess of $1 billion. Reported to the SVP of commercial development for the U.S. Director of Commercial Development\Southern California. Responsible for acquisitions, development, project

management, financing, construction, leasing/sales and property management. During first 24 months of employment, opened and staffed a West Los Angeles office; began relationship building with four new joint venture partners, turned around a stalled 117,000 S.F. “for sale” office condominium project; successfully negotiated a complex development agreement with the City of Santa Monica which enabled Campeau to proceed with the construction of a 300,000 S.F. Class A office building; successfully competed for the exclusive right to redevelop an entire city block in the downtown Los Angeles CBD and in the downtown Santa Ana CBD; and completed the assembly, master planning,

entitlement and phase I construction of a 165 acre industrial\business park located in San Bernardino, California (n\k\a State College Business Park). P & L responsibility for projects valued in excess of $500 million.

CADILLAC FAIRVIEW. Los Angeles, California.

Cadillac Fairview was, at the time, one of North America’s largest publicly held real estate development companies with assets in excess of $2 billion. Reported directly to the President of the U.S. Western Region. Provided staff and line support to the Region’s industrial, office, mixed-use and residential development divisions.

Acquisition & Development Analyst\Manager (U.S. Western Region). Assisted with the acquisition, development,

construction, leasing, financing and property management of office, industrial and mixed-use properties in the Western United States, including a 180,000 S.F. mid-rise office building which was 100 percent leased prior to construction completion, hundreds of thousands of square feet of warehouse distribution space located in two (2) large scale (270 and 500 acre) master planned industrial parks, and California Plaza, a billion dollar plus, mixed-use project, located in the downtown Los Angeles CBD. Also analyzed and evaluated more than 1000 acquisition and development opportunities throughout the U.S. Western Region (CA, AZ, WA, CO & NV) and prepared complex development proposals for senior management (including joint venture partnership agreements), conducted extensive market research and prepared market studies, financing & leasing proposals, budgets and pro formas for selected projects. Helped lead the redevelopment, leasing and sale of hundreds of acres of improved industrial property in Southern California.

EDUCATION: STANFORD LAW SCHOOL\STANFORD GRADUATE SCHOOL OF BUSINESS. Palo Alto, California.

Received JD and MBA degrees. Admitted to Stanford’s joint JD\MBA program. JD and MBA degrees conferred in four

years. Concentration: finance, tax, real property, securities regulation and marketing. Recipient of a California State Graduate Fellowship Award, Carl B. Spaeth Fellowship Award, and Council on Graduate Management Education Fellowship Award.

STANFORD UNIVERSITY. Palo Alto, California.

Received BA degree with Honors. Concentration: East Asian economic & foreign policy as well as psychology.

Additional study in economics, probability theory and statistics. Member--Phi Delta Theta (a national fraternity). Recipient of a California State Scholarship, Leland Stanford Junior Memorial Scholarship, and Eliza Shaw Baker Scholarship.

PRESENT\PAST MEMBERSHIPS:

Urban Land Institute, NAIOP, the Downtown Orlando Partnership, ABA, Ventura County Bar Association, the Orange County Bar Association, Habitat for Humanity and Meals on Wheels. Chairman of K.A.R.E.—a charity which raised funds for the construction of the Arnold Palmer Children’s Hospital in Orlando, Florida. S.E. Regional Director for SPIRE (Stanford Professionals in Real Estate--www.spirestanford.org—a 1500+ member global organization composed of

Stanford University alumni working in the real estate industry). ADDITIONAL EXPERIENCE: Land Use\Environmental Regulation, Real Estate Transactional & Litigation Attorney. Major law firm experience in

CA and FL with Meserve, Mumper & Hughes (15 +\- Attorneys--CA), Adorno & Yoss (270 +\- Attorneys--FL) and Becker & Poliakoff (125 +\- Attorneys--FL). Practice Areas: Land use & environmental regulation; entitlement work including

permitting, zoning, easements, subdivision plan approvals; real estate transactions including acquisitions, sales, leasing, financing, workouts, forbearance agreements, debt restructuring, developer agreements, loan closings, title\survey work, vendor contracts, J.V. agreements, PPM’s, commercial leases & purchase\sale agreements; developer & tenant representation; and commercial, construction & real estate litigation including tenant disputes & foreclosure work.

