The Meritex Company Proposal V.2

PROPOSAL FOR ASSET SERVICES & PROJECT AND DEVELOPMENT SERVICES

SEPTEMBER 2019

CUSHMAN & WAKEFIELD

THE POWER OF

With more than 700 million square feet of property managed across the United States and Canada, the Cushman & Wakefield team has the experience and economies of scale to manage with excellence. We leverage the resources, relationships, and industry knowledge of our 4,000-person Asset Services team to benefit clients both financially and operationally. Our cross-platform knowledge, industry connections and internal research resources provide insight into each asset’s market position, assisting our clients in making the most informed decisions for their portfolio.

CUSHMAN & WAKEF I ELD | 2

ASSET SERVICES

CUSHMAN & WAKEF I ELD | 3

CUSHMAN & WAKEFIELD’S ASSET SERVICES GROUP PROVIDES COMPREHENSIVE PROPERTY MANAGEMENT SERVICES THROUGHOUT THE LIFE-CYCLE OF A REAL ESTATE ASSET TO CORPORATE, INSTITUTIONAL, AND PRIVATE COMMERCIAL REAL ESTATE INVESTORS.

Our team provides property management services far beyond daily operations and maintenance, both in recognition of the needs of tenants and in acknowledgment of the impact quality service has on asset value.

While first impressions matter, so does every impression after that, and Cushman & Wakefield’s management team is committed to ensuring its properties make an enduring excellent impression, every time.

For those assets where tenants and owners expect an even higher caliber of management services, Cushman & Wakefield offers its elite World-Class Management Service model. This premium approach to owner representation delivers superior value and optimal bottom-line results by minimizing operating costs, maximizing efficiency and tenant services, and protecting the value of each asset. Management services are tailored to meet ownership’s goals for each property, and the management staff is trained to establish meaningful relationships with tenants while maintaining operational excellence. Best practices and technologies are constantly derived from across the real estate spectrum and Cushman & Wakefield’s global platform, and implemented to support both current needs and those anticipated in the future. Cushman & Wakefield’s World-Class Management Service helps assets gain market distinction, and stand apart from the competition from both service and operational perspectives.

CUSHMAN & WAKEF I ELD | 4

THE CUSHMAN & WAKEFIELD EDGE

Integrated Team — Cushman & Wakefield professionals are passionate about producing exceptional results. We recognize the roles most understood as behind- the-scenes have a significant impact on a building’s image. Our entire management staff, from the front-of-the-house to the back-of-the-house, works together to go beyond the basics and achieve greatness. Tenant Satisfaction — We maintain an unwavering commitment to tenant engagement and feedback. Through routine, in-person visits and unique tenant events, our management professionals consistently see high tenant satisfaction and retention. Attention to Detail — Cushman & Wakefield exercises a hospitality and service-minded approach to property management. With an elevated attention to detail, our World-Class Management Service provides each building with a distinct reputation for management excellence.

SERVICE BEYOND THE MANAGEMENT AGREEMENT Management teams should exercise a hands-on approach to management by performing routine visual inspections and frequent contact with tenants. However, service excellence is extended beyond basic duties and includes proactive tenant interactions. • Handle tenant complaints by being proactive and meeting with the tenant in person to discuss issues. • Ensure engineering and maintenance staff are held accountable while being conscious to never disrupt a tenant’s experience. • Write hand written thank you notes to show your appreciation. • Ensure customer service best practices are followed by not only the front-of-house management team, but also back-of-house staff such as engineers and vendors.

CUSHMAN & WAKEF I ELD | 5

TRANSITIONS & QUALITY CONTROL

The TQC team ensures all property transitions are seamless by facilitating the communication and workflow between all parties involved in the transition process.

