Since 2011, Mr. Cordier has served as Managing Director in Madison International Realty GmbH with primary responsibility for the sourcing, underwriting due diligence and execution of investments including limited partnership buyouts, mezzanine investments, equity recapitalizations, and structured equity investments with a focus on Germany, France, the Nordics, Poland and Portugal. Mr. Cordier structures and negotiates sale and purchase agreements, loan agreements, joint venture and shareholder agreements, and advisory agreements. Madison International Realty GmbH specializes in providing fresh equity for existing ownership structures where owners and investors seek to restructure balance sheets, redeploy capital or provide partners with an exit strategy. Mr. Cordier also serves as Managing Director at Madison Europa GmbH and Madison VI Real Estate GmbH. Between 2007 and 2011, Mr. Cordier worked as an Associate in the European Commercial Real Estate Group of Deutsche Bank on the underwriting, due diligence, structuring and closing of financings for commercial real estate assets in Germany and Western Europe. He was also part of the team responsible for the structuring, sourcing and due diligence of a German closed-end retail fund including analysis of the overall closed-end fund market. Mr. Cordier is a German native speaker and received a BA from CSU in Milwaukee with a major in International Business and a BA degree in European Business from the University of Applied Sciences, Worms (Germany).

Mr. Cordier is not engaged in any business competitive to that of the Company and does not participate in any competitive civil law partnership or other partnership as a partner, or in any company as a shareholder, and is not member of a corporate authority in any competitive legal person. He is not entered in the Register of Insolvent Debtors maintained under the National Court Register Act of 20 August 1997.

Ms. Adamek oversees the asset and portfolio management of Madison Fund VI – a USD 1.3 billion private equity fund. She serves as Portfolio Manager in Madison International Realty LLC, with responsibility for the asset management of Madison’s domestic and international investment portfolio. Ms. Adamek participates in all aspects of the asset and portfolio management process, including oversight of Madison’s investment positions, monitoring financial performance, maintaining relationships with Madison’s counterparties, and providing strategic recommendations to enhance investment returns. Ms. Adamek also serves as a Board Member in MIRELF VI B.V. and as a Director in MIRELF VI Irish Investments ICAV and MIRELF VI Eastpoint ICAV. Prior to joining Madison in 2014, Ms. Adamek spent seven years with CBRE Global Investors. While there, Ms. Adamek served as an Acquisition Director in the Managed Accounts Group, responsible for sourcing, underwriting and closing over $1 billion in commercial assets. Prior to CBRE Global Investors, Ms. Adamek was an Associate at Unico Properties, where she worked on the Investments team underwriting real estate transactions. Ms. Adamek graduated with an MBA from New York University and a BS in Finance from Northern Arizona University.

Ms. Adamek is not engaged in any business competitive to that of the Company and does not participate in any competitive civil law partnership or other partnership as a partner, or in any company as a shareholder, and is not member of a corporate authority in any competitive legal person. She is not entered in the Register of Insolvent Debtors maintained under the National Court Register Act of 20 August 1997.

Mr. Jacobson serves as Co-Chief Investment Officer, with primary responsibility for the oversight of Madison’s European investment activities including origination, underwriting, and execution of transactions for Madison’s managed funds. Mr. Jacobson works on all aspects of financial analysis, property due diligence and transaction structuring with specific focus on closed-end funds and equity recapitalizations in Germany, the U.K., and Madison’s other non-U.S. markets. Mr. Jacobson serves on both the management and investment committee at Madison. Mr. Jacobson is currently on Christie BV board of directors, Welput HAC as well the Advisory Committee of SPF – Sierra Portugal Real Estate and on the board of Lazora S.I.I., S.A. and a director of MIRELF VI B.V. Prior to joining Madison in 2004, Mr. Jacobson was a financial analyst for Taurus Investment Holdings, an international real estate private equity firm, where he served in the acquisitions and underwriting group. Mr. Jacobson is a fluent German speaker and received a BA degree from the University of North Carolina at Chapel Hill.

Mr. Jacobson is not engaged in any business competitive to that of the Company and does not participate in any competitive civil law partnership or other partnership as a partner, or in any company as a shareholder, and is not member of a corporate authority in any competitive legal person. He is not entered in the Register of Insolvent Debtors maintained under the National Court Register Act of 20 August 1997.

Member of the Supervisory Board. Ms Ishikawa is an attorney and a graduate of the Faculty of Law and Administration at the Jagiellonian University in Kraków. She completed legal training in court and as an attorney. She has worked in the legal profession since 2001, becoming a partner at the Ishikawa, Brocławik, Sajna Adwokaci i Radcowie Prawni sp. p. law firm in 2009. In 2002−2007, she sat on the supervisory board of Call Center Poland SA In 2004−2007, she was an arbitrator at the Warsaw Stock Exchange Court. In 2013−2015, she served as a member of the supervisory board of W.KRUK SA Ms Ishikawa has extensive legal expertise related to real property trade, construction projects and commercialisation of space.

Independent Member of the Supervisory Board. Ms Frankowska is an American attorney and partner at Weil, Gotshal&Manges – Paweł Rymarz Sp. k. She graduated from St. Louis University with a degree of Master of Arts, and earned a title of Juris Doctor from the University of Illinois, Champaign-Urbana, in 1990. In July 1990, Anna Frankowska passed the bar examina-tion and was admitted to the Illinois State Bar Association. After graduation, she worked in the banking and finance department at Sidley & Austin, one of the leading US law firms. In July 1991, she started working for a Chicago-based law firm, Altheimer & Gray, in the international transactions and companies department. Since 1996, she has been with the law firm Weil, Gotshal&Manges, specialising in capital market transactions.

Independent Member of the Supervisory Board. Jacek Kseń has been involved with the financial markets for sev-eral decades. He has spent many years serving on the supervisory boards of such companies as Wydawnictwa Szkolne i Pedagogiczne SA, Polimex-Mostostal SA, AmRest Holdings S.E., Sygnity SA, and NWAI Dom Maklerski SA Currently, he also serves as supervisory board chairman at Nest Bank SA and Caspar Asset Management SA and deputy chairman at Orbis SA He was the Polish operations adviser to a top private equity fund, Advent International. In 1978–1996 he stayed in France, where he worked for three different banks. In 1996–2007, he served as President of the Management Board of Bank Zachodni WBK SA Since 2007 – a sole trader operating through his own consulting practice. A graduate of the Poznań University of Economics, Faculty of Foreign Trade, and Higher School of Planning and Statistics in Warsaw (now the Warsaw School of Economics) (where he completed doctoral studies in international financial markets).