Letter from Joseph M. Zuber who joins Amstar Group as the Chief Executive Officer

November 9, 2015

Friends,

I am pleased to announce that I have joined Amstar Group as CEO, where I join Doug Wiley and Jason Lucas to form the senior leadership of Amstar Group’s business.  Amstar Group was founded in 1987 with the sole purpose of managing the real estate allocation of its large family office owner and it continues to do so today.  I am excited to have joined a 28 year old company with a unique team, a great track record of performance, and a proven ability to execute successfully on value add and opportunistic investments in real estate domestically and globally.

Amstar Group and its affiliates currently have approximately $2.0 billion in assets under management in office, hospitality, residential, retail and industrial properties throughout the United States and in international markets. We will continue to execute on our proven strategies for successful investment, development, asset management and realization of value for our investors, clients and partners.

In joining Amstar Group, I bring over 27 years of real estate experience including executive leadership positions with Black Walnut Capital, O’ Connor Capital Partners, Morgan Stanley Real Estate Funds and Merrill Lynch.  I have extensive experience in real estate investing, financing, dispositions, mergers and acquisitions, joint venture structuring and restructuring across all different real estate asset classes with market capitalization of deals in excess of $16.0 billion globally.

As part of our effort to enhance Amstar Group’s focus and energy on its core business, we have separated the business of Amstar Advisers LLC from our businesses.  Amstar Advisers LLC was founded in 2011 and started to build its business alongside Amstar Group to serve third party clients in real estate in the U.S. Going forward, they will have their own separate management, which co-owns the company, that is devoted to their own efforts and operating from their new office.

Amstar Group and its affiliates will continue to operate their businesses domestically and internationally, including managing their own assets. Amstar Group will also continue to own the Amstar name rights and its 28 year track record.

We believe this new arrangement will enhance our services and improve our ability to serve our investors and clients in the future.  Please do not hesitate to contact me if you have any questions. We greatly value our relationship with you and look forward to continuing to serve you.

Sincerely,

Joseph M. Zuber, CEO of Amstar Group, LLC

Joseph.Zuber@amstar.com

+1 (303) 534-6322

November 9, 2015