CUSHMAN & WAKEF I ELD | 6

TRANSITIONS & QUALITY CONTROL

Cushman & Wakefield’s Transitions & Quality Control (TQC) team facilitates the transition of new business to the Asset Services portfolio, providing compliance oversight and quality control, leading and supporting technology needs within the service line, and serving as an overall resource and support team to the business. Our TQC team handles all aspects of the transition process, allowing our property management teams to cultivate client, tenant and service provider relationships, identify ways to maximize revenue and asset value, and reduce operating expenses. TRANSITION WORKFLOW: TQC coordinates the workflow between all parties involved in the transition process using an internally built and maintained pricing and notification tool for new business and a comprehensive, target-dated checklist. LEASE ADMINISTRATION: TQC reviews all lease documentation for newly transitioned business and enters key terms into the lease administration software to ensure accurate tracking of important data, key dates and financial information used to generate tenant rent statements and lease abstracts. COMMUNICATION: By facilitating the communication channels among property managers, client accounting, corporate accounting, human resources, IT and clients, our process ensures all new property transitions are seamless. TRAINING: TQC partners with the Training & Development team to produce training videos and manuals, provide on-site training, serve as subject matter experts to review training material and host training webinars for our Asset Services personnel. QUALITY CONTROL: TQC aids in developing operational standards to ensure policies and best practices are closely followed for accurate and consistent data collection and reporting, as well as risk mitigation for our teams and their clients. BEST PRACTICES: TQC facilitates the development of Office365 SharePoint sites used internally for our teams and externally for our clients for ease of access to data and document sharing. SERVICES AND EXPERTISE

120M square feet transitioned into the platform in 2018 5,500+ leases abstracted or audited in 2018 1,000+ assets transitioned in 2018

CUSHMAN & WAKEF I ELD | 7

TENANT EXPERIENCE

TENANT EXPERIENCE

Cushman & Wakefield believes a successful tenant experience extends beyond daily operations and maintenance and is curated with quality service and fundamental management solutions. Our management approach for industrial assets, including proactive communication, accessible and visible team members, rapid response to maintenance requests, high-touch tenant interactions and active solicitation of structured, measurable feedback, positively impacts tenant perceptions, tenant retention and asset value. Cushman & Wakefield has developed a tenant relations and retention program specifically catered to our industrial and flex assets where we establish meaningful tenant relationships while maintaining operational excellence. Elements of this program include: VISIBLE TEAM: Our management and engineering professionals are focused on maintaining our industrial assets in a Class-A fashion, consistently improving building operations and maintenance through routine visual inspections, comprehensive preventive maintenance plans and quick response times. ACTIVE COMMUNICATION: Cushman & Wakefield can utilize various mediums to communicate with tenants. Ideas include developing a building website to provide a secure space to communicate upcoming tenant events, share building manuals and emergency response plans and submit work order requests; utilizing social media platforms so tenants can “check-in” at events and receive information on upcoming programming and building news; and publishing a monthly tenant newsletter to keep tenants informed. FREQUENT, IN-PERSON TOUCHPOINTS: Tenant welcome baskets will be delivered by the management team on the first day of the tenant’s operation. As ongoing recognition, special treats are delivered to commemorate tenant anniversaries. The management team will send cookies/fruit along with a personal note or email to acknowledge decision maker accomplishments. REGULAR, MEANINGFUL TENANT EVENTS: The management team can meet with tenants to gauge their interest in different types of events. Ideas include luncheons, book fairs, charity drives, ice cream socials and health screenings. Events will allow tenants the opportunity to network with the management team and neighboring tenants, forming a close community. To effectively measure our management performance and tenant satisfaction, Cushman & Wakefield conducts tenant surveys through a nationally recognized tenant survey leader, Kingsley Associates. We will actively engage these surveys to measure our management strategy and effectiveness, analyze where necessary adjustments must be made and correct course as necessary. Survey results will be shared with tenants to ensure they are receiving the highest level of customer service and understand their feedback is valued.

