About FPL Associates  Recognized leader in real estate compensation consulting for over 20 years  Client base spans public and private real estate irms and across all sectors, property types, and strategies  Conducts 100 to 150 projects annually at real estate irms across the globe and 20 to 30+ real estate surveys per year covering positions across all organizational levels and functions/departments  One‐of‐a‐kind, proprietary database boasts the largest source of global and domestic real estate compensation data FPL Advisory Group Executive Search Compensation Management Consulting Chairmen/ Benchmarking Strategic Planning Program Design Organizational Design Contractual & Policy Corporate Finance Chief Executive Of icers/ Presidents Board of Directors/Trustees Ferguson Partners Boston Chicago FPL Associates Hong Kong London New York Singapore San Francisco Tokyo Toronto www.fpladvisorygroup.com Contact Should you have any questions about the material presented herein, the 2014 Survey, or FPL Associates, please contact: Josh R. Anbil Senior Managing Director janbil@fplassociates.com (312) 893‐2315 Melissa B. Thelen Vice President mthelen@fplassociates.com (312) 893‐2330 Lindsay Pankratz Survey Manager lpankratz@fplassociates.com (312) 893‐2337 © 2014 FPL Associates L.P. All rights reserved. FPL Associates L.P. and its af iliates (collectively, “FPL”) are providing this report for informational purposes only, and no business or professional relationship is created in connection with the provision of this report. This report is provided exclusively with the understanding that FPL is not engaged in rendering professional advice or services to you, including, without limitation, tax, accounting, or legal advice. Nothing in this report should be used in or construed as an offer to sell or solicitation of an offer to buy securities or other inancial instruments or any advice or recommendation with respect to any securities or inancial instruments. Because we rely on information provided by survey participants, FPL cannot provide representations or warranties, express or implied, with respect to the accuracy of the information aggregated in the survey results. FPL disclaims any liability for action taken as a result of this report and its indings. The information contained in this report is protected by United States and international copyright laws. Reproduction or use of the whole or any part of the contents of this report without the written permission of the copyright holders is strictly prohibited. 4  .