BIRCH CAPITAL - Key Persons

Job Titles:

• Founder
• Senior Advisor
• Principal of BirchLEAF Global

Ben Cummings is a founder and Senior Advisor of Birch Capital LLC. Mr. Cummings advises on all real estate-related legal matters, as well as investment project identification and evaluation. He also oversees all economic studies to determine compliance with the USCIS unemployment rate and job creation criteria for our EB-5 projects. Mr. Cummings is also a Principal of BirchLEAF Global, LLC and Managing Member of the BirchLEAF Miami 31, LLC Regional Center. The Regional Center has completed a $20 million EB-5 loan participation in a 252,000 square foot building at the University of Miami Life Science & Technology Park in Miami, Florida. From 2002-2011, Ben Cummings was a principal of Millennium Retail Partners, LLC, a real estate consulting firm with offices in Atlanta, Georgia, Boca Raton, Florida and Richmond, Virginia. Millennium provided real estate advisory and transactional services to retailers and developers. From 1988 until 2001, Mr. Cummings was Vice President for Real Estate for Circuit City Stores, Inc., in charge of all of the company's real estate requirements during its years of rapid growth as a national electronics retail chain. He also served as Vice President of Real Estate for CarMax Auto Superstores, Inc., the country's leading used car retailer and a former Circuit City affiliate, from its founding in 1993 until 2001. He participated in nearly $2 billion of sale-leaseback and similar financing transactions for Circuit City and Carmax. He was the Owner's Representative for development of CarMax's 130-acre home office campus in Richmond, Virginia, a LEED Silver-certified project. Mr. Cummings is a New Jersey native and is a graduate of Washington & Lee University, Lexington, Virginia with B.A. and J.D. degrees. He has been a member of the International Council of Shopping Centers (ICSC) and served as its Virginia State Director from 1993 to 1995. Mr. Cummings is a member of the Virginia State Bar and was a member of the National Real Estate Advisory Council of The Trust for Public Land (TPL) and served as Chair of TPL's Chesapeake Region Advisory Council.

Job Titles:

• Founder
• Managing Member
• President of Birch

Bruce Ricciuti is a founder and Managing Member of Birch Capital LLC. He is responsible for sourcing investment projects, underwriting and conducting all due diligence processes, oversees the process of placing capital into investment projects and managing investor and banking relationships. Mr. Ricciuti has lead investments in the University of Miami Life Science & Technology Park in Miami, Pierce Boston mixed use development in Boston and Tradepoint Atlantic in Baltimore. Mr. Ricciuti also serves as President of Birch|REA LLC a commercial real estate advisory firm formed in 1990. His experience encompasses all major property types, with a primary focus on corporate and institutional, single-tenant, credit net lease real estate located nationwide across all major markets and numerous smaller markets in the US. Over the past five years, he has been involved in transactions with value in excess of $10 billion. Prior to forming Birch, Mr. Ricciuti was a founding member serving as a Principal of Bonz/REA, Inc. from 1997 to 2003. Bonz/REA represented a merger between Bonz & Company, Inc. and REA Partners, Inc., both Boston based real estate advisory firms serving a national clientele. Mr. Ricciuti joined REA Partners in 1990 and was promoted to Managing Partner in 1994. Mr. Ricciuti has also held various positions between 1986 and 1990 with Spaulding & Slye and Ryan Elliott & Company, Boston based full service real estate firms. Mr. Ricciuti holds a degree in Business Administration from Babson College (1986), with a dual major in Entrepreneurial Studies and Finance. He is also a graduate of the Mercersburg Academy (1983), currently serving as a member of the Board of Regents. He serves on several charitable orginazations including the Swim Across America program for cancer research and Make a Splash, a national child-focused water safety initiative created by the USA Swimming Foundation that works by aligning the nation's top learn-to-swim resources in an effort to save lives.

Job Titles:

• Vice President

John Madden is a Vice President Birch Capital LLC. At Birch Capital, Mr. Madden is responsible for investment due diligence, underwriting and market analyses. Other responsibilities include deployment of development strategies and demographic research and analysis. Over the past 15 years, Mr. Madden has been an active real estate investor and advisor with an emphasis on multi-family housing. His experience includes: mortgage banking and finance, condominium conversion, 1031 exchange transactions, property/asset management, investment analysis, and redevelopment analyses. In addition, Mr. Madden is experienced in the valuation of commercial, industrial, and residential land and almost all types of improved property, including but not limited to retail developments, office, industrial, mix-use projects and multi-family residential developments. A primary focus and expertise is on corporate and institutional, single-tenant, credit net lease real estate located on a nationwide basis. Prior to Birch, Mr. Madden held a vice president position at the Gartner Group. Mr. Madden holds a Bachelor's Degree in Business Administration, Babson College. Mr. Madden and his family serve as Fresh Air Fund hosts and are active with Families First, a healthcare support organization serving the New Hampshire Seacoast.

Job Titles:

• Vice President

Mr. Farmer is also a shareholder of Birch|REA Partners, Inc., a real estate advisory firm serving a national clientele. With 25 years experience, Mr. Farmer has undertaken a wide range of assignments for institutional investors, corporations, public agencies, and other private and public clients in New England and across the country. He has extensive experience in analyzing retail, office, industrial, R & D, residential, mixed use, and specialty properties such as hospitals, schools, houses of worship, railroads, marinas, parking garages, and rights-of-way, in conjunction with sales, acquisition, mortgage lending, takings, and estate settlements. Over the past five years, Mr. Farmer has advised clients pertaining to transactions with more than $2 billion worth of real estate involving more than 750 properties containing approximately 20 million square feet. Mr. Farmer was a founding member and shareholder of Bonz/REA, Inc. and its predecessor firm, REA Partners, Inc. Prior to that, he was employed at Spaulding & Slye, where he served as vice president in their Real Estate Advisory Services Group, and at Ryan Elliott & Company. He holds a Bachelor of Arts degree from Boston University.