CUSHMAN & WAKEF I ELD | 9

ELEVATING THE TENANT EXPERIENCE

TENANTS ARE TWICE AS LIKELY TO RENEW THEIR LEASE IN AN ENVIRONMENT WHERE THEY HAVE STRONG RELATIONSHIPS WITH MANAGEMENT STAFF, QUICK RESPONSE TIMES, AND ACHIEVED COMMUNICATION PREFERENCES. CUSHMAN & WAKEFIELD IS DEDICATED TO SERVING AS A PARTNER TO THE MERITEX COMPANY AND PROVIDING HIGH-LEVEL HOSPITALITY SERVICE TO APPEAL TO THE TENANT MIX. A successful tenant experience begins by delivering fundamental management solutions including: • Proactive communication • Accessible and visible team members • Live phone communication vs. digital answering systems • Rapid responses to maintenance requests • Consistent vendor and tenant interaction, encouraging a team environment • Active solicitation of structured, measurable tenant feedback via tenant surveys Proactive communication and positive personal relationships between building staff and tenants is important to tenant retention. Cushman & Wakefield utilizes a hands-on approach by performing routine visual inspections and contact with tenants and executive decision makers. At the tenant-level, web-based work order systems, regular communication, and tenant/manager interaction help build the trust and mutual respect needed for a successful tenant/manager relationship. Our Training & Development team works to ensure the entire management team is coordinated in their messaging and focused on delivering superior customer service. Individual new hires receive training by local operation leaders. Larger new hire groups are onboarded by a corporate training team consisting of senior leaders in property management, client accounting, and human resources.

CUSHMAN & WAKEF I ELD | 1 0

TENANT EXPERIENCE PROGRAMMING

Tenant Newsletter

ANNIVERSARY GIFTS

June 2016

FARMER’S MARKET

Welcome! [INSERTWELCOMEMESSAGE] lant,omnimus endiste magnistium reperemdolorenditenisdolorec tisciam et oditasp eribus eniet labo.Nosandero tet autet voluptatecte cuptinctur?Quiomnimollendi apiteprenonsectas remque pepelendit eatibus vitisquibus,ulparum eate voloremharchil expellum aboriatatintquam asut adque vollabo reseque est ipsum et la sitatenditaqui sinihitaque ventoptaspiciam, sendero ribus,quia imnonse autem aliquatem facipsandere sit iliquomaximusprepedis assenia veles sam idigeni hillaboribus et eossunt expligentempor ionseque ethicidis quinonsequedenducilique voluten imporitatem.Et lamet laut a veribusdolecati conporemomoloriorunt autame eatatempos apitaquiapeoccullaboruptati cullici libus.Us dolor suntiaspelluptas exceper ionsedquunt.

InsideThis Issue

Insert Contents

ICE CREAM SOCIALS

Insert Contents

Insert Contents

Insert Contents

Insert Contents

HOLIDAY PARTY

Etoccum fuga.Tior aboraessundi consedmodipitaepra dendiciavoluptaquunt intoomniamenihilicidmi,ommosutati tem rehentquassinis est,queodio. Itationsenetquia volum dolut autaqueneseprodolormaximus et reiciuntquaeditias con core, sequeprate vollam, velibusmaionsequiaeoccusan derferibusdamnonsedquos sumquisut alitidendae.

COCKTAIL PARTY

TENANT PICNIC

HALLOWEEN PUMPKIN CARVING

MONTHLY FOOD TRUCKS

FITNESS BOOTCAMPS

CHILI COOK-OFF

MASSAGES

ON-SITE AMENITIES

AUTOMOTIVE SERVICES

CUSHMAN & WAKEF I ELD | 1 1

TRANSITION & YOUR ASSET SERVICES TEAM

CUSHMAN & WAKEF I ELD | 1 2

WE ARE READY!

Cushman & Wakefield Asset Services Team is prepared to get started on the management of The Meritex Company’s Charlotte portfolio and upon being awarded, we will begin interfacing with ownership. We will engage existing Cushman & Wakefield management professionals, local and national resources, including our TQC team to participate in the portfolio transition and utilize our detailed and comprehensive Management Transition Checklist. The Management Transition Checklist enables our team to plan, manage and execute the transition to ensure a comprehensive approach is followed by a well prepared team with the resources at hand to deliver excellent service on day one. The customized checklist includes all team members and roles and is specific to your portfolio. Tasks are tracked to ensure a timely, efficient and successful portfolio transition. Wendy Monroe, Operations Director will oversee the transition and onboarding process. She will be supported by Josh Hammer, the Property Manager and Anna Tuulik, the Assistant Property Manager along with national corporate resources to ensure all aspects of the property management transition are identified and addressed. As we transition your portfolio, we will need to assume building operations and we recognize the importance of avoiding interruptions to your Tenants. Know we’ll work above and beyond to ensure expectations are exceeded. We expect during the initial transition period that we would have frequent conversations with you to provide updates on our progress, our findings and share information. OUR PROCESS.

