Commercial Real Estate Valuation in the Coronavirus Environment

John’s diverse real estate background includes extensive property management experience with central business district class A office high rise, industrial, office/flex, retail, suburban office, and public facilities management. In addition to his property management background, John has distinguished himself in all aspects of tenant improvement and building construction. John has worked for such industry leaders as Hines Interests, Cabot Industrial Trust (now Cabot Properties) and CB Richard Ellis. John received his Bachelor of Arts in Economics and Political Science at the University of Richmond. John is a graduate of Culver Military Academy and a former United States Army Officer and helicopter pilot. EXPERIENCE: Principal and Founder - Cincinnati, Ohio 2001 to Present RICORE INVESTMENT MANAGEMENT, INC. GENERAL CONTRACTING PARTNERS, LLC. RICORE INVESTMENT MANAGEMENT SPECIAL ASSETS, LLC. Vice President and Midwest/West Regional Director Cabot Industrial Trust Cincinnati, Ohio 1998 –December 2001 Vice President and Director Commercial/CB Richard Ellis Cincinnati, Ohio 1994 – 1998 AFFILIATIONS • Former Chairman, Deerfield, Ohio Township Trustee Advisory Board • Former Board of Zoning Appeals Commissioner, Deerfield Township • Founder & Former President, Cincinnati Chapter – Culver Alumni Association • Member Building Owners and Managers Association (BOMA) • Member Institute of Real Estate Management • Certified Commercial Investment Member (CCIM) EDUCATION • United States Army Flight Training Academy, Fort Rucker, Alabama, 1988 • University of Richmond, Richmond, VA, 1987 - BA, Economics • Culver Military Academy, Culver, Indiana, 1983 - Cum Laude • Active Real Estate Broker’s License, Ohio – 2003 to present • Active Real Estate Broker’s License, Kentucky – 2009 to present

Bill Adams is the Senior Vice President and Senior Economist for The PNC Financial Services Group. Bill serves as PNC’s spokesperson on international economic issues. Bill is widely quoted in the financial press and is a regular guest on Bloomberg, CNBC, and other broadcast programs. Bill joined PNC in 2011.

Lev Orlov is the Managing Partner of Riverside Realty Capital. Riverside’s focus is identifying investment opportunities and operating partners on behalf of Fulton Realty Capital. Prior to founding Riverside, Lev was the Acquisition Manager for Viking Partners, a Cincinnati-based private equity fund that invests in value-add and core-plus commercial real estate.

Stacey Berger is the Executive Vice President of Midland Loan Services, a PNC Real Estate Business. Stacey is responsible for Midland’s Commercial Real Estate loan servicing and asset management. Stacey started with PNC in 1990.

Brian Olasov has more than three decades of strategic business and capital market experience and also an extensive background on real estate capital markets, troubled mortgage loans, and banking challenges. He works closely with the firm’s clients and attorneys providing financial due diligence on distressed mortgage loans, portfolios, and institutions including credit restructuring, valuation, bulk sales, and securitization. He provides analytical litigation support to the firm by developing damage estimates and financial implications of legal theories. Brian provides expert witness testimony to other law firms in disputes involving residential and commercial mortgage-backed securities (MBS), mortgage loan servicing and mortgage loan origination. He has been qualified to testify as an expert in valuation, loan origination, and loan servicing issues in residential and commercial mortgage-backed securities (CMBS) litigation. Brian has testified before the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP) on MBS and banks’ impact on real estate markets. He serves or has served on a variety of boards and committees including board of governors, executive committee, audit committee member, and chair of the Policy Committee of the Commercial Real Estate Finance Council (CREFC); board of governors of the Commercial Mortgage Securitization Association (CMSA), co-chair of the CMSA International Committee, and CMSA European Chapter founder; vice chairman of the Real Estate Capital Resources Association Mortgage Securitization Committee; board member of the Real Estate Investment Advisors Council, editorial board member of Commercial Real Estate Finance World; and board member of the Trigild Advisory Council. He is also an active participant in the Mortgage Bankers Association, the Georgia Bankers Association, and the Yale Alumni Schools Committee. Brian is sought after for national and international speaking engagements on a regular basis to present on the state of residential and commercial mortgage markets, MBS litigation, structured finance products, appraisal and valuation issues, and banking and lending regulations. From 2008 to 2010, Brian served as an adjunct professor at Emory Law School, and he has guest lectured at the graduate real estate programs of Georgia State University, Emory, Columbia University, Georgetown University, and Wharton. During business school, Brian worked in the research area of the Federal Home Loan Bank of Atlanta where he designed empirical models to test bank solvency and lending behavior. His work resulted in published research on the root causes of the banking crisis. Prior to business school, he worked in the fixed income securities department of a major Wall Street investment banking firm where he developed the Situation Analysis, a comprehensive report that analyzed and projected bank’s balance sheets and asset liability and credit risk exposures with investment, capital, and lending recommendations in addition to modeling mortgage-related structured finance products. Prior to Wall Street, Brian served as a commercial loan portfolio manager and commercial mortgage lending officer with a regional southeastern bank.