Michael J. Maloney

Representative Projects

AIRPORT COMMERCE CENTER. A 50-acre,

multi-phase, mixed-use, office, retail, and industrial park located on the Southeast corner of Orange Avenue and Sand Lake Road in Orange County, Florida. Mr. Maloney, on Oxford’s behalf, assembled and master planned the land which comprised the park and was directly responsible for the design, development, financing, and construction of the park’s infrastructure as well as a Phase I, 100,000 square foot, dock-high, rear-load, tilt-wall warehouse building which received the “Outstanding Industrial Building of the Year Award” from the Central Florida Chapter of the

National Association of Industrial and Office Parks (NAIOP). The Illinois Teachers Retirement System now owns this building and many others in the Park.

THE GRAEBEL BUILDING I. A 41,300 square foot,

concrete block and metal, build-to-suit, warehouse building located on 2.56 acres in Orlando, Florida. The building was jointly developed by a general partnership composed of Orion Investment Properties, Inc. and Ted Bywater and built for Graebel/Orlando Movers, Inc., a subsidiary of Graebel Companies, Inc., which is one of North America’s largest moving and storage companies. Orion was the managing general partner and Mr. Maloney was responsible for the building’s design, development, construction, financing, leasing, management and ultimate sale. Mr. Maloney secured leasing commitments for fifty percent of the building prior to the start of construction, ninety percent of the building within approximately sixty days of substantial completion, and one hundred percent of the building within approximately seven months of substantial completion. Approximately two years following completion, the building was sold for a substantial profit.

OXFORD COMMERCE CENTER. An 18.7 acre,

$10 million, multi-phase, industrial complex located on the Northeast corner of L.B. McLeod Road and Maggie Blvd. in Orlando, Florida. Mr. Maloney, on Oxford’s behalf, acquired and master planned the 18.7-acre property and was directly responsible for the design, land development, financing, and construction of the property, including a Phase I, 81,000 square foot, dock-high, rear-load, tilt-wall warehouse building. Prologis now owns this building.

MILLWORK SALES DISTRIBUTION CENTER.

An $11 Million, 163,200 S.F., tilt-wall, build-to-suit manufacturing and distribution facility located on 12 acres at the intersection of John Young Parkway and Princeton Avenue in Orlando, FL. Mr. Maloney secured all required public entitlements which included subdivision and rezoning approvals; all project permits; authorization to destroy Florida wetlands (contingent on offsite mitigation) as well as development plan approval by the St. Johns Water Management District and the Army Corps of Engineers. Mr. Maloney was also responsible for the project’s design, development, construction management, leasing and marketing. The building was completed, fully leased and occupied in 2007.

THE 635 BUILDING. RINEHART RIDGE OFFICE & INDUSTRIAL PARK. This dock high, rear load, distribution facility is part

of a two phase project containing 240,000 S.F. The project is located in Lake Mary, FL and is 60% occupied. Mr. Maloney was responsible for the project’s marketing and leasing.

THE GRAEBEL BUILDING II. A $2.4

million, 42,000 square foot, tilt-wall & metal, build-to-suit, warehouse building developed by Orion Investment Properties, Inc. and Kenyon Southeast, Inc. The building is located in an investment grade industrial park in Jacksonville, Florida. Orion was the managing partner for the project. Mr. Maloney was responsible for the project’s development, construction, leasing, and financing. This was Mr. Maloney’s second build-to-suit project for Graebel/Orlando Movers, Inc., a subsidiary of Graebel Companies, Inc. which is one of North America’s largest moving and storage companies. Four years following completion, the building was sold for a substantial profit.

LAKE FOREST BUSINESS CENTER. A $9.5

million planned unit, for sale, condominium office development containing 28 single-story buildings with a combined area of 117,000 square feet and located in Orange County, California. Campeau and its local partner jointly acquired and subdivided the underlying property and designed, engineered, financed, constructed and sold or leased individual condominium units to end users. Mr. Maloney and Campeau’s local partner jointly managed the development and successful marketing of this property.

THE GATEWAY. A $17.6 million, 180,000 square foot,

twin-tower, five-story office building developed by Cadillac Fairview and located in Torrance, California. Mr. Maloney helped lead the team responsible for the project’s development, financing construction, leasing and marketing.

THE 2644 BUILDING. A $5 million, 36,000

square foot, office building renovation. The 1.2-acre site is located at the intersection of Ocean Park Boulevard and 30th Street in Santa Monica, California. Mr. Maloney assembled the design & renovation team, managed the design renovation program and represented the owner’s interest in the venture.

PLAZA FIGUEROA. A proposed $400 million, mixed-use, urban, redevelopment

project located in the downtown Los Angeles Central Business District. The project was scheduled to include a 52 story, one million square foot, office building, 500 room hotel, 248 unit high-rise residential condominium, and state-of-the-art theatrical/entertainment complex. The Los Angeles Community Redevelopment Agency awarded Campeau and its local partner the exclusive right to develop the proposed project. Mr. Maloney led the design and development team and secured the exclusive right to develop the 9th and Figueroa block.