CUSHMAN & WAKEF I ELD | 1 3

MEET THE ASSET SERVICES TEAM

WENDY MONROE, OPERATIONS DIRECTOR

JOSH HAMMER, PROPERTY MANAGER

ANNA TUULIK, ASSISTANT PROPERTY MANAGER

Wendy joined Cushman & Wakefield in 2012 and currently serves as the Operations Director for the Charlotte region and leads the Asset Services team. In this role, she focuses on business development, talent recruitment and retention, team engagement, client care and collaboration with Leasing, Project & Development Services, Valuation and Advisory and Capital Markets. Wendy is recognized as an industry leader and is active in her role serving on the Board of BOMA’s Charlotte chapter. She brings a high level and diverse range of experience to the Cushman & Wakefield leadership team and prides herself on strategic alignment of ownership goals with the proper team to bring a vision to reality.

Josh manages a 1.8 million square foot portfolio with notable institutional clients such as New York Life, Cabot Properties and Blackstone. Josh drives value for his clients by adhering to annual budgets, expertly managing A/R and implementing a hands- on approach to tenant relations. In his role, Josh is responsible for ensuring efficient operational and financial performance of each asset to include; budgeting, reforecasting, annual reconciliations, project management, tenant relations, risk management and all things compliance.

Anna joined Cushman & Wakefield in 2016 and is an integral part of her team’s success. Anna was quickly recognized as an “A” player and has made lasting impressions with notable clients such as Goldman Sachs, Cabot Properties, New York Life, KBS and LNR Partners. She is a master of organization and excels in policy and procedure management. Anna is heavily involved with tenant and vendor relations and leads the pack when it comes to exceptional contract administration, insurance management and compliance.

Josh is originally

Anna is an avid reader and lover of all things crafty, including knitting, hand lettering and photography.

Growing up, Wendy’s nickname was Bird, from Walt Disney’s Peter Pan and to this day, she’s just referred to as Bird in her family!

from a small, rural town in Pennsylvania where cows outnumbered people.

CUSHMAN & WAKEF I ELD | 1 4

PROJECT & DEVELOPMENT SERVICES

PROJECT & DEVELOPMENT SERVICES

Cushman & Wakefield’s Project & Development Services experts understand that real estate decisions go beyond space, cost, and schedule. We plan and manage the construction process, from beginning to end, to ensure value and savings, without sacrificing quality. With project managers in all major regions of the world, we support everything from one-time local assignments, to major development projects, and significant program roll outs. Project types include office, healthcare, data centers, hotels, build-to- suits, multifamily, government, biotech and more.

CUSHMAN & WAKEF I ELD | 1 6

OUR SERVICES INCLUDE:

DEVELOPMENT MANAGEMENT & ADVISORY Our team of experts provide Development Management and Advisory services that begin with the client’s objectives and goals in mind and end with a highly successful built environment. The elements of planning, developing, financing, constructing and opening a new campus, or even a single building, are extensive and complex. We recognize that every assignment is unique in both setting and objectives. We apply a thorough, situation-specific, requirement and goal assessment on the front-end, with meticulous planning and disciplined execution through construction. TENANT PROJECT MANAGEMENT Cushman & Wakefield provides expert, end-to-end Project Management services that remove the risk for our tenant clients. The key to our success is early involvement by assisting the transaction team with initial building selection while providing advice and input on work letters and related lease provision. Our goal is to ensure that the property and the landlord’s lease language align with what is possible from a design and construction perspective. Ultimately, we are engaged to bring work culture to life. INVESTOR SERVICES Cushman & Wakefield provides advisory and project implementation services to institutional investors, developers and owners of real estate. With project managers aligned with brokerage and capital markets professionals in all major regions of the world, we support everything from acquisition due diligence to one-time local capital assignments, to major development projects, and significant portfolio/program roll outs. ACCOUNT MANAGEMENT For clients with extensive real estate portfolios in multiple geographies, Cushman & Wakefield provides tailored program management solutions. Our global occupier clients benefit from a consistent built environment, whether the need is for a new location, a renovation, or the implementation of a brand re-design across a widely distributed portfolio.

