Company Overview

Meadow Partners is a privately owned real estate investment and asset management firm that was established in February 2009. The company was founded by Jeffrey M. Kaplan, a 23-year veteran of institutional real estate investment and previously Managing Principal and Co-Chairman of the Investment Committee of Westbrook Partners. Mr. Kaplan and his two partners, J. Andrew McDaniel, based in London, and Timothy P. Yantz, based in New York City, have a history of successfully investing together at Westbrook Partners over the past six years.

Meadow Partners’ management team has over 40 years of collective real estate investment experience. The Partners have been responsible for the acquisition and ongoing asset management of $23 billion of real estate assets located in the United States, Europe and Asia through over 200 separate transactions. The Partners have been among the most active and successful real estate investors in the world, and have a broad and diverse investment experience by property type, geographic location, deal size, transaction type and investment structure.

Meadow Partners is completely focused on identifying and acquiring the most attractive risk-adjusted investment opportunities as the company has no legacy issues.

Meadow Real Estate Fund I LP

Meadow Real Estate Fund I LP was formed to continue the successful investment track record of Meadow Partners’ management team. Fund I had an initial closing in July 2009 on fully discretionary equity capital commitments from institutional investors. Fund I’s investment strategy is focused on the opportunistic acquisition of income-producing real estate located in New York City and London that offers superior relative and absolute returns.

Fund I invests in equity, debt, preferred equity and other hybrid structures and targets single asset, portfolio and entity-level transactions. Outright acquisitions of properties and loans are pursued as well as recapitalizations and restructurings with existing property owners and lenders. Meadow Partners seeks investments where there is a current value dislocation as well as opportunities to add value through aggressive asset management. Target property types include office, multi-family residential, hotel, retail and industrial.

To date, Meadow Partners has completed and/or committed to eight separate transactions on behalf of Fund I.

Investment Philosophy

Meadow Partners adheres to the following set of guiding investment principles:

• Proactive transaction origination through extensive proprietary relationship networks
• Focus on high quality, well-located properties in supply constrained markets
• Experience-based investing in core property types
• Analytical approach with an emphasis on intrinsic value and property replacement cost
• Rigorous and conservative underwriting, with a focus on downside protection and long-term capital preservation
• Creation of prudent capital structures (with appropriate hedging strategies) capable of withstanding market fluctuations
• Portfolio diversity by geography and property type and limitation of exposure to any single investment
• Pursuit of entrepreneurial asset management strategies and a detailed, hands-on approach to value creation
• Expected hold periods and exit assumptions that are commensurate with asset type, quality and historical trends