The State of Denver Industrial

Andrea Karp serves as head of due diligence at Black Creek Group. Ms. Karp has also served as the Senior Vice President of Real Estate of IPT since January 2014 and previously for IIT from August 2010 to November 2015. From 2006 to 2007, Ms. Karp was Vice President of Fremont Investment & Loan, a California-based bank where she was responsible for originating commercial loans. From 1997 through 2006, Ms. Karp served as First Vice President of ProLogis. In this capacity, Ms. Karp was responsible for overseeing the Asset Services team, which handled all due diligence and underwriting activities of the corporate mergers, joint ventures, financings, acquisitions and dispositions with activity levels in excess of $6 billion per year. Ms. Karp holds a Bachelor’s Degree in Economics from the University of Colorado. Ms. Karp is a member of both CREW and NAIOP.

John is the President and Managing Partner of Comunale Properties and its affiliated companies. John is responsible for strategic planning, capital structuring, business development and all property and asset management operations for Comunale. He is also the founder and Managing Partner of the company’s investment affiliate, The J.Red Group, and serves as the Manager of all new investment partnerships. Under John’s leadership, Comunale has become a fully integrated multi-market real estate platform with more than 30 owned and managed assets.

Chad has been focused on the commercial real estate industry for 17+ years beginning his career in 1998 at Grubb & Ellis Company. After five years of working in the Investment Properties Division at Grubb & Ellis, Chad was recruited to CBRE, a Fortune 500 company and the world’s largest commercial real estate services firm, to form the Colorado Region’s Private Capital Group (PCG). Chad expanded the group’s market share in Colorado from near zero to over 23% in just three years, personally transacting on over $1 billion of commercial real estate properties. Due to his success, CBRE’s senior executives took notice and promoted Chad to the Managing Director of PCG at a national level overseeing 180 brokers in 21 markets. During his five year tenure, he expanded PCG’s reach into 54 markets across the US and Canada consisting of 350 brokers and staff. At the peak, his team traded $6.2 billion in commercial real estate in a single year generating over $100 million in revenue to the firm. In 2008, Chad was promoted to Senior Managing Director making him the youngest person in the firm to achieve that that title worldwide. Additional accolades include PCG’s Broker of the Year, PCG’s Innovator of the Year, PCG’s Team of the Year and consistently finishing in the 10 producing brokers in the Colorado Region. In 2007, the national publication of Real Estate Forum Magazine recognized Chad as one of their annual “Standout Stars.” Since leaving CBRE and forming Brue Capital Partners, Chad has been acquiring commercial properties throughout the US with a focus on properties located in Colorado. Chad’s extensive knowledge of commercial real estate and his vast network of contacts within the industry are invaluable to this effort and will serve the Company well.

David Smith serves as the Vice President for Trammell Crow’s Denver Business Unit, where he supports the leadership team in managing all aspects of the development process, including sourcing new development projects, securing debt and equity, maintaining client relationships, and helping to manage the zoning, permitting, planning, financing, construction and sales processes. David has over 10 years of experience in varied aspects of commercial real estate including lending, private equity acquisitions and joint venture investment, asset management, and development. David has played an integral role in over $1 billion in financing, acquisitions, joint venture investment, and dispositioning of residential, office, retail, hospitality, mixed-use, and land properties through 20 transactions across the U.S. and Caribbean.

Jason White is currently teamed with Mitch Zatz, Carmon Hicks and Nick Steitz, specializing in negotiating business terms for leasing, disposition, and acquisition transactions of industrial real estate assets, focusing on the I-70/East and Northeast submarkets. Jason brings astute financial acumen to identify long-term value for his clients by performing complex discount cash flow analysis that guides his clients to better understand the impact of their real estate decisions from the balance sheet to the bottom line Experience Jason’s past experience as a corporate finance/accounting professional provides deep exposure to both detailed and big-picture analytics of strategic corporate decisions. He has completed many complex deals ranging from full scope development projects, including tenant specific build-to-suit experience, to site selection for Fortune 100 companies, providing detailed analysis for supply chain/logistic studies and comparing incentive and demographic opportunities across municipality and state lines. Some of his most proficient skills include lease negotiation, financial modeling and analysis, budget development, site selection, client communication and process efficiencies. Education and Affiliations Jason earned his Business Administration degree in Finance and certificate in Entrepreneurship and Small Business Management from the University of Colorado - Boulder. He is currently involved with DMCAR, NAIOP, and sits on various committees for NAIOP’s Developing Leaders program. Achievements - Recognized both locally and nationally as one of the top young producing brokers across all product types - #1 young transaction broker at DMCAR’s 2016 Heavy Hitters - JLL Denver’s Rookie of the Year – 2016 - Nationally recognized as one of 6 JLL Rising Stars Contact T: +1 303 390 5200 E: jason.white@am.jll.com

