Managers Federal Appraisal, LLC offers various services tailored to the needs of managers and fiduciaries. Our clients include property managers, asset managers, corporate real estate managers, trust managers, and fiduciaries. Each manager has its own unique business requirements. That’s why Federal Appraisal was formed. Many of the appraisal and consulting needs of managers can only be solved with complex and non-traditional appraisal and consulting services. Federal Appraisal specializes in those services. We understand that each manager requires different analyses and reporting. We tailor each of our engagements to the needs of the individual manager and to the manager’s clients. Our services to managers include: Site selection Acquisition and disposition due diligence services and support Transaction assistance Executive Summary Reports and other report formats Lease Auditing and Analyses, net lease analyses Market reviews and real estate research Financial and sensitivity modeling Portfolio reviews International transaction/multi-lingual capabilities Management information systems and technology applications Tax reporting Cost Segregation Purchase Price Allocation Impairment Studies Portfolio and single asset appraisals or valuations Portfolio analysis and strategy Real estate department management review Advisor compliance reviews Property manager compliance reviews Market studies and research Feasibility studies Development analysis Internal and external appraisal reviews Expedited services for time-sensitive projects See our services for Accounting and Legal issues pages, for more information on Federal Appraisal. Management Consulting Issues and Solutions for Managers Federal Appraisal provides user-defined scopes of services and agreed upon procedures services relating to real estate managers. Securities and Exchange Commission (SEC) Federal Appraisal, LLC provides the real estate appraisals and valuation reporting support required by the SEC. See our SEC page for more information. Internal Revenue Service (IRS) Federal Appraisal, LLC provides the real estate appraisals and valuation reporting support required by the IRS. See our IRS page for more information

Leveraged Reverse Freezes Traditionally, a reverse freeze has been strategy that has been used to manage and transfer wealth between a limited partnership (“LP”) or a limited liability company (“LLC”) that is composed of both preferred and common interests. A reverse freeze is established in a way that makes the partnership interest the preferred interest. Preference returns are paid to the preferred partnership (“PP”) and are senior to all common partnership (“CP”) distributions. A leveraged reverse freeze is a configuration of a traditional reverse freeze. In a leveraged reverse freeze, a preferred partnership interest is exchanged for either a note, transfer of preferred partnership interest to a designated grantor retained annuity trust (GRAT), or other types of real estate planning means. Interest payments on such vehicles are typically paid at the applicable federal rate (“AFR”) or the Internal Revenue Code Section 7520 rate. Under most circumstances, the seller of the preferred partnership interest maintains the common partnership interest. The end goal of a leveraged reverse freeze is for the receiving family member or GRAT to receive a portion of the cash flow and appreciation after all interest payments/GRAT annuity payments have been accounted for. In order for a leveraged reverse freeze to be successful, it is critical for the preference rate, which is part of the preferred partnership, required to preserve the face value to be much greater than the applicable federal rate or the Section 7520 rate. Federal Appraisal LLC offers several important services for those creating leveraged reverse freezes including, but not limited to: Acting as a consultant to the estate planner regarding the structure of the partnership Determining the appropriate preference rate to the preferred partnership interest Determining the percentage of preferred partnership interests Calculating the Fair Market Value (“FMV”) of the common partnership interests Interested candidates of a reverse freeze, leveraged reverse freeze, or a vast array of other appraisal services can visit federalappraisal.com or email mark@federalappraisal.com A house amidst a large, well-manicured grassy field

Investors and Property Managers Each investor has its own unique business requirements. That’s why Federal Appraisal, LLC was formed. Many of the appraisal and consulting needs of investors can only be solved with complex and non traditional appraisal and consulting services. Federal Appraisal specializes in those services. We understand that each investor requires different analyses and reporting. We tailor each of our engagements to the needs of the individual investor and to those investing in the investors. Institutional and Private Investors REITS Insurance Companies, Pension Funds A sampling of the services other to investors follows: portfolio and single asset appraisals acquisition and disposition support portfolio analysis and strategy real estate department management review advisor compliance reviews property manager compliance reviews market studies and research feasibility studies development analysis net lease analysis appraisal process reviews workouts and restructurings internal and external appraisal reviews appraisal policies and procedures reviews appraisal management and appraisal department outsourcing expedited services for time-sensitive projects reconciliation services for conflicting valuation opinions underwriting analyses See our services for Accounting and Legal issues pages, for more information on Federal Appraisal. Management Consulting Issues and Solutions for Investors Federal Appraisal provides user-defined scopes of services and agreed upon procedures services relating to investors. Securities and Exchange Commission (SEC) Federal Appraisal, LLC provides the real estate appraisals and valuation reporting support required by the SEC. See our SEC page for more information. Internal Revenue Service (IRS) Federal Appraisal, LLC provides the real estate appraisals and valuation reporting support required by the IRS. See our IRS page for more information.