2600 COLORADO AVENUE. A $60 million, 300,000 square foot, suburban office building located in Santa Monica,

California. Campeau and its local partner jointly acquired the underlying property and designed, engineered, and developed the project. Mr. Maloney managed the design, development, construction, leasing and marketing team and secured the entitlements necessary for the project’s construction.

SANTA ANA PLAZA. A proposed $64 million, mixed-use, urban, redevelopment

project; including 16 story and 8 story office buildings with a combined leasable area, including collateral retail space, of approximately 427,000 square feet. Campeau and its local partner jointly and successfully competed for the exclusive right to develop the proposed project. Maloney led the design and development team and secured the exclusive right to develop the property.

THE 660 BUILDING. RINEHART RIDGE OFFICE & INDUSTRIAL PARK. LAKE MARY, FL.

A 70,400 s.f. office\flex building located in Lake Mary, Florida with significant Interstate 4 frontage. Approximately 25% of the building is leased to Remington College. Mr. Maloney was responsible for the project’s marketing and leasing.

THE SAMSONITE BUILDING. IMESON INTERNATIONAL INDUSTRIAL PARK. JACKSONVILLE, FL.

An 817,680 S.F., $42.5 million, distribution center occupied by Samsonite. This center is Samsonite’s primary North American distribution facility. The building was completed in 2008 and was sold in 2012 to Global Income Trust—an Orlando, FL based investment trust. The building is located in Imeson International Industrial Park, Jacksonville, FL (a 1500-acre master planned industrial park located adjacent to the Ports of Jacksonville, FL). Mr. Maloney was responsible for the Park’s continued development & build-to-suit program as well as the leasing and sale of approximately 1 million S.F. of vacant distribution space. THE 780 BUILDING. IMESON INTERNATIONAL INDUSTRIAL PARK. JACKSONVILLE, FL.

This property is located in the Imeson International Industrial Park. Jacksonville, FL. This 280,000 S.F. distribution center sits on 15 acres. The Kaman company occupies 40% of the building. Mr. Maloney was responsible for the project’s marketing and leasing.

CHURCH STREET EXCHANGE (A Jim Rouse\Enterprise Development Co. Festive Retail Center)

Mr. Maloney brought the Rouse organization to Orlando, FL, secured the City of Orlando’s support for the development of a festive retail center in the downtown CBD and was instrumental in connection with the formation of a joint venture between Rouse and the owner of Church Street Station. This significant project was a catalyst for the revitalization of Orlando’s downtown central business district…a revitalization which eventually led to the development of new high rise office buildings, mixed-use\retail centers, multi-family for rent and for sale housing, new infrastructure investment, new sports and performing arts centers as well as the renovation and redevelopment of many downtown area single family residential neighborhoods. THE 3600 BUILDING. THE 33RD STREET INDUSTRIAL PARK. ORLANDO, FL.

This 116,400 S.F. office\flex property is located in the 33rd Street Industrial Park, Orlando, FL. The facility is 85 percent occupied. Mr. Maloney was responsible for the project’s marketing and leasing. In 2012, Mr. Maloney co-negotiated the lease of 50,400 S.F. to Hytech Delivery Services, Inc. (an Orlando based, large scale, electronics company).

THE 1350 BUILDING. AIRPORT INTERNATIONAL PARK (AIPO). ORLANDO, FL.

This 110,035 S.F. front load distribution facility is located in a 1350 acre, master planned, office & industrial park known as AIPO. This Park is adjacent to the Orlando International Airport. Mr. Maloney was responsible for the marketing, sales and leasing of approximately 955,000 S.F. of distribution space in the Park. In 2012, this particular facility was sold to Prologix (a major U.S. third party logistics provider). LINCOLN INTERNATIONAL CORPORATE PARK (Phase II). ORLANDO, FL.

Lincoln International Corporate Park is a multi-phase, Class A, 1 Million S.F. industrial distribution complex located on 95 acres near the Orlando International Airport. The Park is currently 25% complete. Its first 142,000 S.F. facility is occupied by The Walt Disney Company. Its second 92,000 S.F. facility is substantially occupied by Kratos National Defense & Securities Solutions, Inc. (NASDAQ—KTOS). Mr. Maloney and Lincoln’s industrial team were responsible for the Park’s development, construction, property management, marketing, sales and leasing. The Park is currently owned by Morgan Stanley.