Jeff serves as Principal of ARCO/Murray’s Denver-based operations, which supports the larger ARCO organization that eclipsed $2B in Revenue in 2020 and became the nation’s largest Industrial Builder. He is responsible for all aspects of the design-build process from personnel recruiting to construction execution. Jeff is focused on providing value in several product types, including Industrial, Multifamily, Entertainment Retail, Self-Storage, and others. He is a fierce believer in the design-build methodology and is focused on contributing to his customers’ success through delivering speed-to-market and the lowest cost solution in every instance. Jeff comes from a structural engineering background, where he worked in the industry in Chicago after receiving a M.S. in Structural Engineering from the University of Illinois and a B.S. in Civil Engineering from Northwestern University.

Randall C. (Randy) Hertel joined Majestic Realty Co. in 1988 and currently serves as Executive Vice President and as a member of the Board of Directors. Overseeing Majestic’s Denver/Aurora-area offices, Randy played a lead role in developing the 1,500-acre Majestic Commercenter in Aurora, Colo., as well as premier industrial parks in California and Utah. Named to The Denver Business Journal’s “Who’s Who in Industrial Real Estate” since 1997, Randy sits on the board of the Aurora Economic Development Council and The Children’s Hospital Colorado. He attended Rice University in Houston on an athletic scholarship where he earned a Bachelor of Arts degree in Business.

As a Senior Vice President, Kevin oversees United Properties’ development and investment business in Colorado. He has more than 30 years experience in the development, acquisition, financing and disposition of more than 500 properties representing nearly $2 billion in value. CURRENT PROJECTS • INOVA Dry Creek The first speculative building of its type in 15 years, INOVA Dry Creek will offer nearly 695,000 sq. ft. of office, industrial and multi-family uses. • Enterprise Business Center Comprised of three phases and seven buildings, EBC will total 2 million sq. ft. at completion. EBC Phase I was awarded NAIOP’s 2014 Industrial Development of the Year. • 61 Inverness An 87,000 sq. ft. offi ce building acquired below replacement cost, extensively renovated and retenanted. EDUCATION Kevin holds a Bachelor of Arts degree in history and a Master of Business Administration in real estate from the University of Wisconsin-Madison. PROFESSIONAL INVOLVEMENT Kevin is a member of the Urban Land Institute (ULI), International Council of Shopping Centers (ICSC) and Rocky Mountain Human Services. He is a board member and 2016 President of the Colorado Commercial Real Estate Development Association (NAIOP) and the University of Colorado Real Estate Council.

Ryan Good has been a driving force in Denver’s real estate industry for more than 17 years. As Managing Partner of Good Investment Partners, Ryan provides the vision for the firm’s leadership and operational teams while building strategic partnerships with investors and key stakeholders. Known for his ability to align the right opportunities with the right partners, he leverages longstanding relationships to source opportunities in various market sectors and segments. Prior to founding Good Investment Partners, Ryan served as Executive Vice President and Partner for the largest privately held real estate firm in Denver. He was instrumental in the significant growth of the company and ultimately disposition of all assets that led to multiple record-setting sales. Through this process, Ryan developed a deep understanding of what next-generation businesses need to grow and succeed. Over his career, Ryan has been involved in more than 1,000 real estate transactions valued at over $1.5 billion dollars. Awards and Affiliations  Leadership Denver Class of 2015  2019 Denver Business Journal’s 40 Under 40 Winner  2020 NAIOP Sherman R. Miller Trailblazer Award  Active member of ULI, DMCAR, SIOR and NAIOP

Eric Larsen has been working in the Colorado real estate and construction industry for 12 years. During that time, he has focused almost exclusively on industrial and commercial office properties. As the Vice President for Evergreen Industrial, Eric oversees all front end operations including client acquisition, proforma analysis, entitlement and planning efforts, contract negotiation, design and project budget oversight.

Richard Burrow leads a national consulting team that supports warehouse/distribution and ecommerce fulfillment center development around the country. His most recent Colorado regional experience includes the development of two major projects in Thornton and Aurora, which in total cover nearly two million square feet. Many of Mr. Burrow’s recent projects have received major awards and recognition from industry associations such as the Urban Land Institute and the American Council of Engineering Companies. Richard received his Bachelors in Engineering from the University of Glasgow, Scotland with a concentration in Civil Engineering.