CUSHMAN & WAKEF I ELD | 1 7

MEET THE PROJECT & DEVELOPMENT SERVICES TEAM

JERRY GRONSKE, PROJECT MANAGEMENT DIRECTOR

BRIAN BEAVER, PROJECT MANAGER

LAUREN DALTON, ASSISTANT PROJECT MANAGER

Lauren serves our clients as an Assistant Project Manager helping with process and administration on their projects. She uses her background in business and commercial real estate to help us keep projects moving forward on schedule. Before joining Cushman & Wakefield, Lauren worked for Novant Health, Inc. as a Real Estate Transaction Manager supporting all real estate transactions in the Charlotte MSA. During her time there, she was responsible for reporting status updates from the design & construction team to Market Leaders on 100+ projects monthly.

Brian has a strong construction background with experience

Jerry is a highly experienced senior executive who has over 26-years leading real estate development, construction, business expansion, reorganization, and relocation projects. Jerry has successfully managed diverse teams of business executives, owners, architects and engineers, contractors, and relocation companies to achieve project success for his clients. His track record lies in his ability to plan, organize, communicate with and bring together diverse constituencies around a common goal. Jerry is passionate about seeking and finding solutions to challenges including expansions, reorganizations and implementation of efficiency controls. He continuously gains the confidence of clients as a trusted partner to enhance their business.

overseeing a variety of projects and subcontractors. With over seven years of experience in the construction management industry, he has been involved in projects from concept to completion ranging in size from $30,000 to $35,000,000. The strong project management skills he developed while working for a General Contractor are an added asset to clients.

CUSHMAN & WAKEF I ELD | 1 8

COMPENSATION

ASSET SERVICES FEES

The greater of 2.5% of collected gross receipts or the following monthly minimum by park; Air Park West $675.00, Northpark $675.00 and CLT Logistics $4,300.00.

Management Fee

Salary Reimbursements

Included in Management Fee

Annual Yardi technology fee, cell phone(s) for allocated administrative staff(PM/APM), any supplies tied directly to the property, mileage for allocated administrative staff and work order system.

Reimbursables

Billed at $65.00/hr.; rate inclusive of cell phone, uniforms and vehicle expenses

Maintenance

* Maintenance engineer rate is 1.5x for OT. Call back OT will be billed with a (4) hour minimum

20 | CUSHMAN & WAKEF I ELD

PROJECT & DEVELOPMENT SERVICES FEES

LANDLORD CONTROLLED PROJECT: Tiered fee based on total project costs under our leadership (GC, A/E)

0 to $500K

5% ($3,000 minimum fee)

$500K to $1MM

4% plus that calculated above for lower amount

$1MM+

3% plus that calculated above for lower amount

LANDLORD OVERSIGHT OF TENANT CONTROLLED PROJECT: Flat fee for Oversight of Tenant Managed projects (tenant has their own PjM)

2% of Project Costs (GC and AE costs)

This is not capped at the TI Allowance

For example, if the tenant is given a $30/SF allowance but spends $40/SF our 2% would apply to the $40/SF.

THE % DOES NOT APPLY TO FFE AND OTHER TENANT COSTS

Such fees shall be earned pro rata as project costs are incurred and shall be payable upon presentation of Project Manager’s invoice, accompanied by copies of Contractor’s invoice and lien waivers with respect to the portion of the total project costs for which Manager is seeking payment. For purposes of calculating construction management fees, the term “total project costs” shall mean all costs associated with the applicable project, including design fees paid to Architects, Engineers and other design professionals. Any project involving cumulative costs below $50,000 shall be managed by Property Management staff.

2 1 | CUSHMAN & WAKEF I ELD

Brett Gray , Managing Principal Direct: +1 704 335 4442 brett.gray@cushwake.com

Wendy Monroe , Operations Director Direct: +1 704 335 4431 wendy.monroe@cushwake.com

Andrew Laing , Senior Managing Director Direct: +1 704 887 3022 andrew.laing@cushwake.com

CUSHMAN & WAKEF I ELD | 2 2